Investment Rating - The investment rating for the report is "Buy" (maintained) [1] Core Insights - The company has benefited from increased domestic customer volume, leading to continuous improvement in profitability. The net profit for the first three quarters of 2025 increased by 87.47% year-on-year, primarily due to significant growth in other income [7][9] - The company is expanding its international business through its subsidiary in Thailand, leveraging its core automotive component advantages and advanced technical management experience to enhance overseas business scale [9] - The automotive hose market in China is projected to grow significantly, with the market size expected to reach 236.99 billion yuan in 2023, 247.56 billion yuan in 2024, and 259.09 billion yuan in 2025, driven by the increasing value per vehicle due to the rise of new energy vehicles [9] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 807 million yuan, a year-on-year increase of 16.35%, and a net profit attributable to the parent company of 80 million yuan, a year-on-year increase of 87.47% [7] - The gross margin for the first three quarters of 2025 was 33.29%, a decrease of 2.34 percentage points year-on-year, while the net margin increased by 3.64 percentage points to 10.11% [9] - The company’s revenue projections for 2025-2027 are 1.145 billion yuan, 1.370 billion yuan, and 1.586 billion yuan, with corresponding year-on-year growth rates of 18.58%, 19.66%, and 15.75% respectively [11] Market Data Summary - The total share capital is 98.03 million shares, with a circulation ratio of 72.18%. The stock price has fluctuated between 24.97 yuan and 10.78 yuan over the past 12 months [2] - The company’s relative returns over the past 1 month, 3 months, and 12 months are 33.67%, 27.43%, and 100.56% respectively, indicating strong performance compared to the market [3]

Core Insights - Sanxiang Technology (920195) experienced a trading halt today, reaching the daily limit increase of 29.98% with a turnover rate of 20.22% and a total transaction amount of 325 million yuan [1][2] - The stock was highlighted on the North Exchange due to its significant price movement, with a net buying amount of 16.17 million yuan from various trading desks [2] Trading Activity - The top five trading desks contributed to a total transaction amount of 85.81 million yuan, with a buying amount of 50.99 million yuan and a selling amount of 34.82 million yuan, resulting in a net buying of 16.17 million yuan [2] - The largest buying desk was Dongya Qianhai Securities Co., Ltd. Suzhou Branch, with a buying amount of 13.27 million yuan, while the largest selling desk was China Galaxy Securities Co., Ltd. Nanjing Shanghai Road Branch, with a selling amount of 12.80 million yuan [2] Detailed Trading Desk Information - The top five buying desks and their respective amounts are as follows: - 1st: Dongya Qianhai Securities Co., Ltd. Suzhou Branch - 13.27 million yuan - 2nd: Donghai Securities Co., Ltd. Xiamen Jiahe Road Branch - 10.66 million yuan - 3rd: Dongguan Securities Co., Ltd. Chengdu Gaoshengqiao Road Branch - 9.74 million yuan - 4th: Guotai Junan Securities Co., Ltd. Shanghai Jiangsu Road Branch - 8.95 million yuan - 5th: Great Wall Securities Co., Ltd. Nanchang Fuzhou Road Branch - 5.43 million yuan [2] - The top five selling desks and their respective amounts are as follows: - 1st: China Galaxy Securities Co., Ltd. Nanjing Shanghai Road Branch - 12.80 million yuan - 2nd: Guoxin Securities Co., Ltd. Shenzhen Tairan Ninth Road Branch - 0.23 million yuan - 3rd: Founder Securities Co., Ltd. Hangzhou Pinglan Road Branch - 0.00 million yuan - 4th: CITIC Securities Co., Ltd. Beijing Dongcheng Branch - 0.05 million yuan - 5th: China Merchants Securities Co., Ltd. Shenzhen Xili Liuxian Avenue Branch - 0.00 million yuan [2]

Core Viewpoint - On October 29, 2025, Sanxiang Technology (920195) experienced a significant stock price increase of 29.98%, leading to its appearance on the trading leaderboard with a trading volume of 14.3064 million shares and a transaction value of 325 million yuan [1][2]. Group 1: Trading Performance - Sanxiang Technology's closing price reached 24.97 yuan, marking a notable rise in its stock value [1]. - The total trading volume for the day was 14.3064 million shares, with a total transaction amount of 325 million yuan [1]. - The leading buyer was Dongya Qianhai Securities Co., Ltd. Suzhou Branch, purchasing shares worth approximately 13.268 million yuan [2]. Group 2: Trading Participants - The top selling participant was China Galaxy Securities Co., Ltd. Nanjing Shanghai Road Securities Business Department, selling shares worth approximately 12.802 million yuan [2]. - Other notable buyers included Donghai Securities Co., Ltd. Xiamen Jiahe Road Securities Business Department and Dongguan Securities Co., Ltd. Chengdu Gaoshengqiao Road Securities Business Department, with purchases of approximately 10.658 million yuan and 9.744 million yuan, respectively [2].

