TOPWAY(SZ:002238) Xin Lang Zheng Quan·2025-10-30 15:12Core Viewpoint - Tianwei Vision, a leading cable television company in Shenzhen, is facing challenges in revenue and profitability, with a significant drop in net profit and a high debt ratio compared to industry averages [1][2][3]. Group 1: Company Overview - Tianwei Vision was established on July 18, 1995, and listed on the Shenzhen Stock Exchange on May 26, 2008, with its headquarters in Shenzhen, Guangdong Province [1]. - The company holds a full business operation license and has a complete industrial chain system, primarily focusing on cable television network construction, planning, maintenance, and broadcasting services [1]. Group 2: Financial Performance - For Q3 2025, Tianwei Vision reported revenue of 889 million yuan, ranking 12th among 15 companies in the industry, with the industry leader, Huashu Media, generating 6.407 billion yuan [2]. - The company's net profit for the same period was -51.55 million yuan, placing it 10th in the industry, while the average net profit was 2.78 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Tianwei Vision's debt-to-asset ratio was 45.62%, higher than the industry average of 41.83% and up from 43.67% the previous year [3]. - The gross profit margin for the same period was 21.96%, lower than the industry average of 23.05% and down from 26.79% year-on-year [3]. Group 4: Executive Compensation - Chairman Zhang Yumin's salary for 2024 was 595,600 yuan, a decrease of 153,500 yuan from 2023 [4]. - The company is controlled by the Shenzhen Broadcasting Film and Television Group, with Zhang Yumin also serving as the general manager [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.16% to 35,000, while the average number of shares held per shareholder increased by 11.31% to 22,900 shares [5].