Core Viewpoint - Haixing Co., Ltd. (603115) announced on October 31 that it will disclose the number of shareholders at the end of the reporting period in its regular reports to ensure equal access to information for all investors [1] Group 1 - The company aims to provide transparency by reporting the number of shareholders [1]

Core Viewpoint - Haixing Co., Ltd. (603115) emphasizes that its main product, electrode foil, is a core raw material for aluminum electrolytic capacitors, with applications in consumer electronics, artificial intelligence, and AI servers [1] Company Summary - The company specializes in electrode foil production, which is essential for aluminum electrolytic capacitors [1] - The applications of the company's products span across various sectors, including consumer electronics and AI technology [1] Industry Summary - The demand for aluminum electrolytic capacitors is driven by growth in consumer electronics and advancements in artificial intelligence [1]

Company Overview - Haixing Co., Ltd. was established on January 8, 1998, and listed on the Shanghai Stock Exchange on August 9, 2019. The company is headquartered in Nantong, Jiangsu Province and is a leading enterprise in the domestic aluminum electrolytic capacitor electrode foil industry, possessing strong R&D capabilities and scale advantages [1] Financial Performance - As of Q3 2025, Haixing's operating revenue was 1.711 billion yuan, ranking 25th out of 31 in the industry, significantly lower than the industry leader, China Aluminum, with 176.516 billion yuan, and the second place, Innovation New Materials, with 58.716 billion yuan. The industry average revenue was 16.562 billion yuan, and the median was 5.83 billion yuan [2] - The net profit for the same period was 147 million yuan, ranking 16th in the industry, again far behind China Aluminum's 17.296 billion yuan and Yun Aluminum's 5.22 billion yuan. The net profit was in line with the industry median but below the average of 1.346 billion yuan [2] Financial Ratios - As of Q3 2025, Haixing's debt-to-asset ratio was 31.51%, an increase from 20.22% year-on-year, but still below the industry average of 46.20%, indicating good solvency and relatively low financial risk. The gross profit margin for the same period was 21.26%, slightly up from 21.02% year-on-year and significantly higher than the industry average of 10.69%, reflecting strong profitability [3] Executive Compensation - The chairman, Zhou Xiaobing, received a salary of 800,000 yuan in 2024, an increase of 115,200 yuan from 684,800 yuan in 2023. The general manager, Sun Xinming, earned 762,100 yuan in 2024, up by 110,100 yuan from 652,000 yuan in 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 14.57% to 14,900, while the average number of circulating A-shares held per shareholder decreased by 11.73% to 16,200. Notably, several funds exited the top ten circulating shareholders list [5]

Core Viewpoint - Haixing Co., Ltd. (603115.SH) focuses on the production of electrode foil, which is a core raw material for aluminum electrolytic capacitors, applicable in various fields such as consumer electronics and artificial intelligence [1] Company Summary - The main product of Haixing Co., Ltd. is electrode foil [1] - The electrode foil is essential for aluminum electrolytic capacitors [1] - The applications of the company's products include consumer electronics and AI servers [1]

