Core Insights - The company reported a total revenue of 2.822 billion yuan for Q3 2025, a year-on-year increase of 16.63%, but a net profit attributable to shareholders of -46.696 million yuan, a decline of 319.29% compared to the previous year [1] - The gross profit margin decreased to 4.01%, down 58.27% year-on-year, while the net profit margin fell to -1.66%, a drop of 287.98% [1] - The company has a significant accounts receivable issue, with accounts receivable amounting to 100.72% of the latest annual net profit [5] Financial Performance - Total revenue for Q3 2025 was 1.011 billion yuan, reflecting a 53.71% increase year-on-year [1] - The net profit for Q3 2025 was 28.298 million yuan, a substantial increase of 176.38% year-on-year [1] - The company's operating cash flow per share was -0.18 yuan, a decrease of 280.89% year-on-year [1] Changes in Financial Items - Cash and cash equivalents increased by 350.65% due to the completion of a stock issuance, raising approximately 2.835 billion yuan [2][3] - Accounts receivable increased by 156.78% as the company adopted a "goods first, payment later" approach for some sales orders [2] - The company reported a 515.4% increase in R&D expenses, indicating a significant investment in new product development [3][7] Debt and Equity - The company repaid all short-term and long-term borrowings after the fundraising, resulting in a 100% decrease in short-term and long-term loans [3] - Total assets increased by 63.6% due to the stock issuance, which added 609.6 million shares at a price of 4.68 yuan per share [3] - The equity attributable to shareholders increased by 716.27% as a result of the stock issuance [3] Operational Challenges - The company faced a decline in zinc product prices, leading to increased procurement costs and operational losses [7] - The sales price of natural gas chemical products continued to decrease, with a year-on-year decline of 13.74% [7] - The profitability of the phosphate chemical sector decreased due to rising production costs and declining sales volumes and prices [4][7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a turnaround in its quarterly performance, achieving a net profit of 0.28 million yuan in Q3, with total revenue of 1.011 billion yuan for the quarter. Year-to-date revenue reached 2.822 billion yuan, with a net loss of 4.7 million yuan [3] - The phosphate chemical business showed stable profitability, with production of phosphate products at 95,757.4 tons and sales at 81,433.15 tons, generating revenue of 299 million yuan. The average selling prices for these products saw a year-on-year increase of 4.98% [3] - The non-ferrous metal smelting business experienced a reduction in cumulative losses, with revenue of 824 million yuan in the first half of the year, a year-on-year increase of 34.84%, but still reporting a net loss of 6.6 million yuan due to falling zinc prices and reduced processing fees [4] - The company completed a targeted issuance of 609.6 million shares, raising 2.853 billion yuan, significantly improving its capital structure and reducing the debt-to-asset ratio from 82.87% to 14.55% [5] - The development of the Duolong copper mine is progressing steadily, with the mining rights application approved, aiming for trial production by 2030 [5] Financial Performance Summary - For 2023, the company expects revenue of 3.026 billion yuan, with a projected net profit of -96 million yuan. Revenue is forecasted to grow to 3.601 billion yuan in 2025, with a net profit of 2 million yuan [10] - The company’s financial metrics indicate a significant improvement in the debt-to-asset ratio, which is projected to be 14.55% in 2025, down from 82.87% at the beginning of the year [6] - The earnings per share (EPS) is expected to improve from -0.04 yuan in 2023 to 0.03 yuan by 2027, reflecting a gradual recovery in profitability [10][13]

证券代码：600331 证券简称：宏达股份 公告编号：临 2025-085 四川宏达股份有限公司 关于《上海证券交易所关于四川宏达股份有限公司 2025 年半年度报 告的信息披露监管问询函》的回复公告 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。 四川宏达股份有限公司（以下简称"公司"或"宏达股份"）于近期收到上海证券交易所 上市公司管理一部（以下简称"上市公司管理一部"）下发的《关于四川宏达股份有限公司 2025 年半年度报告的信息披露监管问询函》（上证公函【2025】1402 号），以下简称"《问询 函》")，公司对《问询函》关注的问题进行了认真核查和分析。为便于投资者理解，现将《问 询函》所述相关问题及公司回复内容公告如下： 1.关于主营业务盈利能力。报告期内，公司实现营业收入 18.11 亿元，同比增长 2.80%， 但归属母公司净利润-7,499.46 万元，较上年同期的 5,834.29 万元同比由盈转亏。根据半年度 报告，业绩变动主要系上游原料价格大幅波动，叠加终端产品销售及售价下滑所致。其中， 磷化工业务板块 ...

