共创草坪 20251120 摘要 共创草坪预计 2026 年收入至少增长 15%，利润增长 20%以上，主要 得益于公司综合竞争力的增强和对行业需求增长的乐观预期，以及作为 龙头企业有望获得更多市场份额。 受益于原材料价格处于低位和成本加成定价模式，2025 年三季度公司 毛利率达到 35%以上，预计四季度盈利能力将继续受益于此趋势。预计 2026 年原材料价格相对稳定，利润率将在今年基础上小幅波动。 公司通过研发优化配方、生产节能降耗、自建上游供应链和材料采购降 本等多项措施降本增效，这些措施将在 2026 年继续体现效果，提升公 司盈利能力。 2025 年各区域休闲草业务表现良好，盈利能力显著改善。美洲和欧洲 价格保持稳定，亚太和非洲地区价格略有下降，预计美国降息后购买力 提升将对高端产品价格产生积极影响。 原材料价格下降会部分反映到报价中，但不会完全传导，对利润率影响 有限。目前按单报价比例已达 80%以上，库存周转周期约为一个月，影 响盈利能力走势。 Q&A 请介绍一下共创草坪在 2025 年三季度的经营情况以及对四季度和 2026 年的 展望。 2025 年三季度，共创草坪的整体经营情况符合年初规划 ...

Core Viewpoint - Jiangsu Gongchuang Artificial Turf Co., Ltd. has shown significant stock performance with a year-to-date increase of 73.60%, indicating strong market interest and potential growth in the artificial turf industry [1][2]. Company Overview - Jiangsu Gongchuang Artificial Turf Co., Ltd. was established on January 16, 2004, and went public on September 30, 2020. The company specializes in the research, production, sales, and import-export of artificial turf [1]. - The company's revenue composition includes 71.06% from leisure turf, 17.21% from sports turf, and 11.73% from simulated plants and other products [1]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 2.474 billion yuan, representing a year-on-year growth of 9.52%. The net profit attributable to shareholders was 515 million yuan, reflecting a year-on-year increase of 30.89% [2]. - Since its A-share listing, the company has distributed a total of 1.089 billion yuan in dividends, with 698 million yuan distributed over the past three years [3]. Shareholder Information - As of October 31, the number of shareholders for Jiangsu Gongchuang has decreased by 16.82% to 13,200, while the average circulating shares per person increased by 20.23% to 30,462 shares [2]. - As of September 30, 2025, Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 6.5654 million shares, an increase of 1.8936 million shares from the previous period [3]. Market Activity - On November 6, the stock price of Jiangsu Gongchuang fell by 2.03% to 35.31 yuan per share, with a trading volume of 44.0045 million yuan and a turnover rate of 0.31%. The total market capitalization stands at 14.213 billion yuan [1]. - The company has appeared on the "Dragon and Tiger List" 11 times this year, with the most recent appearance on September 10, where it recorded a net purchase of 47.1519 million yuan [1].

Core Insights - Jiangsu Gongchuang Artificial Turf Co., Ltd. has seen a stock price increase of 67.85% year-to-date, with a recent trading price of 34.14 CNY per share as of October 31 [1] - The company reported a revenue of 2.474 billion CNY for the period from January to September 2025, reflecting a year-on-year growth of 9.52%, and a net profit of 515 million CNY, up 30.89% year-on-year [2] - The company has distributed a total of 1.089 billion CNY in dividends since its A-share listing, with 698 million CNY distributed over the last three years [3] Company Overview - Jiangsu Gongchuang specializes in the research, production, and sales of artificial turf, with its main revenue sources being leisure turf (71.06%), sports turf (17.21%), and simulation plants and others (11.73%) [1] - The company was established on January 16, 2004, and went public on September 30, 2020 [1] Market Performance - As of October 31, the company had a market capitalization of 13.742 billion CNY, with a trading volume of 128 million CNY and a turnover rate of 0.96% [1] - The stock has experienced fluctuations, with a 6.62% increase over the last five trading days and a 10.49% increase over the last 20 days, but a decline of 13.44% over the last 60 days [1] Shareholder Information - As of October 10, the number of shareholders decreased by 2.02% to 15,800, with an average of 25,337 circulating shares per shareholder, an increase of 2.06% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.8936 million shares to 6.5654 million shares as of September 30, 2025 [3]

Core Viewpoint - The company, Co-Creation Turf, is a leading global manufacturer of artificial turf, with significant market presence and strong financial performance in the industry [1][2]. Financial Performance - For Q3 2025, Co-Creation Turf reported revenue of 2.474 billion yuan, ranking 5th among 24 companies in the industry, surpassing the industry average of 2.198 billion yuan and the median of 1.16 billion yuan, but significantly lower than the top two competitors, Bull Group at 12.198 billion yuan and ST Songfa at 11.759 billion yuan [2]. - The company's net profit for the same period was 515 million yuan, ranking 3rd in the industry, with the top competitor Bull Group at 2.982 billion yuan and ST Songfa at 1.271 billion yuan, while the industry average was 263 million yuan and the median was 65.059 million yuan [2]. Profitability and Debt Ratios - As of Q3 2025, Co-Creation Turf's debt-to-asset ratio was 23.87%, an increase from 14.36% year-on-year, but still below the industry average of 35.61% [3]. - The company's gross profit margin for Q3 2025 was 34.04%, up from 30.16% year-on-year, and higher than the industry average of 27.17% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.76% to 16,200, while the average number of circulating A-shares held per shareholder increased by 5.12% to 24,800 [5]. Market Outlook and Growth Potential - According to Shanghai Shenwan Hongyuan Securities, Co-Creation Turf is expected to benefit from an increase in artificial turf penetration, with sales of artificial turf reaching 49.48 million square meters in H1 2025, a year-on-year increase of 6.5% [6]. - Revenue from leisure turf and sports turf grew by 8.4% and 8.0% year-on-year, respectively, while revenue from simulated plants and other businesses surged by 45.5% [6]. - The company has a production capacity of 56 million square meters in China and 60 million square meters in Vietnam, with plans for additional capacity in Vietnam and Mexico, which is expected to enhance profitability [6].

