SongYang(SH:603863) Xin Lang Cai Jing·2025-10-30 16:42Core Viewpoint - Songyang Resources is a significant player in the domestic environmental recycled paper sector, focusing on research, production, and sales of recycled paper, with a full industry chain advantage [1] Group 1: Business Performance - As of Q3 2025, Songyang Resources reported revenue of 314 million yuan, ranking 10th in the industry, significantly lower than the industry leader, Sun Paper, with 28.936 billion yuan, and the second, Shanying International, with 21.133 billion yuan [2] - The main business composition includes high-strength corrugated paper revenue of 148 million yuan (66.70%), specialty paper revenue of 69.21 million yuan (31.09%), and other business revenue of 5.05 million yuan (2.27%) [2] - The net profit for the same period was -87.04 million yuan, ranking 8th in the industry, with the industry leader, Sun Paper, achieving a net profit of 2.506 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Songyang Resources had a debt-to-asset ratio of 67.89%, higher than the previous year's 57.66% and above the industry average of 56.77% [3] - The gross profit margin for the same period was -10.95%, lower than the previous year's -6.41% and below the industry average of 0.28% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager Wang Weilong was 663,000 yuan, an increase of 3,000 yuan from the previous year [4] - As of September 30, 2025, the number of A-share shareholders decreased by 22.23% to 16,900, while the average number of circulating A-shares held per household increased by 28.59% to 12,100 [5]