证券代码：603297 证券简称：永新光学 公告编号：2025-046 关于召开2025年第三季度网上业绩说明会的公告 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。 宁波永新光学股份有限公司 重要内容提示： 会议召开时间：2025 年 11 月 25 日 15:00-16:00 会议召开方式：文字网络互动 会议召开地点：证券日报网路演平台（http://www.zqrb.cn/huiyi/lyhd/ind ex.html） 投资者可于 2025 年 11 月 24 日 17:00 前通过公告中的联系电话、电子 邮箱联系公司，提出所关注的问题，公司将在说明会上就投资者普遍关注的问 题进行回答。 一、说明会类型 会议召开方式：文字网络互动 会 议 召 开 地 点 ： 证 券 日 报 网 路 演 平 台 （http://www.zqrb.cn/huiyi/lyhd/index.html） 三、参加人员 公司联席董事长、总经理毛磊先生，公司财务负责人毛凤莉女士，独立董事 陈世挺先生，公司董事会秘书奚静鹏先生。 四、投资者参加方式 （ ...

Group 1 - The online performance briefing for Ningbo Yongxin Optical Co., Ltd. for the third quarter of 2025 is scheduled for November 25, 2025, from 15:00 to 16:00 [2] - The platform for online questions has been opened, encouraging investors to actively participate [2]

Group 1: Profitability Analysis of Lithium Battery Aluminum Foil Leaders - The overall revenue growth trend for lithium battery aluminum foil leaders in the first half of 2025 is observed, but the year-on-year growth rate has slowed down, with Ding Sheng New Materials showing a 15.94% increase, a slowdown of 8.63 percentage points compared to the previous year [2][3] - The highest revenue growth rate is recorded by Yongjie New Materials at 18.61%, followed closely by Dongyangguang at 18.48% [2][3] - The gross profit margin for aluminum foil leaders is generally declining, with Dongyangguang having the highest margin at 20.14% and Wanshun New Materials the lowest at 5.33% [2][3] Group 2: Net Profit Situation - The lithium battery aluminum foil industry faced profit pressure in the first half of 2025, with most companies experiencing a year-on-year decline in net profit. Dongyangguang recorded the fastest growth at 10.57%, followed by Yongjie New Materials at 13.62% [4][5] - The net profit margin is declining for most companies, with Shenhuo Co., Ltd. having the highest net profit margin at 11.02% and Wanshun New Materials at -1.97% [4][5] Group 3: Shipment Volume Analysis - The shipment volume of lithium battery aluminum foil showed an overall growth trend in the first half of 2025, with Wanshun New Materials reporting a slight decline of 4.7% in aluminum foil sales, totaling 51,000 tons [7] - Xinjiang Zhonghe achieved electronic aluminum foil product sales of 9,737.26 tons, a year-on-year increase of 8.79% [7] - Shenhuo Co., Ltd. reported aluminum foil sales of 49,800 tons, completing 36.89% of its annual plan [7] Group 4: Company-Specific Analysis Ding Sheng New Materials - Ding Sheng New Materials focuses on the research, production, and sales of aluminum foil products, with total assets of approximately 25.99 billion yuan and a revenue of 13.31 billion yuan in the first half of 2025, reflecting a 15.94% year-on-year increase [8][10] - The company is actively expanding its market and accelerating the production of overseas bases, becoming the largest battery aluminum foil manufacturer globally [8][9] Dongyangguang - Dongyangguang's revenue in the first half of 2025 reached 7.12 billion yuan, a year-on-year increase of 18.48%, with a net profit of 613 million yuan, reflecting a significant growth of 170.57% [11][13] - The company is focusing on high-value-added products and enhancing its competitive edge through technological upgrades [12][13] Wanshun New Materials - Wanshun New Materials reported a revenue of 2.692 billion yuan in the first half of 2025, a year-on-year decline of 10.11%, with a net profit of -53.06 million yuan, a decrease of 469% [16][17] - The company is actively developing new products to meet the demands of downstream battery customers [16][17] Xinjiang Zhonghe - Xinjiang Zhonghe achieved a revenue of 4.003 billion yuan in the first half of 2025, a year-on-year increase of 10.95%, with a net profit of 391 million yuan, reflecting a decline of 38.48% [20][21] - The company is focusing on expanding its market share by adjusting its product structure based on customer needs [18][19] Ming Tai Aluminum - Ming Tai Aluminum reported a revenue of 17 billion yuan in the first half of 2025, a year-on-year increase of 11%, with a net profit of 940 million yuan, reflecting a decline of 12.11% [25][26] - The company is committed to high-end manufacturing and low-carbon circular economy [23][24] Chang Aluminum - Chang Aluminum achieved a revenue of 4.157 billion yuan in the first half of 2025, a year-on-year increase of 13.63%, with a net profit of 26 million yuan, reflecting a decline of 16.97% [31][32] - The company is focusing on providing materials for the automotive industry, including battery structures and cooling systems [29][30] Yongjie New Materials - Yongjie New Materials reported a revenue of 4.427 billion yuan in the first half of 2025, a year-on-year increase of 18.61%, with a net profit of 186 million yuan, reflecting a growth of 13.62% [35][36] - The company is enhancing its product offerings in the lithium battery sector and optimizing its product structure [34][35] Shenhuo Co., Ltd. - Shenhuo Co., Ltd. achieved a revenue of 20.43 billion yuan in the first half of 2025, a year-on-year increase of 12.12%, with a net profit of 1.904 billion yuan, reflecting a decline of 16.62% [40][41] - The company is focusing on high-quality aluminum foil products for the battery industry [38][39]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][30]. Core Insights - The company reported a 3.6% year-on-year increase in revenue and a 7.7% increase in net profit for the first three quarters, with total revenue of 674 million yuan and net profit of 151 million yuan [1]. - The optical microscope segment is expected to see a recovery in growth, driven by domestic demand for high-end products and the company's successful development of a domestic four-color laser confocal microscope, breaking a 34-year foreign monopoly [2]. - The company is focusing on diversifying its business, with significant growth in the medical optics sector and ongoing projects in semiconductor optics, which are expected to contribute to future revenue growth [3]. Financial Performance Summary - For the first three quarters, the company achieved a gross margin of 40.32%, with a slight increase of 1.25 percentage points year-on-year [1]. - The projected revenue for 2025-2027 is expected to reach 1.057 billion yuan, 1.304 billion yuan, and 1.632 billion yuan respectively, with corresponding net profits of 284 million yuan, 359 million yuan, and 456 million yuan [4][3]. - The company's earnings per share (EPS) is projected to grow from 2.56 yuan in 2025 to 4.11 yuan in 2027, indicating a positive trend in profitability [4].

