Financial Performance - The company's operating revenue for Q3 2025 was ¥665,803,802.49, a decrease of 10.53% compared to the same period last year[4] - The total profit for the period was ¥104,761,957.87, down 13.37% year-on-year, while the net profit attributable to shareholders was ¥93,611,015.14, a decrease of 9.21%[4] - Year-to-date net profit attributable to shareholders reached ¥344,817,342.14, reflecting a significant increase of 66.11% compared to the previous year[4] - The basic earnings per share for the period was ¥0.59, a decrease of 9.23% year-on-year, while the diluted earnings per share also stood at ¥0.59[5] - The weighted average return on equity was 5.10%, a decrease of 1.48 percentage points compared to the previous year[5] - Total operating revenue for the first three quarters of 2025 reached ¥2,141,456,882.73, a 29.4% increase from ¥1,654,249,289.31 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥344,817,342.14, representing a 66.1% increase compared to ¥207,584,486.11 in 2024[21] - Operating profit for the first three quarters of 2025 was ¥396,443,733.63, an increase of 65.5% from ¥239,791,955.10 in the previous year[20] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥2.18, compared to ¥1.30 in the same period of 2024[21] Assets and Liabilities - Total assets at the end of the period amounted to ¥5,803,476,720.63, representing a 9.52% increase from the end of the previous year[5] - The total assets increased to ¥5,803,476,720.63, compared to ¥5,298,815,786.98 in the previous year, reflecting a growth of 9.5%[17] - Total liabilities rose to ¥3,909,813,007.10, an increase of 6.5% from ¥3,672,106,491.62 year-over-year[17] - The equity attributable to shareholders increased to ¥1,893,663,713.53, up 16.4% from ¥1,626,709,295.36 in the previous year[17] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥905,522,980.02, a substantial increase of 792.45% compared to the same period last year[4] - In the first three quarters of 2025, the company generated cash inflows from operating activities amounting to ¥2,801,558,184.23, a significant increase of 69.5% compared to ¥1,650,863,956.97 in the same period of 2024[22] - The net cash flow from operating activities for the first three quarters of 2025 was ¥905,522,980.02, compared to ¥101,465,270.02 in the first three quarters of 2024, reflecting a substantial growth[22] - The company reported cash outflows for investing activities totaling ¥541,183,576.42 in the first three quarters of 2025, up from ¥476,771,881.90 in the same period of 2024[23] - The net cash flow from investing activities was -¥365,369,380.03 for the first three quarters of 2025, an improvement from -¥467,088,504.88 in the first three quarters of 2024[23] - Cash and cash equivalents at the end of the third quarter of 2025 reached ¥1,498,470,237.22, a significant increase from ¥560,704,782.05 at the end of the same period in 2024[23] - The company’s net increase in cash and cash equivalents for the first three quarters of 2025 was ¥470,220,259.13, contrasting with a decrease of -¥452,752,662.41 in the same period of 2024[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 12,832[12] - The largest shareholder, Hangzhou Fostar Holdings Co., Ltd., holds 95,715,000 shares, accounting for 59.82% of total shares[12] - The company has a repurchase account holding 1,583,500 shares, representing 0.99% of total share capital[13] - The top ten shareholders do not have any shares involved in margin trading[14] - The company has not reported any significant changes in shareholder structure compared to the previous period[14] - The company’s employee stock ownership platform holds 27.35% of the shares in Hangzhou Fostar Holdings[13] Operational Metrics - The company experienced an overall increase in sales scale and product gross margin compared to the previous year, driving the growth in net profit[9] - Total current assets as of September 30, 2025, amount to ¥5,108,344,289.98, an increase from ¥4,650,946,306.98 at the end of 2024[15] - Cash and cash equivalents are reported at ¥1,623,033,481.29, up from ¥1,520,558,041.76[15] - Inventory has increased to ¥1,272,833,254.95 from ¥1,026,386,045.75[15] - Accounts receivable decreased to ¥534,898,734.48 from ¥722,710,442.79[15] - Research and development expenses rose to ¥84,062,894.48, up 29.2% from ¥65,063,599.63 in the same period last year[20] - Deferred income increased significantly to ¥11,842,400.13, compared to ¥2,217,039.52 in the previous year, indicating a growth of 434.5%[17] Government Support - Government subsidies recognized during the period amounted to ¥1,358,912.79, contributing positively to the financial results[7]

