振华风光前三季度营收7.01亿元同比降11.59%，归母净利润9109.73万元同比降63.33%，毛利率下降8.77个百分点

Core Viewpoint - The financial performance of Zhuhai Wind Power in the first three quarters of 2025 shows a significant decline in revenue and net profit compared to the previous year, indicating potential challenges for the company moving forward [1][2]. Financial Performance - The company's revenue for the first three quarters of 2025 was 701 million yuan, a year-on-year decrease of 11.59% [1]. - The net profit attributable to shareholders was 91.1 million yuan, down 63.33% year-on-year [1]. - The net profit after deducting non-recurring items was 77.0 million yuan, a decline of 66.39% year-on-year [1]. - Basic earnings per share stood at 0.46 yuan [1]. Profitability Metrics - The gross profit margin for the first three quarters was 58.57%, down 8.77 percentage points year-on-year [2]. - The net profit margin was 13.48%, a decrease of 18.06 percentage points compared to the same period last year [2]. - In Q3 2025, the gross profit margin was 62.57%, a year-on-year decrease of 4.41 percentage points but an increase of 7.25 percentage points from the previous quarter [2]. - The net profit margin for Q3 was 15.59%, up 4.47 percentage points year-on-year and 1.78 percentage points from the previous quarter [2]. Expense Analysis - Total operating expenses for the period were 210 million yuan, an increase of 10.3 million yuan year-on-year [2]. - The expense ratio was 30.04%, up 4.78 percentage points from the same period last year [2]. - Sales expenses increased by 6.13% year-on-year, while management expenses decreased by 1.84% [2]. - Research and development expenses rose by 2.74%, and financial expenses surged by 96.43% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 13,000, an increase of 2,922 or 29.09% from the end of the previous half [2]. - The average market value per shareholder decreased from 1.1597 million yuan to 915,200 yuan, a decline of 21.08% [2]. Company Overview - Zhuhai Wind Power Semiconductor Co., Ltd. is located in Guiyang, Guizhou Province, and was established on August 31, 2005, with its listing date on August 26, 2022 [3]. - The company focuses on the design, packaging, testing, and sales of high-reliability integrated circuits, with integrated circuits accounting for 99.75% of its main business revenue [3]. - The company operates within the defense and military electronics sector, with involvement in commercial aerospace, drones, and specialized new technologies [3].