Core Viewpoint - The company has successfully certified its high-purity quartz products for the semiconductor industry and is actively selling them in the market [1] Group 1: Product Certification - The company’s high-purity quartz tube, rod, cylinder, and ingot products have been certified by well-known domestic and international semiconductor equipment manufacturers [1] - The company’s self-produced high-purity quartz sand has also received certification from multiple international mainstream semiconductor equipment manufacturers [1] Group 2: Market Engagement - The company is actively cooperating with domestic chip manufacturers for the localization certification of semiconductor quartz [1]

Investment Rating - The report maintains an "Overweight" rating for the company [6] Core Views - The company reported a revenue of 238 million RMB in Q3 2025, reflecting a year-on-year decline of 8.43% and a quarter-on-quarter decline of 8.73%. The net profit attributable to shareholders was 28.31 million RMB, down 49.48% year-on-year and 47.66% quarter-on-quarter, with a gross margin of 29%, down 10.84 percentage points year-on-year [1] - The semiconductor quartz product business is expected to recover due to the trend of domestic sand substitution, despite facing temporary supply chain and trade environment challenges in Q3 [1][2] - The photovoltaic quartz sand business is under pressure due to weak downstream demand, but a cautious sales strategy may mitigate risks [3] Summary by Sections Semiconductor Quartz Business - The report emphasizes the growth potential of semiconductor quartz materials driven by domestic substitution and supply chain security. The company has received certifications for its products from semiconductor manufacturers, which is expected to lead to increased orders and revenue [2] - The company has launched a new production line for high-purity quartz sand, adding 20,000 tons of capacity, with further expansions planned [2] Photovoltaic Quartz Sand Business - The report notes a significant increase in domestic photovoltaic installations, with a total of 240.27 GW added in the first nine months of 2025, a 49% year-on-year increase. However, Q3 saw a decline in installations, leading to reduced shipments of photovoltaic quartz sand [3] Profit Forecast and Valuation - Due to weak demand in the photovoltaic quartz sand sector and challenges in the semiconductor quartz materials market, the revenue and gross margin assumptions for 2025 have been revised downwards. The expected net profits for 2025, 2026, and 2027 are 200 million RMB, 497 million RMB, and 676 million RMB, respectively [4][12] - The target price for the company is set at 47.84 RMB, based on a 52x PE ratio for 2026 [4][6]

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, highlighting investment opportunities and financial performance. Group 1: Major Announcements - Yueda Investment has established joint ventures with China Resources Power and others to invest in offshore wind power projects, holding 20% and 30% stakes in two projects with total investments of 2 billion and 3.9 billion yuan respectively, enhancing its position in the renewable energy sector [4] - Hunan Development plans to invest 2.4 billion yuan in a photovoltaic power generation project with a capacity of 800MW, scheduled for construction from 2026 to 2029 [8] - Longjiang Power's controlling shareholder has received a loan commitment of up to 7.2 billion yuan for stock repurchase, with 2.531 billion yuan already spent on acquiring shares [9] - Huitong Co. plans to invest 81 million yuan in a high-temperature nylon and PEEK polymerization project [10] - Wiston intends to acquire a 36.7483% stake in Liangtou Technology and increase its investment, making it a subsidiary [11] Group 2: Financial Performance - Jincai Hulin reported a net profit increase of 1697.84% year-on-year for the first three quarters, despite a revenue decline of 17.32% [15] - Guoxuan High-Tech's net profit surged by 1434.42% in Q3, with a revenue increase of 20.68% [16] - Tian'ao Electronics achieved a net profit growth of 1329.08% in Q3, despite a revenue decline [18] - Morning Light Bio's net profit increased by 385.3% year-on-year for the first three quarters, despite a slight revenue decline [19] - Donggang Co. reported a net profit increase of 373.51% in Q3, driven by growth in its smart card and printing businesses [20] Group 3: Other Notable Financial Results - Xinjiang Tianye's Q3 net profit rose by 363.19%, while its revenue increased by 8.6% [21] - Jinkai Biotechnology reported a net profit growth of 339.92% in Q3, with a revenue increase of 11.27% [22] - Antong Holdings saw a net profit increase of 311.77% in Q3, with a revenue growth of 18.85% [23] - Wen Tai Technology's net profit grew by 265.09% in Q3, despite a significant revenue decline [25] - Chahua Co. reported a 240.5% increase in Q3 revenue, driven by business restructuring [27]

