OURPALM(SZ:300315) Xin Lang Cai Jing·2025-10-30 13:08Core Viewpoint - Zhangqu Technology is a leading game development and publishing company in China, with strong R&D capabilities and a rich IP reserve, but its financial performance lags behind industry leaders [1][2]. Financial Performance - For Q3 2025, Zhangqu Technology reported revenue of 534 million yuan, ranking 19th among 26 companies in the industry, significantly lower than the top performer ST Huatong at 27.22 billion yuan and the industry average of 3.26 billion yuan [2]. - The company's net profit for the same period was 76.56 million yuan, ranking 14th, again far below ST Huatong's 4.44 billion yuan and the industry average of 531 million yuan [2]. Profitability and Debt Management - As of Q3 2025, Zhangqu Technology's debt-to-asset ratio was 7.73%, down from 8.31% year-on-year, and significantly lower than the industry average of 29.04%, indicating strong debt repayment capability [3]. - The gross profit margin for the period was 73.48%, a decrease from 77.50% year-on-year but still above the industry average of 58.35% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.66% to 172,600, while the average number of circulating A-shares held per shareholder increased by 14.50% to 15,000 [5]. - The largest circulating shareholder is the Huaxia CSI Animation Game ETF, holding 78.21 million shares, an increase of 13.32 million shares from the previous period [5]. Management Compensation - The chairman, Liu Zhigang, has maintained a salary of 100,000 yuan for both 2023 and 2024 [4].