Investment Rating - The report suggests a "关注" (focus) investment rating for the company, indicating potential investment interest [3][4]. Core Insights - The company is a leading player in the non-ferrous metal inspection and testing sector, with a strong focus on advanced precision instrument development and capacity expansion [2][12]. - The company has been ranked first in the non-ferrous metal inspection and testing field from 2021 to 2023, showcasing its market leadership [12][28]. - The company expects a revenue growth of 26.87% to 31.61% year-on-year for the first nine months of 2025, with net profit growth projected at 25.08% to 38.02% [32]. Summary by Sections Initial Offering - The company plans to issue 28.32 million shares at a price of 6.7 yuan per share, with an initial market capitalization of 13.77 times earnings [3][6]. - The total number of shares after the offering will be 113.28 million, with 25% of shares being publicly tradable [6][7]. Business Overview - The company is recognized as a national-level "specialized, refined, characteristic, and innovative" small giant, focusing on non-ferrous metal inspection and testing services [12][28]. - The company has a projected gross margin of 66.68% for 2024, indicating strong profitability in its testing services [17][24]. Financial Performance - The company reported a revenue of 1.10 billion yuan in 2023, with a year-on-year growth of 20.41%, and expects to reach 1.48 billion yuan in 2024, reflecting a growth of 33.99% [31][32]. - The net profit for the first half of 2025 is expected to be between 58 million and 64 million yuan, representing a year-on-year increase of 25.08% to 38.02% [32]. Industry Insights - The revenue for the mining and metallurgy inspection and testing industry in China is projected to reach 5.6 billion yuan in 2024, with increasing market concentration [38][46]. - The overall market size of the inspection and testing industry in China has grown from 206.51 billion yuan in 2016 to an estimated 487.60 billion yuan in 2024, with a compound annual growth rate (CAGR) of approximately 11.34% [38][40]. Comparable Companies - The report identifies comparable companies in the industry, including Huace Testing and Steel Research, to provide context for the company's market position [49].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - In Q3 2025, the total holdings of public - offering funds in the Beijing Stock Exchange (BSE) increased steadily, with expanding market breadth and deepening participation. The allocation style shifted from high concentration to diversification, focusing on high - end manufacturing and emerging industries. Theme funds saw growth in both scale and returns, and passive products contributed stable increments [3]. Group 3: Summary According to the Table of Contents 1. Fund Third - Quarter Report Summary - In Q3 2025, 71 BSE companies entered the top ten heavy - holding lists of various funds, and the market value of public - offering heavy - holdings in the BSE reached 1.031 billion yuan. Over 30 funds heavily held shares of 10 companies, with the number of funds holding Nacanoor and Jinbo Biology ranking first at 54 each. 49 companies were increased in holdings, 19 were reduced, and 18 exited the heavy - holding list. 30 new companies entered the list compared to Q2 2025 [6]. - A total of 142 funds included BSE companies in their top ten holdings, with 103 non - BSE theme funds accounting for 72.5%, indicating growing market attention [8]. - From Q3 2023 to Q3 2025, the total market value of BSE public - offering heavy - holding stocks showed an upward trend, breaking through 1 billion yuan in Q3 2025 (qoq + 4%). The proportion of public - offering heavy - holdings in the BSE in the total public - offering heavy - holding market value reached 0.26% in Q3 2025, a slight decline [11][14]. - The number of funds heavy - holding the BSE increased rapidly from 49 in Q3 2023 to 142 in Q3 2025. The increase was mainly contributed by non - BSE active equity funds and index funds. The heavy - holding market value of non - BSE active equity funds decreased slightly to 263 million yuan, while that of index funds exceeded 500 million yuan [18]. 2. Active Equity 2.1 Active Equity Overall - In Q3 2025, active equity funds showed a more diversified allocation trend, with the CR5 ratio dropping from 61% to 54%. Jinbo Biology's allocation ratio decreased by nearly 10 percentage points, while Nacanoor's increased to 14.9% and ranked second, and Kait Co., Ltd. was also significantly increased in holdings [3][20]. - The proportion of active equity funds' holdings in the outstanding shares of individual stocks changed. Kait Co., Ltd. ranked first with a 9.8% ratio, and Nacanoor ranked second with 9.2%. Newly listed companies such as Guangxin Technology and Haidaer entered the list with a ratio exceeding 5%, indicating a shift of funds towards small - and medium - cap stocks with growth potential [25]. - Active equity institutions showed a differentiated adjustment in positions. Guangxin Technology led the increase in holdings, while Tongli Co., Ltd. was significantly reduced. In terms of industry allocation, the proportion of the power equipment industry increased by 12 percentage points to 27.0%, becoming the largest heavy - holding industry, while beauty care and machinery industries were reduced [27][28]. 