NEBULA ELECTRONICS(SZ:300648) Xin Lang Cai Jing·2025-10-30 11:20Core Viewpoint - Xingyun Co., Ltd. is a leading enterprise in the lithium battery equipment sector, specializing in the research, production, and sales of lithium battery testing systems, with a comprehensive service capability across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Xingyun's revenue reached 851 million yuan, ranking 11th in the industry, significantly lower than the top competitor, Xianlead Intelligent, which reported 10.44 billion yuan [2] - The main business revenue composition includes lithium battery equipment at 422 million yuan (75.78%), other products at 80.73 million yuan (14.50%), testing services at 53.77 million yuan (9.66%), and rental income at 0.3931 million yuan (0.07%) [2] - The net profit for the same period was -35.08 million yuan, placing the company 15th in the industry, again trailing behind major competitors [2] Group 2: Financial Ratios - As of Q3 2025, Xingyun's debt-to-asset ratio was 49.63%, down from 62.69% year-on-year, and below the industry average of 57.48%, indicating strong solvency [3] - The gross profit margin stood at 32.61%, slightly lower than the previous year's 34.60%, but still above the industry average of 25.79%, reflecting a competitive edge in profitability [3] Group 3: Management and Shareholder Information - The chairman, Li Youcai, received a salary of 689,800 yuan in 2024, a decrease of 143,300 yuan from 2023 [4] - The number of A-share shareholders increased by 4.87% to 16,400 as of September 30, 2025, while the average number of shares held per shareholder decreased by 4.64% [5] Group 4: Industry Outlook and Strategic Initiatives - According to Zhonghang Securities, the core logic for Xingyun's performance includes a recovery in its main business, narrowing losses, and improved management of expenses and cash flow [6] - The lithium battery industry remains robust, benefiting from high growth in global electric vehicle and energy storage market sales [6] - The company is actively expanding into new areas, including solid-state batteries and AI applications for battery health monitoring, transitioning from a pure equipment manufacturer to an AI application enterprise [6]