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：603612 证券简称：索通发展 公告编号：2025-062 索通发展股份有限公司 关于完成工商变更登记的公告 索通发展股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日召开的第五 届董事会第二十二次会议、第五届监事会第十五次会议审议通过了《关于取消监 事会、修订<公司章程>及办理工商变更登记手续的议案》，具体内容详见公司于 2025 年 10 月 1 日在上海证券交易所网站（www.sse.com.cn）披露的《索通发展股 份有限公司关于取消监事会、修订<公司章程>及公司部分治理制度的公告》（公告 编号：2025-050）。上述事项已经公司于 2025 年 10 月 16 日召开的 2025 年第四次 临时股东会审议通过，授权公司董事会并转授权公司总裁及其授权人士办理有关 工商变更登记手续。 公司于近日完成上述事项的工商变更登记及《公司章程》的备案手续，根据 德州市行政审批服务局的要求，公司调整了《公司章程》个别条款的措辞，调整 内容与公司 2025 ...

Core Points - The Shanghai Composite Index is at 3970.29 points with a change of 0.26%, and the total trading volume of A-shares is 1,534.396 billion yuan [1] - A total of 80 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] Summary of Companies - **Beifang Copper (000737)**: Today's change is +0.41%, with a 5-day moving average of 15.35 yuan, which is -1.96% lower than the 10-day moving average of 15.66 yuan [1] - **Huali Co., Ltd. (603038)**: Today's change is +2.30%, with a 5-day moving average of 20.29 yuan, which is -1.81% lower than the 10-day moving average of 20.67 yuan [1] - **Suotong Development (603612)**: Today's change is +2.12%, with a 5-day moving average of 24.45 yuan, which is -1.61% lower than the 10-day moving average of 24.85 yuan [1] - **New Lai Materials (300260)**: Today's change is +0.34%, with a 5-day moving average of 58.73 yuan, which is -1.55% lower than the 10-day moving average of 59.65 yuan [1] - **Lianchuang Optoelectronics (600363)**: Today's change is -0.29%, with a 5-day moving average of 61.53 yuan, which is -1.33% lower than the 10-day moving average of 62.36 yuan [1] - **Guangfa Securities (000776)**: Today's change is +0.27%, with a 5-day moving average of 22.61 yuan, which is -1.26% lower than the 10-day moving average of 22.90 yuan [1] - **China Electric Research (688128)**: Today's change is +0.77%, with a 5-day moving average of 31.90 yuan, which is -1.20% lower than the 10-day moving average of 32.29 yuan [1] - **StarNet (002396)**: Today's change is -0.73%, with a 5-day moving average of 26.52 yuan, which is -1.01% lower than the 10-day moving average of 26.79 yuan [1] - **Shan Zi Gaoke (000981)**: Today's change is +1.84%, with a 5-day moving average of 3.94 yuan, which is -0.93% lower than the 10-day moving average of 3.98 yuan [1] - **ST Weier (002058)**: Today's change is +1.78%, with a 5-day moving average of 25.25 yuan, which is -0.92% lower than the 10-day moving average of 25.49 yuan [1] - **Titan Chemical (002145)**: Today's change is +2.80%, with a 5-day moving average of 5.51 yuan, which is -0.85% lower than the 10-day moving average of 5.56 yuan [1] - **Hank Technology (688006)**: Today's change is +2.84%, with a 5-day moving average of 31.95 yuan, which is -0.82% lower than the 10-day moving average of 32.21 yuan [1] - **Inner Mongolia First Machinery (600967)**: Today's change is +0.60%, with a 5-day moving average of 18.61 yuan, which is -0.80% lower than the 10-day moving average of 18.76 yuan [1] - **Liangjiu 12 (301592)**: Today's change is -0.24%, with a 5-day moving average of 124.73 yuan, which is -0.77% lower than the 10-day moving average of 125.69 yuan [1] - **Zhongwu Robotics (688297)**: Today's change is +0.06%, with a 5-day moving average of 47.82 yuan, which is -0.77% lower than the 10-day moving average of 48.19 yuan [1] - **Chihong Zn & Ge (600497)**: Today's change is +0.62%, with a 5-day moving average of 6.63 yuan, which is -0.76% lower than the 10-day moving average of 6.68 yuan [1] - **Dadi (688077)**: Today's change is -0.27%, with a 5-day moving average of 34.01 yuan, which is -0.74% lower than the 10-day moving average of 34.26 yuan [1]

