Core Viewpoint - Bowei Alloy (601137.SH) reported its Q3 2025 results, indicating a significant presence of institutional investors holding 48.10% of the total shares, although this represents a decline from the previous quarter [1] Institutional Holdings - As of October 26, 2025, a total of 9 institutional investors disclosed their holdings in Bowei Alloy, amounting to 395 million shares [1] - The institutional investors include Bowei Group Limited, Bowei Asia Limited, Ningbo Bowei Jinshi Investment Co., Ltd., and others [1] - The overall institutional holding percentage decreased by 2.92 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Nuoan Pioneer Mixed A, increased its holdings during this period, with an increase percentage of 0.47% [1] - A total of 154 public funds did not disclose their holdings in this quarter, including notable funds such as the Photovoltaic ETF and Southern CSI 1000 ETF [1]

Summary of the Conference Call for 博威合金 Company Overview - **Company**: 博威合金 (Bohai Alloy) - **Industry**: New Materials and Renewable Energy Key Points and Arguments Sales and Financial Performance - In the first three quarters, 博威合金 achieved cumulative sales of **192,302 tons**, a year-on-year increase of **9.82%** [2][3] - Alloy strip sales increased by **13.2%** due to rising demand from computing servers and AI mobile phones, contributing to a **31.42%** increase in net profit [2][3] - The alloy bar product structure optimization led to a **90.17%** increase in net profit, driven by sales growth in the electric vehicle and computing server sectors [2][4] - The renewable energy business saw a **37.39%** decline in net profit to **¥1.11 billion**, with component shipments down **21.1%** to **1,307 MW** [2][4] Market Outlook - The company is optimistic about the rapid growth in sectors such as computing servers, AI mobile phones, semiconductors, and electric vehicles, anticipating a surge in demand for high-speed connector materials and shielding materials [2][5] - The AI mobile phone replacement wave is expected to provide significant growth opportunities for thermal management solutions [2][5] - The domestic electric vehicle market is growing rapidly, with a focus on high-range models and solid-state battery technology, which will increase demand for energy conversion connectors [5][17] Strategic Initiatives - 博威合金 plans to expand alloy strip production capacity overseas and enhance integrated R&D through a digital ecosystem [2][5] - The company is collaborating with Infineon on next-generation semiconductor projects and developing new liquid cooling solutions represented by NVIDIA's architecture [2][5] - A new **30,000-ton** alloy strip production base is planned in Morocco to cater to international clients, enhancing proximity to European and American markets [11] Challenges and Risks - The company faced challenges due to U.S. tariffs on imports from Vietnam, affecting approximately **190 MW** of products, leading to fluctuations in third-quarter performance [3][7] - The new **20,000-ton** special alloy electronic wire expansion project is currently in a loss-making phase due to high depreciation costs and has not yet reached breakeven [9][12] Future Development - 博威合金 aims to leverage profits from its renewable energy business to support R&D in new materials, enhancing core competitiveness [5][12] - The company is focused on achieving **100%** subsidy acquisition by the end of the year, which is critical for its financial strategy [12] - The company is also exploring the potential of copper-aluminum composite materials to address resource shortages and rising copper prices [17][18] Innovations and Product Development - Significant progress has been made in the development of AI GPU thermal management materials, with expectations for performance improvements to reflect in next year's results [19] - The company is committed to becoming a comprehensive thermal materials service provider, offering various solutions including VC cooling, GB300 liquid cooling, and Ruby architecture [16] Conclusion - 博威合金 is positioned for long-term sustainable growth through its focus on new materials and renewable energy, with a commitment to innovation and market expansion [27]

Group 1 - The company reported a revenue of 5.252 billion yuan for the third quarter of 2025, representing a year-on-year decrease of 8.12% [1] - The net profit attributable to shareholders of the listed company was 205 million yuan, showing a year-on-year decline of 55.53% [1]

Core Viewpoint - The financial performance of博威合金 (601137.SH) for Q3 2025 shows a significant decline in both revenue and net profit, primarily due to decreased profitability in the renewable energy sector [1] Financial Performance Summary - The company's operating revenue for Q3 2025 was RMB 5.252 billion, a year-on-year decrease of 8.12% [1] - The net profit attributable to shareholders was RMB 205 million, reflecting a year-on-year decline of 55.53% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 226 million, down 49.83% year-on-year [1] - Basic earnings per share were RMB 0.26 [1] Reasons for Performance Decline - The decline in performance is mainly attributed to reduced profitability in the renewable energy sector due to several factors: 1. The imposition of high anti-dumping duties by the U.S. on solar modules from Vietnam since the end of last year, significantly reducing profitability for components exported from Vietnam to the U.S. [1] 2. The North Carolina solar module factory has commenced production but is still in the ramp-up phase during Q3, resulting in higher costs [1] 3. The new materials segment has seen a substantial year-on-year increase in net profit, driven by higher sales volume and continuous improvement in product structure [1]

