坚朗五金的前世今生：白宝鲲掌舵二十年铸就建筑五金龙头，门窗五金营收占比超四成，海外扩张步伐加快

Core Viewpoint - Jianlang Hardware is a leading enterprise in the domestic construction hardware industry, focusing on the R&D, production, and sales of mid-to-high-end building door and window hardware systems and metal components, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Jianlang Hardware achieved a revenue of 4.297 billion yuan, ranking third among 17 companies in the industry, with the top company, Beixin Building Materials, generating 19.905 billion yuan [2] - The main business composition includes door and window hardware systems generating 1.143 billion yuan, accounting for 41.47% of total revenue, and other building hardware products generating 435 million yuan, accounting for 15.79% [2] - The net profit for the same period was 7.9561 million yuan, ranking twelfth in the industry, with the top company achieving a net profit of 2.655 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's asset-liability ratio was 38.68%, down from 41.56% year-on-year but still above the industry average of 34.66%, indicating some pressure on debt repayment capability [3] - The gross profit margin for Q3 2025 was 30.28%, slightly down from 31.30% year-on-year, but significantly higher than the industry average of 19.88%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.44% to 31,500, while the average number of circulating A-shares held per shareholder increased by 4.65% to 6,070.53 [5] - The fifth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 3.7289 million shares, an increase of 1.2779 million shares from the previous period [5] Group 4: Market Outlook - Dongwu Securities noted that the company's performance in the first half of 2025 was under pressure, with domestic market revenue declining but overseas market revenue growing by 30.75% to 477 million yuan [5] - Longjiang Securities indicated that the revenue from door and window products was affected by a decline in construction completions, while overseas market revenue was approximately 480 million yuan, up 31% [5]