2.2 North - Exchange Active Theme Funds - As of October 29, 2025, the total scale of 11 BSE active theme funds reached 579.4 million yuan, and the average quarterly return was 9.7%, outperforming the BSE 50 Index [30]. 2.2.1 Structural Changes - In Q3 2025, Nacanoor rose to the top of the heavy - holding list of BSE theme funds, Kait Co., Ltd. rose to the second place, and Minshida remained third. Ten new companies entered the top ten heavy - holding list, such as Gobica, Guangxin Technology, etc. [33][34]. 2.2.2 Changes in Each Fund - In Q3 2025, most funds maintained high positions or moderately increased positions, focusing on sub - leading companies with stable performance and reasonable valuations. Some funds increased the layout of emerging fields such as innovative drugs, AI computing power, and energy storage. The 11 BSE active theme funds generally increased their holdings in companies like Gobica, Nacanoor, and Kait Co., Ltd. [37][38]. 3. North - Exchange Passive Theme Funds - The scale of BSE passive theme funds continued to grow steadily to 1.208 billion yuan in Q3 2025, with an increase of 96 million yuan compared to the previous period. The BSE Specialized and Sophisticated New Index products are expected to be launched soon, which may bring considerable incremental funds to the market [3].

Group 1 - The performance of the Beijing Stock Exchange (BSE) in Q1-Q3 2025 shows a recovery in revenue but pressure on profitability, with total revenue of 145.1 billion yuan, a year-on-year increase of 6%, and net profit of 9.2 billion yuan, a year-on-year decrease of 7% [1][6][10] - Leading companies and scarce assets are outperforming, with notable performances from companies like Jinbo Biological, Betterray, and Development Technology, which have shown strong growth [1][30] - The industry shows significant differentiation, with the highest revenue growth in beauty care (+30%), petroleum and petrochemicals (+24%), communication (+18%), and automotive (+17%), while most industries face challenges of revenue growth with profitability under pressure [1][18][19] Group 2 - A total of 19 companies reported a net profit greater than 100 million yuan with positive growth, indicating strong performance among leading firms [1][36] - There are 23 companies identified as long-term high achievers, with a compound annual growth rate (CAGR) of over 15% from 2022 to 2024, and revenue growth exceeding 10% in Q1-Q3 2025, including Jinbo Biological and Kaiter Co [1][38] - The BSE 50 index has shown resilience, with a median net profit of 460 million yuan, surpassing that of the Sci-Tech Innovation Board, reflecting a competitive advantage in profitability [1][24][25]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The traditional business is steadily recovering, while high-end electronic fabrics are a future highlight [4] - The company has entered the high-end electronic fabric sector, which is expected to benefit from the demand for computing power upgrades, leading to a favorable supply-demand situation [7] - The company is the largest producer of electronic fabrics, and with good demand in the copper-clad laminate market, it is anticipated to achieve both volume and price increases [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 13.904 billion yuan, a year-on-year increase of 19.53%, and a net profit attributable to the parent company of 2.568 billion yuan, a year-on-year increase of 67.51% [7] - In Q3 alone, revenue was 4.795 billion yuan, up 23.17% year-on-year and 3.56% quarter-on-quarter, with a net profit of 881 million yuan, up 54.06% year-on-year but down 7.9% quarter-on-quarter [7] - The company expects net profits for 2025-2027 to be 3.321 billion, 3.884 billion, and 4.227 billion yuan, respectively, with corresponding EPS of 0.83, 0.97, and 1.06 yuan [7] Revenue and Profit Forecast - Projected operating revenue for 2025 is 18.489 billion yuan, with a year-on-year growth rate of 16.61% [6] - The projected net profit for 2025 is 3.321 billion yuan, with a year-on-year growth rate of 35.84% [6] - The company’s P/E ratios for 2025-2027 are expected to be 19.77, 16.90, and 15.53, respectively [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - As of the end of