Investment Rating - The report maintains a "Buy" rating for Tianhong Co., Ltd. [2][7] Core Insights - The company reported lower-than-expected performance for Q3 2025, with total revenue of 2.869 billion yuan, a year-on-year decrease of 2.01%, and a net profit attributable to shareholders of -91.23 million yuan, a year-on-year decline of 156.90% [7] - The company is optimizing its store structure and accelerating the transformation of its retail business, with a focus on upgrading over 20 shopping centers and introducing various smart technology stores [7] - The company has achieved a gross margin of 35.52% in Q3 2025, a slight increase of 0.11 percentage points year-on-year, while the expense ratio rose to 38.10% [7] Financial Data and Profit Forecast - For 2025, the company expects total revenue of 11.927 billion yuan, with a year-on-year growth rate of 1.2% [6] - The net profit attributable to shareholders is forecasted to be 132 million yuan for 2025, representing a year-on-year increase of 72.4% [6] - The company’s gross margin is projected to be 37.0% in 2025, with a return on equity (ROE) of 3.2% [6]

出海速递｜"中国式内卷"闯关巴西/商务部：将组织摸排外贸企业内销需求 访问36氪出海网站letschuhai.com，获取更多全球商业相关资讯。 今日好文 光伏"破卷" 一场关于"克制"与"创新"的速度竞赛。 "中国式内卷"闯关巴西：低价闪电战 VS 直播新势力，谁能称霸？ 唯有真正理解巴西消费者的玩家才能在这场拉美淘金站中笑到最后。 名创优品：盈利能力再上台阶，IP 零售真是 "印钞机"？ 单个工人可节省7000-1万元人民币。 热点快讯 商务部：将组织摸排外贸企业内销需求，建立重点外贸优品企业名单 3月25日，商务部市场体系建设司副司长李维正在记者提问时表示，通过高品质外贸商品创造消费需求是扩大国内消费的重要方面之一，今年商务部将继续 以"外贸优品中华行"活动为引领，扩大外贸优品消费。李维正介绍，助力稳外贸、扩消费主要有四方面的重点工作：一是畅通外贸优品内销渠道，搭建外贸 企业扩内销平台。二是加大外贸优品消费支持。三是培育外贸优品消费品牌，摸排外贸企业内销需求，建立重点外贸优品企业名单。四是推动内外标准认证 衔接。（证券时报） 中国东盟举行自贸区3.0版特别联委会 商务部官网消息，3月24日，中国—东盟自 ...