Core Insights - Ning Shui Group (603700.SH) reported a revenue of 1.202 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 18.62% [1] - The company's net profit attributable to shareholders reached 75.37 million yuan, showing a significant year-on-year increase of 114.2% [1] - The non-recurring net profit was 32.01 million yuan, reflecting a year-on-year growth of 29.10% [1] - Basic earnings per share stood at 0.38 yuan [1]

Major Events - Shanghai Zhiyuan Hengyue Technology completed the tender offer for Shangwei New Materials, acquiring 58.6232% of the shares, with trading resuming on October 30, 2025 [4] - Peking University Pharmaceutical's chairman and president Xu Xiren has been detained for criminal investigation, but the company's control and operations remain normal [5] - China Unicom's chairman Chen Zhongyue resigned due to work adjustments, effective October 29, 2025 [6][7] - CITIC Financial Assets increased its stake in Hangyang Co., Ltd. to 5% through a block trade, reflecting confidence in the company's future [8] - Haoshi Electromechanical's subsidiary plans to invest 232 million yuan in a high-end equipment intelligent manufacturing project [9] - Zhejiang Xiantong's second shareholder Li Qifu plans to invest 130 million yuan in Qiteng Robotics to enhance production capacity [10] - Qianjiang Biochemical's subsidiary has completed a project for bio-pesticide production, with an annual capacity of 3,261 tons [11] - Dongni Electronics will face risk warnings and a one-day suspension due to an administrative penalty [12] - Jindao Technology signed a strategic cooperation agreement with Hangcha Group to develop robotic joint modules [14] Performance Overview - Kweichow Moutai reported Q3 net profit of 19.224 billion yuan, a 0.48% increase year-on-year, with total revenue of 39.064 billion yuan [15] - Huibai New Materials achieved a Q3 net profit of 27.1307 million yuan, a 3066.26% increase year-on-year, with revenue growth of 49.59% [16] - Zangzi Island reported a Q3 net loss of 42.5226 million yuan, with revenue down 19.92% [17] - OFILM reported a Q3 net profit of 40.8235 million yuan, a 411.91% increase year-on-year, with revenue growth of 21.15% [18] - China Rare Earth's Q3 net profit was 30.4752 million yuan, down 26.43% year-on-year, with revenue declining 22.4% [19] - Tianqi Lithium reported a Q3 net profit of 95.4855 million yuan, turning a profit after previous losses [20] - New Yisheng's Q3 net profit was 2.385 billion yuan, a 205.38% increase year-on-year, driven by AI-related sales growth [21] - Industrial Fulian's Q3 net profit increased by 49% year-on-year [22] - CICC's Q3 net profit grew by 130% year-on-year [23] - Tianpu Co., Ltd. reported a Q3 net profit increase of 33% [24] - BlueFocus reported a Q3 net profit of 99.2389 million yuan, a 265.47% increase year-on-year [25] - Ningshui Group's Q3 net profit was 21.7388 million yuan, a 347.57% increase year-on-year [26] - Shoukai Co. reported a Q3 net loss of 3.105 billion yuan [27] - Xiamen Xiangyu's Q3 net profit was 601 million yuan, a 443.17% increase year-on-year [29] - Huaneng Intelligent reported a Q3 net loss of 53.8408 million yuan, a significant decline [30] - Zhongjin Gold's Q3 net profit increased by 39.18% year-on-year [31] - Shandong Gold's Q3 net profit increased by 92% year-on-year [32] - Yahua Group's Q3 net profit was 198 million yuan, a 278.06% increase year-on-year [33] - Western Gold's Q3 net profit increased by 168% year-on-year [34] - Laobai Gan Liquor reported a 28% decline in net profit for the first three quarters [35] - Kaiying Network's Q3 net profit was 633 million yuan, a 34.51% increase year-on-year [36] - Tongchen Beijian reported a Q3 net profit of 171 million yuan, turning a profit from previous losses [37] - Nanshan Holdings' Q3 net profit increased by 203.51% year-on-year [38] - China Merchants Bank's Q3 net profit was 38.842 billion yuan, a 1.04% increase year-on-year [39] - Huahong Technology's Q3 net profit increased by 7111% year-on-year [40] - Fangda Special Steel's Q3 net profit increased by 1368.1% year-on-year [41] Shareholding Changes - WuXi AppTec's controlling shareholder plans to reduce its stake by up to 2% [43] - Hecai Technology's major shareholder Bosch China plans to reduce its stake by up to 3% [44] Major Contracts - China Electric Power Construction signed a contract worth 6.568 billion yuan for a hospital project in Peru [45] - Lanshi Heavy Industry signed a significant contract in the nuclear energy sector worth 581 million yuan [46] - Guoke Military Industry's subsidiary signed a major sales contract worth 466 million yuan [48]

