Group 1 - The core point of the news is that Huangma Technology's stock price increased by 5.08% to 17.99 CNY per share, with a trading volume of 408 million CNY and a turnover rate of 3.91%, resulting in a total market capitalization of 10.591 billion CNY [1] - Huangma Technology, established on May 30, 2003, and listed on August 24, 2017, is located in Shaoxing, Zhejiang Province, and specializes in the research, production, and sales of specialty surfactants, with 99.97% of its revenue coming from this segment [1] Group 2 - According to data, Dachen Fund has a significant holding in Huangma Technology, with its Dachen Preferred Mixed Fund (LOF) A (160916) reducing its stake by 685,400 shares in the third quarter, now holding 3.13 million shares, which accounts for 4.93% of the fund's net value, ranking it as the eighth largest holding [2] - The Dachen Preferred Mixed Fund (LOF) A (160916) was established on July 27, 2012, with a current scale of 1.081 billion CNY, achieving a year-to-date return of 13.24% and a one-year return of 12.59%, ranking 5432 out of 8154 and 5406 out of 8046 in its category, respectively [2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company's performance in Q3 2025 met expectations, with a revenue of 6.26 billion yuan, a year-on-year increase of 2.04%, and a net profit of 1.19 billion yuan, reflecting a year-on-year growth of 25.15% [1][7]. - The company continues to see growth in its specialty surfactants production and sales, with a total production of 14.27 million tons and sales of 14.61 million tons in the first three quarters of 2025 [7]. - The report highlights the successful progress of the Kaimeike project, which is expected to enhance future growth prospects [7]. Financial Data and Valuation - The company is projected to achieve revenues of 28.57 billion yuan, 33.93 billion yuan, and 39.54 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 4.96 billion yuan, 5.89 billion yuan, and 6.85 billion yuan for the same years [2][7]. - The current price-to-earnings (PE) ratios are projected to be 20.4, 17.2, and 14.8 for 2025, 2026, and 2027 respectively [2][7]. - The company has a total market capitalization of 10.1 billion yuan and a return on equity (ROE) of 13.5% [3][7]. Sales and Production Performance - In Q3 2025, the average selling price of specialty surfactants was 12,100 yuan per ton, with a slight decrease of 4.1% from the previous quarter [7]. - The company reported a gross margin of 26.35% for the first three quarters of 2025, indicating a stable profitability despite fluctuations in raw material prices [7]. Future Growth Prospects - The Kaimeike project, which is expected to produce 33,000 tons of high-end functional new materials, is progressing well and is anticipated to contribute significantly to future profits [7]. - The company is also investing in technological upgrades, with a project to produce 9,000 tons of polyether amine expected to be completed in the second half of 2024 [7].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 18.80 [1][4]. Core Insights - The company reported a revenue of RMB 6.26 billion in Q3, representing a year-over-year increase of 2.04% and a quarter-over-quarter increase of 5.93%. The net profit attributable to shareholders was RMB 1.19 billion, showing a year-over-year growth of 25.15% [1]. - For the first three quarters of 2025, the company achieved a total revenue of RMB 18.20 billion, up 5.66% year-over-year, with a net profit of RMB 3.37 billion, reflecting an 18.15% increase year-over-year [1]. - The company has been optimizing its product structure and is expected to enhance profitability further with the commissioning of ongoing projects [1][4]. Summary by Sections Revenue and Profitability - In Q3, the company sold 5.2 million tons of surfactants, a 10% increase quarter-over-quarter, with an average selling price down by 5%. The strategic emerging sector saw a 17% increase in sales volume [3]. - The average price of key raw materials, propylene oxide and ethylene oxide, decreased by 16% and 2.7% respectively in H1 2025, contributing to a 1.3 percentage point increase in overall gross margin to 26.4% [2]. Future Projections - The company is projected to achieve net profits of RMB 4.8 billion, RMB 5.5 billion, and RMB 6.3 billion for the years 2025 to 2027, with respective growth rates of 22%, 14%, and 15% [4]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 0.82, RMB 0.94, and RMB 1.07 respectively [4]. Market Position - The company is actively advancing its high-end functional materials project, with an annual capacity of 330,000 tons, expected to begin trial production in the first half of 2026 [3].

