Core Viewpoint - The company Jinggong Steel Structure (600496.SH) demonstrates steady operational performance with significant growth in both domestic and international markets, particularly in steel structure sales and international orders [2][4][5]. Group 1: Financial Performance - In the first nine months of 2025, the company signed 533 contracts with a total contract value of 17.98 billion yuan, representing a year-on-year increase of 4.8% [3]. - The company achieved a steel structure sales volume of 1.18 million tons, up 34.6% year-on-year [4]. - For the first half of 2025, the company reported operating revenue of 9.911 billion yuan, a 29.48% increase, and a net profit attributable to shareholders of 350 million yuan, up 28.06% [8]. Group 2: International Business Growth - The company signed international orders worth 5 billion yuan in the first nine months of 2025, marking an impressive year-on-year growth of 87.3% [4][5]. - The international industrial building segment generated 2.52 billion yuan, a 64.3% increase, while the international public building segment reached 2.47 billion yuan, soaring 118.4% [4]. Group 3: Domestic Business Performance - The industrial building sector showed strong performance with project amounts reaching 7.42 billion yuan, a 9.1% increase year-on-year [6]. - The company faced challenges in the domestic public building and EPC sectors, with project amounts declining by 35.5% and 44.6% respectively [6]. Group 4: Innovation and Efficiency - The company is actively transforming its EPC business model and enhancing its service offerings, including integrated photovoltaic building solutions [7]. - Research and development expenses increased by 7.75% to 345 million yuan in the first half of 2025, reflecting the company's commitment to innovation [8]. Group 5: Cash Flow and Financial Health - As of June 30, 2025, the company reported cash and cash equivalents of 5.152 billion yuan, a 5.71% increase, with net cash flow from operating activities reaching 420 million yuan, up 90.8% [9].

Core Insights - On October 13, 2025, Jinggong Steel Structure (600496) recorded a financing buy of 9.561 million yuan and a financing repayment of 7.389 million yuan, resulting in a net financing buy of 2.172 million yuan, with a financing balance of 100 million yuan. Over the past three trading days, the cumulative net buy reached 10.789 million yuan, with 11 out of the last 20 trading days showing net financing buys [1] Financing Summary - On October 13, 2025, the net financing buy was 2.172 million yuan, with a financing balance of 100 million yuan, representing 1.36% of the circulating market value [2] - The financing balance increased by 2.19% on October 13, 2025, compared to the previous day, amounting to 101 million yuan [4] Margin Trading Summary - On October 13, 2025, there was a net sell of 1,400 shares in margin trading, with a remaining margin of 130,700 shares [3] - The margin trading balance was 483,600 yuan on October 13, 2025 [3]

Core Insights - The report emphasizes the importance of proactive discovery in investment opportunities rather than merely relaying information [2] Industry Updates - The upcoming Bay Chip Exhibition will focus on advanced semiconductor processing equipment, attracting attention to related stocks such as Aopu Optoelectronics (002338) and Guolin Technology (300786) [7] - The industrial software sector is entering a golden investment cycle, benefiting from increased domestic production rates, with key stocks including Zhongkong Technology (688777) and Dingjie Smart (300378) [7] - The Ministry of Industry and Information Technology has announced the launch of commercial trials for satellite IoT services, with relevant stocks being Zhenyou Technology (688418) and Qifeng Precision (920169) [7] Company Highlights - Heyuan Gas (002971) has signed a gas supply contract worth 768 million yuan with Dingyi New Materials, set to commence in July 2026 for a duration of ten years [9] - Jinggong Steel Structure (600496) reported new contracts worth 17.98 billion yuan in the first three quarters of 2025, with international business increasing by 87.3% year-on-year [9] - Hengdian East Magnetic (002056) expects a net profit of 1.39 billion to 1.53 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 50.1% to 65.2% [9] - Mingyang Smart Energy (601615) plans to invest 1.5 billion pounds to establish the UK's first integrated wind turbine manufacturing base in Scotland [9] Market Review and Outlook - On October 13, the market showed resilience with major indices recovering from initial declines, with the STAR Market Index rising over 1% in the afternoon session [10] - The total trading volume in the Shanghai and Shenzhen markets was 2.35 trillion yuan, a decrease of 160.9 billion yuan from the previous trading day [10] - Key sectors such as rare earth permanent magnets, semiconductor, and non-ferrous metals saw significant gains, while automotive parts and gaming sectors faced declines [10] - The report suggests that despite short-term uncertainties, there remains strong buying interest, indicating potential low-entry opportunities in popular sectors during adjustments [10]

Core Viewpoint - The company, Jinggong Steel Structure, reported a year-on-year increase in new contract signings and total contract value for the period from January to September 2025, indicating a positive growth trend in its business operations [1] Group 1: Contract Signings - In the period from January to September 2025, the company signed a total of 533 new contracts, with a cumulative contract value of 17.98 billion yuan, representing a year-on-year growth of 4.8% [1] - For the third quarter of 2025 (July to September), the company signed 173 new contracts, with a cumulative contract value of 5.47 billion yuan, showing a year-on-year increase of 11.2% [1]

