中证报中证网讯(王珞)10月30日盘后，海澜之家（600398）集团股份有限公司(以下简称：海澜之家或公 司，600398.SH)发布2025年三季度财报，报告显示，公司前三实现营业收入155.99亿元，同比增长 2.23%；归母扣非净利润18.16亿元，同比增长3.86%。值得一提的是，主品牌海澜之家连续11年蝉联中 国男装市场占有率第一(市占率5%)，公司市值稳居A股服装类目首位，营收规模连续六年领跑A股服装 企业。 海澜之家努力抓住线上线下（300959）融合的新机遇，聚焦个性化需求，将品牌的优势与互联网思维相 结合，实现了主要传统电商、社交电商及自媒体的多平台运营，为消费者提供了多触点、便捷化的多场 景购物方式，有效推进线上和线下融合、优势互补、相互加持的全渠道发展。 公司线下的门店遍布全国31个省份，覆盖80%以上的县、市，并进一步拓展到东南亚海外市场。线上业 务全域布局，通过完善产品矩阵、深耕内容生态及精准营销策略。紧密围绕"内容传播高价值"核心策 略，公司以精准营销推动品牌声量与销售转化协同增长。报告期，公司实现实现线上渠道主营业务收入 30.93亿元。 产品研发：科技与设计双轮驱动构建技术护城 ...

Core Viewpoint - The company, Yuntian Lifei, reported strong growth in its Q3 financial results, indicating a positive operational trend and a focus on AI inference chip development and application ecosystem [1] Financial Performance - In the first three quarters, the company achieved a revenue of 951 million yuan, representing a year-on-year increase of 96.85% [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, reduced its loss by 159 million yuan compared to the same period last year, narrowing the loss by 32% [1] - Operating cash flow turned positive, with a net operating cash flow of 195 million yuan, continuing the growth momentum established in Q2 [1] Strategic Initiatives - The company is leveraging industry policies and market opportunities to deepen its strategic layout of "AI inference chips + application ecosystem" [1] - It is promoting the implementation of self-developed chips across various scenarios based on its "computing power building block" architecture, thereby strengthening its technological moat [1] - The company is actively advancing the collaborative iteration of its product series, including DeepEdge, DeepVerse, and DeepXbot, gradually enhancing its full-stack computing power system from edge to center [1] Competitive Advantages - With core technology being independently controllable, diversified product forms, and advantages in adapting to domestic ecosystems, the company is accelerating the construction of an innovative highland for domestic AI inference chips and an industrial ecosystem platform [1]

Core Viewpoint - The company, United Power, reported strong financial performance for the first three quarters of 2025, showcasing its stable profitability and robust development resilience, with revenue and net profit increasing significantly year-on-year [1] Financial Performance - In the first three quarters of 2025, United Power achieved revenue of 14.525 billion and net profit attributable to shareholders of 0.792 billion, representing year-on-year growth of 35.52% and 38.38% respectively [1] - The company's non-recurring net profit reached 0.738 billion, marking a year-on-year increase of 31.41% [1] R&D Investment - United Power's R&D expenditure grew by nearly 50%, totaling 0.959 billion, which is a year-on-year increase of 49.49% [2] - The company continues to follow a strategic rhythm of "pre-research one generation, research one generation, production one generation," achieving significant results in technology iteration and product innovation [2] - The fifth-generation product platform has achieved dual breakthroughs in "mass production delivery + customer designation," with core products like distributed efficient electric drives and motor controllers now in stable production [2] Product Development - The sixth-generation product platform is advancing as planned, entering the A-sample development stage, focusing on "full-domain integration and cross-domain collaboration" [3] - Key upgrades include support for multiple voltage architectures (400V/800V/48V) and the integration of a big data-driven intelligent operation and maintenance system [3] - The core performance of the sixth-generation platform is expected to improve by 10%-30% compared to the fifth generation, with plans to support vehicle-network interaction functions [3] Market Expansion - United Power is expanding its domestic and international markets, leading to rapid revenue growth [4] - In the domestic market, the company has steadily increased its market share, with its electric control and motor segments leading among third-party suppliers [4] - The customer base is diversifying, covering various segments of the new energy vehicle market and establishing deep binding relationships with major automotive manufacturers [4] International Market Growth - The international market has become a core engine for United Power's growth, with a compound annual growth rate of nearly 450% in overseas revenue over the past three years [5] - The company has established production bases in Hungary and Thailand, and sales offices in Germany and Norway, significantly advancing in the European market [5] - Collaborations with major international automotive companies like Volkswagen, Audi, Stellantis, and Volvo have expanded the business model from single product exports to localized solutions across multiple platforms [5]