Core Insights - The report indicates that as of October 28, 2025, a total of 13 institutional investors hold shares in Royal Technology (603181.SH), with a combined holding of 178 million shares, representing 30.20% of the total share capital [1] - The top ten institutional investors account for a combined holding ratio of 30.13%, which has decreased by 5.72 percentage points compared to the previous quarter [1] Institutional Investors - The top institutional investors include Zhejiang Royal Holdings Group Co., Ltd., Shaoxing Shiron Baosheng Investment Management Partnership, and several mutual funds [1] - The number of public funds that increased their holdings this period is two, while four public funds reduced their holdings, with a decrease ratio of 0.62% [2] - A total of 55 public funds did not disclose their holdings this period, including notable funds like Guotai Junan Value Advantage Flexible Allocation Mixed A and Southern Alpha Mixed A [2] Pension Funds - One pension fund, the Basic Pension Insurance Fund 15011 Combination, reduced its holdings by 2.0% compared to the previous quarter [2]

Core Insights - The company, Real Madrid Technology (603181.SH), reported its Q3 results, showing a total operating revenue of 1.82 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.66% [1] - The net profit attributable to shareholders of the parent company reached 337 million yuan, marking an 18.15% increase compared to the previous year [1] - The basic earnings per share stood at 0.59 yuan [1]

证券代码：603181 证券简称：皇马科技 公告编号：2025-040 浙江皇马科技股份有限公司 （一）主要产品价格波动情况 | 主要产品 | 2025年前三季度平均 | 2024年前三季度平均 | 变动比例 | | --- | --- | --- | --- | | | 售价（元/吨） | 售价（元/吨） | （%） | | 特种功能性及高分 子材料表面活性剂 | 12,451.80 | 13,102.26 | -4.96 | （二）主要原材料价格波动情况 一、2025年前三季度主要产品的产量、销量及收入实现情况 主要产品 产量（吨） 销量（吨） 营业收入（万元） 特种功能性及高分 子材料表面活性剂 142,681.29 146,058.50 181,869.18 其中：战略性新兴板块 45,296.09 53,420.14 | 主要产品 | 2025 年前三季度平均 采购价（元/吨） | | 2024年前三季度平均 采购价（元/吨） | 变动比例 （%） | | --- | --- | --- | --- | --- | | 环氧乙烷 | | 5,699.46 | 5,860.08 | -2.74 | | ...

证券代码：603181 证券简称：皇马科技 公告编号：2025-041 浙江皇马科技股份有限公司 关于取消2025年第二次临时股东会的公告 一、 取消股东会的相关情况 1. 取消的股东会的类型和届次 2025年第二次临时股东会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603181 | 皇马科技 | 2025/10/23 | 二、 取消原因 皇马科技第八届董事会第三次会议审议取消了公司第三期员工持股计划（草 案），并取消了本次股东会需要审议的与第三期员工持股计划相关的 3 项议案。 本次股东会无需要审议的议案，故本次股东会取消。 因本次股东会取消，为保障所有股东的合法投票权益，如有与本次股东会有 关的投票统计不计入公司投票表决统计。 2. 取消股东会的召开日期：2025 年 10 月 31 日 3. 取消的股东会的股权登记日 三、 所涉及议案的后续处理 特别提示 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。 浙江皇马科技股份有限公司董事会 ...

浙江皇马科技股份有限公司（以下简称"公司"）第八届董事会第三次会议 通知已于 2025 年 10 月 22 日以通讯等方式发出，会议于 2025 年 10 月 28 日在子 公司会议室以通讯表决方式召开。本次会议由公司董事长王伟松先生主持，应参 会董事 9 人，实际参会董事 9 人，公司高级管理人员列席了本次会议。 本次会议的召集、召开、表决程序符合《中华人民共和国公司法》、《公司章 程》等有关规定，会议形成的决议合法有效。 证券代码：603181 证券简称：皇马科技 公告编号：2025-039 浙江皇马科技股份有限公司 第八届董事会第三次会议决议公告 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。 一、董事会会议召开情况 根据公司实际情况及其他考量，公司基于谨慎考虑拟取消本次第三期员工持 股计划；员工持股计划取消后，公司 2025 年第二次临时股东会无需要审议事项， 故同时取消公司 2025 年第二次临时股东会。后续如有相关变化或进展，公司将及 时履行信息披露义务。 具体内容详见公司同日在上海证券交易所网站（www.sse. ...

