Group 1 - The core viewpoint of the report is that Southwest Securities has given China National Offshore Oil Corporation (CNOOC) a "buy" rating based on several positive factors [1] Group 2 - The company's profitability continues to improve, with effective cost control measures in place [1] - The drilling segment has seen an increase in platform utilization, leading to significant revenue growth [1] - The oil technology segment is driven by technology advancements, establishing an integrated engineering service system [1] - The ship service operation volume has risen, introducing an innovative "ship+" service system [1] - The geophysical exploration segment is optimizing its industrial layout, focusing on high-return businesses [1]

Core Insights - The Chongqing state-owned enterprise reform sector saw a rise of 0.52% on October 31, with Qianli Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance Summary - Qianli Technology (601777) closed at 11.91, up 2.67%, with a trading volume of 466,600 shares and a transaction value of 553 million [1] - Yushanxia A (000565) closed at 8.16, up 1.87%, with a trading volume of 105,200 shares and a transaction value of 86.01 million [1] - ST Huicheng (002168) closed at 4.08, up 1.75%, with a trading volume of 57,300 shares and a transaction value of 23.44 million [1] - Other notable stocks include Yukaifang (000514) at 5.23 (+1.16%), Chuan Yi Co. (603100) at 23.34 (+0.78%), and Jieling Pickles (002507) at 13.12 (+0.69%) [1] Capital Flow Analysis - The Chongqing state-owned enterprise reform sector experienced a net inflow of 26.71 million from institutional investors, while retail investors saw a net inflow of 11.87 million [2] - However, speculative funds recorded a net outflow of 38.58 million [2] Individual Stock Capital Flow - Qianli Technology (601777) had a net inflow of 35.02 million from institutional investors, while it faced a net outflow of 13.45 million from speculative funds [3] - Chuan Yi Co. (603100) saw a net inflow of 14.05 million from institutional investors, with a net outflow of 8.75 million from speculative funds [3] - Sanfeng Environment (601827) had a net inflow of 13.99 million from institutional investors, but a net outflow of 14.78 million from retail investors [3]

Group 1 - The gross margin is under pressure due to a decline in product prices, impacting profitability [1] - Domestic OEM business is a drag on performance, while overseas operations remain relatively stable [1] - Focus on product innovation, with attention to the competitive landscape improvement following the implementation of 3C certification [1]

Core Viewpoint - Daodaoquan is a well-known company in the domestic edible vegetable oil industry, recognized for its high cost-performance and stable quality, with a significant brand presence in the market [1] Financial Performance - In Q3 2025, Daodaoquan achieved a revenue of 4.397 billion yuan, ranking third among seven companies in the industry, with the leader, Jinlongyu, reporting 184.27 billion yuan [2] - The company's net profit for the same period was 223 million yuan, also ranking third, while the industry leader's net profit was 2.994 billion yuan [2] Financial Ratios - As of Q3 2025, Daodaoquan's debt-to-asset ratio was 49.05%, higher than the industry average of 39.81%, but down from 56.90% year-on-year [3] - The company's gross profit margin was 10.01%, below the industry average of 11.25%, although it improved from 8.91% in the previous year [3] Management and Shareholder Information - The chairman and general manager, Liu Jianjun, received a salary of 360,200 yuan in 2024, a decrease of 26,400 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 2.40% to 23,400, while the average number of circulating A-shares held per shareholder increased by 2.46% to 12,200 [5] Business Growth and Outlook - The company is experiencing steady growth in its core business, with a 20.53% year-on-year increase in packaging oil revenue, reaching 1.751 billion yuan [5] - Daodaoquan plans to invest 1 billion yuan in a new 1 million tons/year edible oil processing project in Weinan, Shaanxi, and is advancing the construction of its headquarters base in Changsha [5] - EPS forecasts for 2025-2027 are 0.70 yuan, 0.83 yuan, and 1.02 yuan, with corresponding dynamic P/E ratios of 16, 14, and 11 times [5]

Core Viewpoint - 瑞迈特 is a leading company in the respiratory health sector, focusing on the research, production, and sales of medical devices and consumables, providing comprehensive treatment solutions for patients with sleep apnea and respiratory dysfunction [1] Group 1: Business Performance - In Q3 2025, 瑞迈特 reported revenue of 808 million yuan, ranking 18th in the industry, significantly lower than the top player, 美瑞医疗, which had revenue of 25.83 billion yuan [2] - The net profit for the same period was 184 million yuan, ranking 9th in the industry, again trailing behind 美瑞医疗's 7.81 billion yuan [2] - The company achieved a year-on-year revenue growth of 34.2% and a net profit growth of 43.9% in the first three quarters of 2025 [5][6] Group 2: Financial Ratios - As of Q3 2025, 瑞迈特's debt-to-asset ratio was 15.08%, lower than the industry average of 27.21% [3] - The gross profit margin for the same period was 52.37%, higher than the industry average of 48.67% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 16.36% to 7,971, while the average number of shares held per shareholder decreased by 14.20% [5] - The sixth largest shareholder is 汇添富医药保健混合, which holds 1.2953 million shares as a new entrant [5] Group 4: Executive Compensation - The chairman, 庄志, received a salary of 1.3404 million yuan in 2024, an increase of 281,000 yuan from the previous year [4]