报告期内，公司陶机业务持续推进全球化布局，在埃及设立子公司，并在印度、埃及等地增设8个运营 网点，进一步拓展海外服务网络。同时，公司积极推进服务化与陶机通用化战略，墨水业务实现较好增 长，土耳其生产基地正在建设KAMI墨水工厂。 在海外建材业务方面，科特迪瓦陶瓷项目已于今年7月实现批量出砖。截至目前，公司在非洲7国共运营 21条建筑陶瓷产线、2条玻璃产线及2条洁具产线，年产能超过2亿平方米建筑陶瓷、40万吨玻璃及260万 件洁具。公司持续推动产线技改与工艺优化，玻璃业务产销量逐季提升，洁具产品成本和品质得到优 化。 锂电材料业务方面，公司人造石墨产品前三季度销量近7万吨，产销量同比增幅均超300%，盈利能力有 所提升。储能领域大电芯材料已实现规模化放量。此外，参股公司蓝科锂业前三季度碳酸锂产量约3.16 万吨，销量约3.15万吨，为科达制造归母净利润贡献2.71亿元。 公司表示，第四季度将继续依托战略规划、全球化布局及科技创新能力，全力推进年度经营目标的实 现。 中证报中证网讯(王珞)10月30日，科达制造（600499）发布2025年第三季度报告。报告显示，2025年前 三季度公司实现营收126.05亿元， ...

Core Insights - Nanjing Xinbai reported a slight year-on-year decline of 3.67% in Q3 2025 revenue, totaling 1.561 billion yuan, but demonstrated resilience in core business operations [1] - The company achieved a net profit of 45.9142 million yuan for the quarter, with cumulative revenue of 4.773 billion yuan and a net profit of 212 million yuan year-to-date [1] - Strong cash flow from operating activities, amounting to 526 million yuan, supports the company's transformation into a health-oriented enterprise [1] Business Strategy - Nanjing Xinbai is advancing its strategic transformation from traditional commerce to a "life and health service provider," focusing on three main sectors: health care, biomedicine, and modern commerce [1][2] - The company is enhancing its medical service facilities and increasing investment in core medical operations while pursuing a dual focus on "cell therapy and health management" [2] - The health industry is expected to grow due to aging populations and rising health awareness, positioning Nanjing Xinbai to capitalize on its previous investments in cord blood storage and medical services [2] Future Outlook - The company aims to maintain performance stability, foster innovation, and promote transformation to unlock value in the health industry, ultimately creating long-term returns for shareholders and investors [2]

Core Insights - Trina Solar reported a revenue of 49.97 billion yuan for the first three quarters of 2025, with a non-GAAP net profit of -4.201 billion yuan, indicating a narrowing loss in the third quarter with a revenue of 18.914 billion yuan and a non-GAAP net profit of -1.283 billion yuan [1] - The company’s subsidiary, Trina Storage, signed a sales contract for over 1 GWh of energy storage products with a European customer, utilizing the new Elementa2Pro flexible storage battery system [1][2] - Trina Storage has been rapidly expanding its energy storage business, securing GWh-level contracts, including a significant project in Chile, marking a key step in its global expansion [2] Financial Performance - For the first three quarters, Trina Solar achieved an operating cash flow of 2.855 billion yuan [1] - The company’s third-quarter performance showed a reduction in loss compared to previous quarters, indicating potential recovery [1] Business Expansion - Trina Storage aims to exceed 8 GWh in shipments for its energy storage business in 2025, with a projected growth of over 50% in 2026 [3] - The company has been actively pursuing overseas contracts, with significant agreements in regions such as Latin America and Asia-Pacific [2][3] Strategic Moves - In October, Trina Solar repurchased 3.0358 million shares for a total of 57.0412 million yuan, reflecting management's confidence in the company's future [3]

据介绍，前三季度亏损大幅收窄主要是因随着公司总体业务规模扩大，产品矩阵日益丰富，以及公司对 上游供应链的有效整合，本报告期及年初至报告期末的毛利润较去年同期有所增加。同时，公司通过系 列措施加强费用的管控，提升了整体运营效率，实现在业务规模明显增长的情况下，销售费用的支出较 去年同期有所下降。此外，随着市场逐步回暖，市场环境趋于稳定，存货的减值风险得到有效缓释，减 值计提金额较去年同期有所减少。 在研发投入方面，公司前三季度研发投入1.97亿元，同比增长2.68%。公司半年报披露，其消费类芯片 产品已导入小米、OPPO、vivo等头部客户供应链并延伸至AI眼镜领域，车规级芯片进入高通智能座舱 平台，应用于奥迪、小鹏等品牌，同时通过技术收购实现音圈马达驱动芯片从贸易模式向自产模式的转 化，产品已覆盖三星、荣耀、传音等全球品牌，并在工业机器人、AI算力等新兴市场获得突破，这些 战略性布局与客户拓展正持续推动公司业务结构优化与亏损收窄。 中证报中证网讯(王珞)10月30日，希荻微(688173)发布2025年第三季度报告。报告显示，公司前三季度 实现营业收入7.17亿元，同比增长107.81%，其中第三季度营业收入 ...

