会议共审议了两项议案，会议及参加表决的人员与程序符合《公 司法》和《公司章程》的有关规定，会议合法有效。本次会议由董事 长焦强先生主持，在事前已与各位董事对议案内容进行过充分讨论的 基础上，最终形成如下决议： 1、审议通过了《公司 2025 年第三季度报告》的议案 一、会议召开情况 宝泰隆新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日向各位董事发出了会议通知和会议材料，公司第六届董事会第 二十六次会议于 2025 年 10 月 24 日以现场和视频相结合的方式召开， 现场会议召开地点为黑龙江省七台河市新兴区宝泰隆路 16 号公司五 楼会议室。公司现有董事 9 人，参加现场会议董事 6 人，董事长焦强 先生、副董事长焦岩岩女士和董事会秘书刘欣女士以视频方式参加本 次会议。公司高级管理人员列席了本次会议。 二、会议审议情况 股票代码：601011 股票简称：宝泰隆 编号：临2025-053号 经审核，董事会认为：公司 2025 年第三季度报告的编制和审议 程序符合法律法规、《公司章程》和公司内部管理制度的规定，真实 地反映了公司 2025 年第三季度的财务状况和经营成果，报告的内容 真 ...

Core Viewpoint - Baotailong (601011) reported a significant decline in revenue and a net loss for Q3 2025, but managed to turn a profit for the first three quarters due to strategic asset sales and changes in product focus [1] Financial Performance - Q3 2025 revenue was 122 million yuan, a year-on-year decrease of 61.54% [1] - Net profit for Q3 2025 was -48.53 million yuan [1] - Revenue for the first three quarters of 2025 was 479 million yuan, down 57.55% year-on-year [1] - Net profit for the first three quarters was 50.36 million yuan, with a basic earnings per share of 0.026 yuan [1] Key Factors Influencing Performance - The company sold 55% of its stake in its subsidiary, Jixi Baotailong Investment Co., Ltd., realizing an investment gain of 214 million yuan [1] - A shift in sales focus from coke products, which had a gross loss of 175 million yuan, to coal products, which generated a gross profit of 126 million yuan [1] - Management expenses were reduced by 79 million yuan due to enhanced cost control measures [1]

