康欣新材(600076.SH)：2025年三季报净利润为-1.89亿元，同比亏损扩大

Core Insights - The company reported a significant decline in total revenue and net profit for Q3 2025, indicating ongoing financial challenges [1][3] - The company's gross margin remains negative, although it has shown slight improvement over the last two quarters [3] Financial Performance - Total revenue for Q3 2025 was 278 million yuan, a decrease of 216 million yuan or 43.74% year-on-year [1] - The net profit attributable to shareholders was -189 million yuan, a decrease of 63.94 million yuan compared to the same period last year [1] - Operating cash flow showed a net outflow of 61.79 million yuan, down 146 million yuan or 173.07% year-on-year [1] Profitability Metrics - The latest gross margin was -22.43%, an increase of 1.32 percentage points from the previous quarter but a decrease of 19.50 percentage points year-on-year [3] - Return on equity (ROE) was -4.97%, down 2.00 percentage points from the same period last year [3] - The diluted earnings per share were -0.14 yuan, a decrease of 0.05 yuan year-on-year [3] Efficiency Ratios - The total asset turnover ratio was 0.04 times, a decrease of 0.03 times year-on-year, reflecting a decline of 42.19% [3] - The inventory turnover ratio was 0.09 times, down 0.04 times from the previous year, indicating a decrease of 32.05% [3] Shareholder Information - The number of shareholders is 43,000, with the top ten shareholders holding 575 million shares, accounting for 42.79% of the total share capital [3] - The largest shareholder is Wuxi Construction Development Investment Co., Ltd., holding 38.8% of the shares [3]