牧高笛前三季度净利下滑六成，董事长陆暾华三年涨薪6.8倍

Core Viewpoint - Mugaodi (SH603908) reported a significant decline in both revenue and net profit for the first three quarters of 2025, indicating ongoing financial challenges for the company [1][3]. Financial Performance - For the first three quarters of 2025, Mugaodi's revenue was 819 million yuan, a year-on-year decrease of 24.21% [1][2]. - The net profit attributable to shareholders was 36.65 million yuan, down 60.35% year-on-year [1][2]. - In Q3 2025, the revenue was 213 million yuan, reflecting a 13.2% decrease compared to the same period last year [1][2]. Historical Performance - From 2020 to 2024, Mugaodi's revenue figures were 643 million yuan, 923 million yuan, 1.436 billion yuan, 1.456 billion yuan, and 1.304 billion yuan, respectively [3]. - The net profit for the same period was 45.97 million yuan, 78.61 million yuan, 141 million yuan, 107 million yuan, and 83.76 million yuan [3]. - The company experienced strong growth from 2020 to 2022, but in 2023, revenue growth slowed to only 1.4%, and net profit fell by 24.05% [3]. Executive Compensation - In 2022, the total compensation for Mugaodi's board and executives was 6.7183 million yuan [7]. - By 2023, this figure increased to 11.1618 million yuan, with significant raises for key executives [10]. - The total compensation is projected to rise further to 16.6978 million yuan in 2024, with the chairman's salary increasing substantially [14][16]. Management Changes - In May 2023, Mugaodi and its manufacturing director, Ma Qigang, mutually agreed to terminate their employment relationship [17]. - Lu Tunhua, the chairman and general manager, has been with the company for the last five years and holds multiple executive roles within its subsidiaries [17].