Financial Performance - The company's operating revenue for the third quarter was ¥121,977,457.36, a decrease of 61.54% compared to the same period last year[4]. - The total profit for the period was -¥66,253,819.76, with a year-to-date profit of ¥16,975,251.29, indicating a significant change in profitability[4]. - The net profit attributable to shareholders was -¥48,527,846.95 for the quarter, while the year-to-date figure was ¥50,355,684.62[4]. - The company reported a net cash flow from operating activities of ¥57,493,254.72 year-to-date, down 81.72% compared to the previous year[4]. - Net profit attributable to shareholders decreased by 1.58 billion yuan compared to the same period last year[10]. - Operating cash flow decreased by 81.72% year-on-year, primarily due to a reduction in operating income[10]. - Basic earnings per share turned from negative to positive, consistent with the change in total profit[10]. - The company reported a net profit of CNY 14,502,647.83, compared to a net loss of CNY 292,361,950.98 in the previous year[20]. - Operating profit for the current period was CNY 56,206,002.03, a significant improvement from a loss of CNY 357,955,439.43 in the previous year[20]. - The company achieved a total comprehensive income of CNY 16,896,600.70, compared to a total comprehensive loss of CNY 292,705,162.89 in the prior year[21]. - The net profit for the first three quarters of 2025 was CNY 76,311,129.65, recovering from a net loss of CNY 186,412,736.47 in the same period of 2024[31]. Assets and Liabilities - Total assets at the end of the reporting period were ¥11,643,411,436.65, a decrease of 2.33% from the previous year[5]. - The equity attributable to shareholders decreased by 0.33% to ¥5,759,162,744.89 compared to the end of the previous year[5]. - As of September 30, 2025, the company's total assets amounted to CNY 11,643,411,436.65, down from CNY 11,921,314,828.59 at the end of 2024, indicating a decrease of about 2.3%[18]. - The company's total liabilities increased, with borrowings of CNY 1,267,980,000.00 in the current period compared to CNY 498,600,000.00 in the previous year[24]. - The total liabilities as of September 30, 2025, were CNY 4,403,095,702.89, compared to CNY 4,298,614,741.95 at the end of 2024[27]. - The company's total equity as of September 30, 2025, was CNY 5,802,391,838.22, compared to CNY 5,718,618,948.42 at the end of 2024[27]. Revenue and Costs - The company experienced a significant decline in revenue due to the shutdown of coke oven equipment for maintenance, resulting in a loss of income from coke and chemical products[9]. - Sales costs decreased by 63.20% year-on-year, attributed to the suspension of production and a decline in sales volume[11]. - Investment income increased by 2.17 billion yuan year-on-year, mainly from the sale of a 55% stake in a subsidiary[11]. - Operating expenses increased by 926.05% year-on-year, primarily due to tax penalties incurred[11]. - Total operating revenue for the first three quarters of 2025 was CNY 622,822,128.67, down from CNY 1,370,140,779.69 in the same period of 2024, representing a decrease of approximately 54.5%[23]. Cash Flow - Cash flow from financing activities decreased by 1.22 billion yuan year-on-year, mainly due to lower debt repayments compared to the previous year[11]. - Cash flow from operating activities generated a net cash inflow of CNY 57,493,254.72, down from CNY 314,437,379.49 in the previous year[24]. - The company received CNY 210 million from the disposal of subsidiaries and other business units, contributing to the positive cash flow from investment activities[34]. - Cash inflow from financing activities reached CNY 1.38 billion, up from CNY 538.14 million in the previous year, primarily due to increased borrowings[34]. - Net cash flow from operating activities was negative CNY 26.05 million, a significant decline from a positive CNY 620.03 million in the previous year[34]. Management and Strategy - Management expenses were reduced by ¥790 million due to enhanced cost control measures[9]. - The company has completed a comprehensive overhaul of its coke oven, with plans to monitor market conditions before resuming production to stabilize cash flow[15]. - The company is facing a cost inversion in coke and its by-products due to pressures from both upstream coal and downstream steel industries, prompting a focus on cost reduction strategies[15]. - The company will continue to monitor the coke market and strategically time the resumption of production to ensure operational efficiency[15]. Research and Development - The company incurred research and development expenses of CNY 6,762,618.83, compared to CNY 11,320,264.98 in the previous year, indicating a reduction of approximately 40.5%[20]. - The company's research and development expenses were CNY 3,358,786.93 in the first three quarters of 2024, with no reported R&D expenses in 2025[30]. Other Financial Metrics - The company received government subsidies amounting to ¥760,000.00 during the reporting period, contributing to its financial performance[7]. - The company reported a tax expense of CNY 2,472,603.46, contrasting with a tax benefit of CNY 69,029,522.46 in the previous year[20]. - Basic and diluted earnings per share were both CNY 0.026, compared to a loss per share of CNY 0.143 in the previous year[21].

Core Insights - The company reported a revenue of 122 million yuan for the third quarter, representing a year-on-year decline of 61.54% [1] - The net profit for the third quarter was a loss of 48.52 million yuan [1] - For the first three quarters, the total revenue was 479 million yuan, down 57.55% year-on-year [1] - The net profit for the first three quarters was a loss of 50.36 million yuan [1]

Core Viewpoint - The coal mining and processing sector is experiencing a significant downturn, with major companies facing substantial declines in stock prices [1] Company Summary - Antai Group has seen a drop of over 9% in its stock price [1] - Yunmei Energy and Liaoning Energy both reported declines exceeding 8% [1] - Baotailong also experienced a similar drop of over 8% [1] - Shaanxi Black Cat and Shanxi Coking Coal followed suit with declines in their stock prices [1]

