*ST美谷的前世今生：2025年三季度负债率102.72%高于去年同期，营收与行业平均持平，净利润垫底

Core Viewpoint - *ST Meigu's performance in the medical beauty sector shows strong revenue but declining profitability, indicating potential challenges ahead [2][3]. Group 1: Company Overview - *ST Meigu was established on June 8, 1993, and listed on the Shenzhen Stock Exchange on October 16, 1996, with its registered office in Hubei Province and operational office in Guangdong Province [1]. - The company operates in the medical beauty service sector and has a competitive position in the market [1]. - Its main business includes the production and sale of viscose fibers and real estate development, categorized under the beauty care - medical beauty - medical beauty services industry [1]. Group 2: Financial Performance - In Q3 2025, *ST Meigu reported an operating revenue of 722 million yuan, ranking first in the industry, consistent with the industry average and median [2]. - The revenue breakdown shows that medical beauty services contributed 277 million yuan (57.47%), bio-based fibers contributed 186 million yuan (38.54%), and other services contributed 19.27 million yuan (3.99%) [2]. - The net profit for the same period was -149 million yuan, also ranking first in the industry, aligning with the industry average and median [2]. Group 3: Financial Ratios - As of Q3 2025, *ST Meigu's debt-to-asset ratio was 102.72%, an increase from 88.02% in the same period last year, indicating rising debt pressure [3]. - The gross profit margin for Q3 2025 was 21.16%, down from 26.91% in the previous year, reflecting a decline in profitability [3]. Group 4: Executive Compensation - The chairman, Liu Tao, received a salary of 11,100 yuan in 2024, while the president, Fan Shijie, earned 1.5682 million yuan, an increase of 243,100 yuan from 2023 [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.77% to 35,000, while the average number of circulating A-shares held per account increased by 10.83% to 21,800 [5].