Core Viewpoint - Yilian Technology, a leading domestic battery connection system company, is set to be listed on the Shenzhen Stock Exchange on November 22, 2024, focusing on the research and development of electrical connection components across various fields [1] Business Overview - Yilian Technology was established on December 7, 2011, and specializes in the R&D, design, production, sales, and service of electrical connection components, with a significant presence in the automotive electronics and electrical systems sector [1] - The company ranks 13th in revenue among 36 companies in the industry, with a revenue of 3.506 billion yuan for Q3 2025, while the industry leader, Yujing Electronics, reported 45.844 billion yuan [2] - The main revenue sources include cell connection components (1.216 billion yuan, 58.83%), low-voltage signal transmission components (588 million yuan, 28.44%), and power transmission components (237 million yuan, 11.48%) [2] Financial Performance - For Q3 2025, Yilian Technology reported a net profit of 219 million yuan, ranking 11th in the industry, with the industry average net profit being 217 million yuan [2] - The company's asset-liability ratio stands at 52.63%, higher than the industry average of 44.11%, while its gross profit margin is 16.10%, below the industry average of 19.46% [3] Management and Shareholder Structure - The chairman, Tian Wangxing, has a salary of 510,000 yuan for 2024, while the general manager, Tian Ben, has a salary of 1.3643 million yuan, reflecting a 33.75% increase from the previous year [4] - As of September 30, 2025, the number of A-share shareholders increased by 9.63% to 14,400, with an average holding of 1,333.51 shares [5] Growth Prospects - In the first half of 2025, Yilian Technology achieved a revenue of 2.067 billion yuan, a year-on-year increase of 22.1%, and a net profit of 137 million yuan, up 18.5% [6] - The company has a diversified product portfolio covering multiple application areas, including electric vehicle components, with significant clients such as CATL [6] - Future projections indicate a compound annual growth rate of 28% for net profit over the next three years, with a target price of 116.55 yuan based on a 35x PE ratio for 2025 [6]

Core Viewpoint - Changjiang Materials is a leading supplier of coated sand and waste sand recycling solutions in China, with a comprehensive product chain covering the entire coated sand industry [1] Group 1: Business Overview - Established in August 1979 and listed on the Shenzhen Stock Exchange in December 2021, Changjiang Materials is based in Chongqing [1] - The company specializes in the research, production, and sales of casting silica sand, coated sand, and sand cores, as well as the development of recycling technology and equipment for casting waste sand [1] Group 2: Financial Performance - For Q3 2025, Changjiang Materials reported revenue of 834 million yuan, ranking 3rd in the industry, with the top competitor, Suotong Development, generating 12.762 billion yuan [2] - The company's net profit for the same period was 116 million yuan, placing it 4th in the industry, with the leading competitor achieving a net profit of 886 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, Changjiang Materials had a debt-to-asset ratio of 18.92%, lower than the industry average of 32.68%, indicating strong solvency [3] - The gross profit margin for the company was 26.82%, higher than the industry average of 23.72%, reflecting good profitability [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.20% to 17,900, while the average number of circulating A-shares held per shareholder increased by 4.39% to 4,290.26 [5] - The company has shown growth in revenue and net profit year-on-year, with significant contributions from its core products [5] Group 5: Future Outlook - The company is expected to benefit from the growth in the automotive and domestic oil and gas extraction industries, with a projected compound annual growth rate of 26.46% for net profit over the next three years [5]

西南证券股份有限公司（以下简称公司）第十届董事会第二十次会议于 2025 年 10 月 20 日以电子邮件方式发出会议通知和相关材料，于 2025 年 10 月 30 日 在公司总部大楼以现场和视频方式召开。本次会议应出席董事 9 人，实际出席董 事 9 人，姜栋林董事长、杨雨松董事和徐秉晖独立董事现场出席本次会议，李军 董事、张敏董事、谭鹏董事、龚先念董事、黄琳独立董事和付宏恩独立董事视频 出席本次会议。公司全体高级管理人员列席本次会议。本次会议由姜栋林董事长 主持，会议的召集、召开及表决程序符合《中华人民共和国公司法》《公司章程》 等有关规定。 本次会议以记名投票方式审议以下议案： 证券代码：600369 证券简称：西南证券 公告编号：临 2025-045 西南证券股份有限公司 第十届董事会第二十次会议决议公告 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。 表决结果：[ 9 ]票同意，[ 0 ]票反对，[ 0 ]票弃权，审议通过该议案。 四、关于公司 2025 年第三季度利润分配方案的议案 一、关于增补公司第十届董事会风 ...

