Financial Performance - The company's operating revenue for the third quarter was ¥104,709,092.58, a decrease of 11.06% compared to the same period last year[5] - The total profit for the third quarter was ¥4,279,391.80, down 53.83% year-on-year[5] - The net profit attributable to shareholders was ¥2,538,094.20, reflecting a decline of 63.82% compared to the previous year[5] - The basic earnings per share for the third quarter was ¥0.013, a decrease of 63.82% year-on-year[6] - Total operating revenue for the first three quarters of 2025 was CNY 279,113,930.51, a decrease of 7.4% compared to CNY 301,438,300.71 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was CNY 3,192,518.86, a significant decline of 74.8% compared to CNY 12,696,986.43 in 2024[22] - Earnings per share for the first three quarters of 2025 were CNY 0.016, down from CNY 0.06 in the same period of 2024[22] - The company reported a total comprehensive income of CNY 3,192,518.86 for the first three quarters of 2025, compared to CNY 12,696,986.43 in 2024[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥797,567,010.25, down 8.75% from the end of the previous year[6] - The company reported current assets totaling RMB 504,381,631.19 as of September 30, 2025, a decrease from RMB 561,790,933.16 as of December 31, 2024, representing a decline of approximately 10.2%[15] - Total liabilities decreased to RMB 101,552,320.19 from RMB 171,128,990.03, reflecting a significant reduction of approximately 40.6%[17] - The company's total assets were reported at RMB 797,567,010.25, down from RMB 874,012,497.83, a decrease of about 8.8%[16] - The company’s total liabilities and equity amounted to CNY 797,567,010.25, a decrease from CNY 874,012,497.83 in the previous year[18] Cash Flow - The cash flow from operating activities for the year-to-date was ¥9,442,738.65, a decrease of 56.96% compared to the previous year[5] - Operating cash flow for the first three quarters of 2025 was CNY 9,442,738.65, down 57.0% from CNY 21,937,415.40 in 2024[23] - Cash and cash equivalents amounted to RMB 186,307,144.78, showing a slight increase from RMB 182,272,276.84 year-over-year[15] - Cash and cash equivalents increased by CNY 8,855,422.51 in the first three quarters of 2025, compared to a decrease of CNY 70,542,509.69 in 2024[23] - The ending balance of cash and cash equivalents is $179,760,311.29, compared to $159,769,300.90 from the previous period, indicating an increase[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,565[12] - The shareholder structure indicates that the top ten shareholders hold a significant portion of the company's shares, with the largest shareholder owning 17,787,840 shares[14] Operational Insights - The company experienced a 42.52% decrease in receivables financing, primarily due to a reduction in notes receivable[9] - The company reported a 166.58% increase in contract liabilities, attributed to an increase in advance payments for contracts[9] - The company has no significant new product launches or technological developments mentioned in the conference call[14] - There are no plans for market expansion or mergers and acquisitions discussed during the call[14] - The company has not provided specific future guidance or performance outlook in the conference call[14] - Research and development expenses for the first three quarters of 2025 were CNY 12,991,046.46, slightly up from CNY 12,900,413.14 in 2024[20] Accounting Standards - The company will not apply the new accounting standards or interpretations starting from 2025[25]

Core Viewpoint - The company Oriental Materials announced a cross-industry investment plan involving a total of 48 million yuan, which includes an investment of 18 million yuan in Suzhou First Element Nanotechnology Co., Ltd. and the establishment of a joint venture named Carbon Nest Technology (Tengzhou) Co., Ltd. [2] Investment Details - The investment consists of a convertible debt of 18 million yuan, which can be converted into equity under certain conditions, and a direct investment of 30 million yuan in the joint venture, giving Oriental Materials a 30% stake [2][5] - The joint venture has a registered capital of 100 million yuan, with First Element contributing 40% through intellectual property or cash [2] Financial Performance of First Element - First Element reported cumulative losses exceeding 5.4 million yuan from 2024 to the first half of 2025, with projected revenues of 10.5 million yuan and a net loss of 4.15 million yuan for 2024, and revenues of 4.73 million yuan with a net loss of 1.32 million yuan for the first half of 2025 [3] Business Rationale - The Shanghai Stock Exchange questioned the commercial rationale behind investing in a loss-making asset, highlighting the significant differences between the core businesses of Oriental Materials and First Element [3] - Oriental Materials defended the investment by emphasizing First Element's status as a national high-tech enterprise and its core product, high-purity carbon nanofibers, which have applications in various battery technologies [3][4] Production Capacity and Market Potential - First Element's subsidiary has a production capacity of 4.67 tons of carbon nanofiber powder and 65.5 tons of carbon nanofiber slurry for 2024 [3] - The joint venture aims to produce 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 [7] Shareholder and Management Background - The joint venture includes a former executive of Oriental Materials, who has relevant experience and management capabilities, although the company clarified that there are no conflicts of interest [6] - The intellectual property contributed by First Element has not yet been evaluated for its value [6] Future Risks - The company acknowledged potential risks, including the possibility that First Element may face financing challenges, which could hinder the conversion of debt to equity [7]

