ELECSPN(SZ:002935) Xin Lang Cai Jing·2025-10-24 11:03Core Insights - Tian'ao Electronics reported a revenue of 536 million yuan for the first three quarters of 2025, a year-on-year decrease of 7.12% [1] - The net profit attributable to shareholders was 15.22 million yuan, down 4.51% year-on-year, while the net profit excluding non-recurring items was 9.19 million yuan, a decline of 37.54% [1] - The basic earnings per share stood at 0.04 yuan, with a weighted average return on equity of 0.96% [1] Financial Performance - The gross margin for the first three quarters was 22.64%, a decrease of 3.85 percentage points year-on-year, while the net margin was 2.84%, an increase of 0.08 percentage points compared to the same period last year [1] - In Q3 2025, the gross margin was 20.54%, down 4.20 percentage points year-on-year and 4.37 percentage points quarter-on-quarter, while the net margin was 3.17%, up 2.93 percentage points year-on-year but down 3.34 percentage points from the previous quarter [1] Expense Analysis - Total operating expenses for the company were 96.45 million yuan, a decrease of 25.09 million yuan year-on-year, with an expense ratio of 18.00%, down 3.07 percentage points from the previous year [2] - Sales expenses decreased by 46.45% year-on-year, while management expenses fell by 15.58%. R&D expenses increased by 2.14%, and financial expenses rose by 34.66% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 20,700, a decrease of 2,473 or 10.67% from the end of the previous half-year [2] - The average market value per shareholder increased from 294,500 yuan to 321,100 yuan, reflecting a growth of 9.02% [2] Company Overview - Chengdu Tian'ao Electronics Co., Ltd. was established on January 4, 2004, and went public on September 3, 2018. The company specializes in the research, design, production, and sales of time frequency products and BeiDou satellite application products [2] - The main business revenue composition includes frequency series products (70.61%), time synchronization series products (27.17%), and BeiDou satellite application products (2.22%) [2] - The company is classified under the defense and military industry, specifically in military electronics [2]