Group 1 - The cultivated diamond sector experienced a decline of 4.21%, ranking among the top losers in the concept sector, with *ST Yazhen hitting the daily limit down [1][2] - Major stocks within the cultivated diamond sector that saw significant declines include Jing Sheng Electric (-7.23%), Huanghe Xuanfeng (-5.38%), and Sifangda (-6.02%) [2][3] - Conversely, stocks that gained in this sector include Guoli Electronics (+3.39%), Chaohongji (+2.24%), and Yuyuan Shares (+1.43%) [1][3] Group 2 - The cultivated diamond sector faced a net outflow of 9.45 billion yuan in principal funds, with 12 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 1 billion yuan [2] - The stock with the highest net outflow was Jing Sheng Electric, with a net outflow of 1.75 billion yuan, followed by Huanghe Xuanfeng and Sifangda with net outflows of 1.63 billion yuan and 1.44 billion yuan, respectively [2] - Stocks with the highest net inflows included Hengsheng Energy, World, and Chaohongji, with net inflows of 12.56 million yuan, 10.98 million yuan, and 10.39 million yuan, respectively [2][3]

Core Viewpoint - Henglin Co., Ltd. (603661.SH) operates through its subsidiary, Henan Shining Diamond Co., Ltd., which is involved in various manufacturing sectors including jewelry, non-metallic mineral products, and metal tools [1] Group 1 - The company’s product offerings include cultivated diamonds and large-sized diamond single crystals [1]

证券代码：603661 证券简称：恒林股份 公告编号：2025-046 恒林家居股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 恒林家居股份有限公司（以下简称公司）于 2025 年 11 月 10 日（星期一） 15:00-16:00 在上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）以网络互动的方式召开 2025 年第三季度业绩 说明会。公司董事长兼总经理王江林先生、独立董事俞国燕女士、财务总监王学 明先生及董事会秘书汤鸿雁女士出席了本次业绩说明会，就投资者普遍关注的问 题在信息披露允许的范围内进行了回复。 二、投资者提出的主要问题及公司的回复情况 （一）预征集问题回复 问题 1：关于厨博士的商誉问题，现有商誉还剩多少？今年年底，预计是否 还会进行计提？ 截至 2024 年 12 月 31 日，东莞厨博士家居有限公司商誉已全额计提完毕， 详见 2024 年年报。 问题 2：公司前三季度营收 84.88 亿元，再创历史新高。如果根据区域划分， 各个区域的营收划分是怎样的？哪些区域增长较快？哪些区域下降明显？另外， ...

Group 1 - The core point of the announcement is the resolution of the third extraordinary general meeting of shareholders held by Henglin Home Co., Ltd. on November 5, 2025, which included the approval of a proposal to adjust the expected external guarantee limit for 2025 [2][4]. - The meeting was convened by the board of directors and chaired by Chairman Wang Jianglin, utilizing a combination of on-site and online voting methods, in compliance with the Company Law and the company's articles of association [2][3]. - All seven current directors attended the meeting, along with the board secretary and other senior executives, ensuring a full representation of the company's leadership [3]. Group 2 - The proposal regarding the adjustment of the expected external guarantee limit for 2025 was passed with a majority vote from the shareholders present at the meeting, including a separate count for minority investors [4]. - The legal proceedings of the meeting were witnessed by Guohao Law Firm (Hangzhou), confirming that the convening and conducting of the meeting adhered to all relevant legal and regulatory requirements [6].

证券代码：603661 证券简称：恒林股份 公告编号：2025-045 恒林家居股份有限公司 2025年第三次临时股东会决议公告 | 1、出席会议的股东和代理人人数（人） | 108 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 100,399,140 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 72.1947 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 等。 (一) 股东会召开的时间：2025 年 11 月 5 日 (二) 股东会召开的地点：浙江省湖州市安吉县递铺街道恒林 B 区办公楼 107 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次会议由本公司董事会召集，董事长王江林先生主持。本次会议采取现场 投票和网络投票相结合的表决方式。会议的召集、召开和表决符合《中华人民共 和国公司法》及本公司《公司章程》的规定。 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。 ...

国浩律师（杭州）事务所 关 于 恒林家居股份有限公司 2025 年第三次临时股东会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二五年十一月 国浩律师（杭州）事务所 关 于 恒林家居股份有限公司 2025 年第三次临时股东会的 法律意见书 致：恒林家居股份有限公司 （二）公司本次股东会现场会议于 2025 年 11 月 5 日 14 时 30 分在公司会议 室召开，公司董事长王江林先生主持本次股东会。 （三）本次股东会的网络投票通过上海证券交易所交易系统和互联网投票系 统进行。网络投票 ...

