顾地科技的前世今生：负债率91.05%高于行业平均，毛利率14.73%低于同类8.31个百分点

Core Viewpoint - Guodi Technology, established in 1999 and listed in 2012, is a significant player in the domestic plastic pipe and fittings industry, known for its technical research and production capabilities, as well as good product quality and market reputation [1] Group 1: Business Performance - In Q3 2025, Guodi Technology reported revenue of 643 million yuan, ranking 6th in the industry, with the top competitor, Gongyuan Co., achieving 4.408 billion yuan [2] - The revenue composition includes PE pipes at 202 million yuan (48.22%), PVC pipes at 155 million yuan (36.81%), PP pipes at 57.8 million yuan (13.76%), and other products at 2.96 million yuan (0.70%), with sports and tourism operations contributing 2.16 million yuan (0.51%) [2] - The net profit for the same period was -303 million yuan, placing the company 7th in the industry, with the leading competitor, Weixing New Materials, reporting a profit of 539 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Guodi Technology's debt-to-asset ratio was 91.05%, significantly higher than the industry average of 46.99% [3] - The gross profit margin was reported at 14.73%, an increase from 8.86% year-on-year, but still below the industry average of 23.04% [3] Group 3: Executive Compensation - The chairman, Su Xiaozhong, received a salary of 1.2 million yuan in 2024, a substantial increase of 1.0508 million yuan from 2023 [4] - The general manager, Dai Hao, earned a salary of 1.14 million yuan in 2024 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.11% to 17,300, while the average number of shares held per shareholder increased by 1.13% to 41,500 [5]