Leedarson IoT(SH:605365) Xin Lang Cai Jing·2025-10-27 10:04Core Insights - The company reported a slight increase in revenue for the first three quarters of 2025, with a total of 4.947 billion yuan, representing a year-on-year growth of 0.13% [1] - However, the net profit attributable to shareholders saw a significant decline of 54.35%, amounting to 127 million yuan, while the net profit excluding non-recurring items dropped by 60.87% to approximately 91.94 million yuan [1] - The basic earnings per share for the reporting period was 0.25 yuan, with a weighted average return on equity of 3.38% [1] Financial Performance - The gross margin for the first three quarters of 2025 was 26.32%, down by 2.37 percentage points year-on-year, while the net margin decreased by 3.07 percentage points to 2.57% [1] - In Q3 2025, the gross margin was 26.31%, showing a year-on-year decline of 1.20 percentage points but a quarter-on-quarter increase of 0.37 percentage points; the net margin was 3.05%, down 3.57% year-on-year but up 3.02% from the previous quarter [1] Expense Analysis - Total operating expenses for the company in Q3 2025 were 1.108 billion yuan, a decrease of 28.88 million yuan compared to the same period last year, with an expense ratio of 22.41%, down by 0.61 percentage points year-on-year [2] - Sales expenses decreased by 0.99%, while management expenses increased by 8.95%; R&D expenses fell by 18.64%, and financial expenses saw a dramatic reduction of 1014.54% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 14,600, an increase of 2,027 from the end of the previous half-year, representing a growth of 16.11% [2] - The average market value held per shareholder decreased from 587,900 yuan at the end of the previous half-year to 520,400 yuan, a decline of 11.48% [2] Company Overview - The company, established on April 7, 2015, and listed on July 20, 2021, is located in Xiamen, Fujian Province, and specializes in the research, manufacturing, sales, and service of IoT products, including LED lighting, smart home, and smart building solutions [2] - The revenue composition includes 64.10% from lighting products and accessories, 25.14% from IoT products and accessories, 8.04% from home appliances and accessories, and 1.56% from other products [2] - The company belongs to the household appliances industry, specifically in the lighting equipment sector, and is associated with concepts such as small-cap stocks, overseas expansion, cross-border e-commerce, IoT, and artificial intelligence [2]