Core Viewpoint - The company reported a slight increase in total revenue and net profit for the first three quarters of 2025, but faced a decline in Q3 performance due to seasonal fluctuations and external factors [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 33.95 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 2.85 billion yuan, up 6.1% year-on-year [4]. - In Q3 2025, the company recorded total revenue of 11.35 billion yuan, down 5.7% year-on-year and 9.4% quarter-on-quarter, with a net profit of 1.02 billion yuan, a decrease of 4.5% year-on-year and 17.2% quarter-on-quarter [4][5]. Operational Insights - The company maintained a steady growth in the oilfield service industry, benefiting from policies aimed at increasing reserves and production, despite the international oil price decline [5]. - The company focused on improving operational quality, with a return on equity (ROE) of 20.5% for the first three quarters, a slight decrease of 0.7 percentage points year-on-year, and a cost-to-profit margin of 9.6%, an increase of 0.6 percentage points year-on-year [5]. Cost Management and Transformation - The company implemented cost control measures, achieving a gross profit margin of 16.16%, an increase of 1.55 percentage points year-on-year [6]. - The company is accelerating the transformation of traditional industries towards high-end, intelligent, and green development, launching ten digital management modules and establishing smart factories [6]. Strategic Initiatives - The parent company, China National Offshore Oil Corporation (CNOOC), is actively pursuing a seven-year action plan for oil and gas reserve increases, with production growth targets of 5.9%, 2.6%, and 3.8% for 2025 to 2027 [7]. - The company is enhancing its core capabilities in energy technology services, with significant growth in self-developed equipment and a shift towards value-driven operations [7].

报告摘要 军工新材料：电解钴价格上涨 （1）本周电解钴价格36.80 万元/吨，环比 +6.7%。本周电解钴和钴粉价格比值0.82 ，环比-13.1%；电解钴和 硫酸钴价格比值为4.16 ，环比-1.5%。（2）碳纤维本周价格83.8元/千克，环比+0%。毛利-8.38元/千克。 新能源车新材料：硫酸钴价格上涨 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 风险提示： 估值过高风险；技术路径变化的风险；企业经营激进、战略出现偏差、治理失败等风险、宏观政 策以及流动性调整的风险。 （1）本周Li2O 5%锂精矿中国到岸价735美元/吨，环比 +1.38%。（2）本周电碳、工碳和电池级氢氧化锂价格 分别为7.38 、7.15 和7.32 万元/吨，环比-0.1%、+0.20%和-0.5 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 （2）"价"：上市银行25H1净息差测算值1.39%，季环比收窄1bp，年初集中重定价影响消退，边际贷款定 价走低未现拐点。5月存款挂牌利率和自律机制上限同步下调影响明显，推动新发生一般定期存款定价明 显走低，较存量低30bp左右，这为NIM企稳提供了较好基础。未来随着负债成本管控举措持续显效，NIM 收窄压力将相应缓释。央行下半年工作会议提出"巩固拓展整治资金空转、金融业'内卷式'竞争成效"，通 过设置贷款"利率底"和存款"利率顶"，以及在下半年加大贷款定价LPR偏离度考核、存款定价EPA考核， 有助对过低的贷款定价和过高的存款定价行为形成进一步约束，进而有利于维持银行体系自身经营稳定。 预估25Q3息差较25H1大体持平，下半年净息 ...

