Core Viewpoint - The global market for Nylon 6 and tire cord materials is expected to continue growing, but the competition is intensifying, leading to lower sales prices and increased production capacity. The focus for Haiyang Technology is to find opportunities in this competitive landscape while adhering to a strategy of differentiation, high standards, and large-scale production [1][4]. Group 1: Company Background - Haiyang Technology has a long history in the Nylon 6帘子布 production sector, originating from a synthetic fiber factory established in the 1970s. The company has undergone various transformations, including integration into state-owned enterprises and market-oriented reforms, becoming one of the main players in the domestic Nylon 6 product market [2]. - The company has built a complete industrial chain from Nylon 6 chips to industrial fibers and帘子布, which allows for resource sharing and flexibility in meeting diverse customer needs [3]. Group 2: Strategic Focus - Haiyang Technology is committed to a strategy of differentiation, high-level production, and large-scale manufacturing to enhance profitability. The company has developed high-margin products, such as specialized fishing net materials, and has received multiple provincial-level new product certifications [4][5]. - The company has established a research institute to support the development of differentiated products, collaborating with renowned academic institutions to ensure the economic potential of projects [4][6]. Group 3: Production and Innovation - Haiyang Technology has implemented smart and green production practices to address industry challenges such as high labor intensity and energy consumption. The company has successfully transformed its production lines into smart manufacturing systems, reducing resource consumption and emissions [5][6]. - The company emphasizes the importance of scale in production to ensure profitability, focusing on differentiated products for expansion while being cautious about conventional product scaling due to raw material integration challenges [6][7]. Group 4: Management Philosophy - The management philosophy of Haiyang Technology has evolved from pursuing scale to focusing on value, aiming to enhance technology and profitability. The company has made strategic decisions to halt expansion during market highs to ensure long-term sustainability [7][8]. - The company fosters a culture of innovation, emphasizing continuous improvement and collaboration with external research forces while maintaining a robust internal R&D framework [8].

Core Insights - The report highlights the IPO activities in Jiangsu province for October 2025, indicating a stable trend with 9 new A-share companies listed, similar to previous months [1][10]. Group 1: IPO Overview - In October 2025, Jiangsu saw the listing of 1 new company, Changjiang Energy Materials, on the Beijing Stock Exchange, with a fundraising amount of 1.84 billion [2][10]. - For the first ten months of 2025, Jiangsu ranked first among provinces with 21 new A-share companies, surpassing Guangdong by 4 companies [10][17]. - The total fundraising amount for Jiangsu's IPOs in the first ten months reached 129.27 billion, placing it third nationally [17][29]. Group 2: City-wise IPO Distribution - Suzhou led the province with 7 new A-share companies in the first ten months, followed by Wuxi and Changzhou with 3 each [10][17]. - The distribution of new A-share companies by city in October 2025 shows that Jiangsu's cities are actively participating in the IPO market, with various cities contributing to the overall count [5][10]. Group 3: Fundraising Analysis - The total fundraising for Jiangsu's IPOs in October was relatively low at 1.84 billion, indicating a need for more robust fundraising activities [17]. - Suzhou's total fundraising amount for the first ten months was 57.48 billion, maintaining its position as the top city in Jiangsu for IPO fundraising [17][13]. Group 4: Sector and Board Distribution - The newly listed companies in Jiangsu for the first ten months were distributed across four boards, with the Growth Enterprise Market (GEM) having the highest number at 7 companies [17][11]. - The breakdown of the newly listed companies by board shows a diverse participation across different sectors, reflecting the province's economic landscape [11][17]. Group 5: IPO Pipeline and Support - As of the end of October, there were 301 companies in the IPO application queue nationwide, with Jiangsu having 51, ranking third in the country [29]. - Jiangsu also leads in the number of companies undergoing IPO guidance, with 243 firms, indicating a strong support system for potential IPO candidates [29][26].