Core Viewpoint - The stock of Suotong Development has shown significant volatility, with a year-to-date increase of 81.26% but a recent decline of 9.33% over the past five trading days, indicating potential market fluctuations and investor sentiment shifts [1]. Financial Performance - For the period from January to September 2025, Suotong Development achieved a revenue of 12.762 billion yuan, representing a year-on-year growth of 28.66%. The net profit attributable to shareholders reached 654 million yuan, marking a substantial increase of 201.81% [2]. - The company has distributed a total of 1.148 billion yuan in dividends since its A-share listing, with 629 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 5, the stock price of Suotong Development was 24.11 yuan per share, with a trading volume of 113 million yuan and a turnover rate of 0.96%, resulting in a total market capitalization of 12.009 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on March 12, where it recorded a net buy of -1.57 billion yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Suotong Development was 54,600, a decrease of 1.50% from the previous period. The average number of circulating shares per shareholder increased by 1.52% to 9,117 shares [2]. - Among the top ten circulating shareholders, notable changes include a reduction in holdings by Guotai Junan's value advantage flexible allocation mixed fund and South China CSI 1000 ETF [3]. Business Overview - Suotong Development, established on August 27, 2003, and listed on July 18, 2017, is primarily engaged in the research, production, and sales of prebaked anodes, which account for 90.75% of its main business revenue [1]. - The company operates within the non-metallic materials sector and is associated with various concepts including DeepSeek, mid-cap stocks, new energy vehicles, and semiconductors [2].

Core Viewpoint - The strategic cooperation agreement between Suotong Development Co., Ltd. and Chalco Materials Co., Ltd. marks a significant step towards enhancing industrial collaboration, resource channel expansion, operational efficiency improvement, and promoting green and low-carbon transformation in the aluminum carbon industry [1][2][5]. Group 1: Strategic Cooperation Details - Suotong Development and Chalco Materials will collaborate through the Green Star Chain platform for joint procurement of spare parts and auxiliary materials, aiming to establish a new benchmark for supply chain collaboration in the aluminum carbon sector [1][5]. - The partnership will focus on deep cooperation in the upstream and downstream fields of aluminum carbon, addressing the high raw material cost and market volatility by integrating procurement processes [5][9]. Group 2: Operational Enhancements - The collaboration will enhance the procurement process for spare parts and auxiliary materials, utilizing Chalco Materials' online platform to digitize procurement workflows, optimize inventory management, and shorten procurement cycles [5][9]. - A stable and efficient production-sales coordination mechanism will be established, ensuring continuous supply and product consistency in key products like calcined coke and prebaked anodes [5][9]. Group 3: Value Creation and Industry Transformation - The partnership signifies a shift from simple procurement to resource integration, capability complementarity, and value co-creation, representing a true "deep collaboration of the industrial chain" [9]. - Suotong Development aims to leverage this cooperation to strengthen its professional advantages in the aluminum carbon field and accelerate its digitalization, greening, and internationalization efforts, aspiring to become a global leader in carbon material solutions [9].

Core Viewpoint - The stock of Suotong Development has experienced a decline of 2.08% on November 4, with a current price of 23.53 CNY per share, despite a year-to-date increase of 76.90% [1] Financial Performance - For the period from January to September 2025, Suotong Development achieved a revenue of 12.762 billion CNY, representing a year-on-year growth of 28.66%, and a net profit attributable to shareholders of 654 million CNY, reflecting a significant increase of 201.81% [2] Stock Market Activity - As of November 4, the stock has seen a net outflow of 8.3025 million CNY in principal funds, with large orders showing a buy of 328.067 million CNY and a sell of 396.578 million CNY [1] - The stock has been on the龙虎榜 (top trading list) once this year, with the last appearance on March 12, where it recorded a net buy of -1.57 billion CNY [1] Shareholder Information - As of September 30, 2025, the number of shareholders is 54,600, a decrease of 1.50% from the previous period, with an average of 9,117 shares held per person, an increase of 1.52% [2] - The top ten circulating shareholders include notable funds, with the sixth largest being Guotai Junan's flexible allocation fund, holding 5 million shares, down by 1.7 million shares from the previous period [3] Company Overview - Suotong Development, established on August 27, 2003, and listed on July 18, 2017, is primarily engaged in the research, production, and sales of prebaked anodes, which account for 90.75% of its main business revenue [1]