西南证券股份有限公司 关于 2025 年第三季度利润分配方案的公告 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： 每股分配比例：每股派发现金红利人民币 0.01 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总 额不变，相应调整每股分配金额，并将在相关公告中披露。 一、2025年第三季度利润分配方案内容 截至2025年9月30日，西南证券股份有限公司（以下简称公司）母公司报表 中期末未分配利润为人民币2,728,901,648.43元（未经审计，下同）。经董事会决 议，公司2025年第三季度拟以实施权益分派股权登记日登记的总股本为基数分配 利润。本次利润分配方案如下： 公司拟向全体股东每10股派发现金红利0.1元（含税）。截至2025年9月30日， 公司总股本6,645,109,124股，以此计算合计拟派发现金红利66,451,091.24元（含 税），占2025年第三季度归属于母公司股 ...

Financial Performance - Operating revenue for Q3 2025 reached ¥1,014,592,185.29, an increase of 77.10% compared to the same period last year[5] - Total profit for Q3 2025 was ¥347,028,644.30, reflecting a growth of 98.17% year-on-year[5] - Net profit attributable to shareholders for Q3 2025 was ¥282,574,637.56, up 97.95% from the previous year[5] - The net profit excluding non-recurring gains and losses for Q3 2025 was ¥285,735,619.39, a 102.52% increase year-on-year[5] - Total operating revenue for the first three quarters of 2025 reached ¥2,518,133,142.43, a significant increase from ¥1,763,977,350.46 in the same period of 2024, representing a growth of approximately 42.7%[25] - Net profit for the first three quarters of 2025 was ¥705,743,629.65, compared to ¥481,796,773.70 in 2024, indicating an increase of about 46.7%[25] - Basic earnings per share for the first three quarters of 2025 were ¥0.11, compared to ¥0.07 in 2024, representing a growth of about 57.1%[25] - Net profit for the first three quarters of 2025 was ¥714,859,047.97, up from ¥628,796,248.64, representing a growth of 13.7%[31] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥96,533,920,911.93, a 15.96% increase from the end of the previous year[5] - Total assets increased to ¥96,533,920,911.93 in 2025 from ¥83,249,447,492.98 in 2024, showing a growth of approximately 15.9%[23] - Total liabilities rose to ¥70,601,306,878.16 in 2025, compared to ¥57,438,122,819.11 in 2024, an increase of about 22.9%[23] - The company's total liabilities increased to 67,764,122,185.19 RMB from 54,811,249,602.60 RMB, representing a rise of about 23.6%[29] - The company's total equity reached ¥25,932,614,033.77 in 2025, slightly up from ¥25,811,324,673.87 in 2024, indicating a growth of approximately 0.5%[23] - The company's total equity as of September 30, 2025, was 25,236,156,662.93 RMB, slightly up from 25,104,519,087.12 RMB at the end of 2024[29] Income Sources - The net income from interest for the first nine months of 2025 was ¥379,938,429.89, a 30.69% increase compared to the same period in 2024[12] - The net income from fees and commissions for the first nine months of 2025 rose to ¥754,979,643.70, reflecting a 62.75% increase year-on-year[12] - The company reported a significant increase in other business income, which reached ¥91,721,332.60, up 116.02% from the previous year[12] - The net interest income rose to ¥379,938,429.89 in 2025 from ¥290,713,872.00 in 2024, marking an increase of approximately 30.7%[25] - Investment income surged to ¥1,134,819,991.03 in 2025, up from ¥498,846,565.13 in 2024, reflecting a growth of around 127.7%[25] - The company reported a significant increase in commission income from brokerage services, which rose to ¥568,493,610.39 in 2025 from ¥368,669,800.47 in 2024, a growth of approximately 54.2%[25] Cash Flow - As of September 30, 2025, the company's cash and cash equivalents amount to 21,096,812,791.70 RMB, an increase from 19,055,629,976.52 RMB at the end of 2024[20] - Cash and cash equivalents at the end of Q3 2025 were 25,752,442,172.66 RMB, compared to 19,045,829,523.79 RMB at the end of 2024, showing an increase of approximately 35.1%[27] - The net cash flow from operating activities was -1,347,986,891.81 RMB, a significant decline compared to 4,259,673,009.95 RMB in the same period of 2024[27] - Total cash inflow from operating activities reached 16,467,774,331.02 RMB, up from 12,700,776,456.68 RMB year-on-year, indicating a growth of approximately 29.5%[27] - The company issued bonds, generating cash inflow of 8,062,000,000.00 RMB in 2025, compared to 2,132,730,142.74 RMB in 2024, marking an increase of 277.5%[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 117,930[15] - The top 10 shareholders hold a total of 3,000,000,000 shares, representing 45.85% of the total shares[15] - Chongqing Yufu Capital Operation Group Co., Ltd. is the largest shareholder, holding 1,960,661,852 shares, which is 29.51% of the total[15] - The company plans to distribute a cash dividend of 0.1 RMB per 10 shares, totaling 66,451,091.24 RMB, which accounts for 23.52% of the net profit attributable to shareholders for Q3 2025[17] Legal Matters - The company has a pending lawsuit with a claim of approximately 21 million RMB related to a futures brokerage contract dispute[18] - The company has recovered approximately 23,053.61 million RMB from stock pledge disputes during the reporting period[19] - The company does not have any significant litigation or arbitration matters exceeding 10% of the latest audited net assets during the reporting period[17] Corporate Governance - The company has revised its articles of association and will no longer have a supervisory board or supervisors[16]