Group 1: Financial Performance - Dongfang Caifu reported a Q3 revenue of 4.733 billion yuan, a year-on-year increase of 100.65%, and a net profit of 3.53 billion yuan, up 77.74% year-on-year [1] - Guoxuan High-Tech announced a Q3 revenue of 10.114 billion yuan, a 20.68% increase year-on-year, and a net profit of 2.167 billion yuan, soaring 1434.42% year-on-year [2] - Jiangsu Power's controlling shareholder received a loan commitment of up to 7.2 billion yuan for stock repurchase [3] - Yueda Investment reported a Q3 revenue of 789 million yuan, a 22.97% increase year-on-year, and a net profit of 615.22 million yuan, up 333.60% year-on-year [4] Group 2: Strategic Investments - Yueda Investment formed joint ventures with China Resources Power and others to invest in offshore wind power projects, holding 20% and 30% stakes in two projects [4] - Hunan Development signed an investment agreement for a photovoltaic power generation project with a total investment of approximately 2.4 billion yuan [7] - Wiston plans to acquire a 36.7483% stake in Liangtou Technology and increase its capital, making it a subsidiary [10] Group 3: Market Trends and Risks - Shannon Chip announced significant stock price volatility, with a cumulative deviation of over 200% in 30 trading days, indicating potential irrational speculation [5] - Cambridge Technology set its H-share issuance price at 68.88 HKD per share, with trading expected to start on October 28, 2025 [6] Group 4: Company-Specific Developments - Jin Cai Hulin reported a Q3 net profit increase of 1697.84% despite a revenue decline [11] - Morning Light Bio's Q3 net profit grew by 385.3% despite a revenue drop [12] - Donggang Co. reported a Q3 net profit increase of 373.51% with a revenue increase of 45.80% [13] - Xinjiang Tianye's Q3 net profit increased by 363.19% despite a revenue increase of only 8.6% [14]

Investment Announcements - Yueda Investment has established a joint venture with China Resources Power and others to invest in offshore wind power projects, holding a 20% stake in a 308MW project and a 30% stake in a 407MW project, with total investments of 200 million yuan and 390 million yuan respectively [3] - Shannon Chip has announced significant stock price volatility, with a cumulative deviation of over 200% in closing prices over 30 trading days, indicating potential irrational speculation and high trading risks [4] - Cambridge Technology has set the final price for its H-share issuance at HKD 68.88, with plans to list on the Hong Kong Stock Exchange on October 28, 2025 [5] - Hunan Development plans to invest approximately 2.4 billion yuan in a photovoltaic power generation project in Jiahe County, with a planned capacity of 800MW, to be constructed in phases from 2026 to 2029 [6] - Changjiang Electric Power's controlling shareholder has received a loan commitment of up to 7.2 billion yuan for stock repurchase, with plans to buy back shares worth between 4 billion and 8 billion yuan over the next 12 months [7] - Huitong Co. plans to invest 81 million yuan in a high-temperature nylon and PEEK polymer project, leasing a facility in Shanghai for the project [8] - Weston plans to acquire a 36.7483% stake in Liangtou Technology and invest an additional 53.27 million yuan, resulting in a total investment of 160 million yuan, making Liangtou a subsidiary [9] - Huamai Technology has terminated plans for a change in control and will resume trading on October 27 [10] Financial Performance - Jincai Hulin reported a net profit increase of 1697.84% year-on-year for the first three quarters, with a net profit of 57.52 million yuan despite a revenue decline of 17.32% [13] - Morning Light Bio's net profit increased by 385.3% year-on-year for the first three quarters, with a net profit of 304 million yuan despite a slight revenue decline [14] - Donggang Co. reported a net profit increase of 373.51% year-on-year for the third quarter, with a net profit of 44.63 million yuan [15] - Xinjiang Tianye's net profit increased by 363.19% year-on-year for the third quarter, with a net profit of 15.76 million yuan [16] - Jinkai Biotechnology reported a net profit increase of 339.92% year-on-year for the third quarter, with a net profit of 31.67 million yuan [17] - Antong Holdings reported a net profit increase of 311.77% year-on-year for the first three quarters, with a net profit of 664 million yuan [18] - Wentai Technology reported a net profit increase of 265.09% year-on-year for the first three quarters, with a net profit of 1.513 billion yuan [19] - Pinming Technology reported a net profit increase of 267.42% year-on-year for the first three quarters, with a net profit of 48.43 million yuan [21] - Chahua Co. reported a revenue increase of 240.5% year-on-year for the third quarter, with a net profit of 9.55 million yuan [22] - Chuangyao Technology reported a net profit increase of 208.96% year-on-year for the third quarter, with a net profit of 36.82 million yuan [23] - Yueda Investment reported a net profit increase of 200.05% year-on-year for the first three quarters, with a net profit of 75.55 million yuan [24] - Chifeng Gold reported a net profit increase of 140.98% year-on-year for the third quarter, with a net profit of 951 million yuan [25] - Xiamen Tungsten reported a net profit increase of 109.85% year-on-year for the third quarter, with a net profit of 810 million yuan [26] - Luoyang Molybdenum reported a net profit increase of 72.61% year-on-year for the first three quarters, with a net profit of 14.28 billion yuan [27] - CITIC Securities reported a net profit increase of 37.86% year-on-year for the first three quarters, with a net profit of 23.16 billion yuan [28] - Hualuo Co. reported a net profit decline of 35.35% year-on-year for the first three quarters, with a net profit of 329 million yuan [29] - Quartz Co. reported a net profit decline of 56.81% year-on-year for the first three quarters, with a net profit of 135 million yuan [30] - Beiqi Blue Valley reported a loss of 3.43 billion yuan for the first three quarters [31] - Juxing Agriculture reported a loss of 74.02 million yuan for the third quarter [32] - Tongwei Co. reported a loss of 5.27 billion yuan for the first three quarters [33] Strategic Partnerships - Greeenmei has signed a strategic cooperation framework agreement with Xiamen Tungsten New Energy for the supply of advanced battery raw materials, with an expected supply of 150,000 tons annually from 2026 to 2028, totaling 450,000 tons [35]

