Core Viewpoint - Qiaoyuan Co., Ltd. is a leading industrial gas supplier in Southwest China, focusing on high-purity gas research, production, and sales, with a strong capacity advantage and various business segments including hydrogen energy and special gases [1] Group 1: Business Performance - In Q3 2025, Qiaoyuan's revenue was 797 million yuan, ranking 39th among 79 companies in the industry, while the top company, Sinochem International, reported revenue of 35.716 billion yuan [2] - The revenue composition includes oxygen at 224 million yuan (43.45%), nitrogen at 203 million yuan (39.45%), and other gases at 59.29 million yuan (11.51%) [2] - The net profit for the same period was 181 million yuan, ranking 11th in the industry, with the top company, Hangyang Co., Ltd., reporting a net profit of 850 million yuan [2] Group 2: Financial Health - As of Q3 2025, Qiaoyuan's debt-to-asset ratio was 8.00%, significantly lower than the industry average of 34.74%, indicating strong solvency [3] - The gross profit margin was 36.23%, higher than the industry average of 19.93%, reflecting robust profitability [3] Group 3: Management and Shareholder Structure - The chairman, Qiao Zhiyong, received a salary of 316,800 yuan in 2024, a decrease from 345,900 yuan in 2023 [4] - The number of A-share shareholders increased by 0.02% to 8,499 as of September 30, 2025, with an average holding of 19,000 circulating A-shares [5] Group 4: Industry Outlook and Growth Potential - The Chinese industrial gas industry is expected to continue growing, with Qiaoyuan projected to achieve revenues of 1.421 billion yuan, 1.864 billion yuan, and 2.374 billion yuan for 2025, 2026, and 2027, respectively, reflecting growth rates of 38.8%, 31.2%, and 27.3% [6] - The company is expanding its operations in on-site gas production and special gases for various industries, including electronics and healthcare, while also pursuing acquisitions to enhance product diversification [6]
侨源股份的前世今生：2025年Q3营收7.97亿行业第39，净利润1.81亿行业第11，内增外延成长性良好