海象新材的前世今生：董事长王周林掌舵多年，PVC地板营收可观，海外市场拓展可期

Core Viewpoint - Haixiang New Materials is a leading PVC flooring manufacturer in China, established in December 2013 and listed on the Shenzhen Stock Exchange in September 2020, with a full industry chain advantage and products sold both domestically and internationally [1] Group 1: Business Performance - In Q3 2025, Haixiang New Materials reported revenue of 928 million yuan, ranking 8th in the industry out of 13 companies, with the industry leader Marco Polo generating 4.938 billion yuan [2] - The revenue composition includes SPC products at 360 million yuan (59.59%), WPC products at 105 million yuan (17.44%), LVT products at 104 million yuan (17.19%), and other products at 34.86 million yuan (5.77%) [2] - The net profit for the same period was 90.38 million yuan, ranking 5th in the industry, with Marco Polo leading at 1.062 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Haixiang New Materials had a debt-to-asset ratio of 34.25%, down from 37.80% year-on-year, which is lower than the industry average of 39.52% [3] - The gross profit margin for Q3 2025 was 25.10%, down from 27.73% year-on-year, but still above the industry average of 23.08% [3] Group 3: Executive Compensation - The chairman, Wang Zhoulun, received a salary of 2.5618 million yuan in 2024, an increase of 15,300 yuan from 2023 [4] - The general manager, Wang Shufang, received a salary of 2.5445 million yuan in 2024, a decrease of 10,700 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.95% to 10,600 [5] - The average number of circulating A-shares held per shareholder increased by 7.46% to 7,368.95 [5] - Notable changes among the top ten circulating shareholders include the entry of new shareholders and the exit of others [5]