SILVER(SZ:300221) Xin Lang Zheng Quan·2025-10-30 23:30Core Viewpoint - Yinxi Technology is a leading producer of polymer new materials, focusing on modified plastics and expanding its global presence through overseas manufacturing bases, particularly in Vietnam [1][5]. Group 1: Company Overview - Established in August 1997, Yinxi Technology was listed on the Shenzhen Stock Exchange in May 2011 and is headquartered in Dongguan, Guangdong Province [1]. - The company specializes in the production and sale of modified plastics, with its products including a variety of polymer materials such as silicone rubber [1]. Group 2: Financial Performance - For Q3 2025, Yinxi Technology reported a revenue of 1.653 billion yuan, ranking 9th among 21 companies in the industry, with the industry leader, Jinfat Technology, achieving 49.616 billion yuan [2]. - The main business revenue breakdown shows modified plastics contributing 900.1 million yuan (87.97%), smart lighting products 117 million yuan (11.44%), and other products 6.0251 million yuan (0.59%) [2]. - The net profit for the same period was 86.7741 million yuan, also ranking 9th in the industry, with the top performer netting 636 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Yinxi Technology's debt-to-asset ratio was 35.76%, lower than the previous year's 38.99% and below the industry average of 45.98% [3]. - The gross profit margin for the period was 19.72%, an increase from 16.69% year-on-year and above the industry average of 14.74% [3]. Group 4: Management Compensation - Chairman Tan Wenzhao's compensation for 2024 was 1.4905 million yuan, an increase of 395,000 yuan from 2023 [4]. - General Manager Lin Dencan's compensation for 2024 was 1.6405 million yuan, up by 486,600 yuan from the previous year [4]. Group 5: Shareholder Information and Market Strategy - As of September 30, 2025, the number of A-share shareholders increased by 1.87% to 34,600, with an average holding of 13,200 circulating A-shares, a decrease of 0.97% [5]. - The company is expanding its overseas market presence, with a new manufacturing facility in Vietnam that has commenced operations, establishing a dual manufacturing base in China and Vietnam [5]. - The R&D team is growing, with a 14.38% increase in personnel for 2024, and the company is implementing a restricted stock incentive plan [5].