Core Viewpoint - Baotailong's stock price increased by 3.91% on October 23, with a trading volume of 1.44 billion yuan, indicating strong market interest despite a net financing outflow [1] Financing Summary - On October 23, Baotailong had a financing buy-in of 75.04 million yuan and a financing repayment of 129 million yuan, resulting in a net financing outflow of 54.45 million yuan [1] - As of October 23, the total financing and securities lending balance for Baotailong was 220 million yuan, with the financing balance accounting for 2.86% of the circulating market value, which is above the 80th percentile of the past year [1] - The securities lending data showed no shares were sold or repaid on October 23, with a remaining quantity of 269,500 shares and a securities lending balance of 1.08 million yuan, also above the 90th percentile of the past year [1] Business Performance - For the first half of 2025, Baotailong reported operating revenue of 357 million yuan, a year-on-year decrease of 55.99%, while the net profit attributable to shareholders increased by 151.62% to 98.88 million yuan [2] - The company's main business revenue composition includes raw coal (28.60%), washed coal (22.92%), and heat and electricity (21.68%), with new materials contributing only 1.70% [1] Shareholder Information - As of June 30, 2025, Baotailong had 93,200 shareholders, a decrease of 7.51% from the previous period, with an average of 20,558 circulating shares per shareholder, an increase of 8.12% [2] - The top ten circulating shareholders include several coal ETFs, with notable increases in holdings, indicating growing institutional interest [3]

Core Insights - The coke sector experienced a significant increase of 6.18% on October 23, with Shaanxi Black Cat leading the gains [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] Sector Performance - Shaanxi Black Cat (601015) closed at 4.57, with a rise of 10.12% and a trading volume of 854,600 shares, amounting to a transaction value of 382 million yuan [1] - Shanxi Coking Coal (600740) closed at 4.59, up 10.07%, with a trading volume of 1,742,800 shares and a transaction value of 779 million yuan [1] - Yunnan Coal Energy (600792) closed at 5.14, increasing by 10.06%, with a trading volume of 620,400 shares and a transaction value of 307 million yuan [1] - Antai Group (600408) closed at 3.19, up 10.00%, with a trading volume of 2,097,600 shares and a transaction value of 640 million yuan [1] - Baotailong (601011) closed at 3.99, with a rise of 3.91% and a trading volume of 3,600,700 shares [1] - Meijin Energy (000723) closed at 5.09, increasing by 3.67%, with a trading volume of 2,192,400 shares [1] - Yunwei Co. (600725) closed at 3.85, down 1.03%, with a trading volume of 686,100 shares [1] Capital Flow - The coke sector saw a net inflow of 574 million yuan from main funds, while retail funds experienced a net outflow of 312 million yuan [1] - The main fund inflows for Shanxi Coking Coal were 173 million yuan, accounting for 22.28% of the total, while retail funds saw a net outflow of 76.96 million yuan [2] - Shaanxi Black Cat had a main fund inflow of 160 million yuan, representing 41.84%, with retail funds experiencing a net outflow of 83.59 million yuan [2] - Antai Group recorded a main fund inflow of 129 million yuan, making up 20.12%, while retail funds had a net outflow of 68.87 million yuan [2] - Meijin Energy had a main fund inflow of 120 million yuan, accounting for 10.84%, with retail funds seeing a net outflow of 98.20 million yuan [2] - Yunwei Co. had a slight main fund outflow of 10.83 million yuan, while retail funds saw a net inflow of 89.10 million yuan [2]

