前三季度累计实现营业收入2830.72亿元，同比增长9.28%；归属于上市公司股东的净利润490.34亿元， 同比增长36.20%。公司财务状况稳健，截至2025年9月30日，总资产达8960.82亿元，较上年度末增长 13.91%；归属于上市公司股东的所有者权益3142.48亿元，较上年度末增长27.26%。经营活动产生的现 金流量净额806.60亿元，同比增长19.60%。 公司已完成2025年中期分红，向全体股东每10股派发现金红利10.07元（含税）。报告期内，公司交易 性金融资产较年初增长202.90%，主要为购买理财产品增加；合同负债较年初增长46.14%，主要为预收 货款增加。财务费用同比增长142.41%，主要受外币汇率变动产生的汇兑收益及利息净收入增加影响； 投资收益同比增长67.46%，主要由于部分参股公司净利润提升。 格隆汇10月20日丨宁德时代(03750.HK)公告，宁德时代公布2025年第三季度业绩报告。第三季度实现营 业收入1041.86亿元，同比增长12.90%；归属于上市公司股东的净利润185.49亿元，同比增长41.21%； 基本每股收益4.10元，同比增长37.23%。 ...

1-9月，实现营收约2830.72亿元，同比增长9.28%;归属于上市公司股东的净利润约490.34亿元，同比增 长36.2%;基本每股收益11.02元。 智通财经APP讯，宁德时代(03750)公布，于2025年第三季度，实现营收约1041.86亿元，同比增长 12.9%;归属于上市公司股东的净利润约185.49亿元，同比增长41.21%;基本每股收益4.10元。 ...

Financial Performance - Total revenue for the nine months ended September 30, 2025, reached CNY 104,185,734, representing a year-on-year increase of 12.90%[7] - Net profit attributable to shareholders for the same period was CNY 18,548,970, up 41.21% compared to the previous year[7] - The net profit excluding non-recurring gains and losses was CNY 16,421,757, reflecting a growth of 35.47% year-on-year[7] - Operating cash flow for the period was CNY 80,660,430, an increase of 19.60% compared to the previous year[7] - Total revenue for the period reached 283,071,987 thousand, an increase of 9.3% compared to 259,044,749 thousand in the previous period[30] - Net profit attributable to shareholders reached 49,034,109 thousand, compared to 36,001,074 thousand in the previous period, marking a 36.2% increase[31] - Total comprehensive income amounted to 59,752,104 thousand, up from 38,165,248 thousand, reflecting a growth of 56.6% year-over-year[32] - Basic earnings per share rose to 11.02, compared to 8.19 in the previous period, indicating a 34.8% increase[32] Assets and Liabilities - Total assets as of September 30, 2025, amounted to CNY 896,082,131, marking a 13.91% increase from the end of the previous year[7] - Total current assets increased to 574,228,137 from 510,142,089, reflecting a growth of 12.5%[23] - Long-term equity investments rose to 59,831,799 from 54,791,525, an increase of 9.0%[24] - Total non-current assets reached 321,853,995, up from 276,516,035, indicating a growth of 16.4%[24] - Total liabilities increased to 549,070,060 from 513,201,949, reflecting a rise of 7.0%[28] - Total owner's equity grew to 347,012,071 from 273,456,174, marking an increase of 27.0%[28] Cash Flow - Cash flow from operating activities generated a net amount of 80,660,430 thousand, compared to 67,443,601 thousand, an increase of 19.6%[34] - Cash flow from investing activities resulted in a net outflow of 57,291,490 thousand, worsening from a net outflow of 47,894,482 thousand in the previous period[36] - Cash flow from financing activities generated a net inflow of 4,276,539 thousand, a significant improvement from a net outflow of 20,495,683 thousand previously[36] - The total cash and cash equivalents at the end of the period reached 297,183,959 thousand, up from 234,953,904 thousand, an increase of 26.5%[36] Shareholder Information - The largest shareholder, Xiamen Ruiting Investment Co., Ltd., holds 22.46% of the shares, totaling 1,024,704,949 shares[16] - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 14.48% of the shares, totaling 660,844,057 shares[16] - Huang Shilin, a significant shareholder, holds 10.21% of the shares, totaling 466,021,310 shares[16] - The company has a total of 500,910,125 restricted shares, with 349,641,808 shares under lock-up and 151,311,099 shares remaining locked[19] - The company plans to release 25% of locked shares annually for certain executives, with the remaining 75% automatically locked[19] - The company has completed the implementation of the restricted stock incentive plan, with 71,547 shares already repurchased and canceled[19] - The company reported a total of 189,888 shares locked for other executives, with a similar release plan as for the main executives[19] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[17] Expenses and Investments - The company reported a significant increase in financial expenses, which rose by 142.41% to CNY -7,015,786, primarily due to foreign exchange rate fluctuations[14] - Investment income for the nine months was CNY 5,236,818, a 67.46% increase compared to the same period last year[14] - Research and development expenses increased to 15,067,826 thousand, compared to 13,073,136 thousand, marking a rise of 15.3%[30] - The company reported a net investment income of 5,236,818 thousand, compared to 3,127,167 thousand, representing a growth of 67.3%[30] Board of Directors - The board of directors includes Chairman and Executive Director Mr. Zeng Yuqun, Executive Directors Mr. Pan Jian, Mr. Li Ping, Mr. Zhou Jia, Dr. Ouyang Chuying, and Mr. Zhao Fenggang, as well as Independent Non-Executive Directors Dr. Wu Yuhui, Mr. Lin Xiaoxiong, and Dr. Zhao Bei[39]

