STAR LAKE SCIENCE(SH:600866) Xin Lang Cai Jing·2025-10-31 10:32Core Viewpoint - Xinghuo Technology is a significant player in the domestic food and feed additive sector, with a comprehensive business model covering research, production, and sales of food additives, feed additives, chemical raw materials, and pharmaceutical intermediates [1] Group 1: Business Performance - In Q3 2025, Xinghuo Technology achieved a revenue of 12.077 billion yuan, ranking 4th among 24 companies in the industry [2] - The company's net profit for the same period was 1.014 billion yuan, placing it 3rd in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Xinghuo Technology's debt-to-asset ratio was 50.79%, higher than the previous year's 45.73% and above the industry average of 28.46% [3] - The company's gross profit margin was 18.98%, an increase from 15.72% year-on-year, but still below the industry average of 28.77% [3] Group 3: Management Compensation - The total compensation for General Manager Yan Xiaolin was 9.1744 million yuan in 2024, a significant increase of 8.704 million yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.44% to 45,900, with an average holding of 27,400 circulating A-shares, up by 10.50% [5] Group 5: Market Outlook - Huatai Securities noted that despite Q3 performance being below expectations due to amino acid and MSG market conditions, the outlook remains positive due to improving breeding demand and new project increments [6] - The feed additive segment generated 8.2 billion yuan in revenue, supported by improved raw material costs, while the food additive segment faced a decline [6]