Tonhe TECH.(SZ:300491) Xin Lang Cai Jing·2025-11-01 02:16Core Viewpoint - Tonghe Technology reported significant growth in revenue and net profit for Q3 2025, indicating strong operational performance despite some financial challenges [1][2]. Financial Performance - The company's revenue for Q3 2025 reached 389.47 million yuan, a year-on-year increase of 40.47% [2]. - Net profit attributable to shareholders was 4.97 million yuan, showing a remarkable growth of 604.27% compared to the same period last year [2]. - For the year-to-date period, revenue totaled 975.35 million yuan, up 32.40% year-on-year, while net profit decreased by 2.20% to 20.44 million yuan [2]. Cash Flow and Financial Health - The net cash flow from operating activities showed a drastic decline of 1055.00%, attributed to increased cash payments related to operating activities [3]. - The company reported a significant increase in accounts receivable, reaching 835 million yuan, a rise of 25.61% year-on-year [3]. - The asset-liability ratio stood at 48.64%, indicating some debt repayment pressure [3]. Shareholder Structure - The top 10 shareholders of Tonghe Technology hold a total of 45.59% of the shares, with individual natural persons making up more than half of this group [4]. Impairment and Inventory Management - The company recognized credit impairment losses and asset impairment losses totaling 8.62 million yuan for the first nine months of 2025, with 3.33 million yuan recognized in Q3 alone [6]. - Inventory write-offs amounted to 2.89 million yuan during July to September 2025, with a remaining inventory balance of 370 million yuan, indicating potential risks of further impairment [6]. Market Performance - As of October 31, 2025, Tonghe Technology's stock price was 36.26 yuan per share, reflecting a 10.89% increase, with a total market capitalization of 6.36 billion yuan [7].