Financial Performance - The company's operating revenue for the third quarter was ¥5,252,117,280.04, a decrease of 8.12% compared to the same period last year[5]. - Total profit for the third quarter was ¥214,440,402.34, down 54.43% year-over-year[5]. - Net profit attributable to shareholders was ¥204,516,218.38, reflecting a decline of 55.53% compared to the previous year[5]. - The basic earnings per share for the third quarter was ¥0.26, a decrease of 55.93% year-over-year[6]. - Net profit for the first three quarters of 2025 was ¥880,669,593.25, a decrease of 19.77% from ¥1,097,542,782.68 in the same period of 2024[25]. - Basic earnings per share for the first three quarters of 2025 were ¥1.09, down from ¥1.40 in 2024[26]. Revenue and Costs - Total operating revenue for the first three quarters of 2025 reached ¥15,473,610,922.54, an increase of 6.06% compared to ¥14,588,763,717.30 in the same period of 2024[24]. - Total operating costs for the first three quarters of 2025 were ¥14,515,160,218.15, up 8.43% from ¥13,387,505,269.67 in 2024[24]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥1,231,588,620.68, a decrease of 410.95% year-over-year[5]. - Cash inflow from operating activities for the first three quarters of 2025 was ¥16,419,179,369.79, an increase from ¥15,029,788,283.56 in 2024[28]. - The net cash flow from operating activities was -$1.23 billion, a decrease from $396 million in the previous period[29]. - Total cash outflow from operating activities amounted to $17.65 billion, compared to $14.63 billion last year, reflecting a 13.9% increase[29]. Assets and Liabilities - The total assets at the end of the reporting period were ¥20,044,982,361.16, an increase of 15.90% compared to the end of the previous year[6]. - Total liabilities reached RMB 12,134,509,633.55, up from RMB 10,000,000,000, indicating an increase of approximately 21.35%[20]. - The total liabilities increased to ¥11,132,853,997.97 in 2025 from ¥8,875,852,460.80 in 2024[24]. - Total equity attributable to shareholders reached ¥8,912,128,363.19 in 2025, up from ¥8,419,547,276.12 in 2024[24]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 44,010[13]. - The first major shareholder, Bowei Group Co., Ltd., holds 28.15% of the shares, while the second major shareholder, Bowei Asia Pacific Co., Ltd., holds 9.73%[14][15]. Operational Insights - The decline in revenue and profit was primarily attributed to decreased profitability in the new energy sector due to high anti-dumping duties imposed by the U.S. on Vietnamese solar components[10]. - The company reported a significant increase in net profit from new materials, driven by higher sales volume and improved product structure[10]. Cash Management - Cash and cash equivalents decreased to RMB 1,613,136,592.54 from RMB 2,276,810,443.79, representing a decline of approximately 29.06%[19]. - The total cash and cash equivalents at the end of the period were $1.30 billion, down from $1.80 billion, representing a decrease of 28%[29]. - The company reported a cash outflow of $3.87 billion from financing activities, down from $4.82 billion, showing a 19.7% decrease[29]. Accounting Standards - The company did not apply new accounting standards starting from 2025[30].

Core Insights - The company reported a revenue of 15.474 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.07% [1] - The net profit attributable to shareholders of the listed company was 0.881 billion yuan, showing a year-on-year decrease of 19.76% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was also 0.881 billion yuan, reflecting a year-on-year decline of 16.73% [1]

| | | 宁波博威合金材料股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 28 日（星期二）至 11 月 03 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@bowayalloy.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 宁波博威合金材料股份有限公司（以下简称"公司"）已于 2025 年 10 月 27 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 04 日（星期二） 10:00-11:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 （二） 会议召开地点：上海证券交易所上证路演中心（网址： http://road ...

格隆汇10月26日｜博威合金公告称，公司2025年第三季度实现营业收入52.52亿元，同比下降8.12%；实 现归属于上市公司股东的净利润2.05亿元，同比下降55.53%。 ...

Core Viewpoint - The AI mobile concept sector has seen a significant increase of 3.88% as of the market close on October 24, ranking sixth among concept sectors, with 24 stocks rising, including notable gains from companies like 汇顶科技 (10.00%) and 江波龙 (16.73%) [1][2]. Market Performance - The AI mobile concept sector experienced a net inflow of 28.39 billion yuan, with 17 stocks receiving net inflows, and 7 stocks exceeding 1 billion yuan in net inflows [2][3]. - The top net inflow was from 胜宏科技, which saw a net inflow of 10.54 billion yuan, followed by 领益智造 (5.68 billion yuan) and 汇顶科技 (3.14 billion yuan) [2][3]. Stock Performance - Key performers in the AI mobile concept sector included: - 胜宏科技: +7.95% with a net inflow ratio of 5.65% [3] - 领益智造: +4.65% with a net inflow ratio of 14.57% [3] - 汇顶科技: +10.00% with a net inflow ratio of 18.86% [3] - 江波龙: +16.73% with a net inflow ratio of 3.92% [3] - 佰维存储: +10.70% with a net inflow ratio of 3.36% [3] Sector Comparison - Other notable concept sectors included: - Storage chips: +5.66% - National big fund holdings: +4.88% - AI PC: +3.99% - Advanced packaging: +3.65% [2]

Core Insights - On October 23, 2023, Bowei Alloy experienced a decline of 1.25% with a trading volume of 465 million yuan, indicating a negative market sentiment towards the company [1] - The company reported a net financing outflow of approximately 23.99 million yuan on the same day, with total financing and securities balance reaching 1.097 billion yuan [1] - For the first half of 2025, Bowei Alloy achieved a revenue of 10.221 billion yuan, reflecting a year-on-year growth of 15.21% [2] Financing and Trading Activity - On October 23, Bowei Alloy had a financing buy-in amount of 47.49 million yuan, while the financing balance stood at 1.095 billion yuan, accounting for 6.01% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of leverage [1] - The company had a securities lending balance of 1.56 million yuan, with a lending volume of 70,300 shares, also reflecting a high position compared to the past year [1] Shareholder and Dividend Information - As of October 20, 2023, Bowei Alloy had 45,400 shareholders, a decrease of 1.03% from the previous period, while the average circulating shares per person increased by 1.04% to 18,084 shares [2] - Since its A-share listing, the company has distributed a total of 1.694 billion yuan in dividends, with 923 million yuan distributed over the last three years [3] - Notably, the top ten circulating shareholders include new entrants such as the photovoltaic ETF, which holds 5.6805 million shares [3]