Core Insights - The company Hongda Co., Ltd. reported a total operating revenue of 2.822 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.63% [1] - The net profit attributable to shareholders of the parent company was -46.6964 million yuan, compared to a net profit of 21.2942 million yuan in the same period last year [1] - The basic earnings per share were -0.0209 yuan [1]

证券代码：600331 证券简称：宏达股份 公告编号：临 2025-084 四川宏达股份有限公司 2025 年第三季度主要经营数据公告 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个别及连带责任。 四川宏达股份有限公司(以下简称"公司")根据上海证券交易所《上市公司 自律监管指引第 3 号—行业信息披露》附件《第十三号——化工》的相关要求， 现将公司 2025 年第三季度主要经营数据披露如下： 二、主要产品和原材料的价格变动情况 （一）主要产品的价格变动情况（不含税） 单位：元/吨 | 主要产品 | 2025 年 7-9 | | 2024 | 年 7-9 | 月 | 2025 年 4-6 | | 同比变动 | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月平均售价 | | 平均售价 | | | 月平均售价 | | 比率 | 比率 | | 磷酸盐系列产品 | | 3,669 | | | 3,495 | | 3,747 | 4.98% | ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,010,558,076.23, representing a year-on-year increase of 53.71%[5] - The total profit for the period was ¥28,429,565.81, while the net profit attributable to shareholders was ¥28,298,136.02, both showing significant losses compared to the previous year[5] - The basic earnings per share for the quarter was ¥0.0107, a decrease of 299.05% compared to the same period last year[6] - Revenue for the current reporting period reached 53.71 million, primarily driven by increased sales of zinc and phosphate products compared to the same period last year[11] - The net profit attributable to shareholders for the first nine months of 2025 was a loss of CNY 46.6964 million, with a profit of CNY 28.2981 million in Q3 2025, indicating a recovery in profitability[17] - Net profit for the first three quarters of 2025 was a loss of ¥46,696,444.53, compared to a profit of ¥21,297,750.21 in the same period of 2024[29] - The company reported a total comprehensive loss of ¥46,683,371.23 for the first three quarters of 2025, compared to a comprehensive income of ¥56,808,774.15 in 2024[29] Assets and Liabilities - Total assets increased by 63.60% year-on-year, reaching ¥3,723,939,959.42[6] - The equity attributable to shareholders rose by 716.27% to ¥3,182,185,279.09 compared to the end of the previous year[6] - The company’s total assets increased from CNY 2.276 billion at the beginning of the year to CNY 3.724 billion by the end of the reporting period, while net assets rose from CNY 390 million to CNY 3.182 billion[19] - The asset-liability ratio significantly decreased from 82.87% at the beginning of the year to 14.55% by the end of the reporting period, indicating improved financial stability[19] - The total liabilities as of the end of the reporting period amounted to ¥541,754,680.33, compared to ¥1,886,391,442.77 in the previous year[25] Cash Flow - The company reported a net cash flow from operating activities of -¥487,689,241.11, reflecting a decline of 335.16% year-on-year[6] - The net cash flow from operating activities for the year-to-date period was -335.16 million, primarily due to increased raw material purchases and prior unpaid invoices[12] - Cash inflow from operating activities for the first three quarters of 2025 was ¥3,164,004,476.48, compared to ¥2,453,702,931.47 in 2024, indicating a growth of 28.8%[30] - The net cash flow from operating activities was -$487.69 million, a decrease from $207.39 million in the previous period, indicating a significant decline in operational performance[31] - The company reported a net increase in cash and cash equivalents of $962.22 million, compared to $110.69 million in the prior period, indicating improved liquidity[31] - The ending balance of cash and cash equivalents stood at $1.29 billion, significantly higher than $285.45 million at the end of the previous period, showcasing enhanced cash reserves[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 61,040[14] - The largest shareholder, Shudao Investment Group, holds 1,095,914,805 shares, representing 41.49% of total shares[14] Research and Development - Research and development expenses for the year-to-date period amounted to 515.40 million, reflecting an increase due to investments in new product development[11] - Research and development expenses increased significantly to ¥9,055,521.45 in 2025 from ¥1,471,489.03 in 2024, marking a growth of 514.5%[27] Market and Product Development - The company plans to continue expanding its market presence and enhancing its product offerings, supported by the recent capital influx from the share issuance[10] - The company is actively expanding its refined ammonium phosphate and granular ammonium phosphate export markets, which has supported its profitability in the phosphate chemical business[17] - The natural gas chemical business continues to face challenges with increasing production costs due to rising natural gas and electricity prices, leading to ongoing losses[17] Capital Raising and Financing - The company completed a private placement of shares, raising net funds of ¥2,834,758,430.19, which significantly impacted its cash position[10] - The company issued 609.6 million shares to its controlling shareholder, raising a total of CNY 2.853 billion, which has been fully utilized to repay debts and supplement working capital[18] - Total cash inflow from financing activities reached $3.75 billion, a substantial increase compared to $41.02 million in the prior period, reflecting strong capital raising efforts[31] - Cash outflows for financing activities totaled $2.27 billion, a significant increase from $66.97 million, indicating higher debt repayments and dividend distributions[31] Operational Costs - The operating profit for the year-to-date period was -304.02 million, attributed to declining zinc product prices and increased procurement costs[11] - Total operating costs for the first three quarters of 2025 were ¥2,867,983,018.68, up from ¥2,362,573,995.17 in 2024, reflecting a 21.3% increase[27] - Cash paid for purchasing goods and services in the first three quarters of 2025 was ¥3,328,279,818.36, compared to ¥1,935,684,534.88 in 2024, reflecting a 72.0% increase[30] - The company’s zinc smelting production costs decreased by 24.12% in Q3 2025 compared to the first half of the year, contributing to a reduction in cumulative losses in the non-ferrous metal smelting business[18] Accounting Standards - The company did not apply new accounting standards starting in 2025, maintaining consistency in financial reporting[32]

