RiseSun(SZ:002146) Xin Lang Cai Jing·2025-10-30 13:57Core Viewpoint - Rongsheng Development, a large national real estate enterprise group, is facing challenges with high debt levels and low profitability compared to industry peers, as evidenced by its financial performance in Q3 2025 [2][3]. Financial Performance - In Q3 2025, Rongsheng Development reported a revenue of 20.389 billion, ranking 8th among 69 companies in the industry, while the industry leader, Poly Developments, achieved a revenue of 173.722 billion [2]. - The company's net profit for the same period was -2.558 billion, placing it 63rd in the industry, with the average net profit being -0.707 billion [2]. - The main business segments included real estate development (12.438 billion, 87.71%), property services (1.133 billion, 7.99%), hotel operations (0.281 billion, 1.98%), industrial parks (0.221 billion, 1.56%), and other sectors (0.107 billion, 0.75%) [2]. Financial Ratios - As of Q3 2025, Rongsheng Development's debt-to-asset ratio was 89.58%, up from 86.08% year-on-year, significantly higher than the industry average of 60.51% [3]. - The gross profit margin for the same period was 8.17%, down from 12.40% year-on-year, and below the industry average of 19.19% [3]. Executive Compensation - The chairman, Geng Jianming, received a salary of 590,000, unchanged from 2023, while the president, Wu Qiuyun, earned 1.69 million, a decrease of 160,000 from the previous year [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 12.64% to 144,600, while the average number of shares held per shareholder decreased by 11.22% to 27,000 [5].