Core Insights - The chemical fiber sector experienced a slight increase of 0.41% on November 11, with Shenma Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Shenma Co., Ltd. (600810) saw a closing price of 11.11, with a significant increase of 10.00% and a trading volume of 711,000 shares, amounting to a transaction value of 770 million [1] - Haiyang Technology (603382) closed at 34.02, up 3.75%, with a trading volume of 39,700 shares and a transaction value of 134 million [1] - Other notable performers included Hengda Hailong (000677) with a 2.74% increase, closing at 4.88, and Huifeng Chemical (002064) with a 0.61% increase, closing at 9.84 [1] Fund Flow Analysis - The chemical fiber sector saw a net inflow of 15.99 million from institutional investors, while retail investors experienced a net outflow of 21.98 million [2] - Shenma Co., Ltd. attracted a significant net inflow of 198 million from institutional investors, representing 25.78% of its trading volume [3] - Huafeng Chemical (002064) had a net inflow of 33.91 million from institutional investors, but also saw a net outflow of 61.53 million from retail investors [3]

Group 1 - The chemical fiber sector increased by 1.54% on November 7, with Hui Long New Materials leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] - The table of individual stocks in the chemical fiber sector shows various price changes, with Sanfangxiang down by 1.54% and Nanjing Chemical Fiber down by 1.53% [1] Group 2 - The chemical fiber sector experienced a net outflow of 49.33 million yuan from institutional investors, while retail investors saw a net inflow of 29.64 million yuan [3] - The table of fund flows indicates that Hengshen New Materials had a net inflow of 36.31 million yuan from institutional investors, but a net outflow from retail investors [3] - The overall fund flow data highlights a mixed sentiment in the sector, with some stocks attracting retail interest despite institutional selling [3]

Market Overview - The chemical fiber sector increased by 0.59% on November 3, with Xinxiang Chemical Fiber leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Key stocks in the chemical fiber sector showed varied performance, with Xinxiang Chemical Fiber (code: 000949) closing at 4.49, up 2.75% with a trading volume of 467,000 shares and a turnover of 208 million yuan [1] - Other notable performers included Hengtian Hailong (code: 000677) at 4.68, up 2.41%, and Huafeng Chemical (code: 002064) at 9.16, up 2.12% [1] Capital Flow - The chemical fiber sector experienced a net outflow of 131 million yuan from main funds, while retail investors saw a net inflow of 90.08 million yuan [2][3] - The main funds showed a significant outflow from stocks like Huafeng Chemical and Xinxiang Chemical Fiber, with net inflows from retail investors in some cases [3] Detailed Stock Data - The table provided detailed stock performance, including closing prices, percentage changes, trading volumes, and turnover amounts for various companies in the sector [1][2] - For instance, the stock of Xinxiang Chemical Fiber had a trading volume of 467,000 shares and a turnover of 208 million yuan, indicating strong market interest [1] Summary of Net Capital Flow - The net capital flow data indicated that while main funds were withdrawing from several stocks, retail investors were actively buying into others, reflecting a mixed sentiment in the market [2][3] - Specific stocks like Huafeng Chemical and Xinxiang Chemical Fiber saw contrasting capital flows, highlighting the differentiated investor behavior within the sector [3]

Core Viewpoint - Haiyang Technology is a leading domestic manufacturer of Nylon 6 series products, with a diverse product range and significant market presence in the industry [1][5]. Group 1: Business Performance - In Q3 2025, Haiyang Technology reported revenue of 3.326 billion yuan, ranking 4th among 5 companies in the industry [2]. - The company's net profit for the same period was 98.9953 million yuan, placing it 3rd in the industry [2]. - The main revenue sources include Nylon 6 chips (1.433 billion yuan, 60.75%), tire fabric (814 million yuan, 34.50%), and Nylon 6 yarn (106 million yuan, 4.51%) [2]. Group 2: Financial Ratios - As of Q3 2025, Haiyang Technology's debt-to-asset ratio was 47.27%, lower than the industry average of 50.53% [3]. - The company's gross profit margin was 9.25%, an increase from 8.08% in the previous year, and higher than the industry average of 8.46% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.78% to 25,000, while the average number of circulating A-shares held per shareholder increased by 5.02% to 1,423.28 [5]. Group 4: Market Position and Growth - Haiyang Technology has a stable market share of 5%-6% in Nylon 6 chip production from 2022 to 2024 [5]. - The company has established partnerships with major tire manufacturers, achieving market shares of 12.72% and 15.71% in Nylon tire fabric for 2022 and 2023, respectively [5]. - The newly developed polyester tire fabric product is projected to significantly contribute to revenue growth, increasing from 219 million yuan in 2022 to 714 million yuan in 2024 [5].

