2025年前三季度营收和毛利率下滑遭问询 禾信仪器回复

Core Insights - The company, Hexin Instruments (688622.SH), reported a significant decline in performance for the first three quarters of 2025, with revenue dropping by 52.81% year-on-year to 70.5361 million yuan and gross margin decreasing from 39.96% to 27.54% [1] Financial Performance - Revenue for the first three quarters of 2025 was 70.5361 million yuan, a decrease of 52.81% compared to the previous year [1] - Gross margin fell by 12.42 percentage points, from 39.96% to 27.54% [1] - The top five customers contributed a total revenue of 17.1766 million yuan, accounting for 24.35% of total revenue, with an increase in their revenue share due to the overall decline in revenue [1] Reasons for Performance Decline - The decline in performance is attributed to several factors: a slowdown in downstream demand, intensified competition, and challenges related to strategic transformation [1] - The traditional business faced reduced demand during the strategic transition period, particularly in the environmental monitoring sector where repeat purchases were limited [1] - Products in laboratory and medical fields faced pricing pressures due to reliance on imports and market competition, leading to a price reduction strategy [1] - Increased competition in technical services and rising operational costs further contributed to the decline [1] Industry Comparison - Compared to industry peers, Hexin Instruments experienced a more significant revenue decline, with an average industry revenue drop of 6.50% for the same period [1] - While the average gross margin in the industry increased by 1.97%, Hexin Instruments saw a substantial decrease, highlighting the challenges faced by the company [1] - The company's business structure is heavily concentrated in the environmental monitoring sector, making it more susceptible to government procurement cycles and the pains of transformation compared to more diversified competitors [1]