Core Viewpoint - Ning Shui Group (603700.SH) reported significant growth in its third-quarter financial results, indicating strong operational performance and profitability improvements [1] Financial Performance - The company achieved a revenue of 495 million yuan in the third quarter, representing a year-on-year increase of 32.63% [1] - The net profit attributable to shareholders reached 21.7388 million yuan, marking a substantial year-on-year growth of 347.57% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 21.4544 million yuan, reflecting an impressive year-on-year increase of 732.59% [1] - Basic earnings per share stood at 0.11 yuan [1]

一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 证券代码：603700 证券简称：宁水集团 公告编号：2025-056 宁波水表（集团）股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 11 月 11 日（星期二）至 11 月 17 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@chinawatermeter.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 宁波水表（集团）股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布了公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 18 日下午 ...

证券代码：603700 证券简称：宁水集团 公告编号：2025-055 宁波水表（集团）股份有限公司 关于 2025 年第三季度计提减值准备的公告 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。 一、计提减值准备情况概述 宁波水表（集团）股份有限公司（以下简称"公司"）依据《企业会计准则》 以及公司相关会计政策的规定，为更加真实、准确地反映公司截至 2025 年 9 月 30 日的财务状况、资产状况以及 2025 年第三季度经营成果，对公司各类资产进 行了全面检查和减值测试，并基于谨慎性原则，对其中存在减值迹象的资产计提 了减值准备。 2025 年 7 月 1 日至 2025 年 9 月 30 日，公司计提信用减值及资产减值损失 共计 919.95 万元，具体明细如下表所示： | | 项目 | 计提减值金额（元） | | --- | --- | --- | | 信用减值损失 | 应收账款坏账准备 | 8,014,246.17 | | | 其他应收款坏账准备 | 956,675.55 | | | 小计 | 8,970,921.7 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥495,459,006.91, an increase of 32.63% compared to the same period last year[4] - Total profit for the third quarter was ¥22,736,417.59, reflecting a significant increase of 788.12% year-over-year[4] - Net profit attributable to shareholders for the third quarter was ¥21,738,831.11, up 347.57% from the previous year[4] - The net profit excluding non-recurring gains and losses for the third quarter was ¥21,454,376.67, an increase of 732.59% year-over-year[4] - The basic earnings per share for the third quarter was ¥0.11, a rise of 450.00% compared to the same period last year[5] - The diluted earnings per share for the third quarter was also ¥0.11, reflecting a 450.00% increase year-over-year[5] - Total operating revenue for the first three quarters of 2025 reached ¥1,201,749,894.28, an increase of 18.63% compared to ¥1,013,101,711.23 in the same period of 2024[21] - Net profit for the first three quarters of 2025 was ¥75,266,951.54, representing a significant increase of 114.36% compared to ¥35,082,795.93 in 2024[22] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.38, compared to ¥0.18 in the same period of 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,395,426,142.22, representing a 5.13% increase from the end of the previous year[5] - The total assets of the company amounted to ¥2,395,426,142.22, an increase from ¥2,278,462,651.43 in the previous year[19] - Total liabilities increased to ¥767,334,058.40 from ¥673,558,259.08, reflecting a rise of 13.93%[19] - The company's total equity reached ¥1,628,092,083.82, up from ¥1,604,904,392.35, indicating a growth of 1.45%[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 14,878[12] - The largest shareholder, Zhang Shihua, holds 34,223,657 shares, representing 16.97% of total shares[12] - The company’s major shareholders have no pledged, marked, or frozen shares[12] - There are no significant changes in the participation of major shareholders in margin trading and securities lending[15] Cash Flow and Investments - The company's cash and cash equivalents as of September 30, 2025, amount to ¥218,881,896.39, down from ¥348,442,912.62 as of December 31, 2024[17] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 1,230,171,358.20, an increase of 11.6% compared to CNY 1,102,711,298.29 in the same period of 2024[24] - Net cash outflow from operating activities was CNY -113,092,918.94, an improvement from CNY -141,905,143.48 in the previous year[25] - Cash inflow from investment activities totaled CNY 201,005,467.73, up from CNY 172,742,882.99 in 2024, marking a 16.3% increase[25] - Net cash flow from investment activities was CNY 15,270,544.63, a significant recovery from CNY -59,673,678.09 in the prior year[25] - Cash inflow from financing activities decreased to CNY 114,070,000.00 from CNY 177,000,000.00, a decline of 35.6%[25] - Net cash outflow from financing activities was CNY -32,816,313.06, worsening from CNY -7,254,342.86 in 2024[25] - The total cash and cash equivalents at the end of the period stood at CNY 210,824,159.47, compared to CNY 188,170,956.20 at the end of Q3 2024, reflecting a 12% increase[25] Operational Costs and Expenses - Total operating costs for the first three quarters of 2025 were ¥1,155,400,077.33, up 17.77% from ¥980,847,049.63 in the previous year[21] - Research and development expenses increased to ¥57,194,467.90, up from ¥53,028,740.53, showing a growth of 7.67%[21] - The company reported a significant decrease in financial expenses, with a net financial income of -¥766,393.74 compared to -¥2,260,334.84 in the previous year[21] - Cash paid for purchasing goods and services was CNY 1,047,364,600.04, an increase of 24.4% from CNY 842,495,048.41 in 2024[24] - Cash paid to employees increased to CNY 176,457,320.96 from CNY 166,293,163.16, reflecting a growth of 6.5%[24] Revenue Drivers - The significant increase in revenue and profit is attributed to economic recovery and an increase in orders, along with a decrease in impairment losses on receivables[9] Investment and Equity - The company has a long-term equity investment valued at ¥73,016,663.22, up from ¥68,400,898.03[17] - Investment income for the first three quarters of 2025 was ¥45,501,926.06, a recovery from a loss of ¥3,047,622.00 in the same period of 2024[21]

