WEIXING NBM(SZ:002372)2024-11-02 03:31Financial Performance - In Q3 2024, the company achieved revenue of 1.43 billion CNY, a decrease of 5.24% year-on-year; net profit attributable to shareholders was 284 million CNY, down 25.27% year-on-year; net profit excluding non-recurring gains and losses was 272 million CNY, down 26.23% year-on-year [2] - For the first nine months of 2024, revenue reached 3.77 billion CNY, an increase of 0.71% year-on-year; net profit attributable to shareholders was 624 million CNY, down 28.64% year-on-year; net profit excluding non-recurring gains and losses was 612 million CNY, down 13.80% year-on-year [2] Business Highlights - The company maintained resilient sales revenue, outperforming the overall industry development level [2] - Profitability remained relatively stable, reflecting strong competitiveness [2] - Cash flow remained consistently good, with accounts receivable not increasing significantly [2] Challenges and Future Outlook - There is a significant gap between sales revenue and the targets set at the beginning of the year [2] - The pace of expanding the "Circle of Trust" business and upgrading the business model is slower than expected [2] - The company plans to enhance strategic execution and market expansion efforts, improving management precision and granularity [2] Market Demand and Competition - The market demand is expected to remain weak in Q4 2024 [2] - The retail business is primarily focused on new home renovations, but the proportion of renovations in second-hand homes is gradually increasing [3] - The company has maintained a stable pricing strategy for core retail products, while adjusting prices flexibly in response to market competition [3] Strategic Acquisitions - The acquisition of Zhejiang Kairui aims to leverage its mature business model and product matrix to enhance the company's hidden engineering system and accelerate business model transformation [3] - Integration with Zhejiang Kairui is progressing normally in terms of corporate culture, teams, and business [3] Policy Impact - Recent favorable policies are expected to have a positive impact on the market, but specific business-level implementations will take time [3]