Core Insights - Yan'ao Co., Ltd. is a significant player in the domestic rail transit vehicle electrical equipment sector, established in 1986 and listed on the Shenzhen Stock Exchange in 2020 [1] Financial Performance - For Q3 2025, Yan'ao's revenue was 338 million yuan, ranking 24th among 33 companies in the industry, while the industry leader, CRRC, reported revenue of 183.865 billion yuan [2] - The company's net profit for the same period was 25.72 million yuan, placing it 23rd in the industry, with CRRC's net profit at 12.58 billion yuan [2] Financial Ratios - Yan'ao's debt-to-asset ratio was 11.46% in Q3 2025, down from 12.61% year-on-year, significantly lower than the industry average of 38.16%, indicating strong solvency [3] - The gross profit margin for the same period was 25.50%, a decrease from 26.94% year-on-year, and below the industry average of 29.99% [3] Executive Compensation - The chairman, Li Biao, received a salary of 772,200 yuan in 2024, an increase of 11,500 yuan from 2023 [4] - The general manager, Yan Zhaojin, earned 796,100 yuan in 2024, up by 26,200 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.09% to 8,152, while the average number of shares held per shareholder increased by 2.13% to 9,380.34 [5] - Notable changes among the top ten circulating shareholders include an increase in holdings by Noan Multi-Strategy Mixed A and the entry of CITIC Prudential Multi-Strategy Mixed A as a new shareholder [5]