Market Overview - The Hang Seng Index (HSI) closed at approximately 25,247 points on October 17, indicating a significant decline, having breached key technical levels such as the lower boundary of the Bollinger Bands [1][2] - The market sentiment is affected by this drop, with many investors feeling psychological pressure due to the volatility [2] Technical Analysis - Currently, there are 8 buy signals and 7 sell signals for the HSI, suggesting a slight bias towards buying in the short term [3][7] - The immediate support level for the HSI is around 24,800 points; if this level is breached, the next support is approximately 23,700 points [4][5] - Investors are advised to select products with recovery prices further from the support level to mitigate risks associated with sudden market declines [5] Individual Stock Analysis Meituan (03690) - Meituan's stock price has also been declining, closing at 94.5 HKD, having breached the lower boundary of the Bollinger Bands [9] - The first support level is around 91.1 HKD; if this is broken, the next support is at approximately 85.8 HKD [9][10] - Technical signals for Meituan show 9 buy signals and 4 sell signals, indicating a slight preference for buying [12] Contemporary Amperex Technology Co. (03750) - The stock closed at 521.5 HKD, down from a high of 614 HKD, with a neutral technical signal showing 5 buy and 5 sell signals [14][15] - The support level is around 477 HKD, which is close to the lower boundary of the Bollinger Bands [15] China Mobile (00941) - China Mobile's stock closed at 85.3 HKD, maintaining a neutral technical signal with potential resistance at 88.5 HKD [17][18] - If the stock price continues to rise, it could reach 91.8 HKD if it breaks the resistance level [17] China National Petroleum Corporation (00857) - The stock closed at 7.32 HKD, with a bearish technical signal showing 8 sell signals and 5 buy signals [23][24] - The first resistance level is at 7.5 HKD, and if this is surpassed, it could rise to 7.7 HKD [23] HSBC Holdings (00005) - HSBC's stock closed at 100.9 HKD, just above the support level of 96.7 HKD [29][30] - The technical signals show 8 buy signals and 7 sell signals, indicating a slight preference for buying [32]

