Nsfocus(SZ:300369) Xin Lang Cai Jing·2025-10-30 13:07Core Viewpoint - Green Alliance Technology is a leading provider of enterprise-level network security solutions in China, focusing on the development, production, and sales of information security products and professional services [1] Financial Performance - In Q3 2025, Green Alliance Technology achieved a revenue of 1.28 billion yuan, ranking 13th among 35 companies in the industry, with the industry leader, iFlytek, generating 16.989 billion yuan [2] - The company's net profit for the same period was -196 million yuan, ranking 27th in the industry, with the industry average net profit being -98.1469 million yuan [2] - Revenue composition includes security products at 397 million yuan (49.64%), security services at 341 million yuan (42.65%), third-party products and services at 5.9277 million yuan (7.40%), and rental income at 2.2117 million yuan (0.28%) [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 43.98%, higher than the industry average of 29.42% [3] - The gross profit margin was 60.37%, which is above the previous year's 59.50% but below the industry average of 63.59% [3] Management Compensation - The chairman and president, Hu Zhonghua, received a salary of 2.1257 million yuan in 2024, a decrease of 34,300 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.99% to 39,500, with an average holding of 20,200 circulating A-shares, an increase of 6.37% [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Wan Jia Chuang Ye, with notable changes in their holdings [5] Business Highlights - In H1 2025, the company reported a revenue of 800 million yuan, a slight increase of 0.03% year-on-year, while the net profit loss narrowed by 32.65% to -171 million yuan [5] - The company is focusing on value customers and main products, with significant growth in international business, which saw a revenue increase of 77.96% year-on-year [5] - The company is expected to achieve revenues of 2.708 billion yuan, 3.115 billion yuan, and 3.590 billion yuan from 2025 to 2027, with net profits projected at 115 million yuan, 188 million yuan, and 250 million yuan respectively [5] Future Outlook - For the full year of 2024, the company is projected to achieve a revenue of 2.358 billion yuan, a year-on-year increase of 40.29%, with a net profit loss of -365 million yuan, significantly narrowing [6] - The company is implementing a restricted stock incentive plan for 2024, indicating management's confidence in long-term performance improvement [6] - Future revenue projections for 2025 to 2027 are 2.536 billion yuan, 2.743 billion yuan, and 2.981 billion yuan, with net profits expected to be 10,000 yuan, 850 million yuan, and 1.51 billion yuan respectively [6]