Group 1 - The non-ferrous metal sector experienced a significant upward movement on October 29, with notable stocks such as CITIC Metal and Dazhong Mining reaching their daily limit increase [1] - Other companies in the sector, including Huayu Mining, Huaxi Nonferrous, Hongda Co., Zhuhai Group, and Yuguang Gold Lead, also saw gains [1]

Investment Rating - The investment rating for the company is "Buy (First Coverage)" [6] Core Views - The company has undergone significant changes, transitioning to a new operational phase under the leadership of Shudao Group, which has become the controlling shareholder. The focus is on whether the company can achieve a rebirth after overcoming past challenges [3][21] - The development of the Duolong Copper Mine is a key factor in the company's long-term growth prospects, as it is the largest undeveloped copper mine in China, expected to significantly enhance the company's production capacity and profitability [4][5] Summary by Sections Historical Development - The company has experienced both peaks and troughs throughout its history, and it is now entering a new phase of operations under Shudao Group's guidance [3][14] Shudao Group's Entry - The entry of Shudao Group has allowed the company to shed historical burdens, resolving long-standing litigation and debt issues, and improving liquidity and capital structure [8] - Potential integration of mining resources from Shudao Group could enhance the company's phosphate chemical business, which currently faces challenges due to a lack of upstream resources [8] - The collaboration between resources and market opportunities is expected to transform the existing business model, addressing issues related to raw material supply, market expansion, and product consumption [8] Duolong Copper Mine Development - The long-term supply of copper is expected to face bottlenecks, with price expectations trending upwards. The development of the Duolong Copper Mine is anticipated to open up significant growth opportunities for the company [5][9] - The estimated annual production from the Duolong Copper Mine is projected to be between 263,700 to 273,400 tons of copper, along with gold and silver production, contributing significantly to the company's profitability [5][9] Existing Business - The company's current operations focus on phosphate chemicals and zinc smelting, with zinc smelting primarily contributing to revenue but facing limited profitability. The phosphate chemical segment is expected to improve with potential resource integration [9][10] - The company is projected to achieve revenues of 3.561 billion, 3.729 billion, and 3.741 billion yuan from 2025 to 2027, with net profits gradually improving [11][10] Profit Forecast and Investment Recommendations - The company is expected to enter a positive growth trajectory in profitability due to improved liquidity and operational stability, with net profits projected to reach 30-40 billion yuan in the long term if the Duolong project is successfully developed [10][11]

Group 1 - The core viewpoint of the report is that Hongda Co., Ltd. (600331.SH) is given an "Overweight" rating due to several positive factors [1] - The company has successfully shed historical burdens, which is expected to enhance its operational efficiency [1] - Potential integration of mining resources within the group is anticipated to unlock business development constraints [1] - There is an opportunity for transformation in the existing business system through resource and market synergy [1] Group 2 - The report highlights risks including the continuous decline in prices of ammonium phosphate and zinc ingots [1] - Development progress of the Duolong project may not meet expectations, posing a risk to future growth [1] - Funding for the construction of the Duolong copper mine may fall short of expectations, which could impact project viability [1] - Stricter domestic environmental policies could pose challenges to operations [1] - The integration process of mining resources within the group may not proceed as anticipated, adding to uncertainty [1]

证券时报·数据宝统计显示，宏达股份今日收盘价为10.06元，上涨1.72%，日换手率为1.39%，成交额为 2.83亿元，全天主力资金净流入1173.80万元，近5日该股累计下跌3.36%，近5日资金合计净流出6107.58 万元。 两融数据显示，该股最新融资余额为8.14亿元，近5日减少1.02亿元，降幅为11.16%。（数据宝） 宏达股份10月20日大宗交易平台共发生2笔成交，合计成交量718.00万股，成交金额6390.20万元。成交 价格均为8.90元，相对今日收盘价折价11.53%。 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 溢价（%） | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | | | | | 618.00 | 5500.20 | 8.90 | -11.53 | 中信证券股份有限公 | 中信证券股份有限公 | | | | | | 司四川分公司 | 司四川分公司 | | 100.00 | 890.00 | 8.90 | -11.53 | 中信证券股份有限公 | 中信证券股 ...