Macro Insights - The recent surge in gold prices is attributed to multiple factors including renewed US-China trade tensions, Powell's indication of ending balance sheet reduction, and regional bank failures in the US. This has led to increased capital inflow into the gold market. Although short-term bullish factors are fully priced in, the long-term bull market for gold is far from over. [5] - Following the rapid increase in gold prices, copper is expected to experience a rebound. The copper-to-gold ratio is at historically low levels, and the strategic importance of copper is rising due to global energy transition and the AI revolution, indicating a structural shortage cycle ahead. [5] Company Performance Summaries 奥来德 (688378.SH) - For the first three quarters of 2025, the company expects revenue between 370 to 400 million yuan, a year-on-year decrease of 13.75% to 20.22%. - The anticipated net profit attributable to shareholders is between 29 to 34 million yuan, reflecting a year-on-year decline of 66.42% to 71.36%. - The non-recurring net profit is expected to be between -6.7 to -5.6 million yuan, a significant decrease of 108.47% to 110.13%. [5] 利安隆 (300596.SZ) - The company achieved revenue of 4.509 billion yuan in the first three quarters of 2025, a year-on-year increase of 5.72%. - The net profit attributable to shareholders reached 392 million yuan, marking a year-on-year growth of 24.92%. - The continuous improvement in capacity utilization from new projects has led to enhanced scale effects and a corresponding increase in overall gross margin. [6] 煌上煌 (002695.SZ) - The company reported revenue of 1.379 billion yuan for the first three quarters of 2025, a year-on-year decline of 5.08%. - The net profit attributable to shareholders was 101 million yuan, showing a year-on-year increase of 28.59%. - The non-recurring net profit reached 88 million yuan, reflecting a year-on-year growth of 38.87%. [7] 燕京啤酒 (000729.SZ) - For the first three quarters of 2025, the company achieved revenue of 13.43 billion yuan, a year-on-year increase of 4.6%. - The net profit attributable to shareholders was 1.77 billion yuan, representing a year-on-year growth of 37.4%. - Structural upgrades and cost optimization have significantly improved profit margins. [8] 九洲药业 (603456.SH) - The company reported revenue of 4.16 billion yuan for the first three quarters of 2025, a year-on-year increase of 4.92%. - The net profit attributable to shareholders was 748 million yuan, reflecting a year-on-year growth of 18.51%. - The non-recurring net profit was 746 million yuan, marking a year-on-year increase of 20.67%. [9]

Core Viewpoint - The company has shown stable growth in revenue and profit in the first three quarters of 2025, driven by product structure optimization and cost management efforts [4][5][6]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 13.43 billion, a year-on-year increase of 4.6%; net profit attributable to shareholders was 1.77 billion, up 37.4%; and net profit excluding non-recurring items was 1.69 billion, an increase of 33.6% [4]. - In Q3 2025, the company reported operating revenue of 4.87 billion, a year-on-year increase of 1.5%; net profit attributable to shareholders was 670 million, up 26%; and net profit excluding non-recurring items was 650 million, an increase of 24.6% [4]. Profitability Improvement - The gross profit margins for the first three quarters of 2025 and Q3 2025 were 47.19% and 50.15%, respectively, reflecting a year-on-year increase of 2.1 and 2.16 percentage points, mainly due to the increased sales proportion of mid-to-high-end products like U8 and the release of raw material cost benefits [5]. - The sales expense ratio for the first three quarters of 2025 and Q3 2025 was 11.59% and 13.8%, respectively, showing a decrease of 0.4 and 0.06 percentage points, attributed to the release of scale effects [5]. - The management expense ratio for the first three quarters of 2025 and Q3 2025 was 10.24% and 10.06%, respectively, down by 0.98 and 0.85 percentage points, as the company continues to enhance its management system and achieve cost reduction and efficiency improvement [5]. - Overall, the net profit margin for the first three quarters of 2025 and Q3 2025 reached 15.32% and 16.17%, respectively, with increases of 3.53 and 2.79 percentage points year-on-year [5]. Sales and Market Strategy - In the first three quarters of 2025, the company achieved beer sales of 3.4952 million kiloliters, a year-on-year increase of 1.4%; the price per ton of beer was 3,843 per kiloliter, up 3.1%, indicating stable operational performance [6]. - The core product U8 continues to show strong growth, contributing to product structure upgrades and improved profitability [6]. - The company is expanding its market presence through initiatives like the "Hundred Counties Project" and the upcoming "Hundred Cities Project," focusing on 16 high-tier cities to enhance product visibility in premium markets [6]. - The company is also embracing new retail channels, collaborating with platforms like Yima and JD Wine World to penetrate non-base markets and enhance competitive strength [6]. Future Outlook - For Q4 2025, the company plans to continue nurturing its core product U8 and develop a more comprehensive product matrix to drive sales growth [7]. - On the cost side, the company expects to maintain low procurement costs in 2025 and will continue to strengthen its management system, optimize personnel, and improve production efficiency to further release cost and expense benefits, indicating a positive outlook for future profit elasticity [7].