Market Overview - The automotive parts sector increased by 0.82% on October 29, with Sanxiang Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Automotive Parts Sector - Sanxiang Technology (code: 920195) closed at 24.97, with a significant increase of 29.98% and a trading volume of 143,100 shares, amounting to a transaction value of 325 million yuan [1] - Kete Co., Ltd. (code: 920978) saw a rise of 12.23%, closing at 41.30 with a trading volume of 68,900 shares [1] - Lintai New Materials (code: 920106) increased by 12.20%, closing at 96.01 with a trading volume of 19,200 shares [1] - Other notable gainers include Jianbang Technology (10.42%), Mingke Precision Technology (9.99%), and Shanzi Gaoke (9.97%) [1] Top Losers in Automotive Parts Sector - Taixiang Co., Ltd. (code: 301192) experienced the largest decline, down 11.04% to 37.30 with a trading volume of 59,600 shares [2] - Changrun Co., Ltd. (code: 603201) fell by 9.36%, closing at 17.44 with a trading volume of 82,600 shares [2] - Qingdao Double Star (code: 6650000) decreased by 8.62%, closing at 7.00 with a trading volume of 2,072,900 shares [2] Capital Flow Analysis - The automotive parts sector saw a net inflow of 1.331 billion yuan from institutional investors, while retail investors experienced a net outflow of 429 million yuan [2] - The main capital inflow was concentrated in stocks like Shanzi Gaoke, which had a net inflow of 195.5 million yuan from institutional investors [3] - Other stocks with significant institutional inflows include Junsheng Electronics (40.8 million yuan) and Top Group (26.9 million yuan) [3]

Company Performance - Sanxiang Technology's stock price reached a historical high, increasing by 28.47% to 24.68 yuan, with a trading volume of 10.6 million shares and a transaction amount of 233 million yuan, resulting in a turnover rate of 14.98% [2] - The latest total market capitalization of Sanxiang Technology is 2.419 billion yuan, with a circulating market value of 1.746 billion yuan [2] - The company's Q3 report indicates a total revenue of 807 million yuan for the first three quarters, representing a year-on-year growth of 16.35%, and a net profit of 80.08 million yuan, reflecting a year-on-year increase of 87.47% [2] Industry Overview - The automotive industry, to which Sanxiang Technology belongs, has an overall increase of 0.54%, with 131 stocks rising, including Sanxiang Technology, Lintai New Materials, and Mingke Technology, which saw increases of 28.47%, 10.09%, and 9.99% respectively [2] - Conversely, 171 stocks in the industry experienced declines, with the largest drops from Taixiang Co., Changrun Co., and Xiamen Xinda, with decreases of 11.11%, 9.67%, and 7.47% respectively [2] Margin Trading Data - As of October 28, the margin trading balance for Sanxiang Technology is 9.9397 million yuan, with a financing balance of 9.9397 million yuan, showing a decrease of 1.2794 million yuan over the past 10 days, which is a decline of 11.40% [2]

Group 1 - The core viewpoint of the article highlights the strong performance of stocks on the Beijing Stock Exchange, with the Beizheng 50 Index rising over 5% [1] - Notable stocks such as Digital People, Litong Technology, and Sanxiang Technology have shown significant gains [1] - The Chairman of the Beijing Stock Exchange, Lu Songbin, announced plans to continuously optimize the index system and accelerate the launch of the Beizheng 50 ETF [1] Group 2 - The introduction of after-hours fixed price trading is being researched to enhance trading convenience for investors [1] - The overall focus is on improving investment and trading accessibility on the Beijing Stock Exchange [1]

