兴业科技的前世今生：吴华春掌舵三十年，鞋包带用皮革营收占比63.62%，海外扩张新布局

Core Viewpoint - Xingye Technology is a leading domestic manufacturer of mid-to-high-end cowhide leather for shoes, with a full industry chain advantage and a focus on supplying various overseas brands [1] Group 1: Business Performance - In Q3 2025, Xingye Technology reported revenue of 2.014 billion yuan, ranking third in the industry, with the top competitor, Weixing Co., achieving 3.633 billion yuan [2] - The company's net profit for the same period was 826.674 million yuan, also ranking third, while Weixing Co. led with a net profit of 587 million yuan [2] - The main business segments include leather for bags and belts (855.2 million yuan, 63.62%), automotive interior leather (381 million yuan, 28.47%), and other leather products [2] Group 2: Financial Ratios - As of Q3 2025, Xingye Technology's debt-to-asset ratio was 42.96%, up from 39.92% year-on-year, exceeding the industry average of 35.48% [3] - The gross profit margin for Q3 2025 was 18.72%, down from 21.27% year-on-year, and below the industry average of 28.37% [3] Group 3: Executive Compensation - The chairman, Wu Huachun, received a salary of 1.4 million yuan in 2024, a decrease of 40,000 yuan from the previous year [4] - The president, Sun Huiyong, earned 1.4132 million yuan in 2024, down from 1.4505 million yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 28.28% to 16,600, while the average number of shares held per shareholder decreased by 22.04% [5] - The company reported a revenue of 700 million yuan in Q2 2025, a year-on-year increase of 7%, but a net profit decrease of 45% [5] Group 5: Strategic Developments - Xingye Technology signed a strategic cooperation agreement with Suzhou Nengsida to jointly develop flexible electronic skin based on natural leather and bio-based materials [6] - The company is expanding its overseas presence with factories in Indonesia and Vietnam, which will aid in market expansion [5][6] - Forecasted EPS for 2025-2027 is 0.41 yuan, 0.56 yuan, and 0.73 yuan respectively, maintaining a "buy" investment rating [6]