Q3 2025, the company's contract liabilities increased by 65% year-on-year, while revenue and profit were under pressure due to concentrated customer returns [5][8] - The company has a strong market response for its core corn varieties, particularly in the Huanghuaihai region, which is expected to enhance overall gross margins if the product mix shifts further towards this area [8] - The company is expanding its product offerings across various domestic regions and has begun to see success in international markets, including potential entry into Brazil [8] Financial Summary - Revenue projections for the company are as follows: - 2023: 288 million RMB - 2024: 337 million RMB (growth of 16.80%) - 2025E: 399 million RMB (growth of 18.37%) - 2026E: 536 million RMB (growth of 34.39%) - 2027E: 675 million RMB (growth of 25.98%) [7] - Net profit forecasts are: - 2023: 53 million RMB - 2024: 83 million RMB (growth of 55.21%) - 2025E: 91 million RMB (growth of 9.78%) - 2026E: 114 million RMB (growth of 25.57%) - 2027E: 139 million RMB (growth of 22.45%) [7] - Earnings per share (EPS) estimates are: - 2023: 0.54 RMB - 2024: 0.83 RMB - 2025E: 0.91 RMB - 2026E: 1.15 RMB - 2027E: 1.40 RMB [7] - The company maintains a high market share in its traditional southwestern region while achieving significant expansion in the Huanghuaihai area [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company, Mankalon, has shown significant revenue growth in Q3 2025, with a year-on-year increase of 36.22% and a net profit growth of 25.33% [7] - The company is focusing on a fashion-forward, light luxury positioning, continuously innovating its product lines to attract younger consumers [7] - The integration of online and offline channels is driving sales growth, with online revenue increasing by 39.34% year-on-year in the first three quarters of 2025 [7] Financial Performance Summary - For 2025, the company is projected to achieve a revenue of 29.54 billion RMB, with a year-on-year growth rate of 25.30% [6] - The net profit for 2025 is expected to reach 1.22 billion RMB, reflecting a growth rate of 26.97% [6] - The earnings per share (EPS) is forecasted to be 0.47 RMB for 2025, with a return on equity (ROE) of 7.23% [6] Market Data - As of October 30, 2025, the closing price of the company's stock is 17.68 RMB, with a total market capitalization of 4,633.43 million RMB [3] - The company has a debt-to-asset ratio of 15.36% and a net asset value per share of 6.35 RMB [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The Q3 performance was below expectations, primarily due to the cancellation of variable cost compensation in Guangdong [5] - The company reported a significant decline in revenue and net profit for Q3 2025, with revenue at 20.556 billion yuan, down 10.2% year-on-year, and net profit at 2.624 billion yuan, down 8.8% year-on-year [7] - The decline in electricity prices has notably impacted the company's earnings, with the average market transaction price in Guangdong dropping to approximately 0.372 yuan/kWh in Q3 2025 from 0.402-0.405 yuan/kWh in the same period last year [7] - The company has 20 nuclear power units under construction, which will support long-term growth, with the first unit expected to be operational in H2 2025 [7] - The cancellation of the variable cost compensation mechanism in Guangdong is expected to positively impact the company's annual long-term contract electricity price by approximately 0.02 yuan/kWh starting in 2026 [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 82.549 billion yuan (2023), 86.804 billion yuan (2024), 85.734 billion yuan (2025E), 89.262 billion yuan (2026E), and 92.637 billion yuan (2027E) [6] - The expected net profit for the same period is: 10.725 billion yuan (2023), 10.814 billion yuan (2024), 10.001 billion yuan (2025E), 10.804 billion yuan (2026E), and 11.299 billion yuan (2027E) [6] - The projected earnings per share (EPS) are: 0.21 yuan (2023), 0.21 yuan (2024), 0.20 yuan (2025E), 0.21 yuan (2026E), and 0.22 yuan (2027E) [6] - The company’s return on equity (ROE) is expected to decline from 9.47% in 2023 to 8.00% in 2025E, before slightly recovering [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance continues to exceed expectations, with promising developments in the KFM Phase II and gold projects [5] - The company reported a revenue of 145.485 billion yuan for the first three quarters of 2025, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [7] - The company has shown strong production performance, exceeding production targets for copper, cobalt, molybdenum, tungsten, niobium, and phosphate [7] Financial Performance Summary - Revenue Forecast: - 2023: 186.269 billion yuan - 2024: 213.029 billion yuan (14.37% YoY growth) - 2025E: 229.165 billion yuan (7.57% YoY growth) - 2026E: 