证券代码：831195 证券简称：三祥科技 公告编号：2025-099 青岛三祥科技股份有限公司独立董事专门会议 关于公司 2025 年股票期权激励计划 激励对象名单的核查意见及公示情况说明 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 青岛三祥科技股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开 第五届董事会第十六次会议和第五届董事会独立董事专门会议第八次会议，审议 了《公司<2025 年股票期权激励计划激励对象名单>的议案》，并于 2025 年 9 月 16 日在北京证券交易所官网（http://www.bse.cn）上披露了《2025 年股票期权激 励计划激励对象名单》。公司独立董事专门会议结合公示情况对激励对象进行了 核查，相关公示情况及核查情况如下： 一、公示情况说明 根据《北京证券交易所上市规则》（以下简称"《上市规则》"）、《北京证券交 易所上市公司持续监管指引第 3 号——股权激励和员工持股计划》等相关规定， 公司于 2025 年 9 月 19 日至 2025 年 ...

证券代码：831195 证券简称：三祥科技 公告编号：2025-093 青岛三祥科技股份有限公司 2025 年股票期权激励计划 （草案） 青岛三祥科技股份有限公司 二〇二五年九月 1 声 明 本公司及其董事、高级管理人员保证本激励计划相关信息披露文件不存在虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 四、本激励计划授予的激励对象共计47 人，约占截至2024 年12 月31 日公司员工总数 1,405 人的3.35%，包括公司公告本激励计划时公司（含子公司，下同）董事、高级管理人员 和其他重要人员，不含独立董事。 本次激励对象符合《管理办法》《上市规则》《监管指引第3 号》的规定，不存在不得 成为激励对象的下列情形： （一）最近12 个月内被证券交易所认定为不适当人选； （二）最近12 个月内被中国证监会及其派出机构认定为不适当人选； （三）最近12 个月内因重大违法违规行为被中国证监会及其派出机构行政处罚或者采 取市场禁入措施； 本次所有激励对象承诺：公司因信息披露文件中有虚假记载、误导性陈述或者重大遗漏， 导致不符合授予权益或者行使权益安排的，激励对象应当自相 ...

证券代码：831195 证券简称：三祥科技 公告编号：2025-095 青岛三祥科技股份有限公司 2025 年股票期权激励计划激励对象名单 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、本激励计划激励对象名单及分配情况 董事会 序号 姓名 职务 序号 姓名 职务 1 李琦 其他重要人员 20 张存蕾 其他重要人员 2 黄英 其他重要人员 21 李靖 其他重要人员 3 张涛 其他重要人员 22 刘铮 其他重要人员 4 石磊业 其他重要人员 23 周玥 其他重要人员 5 曾松 其他重要人员 24 赵兰香 其他重要人员 6 董淑林 其他重要人员 25 卢佳乐 其他重要人员 7 冯健 其他重要人员 26 秦华启 其他重要人员 8 汤宝光 其他重要人员 27 赵朋 其他重要人员 9 谭统 其他重要人员 28 王涛 其他重要人员 10 刘军政 其他重要人员 29 高艳 其他重要人员 11 吴永全 其他重要人员 30 张炳宁 其他重要人员 12 吴兰花 其他重要人员 31 王海洋 其他重要人员 13 杨国营 其 ...

证券简称：三祥科技 证券代码：831195 上海荣正企业咨询服务（集团）股份有限公司 关于 青岛三祥科技股份有限公司 2025 年股票期权激励计划（草案） 之 独立财务顾问报告 （二）本独立财务顾问仅就本激励计划对三祥科技股东是否公平、合理， 对股东的权益和上市公司持续经营的影响发表意见，不构成对三祥科技的任何 投资建议，对投资者依据本报告所做出的任何投资决策而可能产生的风险，本 独立财务顾问均不承担责任。 （三）本独立财务顾问未委托和授予任何其它机构和个人提供未在本独立 财务顾问报告中列载的信息和对本报告做任何解释或者说明。 2025 年 9 月 | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、本计划的主要内容 | 6 | | （一）激励对象的范围及分配情况 | 6 | | （二）授予的权益数量 | 7 | | （三）本计划的有效期、授予日及授予后相关时间安排 8 | | | （四）股票期权的行权价格的确定方式 | 10 | | （五）本计划的考核条件 | 10 | | （六）激励计划其他内容 | 12 | | 五、独立财务顾问意见 | ...