Group 1 - The core point of the article highlights the recent decline in the stock price of Fosda, which dropped by 5.13% to 44.02 CNY per share, with a trading volume of 153 million CNY and a turnover rate of 6.80%, resulting in a total market capitalization of 7.043 billion CNY [1] - Fosda, established on July 4, 2000, is located in Hangzhou, Zhejiang Province, and specializes in the development of various cryogenic technologies and the design, manufacturing, and sales of cryogenic equipment, providing comprehensive solutions for cryogenic systems [1] - The company's main business revenue composition includes air separation equipment (71.40%), natural gas processing and liquefaction devices (23.13%), other sources (5.46%), and rental income (0.01%) [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under CICC holds a significant position in Fosda, specifically the CICC Growth Navigation Mixed Fund A (019628), which maintained its holding of 12,900 shares in the second quarter, accounting for 4.42% of the fund's net value, ranking as the tenth largest holding [2] - The CICC Growth Navigation Mixed Fund A was established on October 15, 2024, with a latest scale of 6.3106 million CNY, achieving a year-to-date return of 20.84% and a one-year return of 22.09%, ranking 4,940 out of 8,155 in its category [2] - The fund manager, Ding Yang, has been in position for 4 years and 323 days, overseeing a total asset scale of 2.355 billion CNY, with the best fund return during his tenure being 75.22% and the worst being 5.12% [3]

证券代码：603173 证券简称：福斯达 杭州福斯达深冷装备股份有限公司 2025 年第三次临时股东会 会议资料 2025 年 10 月 30 日 | | | | | | 2025 年第三次临时股东会会议议程 现场会议时间：2025 年 10 月 30 日（星期四）下午 14:30 现场会议地点：浙江省杭州市临平区兴起路 398 号二楼会议室。 网络投票：2025 年 10 月 30 日（星期四）采用上海证券交易所网络投票系 统，通过交易系统投票平台的投票时间为股东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东 会召开当日的 9:15-15:00。 会议方式：现场投票与网络投票相结合的方式。 召集人：杭州福斯达深冷装备股份有限公司董事会。 主持人：杭州福斯达深冷装备股份有限公司董事长葛水福先生。 六、股东发言、回答股东提问； 七、推选本次会议的计票人和监票人； 八、计票人、监票人统计现场表决票和表决结果； 九、主持人宣布表决结果； 参会人员：股权登记日登记在册的股东及股东代表、董事、董事会秘书、见 证律师出席会议，公司高级管理人 ...

Core Viewpoint - The company plans to invest approximately 1 billion yuan in the "Fosda Marine Engineering and Equipment Intelligent Manufacturing Project" located in the Qidong Lusi Port Economic Development Zone [1] Investment Details - The total investment for the project is around 1 billion yuan [1] - The company intends to establish three wholly-owned subsidiaries to manage project-related operations, with the project company having a registered capital of no less than 588 million yuan [1] Project Specifications - The project will cover a total area of approximately 505 acres, focusing on the production of large marine engineering equipment and will include a heavy-duty loading dock [1] - An investment agreement has been signed, and the project is currently in the preparatory stage, pending approval from the shareholders' meeting [1] Risks and Challenges - The project faces risks related to construction, acquisition of land and sea usage rights, as well as approval and implementation processes [1]

证券代码：603173 证券简称：福斯达 公告编号：2025-045 杭州福斯达深冷装备股份有限公司 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： （网址：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 24 日(星期五) 至 10 月 30 日(星期四)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 stock@fortune-gas.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。 杭州福斯达深冷装备股份有限公司（以下简称"公司"）将于 2025 年 10 月 29 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 10 月 31 日（星期五） 下午 13:00-14:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行 ...

Core Viewpoint - Fostar (603173.SH) is making a significant investment of approximately 1 billion yuan in the marine engineering and equipment intelligent manufacturing project, aiming to extend its industrial chain and enhance its product structure towards high value-added offerings [1][2]. Investment Project Details - The project will be located in the Qidong Lusi Port Economic Development Zone, covering a total area of about 505 acres, including 240 acres of industrial land and 265 acres of industrial sea area [1]. - The project will produce large marine engineering equipment, oil and gas modules, and large chemical containers, supported by a heavy-duty terminal to facilitate the manufacturing and delivery of large equipment [1][2]. - A wholly-owned subsidiary will be established to manage the investment, construction, and operations of the project, with a registered capital of no less than 588 million yuan [1]. Strategic Goals - The investment aims to optimize the product structure towards high value-added products and accelerate the company's transformation towards large-scale, high-end, engineering, and service-oriented operations [2]. - The heavy-duty terminal is a key infrastructure that will enhance the company's delivery capabilities for large and oversized projects, improving customer loyalty and export advantages [2]. Financial Performance - Fostar has shown robust financial performance since its listing in January 2023, with revenues of 2.156 billion yuan, 2.419 billion yuan, and 1.476 billion yuan for 2023, 2024, and the first half of 2025, reflecting year-on-year growth of 14.3%, 12.2%, and 62.14% respectively [2][3]. - The net profit attributable to shareholders for the same periods was 191 million yuan, 261 million yuan, and 251 million yuan, with year-on-year growth rates of 34.67%, 36.63%, and 140.45% respectively [2][3]. Order and Market Performance - As of the first half of 2025, Fostar reported a contract liability of 1.975 billion yuan, an increase of 41.39% year-on-year, indicating a stable operational situation and strong investor interest [4]. - The stock price of Fostar reached 51.6 yuan per share as of October 14, 2025, reflecting a cumulative increase of 128.82% since the beginning of 2025 [4].