Core Viewpoint - Henglin Co., Ltd. is a leading domestic manufacturer of home products, specializing in the research, production, and sales of office chairs, sofas, massage chairs, and accessories, with a complete industrial chain and strong sales both domestically and internationally [1] Financial Performance - In Q3 2025, the company's revenue reached 8.488 billion yuan, ranking 2nd in the industry out of 17, surpassing the industry average of 3.852 billion yuan and the median of 2.555 billion yuan, while the industry leader, Gujia Home, reported 15.012 billion yuan [2] - The net profit for the same period was 311 million yuan, ranking 6th in the industry, above the industry average of 278 million yuan and the median of 154 million yuan, with Gujia Home leading at 1.602 billion yuan and Zhejiang Yongqiang at 684 million yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 63.40%, down from 65.50% year-on-year, but still above the industry average of 45.64% [3] - The gross profit margin for Q3 2025 was 17.76%, down from 18.53% year-on-year, and below the industry average of 31.44% [3] Executive Compensation - The chairman and general manager, Wang Jianglin, received a salary of 1.2 million yuan in 2024, unchanged from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.91% to 8,436, while the average number of circulating A-shares held per household increased by 8.59% to 16,500 [5] - The top ten circulating shareholders saw the entry of a new shareholder, China Merchants Quantitative Selected Stock Fund, holding 653,900 shares, while Hong Kong Central Clearing Limited exited the top ten [5] Business Highlights - The company reported a revenue increase of 8.66% year-on-year for the first three quarters of 2025, totaling 8.488 billion yuan, and a net profit increase of 4.81% year-on-year to 279 million yuan [5][6] - Key business highlights include sustained growth in cross-border e-commerce, stable OEM business, significant improvement in Q3 gross profit margin due to decreased shipping costs and price adjustments, and effective cost control leading to a decrease in expense ratios [5][6] - Future projections estimate net profits for 2025 to 2027 at 396 million, 499 million, and 618 million yuan, respectively, maintaining a "buy" rating [5][6]

Group 1: Global Technology Competition - The report outlines three potential scenarios for global technology competition over the next decade: baseline scenario (strategic equilibrium between China and the US), optimistic scenario (China becomes an innovation leader), and pessimistic scenario (China's industrial upgrade falls short) [6][7] - Key technologies are defined as frontier technologies (AI, semiconductors, quantum computing, biopharmaceuticals), advanced manufacturing, and critical infrastructure technologies (energy and advanced networks) [6][7] - The US focuses on invention and innovation, while China aims for large-scale innovation in key industries, with both countries undergoing reforms in their innovation systems [6][7] Group 2: Softcom Power (301236.SZ) - For the first three quarters of 2025, Softcom Power reported revenue of 25.38 billion yuan, a year-on-year increase of 14.30%, and a net profit of 0.99 billion yuan, up 30.21% [15][17] - The company is guided by four strategic directions: intelligence, autonomy, greening, and internationalization, with a focus on enhancing software and digital technology services [16][17] - Future revenue projections for Softcom Power are 35.9 billion yuan, 41.3 billion yuan, and 47.7 billion yuan for 2025-2027, with net profits expected to be 0.384 billion yuan, 0.526 billion yuan, and 0.855 billion yuan respectively [17] Group 3: Dingjie Smart (300378.SZ) - Dingjie Smart's revenue for the first three quarters of 2025 reached 1.614 billion yuan, a 2.6% increase year-on-year, with a net profit of 0.051 billion yuan, up 2.4% [19][21] - The company is experiencing short-term pressure in mainland China but is seeing stable performance in non-mainland markets, driven by deepening applications and market expansion [19][20] - Revenue projections for Dingjie Smart are 2.502 billion yuan, 2.726 billion yuan, and 2.989 billion yuan for 2025-2027, with net profits expected to be 0.191 billion yuan, 0.233 billion yuan, and 0.301 billion yuan respectively [21] Group 4: Hai Tian Wei Ye (603288.SH) - Hai Tian Wei Ye reported a revenue increase of 6.02% to 21.628 billion yuan for the first three quarters of 2025, with a net profit of 5.322 billion yuan, up 10.54% [22][24] - The company experienced a slowdown in revenue growth in Q3, with a 2.48% increase to 6.398 billion yuan, while net profit rose by 3.40% to 1.408 billion yuan [23][24] - The company is focusing on creating new growth points and enhancing efficiency through digital production [24] Group 5: Guizhou Moutai (600519.SH) - Guizhou Moutai's revenue for the first three quarters of 2025 was 130.904 billion yuan, a 6.32% increase, with a net profit of 64.627 billion yuan, up 6.25% [26][28] - The company reported stable sales performance for its flagship Moutai liquor, while other series faced pressure [27][28] - Future earnings per share (EPS) projections for Guizhou Moutai are 72.87 yuan, 77.31 yuan, and 82.70 yuan for 2025-2027, maintaining a "buy" rating [28] Group 6: Xian Cai Co., Ltd. (600095.SH) - Xian Cai Co., Ltd. reported a significant increase in net profit of 203.39% for the first three quarters of 2025, reaching 0.442 billion yuan [46][47] - The company's revenue for Q3 was 0.655 billion yuan, a 43.77% increase year-on-year, driven by a surge in commission income [47][48] - The company is expected to achieve a net profit of 0.608 billion yuan for 2025, reflecting a 456.6% increase [48]