Summary of Haixin Co., Ltd. Conference Call Company Overview - **Company**: Haixin Co., Ltd. - **Industry**: Aluminum electrolytic capacitor and electrode foil manufacturing Key Financial Performance - **Q3 2025 Net Profit**: Approximately 81 million yuan, a year-on-year increase of 51% [2][3] - **Q3 2025 Non-recurring Net Profit**: 63 million yuan, a year-on-year increase of 25% [2][3] - **Cumulative Net Profit for First Three Quarters**: 147 million yuan, a year-on-year increase of 41.4% [2][3] - **Cumulative Non-recurring Net Profit**: 128 million yuan, a year-on-year increase of 32.75% [2][3] - **Q3 2025 Revenue**: 1.619 billion yuan, a year-on-year increase of 21.37% [3] - **Cumulative Revenue for First Three Quarters**: 1.71 billion yuan, a year-on-year increase of 21.45% [3] Margin Improvement Factors - **Gross Margin Improvement**: Driven by cost reductions, particularly lower electricity costs during the water-rich period in Sichuan and full-capacity operation in Xinjiang [2][4][5] - **Production Cost Optimization**: The Xinjiang base operates at the lowest electricity price among the three subsidiaries, contributing to overall cost reduction [4][5] Market Position and Product Applications - **Global Market Share**: Second in global market share for electrode foil, involved in drafting industry standards [2][7] - **Downstream Applications**: - Consumer electronics and industrial control account for approximately 50% of applications - New energy applications account for nearly 40% - AI and server applications account for about 10% [2][8] - **Profitability by Application**: - AI server products have the highest gross margin - Automotive electronics capacitors exceed 40% gross margin - Consumer electronics below 20% - Industrial control at 20-25% - New energy at approximately 30% [10] Production Capacity and Trends - **Current Production Capacity**: 42 million square meters, expected to reach 54 million square meters by the end of 2025 [4][13] - **Production Trends**: Continuous increase in production and sales volume, with significant improvements in Q2 and Q3 due to new capacity coming online [6] Customer Structure and Market Dynamics - **Customer Base**: Major clients include top ten capacitor manufacturers globally, accounting for about 40% of total sales [4][17][18] - **Market Concentration**: Approximately 80% of global aluminum foil and electrolytic capacitor production capacity is concentrated in China [17] - **Competitive Landscape**: Haixin is gradually increasing its market share against traditional Japanese and Korean manufacturers through technological advancements [16][20] Future Outlook - **Order Visibility**: Current order visibility is about one quarter, with expectations for moderate growth in traditional sectors and double-digit growth in new energy and AI applications [24] - **Dividend Policy**: The company has maintained a high dividend payout since its listing, with expectations to continue this trend [23] Additional Insights - **Technological Challenges**: The production of aluminum electrode foil faces significant challenges, particularly in the corrosion process, which is critical for capacity [22] - **Emerging Markets**: The company is expanding into AI-related products, including solid-state capacitors, which are in high demand [21]

Group 1 - The company has appointed two new vice presidents, Yan Ming and Liu Hui, following the approval of the board of directors [8][10][36] - The board meeting that approved the appointments was held on October 28, 2025, with all nine directors present [32][44] - The company ensures that the content of the announcements is truthful, accurate, and complete, taking legal responsibility for any misrepresentation [2][8][44] Group 2 - The company will hold its second extraordinary general meeting of shareholders on November 21, 2025, using a combination of on-site and online voting [15][42] - The meeting will discuss several proposals, including the appointment of new management and changes to the company's governance structure [38][42] - Shareholders must register to attend the meeting, with specific procedures outlined for both individual and institutional shareholders [25][26]

Core Insights - The company reported a revenue of 618,734,631.48 yuan for the third quarter of 2025, representing a year-on-year growth of 21.37% [2] - The net profit attributable to shareholders of the listed company was 80,819,410.79 yuan, showing a year-on-year increase of 51.82% [2] Financial Performance - Revenue for Q3 2025: 618.73 million yuan, up 21.37% year-on-year [2] - Net profit for Q3 2025: 80.82 million yuan, up 51.82% year-on-year [2]

Group 1 - The core viewpoint of the article highlights that Haixing Co., Ltd. (603115.SH) reported a significant increase in revenue and profit for the first three quarters of 2025, indicating strong financial performance [1] Group 2 - The company achieved a revenue of 1.711 billion yuan, representing a year-on-year growth of 21.45% [1] - The net profit attributable to shareholders reached 147 million yuan, with a year-on-year increase of 41.41% [1] - The net profit after deducting non-recurring gains and losses was 128 million yuan, reflecting a year-on-year growth of 32.75% [1] - The basic earnings per share stood at 0.6136 yuan [1]

Core Points - The company, Haixing Co., Ltd. (stock code: 603115), announced the appointment of Mr. Yan Ming and Mr. Liu Hui as vice general managers [1] Group 1 - The board of directors of Haixing Co., Ltd. approved the hiring of Mr. Yan Ming and Mr. Liu Hui [1]

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