PONY(SZ:300887) Xin Lang Cai Jing·2025-10-29 12:33Core Viewpoint - The company, Puni Testing, is a leading comprehensive testing and certification service provider in China, facing challenges in revenue and profitability but showing signs of improvement in recent quarters [1][6]. Group 1: Business Performance - In Q3 2025, Puni Testing reported revenue of 932 million yuan, ranking 7th among 21 companies in the industry, with the industry leader, Huace Testing, generating 4.702 billion yuan [2]. - The company's net profit for the same period was -198 million yuan, placing it 21st in the industry, while the top performer, Huace Testing, achieved a net profit of 810 million yuan [2]. - The main business segments include Life Sciences and Environmental Health (367 million yuan, 68.89%), Automotive and Other Consumer Goods (106 million yuan, 19.99%), and Safety Assurance (58.26 million yuan, 10.94%) [2]. Group 2: Financial Ratios - As of Q3 2025, Puni Testing's debt-to-asset ratio was 16.10%, lower than the previous year's 18.99% and below the industry average of 26.67%, indicating strong solvency [3]. - The gross profit margin for the same period was 29.61%, an increase from 28.24% year-on-year, but still below the industry average of 43.39%, suggesting room for improvement in profitability [3]. Group 3: Management and Shareholder Information - The chairman, Song Wei, received a salary of 872,000 yuan in 2024, a decrease of 34,800 yuan from 2023 [4]. - The number of A-share shareholders decreased by 15.81% to 21,400 as of September 30, 2025, while the average number of shares held per shareholder increased by 18.79% [5]. Group 4: Future Outlook - Longjiang Securities noted that while Puni Testing faced revenue decline and net losses in the first three quarters of 2025, the revenue decline has narrowed significantly in Q3, and the company is expected to focus on biomedicine and cosmetics to enhance laboratory capacity utilization [6]. - Revenue projections for 2025 to 2027 are 1.365 billion yuan, 1.586 billion yuan, and 1.819 billion yuan, with net profits expected to improve from -134 million yuan in 2025 to 145 million yuan in 2027 [6].