Evergreen Technology(SH:603125) Xin Lang Cai Jing·2025-10-30 15:20Core Viewpoint - Changqing Technology, a leader in polymer new materials and specialized additives, has achieved significant technological breakthroughs and is expanding its production capacity, which is expected to enhance revenue and cash flow in the coming years [5]. Group 1: Company Overview - Changqing Technology was established on June 30, 2010, and went public on the Shanghai Stock Exchange on April 10, 2023, with its registered and operational base in Jiangsu Province [1]. - The company specializes in the research, production, and sales of polymer new materials and specialized additives, breaking foreign monopolies and achieving domestic substitution [1]. Group 2: Financial Performance - For Q3 2025, Changqing Technology reported revenue of 713 million yuan, ranking 43rd out of 79 in the industry, significantly lower than the industry leader, Sinochem International, which reported 35.716 billion yuan [2]. - The company's net profit for the same period was 103 million yuan, ranking 25th in the industry, which is below the second-ranked Jiahu Energy's 821 million yuan but above the industry average of 74.44 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Changqing Technology's debt-to-asset ratio was 6.38%, significantly lower than the industry average of 34.74% [3]. - The company's gross profit margin was 27.05%, higher than the industry average of 19.93% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 6.63% to 20,700, with an average holding of 4,889.58 shares, a decrease of 6.22% [5]. - Hong Kong Central Clearing Limited became the fifth-largest shareholder, holding 884,400 shares as a new investor [5]. Group 5: Future Outlook - Changqing Technology is expected to see steady revenue and cash flow growth from 2019 to 2024, driven by technological advancements and capacity expansion [5]. - The company plans to add a total production capacity of 160,500 tons per year, with 90,500 tons coming from new projects [5]. - Forecasted net profits for 2025, 2026, and 2027 are projected to be 125 million, 155 million, and 201 million yuan, respectively [5].