Shaanxi Meibang Pharmaceutical (SH:605033) Xin Lang Cai Jing·2025-10-28 10:17Core Viewpoint - Meibang Co., Ltd. reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1][2]. Financial Performance - The company's revenue for the first three quarters was 609 million yuan, a year-on-year decrease of 2.23% [1]. - The net profit attributable to shareholders was 36.1961 million yuan, down 16.36% year-on-year [1]. - The net profit after deducting non-recurring items was 29.6248 million yuan, a decline of 5.57% year-on-year [1]. - Basic earnings per share stood at 0.27 yuan [1]. Profitability Metrics - The gross profit margin for the first three quarters was 33.40%, an increase of 2.65 percentage points year-on-year [2]. - The net profit margin was 5.94%, a decrease of 1.00 percentage point compared to the same period last year [2]. - In Q3 2025, the gross profit margin was 35.09%, up 2.49 percentage points year-on-year and 3.05 percentage points quarter-on-quarter [2]. - The net profit margin for Q3 was 0.05%, an increase of 3.72 percentage points year-on-year but a decrease of 3.11 percentage points quarter-on-quarter [2]. Expense Analysis - Total operating expenses for the period were 169 million yuan, an increase of 25.2941 million yuan year-on-year [2]. - The expense ratio was 27.77%, up 4.68 percentage points from the previous year [2]. - Sales expenses increased by 21.96%, while management expenses decreased by 1.01% [2]. - R&D expenses rose by 20.61%, and financial expenses increased by 41.94% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 12,100, a decrease of 1,122 from the end of the previous half-year, representing an 8.48% decline [2]. - The average market value of shares held per shareholder increased from 202,600 yuan to 248,200 yuan, a growth of 22.50% [2]. Company Overview - Meibang Co., Ltd. is located in Xi'an, Shaanxi Province, and was established on August 5, 1998, with its listing date on September 16, 2021 [3]. - The company's main business includes the research, production, and sales of pesticide formulations, as well as agricultural technology promotion services [3]. - The revenue composition is as follows: fungicides 51.82%, insecticides 35.05%, and others 12.62% [3].