Shanghai Titan Scientific (SH:688133) Xin Lang Zheng Quan·2025-10-30 16:04Core Viewpoint - Titan Technology is a leading company in the domestic scientific service industry, providing integrated technical solutions for innovative research and production quality control laboratories, with a differentiated advantage in full industry chain services [1] Group 1: Business Performance - For Q3 2025, Titan Technology reported revenue of 1.848 billion yuan, ranking 23rd among 79 companies in the industry, with the industry leader, Sinochem International, generating 35.716 billion yuan [2] - The revenue composition includes research reagents at 521 million yuan (42.70%), scientific instruments and consumables at 347 million yuan (28.42%), specialty chemicals at 323 million yuan (26.48%), laboratory construction and research information at 28.9049 million yuan (2.37%), and others at 289,100 yuan (0.02%) [2] - The net profit for the same period was 2.7083 million yuan, ranking 58th in the industry, with the top performer, Hangyang Co., achieving a net profit of 850 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Titan Technology's debt-to-asset ratio was 41.14%, higher than the previous year's 40.97% and above the industry average of 34.74%, indicating relatively high debt pressure [3] - The gross profit margin for Q3 2025 was 22.15%, an increase from 19.57% in the previous year and above the industry average of 19.93%, reflecting strong profitability [3] Group 3: Management and Shareholder Information - The chairman, Xie Yingbo, received a salary of 685,600 yuan in 2024, a decrease of 42,500 yuan from 2023 [4] - The number of A-share shareholders increased by 20.41% to 9,293 as of September 30, 2025, while the average number of circulating A-shares held per household decreased by 16.95% to 17,700 [5] Group 4: Strategic Developments - Titan Technology plans to enhance R&D investment, with a projected R&D expense ratio of 5% in Q1 2025 and 6% for 2024, alongside the application for 61 new patents and software copyrights [5] - The company completed acquisitions of three firms in 2024 and established two joint ventures, expanding its product matrix [5] - A strategic shift from prioritizing scale to focusing on profit is expected to positively impact cost control and cash flow [5]