Group 1 - The A-share market saw a strong performance in coal stocks, with several companies hitting the daily limit up [1] - Notable companies that experienced significant gains include Shaanxi Black Cat, Yunnan Coal Energy, Shanghai Energy, Zhengzhou Coal Electricity, Dayou Energy, and Liaoning Energy, all reaching the daily limit [1] - Other companies such as Baotailong and Shanxi Coking Coal rose over 6%, while Pingmei Shares increased by 5% [1] Group 2 - Shaanxi Black Cat (601015) had a price increase of 10.12% with a total market capitalization of 9.334 billion and a year-to-date increase of 36.83% [2] - Yunnan Coal Energy (600792) rose by 10.06%, with a market cap of 5.705 billion and a year-to-date increase of 37.43% [2] - Shanghai Longyuan (600508) increased by 10.04%, with a market cap of 10.1 billion and a year-to-date increase of 8.65% [2] - Zhengzhou Coal Electricity (600121) saw a 10.02% increase, with a market cap of 6.823 billion and a year-to-date increase of 29.33% [2] - Dayou Energy (600403) rose by 10.01%, with a market cap of 23.1 billion and a remarkable year-to-date increase of 228.91% [2] - Liaoning Energy (600758) increased by 10.00%, with a market cap of 6.253 billion and a year-to-date increase of 38.54% [2] - Baotailong (601011) rose by 6.51%, with a market cap of 7.835 billion and a year-to-date increase of 35.88% [2] - Shanxi Coking Coal (600740) increased by 6.00%, with a market cap of 11.3 billion and a year-to-date increase of 10.28% [2] - Pingmei Shares (601666) saw a 5.02% increase, with a market cap of 22.2 billion but a year-to-date decrease of 3.81% [2] - Hengyuan Coal Electricity (600971) rose by 3.79%, with a market cap of 8.868 billion and a year-to-date decrease of 16.40% [2]

Group 1 - The core point of the news is the performance and financial details of Baotailong New Materials Co., Ltd., which saw a stock price increase of 5.21% to 4.04 CNY per share, with a trading volume of 639 million CNY and a market capitalization of 7.739 billion CNY [1] - Baotailong's main business includes coal mining, washing and processing, coking, chemical production, power generation, heating, new energy, and new materials, with revenue contributions from various segments: raw coal (28.60%), clean coal (22.92%), slack coal (22.61%), heating and electricity (21.68%), new materials (1.70%), and others [1] - The company was established on June 24, 2003, and went public on March 9, 2011, indicating a long-standing presence in the market [1] Group 2 - Among the top shareholders, Guotai Fund's Guotai Zhongzheng Coal ETF (515220) increased its holdings by 4.3641 million shares in Q2, now holding 20.8338 million shares, which is 1.09% of the circulating shares [2] - The Guotai Zhongzheng Coal ETF has a current scale of 4.217 billion CNY and has achieved a year-to-date return of 4.62%, ranking 4003 out of 4218 in its category [2] - The fund manager, Wu Zhonghao, has been in charge for 3 years and 270 days, with the best fund return during his tenure being 69.7% and the worst being -11.81% [3]

Robotics - Dongfang Electric Heat has sent samples of electronic skin to leading robotics companies [1] - Hongjing Optoelectronics has initiated research and development on humanoid robots and has sent samples [1] - Baolong Technology plans to gradually invest resources to expand its business in the robotics field [1] Deep Earth Economy - Boying Special Welding's anti-corrosion and anti-wear welding technology can be applied to oil pipelines in deep earth oil and gas transportation [1] - Baotailong's coal and graphite resources are currently not classified under the "deep earth economy" category [1] Consumer Electronics - Longli Technology's LIPO technology products have achieved mass production in projects such as wristbands and mobile phones [1] Charging and Swapping - Green Energy Smart Charging has technical and business cooperation with CATL in the charging and swapping business [1] - Dazhong Transportation has not yet engaged in the charging and swapping business [1] Other Developments - Huagong Technology has seen bulk shipments of 400G/800G optical modules from overseas equipment and channel vendors [1] - Lingyi Zhi Zao has made bulk shipments of cooling modules for international clients such as AMD [1] - Farah Electronics' capacitors are used in ultra-high voltage transmission and transformation applications [1] - Huate Gas has supplied a small quantity of electronic specialty gases to Xinkai, with a minor business proportion [1] - Benchuan Intelligent's high-end PCB products have achieved small batch applications in CPO-related projects [1] - Fangda Special Steel has not yet collaborated with Huawei on "digital twin" projects related to blast furnaces [1] - Hengdian East Magnetic focuses its energy storage business on household storage, with a small portion of shipments in the European market [1] - Siwei Tuxin and Jianzhizhi Robot have collectively secured 5.85 million sets of intelligent driving solutions from 2024 to the first half of 2025 [1] - iFlytek maintains a good cooperation with Moore Threads in the field of artificial intelligence [1]