Core Insights - The company reported a revenue of 12.762 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 28.66%, and a net profit attributable to shareholders of 654 million yuan, up 201.81% year-on-year [1] - In Q3 alone, the company achieved a revenue of 4.456 billion yuan, a year-on-year increase of 29.38%, but the net profit attributable to shareholders decreased by 29.47% to 131 million yuan [1] Revenue and Profit Analysis - The average price of prebaked anodes in Q3 2025 was 5,186 yuan per ton, an increase of 38.3% compared to the same period last year [2] - In the first half of 2025, the company produced 1.7605 million tons of prebaked anodes, a year-on-year increase of 12.23%, with sales reaching 1.6901 million tons, up 9.82% [2] - The company exported 445,600 tons of prebaked anodes, a year-on-year increase of 13.18%, while domestic sales were 1.2445 million tons, up 8.66% [2] - Lithium battery anode production surged by 84.91% year-on-year to 42,900 tons, with sales increasing by 120% to 44,000 tons [2] - Capacitor production reached 775 million units, a year-on-year increase of 3.52%, with sales of 788 million units, up 8.47% [2] Capacity Expansion and Strategic Initiatives - The construction of a 600,000-ton prebaked anode project in Guangxi, a joint venture with Geely Baikuang, is nearing completion, enhancing the company's export capabilities [3] - A 320,000-ton prebaked anode project in Jiangsu, in partnership with Huafeng Group, is in the planning stage, aimed at meeting Southeast Asian market demand and increasing export market share [3] - The company has signed a joint development agreement with EGA for its first overseas prebaked anode project, which is progressing steadily [3] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 1.02 billion yuan, 1.24 billion yuan, and 1.55 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 12, 10, and 8 times [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 12.762 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 28.66%, and a net profit attributable to shareholders of 654 million yuan, up 201.81% year-on-year. In Q3 alone, revenue was 4.456 billion yuan, a 29.38% increase year-on-year, while net profit was 131 million yuan, down 29.47% year-on-year [4][5] - The average price of prebaked anodes remained high at 5,186 yuan per ton in Q3 2025, an increase of 38.3% compared to the same period last year. The company produced 1.7605 million tons of prebaked anodes in H1 2025, a year-on-year increase of 12.23%, with sales of 1.6901 million tons, up 9.82% year-on-year [5] - The company is steadily advancing capacity expansion projects, including a joint venture with Geely Baikang for a 600,000-ton prebaked anode project in Guangxi, which is nearing completion, and a 320,000-ton project in Jiangsu with Huafeng Group, aimed at meeting Southeast Asian market demand [6] Financial Summary - The company expects net profits attributable to shareholders for 2025-2027 to be 1.02 billion, 1.24 billion, and 1.55 billion yuan respectively, with corresponding P/E ratios of 12, 10, and 8 times [7] - Key financial indicators for 2025E include revenue of 17.713 billion yuan, a year-on-year growth of 28.8%, and a net profit of 1.02 billion yuan, reflecting a significant increase of 274.3% year-on-year [8]

Market Overview - The non-metal materials sector experienced a decline of 0.96% on November 3, with Tianma New Materials leading the drop [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 non-metal materials sector showed varied performance, with the following notable movements: - Liliang Diamond (301071) increased by 2.11% to a closing price of 39.27, with a trading volume of 128,200 shares and a turnover of 497 million yuan [1] - Tianma New Materials (920971) decreased by 3.88% to a closing price of 37.37, with a trading volume of 90,900 shares and a turnover of 353 million yuan [2] - Other stocks like Longgao Co. (605086) and Jiangsu Materials (001296) also showed slight increases of 0.37% and 0.46%, respectively [1][2] Capital Flow - The non-metal materials sector saw a net outflow of 31.84 million yuan from institutional investors, while retail investors contributed a net inflow of 35.13 million yuan [2] - Detailed capital flow for specific stocks indicated that: - Liliang Diamond had a net outflow of 14.67 million yuan from institutional investors, but a net inflow of 22.05 million yuan from retail investors [3] - Longgao Co. experienced a net outflow of 2.28 million yuan from institutional investors, with a net inflow of 1.45 million yuan from retail investors [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [6][11]. Core Insights - The company reported a revenue of 12.762 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 28.66%. The net profit attributable to shareholders was 654 million yuan, up 201.81% year-on-year, while the net profit after deducting non-recurring items reached 642 million yuan, marking a 373.83% increase [1][6]. - In Q3 alone, the company achieved a revenue of 4.456 billion yuan, a 29.38% increase year-on-year. However, the net profit attributable to shareholders decreased by 29.47% to 131 million yuan, while the net profit after deducting non-recurring items surged by 419.16% to 120 million yuan [2]. - The company plans to establish a joint venture with Huayang Group to build a 200kt/a high current density energy-saving carbon material and waste heat power generation project in Shanxi Province, with an estimated total investment not exceeding 900 million yuan, where the company will hold an 85% stake [2][6]. Financial Forecast - The company is projected to have earnings per share (EPS) of 1.92, 2.58, and 3.21 yuan for the years 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 13, 10, and 8 [3].

Core Insights - SOTON Development (603612.SH) reported its Q3 2025 results, revealing that 17 institutional investors hold a total of 55.8463 million shares, representing 11.21% of the company's total equity [1] - The top ten institutional investors collectively own 10.77% of the shares, with a decrease of 1.83 percentage points compared to the previous quarter [1] Institutional Holdings - Among public funds, one fund, CITIC Securities Rui Li A, increased its holdings slightly, while seven funds, including Guotai Junan Value Advantage Flexible Allocation Mixed Fund, reduced their holdings by 1.18% [2] - Three new public funds disclosed their holdings in SOTON Development, while 230 funds did not disclose their holdings this quarter, including notable funds like Southern CSI 1000 ETF and Harvest New Energy New Materials Stock A [2] Social Security Fund - One new social security fund, the National Social Security Fund 502 Portfolio, disclosed its holdings in SOTON Development this quarter [2]