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]

Company Reductions - The major shareholder of Hu Silicon Industry plans to reduce its stake by no more than 2% [1] - The controlling shareholder of Lichip Micro intends to reduce its stake by no more than 3% [1] - Guo Keyun from Yunlu Co. plans to reduce his stake by no more than 3% [1] - Shareholder Li Aizhen from Power Diamond intends to reduce his stake by no more than 3% [1] - Hongzhan Real Estate plans to reduce its stake in Guo New Energy by no more than 2.07% [1] - Bohai Information Industry Fund has collectively reduced its stake in Leshan Electric Power by 0.8590% [1] Shareholder Reductions - Zhu Shidong plans to reduce his stake in Ningbo Yunsheng by no more than 111,800 shares [1] - He Tu Investment and Jing Kun Investment collectively plan to reduce their stake in Kewell by 620,300 shares [1] - Synth International has reduced its stake in Wanhua Chemical by a total of 16,469,600 shares [1] - Shuntai Zonghua has reduced its stake in Weier Pharmaceutical by 1% [1] - Junjie Investment has reduced its stake in Fuke Environmental Protection by a total of 2,813,300 shares [1] - Ping An Life and its concerted parties have cumulatively reduced their stake in Huaxia Happiness by 0.20% [1] - Shareholder Tie Xiaorong has reduced his stake in Xinghuo Technology by a total of 19,120,000 shares [1] Other Information - Independent director Han Fang of Jiatou Energy has been unreachable [1] - Rejing Bio reported a net loss of 109 million yuan in the first three quarters [1]

Core Viewpoint - Ningbo Yunsheng (600366.SH) announced that due to its own funding needs, the company's director and deputy general manager, Mr. Zhu Shidong, plans to reduce his holdings by up to 25% of his shares within three months after 15 trading days from the announcement date, totaling no more than 111,800 shares, which accounts for 0.0102% of the company's total share capital [1] Summary by Relevant Sections - **Share Reduction Plan** - Mr. Zhu Shidong intends to reduce his holdings by a maximum of 111,800 shares [1] - The reduction will occur within three months after 15 trading days from the announcement date [1] - The reduction represents up to 25% of his total shareholdings [1] - **Market Impact** - The reduction price will be determined based on the secondary market price at the time of the reduction [1]

Core Viewpoint - Ningbo Yunsheng (SH 600366) announced a planned share reduction by its Vice President Zhu Shidong, who holds approximately 450,000 shares, representing 0.0407% of the total share capital [1] Group 1: Share Reduction Plan - Zhu Shidong plans to reduce his holdings by up to 25% of his shares within three months after the announcement, which amounts to a maximum of approximately 110,000 shares, or 0.0102% of the total share capital [1] - The reduction price will be determined based on the market price at the time of the sale [1] Group 2: Company Financials - For the year 2024, Ningbo Yunsheng's revenue composition is projected to be 90.37% from neodymium-iron-boron and 9.63% from other businesses [1] - As of the announcement, Ningbo Yunsheng's market capitalization is 15.2 billion yuan [1]

证券代码：600366 证券简称：宁波韵升 公告编号：2025-067 宁波韵升股份有限公司 关于部分董事及高级管理人员减持股份计划公告 本公司董事会、全体董事及相关股东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： 上述股东不存在《上市公司股东减持股份管理暂行办法》《上海证券交易所 上市公司自律监管指引第 15 号——股东及董事、高级管理人员减持股份》等法 律法规规定的不得减持的情形。 三、减持计划相关风险提示 | 股东名称 | 朱世东 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他： | | | | 持股数量 | 447,300股 | | | | 持股比例 | 0.0407% | | | | 当前持股股份来源 | 股权激励取得：447,300股 | | | 一、减持主体的基本情况 上述减持主体无一致行动人。 1 董监 ...

Core Viewpoint - Ningbo Yunsheng (600366.SH) announced that its director and deputy general manager, Zhu Shidong, plans to reduce his holdings by no more than 111,800 shares through centralized bidding, which represents no more than 0.0102% of the company's total share capital [1] Summary by Category - **Company Announcement** - The company disclosed the intention of Zhu Shidong to sell shares due to personal funding needs [1] - The planned reduction in shareholding is limited to a maximum of 111,800 shares [1] - This reduction accounts for a small fraction of the total share capital, specifically 0.0102% [1]

Core Viewpoint - The announcement from Ningbo Yunsheng indicates that the director and deputy general manager, Zhu Shidong, plans to reduce his shareholding due to personal financial needs, which may impact investor sentiment and stock performance [1] Summary by Relevant Sections Shareholding Details - Zhu Shidong holds 447,300 shares of the company, accounting for 0.0407% of the total share capital [1] - He intends to reduce his holdings by up to 111,800 shares, representing 0.0102% of the total share capital [1] Reduction Plan - The planned reduction will occur within three months following the announcement, starting 15 trading days after the disclosure [1] - The selling price will be determined based on the market price at the time of the reduction [1]

Core Viewpoint - The company announced that its Vice President, Zhu Shidong, plans to reduce his shareholding by up to 111,800 shares, representing 0.0102% of the total share capital, due to personal financial needs [1] Summary by Relevant Sections - **Shareholding Reduction Plan** - Zhu Shidong intends to sell up to 111,800 shares within three months after a 15 trading day period from the announcement date [1] - The selling price will be determined based on the market price at the time of the sale [1] - **Current Shareholding Status** - As of the announcement date, Zhu Shidong holds a total of 447,300 shares, which accounts for 0.0407% of the company's total share capital [1]

Market Overview - The metal new materials sector experienced a decline of 1.41% on October 23, with Xinlaifu leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Zhongzhou Special Materials (300963) with a closing price of 23.14, up 3.21% and a trading volume of 604,700 shares, totaling 1.361 billion yuan [1] - Tianli Composite (920576) closed at 30.51, up 0.93% with a trading volume of 25,900 shares [1] - Platinum New Materials (300811) closed at 72.51, up 0.92% with a trading volume of 85,100 shares [1] - Major decliners included: - Xinlaifu (301323) closed at 64.22, down 6.95% with a trading volume of 86,100 shares [2] - Antai Technology (000969) closed at 20.18, down 5.39% with a trading volume of 2,151,700 shares, totaling 4.403 billion yuan [2] - Ni'an New Materials (688786) closed at 29.69, down 3.13% with a trading volume of 25,200 shares [2] Capital Flow - The metal new materials sector saw a net outflow of 690 million yuan from institutional investors, while retail investors contributed a net inflow of 668 million yuan [2] - The capital flow for specific stocks showed: - Zhongzhou Special Materials had a net outflow of 31.87 million yuan from institutional investors [3] - Platinum New Materials experienced a net inflow of 31.67 million yuan from institutional investors [3] - Other stocks like Jiangnan New Materials (603124) and Huada New Materials (605158) also showed varied capital flows with net inflows and outflows from different investor types [3]