Core Insights - SanTai Co., Ltd. is a leading export cross-border e-commerce enterprise in China, established on January 7, 2008, and listed on the Shenzhen Stock Exchange on September 28, 2023, focusing on digital-driven retail and logistics business [1] Financial Performance - For Q3 2025, SanTai reported a revenue of 1.252 billion yuan, ranking 6th in the industry, with the top competitor, Saiwei Times, generating 8.188 billion yuan [2] - The main business composition includes cross-border e-commerce product sales of 630 million yuan (76.14%), logistics sales of 197 million yuan (23.80%), and technical service income of 34,980 yuan (0.04%) [2] - The net profit for the same period was 31.8471 million yuan, placing the company 5th in the industry, with the leading company, Focus Technology, earning 414 million yuan [2] Financial Ratios - As of Q3 2025, SanTai's debt-to-asset ratio was 10.03%, significantly lower than the industry average of 47.80%, indicating strong solvency [3] - The gross profit margin was 31.88%, which is below the industry average of 38.17%, suggesting room for improvement in profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.25% to 30,100, while the average number of circulating A-shares held per shareholder increased by 1.26% to 7,283.17 [5] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings compared to the previous period [5] Executive Compensation - The chairman and general manager, Zhongbin Sun, received a salary of 2.9823 million yuan in 2024, down from 4.5544 million yuan in 2023, reflecting a decrease of 1.5721 million yuan [4]
三态股份的前世今生：2025年Q3营收行业第六，净利润行业第五，扩张潜力待挖掘