FUL Latest Report

Key Financial Data

1. FUL's total operating revenue was RMB788,663,000, indicating a possible high contribution in certain specific projects or other revenue sources.

2. Operating income was RMB49,654,000, suggesting the company may rely on multiple revenue sources rather than a single business.

3. Sales cost was RMB561,588,000, gross profit was RMB227,075,000, and gross margin was 28.8%, showing the effectiveness of cost control.

4. Interest expense was RMB32,042,000, which may affect net profit and have an indirect impact on the sustainability of operating revenue.

Peer Comparison

1. Industry-wide analysis: The overall operating revenue of FUL's industry in 2025 may be related to increased market demand or policy support, reflecting a good development trend. However, if the industry faces challenges, FUL's operating revenue will be affected.

2. Peer evaluation analysis: Comparing with other companies in the same industry shows that if FUL's operating revenue growth rate is lower than the industry average, it may imply a disadvantage in market competition, while a higher rate indicates relatively good performance.

Summary

FUL's total operating revenue in 2025 shows a certain growth potential, but without the comparison data of the same period, it is difficult to directly judge its year-on-year change. Overall, the company's revenue mainly depends on precision cleaning services, while facing challenges in cost control and market environment changes.

Opportunities

1. As precision cleaning services account for the major revenue source, FUL can enhance market competitiveness by improving service quality and technological innovation.

2. If the industry as a whole is favorable, especially with increased demand in the semiconductor field, it may bring more revenue opportunities for FUL.

3. Policy support or a better industry development trend may have a positive impact on the company's performance.

Risks

1. Rising raw material costs may lead to a decline in profit margins and affect the overall financial health of the company.

2. Intensified market competition may weaken the company's pricing power and market share.

3. A pessimistic expectation for the future market may lead to insufficient investor confidence, affecting stock price fluctuations and capital outflows.