| |  特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 □业绩说明会  | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | |  其他（ 现场调研 ） | | 参与单位名称及人 | 李明明 国海证券 | | 员姓名 | 李庭旭 招银理财 | | | （以上排名不分先后） | | 时间 | 2025年11月20日 | | 地点 | 合肥市方兴大道6988号芯瑞达科技园 | | 上市公司 | | | 接待人员姓名 | 董事会秘书兼财务总监：唐先胜 | | 投资者关系活动主 | 问题1、如何看待当前行业数据，公司核心业务现状 | | 要内容介绍 | 回答： | | | 从行业数据看，当前国内电视出库量同比有所降低，但在结构上， | | | Mini终端产品的渗透率却在大幅提升。体现到公司数据上，一是Mini | | | 产品渗透率提升，二是单位价值明显高于传统，对营收与利润贡献均 | | | 超过了传统。行业数据变化对公司核心业务的影响较小。 | | | 今年前三季度，公司净利润9,427.41万元，同比增长25.75%。公 | | | ...

Core Viewpoint - The company, Xinruida, is a leading enterprise in the field of new display optoelectronic systems and health intelligent light source systems in China, with significant advantages in technology research and product design [1] Financial Performance - In Q3 2025, Xinruida reported revenue of 733 million yuan, ranking 20th in the industry, significantly lower than the industry leader Sanan Optoelectronics at 13.82 billion yuan and second-place Mulinsen at 12.18 billion yuan [2] - The main business composition includes display modules at 433 million yuan (88.12%), display terminals at 50.28 million yuan (10.24%), and health intelligent light sources at 627,100 yuan (0.13%) [2] - The net profit for the same period was 93.38 million yuan, ranking 9th in the industry, lower than the top two competitors but higher than the industry average of 46.49 million yuan [2] Financial Ratios - As of Q3 2025, Xinruida's debt-to-asset ratio was 27.82%, an increase from 23.66% year-on-year, but still significantly below the industry average of 46.71%, indicating strong debt repayment capability [3] - The gross profit margin for Q3 2025 was 23.99%, up from 19.92% year-on-year and above the industry average of 20.22%, reflecting good profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.86% to 21,300, while the average number of circulating A-shares held per shareholder increased by 7.36% to 6,008.09 [5] - New shareholder Bo Dao Jiu Hang Mixed A entered the top ten circulating shareholders, holding 443,400 shares [5] Business Development - Xinruida is accelerating its layout in Mini LED display technology, which is expected to drive significant revenue growth, particularly in the core business of display modules [5] - The company is also focusing on the automotive display sector, with successful product development and delivery progress [6] - The company has set performance targets for net profit and automotive display revenue in its 2025-2027 restricted stock incentive plan [6]