242.194 billion yuan (5.69% YoY growth) - 2027E: 251.230 billion yuan (3.73% YoY growth) [6] - Net Profit Forecast: - 2023: 8.250 billion yuan - 2024: 13.532 billion yuan (64.03% YoY growth) - 2025E: 20.178 billion yuan (49.11% YoY growth) - 2026E: 25.207 billion yuan (24.92% YoY growth) - 2027E: 28.309 billion yuan (12.30% YoY growth) [6] - Earnings Per Share (EPS): - 2023: 0.39 yuan - 2024: 0.63 yuan - 2025E: 0.94 yuan - 2026E: 1.18 yuan - 2027E: 1.32 yuan [6] Production and Cost Efficiency - The company achieved significant cost reductions, with a notable decrease in operating costs by 10.94% year-on-year for the first three quarters of 2025 [7] - The copper production for Q3 was 189,800 tons, with a cost reduction of 8% to 29,400 yuan per ton, leading to a 3% increase in gross profit per ton [7] - The cobalt production was impacted by the ban on mining in the Democratic Republic of Congo, resulting in a 12% decrease in output [7] Project Development - The company plans to invest 1.084 billion USD in the KFM Phase II project, expected to commence production in 2027, adding 100,000 tons of copper annually [7] - Ongoing construction of the Heshima hydropower station in the Democratic Republic of Congo is anticipated to secure long-term power supply [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company achieved record high profits in Q3, driven by the ongoing integration of tungsten mines and significant increases in tungsten prices [8] - The company is a key operational platform for the tungsten industry under China Minmetals, managing a complete tungsten industry chain from mining to processing [8] - The acquisition of Yanjing Tungsten Industry is expected to enhance the company's profitability and self-sufficiency in tungsten resources [8] Financial Performance - For the first three quarters of 2025, the company reported revenue of 12.76 billion yuan, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 850 million yuan, up 18.3% [8] - In Q3 alone, revenue reached 4.91 billion yuan, reflecting a 35.0% year-on-year growth and a 10.1% quarter-on-quarter increase [8] - The company’s annual revenue projections for 2025-2027 are 16.61 billion yuan, 19.07 billion yuan, and 21.1 billion yuan, respectively, with corresponding net profits of 1.34 billion yuan, 1.75 billion yuan, and 2.06 billion yuan [7][8] Valuation Metrics - The projected earnings per share (EPS) for 2025-2027 are 0.59 yuan, 0.77 yuan, and 0.90 yuan, with price-to-earnings (P/E) ratios of 44.1, 33.9, and 28.8, respectively [7][8] - The company’s return on equity (ROE) is expected to increase from 12.45% in 2024 to 18.97% by 2027 [7][8] Market Context - The tungsten market is experiencing tight supply due to declining ore grades and export controls, leading to record high tungsten prices, which have increased by 106% since the beginning of the year [8] - The company’s annual production capacity from the Shizhuoyuan tungsten mine exceeds 8,000 tons, contributing to its profitability amid rising tungsten prices [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant improvement in performance with stable production and cost control despite a decline in coal prices and challenges in the chemical business due to maintenance [5][6] - The company is expected to maintain a high proportion of long-term contracts, enhancing revenue stability, and has potential for increased dividends due to strong cash reserves and low debt levels [6][7] Summary by Sections Market Performance - The closing price is 13.82 yuan, with a one-year high of 14.09 yuan and a low of 9.42 yuan [3] Financial Data - Total market capitalization is approximately 183.23 billion yuan, with a total share capital of 13,258.66 million shares and a debt-to-asset ratio of 45.82% [3] Business Performance - In the first three quarters of 2025, the company achieved revenues of 1105.8 billion yuan, a year-on-year decrease of 21.2%, and a net profit of 124.8 billion yuan, down 14.6% year-on-year [6] - The company produced 101.58 million tons of commodity coal, a slight decrease of 0.7% year-on-year, with stable production of thermal coal [6][7] Pricing and Cost Management - The average selling price of self-produced commodity coal was 474 yuan per ton, down 17.0% year-on-year, but the decline was less than the industry average due to a high proportion of long-term contracts [6] - The unit sales cost of self-produced commodity coal decreased by 10.1% year-on-year to 258 yuan per ton [6] Future Outlook - The company forecasts net profits of 167.9 billion yuan, 178.2 billion yuan, and 189.1 billion yuan for 2025-2027, with corresponding P/E ratios of 10.9, 10.3, and 9.7 [7][8] - The company is expected to continue benefiting from cost control measures and stable coal prices, with potential for dividend increases [7]