惠云钛业的前世今生：2025年三季度营收仅13.28亿，远低于行业平均54.85亿

Core Viewpoint - Huiyun Titanium Industry is a significant player in the titanium dioxide production sector in China, with a full industry chain advantage and high product quality, but it faces challenges in revenue and profitability compared to industry leaders [1][2]. Group 1: Business Performance - In Q3 2025, Huiyun Titanium's revenue was 1.328 billion yuan, ranking 4th in the industry, significantly lower than the leader Longbai Group's 19.436 billion yuan and the second-ranked Titan Chemical's 5.765 billion yuan [2]. - The main revenue source was rutile titanium dioxide, generating 729 million yuan, accounting for 87.34% of total revenue [2]. - The net profit for the same period was -112.446 million yuan, also ranking 4th in the industry, with the industry average net profit being 299 million yuan [2]. Group 2: Financial Ratios - As of Q3 2025, Huiyun Titanium's debt-to-asset ratio was 56.45%, higher than the industry average of 50.28% [3]. - The gross profit margin was 7.22%, lower than the industry average of 8.53% [3]. Group 3: Executive Compensation - The chairman, Zhong Zhengguang, received a salary of 813,800 yuan in 2024, a decrease of 112,800 yuan from 2023 [4]. - The general manager, He Mingchuan, earned 777,800 yuan in 2024, an increase of 76,200 yuan from the previous year [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.84% to 25,300 [5]. - The average number of circulating A-shares held per shareholder decreased by 4.62% to 13,200 [5].