Ningbo Solartron Technology (SH:688299) Xin Lang Cai Jing·2025-10-28 13:19Core Insights - Longyang Technology reported a significant decline in revenue and net profit for the first three quarters of 2025, with total revenue at 809 million yuan, down 19.38% year-on-year, and a net profit attributable to shareholders of -5.34 million yuan, down 128.82% year-on-year [1][2] Financial Performance - The company reported a basic earnings per share of -0.02 yuan and a weighted average return on equity of -0.26% [2] - As of October 28, the price-to-earnings ratio (TTM) was approximately -109.23, the price-to-book ratio (LF) was about 2.89, and the price-to-sales ratio (TTM) was around 4.95 [2] - Gross margin for the first three quarters was 30.58%, an increase of 6.66 percentage points year-on-year, while the net margin was -0.66%, a decrease of 2.51 percentage points year-on-year [2] - In Q3 2025, the gross margin improved to 32.57%, up 9.83 percentage points year-on-year and 3.49 percentage points quarter-on-quarter, with a net margin of 1.13%, an increase of 0.72 percentage points year-on-year and 9.92 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 192 million yuan, an increase of 16.05 million yuan year-on-year, with an expense ratio of 23.73%, up 6.20 percentage points year-on-year [2] - Sales expenses increased by 10.28%, management expenses rose by 20.61%, while research and development expenses decreased by 6.84% and financial expenses decreased by 2.71% [2] Company Overview - Longyang Technology, established on November 16, 2010, and listed on November 6, 2019, is located in Ningbo, Zhejiang Province [3] - The company specializes in the research, production, and sales of reflective films, backplane base films, optical base films, and other special functional films [3] - The revenue composition includes reflective films (71.84%), other (supplementary) (10.66%), other (9.50%), and optical base films (8.01%) [3] - Longyang Technology is classified under the electronic-optical optoelectronics-panel industry and is associated with concepts such as optics, DeepSeek, Huawei, MLED, and small-cap stocks [3]