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 918.87% and Ningde Times (03750) at -17.09% [1][2] Summary by Category Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 918.87% with a deviation value of 109.61% [2] - Hongye Futures (03678) follows with a premium rate of 246.28% and a deviation value of 16.95% [2] - Zhejiang Shibao (01057) ranks third with a premium rate of 241.04% and a deviation value of 19.03% [2] Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -17.09% with a deviation value of -2.80% [2] - Heng Rui Pharmaceutical (01276) has a premium rate of -1.38% and a deviation value of 1.69% [2] - China Merchants Bank (03968) has a premium rate of 0.51% with a deviation value of -4.32% [2] Top AH Share Deviation Values - Northeast Electric (00042) leads with a deviation value of 109.61% [2] - Changfei Optical Fiber (06869) has a deviation value of 31.51% [2] - Shandong Molong (00568) follows with a deviation value of 26.68% [2] Bottom AH Share Deviation Values - Shanghai Electric (02727) has the lowest deviation value at -25.42% [3] - China National Foreign Trade Transportation Group (00598) has a deviation value of -16.00% [3] - COSCO Shipping Energy Transportation (01138) has a deviation value of -14.18% [3]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of October 17, with Northeast Electric (00042) leading with a premium rate of 800.00% [1] - The article also discusses the deviation values of these stocks, indicating significant discrepancies between their A-shares and H-shares [1][2] Summary by Category Top AH Premium Rates - Northeast Electric (00042) has the highest premium rate at 800.00%, followed by Hongye Futures (03678) at 250.68% and Zhejiang Shibao (01057) at 245.26% [1] - Other notable mentions include Sinopec Oilfield Service (01033) with a premium rate of 238.36% and Andeli Juice (02218) at 236.87% [1] Bottom AH Premium Rates - The lowest premium rates are observed in Ningde Times (03750) at -17.74%, followed by Hengrui Medicine (01276) at -0.27% and China Merchants Bank (03968) at 1.59% [1] - Other companies with low premium rates include Midea Group (00300) at 7.52% and Zijin Mining (02899) at 10.86% [1] Top Deviation Values - The highest deviation values are recorded for Changfei Optical Fiber (06869) at 35.97%, Zhejiang Shibao (01057) at 24.67%, and Chenming Paper (01812) at 23.63% [1] - Other companies with significant deviation values include Hongye Futures (03678) at 21.99% and Nanjing Panda Electronics (00553) at 21.37% [1][2] Bottom Deviation Values - The lowest deviation values are seen in Shanghai Electric (02727) at -17.61%, China Southern Airlines (01055) at -12.86%, and China National Freight (00598) at -12.41% [1][2] - Northeast Electric (00042) also shows a negative deviation value of -10.29% [2]

Core Viewpoint - The rapid development of lithium-ion battery technology in energy storage raises critical safety concerns that the industry must address [1][3]. Group 1: Release of Guidelines - The "Self-Regulatory Practice Guidelines" for container lithium battery energy storage systems was released at the fifth Energy Storage Safety Seminar in Tianjin on October 16 [1][3]. - This document, initiated by the Zhongguancun Energy Storage Industry Technology Alliance and 25 leading companies, is the first normative guidance for the industry [1][3]. Group 2: Objectives of the Guidelines - The guidelines aim to promote technological iteration and safety performance upgrades in energy storage products, shifting the industry focus from price competition to safety and value creation [3]. - Core principles outlined in the guidelines include "safety first, controllable risks, green and low-carbon, compatibility, and traceable quality" [3]. Group 3: Safety Concerns - As of May this year, there have been 167 reported incidents of fires and explosions in energy storage systems globally, highlighting significant safety risks [4]. - Increased frequency of energy storage system usage poses greater safety challenges for energy storage stations [4]. Group 4: Market Dynamics - The average price of energy storage systems has dropped by approximately 80% over the past three years, with some recent bids falling below 0.4 yuan/Wh, which deviates significantly from costs [5]. - The industry is experiencing chaotic expansion, with over 300,000 registered energy storage companies, leading to a potential market shakeout where many companies may be eliminated [5]. Group 5: Emphasis on Safety - Safety is emphasized as the foundation for the development of energy storage; any safety incidents could undermine investment logic and public trust in the industry [5].