Group 1: Company Announcements - Hezhong Intelligent (合锻智能) reported no revenue from nuclear fusion-related business [1] - Fostar (福斯达) plans to invest approximately 1 billion yuan in the construction of a marine engineering and equipment intelligent manufacturing project [1] - Zhongyan Dadi (中岩大地) won a contract for a 770 million yuan engineering project [1] - Meili Technology (美力科技) intends to acquire 10.1% equity in Beijing Dayuan and Jiangsu Dayuan [1] - Jiuan Medical (九安医疗) plans to repurchase shares worth 300 million to 600 million yuan [1] - Sanmei Co., Ltd. (三美股份) expects a net profit increase of 171.73% to 193.46% year-on-year for the first three quarters [1] - Chen Yategong (陈亚特工) plans to reduce holdings by 2.99% [1] - Asia-Pacific Pharmaceutical (亚太药业) intends to raise no more than 700 million yuan through a private placement to Xinghao Holdings [1] - Feiliwa (非利华) plans to raise no more than 300 million yuan through a private placement [2] Group 2: Investment Projects - New Asia Cable (新亚电缆) plans to invest 298 million yuan in a green and environmentally friendly cable industry project [1] - Fostar (福斯达) is set to invest about 1 billion yuan in a marine engineering and equipment intelligent manufacturing project [1] Group 3: Share Buybacks - China Merchants Industry Holdings (中远海控) plans to repurchase 50 million to 100 million A-shares [2] - Jiuan Medical (九安医疗) intends to repurchase shares worth 300 million to 600 million yuan [2] - China National Machinery Industry Corporation (中工国际) plans to repurchase shares worth 50 million to 100 million yuan [2] - Fujilai (富士莱) plans to repurchase shares worth 20 million to 40 million yuan [2] - Obizhongguang (奥比中光) plans to repurchase shares worth 25 million to 50 million yuan [2] Group 4: Performance Forecasts - Sanmei Co., Ltd. (三美股份) expects a net profit increase of 171.73% to 193.46% year-on-year for the first three quarters [2] - Yuegui Co., Ltd. (粤桂股份) anticipates a net profit increase of 86.87% to 109.11% year-on-year for the first three quarters [2] - Salt Lake Co., Ltd. (盐湖股份) expects a net profit increase of 36.89% to 49.62% year-on-year for the first three quarters [2] - Shengnuo Biotechnology (圣诺生物) anticipates a net profit increase of 100.53% to 145.1% year-on-year for the first three quarters [2] Group 5: Equity Transfers - Yonghe Zhikong (永和智控) plans to transfer 51% equity and debt of Taixing Puluo [1] - Meizhi Co., Ltd. (美芝股份) plans to transfer 51% equity of Yingju Construction [1] - Meili Technology (美力科技) intends to acquire 10.1% equity in Beijing Dayuan and Jiangsu Dayuan [1] - Kangwei Century (康为世纪) plans to acquire 49% equity of its subsidiary Haowei Tai [1]

Group 1: Financial Performance - Xinhua Insurance expects a net profit of 29.986 billion to 34.122 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 45% to 65% due to reforms and improved investment returns [2] - Feirongda anticipates a net profit of 275 million to 300 million yuan for the first three quarters of 2025, reflecting a growth of 110.80% to 129.96% driven by increased R&D in AI and cooling technologies [2] - Lingyi Zhizao forecasts a net profit of 1.890 billion to 2.120 billion yuan for the first three quarters of 2025, marking a growth of 34.10% to 50.42% attributed to new product launches and increased overseas revenue [5] - Yilake Co. expects a net profit of 4.300 billion to 4.700 billion yuan for the first three quarters of 2025, with a significant increase of 36.89% to 49.62% driven by rising potassium chloride prices [6] - Bojun Technology projects a net profit increase of 50% to 80% for the first three quarters of 2025 [9] Group 2: Regulatory and Corporate Actions - Fudan Zhangjiang's application for the drug Obeticholic Acid for primary biliary cholangitis was not approved by the National Medical Products Administration, with a total R&D investment of approximately 125 million yuan [3] - Northern Rare Earth received a warning letter from the Inner Mongolia Securities Regulatory Bureau for failing to disclose non-operating fund occupation by an affiliate, totaling 8.9485 million yuan [7] - Tianji Co. announced that its major shareholders reduced their holdings by 2.9996% and have terminated their reduction plan ahead of schedule [8] Group 3: Market Trends and Developments - The demand for AI server cooling solutions and related materials has increased, contributing to Feirongda's revenue growth [2] - The overall market for potassium chloride has seen price increases, positively impacting Yilake Co.'s profitability [6] - The consumer electronics market is recovering, leading to increased demand for thermal management materials, benefiting Feirongda's market share [2]

