亚光科技的前世今生：营收行业29，净利润行业53，资产负债率高企下的盈利困境

Core Viewpoint - 亚光科技 is a prominent player in the military electronics and boat manufacturing sectors in China, with a focus on electronic components and boat manufacturing services [1] Group 1: Business Overview - 亚光科技 was established on June 3, 2003, and listed on the Shenzhen Stock Exchange on September 28, 2010 [1] - The company operates in military electronics and boat manufacturing, with a strong technical capability and market competitiveness [1] - Main business activities include manufacturing and sales of boats, military electronic components, electronic product trading, and leasing services [1] Group 2: Financial Performance - For Q3 2025, 亚光科技 reported revenue of 667 million yuan, ranking 29th among 64 companies in the industry [2] - The company's revenue breakdown shows that electronic components generated 356 million yuan (69.77%), boat manufacturing contributed 119 million yuan (23.33%), and other services accounted for 34.07 million yuan (6.67%) [2] - The net profit for the same period was -88.43 million yuan, placing the company 53rd in the industry [2] Group 3: Financial Ratios - As of Q3 2025, the asset-liability ratio for 亚光科技 was 66.10%, higher than the previous year's 56.78% and the industry average of 32.84%, indicating significant debt pressure [3] - The gross profit margin was reported at 21.22%, down from 28.36% year-on-year and below the industry average of 34.84%, suggesting a need for improvement in profitability [3] Group 4: Executive Compensation - The chairman, 李跃先, received a salary of 628,900 yuan in 2024, an increase of 348,500 yuan from 2023 [4] - The general manager, 胡代荣, earned 435,600 yuan in 2024, up by 164,900 yuan from the previous year [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.47% to 81,800 [5] - The average number of circulating A-shares held per shareholder increased by 0.47% to 12,200 [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings by 香港中央结算有限公司 and the entry of 卫星ETF as a new shareholder [5]