Core Viewpoint - The stock of Rihua Co., Ltd. has shown a mixed performance in recent trading, with a year-to-date increase of 22.95% but a decline of 2.90% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Rihua Co., Ltd. achieved a revenue of 4.855 billion yuan, representing a year-on-year growth of 52.45% [2] - The net profit attributable to shareholders for the same period was 434 million yuan, which reflects a year-on-year decrease of 14.25% [2] Shareholder Information - As of September 30, 2025, the number of shareholders of Rihua Co., Ltd. increased by 13.10% to 48,400 [2] - The average number of circulating shares per shareholder decreased by 11.58% to 21,244 shares [2] Dividend Distribution - Since its A-share listing, Rihua Co., Ltd. has distributed a total of 1.822 billion yuan in dividends, with 849 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 46.255 million shares, an increase of 17.2105 million shares from the previous period [3] - The Southern CSI 1000 ETF is the sixth-largest circulating shareholder, holding 4.71 million shares, a decrease of 51,100 shares from the previous period [3] - The Oriental Red JD Big Data Mixed A Fund remains the tenth-largest circulating shareholder, holding 2.8528 million shares, unchanged from the previous period [3]

Investment Rating - The report maintains a positive outlook on the wind power industry, highlighting continued revenue and profit growth in Q3 2025, with a recommendation to focus on companies with higher profit elasticity [3][25][28]. Core Insights - The wind power sector achieved revenues of 662 billion yuan in Q3 2025, a year-on-year increase of 27.2%, and a net profit of 14.4 billion yuan, up 4.6% year-on-year, indicating a sustained upward trend in profitability [2][25][28]. - The industry is expected to maintain high demand and pricing levels, supported by a robust order backlog of approximately 300 GW, which is projected to ensure continued growth through 2027 [2][3][13]. - The report identifies four key segments with varying performance: 1. The turbine segment shows profit differentiation, with companies like Goldwind and Yunda benefiting from fewer low-price orders [2][3]. 2. The operator segment has seen significant cash flow improvements due to accelerated national subsidies [2][3]. 3. The offshore wind and cable segments are experiencing high demand and increased capital expenditures [2][3]. 4. The components segment is benefiting from reduced raw material costs and high capacity utilization [2][3]. Summary by Sections Revenue and Profit Growth - The wind power sector's revenue for the first three quarters reached 1.71 trillion yuan, a 37.9% increase year-on-year, with a net profit of 56.7 billion yuan, up 12.5% year-on-year [18][21]. - Q3 2025 saw a sales gross margin of 13.5% and a net margin of 3.6%, reflecting a slight decline due to the increased share of lower-margin manufacturing business [18][21]. Demand and Pricing Trends - The average bidding price for onshore wind turbines increased by 12% year-on-year to 1593 yuan/kW, indicating a positive pricing trend [16][28]. - The report anticipates that the demand for wind installations will continue to accelerate, with an expected total of 118 GW of new installations for the year [8][13]. Segment Performance - The turbine segment's profitability is expected to improve due to a higher proportion of high-price orders in future deliveries [2][3]. - The offshore wind segment is experiencing robust growth, with significant capital investments and project deliveries [2][3]. - The components segment is seeing improved profitability driven by lower raw material costs and increased production efficiency [2][3]. Investment Recommendations - The report recommends focusing on companies with strong profit elasticity in the turbine segment, such as Goldwind, Yunda, and Mingyang Smart Energy, as well as those in the cable and component segments like Daikin Heavy Industries and Dongfang Cable [3][3].

Core Viewpoint - Dayun Co., Ltd. is a leading global manufacturer of wind power castings, with a comprehensive production capability across various sectors including wind and nuclear power [1] Group 1: Business Performance - In Q3 2025, Dayun's revenue reached 4.855 billion, ranking second among 22 companies in the industry, surpassing the industry average of 2.696 billion and the median of 2.819 billion [2] - The main business revenue from ductile iron products was 2.823 billion, accounting for 87.51% of total revenue [2] - The net profit for the same period was 423 million, ranking third in the industry, above the average of 129 million and the median of 100 million [2] Group 2: Financial Ratios - As of Q3 2025, Dayun's debt-to-asset ratio was 27.63%, an increase from 20.32% year-on-year, but still below the industry average of 45.32% [3] - The gross profit margin for the same period was 16.32%, down from 17.22% year-on-year, and below the industry average of 18.38% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 13.10% to 48,400, while the average number of circulating A-shares held per account decreased by 11.58% to 21,200 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [5] Group 4: Executive Compensation - Chairman Fu Minkang's compensation for 2024 was 756,600, an increase of 324,000 from 2023 [4] Group 5: Business Highlights - The company experienced significant revenue growth in the first half of 2025, driven by the booming wind power industry, with ductile iron product revenue increasing by 66.00% [6] - Cost reduction measures have shown results, leading to a decrease in expense ratios [6] - The company is actively expanding its nuclear power and alloy steel businesses, with the nuclear fuel transfer storage tank now capable of mass production [6]