Core Viewpoint - Yongxin Optical (603297) has been actively engaging in the semiconductor optics sector for many years, leveraging its technological advantages to capture opportunities in the domestic semiconductor equipment industry [1] Company Summary - The company has secured multiple projects required by leading enterprises in the semiconductor core manufacturing equipment, including optical components and module products [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported Q3 results that met expectations, with high-end microscope sales continuing to grow [4] - For the first three quarters of 2025, the company achieved revenue of 674 million yuan, a year-on-year increase of 3.59%, and a net profit attributable to shareholders of 151 million yuan, up 7.69% year-on-year [4] - The gross margin for the first three quarters reached 40.32%, an increase of 1.25 percentage points year-on-year, while the net profit margin was 22.39%, up 0.91 percentage points year-on-year [4] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 233 million yuan, a year-on-year increase of 4.81% and a quarter-on-quarter increase of 5.27% [4] - The net profit attributable to shareholders for Q3 was 43 million yuan, a year-on-year increase of 5.08% but a quarter-on-quarter decrease of 18.83% [4] - The non-recurring net profit reached 39 million yuan, a year-on-year increase of 17.57% and a quarter-on-quarter decrease of 9.66% [4] Business Segments - The microscope business is a focal point, with high-end microscopes experiencing rapid growth, accounting for over 40% of total microscope sales [5] - The company is expected to benefit from accelerated procurement of high-end microscopes by universities and research institutions due to supportive national policies [5] - The machine vision business also showed robust growth, with double-digit increases in H1 2025, and the company is expanding into new applications such as iris recognition for virtual currency terminals [6] Future Projections - Revenue projections for 2025-2027 are 1.003 billion yuan, 1.328 billion yuan, and 1.761 billion yuan respectively, with corresponding net profits of 254 million yuan, 358 million yuan, and 495 million yuan [7] - The expected EPS for the same period is 2.29 yuan, 3.22 yuan, and 4.46 yuan, with P/E ratios of 38.05x, 27.03x, and 19.54x respectively [7]