Core Viewpoint - The company, Fostar, plans to invest approximately 1 billion RMB in the construction of an intelligent manufacturing project for marine engineering and equipment, aiming to enhance its competitive edge in high-end equipment manufacturing and extend the application of cryogenic technology [1][3]. Group 1: Investment Details - Fostar has signed an investment agreement with the Qidong Municipal Government to develop the "Fostar Marine Engineering and Equipment Intelligent Manufacturing Project" in the Qidong Lusi Port Economic Development Zone, with a total investment of around 1 billion RMB [1]. - The project will cover a total area of approximately 505 acres, including 240 acres of industrial land and 265 acres of industrial sea area, with a coastline usage of about 380 meters [1]. - A wholly-owned subsidiary will be established to manage the investment, construction, and operation of the project, with a registered capital of no less than 588 million RMB [2]. Group 2: Strategic Importance - The application of cryogenic technology in marine engineering is becoming increasingly critical, particularly in the transportation and processing of liquefied natural gas (LNG) [3]. - The project aims to capture market opportunities in high-value marine equipment manufacturing, thereby expanding the company's product application areas and creating new growth points [3]. - The construction of a heavy-duty terminal as part of the project will enhance the company's delivery capabilities for large equipment, improving customer retention and export advantages in the large and super-large equipment sectors [3].

Company Announcements - Northern Rare Earth received a warning letter from the Inner Mongolia Securities Regulatory Bureau due to undisclosed non-operating fund occupation by related parties, amounting to 8.9485 million yuan, which has been fully repaid [2] - Aosheng Electronics reported that revenue from controllable nuclear fusion-related products will account for less than 1% of its main business revenue in the first half of 2025 [2] - Yiyi Co. is planning to acquire a pet food company, leading to a stock suspension [3] - Sanmei Co. expects a net profit increase of 172%-193% year-on-year for the first three quarters, driven by a significant rise in the average price of fluorinated refrigerants [4] - Feirongda anticipates a net profit increase of 111%-130% year-on-year for the first three quarters, with growth in AI server cooling-related business revenue [4] - Zhongshi Technology expects a net profit increase of 74%-104% year-on-year for the first three quarters, benefiting from increased shipments of thermal materials and components [4] - Juxin Technology forecasts a net profit increase of 113% year-on-year for the first three quarters, with sales revenue from edge AI processor chips increasing significantly [4] - Chuangjiang New Materials expects a staggering net profit increase of 2058%-2243% year-on-year for the first three quarters [4] - New China Life Insurance anticipates a net profit increase of 45%-65% year-on-year for the first three quarters [4] Investment & Contracts - Fostda plans to invest 1 billion yuan in the construction of an intelligent manufacturing project for marine engineering and equipment [11] Shareholding Changes - Dongxin Co. has set an initial transfer price of 82.5 yuan per share for its inquiry transfer, which is a 16% discount from the closing price [11] - China Jushi has obtained a commitment letter for a stock repurchase loan of up to 630 million yuan [12] - Tianji Co. has reduced its holdings by 2.9996% of the company's shares and has terminated its reduction plan early [3] Performance & Operations - Yingweike reported a net profit of 183 million yuan for the third quarter, an increase of 8.35% year-on-year [13] - Chenguang Biological expects a net profit increase of 344%-402% year-on-year for the first three quarters [14] - Meili Ecology's subsidiary won a bid for a 2.375 billion yuan urban renewal project in Shenzhen [18] Stock Price Movements - Hezhu Intelligent has not generated any revenue related to nuclear fusion concepts [19] - Jinli Yongci confirmed that its recent stock price fluctuations are not due to undisclosed significant matters [20] Other Developments - Heng Rui Medicine's subsidiary received approval for clinical trials of SHR-1905 injection [24] - Renfu Medicine received a drug registration certificate for Dapoxetine Hydrochloride Tablets, which are expected to generate approximately 1.1 billion yuan in sales in 2024 [26]