Core Insights - Cross-border Tong, established in 2003 and listed in 2011, is a leading cross-border e-commerce company in China, focusing on both import and export e-commerce with a full industry chain operational advantage [1] Group 1: Business Performance - In Q3 2025, Cross-border Tong reported revenue of 4.018 billion yuan, ranking 4th among 7 companies in the industry, with the top company, Saiwei Times, generating 8.188 billion yuan [2] - The main business revenue is primarily from maternal and infant products, contributing 2.429 billion yuan, accounting for 92.33% of total revenue, while apparel and home goods generated 202 million yuan, making up 7.67% [2] - The net profit for the same period was -17.9223 million yuan, placing it 7th in the industry, with the leading company, Focus Technology, achieving a net profit of 414 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Cross-border Tong's debt-to-asset ratio was 75.97%, higher than the previous year's 65.44% and above the industry average of 47.80% [3] - The gross profit margin for Q3 2025 was 11.80%, slightly up from 11.65% year-on-year but still below the industry average of 38.17% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.14% to 243,600, while the average number of circulating A-shares held per shareholder decreased by 1.12% to 6,356.07 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the fourth largest, holding 15.141 million shares, an increase of 4.4534 million shares from the previous period [5] Group 4: Executive Compensation - Chairman Li Yong's salary decreased from 656,100 yuan in 2023 to 566,000 yuan in 2024, a reduction of 90,100 yuan [4]

Company Overview - Cross-border Tong's stock price has increased by 50.52% year-to-date, with a recent 1.58% rise over the last five trading days, a 4.62% decline over the last 20 days, and a 21.17% increase over the last 60 days [2] - The company has appeared on the trading leaderboard 22 times this year, with the latest appearance on September 16, where it recorded a net purchase of 257 million yuan [2] - Cross-border Tong's main business involves cross-border export and import e-commerce, with 92.33% of revenue from maternal and infant products and 7.67% from apparel and home goods [2] Financial Performance - For the first half of 2025, Cross-border Tong achieved operating revenue of 2.631 billion yuan, a year-on-year decrease of 9.88%, while the net profit attributable to shareholders was -5.8807 million yuan, an increase of 48.34% year-on-year [2] - The company has distributed a total of 291 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Information - As of September 10, 2025, the number of shareholders for Cross-border Tong reached 250,300, an increase of 2.67% from the previous period, with an average of 6,185 circulating shares per person, a decrease of 2.60% [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 10.6876 million shares as a new shareholder [3] Market Activity - On September 18, the stock price of Cross-border Tong fell by 2.03%, trading at 5.78 yuan per share, with a total transaction volume of 927 million yuan and a turnover rate of 10.21% [1] - The net outflow of main funds was 110 million yuan, with large orders accounting for 13.69% of purchases and 20.75% of sales [1]