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of October 16, with Northeast Electric (00042) leading with a premium rate of 770.97% [1] - The article also provides a detailed ranking of stocks based on their deviation values, indicating significant discrepancies between H-shares and A-shares [2] AH Premium Rate Rankings - Northeast Electric (00042) has the highest AH premium rate at 770.97%, followed by Hongye Futures (03678) at 243.57% and Zhejiang Shibao (01057) at 235.64% [1] - The lowest AH premium rates are recorded for Ningde Times (03750) at -17.41%, followed by Heng Rui Medicine (01276) at -2.37% and China Merchants Bank (03968) at 1.87% [1] Deviation Value Rankings - The top three stocks with the highest deviation values are Chenming Paper (01812) at 23.69%, Jieli Yongci (06680) at 22.33%, and Nanjing Panda Electronics (00553) at 21.48% [1] - The stocks with the lowest deviation values include Northeast Electric (00042) at -40.29%, Shanghai Electric (02727) at -24.14%, and China Southern Airlines (01055) at -12.55% [2]

Core Viewpoint - The Hong Kong IPO market has seen significant participation from insurance institutions, with a total subscription amount nearing 30 billion HKD, surpassing last year's total [1][3]. Group 1: Participation and Investment Trends - As of October 14, 2023, seven insurance institutions have participated as cornerstone investors in seven Hong Kong IPOs, with a total subscription amount of approximately 29.32 billion HKD, a substantial increase from less than 10 billion HKD last year [3][4]. - Major players include Taikang Insurance, China Pacific Insurance, and others, with Taikang Insurance alone participating in five IPOs, investing over 14 billion HKD, accounting for nearly half of the total insurance investment in Hong Kong IPOs [3][4]. - The participation of insurance capital is driven by regulatory encouragement, a downward trend in long-term interest rates, and the need to enhance equity asset allocation to cover liability costs [3][4]. Group 2: Investment Focus and Selection Criteria - Insurance institutions are focusing on sectors such as hard technology and green industries, with a preference for companies that align with national strategies and demonstrate long-term growth potential [6][7]. - The selection criteria emphasize cash flow, industry position, and governance structure, with a preference for projects with a clear controlling shareholder, low foreign ownership, and quantifiable valuations (typically PE less than 20) [1][6]. - The investment strategy reflects a balance between certainty and growth, targeting companies with strong market positions and solid financial metrics [6][7]. Group 3: Market Performance and Valuation - The Hong Kong IPO market has raised approximately 182.9 billion HKD in the first nine months of 2023, marking a 229% increase year-on-year, with an average of 4-5 cornerstone investors per project [5]. - The performance of IPOs has been strong, with significant first-day gains, exemplified by Zijin Mining International, which saw a peak increase of 66% on its listing day [5][8]. - The valuation of Hong Kong stocks is generally lower than that of A-shares, providing a favorable investment opportunity for insurance capital [5].

Group 1 - The article highlights the top three and bottom three AH premium rates for various stocks as of October 15, with Northeast Electric (00042) leading at 770.97% and Ningde Times (03750) at -18.39% [1] - The top three stocks with the highest deviation values are Nanjing Panda Electronics (00553), Fudan Zhangjiang (01349), and Chenming Paper (01812), with values of 20.82%, 20.22%, and 16.04% respectively [1] - The bottom three stocks with the lowest deviation values include Northeast Electric (00042), Shanghai Electric (02727), and China National Foreign Trade (00598), with values of -41.76%, -28.14%, and -10.84% respectively [1] Group 2 - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) and Fudan Zhangjiang (01349), with premium rates of 243.56% and 230.63% respectively [1] - The bottom ten AH stocks by premium rate feature companies such as Midea Group (00300) and Zijin Mining (02899), with premium rates of 6.25% and 10.78% respectively [1] - The article provides a detailed table of premium rates and deviation values for various stocks, indicating significant disparities between H-shares and A-shares [2]