Core Viewpoint - On November 3, a total of 12 listed companies will have their restricted shares unlocked, with a total market value of approximately 8.307 billion yuan [1] Summary by Category Restricted Share Unlocking Details - Yunding Technology (Stock Code: 000409) will unlock 153 million shares from a private placement of A-shares [1] - China Unicom (Stock Code: 600050) will unlock 250 million shares related to equity incentive restrictions [1] - Ningbo Yunsheng (Stock Code: 600366) will unlock 5.857 million shares from equity incentives [1] - Changrun Co., Ltd. (Stock Code: 603201) will unlock 387,500 shares from equity incentives [1] - Lingda Co., Ltd. (Stock Code: 300125) will unlock 630,000 shares from equity incentives [1] - Wanda Information (Stock Code: 300168) will unlock 1.2701 million shares from equity incentives [1] - Qunxing Toys (Stock Code: 002575) will unlock 7.2 million shares from equity incentives [1] - Lushan New Materials (Stock Code: 603051) will unlock 391,200 shares from equity incentives [1] - Hongbo Pharmaceutical (Stock Code: 301230) will unlock 4.8251 million shares from pre-issue restrictions [1] - Oppein Home (Stock Code: 603551) will unlock 60,000 shares from equity incentives [1] - Yihe Jiaye (Stock Code: 301367) will unlock 2.34362 million shares from pre-issue restrictions [1] - Ruina Intelligent (Stock Code: 301129) will extend the lock-up period for 8.8992 million shares [1]

Core Insights - The third quarter report of public funds reveals that fund managers' unique heavy positions are showing a different trend compared to mainstream strategies, with a focus on smaller market cap stocks that exhibit greater elasticity and diversification [1][2] Group 1: Performance of Unique Heavy Positions - Over 30 actively managed equity funds with unique heavy positions achieved returns exceeding 30% in the third quarter, with some funds like Dongcai Digital Economy Preferred seeing a net value growth rate close to 70% [1] - A total of 691 stocks became unique heavy positions for funds by the end of the third quarter, with an average market cap of less than 10 billion, and 82.2% of these stocks saw price increases [2] - In the third quarter alone, 519 unique heavy position stocks recorded positive returns, with 9 stocks doubling in price [2] Group 2: Notable Fund Cases - The fund "Bosera Hong Kong Stock Connect Leading Trend" saw significant gains from its unique heavy position in InnoScience, with a floating profit estimated at 125 million yuan due to a 135.57% increase in the stock price [3] - Other funds like E Fund Hong Kong Stock Connect Dividend and Qianhai Kaiyuan Core Resource Fund also reported substantial returns and significant increases in fund size due to their unique heavy positions [3] Group 3: Sector Distribution and Trends - Unique heavy positions are predominantly found in sectors such as machinery, pharmaceuticals, electronics, and basic chemicals, with several stocks having a market value exceeding 100 million yuan [4] - Despite an overall underweight in the real estate sector, some funds have made counter-cyclical investments, indicating a potential shift in market sentiment [5] Group 4: Emerging Opportunities - Fund managers are increasingly focusing on companies with strong fundamentals and safety margins, as seen in the case of Yongyin Hongze's heavy position in Bolong Technology, which has yielded a 62.13% return year-to-date [6] - The satellite internet sector is highlighted as a key area for future growth, with significant investments being made in high-value, high-barrier segments of the industry [7] Group 5: Unique Heavy Positions in Niche Stocks - The fund managed by Wu Yuanyi and Ye Shuai has taken a unique heavy position in Huifeng Diamond, the only active equity product to do so, indicating a strategic focus on niche markets [8] - Other funds have also established unique heavy positions in various emerging companies, showcasing a trend towards diversification and targeted investment strategies [8]

