SCIE(SH:600546) Sou Hu Cai Jing·2025-11-04 11:49Core Viewpoint - Shanmei International (600546) has experienced a decline in stock price and significant changes in capital flow, indicating potential challenges in its financial performance and market perception [1][2]. Financial Performance - As of the third quarter of 2025, Shanmei International reported a main revenue of 153.32 billion yuan, a year-on-year decrease of 30.2% [2]. - The net profit attributable to shareholders was 10.46 billion yuan, down 49.74% year-on-year, while the net profit after deducting non-recurring items was 10.88 billion yuan, a decline of 50.23% [2]. - The company's third-quarter performance showed a single-quarter main revenue of 56.73 billion yuan, down 28.27% year-on-year, and a net profit of 3.91 billion yuan, down 50.53% [2]. - The debt ratio stands at 49.71%, with investment income of 4219.74 million yuan and financial expenses of 1.56 billion yuan [2]. Market Position - Shanmei International's total market value is 22.402 billion yuan, ranking 13th in the coal industry, which has an average market value of 59.653 billion yuan [2]. - The company has a price-to-earnings ratio of 16.06, significantly higher than the industry average of 6.74, ranking 7th in the industry [2]. - The gross profit margin is 34.71%, which is above the industry average of 19.65%, ranking 5th [2]. Capital Flow Analysis - On November 4, 2025, the stock price closed at 11.3 yuan, down 0.53%, with a turnover rate of 2.08% and a trading volume of 411,700 hands, amounting to a transaction value of 468 million yuan [1]. - The net outflow of main funds was 38.1861 million yuan, accounting for 8.16% of the total transaction value, while retail investors saw a net inflow of 45.2683 million yuan, representing 9.67% of the total [1]. - Over the past five days, the stock has seen fluctuating capital flows, with notable net inflows and outflows from different investor categories [1].