Core Points - On October 29, Haiyang Technology experienced a slight decline of 0.09% with a trading volume of 51.63 million yuan [1] - The company reported a financing buy amount of 4.01 million yuan and a financing repayment of 6.01 million yuan, resulting in a net financing outflow of 2.00 million yuan on the same day [1] - As of October 29, the total margin balance for Haiyang Technology was 83.42 million yuan, accounting for 7.03% of its market capitalization [1] - The company’s main business includes the research, production, and sales of Nylon 6 series products, with revenue composition being 60.75% from Nylon 6 chips, 34.50% from tire fabric, 4.51% from Nylon 6 yarn, and 0.23% from other products [1] - For the period from January to September 2025, Haiyang Technology achieved an operating income of 3.33 billion yuan, a year-on-year decrease of 20.39%, and a net profit attributable to shareholders of 93.08 million yuan, down 23.15% year-on-year [1] - The company has distributed a total of 36.25 million yuan in dividends since its A-share listing [2]

Core Insights - Haiyang Technology (603382.SH) reported its Q3 2025 results on October 30, 2025, highlighting significant institutional investor interest with 32 institutions holding a total of 60.917 million shares, representing 33.61% of the total share capital [1] Institutional Holdings - The top ten institutional investors include Ganzhou Chengyou Investment Center, Linglong Tire Co., Ltd., Hengshen Holdings Group Co., Ltd., Fujian Jinjiang Yingshi Venture Capital Partnership, Fujian Zhongshen Construction Development Co., Ltd., J.P. Morgan Securities PLC, Guotai Asset Management, Jianxin Asset Management, Eastmoney Sci-Tech Innovation Index ETF, and Guotou Ruijin UBS CSI Resource Index (LOF) A, collectively holding 33.61% of shares [1] - Compared to the previous quarter, the combined holding percentage of the top ten institutions decreased by 0.87 percentage points [1] Public Fund Participation - In this reporting period, 2,093 public funds were disclosed, including notable funds such as Nu'an Flexible Allocation Mixed Fund, Guolian An Core Trend One-Year Holding Mixed A, Huisheng Huimin Mixed A, Bank of China Healthcare Mixed A, and Baoying Consumption Theme Mixed Fund [1]

Core Viewpoint - The company, Haiyang Technology Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information provided in the report [3][15]. Financial Data - The financial statements for the third quarter of 2025 are unaudited, with the reporting period defined as the three months from the beginning to the end of the quarter [3][5]. - The report includes key financial data and indicators, although specific figures are not detailed in the provided text [3][5]. Board Meeting - The second board meeting of Haiyang Technology was held on October 29, 2025, with all nine directors present, and the meeting was deemed legally valid [9][10]. - The board approved the third-quarter report during this meeting, with a unanimous vote of 9 in favor [10][11]. Strategic Committee Update - The board has renamed the "Strategic Committee" to the "Strategic and ESG Committee" to enhance the management of environmental, social, and governance (ESG) factors, while maintaining the existing committee structure [12][13]. Operational Data - The company disclosed its major operational data for the third quarter of 2025, including production, sales, and revenue figures, which are not subject to tax [15]. - The report notes that the sales volume of nylon 6 chips was lower than production due to some products being used as raw materials for internal downstream products [16].

二、主要产品和原材料的价格变动情况 主要产品 2025 年 7-9 月 产量(吨) 2025 年 7-9 月 销量(吨) 2025 年 7-9 月 营业收入 （元） 尼龙 6 切片 69,407.79 57,078.00 537,543,843.14 锦纶 6 帘子布 13,268.46 13,049.53 217,080,056.10 涤纶帘子布 11,182.97 11,038.77 141,658,203.75 一、主要产品的产量、销量及收入实现情况 证券代码：603382 证券简称：海阳科技 公告编号：2025-024 海阳科技股份有限公司 2025 年第三季度主要经营数据公告 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。 海阳科技股份有限公司（以下简称"公司"）根据上海证券交易所《上海证 券交易所上市公司自律监管指引第 3 号行业信息披露：第十三号——化工》的有 关规定和披露要求，将公司 2025 年第三季度主要经营数据披露如下（均不含税）： 注：尼龙 6 切片销量低于产量，主要为部分产品作为内部下游产品原料所致。 ...