Hexing(SH:603556) Xin Lang Cai Jing·2025-10-29 12:52Core Viewpoint - Haixing Electric is a leading global provider of smart grid solutions, with a comprehensive industrial chain and strong R&D capabilities, serving over 80 countries and regions worldwide [1] Group 1: Business Performance - For Q3 2025, Haixing Electric reported revenue of 3.369 billion yuan, ranking 2nd in the industry, surpassing the industry average of 1.144 billion yuan and the median of 582 million yuan [2] - The net profit for the same period was 730 million yuan, ranking 1st in the industry, exceeding the industry average of 230 million yuan and the median of 120 million yuan [2] - The main business composition includes product sales of 1.865 billion yuan, accounting for 94.42%, with other services contributing 59.585 million yuan (3.02%) and labor services 50.749 million yuan (2.57%) [2] Group 2: Financial Ratios - As of Q3 2025, Haixing Electric's debt-to-asset ratio was 24.69%, lower than the industry average of 30.70%, indicating strong solvency [3] - The gross profit margin was 39.89%, higher than the industry average of 34.67%, reflecting a competitive advantage in profitability [3] Group 3: Executive Compensation - The chairman, Zhou Liangzhang, received a salary of 1.3071 million yuan in 2024, an increase of 233,700 yuan from 2023 [4] - The general manager, Zhang Shiquan, had a salary of 1.7135 million yuan in 2024, a decrease of 67,100 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.43% to 24,800, while the average number of circulating A-shares held per shareholder increased by 8.02% to 19,600 [5] - The sixth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 8.2754 million shares, a decrease of 2.1501 million shares from the previous period [5] Group 5: Market Insights - According to Shenwan Hongyuan, Haixing Electric's revenue for the first three quarters of 2025 was 3.369 billion yuan, a year-on-year decrease of 1.19%, while net profit was 732 million yuan, down 7.48% year-on-year [6] - Q3 alone saw revenue and net profit increase by 25.12% and 30.21% year-on-year, respectively, indicating better-than-expected performance [6] - Key business highlights include the operational launch of the smart ultrasonic water meter factory in South Africa and successful bids for distribution products in Asia, Africa, and Latin America [6][7]