Core Insights - The company's international business has shown significant growth, with project amounts reaching 5.0 billion yuan from January to September 2025, a year-on-year increase of 87.3%, surpassing the total overseas business orders for 2024 [1] - Domestic business shows structural differentiation, with industrial construction performing well, while public construction and EPC face challenges [1][2] International Business Performance - The international business segment achieved project amounts of 5.0 billion yuan, with industrial buildings at 2.52 billion yuan (up 64.3%) and public buildings at 2.47 billion yuan (up 118.4%) [1] - The company has established a solid foundation for international operations since the establishment of its international business department in 2008, with over 500 certified welders and multiple international certifications [2] - New contracts signed in the first half of 2025 include a 550 million yuan project for the Jeddah Sports Complex, contributing to the company's international recognition [2] Domestic Business Performance - Domestic industrial construction projects reached 7.42 billion yuan, a 9.1% increase, with a significant quarterly growth of 53.8% in Q3 [1] - Emerging businesses such as industrial chain and strategic alliances, as well as BIPV, have shown rapid growth, with amounts of 1.14 billion yuan and 280 million yuan respectively, both exceeding 2024's total orders [1] - However, domestic public construction and EPC businesses faced declines, with amounts of 2.25 billion yuan and 1.76 billion yuan, down 35.5% and 44.6% respectively [1]

Group 1 - Harbin Air Conditioning plans to transfer 40% equity of its subsidiary, Harbin Fushanchuan Biotechnology Development Co., Ltd. The subsidiary reported a net profit of -16.0963 million yuan for 2024, which is 218.83% of the previous year's net profit absolute value [1] - Xinhua Insurance expects a net profit of 29.986 billion to 34.122 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 45% to 65% [1][2] - Gansu Energy anticipates a net profit of 1.55 billion to 1.6 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 11.86% to 15.47% [2][3] Group 2 - Dongfang Tower forecasts a net profit of 750 million to 900 million yuan for the first three quarters of 2025, indicating a year-on-year growth of 60.83% to 93% [4] - Meili Eco announced that its subsidiary won a bid for an EPC project worth 2.375 billion yuan [6] - Bohai Chemical's wholly-owned subsidiary will undergo routine maintenance for its 600,000 tons/year PDH unit, expected to last about 30 days [8] Group 3 - Qin Port Co. reported a total throughput of 317.02 million tons for the first nine months of 2025, a year-on-year increase of 5.56% [10] - Jianglong Shipbuilding won a bid for a 72.99 million yuan fishery enforcement vessel project, accounting for 4.22% of its 2024 audited revenue [11] - Longyuan Technology expects a net profit of 35 million to 40 million yuan for the first three quarters of 2025, representing a year-on-year increase of 50.11% to 71.55% [12] Group 4 - Naipu Mining anticipates a net profit of 61 million to 66 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 45.16% to 49.32% [14] - Jinggong Steel Structure reported a cumulative contract amount of 17.98 billion yuan for the first nine months of 2025, a year-on-year increase of 4.8% [15][16] - Shenzhen Gas reported a net profit of 918 million yuan for the first three quarters of 2025, a year-on-year decrease of 13.08% [17] Group 5 - Yabao Pharmaceutical's subsidiary received a drug registration certificate for a new diabetes medication [18] - Shaanxi Coal's coal production in September was 14.56 million tons, a year-on-year increase of 5.34% [20] - Sifang New Materials reported a 15.94% year-on-year decline in concrete production for the first three quarters [22] Group 6 - Nanjing Foods reported a consolidated revenue of 276 million yuan in September, a slight increase of 0.0016% year-on-year [23] - Pulaike received a new veterinary drug registration certificate for a flea and tick treatment [24] - Zhucheng Technology received a cash dividend of 15 million yuan from its subsidiary [25] Group 7 - David Medical's subsidiary received a medical device registration certificate for a portable electronic endoscope image processor [26] - Zhongtong Bus reported a 36.88% year-on-year increase in sales in September, totaling 1,106 units [27] - Xiantan Co. reported a 11.95% year-on-year increase in chicken sales revenue in September [28] Group 8 - Bojun Technology expects a net profit of 552 million to 662 million yuan for the first three quarters of 2025, a year-on-year increase of 50% to 80% [30] - Haishi Pharmaceutical's innovative pain relief drug clinical trial application has been accepted [31] - Lingxiao Pump Industry used 80 million yuan of idle funds to purchase financial products [32] Group 9 - Qiangda Circuit's subsidiary completed business registration changes to expand its operational scope [33] - *ST Tianyu's controlling shareholder applied for bankruptcy liquidation due to severe financial difficulties [34] - Baolidi's shareholder plans to reduce holdings by up to 1 million shares [36] Group 10 - Zijin Mining completed the acquisition of Kazakhstan's Raygorodok gold mine, controlling 100% of its rights [44] - Zhonggang Luoyang's indirect controlling shareholder completed a capital increase, raising registered capital from approximately 26.666 billion yuan to 44.824 billion yuan [46] - Jinyu Jidong's director resigned due to work adjustments [47]