Investment Rating - The investment rating for the company is "Buy" [6][3]. Core Insights - The company reported a revenue of 8.488 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.66%, and a net profit attributable to shareholders of 279 million yuan, up 4.81% year-on-year. In Q3 alone, revenue reached 3.14 billion yuan, a 4.44% increase year-on-year, with net profit soaring by 111.71% to 97 million yuan [2][3]. - The growth in Q3 revenue is attributed to the sustained growth of cross-border e-commerce, driven by new product launches and increased online penetration due to competitive pricing advantages following offline price hikes. The OEM business remains stable, with the company's production capacity in Vietnam effectively covering exports to the U.S. [2][3]. - The gross margin for the first three quarters of 2025 was 17.76%, a decrease of 0.77 percentage points year-on-year, while Q3 gross margin improved significantly to 17.56%, an increase of 3.24 percentage points year-on-year. This improvement is mainly due to a significant drop in shipping costs, which decreased by 39% year-on-year, and a strategic shift towards profitability in the cross-border e-commerce segment [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 8.488 billion yuan, with a year-on-year growth of 8.66%. The net profit attributable to shareholders was 279 million yuan, reflecting a 4.81% increase year-on-year. In Q3, revenue was 3.14 billion yuan, up 4.44% year-on-year, and net profit was 97 million yuan, a remarkable increase of 111.71% [2][3]. - The gross margin for the first three quarters was 17.76%, down 0.77 percentage points year-on-year, while Q3 gross margin improved to 17.56%, up 3.24 percentage points year-on-year [2][3]. Business Segments - The cross-border e-commerce segment continued its growth trend in Q3, supported by new product launches and enhanced online penetration due to competitive pricing. The OEM business showed stability, with the company's Vietnam production capacity effectively covering U.S. exports [2][3]. Cost Management - The company has effectively controlled expenses, with sales, management, R&D, and financial expense ratios decreasing by 0.52, 0.18, 0.27, and 0.6 percentage points respectively in the first three quarters of 2025 [3]. Future Outlook - The company is expected to maintain a growth trend in Q4, with cross-border business revenues continuing to rise and profit margins improving. The OEM business is anticipated to recover as the impact of tariffs and price increases on the market diminishes [3]. - The company is transitioning from a traditional OEM manufacturer to a "manufacturing + brand" dual-driven enterprise, leveraging cross-border e-commerce channels for long-term growth [3].

Core Insights - Henglin Co., Ltd. reported a total revenue of 8.488 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.66% [1] - The company's net profit attributable to shareholders reached 279 million yuan, up 4.81% year-on-year, with a significant turnaround in the third quarter where net profit surged by nearly 112% [1][3] - The company is recognized as a leading developer of health-oriented seating and is one of the largest manufacturers and exporters of office chairs in China [1] Financial Performance - In Q3 2025, Henglin Co., Ltd. achieved a net profit of approximately 97.4 million yuan, marking a year-on-year increase of nearly 112% [1] - The company's non-recurring net profit for the same period was about 93 million yuan, also showing a growth of over 110% year-on-year [1] - The overall net profit growth for the year is projected to be 49.18% according to institutional forecasts, with continued high growth expected in the coming years [3] Business Strategy and Development - Henglin Co., Ltd. is transitioning towards smart home solutions and has established itself as one of the top ten brands in smart office furniture in China [2] - The company aims to become a world-class green home enterprise, focusing on a "manufacturing + service" transformation strategy [2] - The proportion of OBM (Original Brand Manufacturer) business revenue reached 55.36% of total revenue in the first half of the year, indicating a balanced development between ODM and OBM [2] Technological Advancements - The company is enhancing its production automation and smart manufacturing capabilities by introducing various automated equipment such as stacking robots and sorting robots [2] - Henglin Co., Ltd. has implemented a fully automated warehouse equipped with a digital control platform to achieve comprehensive informationization and visualization of the manufacturing process [2] Market Position and Shareholder Dynamics - Cross-border e-commerce is identified as a key driver for revenue growth, supported by global capacity layout and overseas warehouse construction [3] - Recent data indicates that the number of shareholders in Henglin Co., Ltd. has been decreasing for two consecutive quarters, suggesting a concentration of shares among larger investors [3]