Core Viewpoint - Dongfang Materials is a leading domestic supplier of inks and adhesives, focusing on environmentally friendly packaging inks, composite polyurethane adhesives, and PCB electronic inks, with a full industry chain advantage [1] Group 1: Business Overview - Dongfang Materials was established on December 18, 1994, and listed on the Shanghai Stock Exchange on October 13, 2017, with its registered office in Hefei, Anhui, and operational office in Taizhou, Zhejiang [1] - The company's main business revolves around environmentally friendly packaging inks, composite polyurethane adhesives, and PCB electronic inks, encompassing production, sales, and services [1] - The company belongs to the Shenwan industry classification of basic chemicals - chemical products - coatings and inks, and is associated with concepts such as QFII holdings, repurchase increases, graphene nuclear fusion, superconducting concepts, and nuclear power [1] Group 2: Financial Performance - In Q3 2025, Dongfang Materials reported revenue of 279 million yuan, ranking 16th in the industry, significantly lower than the industry leader Baihehua's 1.638 billion yuan and second-place Baolijia's 1.382 billion yuan, as well as below the industry average of 769 million yuan and median of 559 million yuan [2] - The net profit for the same period was 3.1925 million yuan, ranking 14th in the industry, with a substantial gap compared to the first-place Meijiaxincai's 165 million yuan and second-place Baihehua's 157 million yuan, and also below the industry average of 44.3988 million yuan and median of 35.9466 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, Dongfang Materials had a debt-to-asset ratio of 12.73%, down from 16.25% in the previous year and significantly lower than the industry average of 36.42% [3] - The company's gross profit margin for Q3 2025 was 28.88%, slightly up from 28.34% in the previous year and higher than the industry average of 23.67% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders of Dongfang Materials decreased by 22.24% to 28,600, while the average number of circulating A-shares held per household increased by 28.61% to 7,044.52 [5] - The fund Zhongyou Core Advantage Flexible Allocation Mixed A (590003) exited the top ten circulating shareholders list by the same date [5] Group 5: Executive Compensation - The chairman and general manager, Zhuang Shengxin, received a salary of 1.1517 million yuan in 2024, a decrease of 29,500 yuan from 2023 [4]

Core Insights - The launch of Tenzai Model-v1.1 by Dongfang Materials' Japanese subsidiary marks a significant advancement in the application of AI within the finance and taxation sector, transitioning from "execution automation" to "cognitive intelligence" [1][4] Technology Foundation - Tenzai Model-v1.1 is built on a trillion-parameter architecture, utilizing a Transformer model optimized for finance and taxation scenarios, incorporating over 5 million real tax documents, 1 million high-quality Q&A pairs, a 50-year database of Japanese tax laws, and over 100,000 real business cases [1][2] - The model employs Domain-adaptive Continued Pre-training and Multi-task Fine-tuning to achieve near-human cognitive abilities in semantic understanding, logical reasoning, and judgment suggestions [2] Innovative Architecture - The system integrates Retrieval-Augmented Generation (RAG) technology to address potential inaccuracies in professional content, ensuring that every recommendation is backed by legal references and case studies [2] - Tenzai Model-v1.1 features multi-modal understanding, capable of processing images, text, and tabular data, achieving a recognition accuracy of 99.8% for complex documents [2] System Performance - The model supports a context length of up to 32K tokens, with an average response time of under 2 seconds, processing 1,200 documents per hour, significantly outperforming current market solutions [2] - It includes a continuous learning mechanism for monthly updates on tax laws and supports private deployment and flexible SaaS architecture [2] Application Depth - Tenzai Model-v1.1 represents a leap from traditional automation systems, enabling semantic understanding, contextual reasoning, and proactive risk alerts in tax-related queries [2][3] - The system has been integrated with major Japanese accounting software, supporting cloud, private, and hybrid deployments, with plans for a mobile app and international versions by 2026 [3] Industry Impact - The release of Tenzai Model-v1.1 signifies a maturation of vertical large models in professional services, transforming unstructured tax knowledge into computable, inferable, and interactive AI capabilities [4]