Core Insights - Yongxin Optical achieved a revenue of 674 million yuan in the first three quarters of 2025, representing a year-on-year growth of 3.59% [1] - The net profit attributable to shareholders reached 151 million yuan, up 7.69% year-on-year, while the net profit excluding non-recurring items was 127 million yuan, increasing by 7.13% [1] Financial Performance - In Q3, the company reported a revenue of 233 million yuan, a year-on-year increase of 4.81% [1] - The net profit attributable to shareholders for Q3 was 42.73 million yuan, reflecting a year-on-year growth of 5.08% and a quarter-on-quarter increase of 5.27% [1] - The gross margin improved to 40.30%, up 0.94 percentage points year-on-year, indicating enhanced profitability [1] Business Structure and Growth - Yongxin Optical's core business segments are performing well, with significant contributions from the scientific instruments sector, where high-end microscopes now account for over 40% of sales [2] - The automotive lidar business has entered mass production, with nearly one million units shipped in the first half of the year, supplying major companies like Hesai and Valeo [1][2] R&D Investment - The company invested 74.61 million yuan in R&D in the first three quarters, representing 11.07% of its revenue [2] - R&D efforts are focused on high-end microscopes, medical optics, and emerging optical fields, with notable projects like the multimodal nanometer resolution microscope and ophthalmic surgical navigation microscope [2] Strategic Outlook - Yongxin Optical aims to consolidate existing strengths while capturing new opportunities, particularly in high-end scientific instruments and medical devices [2] - The company plans to enhance its global presence and international supply chain, expanding its core optical products into life sciences, innovative healthcare, AI, and semiconductor applications [2]

Core Insights - Yongxin Optical (603297.SH) reported a total revenue of 674 million yuan for Q3 2025, ranking 51st among disclosed peers. The net profit attributable to shareholders was 151 million yuan, with net cash inflow from operating activities at 144 million yuan [1]. Financial Performance - The latest debt-to-asset ratio is 17.12%, which is an increase of 3.67 percentage points from the previous quarter and an increase of 1.17 percentage points year-on-year [3]. - The latest gross profit margin stands at 40.32%, showing a slight decrease of 0.01 percentage points from the previous quarter. The return on equity (ROE) is reported at 7.56% [3]. Earnings and Ratios - The diluted earnings per share (EPS) is 1.36 yuan. The total asset turnover ratio is 0.29 times, ranking 57th among disclosed peers, which is a decrease of 0.02 times year-on-year, reflecting a decline of 5.33% [4]. - The inventory turnover ratio is 2.04 times, ranking 54th among disclosed peers [4]. Shareholder Structure - The number of shareholders is 19,800, with the top ten shareholders holding a total of 80.80 million shares, accounting for 72.84% of the total share capital. The largest shareholder is Yongxin Optoelectronics Industry Co., Ltd., holding 29.04% [4].

Core Insights - Yongxin Optical reported a revenue of 674 million yuan for the first three quarters of 2025, representing a year-on-year increase of 3.59% [1] - The net profit attributable to shareholders was 151 million yuan, up 7.69% year-on-year, with a basic earnings per share of 1.36 yuan [1] - The company's gross margin for the first three quarters was 40.32%, an increase of 1.24 percentage points year-on-year, while the net margin was 22.39%, up 0.91 percentage points from the previous year [1] Financial Performance - For Q3 2025, the gross margin was 40.30%, showing a year-on-year increase of 0.94 percentage points but a quarter-on-quarter decrease of 0.18 percentage points [1] - The net margin for Q3 was 18.30%, which is a slight increase of 0.04 percentage points year-on-year but a significant decrease of 5.51 percentage points compared to the previous quarter [1] - The company’s weighted average return on equity was 7.49% during the reporting period [1] Market Metrics - As of October 29, 2025, Yongxin Optical's price-to-earnings ratio (TTM) was approximately 53.40, with a price-to-book ratio (LF) of about 5.94 and a price-to-sales ratio (TTM) of around 12.83 [1] - The total number of shareholders increased to 19,800 by the end of Q3 2025, marking a 30.43% rise from the end of the previous half [2] - The average market value per shareholder decreased from 640,600 yuan to 631,700 yuan, a decline of 1.40% [2] Company Overview - Yongxin Optical, established on February 21, 1997, is located in Ningbo, Zhejiang Province, and was listed on September 10, 2018 [2] - The company specializes in the research, development, production, and sales of optical microscopes, optical components, and other optical products [2] - Yongxin Optical is categorized under the electronic industry, specifically in optical optoelectronics and optical components, with involvement in sectors such as lithography machines, optical technology, machine vision, augmented reality, and vehicle networking [2]

Core Viewpoint - Yongxin Optical reported its third-quarter results, showing a modest increase in revenue and net profit compared to the previous year [1]. Financial Performance - The company's revenue for the first three quarters reached 673,924,768.09 yuan, representing a year-on-year increase of 3.59% [1]. - The net profit attributable to shareholders was 151,040,712.95 yuan, reflecting a year-on-year growth of 7.69% [1]. Shareholder Changes - Among the top ten circulating shareholders, the Industrial and Commercial Bank of China Limited - Nuoan Pioneer Mixed Securities Investment Fund has been identified as a new circulating shareholder [1].