Company Performance - Royal Technology reported a revenue of approximately 1.82 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.66% [1] - The net profit attributable to shareholders was approximately 337 million yuan, showing a year-on-year increase of 18.15% [1] - Basic earnings per share were 0.59 yuan, reflecting a year-on-year increase of 15.69% [1] Market Context - As of the report, Royal Technology has a market capitalization of 10 billion yuan [2] - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology being a key driver of this new "slow bull" market pattern [2]

Financial Performance - The company's revenue for the third quarter reached ¥625,661,962.03, representing a year-on-year increase of 2.04%[4] - Total profit for the quarter was ¥134,855,133.72, reflecting a 22.95% increase compared to the same period last year[4] - Net profit attributable to shareholders was ¥118,742,573.83, up 25.15% year-on-year[4] - The net profit excluding non-recurring gains and losses was ¥98,727,353.43, with a slight increase of 1.40% compared to the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥1,819,717,496.13, an increase of 5.66% compared to ¥1,722,194,498.36 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥337,403,974.46, representing a 18.19% increase from ¥285,577,739.60 in the same period of 2024[21] - Operating profit for the first three quarters of 2025 was ¥385,925,532.12, compared to ¥326,709,064.01 in 2024, indicating a growth of 18.06%[20] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.59, up from ¥0.51 in 2024, reflecting a growth of 15.69%[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,093,125,183.33, a 5.63% increase from the end of the previous year[5] - Shareholders' equity attributable to the company reached ¥3,337,679,645.47, marking a 7.27% increase from the previous year[5] - The total assets of the company are ¥4,093,125,183.33, compared to ¥3,875,092,522.64 at the end of 2024[16] - The total non-current liabilities increased to ¥501,417,155.83 from ¥369,123,588.02 in the previous period[16] - The total liabilities decreased slightly from ¥763,561,143.19 to ¥755,445,537.86, indicating a reduction of approximately 1.53%[17] - The total equity attributable to shareholders increased to ¥3,337,679,645.47 from ¥3,111,531,379.45, marking a growth of 7.26%[17] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥328,139,327.14, with a significant increase of 498.89%[9] - The net cash flow from operating activities for the first three quarters of 2025 was ¥328,139,327.14, significantly higher than ¥54,791,388.38 in 2024[24] - The net cash flow from investing activities for the first three quarters of 2025 was ¥251,372,469.00, compared to ¥50,892,899.47 in 2024, showing a substantial increase of about 392.5%[33] - The company's net cash flow from financing activities was -91,059,483.47 RMB, a significant decrease compared to a net inflow of 2,997,245.21 RMB in the previous period[25] - The total cash inflow from operating activities in the first three quarters of 2025 was ¥39,296,465.88, compared to ¥15,849,389.46 in 2024, marking an increase of approximately 147.5%[33] Shareholder Information - Total number of common shareholders at the end of the reporting period is 30,247[11] - The largest shareholder, Wang Weisong, holds 114,796,500 shares, representing 19.50% of the total shares[11] Research and Development - Research and development expenses for the first three quarters of 2025 totaled ¥69,088,314.94, an increase of 11.00% from ¥62,032,672.88 in 2024[20] - Research and development expenses increased to 1,378,002.03 RMB, compared to 1,304,228.97 RMB in the previous year, indicating a focus on innovation[30] Other Financial Metrics - The weighted average return on equity increased by 0.24 percentage points to 3.74%[5] - The company reported a basic earnings per share of ¥0.21 for the quarter, with a year-to-date figure of ¥0.59, reflecting a 15.69% increase[5] - Government subsidies recognized in the current period amounted to ¥20,091,822.29, contributing to the overall financial performance[7] - The cash inflow from tax refunds in the first three quarters of 2025 was ¥12,780,292.31, significantly higher than ¥3,223,645.47 in 2024, representing an increase of about 296.5%[33] - The cash outflow for purchasing goods and services in the first three quarters of 2025 was only ¥1,500.00, a drastic decrease from ¥521,525.41 in 2024, indicating a reduction of over 99.7%[33] Accounting Standards - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the year of first execution[35]