证 券 研 究 报 告 【资产配置快评】2025 年第 47 期 Riders on the Charts: 每周大类资产配置图 表精粹 ❖ 投资摘要： In photography, the smallest thing can be a great subject. The little, human detail can become a Leitmotiv. —Henry Cartier-Bresson 多资产配置研究 资产配置快评 2025 年 10 月 29 日 华创证券研究所 证券分析师：郭忠良 邮箱：guozhongliang@hcyjs.com 执业编号：S0360520090002 相关研究报告 《聚焦十五五——总量"创"辩第 114 期》 2025-10-28 《资产配置快评 2025 年第 46 期：Riders on the Charts：每周大类资产配置图表精粹》 2025-10-22 《资产配置快评 2025 年第 45 期：Riders on the Charts：每周大类资产配置图表精粹》 2025-10-14 《资配如何应对新变化—— 总量"创"辩第 113 期》 2025 ...

重要内容提示： 一、说明会类型 南京音飞储存设备（集团）股份有限公司（以下简称"公司"）已于 2025 年 10 月 25 日在上海证券交易所网站（www.sse.com.cn）以及公司指定媒体上披 露了公司 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经营业绩及未来发展规划等具体 情况，公司决定于 2025 年 11 月 6 日（星期四）上午 10:00-11:30 召开公司 2025 年第三季度业绩说明会，就投资者关心的公司 2025 年第三季度经营情况和未来 发展规划等事项与广大投资者进行在线沟通交流，广泛听取投资者的意见和建议， 在信息披露允许的范围内解答投资者普遍关注的问题。 会议召开时间：2025 年 11 月 6 日（星期四）上午 10:00-11:30； 会议召开地点：1）登录同花顺路演平台，进入直播间 https://board.10jqka.com.cn/rs/pc/detail?roadshowId=101065 进 行提问； 2）使用同花顺手机炒股软件扫描下方二维码进入路演直播 间进行提问互动交流； 会议召开方式：网络在线文字互动。 问题征集方式：通过电子邮件（yf ...

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][3][7] Financial Data - The financial statements for the third quarter are unaudited [3][6] - The report period refers to the three-month period from the beginning to the end of the quarter [3] - The company has not identified any non-recurring gains or losses that are significant [4][6] Shareholder Information - There are no changes in the top ten shareholders or any significant changes in shareholding due to securities lending activities [5][6] Other Important Information - The company has not applied new accounting standards or interpretations that would affect the financial statements for the current year [7]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the third quarter, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved a revenue of 145 million yuan in the third quarter, representing a year-on-year decrease of 37.52% [1] - The net profit attributable to shareholders was 58,900 yuan, showing a dramatic year-on-year decline of 99.79% [1] - The basic earnings per share were reported at 0.0002 yuan [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved a revenue of 688 million yuan, representing a year-on-year decrease of 23.74% [1] - The net profit attributable to shareholders was 62.41 million yuan, down 41.19% year-on-year [1] - The non-recurring net profit was 55.04 million yuan, reflecting a year-on-year decline of 44.59% [1] - The basic earnings per share stood at 0.2121 yuan [1]

第三季度，自动化集成项目实施周期较长，大项目的收入确认对当期营业收入、净利润影响较大。 人民财讯10月24日电，音飞储存（603066）10月24日发布2025年三季报，公司第三季度营业收入1.45亿 元，同比下降37.52%；净利润5.89万元，同比下降99.79%。前三季度营业收入6.88亿元，同比下降 23.74%；净利润6240.6万元，同比下降41.19%；基本每股收益0.2121元。 ...

Group 1 - The company reported a revenue of approximately 688 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 23.74% [1] - The net profit attributable to shareholders of the listed company was about 62.41 million yuan, a year-on-year decline of 41.19% [1] - The basic earnings per share were 0.2121 yuan, down 41.2% compared to the previous year [1] Group 2 - The Chinese innovative drug sector has sold overseas authorizations worth 80 billion USD this year [1] - There is a contrast in the biopharmaceutical secondary market being active while the primary market is facing challenges in fundraising [1]

