Core Insights - The company achieved a revenue of 5.039 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 29.29%, with a net profit of 216 million yuan, up 60.11% [1] - In Q3 2025, the company reported a revenue of 1.805 billion yuan, a 25.04% increase year-on-year, and a net profit of 97 million yuan, growing by 56.44% [1] Group 1: Revenue Growth Drivers - The growth in revenue is attributed to the rapid development of the cross-border e-commerce industry in China, supported by various government policies and a decline in shipping costs [1] - The company is actively expanding into new markets within the packaging industry, which has shown resilience and contributed stable growth despite industry pressures [1] Group 2: Cross-Border E-Commerce Business - The core engine for growth in the cross-border e-commerce segment is driven by technological breakthroughs and market focus, with the Giikin AI system enhancing operational efficiency [2] - The company’s revenue is predominantly concentrated in the Asian market, which helps mitigate risks associated with tariff fluctuations in Europe and the U.S. [2] - The brand transformation efforts, including the acquisition of Konciwa, have led to significant sales achievements, further boosting revenue growth in 2025 [2] Group 3: Packaging Business - The company holds a leading position in the domestic sales packaging market, providing comprehensive services to major clients like Yili and Luckin Coffee, contributing over 2 billion yuan in stable revenue from 2021 to 2024 [3] - The company has developed environmentally friendly packaging solutions, such as PLA/PBAT coated paper, which aligns with global trends towards sustainability [3] - The establishment of production bases in the UAE and Oman is expected to enhance the packaging business's growth and stability in the long term [3] Group 4: Profit Forecast - The company forecasts revenues of 6.650 billion yuan, 7.681 billion yuan, and 8.906 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 294 million yuan, 379 million yuan, and 519 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 5.039 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 29.29%, while the net profit attributable to the parent company reached 216 million yuan, up 60.11% [1] - The growth in revenue is attributed to the rapid development of the cross-border e-commerce industry and the company's proactive expansion into new markets within the packaging sector [1][2] - The company's proprietary Giikin AI system has significantly enhanced operational efficiency, with an 82% accuracy rate in predicting popular products, leading to a return on investment (ROI) that exceeds the industry average [2] Revenue and Profit Forecast - The company is projected to achieve revenues of 6.650 billion yuan, 7.681 billion yuan, and 8.906 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to be 294 million yuan, 379 million yuan, and 519 million yuan [3][4] Business Segments - The cross-border e-commerce segment is expected to be a core contributor to future revenue growth, with over 80% of income concentrated in the Asian market, effectively mitigating risks from tariff fluctuations in Europe and the U.S. [2] - The packaging business, as a leader in the domestic market, has established strong ties with major clients and is expected to contribute over 2 billion yuan in stable revenue from 2021 to 2024 [3] Financial Summary - The company reported a revenue of 6.695 billion yuan for 2023, with a projected decline of 17.41% in 2024, followed by a recovery with a growth rate of 20.27% in 2025 [4][13] - The net profit for 2023 was 345 million yuan, with a significant projected decrease of 47.28% in 2024, followed by a rebound of 61.87% in 2025 [4][13]