证券代码：603110 证券简称：东方材料 公告编号：2025-070 新东方新材料股份有限公司 关于上海证券交易所对公司对外投资暨设立合资公司事项 问询函的回复公告 | 产品类别 | 2022 年 | 2022 年 | 2023 年 | 2023 年 | 2024 年 | 2024 年 | | --- | --- | --- | --- | --- | --- | --- | | | （销售额/元） | 产量（kg） | （销售额/元） | 产量（kg） | （销售额/元） | 产量（kg） | | 高纯纳米碳纤维 （CNTp） | 48,900.00 | 10354.53 | 139,150.00 | 10709.45 | 2,745,650.00 | 4674.03 | | 纳米碳纤维分散液 (NMP 系) | 1,309,200.00 | 12867.12 | 4,065,000.00 | 21733.8 | 6,391,100.00 | 39434.5 | | 纳米碳纤维分散液 (水系) | 396,500.00 | 3794.25 | 202,150.00 | 1774.92 | 2,669,96 ...

Core Insights - Oriental Supercomputing has signed strategic cooperation agreements with 12 regional distributors, marking a shift from a direct sales model to a dual-driven approach combining direct sales and channel distribution [1][2] - The company aims to build a comprehensive distribution system termed "1+12+N," which includes one headquarters direct sales team, 12 core regional distributors, and multiple secondary agents [2] Distribution Strategy - The 12 distributors are leading companies in their respective regions or industries, specializing in IT equipment distribution, system integration, and industry solutions [2] - This partnership is characterized as deep strategic cooperation rather than simple product agency, focusing on quality over quantity in distributor relationships [4] Empowerment Policies - Oriental Supercomputing has introduced a comprehensive empowerment system for distributors, which includes: - Pricing system with tiered rebate mechanisms, market protection policies, and profit-sharing for large customer joint development [3] - Training support covering product technology, application training, industry solutions, and sales techniques, along with a certification system for sales and technical engineers [3] - Marketing support including free promotional materials, 50% subsidy for exhibition costs, joint brand promotion, lead sharing mechanisms, and integrated CRM systems [3] - After-sales service with a three-tier response system and regional spare parts inventory [3] Future Plans - The year 2025 is designated as a critical year for channel development, with a focus on deepening industry cooperation and establishing over 100 benchmark cases [4] - The company has launched a three-year action plan titled "Hundred Cities, Thousand Stores, Ten Thousand Enterprises," aiming to cover over 100 cities, establish more than 1,000 service points, and serve over 100,000 enterprises [4] - The goal is to make AI computing power as accessible as PCs and smartphones, ensuring that every enterprise can afford and effectively utilize AI technology [4] Company Overview - Oriental Supercomputing (Shenzhen) Technology Co., Ltd. was established in 2023 as a wholly-owned subsidiary of Oriental Materials (603110.SH), focusing on portable enterprise-level AI computing solutions [4]

Core Viewpoint - The company, Oriental Materials, is facing regulatory scrutiny due to non-compliance in accounting practices and internal controls, leading to a need for corrective measures [1][2]. Group 1: Regulatory Issues - The Anhui Securities Regulatory Commission has issued a decision requiring the company to rectify issues related to accounting and internal controls [1]. - Specific problems identified include non-standard accounting practices, such as missing original vouchers for salary accruals and a lack of segregation of duties in accounting tasks [2]. - Internal control deficiencies were noted in areas like procurement management, expense management, and approval processes, including the absence of written records for large equipment purchases and inconsistent criteria for employee bonuses [2]. Group 2: Management Changes - The company experienced a leadership change when Xu Guangbin resigned as chairman on July 29, and Zhuang Shengxin was appointed as the new chairman and legal representative on August 5 [1]. - A special rectification task force has been established, led by the new chairman, to address the issues highlighted in the regulatory decision [1]. Group 3: Financial Performance - For the first half of the year, the company reported revenue of approximately 174 million yuan, a year-on-year decrease of 5.06%, and a net profit of about 650,000 yuan, down 88.48% [3]. - The decline in revenue is attributed to falling sales prices of ink products, while sales expenses increased by 13.05% to 16 million yuan [3]. - Projections indicate a significant drop in net profit for 2024, estimated at 13.96 million yuan, a year-on-year decrease of 73.17%, despite high executive compensation totaling 5.64 million yuan [3].

