AYIS(SH:600569) Xin Lang Cai Jing·2025-10-30 10:24Core Viewpoint - Anyang Steel reported a decline in revenue for the first three quarters of 2025, but significant growth in net profit and profit margins, indicating improved operational efficiency despite lower sales [1][2]. Financial Performance - The company's revenue for the first three quarters was 23.29 billion yuan, a year-on-year decrease of 3.64% [1]. - Net profit attributable to shareholders was 58.33 million yuan, a year-on-year increase of 102.68% [1]. - The net profit excluding non-recurring items was 26.98 million yuan, up 101.21% year-on-year [1]. - Basic earnings per share stood at 0.02 yuan [1]. Profitability Metrics - Gross margin for the first three quarters was 9.19%, an increase of 13.12 percentage points year-on-year [2]. - Net margin was 0.42%, up 9.93 percentage points compared to the same period last year [2]. - In Q3 2025, the gross margin was 10.72%, a year-on-year increase of 19.47 percentage points [2]. - The net margin for Q3 was 0.55%, up 15.29 percentage points year-on-year [2]. Cost Structure - Total operating expenses for Q3 were 2.12 billion yuan, an increase of 116 million yuan year-on-year [2]. - The expense ratio was 9.08%, up 0.81 percentage points from the previous year [2]. - Breakdown of expense growth: sales expenses increased by 2.27%, management expenses by 1.06%, R&D expenses by 5.92%, and financial expenses by 12.07% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 79,200, a decrease of 3,626 or 4.38% from the end of the first half [2]. - The average market value per shareholder increased from 68,000 yuan to 80,500 yuan, a growth of 18.45% [2]. Company Overview - Anyang Steel, established on December 23, 1996, and listed on August 20, 2001, is located in Anyang, Henan Province [3]. - The company's main business involves the smelting of steel and iron, as well as the processing, production, and sales of steel products [3]. - Revenue composition: steel products account for 89.36%, other products for 8.59%, and supplementary items for 2.05% [3]. - The company is classified under the steel industry, specifically in the sub-sector of ordinary steel and sheet products [3].