Financial Performance - The company's operating revenue for the third quarter was ¥144,995,003.14, a decrease of 37.52% compared to the same period last year[4] - The total profit for the third quarter was a loss of ¥2,734,794.97, with a year-to-date profit of ¥67,584,004.40, down 42.09% year-on-year[4] - The net profit attributable to shareholders for the third quarter was ¥58,868.64, reflecting a significant decline of 99.79% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥1,598,349.81 for the third quarter, with a year-to-date figure of ¥55,041,247.43, down 44.59%[4] - Total operating revenue for the first three quarters of 2025 was ¥687,932,638.26, a decrease of 23.7% compared to ¥902,089,284.57 in the same period of 2024[22] - Net profit for the first three quarters of 2025 was ¥62,461,809.33, a decline of 41.2% compared to ¥106,209,377.84 in the same period of 2024[25] - The company reported a gross profit of ¥45,217,199.86 for the first three quarters of 2025, compared to ¥97,456,807.98 in 2024, reflecting a decrease of 53.7%[23] - Other income for the first three quarters of 2025 was ¥15,833,180.97, down from ¥22,568,805.13 in the same period of 2024[23] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥4,509,853.25, a decrease of 95.28%[6] - The company reported a significant decrease in cash received from sales of goods and services, impacting cash flow from operating activities[11] - Cash inflow from operating activities for the first three quarters of 2025 was $578.53 million, compared to $682.63 million in the same period of 2024, representing a decrease of approximately 15.3%[27] - Net cash flow from operating activities for the first three quarters of 2025 was $4.51 million, significantly lower than $95.47 million in 2024, indicating a decline of about 95.3%[27] - The total cash outflow for operating activities was $574.02 million in 2025, slightly lower than $587.16 million in 2024, reflecting a decrease of about 2.0%[27] - The cash received from tax refunds was $15.11 million in 2025, compared to $20.05 million in 2024, indicating a decrease of approximately 24.7%[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,022,790,080.51, a decrease of 1.06% from the end of the previous year[6] - The company reported a total current asset of CNY 2,153,213,978.75 as of September 30, 2025, compared to CNY 2,179,785,568.21 at the end of 2024, reflecting a decrease of approximately 1.2%[17] - Total assets amounted to CNY 3,022,790,080.51, down from CNY 3,055,074,107.38, indicating a decline of around 1.1%[18] - Current liabilities totaled CNY 1,407,041,421.57, a decrease from CNY 1,470,689,983.13, which is a reduction of approximately 4.3%[18] - Total liabilities decreased from ¥1,660,641,011.58 in the previous year to ¥1,580,594,289.80 in 2025[19] - Total equity increased from ¥1,394,433,095.80 in the previous year to ¥1,442,195,790.71 in 2025[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 19,638[13] - The number of shares held by the top shareholder, Jingdezhen Taowen Tourism Holdings Group Co., Ltd., is 90,180,800, representing a significant portion of the total shares[15] - The company has a total of 36,219,080 shares held by Shandong Changlong Taishi Technology Co., Ltd., which is 12.31% of the total shares[15] Inventory and Investments - Inventory increased to CNY 894,653,067.62 from CNY 762,192,420.05, representing a growth of about 17.4% year-over-year[17] - The company has a long-term equity investment of CNY 1,854,681.10, up from CNY 1,582,975.52, showing an increase of about 17.1%[17] Research and Development - The company incurred research and development expenses of ¥32,834,378.24 in the first three quarters of 2025, a decrease from ¥41,604,640.43 in 2024[23] Earnings Per Share - Basic and diluted earnings per share for the third quarter were both ¥0.0002, down 99.79% year-on-year[6] - Earnings per share for the first three quarters of 2025 were ¥0.2121, down from ¥0.3607 in the same period of 2024[25]

Core Viewpoint - The logistics sector in A-shares experienced a short-term surge, with notable increases in stock prices for several companies [2] Group 1: Company Performance - New Ning Logistics saw a rise of over 5% in its stock price [2] - Yinfei Storage increased by more than 2% [2] - Other companies such as Zhongchu Logistics and Changjiu Logistics also followed with price increases [2]

证券代码：603066 证券简称：音飞储存 公告编号：2025-038 南京音飞储存设备（集团）股份有限公司 关于股东股份被司法标记的公告 南京音飞储存设备（集团）股份有限公司董事会 2025 年 10 月 14 日 公司于近期获悉股东金跃跃先生所持有本公司的股份被司法标记，具体情况 如下： | 股东名 | 冻结/标记股 | 占其所 | 占公司 | 冻结/标记 | 冻结/标 | 冻结/标 | 冻结 | 冻结 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 份数量 | 持股份 | 总股本 | 股份是否为 | 记 | 记 | 申请人 | 原因 | | | （股） | 比例 | 比例 | 限售股 | 起始日 | 到期日 | | | | 金跃跃 | 25,664,190 | 90.97% | 8.72% | 否 | | | 南京市 | | | | | | | | 2025.10 | 2028.10 | 雨花台 | 司法 | | | | | | | .10 | .09 | 区人民 | 标记 | | | | | | | | | 法院 | | ...