Core Viewpoint - The company reported a positive performance in Q3 2025, with revenue and net profit showing significant year-over-year growth, indicating a sustained upward trend in its financial performance [4][5]. Financial Performance - In Q3 2025, the company achieved revenue of 12.90 billion (CNY) (+7.37% YOY) and a net profit of 2.22 billion (CNY) (+42.30% YOY), with a non-GAAP net profit of 2.20 billion (CNY) (+46.42% YOY) [5]. - The gross margin for Q3 2025 was 37.78% (+4.10 percentage points YOY), and the net profit margin was 17.22% (+4.13 percentage points YOY), reflecting a significant improvement in profitability [5]. CDMO Business - The CDMO business generated revenue of 22.91 billion (CNY) in H1 2025 (+16.27% YOY) with a gross margin of 41.02% (-0.04 percentage points YOY) [6]. - The company is deepening collaborations with major clients, with a notable increase in non-commercial projects from overseas core clients and a rapid growth in projects from Biotech clients in the U.S. and Europe [6]. - New orders in Q3 2025 showed a significant recovery, with an increase in key clinical batches and NDA projects, indicating a positive outlook for revenue growth in the next 1-2 years [6]. Emerging Business - The TIDES business is accelerating, with a rapid increase in new peptide projects signed overseas [7]. - The second phase of commercial capacity construction is expected to be operational by November 2025, reaching a scale of 800 kilograms per year, which will alleviate capacity bottlenecks in peptide production [7]. - The company is also establishing commercialization capacity for small nucleic acids domestically while maintaining R&D platforms internationally [7]. API Business - In H1 2025, the API business generated revenue of 5.23 billion (CNY) (-28.48% YOY) with a gross margin of 23.26% (+2.07 percentage points YOY) [9]. - In Q3 2025, prices for certain raw materials showed a slight decline, but the company anticipates an improvement in prices by Q4 2025 [9].

点击注册小程序 近期在中美贸易风波再起、鲍威尔透露将在未来结束缩表、美国地区银行爆雷等多重事件发酵下，国内外 资金加速流入黄金市场。考虑到短期内金价的利多因素基本交易充分，预计金价上涨动能或有所放缓，但 长期看，本轮牛市行情远未结束。在金价加速上涨后，铜价有望迎来补涨行情。一则，铜金比处在历史极 低水平，存在向上修复空间；二则，在全球能源转型、AI革命的双轮驱动下，铜的战略性地位日益凸显， 供给约束叠加需求扩张的背景下，铜正进入一轮结构性紧缺周期，其价格中枢或长期抬升。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 上周五（2025年10月17日）市场情绪急剧释放后，金价自高位回调 近期在中美贸易风波再起、鲍威尔透露将在未来结束缩表、美国地区银行爆雷等多重事件发酵下，国内外 资金加速流入黄金市场。 ...

Core Viewpoint - The company anticipates a decline in revenue and net profit for the first three quarters of 2025, with a significant drop in both operational and non-operational profit metrics [4][5]. Group 1: Financial Performance - For the first three quarters of 2025, the company expects revenue between 370 to 400 million yuan, representing a year-on-year decrease of 13.75% to 20.22% [4]. - The projected net profit attributable to shareholders is estimated to be between 29 to 34 million yuan, reflecting a year-on-year decline of 66.42% to 71.36% [4]. - The company anticipates a non-operational net profit loss between 6.7 to 5.6 million yuan, indicating a year-on-year decrease of 108.47% to 110.13% [4]. - In Q3 2025, the company expects to achieve revenue of 8.9 to 11.9 million yuan, a year-on-year decrease of 2.17% to 26.83% and a quarter-on-quarter decrease of 6.87% to 30.34% [4]. Group 2: Business Segments - The materials business is projected to generate revenue between 310 to 330 million yuan for the first three quarters of 2025, showing a year-on-year growth of 2.68% to 9.31% [5]. - The electronic functional materials, including OLED organic light-emitting materials and PSPI materials, have successfully been introduced to customers, contributing to steady sales growth in the materials segment [5]. - The equipment business is expected to generate revenue between 60 to 70 million yuan, reflecting a year-on-year decline of 56.66% to 62.85% [5]. - The decrease in equipment revenue is attributed to the transition period of OLED production lines, particularly the 6th generation line nearing completion and the 8.6 generation line under construction, leading to a temporary drop in evaporator demand [5]. Group 3: Strategic Partnerships - The company has signed a strategic cooperation framework agreement with BOE Technology Group, focusing on four core areas related to OLED organic materials and evaporator equipment [6][7]. - The partnership aims to ensure the security of evaporator supply and promote innovation in key equipment technologies, including OLED display evaporators and perovskite vapor deposition equipment [6]. - The collaboration is expected to deepen the company's relationship with major clients, potentially leading to significant performance growth and expansion in both equipment and materials businesses [7].