Core Viewpoint - Dayun Co., Ltd. (603218.SH) reported a significant increase in both revenue and net profit for the third quarter of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 1.63 billion yuan, representing a year-on-year increase of 16.67% [1] - The net profit attributable to shareholders of the listed company was 151 million yuan, showing a year-on-year increase of 77.42% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 144 million yuan, reflecting a year-on-year increase of 104.29% [1]

证券代码：603218 证券简称：日月股份 公告编号：2025-049 日月重工股份有限公司 第六届董事会第十六次会议决议公告 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 日月重工股份有限公司（以下简称"公司"）第六届董事会第十六次会议于 2025 年 10 月 24 日以邮件及书面方式发出会议通知和会议材料，并于 2025 年 10 月 29 日以通讯方式召开。本次会议应出席会议董事 9 名，实际参加表决人数 9 名。 本次会议由公司董事长傅明康先生主持，本次会议的召开符合《中华人民共和国公 司法》《上海证券交易所股票上市规则》等有关法律、行政法规、部门规章、规范 性文件和《日月重工股份有限公司章程》的规定，会议决议合法有效。 二、董事会会议审议情况 本次会议审议议案如下： 1、审议通过《2025 年第三季度报告》： 本议案已经审计委员会审议通过，并同意提交公司董事会审议。具体内容详见 上海证券交易所网站及同日于指定披露媒体披露的公司《2025 年第三季度报告》。 表决结果：同意 9 票、反对 0 ...

证券代码：603218 证券简称：日月股份 公告编号：2025-051 一、通知债权人的原由 根据《日月重工股份有限公司 2023 年限制性股票激励计划（草案）》（以下 简称《激励计划》）之"第十四章公司/激励对象发生异动时本激励计划的处理" 之"二、激励对象个人情况发生变化的处理"之"（二）激励对象离职：1、激励 对象合同到期且不再续约的或主动辞职的，其已解除限售股票不作处理，已获授但 尚未解除限售的限制性股票不得解除限售，由公司以授予价格进行回购注销。"鉴 于首次授予的 3 名激励对象因个人原因已离职，已不符合《激励计划》有关激励对 象的规定，公司决定取消其激励对象资格并回购注销其已获授但尚未解除限售的限 制性股票 75,000 股。 根据公司 2023 年第一次临时股东大会的授权，本次激励对象已获授但尚未解 除限售的限制性股票回购注销事宜在公司董事会的授权范围内，无须提交公司股东 会审议。 回购完毕后，公司将向中国证券登记结算有限责任公司上海分公司申请该部分 股 票 的 注 销 。 注 销 完 成 后 ， 公 司 股 份 总 数 将 由 1,030,416,250 股 变 更 为 1,030,341,2 ...

日月重工股份有限公司 关于回购注销部分激励对象已获授但尚未解除限售的 限制性股票的公告 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。 证券代码：603218 证券简称：日月股份 公告编号：2025-050 日月重工股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第六 届董事会第十六次会议，审议通过了《关于回购注销部分激励对象已获授但尚未解 除限售的限制性股票的议案》。同意将公司 2023 年限制性股票激励计划（以下简 称"本次激励计划"）因激励对象离职，对已获授但尚未解除限售的限制性股票 75,000 股进行回购注销。现将有关事项公告如下： 重要内容提示： 一、本次激励计划已履行的相关程序 1、2023 年 2 月 14 日，公司召开第五届董事会第二十八次会议，会议审议通 过了《关于<公司 2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于< 公司 2023 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请股东 大会授权董事会办理公司 2023 年限制性股票激励计划相关事宜的议 ...

国浩律师（上海）事务所 关于 日月重工股份有限公司 2023 年限制性股票激励计划 回购注销部分限制性股票 之法律意见书 上海市静安区山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai 200085 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 52433320 网址/Website: http://www.grandall.com.cn 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于日月重工股份有限公司 2023年限制性股票激励计划回购注销 部分限制性股票之法律意见书 致：日月重工股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受日月重工股份有限公司 （以下简称"日月股份"或"公司"）委托，担任公司实施限制性股票激励计划 （以下简称"本次限制性股票激励计划"或者"本次股票激励计划"）相关事宜 的专项法律顾问。受日月股份的委托，本所律师对公司回购注销部分激励对象已 获授但尚未解除限售的限制性股票 ...

Group 1 - The company, Rihua Co., Ltd. (SH 603218), announced a board meeting held on October 29, 2025, to discuss a proposal for reducing registered capital and amending the company's articles of association [1] - For the year 2024, the company's revenue composition is reported as 98.4% from castings and 1.6% from other businesses [1] - As of the report, Rihua Co., Ltd. has a market capitalization of 15.3 billion yuan [1] Group 2 - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation [1] - A new "slow bull" market pattern is emerging, indicating a shift in market dynamics [1]

Company Performance - In Q3 2025, the company reported revenue of approximately 4.855 billion yuan, representing a year-on-year increase of 52.45% [1] - The net profit attributable to shareholders was approximately 434 million yuan, showing a year-on-year decrease of 14.25% [1] - Basic earnings per share were 0.42 yuan, which is a decrease of 14.29% compared to the previous year [1] Market Context - The company's market capitalization is currently 15.3 billion yuan [2] - The A-share market has recently surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation [2] - The technology sector is leading this market transformation, suggesting a new "slow bull" market pattern [2]