Furui Co.,Ltd(SZ:300049) Xin Lang Zheng Quan·2025-10-31 13:29Core Viewpoint - Furuya Co., Ltd. is a leading enterprise in the liver disease sector in China, with a comprehensive industry chain layout and significant technological and market advantages [1] Group 1: Business Performance - For Q3 2025, Furuya's revenue was 1.101 billion yuan, ranking 16th among 42 companies in the industry, while the industry leader, Mindray Medical, reported revenue of 25.834 billion yuan [2] - The net profit for the same period was 162 million yuan, placing the company 10th in the industry, with Mindray Medical's net profit at 7.814 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Furuya's debt-to-asset ratio was 26.94%, down from 31.78% year-on-year, which is lower than the industry average of 27.21% [3] - The gross profit margin was 75.26%, slightly down from 76.50% year-on-year, but still above the industry average of 48.67% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.24% to 26,700, with an average holding of 8,742.06 shares, a decrease of 3.09% [5] - Notable changes among the top ten shareholders include a decrease in holdings by Huabao Zhongzheng Medical ETF and Ruiyuan Growth Value Mixed A, while Hong Kong Central Clearing Limited and Ping An Medical Health Mixed A entered the list as new shareholders [5] Group 4: Management and Compensation - The chairman and general manager, Wang Guanyi, received a salary of 1.63 million yuan in 2024, an increase of 1.33 million yuan from 2023 [4] Group 5: Market Outlook and Forecast - Analysts from Shenwan Hongyuan noted that the MASH drug development is accelerating, which will benefit Furuya's subsidiary Theraclion, with a projected net profit of 210 million yuan, 313 million yuan, and 426 million yuan for 2025-2027 [6] - Guosheng Securities highlighted the continuous expansion of Furuya's medical device business and stable growth in pharmaceuticals and medical services, adjusting the net profit forecast for 2025-2027 to 203 million yuan, 306 million yuan, and 421 million yuan, with growth rates of 79%, 51%, and 38% respectively [6]