HSTD(SH:600054) Xin Lang Cai Jing·2025-10-28 10:20Core Insights - Huangshan Tourism reported a revenue of 1.535 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.75% [1] - The company's net profit attributable to shareholders was 253 million yuan, a year-on-year decrease of 11.02% [1] - The basic earnings per share stood at 0.35 yuan [1] Financial Performance - The gross profit margin for the first three quarters was 48.60%, down 4.81 percentage points year-on-year [2] - The net profit margin was 17.89%, a decrease of 4.26 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 53.61%, showing a year-on-year decline of 4.43 percentage points but a quarter-on-quarter increase of 3.53 percentage points [2] - The net profit margin for Q3 was 23.13%, down 5.66 percentage points year-on-year but up 4.91 percentage points from the previous quarter [2] Expense Analysis - Total operating expenses for the period were 312 million yuan, an increase of 17.646 million yuan year-on-year [2] - The expense ratio was 20.33%, a decrease of 0.53 percentage points compared to the same period last year [2] - Sales expenses increased by 53.32% year-on-year, while management expenses decreased by 2.51% [2] - R&D expenses rose by 37.11%, and financial expenses surged by 225.41% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 57,700, an increase of 1,382 or 2.45% from the end of the previous half [2] - The average market value per shareholder decreased from 152,000 yuan at the end of the previous half to 148,600 yuan, a decline of 2.23% [2] Company Overview - Huangshan Tourism Development Co., Ltd. is located in Tunxi District, Huangshan City, Anhui Province, and was established on November 18, 1996 [3] - The company was listed on May 6, 1997, and its main business includes garden development, cable car services, hotel accommodations, tourism services, and real estate development [3] - The revenue composition is as follows: tourism services 81.67%, garden development 13.07%, other segments 3.53%, and supplementary 2.20% [3] - The company belongs to the social services sector, specifically tourism and scenic areas, and is associated with concepts such as online tourism and tourism hotels [3]