BAIYANG(SZ:002696) Xin Lang Cai Jing·2025-10-30 10:45Company Overview - Baiyang Co., Ltd. was established on April 19, 2000, and listed on the Shenzhen Stock Exchange on September 5, 2012, with its registered and office address in Nanning, Guangxi. It is a well-known comprehensive service provider in the aquaculture industry, covering areas such as feed and biological products, and possesses a full industry chain advantage [1] Financial Performance - As of Q3 2025, Baiyang Co., Ltd. reported revenue of 2.952 billion yuan, ranking 4th in the industry, significantly lower than the industry leader, Haida Group, which reported 96.094 billion yuan, and the second-ranked Yuehai Feed with 4.997 billion yuan. The industry average revenue was 27.137 billion yuan, and the median was 4.75 billion yuan. The main business composition included 755 million yuan from aquatic product processing (44.54%), 623 million yuan from feed (36.77%), and 160 million yuan from feed raw materials (9.45%) [2] - The net profit for the same period was 30.8945 million yuan, ranking 3rd in the industry, again significantly lower than Haida Group's 4.363 billion yuan and Tianma Technology's 66.879 million yuan. The industry average net profit was 1.121 billion yuan, and the median was 488.868 million yuan [2] Financial Ratios - As of Q3 2025, Baiyang Co., Ltd. had a debt-to-asset ratio of 60.04%, which is higher than the previous year's 51.99% and above the industry average of 56.54%. The gross profit margin was reported at 9.67%, an increase from 7.64% in the previous year, but still below the industry average of 10.28% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.42% to 15,900, while the average number of circulating A-shares held per account decreased by 7.18% to 21,000. Among the top ten circulating shareholders, Nuoan Multi-Strategy Mixed A (320016) ranked as the ninth largest shareholder with 2.4809 million shares, marking a new entry [5]