Core Viewpoint - Xishan Technology reported a revenue of 231 million yuan for the first three quarters of 2025, marking an 11.32% year-on-year increase, while the net profit attributable to shareholders decreased by 34.14% to 43.395 million yuan [1][2]. Financial Performance - The basic earnings per share for the reporting period was 0.96 yuan, with a weighted average return on equity of 2.51% [2]. - The company's gross margin for the first three quarters was 64.27%, down 6.50 percentage points year-on-year, and the net margin was 18.80%, a decrease of 12.98 percentage points compared to the same period last year [2]. - In Q3 2025, the gross margin was 62.16%, down 8.77 percentage points year-on-year and 1.41 percentage points quarter-on-quarter, while the net margin was 11.90%, a decline of 0.62 percentage points year-on-year and 13.79 percentage points quarter-on-quarter [2]. Expense Analysis - Total operating expenses for Q3 2025 were 111 million yuan, an increase of 12.22 million yuan year-on-year, with an expense ratio of 48.13%, up 0.45 percentage points from the previous year [2]. - Breakdown of expenses showed a 2.54% decrease in sales expenses, a 66.65% increase in management expenses, a 6.72% increase in R&D expenses, and a 5.16% increase in financial expenses [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 5,273, an increase of 427 (8.81%) from the end of the previous half-year, while the average market value per shareholder decreased by 4.93% from 597,200 yuan to 567,700 yuan [2]. Company Overview - Xishan Technology, established on December 23, 1999, and listed on June 6, 2023, is located in Chongqing and specializes in the research, production, and sales of surgical power devices [3]. - The main business revenue composition includes surgical power devices (92.10%), with consumables accounting for 76.74%, complete machines for 10.06%, and other components for 7.87% [3].
西山科技前三季度营收2.31亿元同比增11.32%，归母净利润4339.50万元同比降34.14%，毛利率下降6.50个百分点