Core Viewpoint - The company, Jinggong Steel Structure, has shown significant growth in both domestic and international markets, with a notable increase in new contracts and sales volume, particularly in overseas business, which has become a crucial part of its strategy for sustainable growth [1][2][3] Group 1: Contract and Sales Performance - From January to September 2025, the company signed 533 new contracts with a total value of 17.98 billion yuan, representing a year-on-year increase of 4.8% [1] - In the third quarter of 2025, the company signed 173 new contracts worth 5.47 billion yuan, showing a year-on-year growth of 11.2% [1] - The steel structure sales volume reached 1.18 million tons from January to September 2025, marking a year-on-year increase of 34.6%, with 345,000 tons sold in the third quarter, up 11.8% year-on-year [1] Group 2: International Business Growth - As of the second quarter of 2025, the company secured new overseas orders worth 3.66 billion yuan, a year-on-year increase of 94.1%, accounting for 29% of total new orders [1] - By the end of the third quarter, the total value of new overseas orders reached 5 billion yuan, reflecting a year-on-year growth of 87.3%, surpassing the total overseas orders for the entire year of 2024 [2] Group 3: Strategic Business Development - The company focuses on high-growth industrial clients in its traditional subcontracting business, developing specialized solutions that have earned customer trust and repeat business [3] - The company is actively transforming its EPC business model for industrial buildings and leveraging existing customer channels to provide integrated green low-carbon building products and services, including BIPV [3] - The industrial chain and strategic franchise business, along with BIPV, have also seen rapid growth, with new orders of 1.14 billion yuan and 280 million yuan respectively, both exceeding the total orders for the entire year of 2024 [2]

Core Insights - The company announced that from January to September 2025, it signed a total of 533 new contracts with a cumulative contract value of 17.98 billion yuan, representing a year-on-year growth of 4.8% [1] - In the period from July to September 2025, the company signed 173 new contracts with a cumulative contract value of 5.47 billion yuan, showing a year-on-year increase of 11.2% [1] Summary by Categories - **Contract Performance** - Total new contracts signed from January to September 2025: 533 [1] - Cumulative contract value for the same period: 17.98 billion yuan [1] - Year-on-year growth in contract value: 4.8% [1] - **Quarterly Performance** - New contracts signed from July to September 2025: 173 [1] - Cumulative contract value for this quarter: 5.47 billion yuan [1] - Year-on-year growth in quarterly contract value: 11.2% [1]

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。 长江精工钢结构（集团）股份有限公司 | 股票简称：精工钢构 | 股票代码：600496 | 编号：临 2025-108 | | --- | --- | --- | | 转债简称：精工转债 | 转债代码：110086 | | 长江精工钢结构（集团）股份有限公司 关于 2025 年第三季度经营数据的公告 1 长江精工钢结构（集团）股份有限公司 海外业务新签订单 50.0 亿元，同比增长 87.3%，1-9 月累计新签订单已超过 2024 年全年海外业务订单（30 亿）。海外市场作为国内市场的重要延伸，有效弥补了 国内建筑市场激烈竞争环境下对公司业务的影响，有助于公司在规模增长的同时 保证订单的盈利性和回款条件。 一、业务签约及销量情况 2025 年 1-9 月，公司（包括控股子公司）共新签合同 533 项，累计合同金额 179.8 亿元，同比增长 4.8%。2025 年 7-9 月，公司（包括控股子公司）共新签合 同 173 项，累计合同金额 54.7 亿元，同比增长 11.2 ...

Core Viewpoint - The company, Jinggong Steel Structure (600496.SH), reported a year-on-year increase in new contracts and sales volume for the first three quarters of 2025, highlighting strong growth in both domestic and international markets [1] Group 1: Contract and Revenue Growth - In the first three quarters of 2025, the company signed a total of 533 new contracts with a cumulative contract value of 17.98 billion yuan, representing a year-on-year growth of 4.8% [1] - From July to September 2025, the company signed 173 new contracts with a cumulative contract value of 5.47 billion yuan, showing an increase of 11.2% year-on-year [1] Group 2: Sales Performance - The company's steel structure sales reached 1.18 million tons in the first three quarters of 2025, marking a year-on-year increase of 34.6%, with sales of 345,000 tons from July to September, up 11.8% year-on-year [1] Group 3: International Business Expansion - The company has been actively expanding its international business, with new overseas orders amounting to 5 billion yuan, a significant year-on-year increase of 87.3%. The cumulative new orders for the first three quarters have already surpassed the total overseas orders for the entire year of 2024, which was 3 billion yuan [1] - The international market serves as a crucial extension of the domestic market, helping to mitigate the impact of intense competition in the domestic construction sector while ensuring profitability and payment conditions for the company [1] Group 4: Strategic Business Growth - The company's industrial chain and strategic franchise business, along with its BIPV (Building-Integrated Photovoltaics) business, continued to experience rapid growth, with new orders of 1.14 billion yuan and 280 million yuan respectively, reflecting year-on-year increases of 57.1% and 51.6% [1] - The cumulative new orders for the first three quarters have also exceeded the total orders for the entire year of 2024 in both the industrial chain and strategic franchise, as well as the BIPV business, which were 850 million yuan and 220 million yuan respectively [1]