Core Viewpoint - The company has announced its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information provided, and has also established a joint venture company named Carbon Nest New Material Technology (Tengzhou) Co., Ltd. [7][10][8] Financial Data Summary - The third-quarter financial report for 2025 has not been audited [3] - The company reported a revenue of 17.407 million yuan from its computing power business, accounting for 6.24% of the main business revenue, with costs amounting to 9.8892 million yuan [10] Shareholder Information - The company guarantees the accuracy of the quarterly report and the financial information provided by its management team [2][6] Joint Venture Establishment - The joint venture, Carbon Nest New Material Technology (Tengzhou) Co., Ltd., has been registered with a capital of 100 million yuan and focuses on high-performance fibers and composite materials [8] Board Meeting and Resolutions - The sixth board meeting was held on October 28, 2025, where the third-quarter report was approved unanimously by all attending directors [14]

Core Viewpoint - Oriental Materials announced a two-step cross-industry investment plan totaling 48 million yuan, involving an initial investment of 18 million yuan in Suzhou First Element Nano Technology Co., Ltd, which has been questioned by the Shanghai Stock Exchange regarding the commercial rationale of investing in a loss-making asset [1][2]. Investment Details - The investment plan includes establishing a joint venture, Carbon Nest Technology (Tengzhou) Co., Ltd, with a registered capital of 100 million yuan, where Oriental Materials will contribute 30 million yuan for a 30% stake [1]. - First Element is projected to incur cumulative losses exceeding 5.4 million yuan in the first half of 2025, with revenues of 1.05 million yuan and a net loss of 415,000 yuan in 2024 [2]. Business Rationale - First Element specializes in the research and sales of nano carbon materials, with its core product being high-purity carbon nanotubes (CNTp), which are expected to see rapid growth in applications for high-power lithium batteries and solid-state batteries [2][3]. - The company has a production capacity of 4.67 tons of CNTp powder and 65.5 tons of CNTp slurry for 2024, with major clients contributing significantly to its revenue [2]. Investment Justification - Oriental Materials stated that the investment aims to expand First Element's CNTp production capacity to ensure a stable supply of core materials for the joint venture, addressing potential production constraints due to funding limitations [3][6]. - The investment will initially be in the form of convertible debt, with conditions for conversion tied to First Element's future financing rounds [3]. Regulatory Inquiry - The Shanghai Stock Exchange has raised concerns about the commercial rationale behind investing in a loss-making asset and requested additional disclosures regarding First Element's business operations, shareholder relationships, and valuation methods for the convertible debt [2][4]. Shareholder Background - Oriental Materials clarified that there are no related party transactions with First Element's shareholders, although a former executive of Oriental Materials is involved in the project as a personal investor [5]. - The joint venture's intellectual property contributions from First Element have not yet been evaluated for their value [5]. Future Plans - The joint venture, Carbon Nest Technology, plans to invest 100 million yuan to establish a production base capable of producing 1,000 tons of conductive slurry and 30 million square meters of CNTp-3D current collectors, which is expected to enhance the competitiveness of China's battery industry [6].

Core Viewpoint - Dongfang Materials (603110.SH) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved a revenue of 279 million yuan for the first three quarters, representing a year-on-year decrease of 7.41% [1] - The net profit attributable to shareholders was 3.19 million yuan, down 74.86% year-on-year [1] - The non-recurring net profit was 1.87 million yuan, reflecting a significant decline of 83.34% compared to the previous year [1] - Basic earnings per share stood at 0.016 yuan [1]

Core Viewpoint - Dongfang Materials (603110.SH) reported a decline in both revenue and net profit for Q3 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for Q3 2025 was 105 million yuan, representing a year-on-year decrease of 11.06% [1] - The net profit attributable to shareholders of the listed company was 2.5381 million yuan, down 63.82% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.3237 million yuan, reflecting a year-on-year decline of 63.90% [1]