Core Viewpoint - The company reported significant growth in revenue and net profit for the third quarter of 2025, indicating strong performance in its core business areas, particularly in the new energy vehicle sector [6][7]. Financial Performance - The company achieved operating revenue of 3.91 billion yuan, an increase of 7.03% compared to the same period last year [6]. - The net profit reached 275.89 million yuan, showing a remarkable growth of 299.04% year-on-year [6]. - The net profit after deducting non-recurring gains and losses was 251.00 million yuan, reflecting a growth of 302.29% compared to the previous year [6]. Business Segments - Sales revenue from neodymium-iron-boron permanent magnetic materials for new energy vehicle applications was 1.794 billion yuan, up 7.95% year-on-year, capturing approximately 23% market share in the domestic new energy passenger vehicle market [7]. - Revenue from neodymium-iron-boron permanent magnetic materials for consumer electronics decreased by 1.72% to 979 million yuan [7]. - Revenue from industrial and other applications of neodymium-iron-boron permanent magnetic materials fell by 4.87% to 654 million yuan [7]. - The company is actively pursuing opportunities in emerging markets such as humanoid robots and low-altitude aircraft, achieving positive progress in product development [7]. Corporate Governance - The board of directors confirmed the authenticity, accuracy, and completeness of the quarterly report, taking legal responsibility for its content [2][10]. - The third-quarter report was approved unanimously by the board during a meeting held on October 30, 2025 [11].

Core Viewpoint - The rare earth permanent magnet industry has shown varied performance in Q3, with upstream companies benefiting from strong price increases, while midstream magnet manufacturers face challenges despite demonstrating resilience in growth [1] Group 1: Upstream Performance - Rare earth product prices have significantly increased, with the average price of praseodymium and neodymium oxide reaching 561.5 yuan per kilogram by September 30, marking a 41% increase since the beginning of the year [2] - Major rare earth resource companies reported substantial profit growth in Q3, with Guangxi Chuangsheng Nonferrous Metals, Shenghe Resources, and Northern Rare Earth seeing net profit increases of 240.56%, 166.31%, and 85.91% respectively [2] - Cash flow analysis indicates that upstream companies have stronger bargaining power and cash flow compared to downstream magnet manufacturers, reflecting higher profit quality [2] Group 2: Midstream Magnet Manufacturers - Despite facing policy uncertainties and market volatility, leading domestic magnet companies exhibited strong profit resilience in Q3, with significant growth in non-recurring net profits [4] - Companies like Ningbo Yunsheng, Jinli Permanent Magnet, and Zhenghai Magnetic Materials reported impressive non-recurring net profit growth rates of 621.23%, 254.98%, and 165.39% respectively [4] - The performance improvement in magnet companies is attributed to the release of new production capacity and the exploration of emerging markets [4][5] Group 3: Operational Challenges - Many companies experienced longer inventory turnover days compared to previous years, indicating potential operational challenges [6] - Some companies reported cash flow pressures, with net cash ratios falling below 1 or even negative, highlighting financial strain despite positive profit levels [6] - The overall performance of magnet companies in Q3 serves as evidence of their ability to grow amidst a complex environment [6]

Core Viewpoint - The rare earth permanent magnet industry has shown varied performance in Q3, with upstream companies benefiting from strong product price increases, while midstream magnet manufacturers face challenges but demonstrate resilience through diverse strategies [1][2]. Group 1: Upstream Performance - Rare earth product prices have significantly increased, with the average price of praseodymium and neodymium oxide reaching 561.5 RMB/kg, a 41% rise since the beginning of the year [2]. - Major upstream companies like Guangsheng Nonferrous, Shenghe Resources, and Northern Rare Earth reported substantial increases in net profit, with year-on-year growth rates of 240.56%, 166.31%, and 85.91% respectively [2][4]. - Northern Rare Earth achieved historical highs in production and sales across its three main product categories [4]. Group 2: Midstream Magnet Manufacturers - Leading magnet companies such as Ningbo Yunsheng, Jinli Permanent Magnet, and Zhenghai Magnetic Materials reported impressive net profit growth rates of 621.23%, 254.98%, and 165.39% respectively in Q3 [1][5]. - Jinli Permanent Magnet attributed its growth to the steady release of new production capacity and strong performance in the electric vehicle and energy-saving sectors, with sales revenue reaching 2.615 billion RMB and 1.446 billion RMB respectively [5][6]. - Ningbo Yunsheng's profit growth was linked to improved gross margins and a strong market position in the domestic new energy vehicle sector, holding a 23% market share [6]. Group 3: Challenges and Concerns - Despite strong performance, many companies face challenges such as increased inventory turnover days and cash flow pressures, with some companies reporting net cash ratios below 1 or even negative [7]. - The uncertainty in policies and market conditions has led to longer inventory turnover days for several companies, indicating potential operational challenges ahead [7]. - The overall positive net profit levels in Q3 provide evidence of the magnet industry's ability to grow despite a complex environment [7].