日前，商务部等9部门联合印发《关于扩大服务消费的若干政策措施》，明确提出积极发展首发经济， 推动创新和丰富服务消费场景。在构建新发展格局、实施扩大内需战略的宏观背景下，首发经济已成为 引领消费新风尚、塑造竞争新优势的重要引擎，成为驱动消费升级、产业转型与城市更新的重要力量。 三季度以来，百联股份紧跟政策导向，聚焦首店、首秀、首展，将"首发经济"作为打造差异化竞争优势 的重要抓手，通过多元化首店经济、IP合作和场景创新，积极将商业空间重塑为城市文化新场域，引领 时尚消费与文化共生的新风尚。 中证报中证网讯(王珞)10月30日晚间，百联股份（600827）发布2025年第三季度报告。报告显示，第三 季度，公司营收超57.97亿元，扣非归母净利润同比增长25.88%。今年1-3季度，公司核心业态百货及购 物中心、奥特莱斯分别实现营收23.58亿元、11.28亿元，奥特莱斯业态实现营收、毛利率双增长。 打好"首"字牌打造消费新样本 在"首发经济"引领宏观消费场景创新的同时，以"谷子经济"为代表的垂直消费圈层正展现出蓬勃生机。 作为二次元消费市场重要组成部分，"谷子经济"特指动漫、游戏IP周边产品的收藏与交易，已成为连 ...

Core Viewpoint - The company announced its first-ever interim dividend distribution since its listing, proposing a cash dividend of 1.70 yuan per 10 shares, totaling 422 million yuan, reflecting a commitment to enhancing shareholder returns [1] Financial Performance - The company completed its annual profit distribution in May, distributing 497 million yuan in cash dividends, leading to an expected total cash dividend of 919 million yuan for the year [1] - The average net profit attributable to shareholders over the past three years is 908 million yuan [1] - For the first three quarters of 2025, the company reported revenue of 7.906 billion yuan, a year-on-year increase of 11.08%, and a net profit attributable to shareholders of 602 million yuan [1] Strategic Focus - The company is leveraging AI technology to empower its core business areas, driving intelligent transformation in financial technology, urban intelligence, and smart transportation sectors [1] - The interim dividend plan is part of the company's strategy to enhance market value management and improve investment value [1] - The company aims to continue focusing on AI core business, steadily advancing its strategic layout while enhancing operational quality and shareholder return mechanisms [1]

Core Viewpoint - Baichuan Co., Ltd. reported a revenue of 1.367 billion yuan in Q3 2025, marking a year-on-year increase of 7.32%, with a total revenue of 4.277 billion yuan for the year-to-date, reflecting a growth of 9.40% [1] Group 1: Company Performance - The company is a leader in fine chemicals, new materials, and new energy, actively expanding its presence in the lithium battery materials sector [1] - Baichuan has established a complete lithium battery industry chain from upstream raw materials to downstream lithium-ion batteries [1] - The subsidiary Haiji New Energy is a key growth driver, focusing on the R&D, production, and sales of lithium-ion batteries and energy storage systems [1] Group 2: Technological Advancements - Haiji's quasi-solid-state battery has achieved significant upgrades in safety, lifespan, and temperature adaptability, with a thermal runaway threshold increased from 170°C to 230°C [2] - The quasi-solid-state battery can undergo over 10,000 cycles at 25°C, covering a lifespan of 10-15 years, thus reducing lifecycle costs [2] - The battery's energy density has improved by 25% compared to current liquid systems, with a mass energy density of ≥220Wh/kg and a volume energy density of ≥480Wh/L [2] Group 3: Market Outlook - The recent launch of the 135Ah 1C energy storage cell demonstrates robust charge and discharge performance, achieving energy efficiency of ≥95% [3] - Haiji New Energy's technological breakthroughs and multi-scenario applications are expected to create a differentiated competitive barrier [3] - The growth potential of the quasi-solid-state battery aligns with the scaling of the energy storage industry and emerging demands in low-altitude economy and high-end manufacturing [3]