Core Viewpoint - The company Quartz Co., Ltd. (603688.SH) reported a decline in both revenue and net profit for the third quarter, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved a revenue of 238 million yuan in the third quarter, representing a year-on-year decrease of 8.43% [1] - The net profit attributable to shareholders was 28.31 million yuan, down 49.48% year-on-year [1] - The net profit excluding non-recurring gains and losses was 14.37 million yuan, reflecting a year-on-year decline of 60.36% [1] - The basic earnings per share stood at 0.05 yuan [1]

Company Performance - Quartz Co., Ltd. reported a revenue of approximately 753 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 24.46% [1] - The net profit attributable to shareholders of the listed company was approximately 135 million yuan, down 56.81% year-on-year [1] - Basic earnings per share were 0.25 yuan, reflecting a decrease of 56.9% compared to the previous year [1] - As of the report date, the market capitalization of Quartz Co., Ltd. was 21 billion yuan [1] Industry Insights - The Chinese innovative drug sector has seen overseas licensing deals amounting to 80 billion USD this year [1] - There is a notable contrast in the biopharmaceutical secondary market's activity compared to the primary market, where fundraising has encountered challenges [1]

Core Viewpoint - The non-metal materials sector experienced a 1.2% increase on October 24, with Lianrui New Materials leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3950.31, up 0.71% [1] - The Shenzhen Component Index closed at 13289.18, up 2.02% [1] Group 2: Individual Stock Performance - Lianrui New Materials (688300) closed at 57.70, with a rise of 5.29% and a trading volume of 40,300 lots, totaling a transaction value of 232 million [1] - Suotong Development (603612) closed at 24.58, up 2.46%, with a trading volume of 161,700 lots and a transaction value of 393 million [1] - Quartz Co. (603688) closed at 38.78, increasing by 1.86%, with a trading volume of 82,300 lots and a transaction value of 318 million [1] - Other notable stocks include: - Bingyang Technology (920675) at 11.95, up 0.42% [1] - Changjiang Materials (001296) at 24.37, up 0.41% [1] - Ningxin New Materials (920719) at 15.00, up 0.33% [1] - Kuncai Technology (603826) at 18.44, up 0.16% [1] - Qilu Huaxin (920832) at 8.29, unchanged [1] - Tianma New Materials (920971) at 32.16, down 0.19% [1] - Dongfang Huaiyuan (920175) at 12.75, down 0.70% [1] Group 3: Capital Flow Analysis - The non-metal materials sector saw a net outflow of 45.48 million from institutional investors and 14.09 million from retail investors, while individual investors contributed a net inflow of 59.57 million [2] - Notable capital flows include: - Quartz Co. (603688) with a net inflow of 23.92 million from institutional investors [3] - Lianrui New Materials (688300) with a net outflow of 14.74 million from institutional investors [3] - Strength Diamond (301071) experienced a significant net outflow of 63.02 million from institutional investors [3]

本公司监事会及全体监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个别及连带责任。 一、监事会会议召开情况 江苏太平洋石英股份有限公司（以下简称"公司"）第五届监事会第十九次 会议通知于 2025 年 10 月 17 日发出，会议于 2025 年 10 月 24 日在公司会议室以 现场出席方式召开。会议应出席监事 3 名，实到 3 名。会议由监事会主席钱卫刚 先生主持。本次会议的召集和召开程序符合《公司法》等法律、行政法规、部门 规章、规范性文件和《公司章程》的有关规定。 证券代码：603688 证券简称：石英股份 公告编号：临 2025-037 江苏太平洋石英股份有限公司 第五届监事会第十九次会议决议公告 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）及指 定信息披露媒体的《江苏太平洋石英股份有限公司 2025 年第三季度报告》。 1 特此公告。 二、监事会会议审议情况 （一）审议通过《关于公司 2025 年第三季度报告的议案》 监事会对董事会编制的公司 2025 年第三季度报告进行审查后，提出如下书 面审核意见： 1.公司 ...

人民财讯10月24日电，石英股份（603688）10月24日发布2025年三季报，公司第三季度营业收入2.38亿 元，同比下降8.43%；净利润2831.32万元，同比下降49.48%。2025年前三季度营业收入7.53亿元，同比 下降24.46%；净利润1.35亿元，同比下降56.81%；基本每股收益0.25元。主要系年初至报告期末光伏类 产品收入减少。 ...