ToLand(SZ:300855) Xin Lang Cai Jing·2025-10-28 05:15Core Insights - The main focus of the news is the recent performance and operational updates of Tunan Co., as discussed during a research meeting held by Quanguo Fund on October 21, 2025. The company is experiencing a decline in net profit for Q3 2025, attributed to increased operational costs and production delays in its subsidiaries [1][2]. Financial Performance - As of October 21, 2025, Tunan Co. reported a net profit of 30.39 million yuan for Q3 2025, which represents a decline compared to Q2 2025 [2]. - The company's inventory balance as of Q3 2025 was 749.53 million yuan, reflecting a growth of 38.48% from the beginning of 2025 and a 33.19% increase from the end of Q2 2025 [3]. Operational Updates - Tunan Co.'s subsidiary, Tunan Components, has completed the construction of an automated production line for small aerospace components, achieving an annual production capacity of 500,000 units [3]. - The construction of another automated production line at Tunan Intelligent is ongoing, with an expected completion date by the end of 2025, aiming for an annual output of 10 million small aerospace components [3]. Order and Revenue Forecast - As of June 30, 2025, Tunan Co. had signed contracts worth 1.75 billion yuan that are yet to be fulfilled, with expected revenue recognition of 554.80 million yuan in 2025, 529.98 million yuan in 2026, and 665 million yuan in 2027 [4]. Product Applications and Pricing - The main products of Tunan Co. include high-temperature alloys and special stainless steels, primarily used in aerospace engines, gas turbines, and petrochemical industries [6]. - The pricing strategy is based on a cost-plus model, influenced by market prices of raw materials, with a focus on maintaining stable gross margins despite potential fluctuations in raw material costs [6].