Core Viewpoint - The board of directors of New Oriental New Materials Co., Ltd. has made several important decisions regarding organizational restructuring and compliance with regulatory requirements following a directive from the Anhui Securities Regulatory Bureau [11][20]. Group 1: Board Meeting Overview - The sixth board meeting was held on October 22, 2025, with all nine directors present, complying with relevant regulations and company bylaws [3]. - The board approved multiple resolutions, including adjustments to the organizational structure and management systems [4][6]. Group 2: Voting Results - The resolution on organizational restructuring received 5 votes in favor, 0 against, and 4 abstentions, with specific concerns raised by the abstaining directors regarding the lack of strategic basis and quantifiable objectives [5]. - The resolution to revise the management system for controlling subsidiaries passed unanimously with 9 votes in favor [7]. - The resolution regarding the corrective action report in response to the Anhui Securities Regulatory Bureau's directive also passed unanimously with 9 votes in favor [9]. Group 3: Organizational Restructuring - The company received a directive from the Anhui Securities Regulatory Bureau on September 23, 2025, requiring corrective actions to address identified issues [11][20]. - The restructuring aims to enhance governance and operational efficiency, implementing a management control system led by the general manager [20]. - Specific changes include the cancellation of the comprehensive service department and the establishment of a general manager's office and human resources department [21]. Group 4: Compliance and Rectification Measures - The company has established a special task force to address the issues raised in the regulatory directive, ensuring compliance with accounting and internal control standards [12]. - Rectification measures include reassessing ERP system roles, enhancing financial oversight, and improving procurement and expense management processes [15][17]. - The company is committed to ongoing improvements in internal controls and governance to protect shareholder interests [19].

Group 1 - The company announced the convening of its sixth board meeting on October 22, 2025, to review and approve the proposal for adjusting the organizational structure and related management matters [2]

Core Viewpoint - The company has completed the rectification work in response to the Anhui Securities Regulatory Commission's order regarding accounting irregularities and inadequate internal controls, with a series of targeted measures implemented to enhance governance standards [1][4]. Summary by Sections Rectification Measures for Accounting Irregularities - The company has implemented three main corrective actions: 1. Re-evaluating the roles and permissions within the existing ERP system to ensure incompatible duties are separated and a mutual restriction mechanism is established [2]. 2. Reviewing and supplementing any missing or non-compliant original attachments for accounting vouchers from 2022 onwards, as per the Accounting Basic Work Standards [2]. 3. The internal audit department will conduct regular reviews of accounting vouchers and organize semi-annual special inspections to ensure compliance and monitor the implementation of corrective measures [2]. Rectification Measures for Inadequate Internal Controls - The company has undertaken systematic reforms focusing on institutional development, process optimization, and supervision mechanisms: 1. Adjusting the organizational structure and clarifying responsibilities, with new management measures for subsidiaries approved by the board [3]. 2. Enhancing compensation and approval management by requiring subsidiaries to refine their compensation management systems within 15 days after board approval [3]. 3. Improving procurement management by mandating competitive bidding for suppliers, with a review of large equipment purchases over the past three years [3]. 4. Revising the expense reimbursement policy to standardize business entertainment and travel expenses, with a self-review of large entertainment expense vouchers from 2022 onwards [3]. Measures to Consolidate Rectification Outcomes - The company emphasizes several multi-dimensional measures to solidify the rectification results: 1. The internal audit department will conduct annual evaluations of internal controls and report findings to the board's audit committee [4]. 2. Training sessions will be organized for staff across various departments to reinforce accountability [4]. 3. Subsidiaries are required to refine their internal management systems based on the new organizational structure within 15 days of board approval [4]. - The company believes these rectification efforts will significantly enhance internal controls and operational standards, ensuring sustainable and healthy development while protecting shareholder interests [4].

Group 1 - The core point of the article highlights that Oriental Materials conducted a block trade on October 22, with a total of 1.6858 million shares traded, amounting to 28.9958 million yuan, which represents 8.86% of the total trading volume for that day [1][2] - The transaction price was 17.2 yuan per share, which is a discount of 6.32% compared to the market closing price of 18.36 yuan [1][2]

新东方新材料股份有限公司控股子公司管理制度 新东方新材料股份有限公司控股子公司管理制度 第一章 总则 第一条 为加强新东方新材料股份有限公司（以下简称"公司"）内部控制， 促进公司规范运作和健康发展，保护投资者合法权益，加强对控股子公司的管理 控制，保证控股子公司规范运作和依法经营，根据《中华人民共和国公司法》(以 下简称"《公司法》")、《上海证券交易所股票上市规则》(以下简称"《上市 规则》")、《新东方新材料股份有限公司章程》(以下简称"《公司章程》") 等法律、法规和规范性文件，特制定本制度。 第二条 本制度所称公司系指新东方新材料股份有限公司(不含子公司)；控 股子公司系指新东方新材料股份有限公司绝对控股或者虽不绝对控股但拥有实 际控制权的企业。 第三条 加强对控股子公司的管理，旨在建立有效的控制机制，对子公司的 组织、资源、资产、投资等的运作进行风险控制，提高子公司整体运作效率和抗 风险能力。 第四条 公司依据对控股子公司资产控制和自身规范运作要求，行使对控股 子公司的重大事项管理。同时，负有对控股子公司指导、监督和相关服务的义务。 第五条 各控股子公司应遵循本制度，结合公司实际情况制定具体的实施 ...