Core Viewpoint - Ningbo Yunsheng (600366.SH) reported a significant increase in net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The total operating revenue for the first three quarters reached 3.91 billion yuan, representing a year-on-year growth of 7.03% [1] - The net profit attributable to shareholders of the parent company was 276 million yuan, showing a remarkable year-on-year increase of 299.04% [1] - The basic earnings per share stood at 0.2563 yuan [1]

Core Viewpoint - Ningbo Yunsheng is a leading global supplier of rare earth permanent magnet materials, focusing on the research, manufacturing, and sales of neodymium-iron-boron permanent magnet materials, with a strong technological and industrial chain advantage [1] Group 1: Business Performance - In Q3 2025, Ningbo Yunsheng reported revenue of 3.91 billion yuan, ranking 4th in the industry, with the top competitor, Jinli Permanent Magnet, at 5.373 billion yuan [2] - The main business of neodymium-iron-boron generated 2.076 billion yuan, accounting for 88.37% of total revenue, while other revenues contributed 273 million yuan, or 11.63% [2] - The net profit for Q3 2025 was 275 million yuan, ranking 3rd in the industry, with the leading company, Jinli Permanent Magnet, at 524 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 40.22%, higher than the previous year's 33.99% and above the industry average of 33.39%, indicating increased debt pressure [3] - The gross profit margin for Q3 2025 was 18.36%, up from 13.10% year-on-year, but still below the industry average of 24.35%, suggesting room for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 19.03% to 157,200, while the average number of circulating A-shares held per account decreased by 15.99% [5] - Institutional holdings showed activity with changes in positions from entities like Hong Kong Central Clearing Limited and Qianhai Kaiyuan [5] Group 4: Future Projections - Revenue for 2024 is projected to be 5.041 billion yuan, with a net profit of 95 million yuan, and Q1 2025 revenue is expected to be 1.122 billion yuan with a net profit of 37 million yuan [5] - The production volume of neodymium-iron-boron is anticipated to be 13,400 tons in 2024, with sales expected to reach 12,900 tons [5] - In the first quarter of 2025, sales revenue from neodymium-iron-boron materials in the electric vehicle sector is projected to be 574 million yuan, a year-on-year increase of 43.14%, representing 51% of total revenue [5]