Summary of Conference Call for Gongchuang Turf Company Overview - Gongchuang Turf has experienced significant order growth in Q3 2025, primarily due to improved international trade conditions and reduced impact from U.S. tariffs on Vietnam [2][5] - The company maintains a fixed dividend policy, distributing 50% of annual profits, which will not change in the future [9][31] Industry Insights - The overseas market accounts for nearly 90% of Gongchuang Turf's business, with domestic demand improving due to sports events and private capital entering the market [2][6] - The domestic artificial turf market is growing rapidly, driven by government encouragement for social football fields, although growth in sports turf demand is expected to be slower than that of leisure turf over the next five years [4][17] Financial Performance - In H1 2025, Gongchuang Turf achieved stable revenue and profit growth, with Q3 orders significantly better than Q2, indicating a positive outlook for Q4 [3][29] - The company’s gross margin remains above 30%, despite fluctuations in raw material prices [11][12] Market Dynamics - The U.S. tariffs on Vietnam primarily affected order timing rather than pricing, with customers bearing most of the tariff costs [7][38] - The South American market is emerging with rapid demand growth, although its scale is still much smaller than North America [13][14] Operational Efficiency - The Vietnam base has lower manufacturing costs compared to domestic production due to lower labor and energy costs, and improved operational efficiency [18][19] - The company is focused on continuous cost control through measures such as increasing labor efficiency and optimizing production processes [4][37] Future Outlook - The company plans to expand production capacity in Vietnam with the upcoming Phase III project, which will add 40 million square meters of new capacity [20] - The overall profit target for 2025 is expected to exceed revenue growth targets, reflecting strong operational performance [29][36] Competitive Landscape - The domestic market has numerous turf suppliers, with Gongchuang Turf being one of the top players alongside several other significant companies [16] - The competitive pressure in pricing has not significantly changed compared to 2023, with a slight decrease in competition intensity noted [26] Additional Considerations - The company is not strategically abandoning important markets like the Middle East and India, despite temporary demand declines in earlier quarters [24] - The demand for leisure turf is expected to grow due to increased penetration and expanded application scenarios [22]

Summary of Conference Call Industry Overview - The domestic sports turf market is benefiting from policies aimed at revitalizing the football economy, leading to a more than 20% year-on-year increase in artificial turf orders, with significant delivery volume growth expected in Q3 2025 [2][3] - The demand for domestic sports turf is projected to grow by over 20% in 2025, driven by the construction of sports venues and football fields [2][11] Company Insights - The company has terminated its IPO, which is expected to have a long-term negative impact on itself and the industry, although it has been able to increase its market share by approximately 2% last year, continuing this trend into the current year [2][6] - Raw material prices have shown a downward trend, positively impacting the company's performance in the first half of the year, with revenue growth outpacing sales growth [2][7] - The company’s orders are expected to grow overall in Q2 2025, primarily driven by the European and American markets, while the Asia-Pacific region's growth is limited due to the Israel-Palestine conflict [2][8] Market Dynamics - The artificial turf market is currently in a growth phase, with significant demand driven by sports events and government initiatives to promote football [3] - The majority of football fields use artificial turf, while natural grass is typically reserved for official matches [4][5] - The company’s sales strategy focuses on B2B sales through wholesalers and supermarkets, with no direct engagement in government projects [10] Competitive Landscape - The termination of the IPO by a competitor has created a more favorable competitive landscape for the company, allowing for potential market share and price improvements [6][16] - Domestic competition primarily comes from smaller companies in the light industry manufacturing sector, with limited market impact [9] Financial Performance - The company has seen a stable demand for both leisure and sports turf products, with the leisure turf expected to grow by over 20% this year due to increased penetration and application scenarios [4][21] - The company’s gross margin has improved, and it is expected to maintain a good level, particularly with the recent decline in raw material prices [16] Future Outlook - The company plans to focus on fully utilizing the newly built capacity in Vietnam without significant capital expenditure in the short term [14] - The company assesses that even with potential increases in U.S. tariffs, it can maintain a cost advantage over domestic U.S. manufacturers [15] - The demand for sports turf is anticipated to be strong in Q3 2025, with good order conditions expected [21] Additional Insights - The U.S. market is heavily dominated by Chinese companies, which hold approximately 80% to 90% market share, while local U.S. companies have a minimal presence [19] - The company’s product structure has shifted towards higher-priced orders from the European and American markets [17]