Core Viewpoint - The company reported a revenue of 4.509 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 5.72%, and a net profit attributable to shareholders of 392 million yuan, up 24.92% year-on-year [4]. Financial Performance - In Q3 2025, the company achieved a revenue of 1.514 billion yuan, representing a year-on-year increase of 4.77% and a slight quarter-on-quarter growth of 0.01% [4]. - The net profit attributable to shareholders for Q3 2025 was 151 million yuan, showing a significant year-on-year growth of 60.83% and a quarter-on-quarter increase of 13.17% [4]. - The gross margin for Q3 2025 was 21.97%, which is an increase of 1.37 percentage points year-on-year and 0.32 percentage points quarter-on-quarter [5]. Cost Management - The company reduced its sales, management, and R&D expenses in Q3 2025 by 0.45%, 17.37%, and 37.95% respectively, while financial expenses increased by 62.09% mainly due to exchange rate fluctuations [5]. - The operating expense ratio for Q3 2025 was 10.48%, down 2.25 percentage points year-on-year and 1.37 percentage points quarter-on-quarter [5]. Cash Flow - The net cash inflow from operating activities in Q3 2025 reached 339 million yuan, marking the highest quarterly operating cash flow in the company's history, indicating continuous improvement in operational conditions [5]. Strategic Developments - The company is a leading player in the anti-aging agent industry with six production bases across China and plans to invest in an overseas R&D and production base in Malaysia to enhance its market position [6]. - In the lubricating oil additive sector, the company is actively involved in setting standards and collaborating with major international and domestic firms, aiming to increase the sales proportion of its lubricating oil additive compounds [6]. - The life sciences segment has seen monthly sales surpassing one million yuan, with some products transitioning from pilot to mass production [6]. - The company is also expanding its PI business with dual R&D centers and production bases, with a new facility in Yixing expected to begin trial production in 2026 [6].

Core Viewpoint - The report highlights the strong performance of Huayou Cobalt in Q3 2025, driven by integrated operations and rising cobalt prices, indicating a positive outlook for the company's profitability and growth potential [4][5]. Financial Performance - For the first three quarters of 2025, Huayou Cobalt reported revenue of 58.94 billion yuan, a year-on-year increase of 29.6%, and a net profit attributable to shareholders of 4.22 billion yuan, up 39.6% year-on-year. The non-recurring net profit was 4.01 billion yuan, reflecting a 31.9% increase [4]. - In Q3 2025, revenue reached 21.74 billion yuan, marking a 40.9% year-on-year growth and a 12.4% quarter-on-quarter increase. The net profit attributable to shareholders was 1.505 billion yuan, up 11.5% year-on-year and 3.2% quarter-on-quarter [4]. Operational Highlights - The integrated operational advantages are evident, with nickel wet-process capacity gradually being released, leading to sustained overproduction. In the first half of 2025, MHP shipments reached approximately 120,000 tons, a year-on-year increase of over 40%, with expectations for continued overproduction in Q3 [5]. - Cobalt prices have shown significant recovery, with average prices in China for Q1, Q2, and Q3 of 2025 being 192,000 yuan/ton, 239,000 yuan/ton, and 267,000 yuan/ton respectively, primarily benefiting from the export ban on cobalt from the Democratic Republic of Congo [5]. Project Developments - The Pomalaa project, with an annual production capacity of 120,000 tons of nickel metal, has commenced construction, while the Sorowako project, with a capacity of 60,000 tons, is progressing well [6]. - A lithium sulfate project in Zimbabwe, expected to produce 50,000 tons annually, is in the equipment installation phase and is anticipated to be completed by the end of the year, which will further reduce lithium salt production costs [6]. - The first phase of the ternary precursor project in Indonesia, with a capacity of 50,000 tons, has achieved bulk supply, and the first phase of the cathode material project in Hungary, with a capacity of 25,000 tons, is expected to be completed within the year [6]. Market Outlook - The cobalt export quota system from the Democratic Republic of Congo, effective from October 16, 2025, allows for exports of 36,250 tons in Q4 2025 and a total of 96,600 tons from 2026 to 2027. This change is expected to support cobalt prices in the coming years [7]. - Based on the estimated cobalt production reduction of 141,600 tons during the export ban period, and assuming stable demand, the cobalt supply-demand balance for 2025-2027 is projected to be -75,000 tons, -33,000 tons, and -33,000 tons respectively, indicating a potential supply deficit [7].