第十一届董事会第十二次会议决议的公告 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。 证券代码：600366 证券简称：宁波韵升 编号：2025—068 宁波韵升股份有限公司 一、董事会会议召开情况 宁波韵升股份有限公司于 2025 年 10 月 21 日向全体董事发出了以通讯方式召开 第十一届董事会第十二次会议的通知，于 2025 年 10 月 30 日以通讯方式召开第十一 届董事会第十二次会议。本次会议应参加董事 8 人，实际参加董事 8 人。本次会议 的召集、召开和表决程序符合有关法律、法规和公司章程的规定，会议形成的决议 合法有效。 本议案在提交董事会审议前，已经审计委员会事前认可。 特此公告。 宁波韵升股份有限公司 董 事 会 2025 年 10 月 31 日 二、董事会会议审议情况 1、审议通过了《2025 年第三季度报告》 表决结果：8 票赞成、0 票反对、0 票弃权。 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥1,560,975,394.82, representing a year-on-year increase of 15.90%[5] - The total profit for the quarter was ¥187,507,404.83, showing a significant increase of 522.29% compared to the same period last year[5] - The net profit attributable to shareholders was ¥168,059,595.41, reflecting a year-on-year growth of 449.15%[5] - The basic earnings per share for the quarter was ¥0.1561, an increase of 451.59% compared to the same period last year[6] - The company achieved operating revenue of RMB 3.91 billion for the period, an increase of 7.03% year-over-year, and net profit of RMB 275.89 million, a significant growth of 299.04% compared to the previous year[15] - Operating profit for the first three quarters of 2025 was CNY 302,268,429.29, significantly higher than CNY 63,274,104.50 in the previous year, marking a growth of 377.5%[22] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was CNY 275,893,852.59, compared to CNY 69,139,326.46 in the same period of 2024, reflecting an increase of 299.5%[23] - The basic earnings per share for the first three quarters of 2025 was CNY 0.2563, compared to CNY 0.0637 in the same period of 2024, indicating improved profitability per share[23] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥10,301,548,197.69, marking a 14.17% increase from the end of the previous year[6] - The company reported a total of 7,176.28 million RMB in current assets as of September 30, 2025, compared to 5,616.93 million RMB at the end of 2024, reflecting a substantial increase[17] - The company’s total number of common stock shareholders at the end of the reporting period was 157,164[14] - Total assets as of the end of the reporting period amounted to CNY 10,301,548,197.69, up from CNY 9,023,322,287.45, representing a growth of 14.2%[19] - Total liabilities increased to CNY 4,143,536,318.39 from CNY 3,090,882,960.51, reflecting a rise of 33.9%[19] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥107,874,961.07, which decreased by 82.77% compared to the previous year[6] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 4,121,101,777.96, an increase of 4.3% compared to CNY 3,951,606,191.07 in the same period of 2024[25] - The net cash flow from operating activities decreased significantly to CNY 107,874,961.07, down 82.8% from CNY 626,009,582.51 in the previous year[25] - Cash inflow from investment activities totaled CNY 1,602,590,758.72, a substantial increase from CNY 633,247,189.94 in the prior year[26] - The net cash flow from investment activities was negative at CNY -715,185,249.61, an improvement from CNY -810,616,824.91 in the same period last year[26] - Cash inflow from financing activities was CNY 925,309,946.81, compared to CNY 825,000,000.00 in the previous year, reflecting a growth of 12.1%[26] - The net cash flow from financing activities improved to CNY 207,358,932.21, compared to a negative CNY -110,549,200.11 in the same period last year[26] - The ending balance of cash and cash equivalents decreased to CNY 657,128,584.09 from CNY 985,135,833.46 at the end of the previous year[26] - The company received CNY 164,626,425.68 in tax refunds, up 70.4% from CNY 96,639,269.85 in the same period last year[25] - The total cash outflow from operating activities was CNY 4,013,226,816.89, an increase of 20.6% compared to CNY 3,325,596,608.56 in the previous year[25] Investments and R&D - Research and development expenses increased to CNY 213,761,814.74 in the first three quarters of 2025, up from CNY 132,528,594.62 in the previous year, indicating a focus on innovation[22] - The company is actively pursuing market opportunities in emerging fields such as humanoid robots and low-altitude aircraft, with positive progress in product development[16] Inventory and Receivables - The company’s inventory stood at RMB 1.945 billion, an increase from RMB 1.401 billion in the previous year, indicating a growth in stock levels[17] - The company’s accounts receivable increased to RMB 1.733 billion from RMB 1.503 billion, showing a rise in credit sales[17] Government Support - The company received government subsidies amounting to ¥7,338,851.13 during the quarter, contributing to its financial performance[8] Accounting Standards - The company did not apply new accounting standards for the year 2025[27]

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]