Market Overview - The chemical products sector increased by 0.02% compared to the previous trading day, with Pioneer New Materials leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Performers - Pioneer New Materials (300163) closed at 4.99, up 19.95% with a trading volume of 2.0563 million shares and a transaction value of 9.53 billion [1] - Financial Meeting (002407) closed at 23.95, up 10.01% with a trading volume of 2.2174 million shares and a transaction value of 51.80 billion [1] - Taihe Technology (300801) closed at 30.42, up 7.61% with a trading volume of 228.9 thousand shares and a transaction value of 6.63 billion [1] Underperformers - Zhengdan Co. (300641) closed at 20.36, down 8.08% with a trading volume of 265.6 thousand shares and a transaction value of 54.6 million [2] - Donglai Technology (688129) closed at 21.29, down 6.58% with a trading volume of 33.8 thousand shares and a transaction value of 72.80 million [2] - Yiyun Co. (603790) closed at 20.51, down 3.75% with a trading volume of 32.2 thousand shares and a transaction value of 66.93 million [2] Capital Flow - The chemical products sector saw a net inflow of 229 million from institutional investors, while retail investors contributed a net inflow of 294 million [2] - The sector experienced a net outflow of 523 million from speculative funds [2] Individual Stock Capital Flow - Financial Meeting (002407) had a net inflow of 94.7 million from institutional investors, while it saw a net outflow of 54.2 million from speculative funds and a net outflow of 40.5 million from retail investors [3] - Pioneer New Materials (300163) had a net inflow of 72.78 million from institutional investors, with net outflows of 20.87 million from speculative funds and 51.91 million from retail investors [3] - Taihe Technology (300801) had a net inflow of 52.93 million from institutional investors, with net outflows of 40.73 million from speculative funds and 12.20 million from retail investors [3]

证券代码：603110 证券简称：东方材料 公告编号：2025-072 新东方新材料股份有限公司 关于2025年前三季度主要经营数据的公告 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。 新东方新材料股份有限公司（以下简称"公司"）根据上海证券交易所《上市公司自律监管 规则适用指引第 3 号--行业信息披露》其《第十三号——化工》的要求，现将 2025 年前三季度主 要经营数据披露如下： 一、报告期内主要产品的产量、销量及收入实现情况(不含税) 2025 年 1-9 月公司主营业务（产品）收入产销情况如下： | 主要产品 | 产量（吨） | 销量（吨） | 营业收入(万元) | | --- | --- | --- | --- | | 包装油墨 | 9,568.06 | 9,318.47 | 17,048.84 | | 聚氨酯胶粘剂 | 5,103.40 | 5,062.39 | 7,668.02 | | 电子油墨 | 184.92 | 186.38 | 1,089.94 | 二、报告期内主要产品和原材料的价格变动情况 （一）主 ...

证券代码：603110 证券简称：东方材料 公告编号：2025-073 新东方新材料股份有限公司 关于对外投资暨设立合资公司的进展公告 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。 新东方新材料股份有限公司（以下简称"公司"）于2025年10月15日召开了第六届 董事会第十三次会议，审议通过了《关于对外投资暨设立合资公司的议案》。具体内容 详见公司2025年10月16日披露于上海证券交易所网站（www.sse.com.cn）及指定信息披 露媒体上披露的《新东方新材料股份有限公司对外投资暨设立合资公司的公告》（公告 编号：2025-066）。 近日，合资公司完成了工商登记注册手续并取得营业执照，相关信息公告如下： 名称：碳巢新材科技（滕州）有限公司 注册资本：壹亿元整 类型：有限责任公司（自然人投资或控股） 成立日期：2025年10月22日 法定代表人：韩雨辰 住所：山东省枣庄市滕州市木石镇鲁南高科技化工业园区羊套路南39号 统一社会信用代码：91370481MAG1JBLG5Q 经营范围：一般项目：高性能纤维及复合材料制造； ...

证券代码：603110 证券简称：东方材料 公告编号：2025-071 新东方新材料股份有限公司 第六届董事会第十五次会议决议公告 上述议案已经公司第六届董事会审计委员会第九次会议审议通过。 具体内容详见2025年10月29日发布在上海证券交易所网站（www.sse.com.cn）及指定 信息披露媒体上披露的《新东方新材料股份有限公司2025年第三季度报告》。 一、董事会会议召开情况 新东方新材料股份有限公司（以下简称"公司"）于2025年10月28日以通讯表决方 式召开了第六届董事会第十五次会议，会议通知于2025年10月23日以电子邮件方式发出。 会议由公司董事长庄盛鑫先生召集并主持，本次会议应到董事9人，实到董事9人，公司 监事及高管列席会议。本次会议的召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》、《董事会议事规则》等相关规定。 二、董事会会议审议情况 1 、审议通过《公司2025年第三季度报告》 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。 特此公告。 新 ...