Group 1 - On October 21, Ning Shui Group executed a block trade of 800,000 shares, with a transaction value of 9.624 million yuan, accounting for 18.04% of the total trading volume for the day [1] - The transaction price was 12.03 yuan, which was in line with the market closing price of 12.03 yuan [1]

Group 1 - Ning Shui Group's stock rose by 1.44%, closing at 11.95 yuan on October 15 [1] - A block trade occurred with a total volume of 245,000 shares and a transaction amount of 2.597 million yuan, with a transaction price of 10.60 yuan per share, reflecting a premium rate of -11.30% [1] - The buyer was CITIC Securities Co., Ltd. and the seller was Industrial Securities Co., Ltd. [1] Group 2 - In the last three months, the stock has recorded two block trades with a total transaction amount of 17.5654 million yuan [1] - Over the past five trading days, the stock has increased by 0.42%, while the net outflow of main funds totaled 898,000 yuan [1]

Group 1 - On October 15, Ning Shui Group executed a block trade of 245,000 shares, with a transaction amount of 2.597 million yuan, accounting for 7.26% of the total transaction volume for the day [1][2] - The transaction price was 10.6 yuan, which represents an 11.3% discount compared to the market closing price of 11.95 yuan [1][2]

Core Insights - Ningbo Water Meter (Group) Co., Ltd. has launched a significant upgrade of its smart module manufacturing workshop, marking a milestone in the company's "smart manufacturing upgrade" strategy and enhancing its production capacity to meet global demand for high-quality and fast-delivery smart water meters [1][2]. Group 1 - The upgrade of the smart module manufacturing workshop is seen as a new engine for production capacity breakthroughs, allowing for full control from core electronic modules to complete machine integration, thus providing customers with high-quality service [1][2]. - The president of the company, Chen Xiang, emphasized three core principles for workshop operations: ensuring "zero defects" through a stringent quality control system, optimizing production processes for efficiency, and strengthening team skills and innovation to cultivate specialized talent in smart manufacturing [2]. - The chairman, Zhang Lin, highlighted the multi-faceted significance of the upgrade, including substantial improvements in production efficiency, shortened production cycles, and enhanced product quality assurance [2]. Group 2 - The newly upgraded smart module manufacturing workshop is expected to achieve an annual production capacity of 10 million units, injecting new momentum into the production system and significantly enhancing the company's core competitiveness in the smart water meter sector [3]. - The automated production process includes various stages such as SMT, programming, testing, welding, communication testing, module assembly, automatic sealing, pressure resistance, performance testing, and packaging, showcasing the advanced capabilities of the new production line [3].