Shunya International(SZ:300612) Sou Hu Cai Jing·2025-10-27 22:23Core Insights - The company XuanYa International (300612) reported a significant decline in total revenue for Q3 2025, with a year-on-year decrease of 40.1% to 257 million yuan, while the net profit attributable to shareholders was -19.17 million yuan, an increase of 14.55% compared to the previous year [1] Financial Performance - Total revenue for Q3 2025 was 64.25 million yuan, down 33.27% year-on-year [1] - The gross profit margin improved to 38.45%, a year-on-year increase of 77.85% [1] - The net profit margin was -7.48%, a decrease of 37.33% year-on-year [1] - Total expenses (selling, administrative, and financial) reached 110 million yuan, accounting for 42.93% of total revenue, with a year-on-year increase of 97.84% [1] - Earnings per share were -0.11 yuan, an increase of 18.06% year-on-year [1] - Operating cash flow per share was 0.5 yuan, a significant increase of 421.86% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 246 million yuan, a rise of 10.21% year-on-year [1] - Accounts receivable decreased to 157 million yuan, down 37.94% year-on-year [1] - Interest-bearing debt decreased to 38.74 million yuan, a decline of 41.03% year-on-year [1] - Net asset value per share was 2.72 yuan, a decrease of 3.29% year-on-year [1] Business Model Evaluation - The company's business model relies heavily on marketing-driven strategies, which require careful analysis of the underlying factors [4] - Historical data indicates a median Return on Invested Capital (ROIC) of 10.48%, with a notably poor ROIC of -18.08% in 2023 [4] - The company has reported losses in three out of its seven annual reports since its listing, indicating a fragile business model [4]