（文章来源：证券日报） 证券日报网讯明星电力11月18日在互动平台回答投资者提问时表示，根据中国证监会和上海证券交易所 的相关规定，公司于每期定期报告（季度、半年度及年度报告）披露每季度末的股东户数。 ...

Core Viewpoint - The report from Zhongyou Securities indicates that Mingxing Power's net profit attributable to shareholders for Q1-Q3 2025 is 180 million yuan, a year-on-year decrease of 20.4% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders is 100 million yuan, with a quarter-on-quarter decrease of 24.9% and a year-on-year increase of 10849.2% [1] - The decline in self-generated electricity and self-supplied water volume is identified as a primary factor affecting performance [1] - The overall expense ratios have slightly decreased by 0.1 percentage points, with sales expense ratio at 0.3%, financial expense ratio at -0.5%, management expense ratio at 2.7%, and R&D expense ratio at 0.3% [1] Industry Outlook - The "14th Five-Year Plan" period is expected to drive a recovery in underground pipeline investment due to urban renewal [1] - The National Development and Reform Commission anticipates that over 700,000 kilometers of underground pipelines will be constructed or renovated during the "14th Five-Year Plan" period, with new investment demand exceeding 5 trillion yuan [1] - The company is expected to benefit from the renewal of urban water supply pipelines [1] Investment Rating - The report maintains an "overweight" rating for the company [1]

Investment Rating - The report maintains a "Buy" rating for the company, predicting a relative increase in stock price between 10% and 20% compared to the benchmark index over the next six months [6][11]. Core Insights - The company reported a revenue of 2.33 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 9.2%. However, the net profit attributable to shareholders decreased by 20.4% to 180 million yuan [5]. - The report highlights that the company will benefit from the construction and renovation of underground pipelines during the "14th Five-Year Plan" period, with an expected investment demand exceeding 5 trillion yuan [5]. - The company's gross margin and net margin for the first three quarters of 2025 were 11.6% and 7.6%, respectively, showing a decline compared to the previous year [5]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 2.33 billion yuan, with a net profit of 180 million yuan. The third quarter alone saw a revenue of 810 million yuan, with a significant year-on-year increase in net profit of 10,849.2% [5]. - The company’s financial ratios indicate a slight decrease in expense ratios, with sales expense ratio at 0.3% and financial expense ratio at -0.5%, while management and R&D expense ratios increased [5]. - The forecast for revenue from 2025 to 2027 is projected to be 3.1 billion, 3.37 billion, and 3.62 billion yuan, with net profits of 190 million, 210 million, and 220 million yuan, respectively [6][8].

Group 1: Q3 Earnings Presentation Announcement - The company will hold a Q3 earnings presentation on November 18, 2025, from 11:00 to 12:00 via the Shanghai Stock Exchange Roadshow Center [4][5] - Investors can submit questions for the presentation from November 11 to November 17, 2025, through the Roadshow Center or via email [2][5] - The presentation aims to provide insights into the company's development strategy, financial status, and operational results [3] Group 2: Cooperation Agreement with Shanghai Jiao Tong University Sichuan Research Institute - The company signed a framework cooperation agreement with Shanghai Jiao Tong University Sichuan Research Institute on November 7, 2025 [10] - The agreement focuses on resource sharing, collaborative innovation, and enhancing technological capabilities in areas such as smart inspection and talent cultivation [12][13] - The cooperation will not affect the company's business independence and is expected to enhance its market competitiveness [19]

Group 1 - The core point of the article is that Sichuan Mingyang Power Co., Ltd. has signed a cooperation agreement with Shanghai Jiao Tong University Sichuan Research Institute on November 7, 2025 [2] Group 2 - The announcement was made on the evening of November 7 [2] - The cooperation agreement aims to enhance collaboration between the company and the research institute [2] - This partnership may lead to advancements in technology and innovation within the power industry [2]

Core Viewpoint - The company, Star Power (600101), has signed a cooperation agreement with Shanghai Jiao Tong University Sichuan Research Institute to enhance business collaboration based on principles of resource sharing, complementary advantages, collaborative innovation, and win-win development [1] Group 1 - The cooperation agreement was signed on November 7 [1] - The partnership aims to leverage shared resources and complementary strengths [1] - The focus of the collaboration is on collaborative innovation and mutual development [1]

Core Viewpoint - The company, Mingxing Power (600101.SH), has signed a framework cooperation agreement with the Sichuan Research Institute of Shanghai Jiao Tong University, focusing on resource sharing, complementary advantages, collaborative innovation, and win-win development [1] Group 1: Agreement Details - The agreement is a framework agreement and does not constitute a substantive transaction, thus does not require approval from the company's board of directors or shareholders [1] - Specific cooperation projects will be formalized through separate agreements between the company or its controlled subsidiaries and the Sichuan Research Institute [1] - The company will comply with legal decision-making procedures and fulfill information disclosure obligations when specific projects reach the statutory disclosure standards [1]

Core Viewpoint - The company, Star Power (600101.SH), has signed a cooperation agreement with Shanghai Jiao Tong University Sichuan Research Institute to promote resource sharing, complementary advantages, collaborative innovation, and win-win development [1] Summary by Categories Agreement Details - The cooperation agreement was signed on November 7, 2025, and does not involve specific financial amounts [1] - The impact on the company's current and future operating performance will depend on the specific projects developed under this cooperation [1]

Core Viewpoint - The company has signed a cooperation agreement with Shanghai Jiao Tong University Sichuan Research Institute to promote business collaboration based on principles of resource sharing, complementary advantages, collaborative innovation, and win-win development [1] Group 1 - The agreement was signed on November 7, 2025, and does not involve specific financial amounts [1] - The impact of this agreement on the company's current and future operating performance will depend on the specific projects developed in the future [1]

证券代码：600101 证券简称：明星电力 公告编号：2025-031 四川明星电力股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 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 担法律责任。 重要内容提示： ●会议召开地点：上海证券交易所上证路演中心（简称"上证 路演中心"）（https://roadshow.sseinfo.com） ●会议召开方式：上证路演中心网络互动 ●预征集投资者提问的相关安排：投资者可于 2025 年 11 月 11 日（星期二）至 11 月 17 日（星期一）16:00 前登录上证路演中心首 页，点击"提问预征集"栏目或通过公司邮箱（mxdl600101@163.com） 进行提问，公司将在说明会上就投资者普遍关注的问题进行回答。 一、说明会类型 四川明星电力股份有限公司（简称"公司"）已于 2025 年 10 月 30 日在上海证券交易所网站（https://www.sse.com.cn）披露《2025 年 1 / 3 第三季度报告》，为便于广大投资者更加全面深入地了解公司发展战 略、财务状况 ...