TUNA(SH:603177) Xin Lang Cai Jing·2025-10-30 11:20Core Insights - Dechang Environmental Protection reported a revenue of 793 million yuan for the first three quarters of 2025, representing a year-on-year increase of 17.48% [1] - The company's net profit attributable to shareholders was 13.11 million yuan, a decline of 45.88% year-on-year, while the net profit excluding non-recurring items was 5.4 million yuan, down 73.12% year-on-year [1][2] - The basic earnings per share stood at 0.06 yuan [1][2] Financial Performance - The gross profit margin for the first three quarters of 2025 was 21.27%, a decrease of 2.34 percentage points year-on-year, while the net profit margin was 0.93%, down 2.56 percentage points from the previous year [2] - In Q3 2025, the gross profit margin was 17.65%, showing a year-on-year decline of 1.89 percentage points and a quarter-on-quarter decline of 3.87 percentage points; the net profit margin was -2.04%, down 3.67 percentage points year-on-year and 3.53 percentage points quarter-on-quarter [2] - Operating expenses for the period amounted to 149 million yuan, an increase of 25.36 million yuan year-on-year, with an expense ratio of 18.82%, up 0.47 percentage points from the previous year [2] Business Overview - Dechang Environmental Protection, established on September 6, 2005, and listed on February 7, 2017, is located in Shaoxing, Zhejiang Province, and specializes in flue gas treatment products and services [3] - The revenue composition includes flue gas treatment projects (44.16%), denitration catalysts (30.20%), desulfurization equipment (15.97%), dust removal equipment (4.00%), waste salt and slag resource utilization (3.36%), hazardous waste treatment (2.00%), and others (0.32%) [3] - The company operates within the environmental protection industry, specifically in air pollution control, and is categorized under several concept sectors including micro-cap stocks, small-cap stocks, QFII holdings, solid waste treatment, and the Belt and Road Initiative [3]