Summary of Hongtian Co., Ltd. Conference Call Company Overview - **Company**: Hongtian Co., Ltd. - **Industry Focus**: High-end equipment and technology services, particularly in high-end optics and ultra-precision vacuum technology platforms [2][5] Key Points and Arguments Business Strategy - **Post-Game Business Focus**: After divesting from gaming, the company is concentrating on high-end equipment and technology services [2][5] - **R&D Investment**: Significant increase in R&D investment planned for 2025, which may impact short-term profits but is expected to enhance long-term growth [2][7] - **External Expansion**: Plans to increase stake in Sichuan Zhizhen Precision Optics to strengthen the supply chain [2][7] Financial Performance - **Q3 2025 Results**: Revenue of 495 million yuan, operating profit of 139 million yuan, and net profit of 97.95 million yuan. Year-to-date revenue reached 881 million yuan with a net profit of 62.45 million yuan [3][4] - **Cash Flow**: Positive operating cash flow of over 60 million yuan [3] Market Position and Technology - **AI Surface Treatment Machines**: Leading domestic technology in AI surface treatment machines, with ongoing collaborations with major clients [4][12] - **Vacuum Coating**: Broad layout in vacuum coating, focusing on optical and solid-state battery applications, with partnerships with research institutions and manufacturers [11][13] Regulatory and Investigation Status - **Ongoing Investigation**: Under investigation by Jiangsu Securities Regulatory Commission since April 2025, currently in the detail review phase [2][6][9] - **Shareholder Support**: Shareholders express compliance with regulatory opinions and hope for a swift resolution to seize high-tech opportunities [6][18] Future Outlook - **Development Strategy**: Aiming to become an internationally influential technology innovation platform within 3-5 years, focusing on internal growth and external expansion [5][20] - **Market Sensitivity**: The company is aware of capital market sensitivities and is managing the pace of operations to mitigate regulatory and public pressure [21] Operational Improvements - **Profitability Improvement**: Q3 profitability improved due to steady business progress and new project revenue, particularly from the lithium battery sector [14][15] - **Order Confirmation**: Increased order confirmations driven by industry recovery and customer demand in the lithium battery and energy storage sectors [17] Strategic Collaborations - **High-End Optical Systems**: Collaborating with national teams to enhance high-end optical system design capabilities and precision optical processing [16] Additional Important Information - **Control and Acquisition Plans**: The company is pursuing higher ownership stakes and control in strategic partnerships, despite regulatory pressures [10][19] - **Commitment to Goals**: The company is committed to achieving its strategic goals while navigating challenges, maintaining a positive outlook for future growth [22]

Core Viewpoint - Hongtian Co., Ltd. is a company engaged in the research, production, and sales of drilling equipment for oil, natural gas, and shale gas, with a certain level of technical strength in the industry [1] Group 1: Business Performance - In Q3 2025, Hongtian Co., Ltd. reported revenue of 881 million yuan, ranking 29th out of 58 in the industry, with the industry leader Zhongchuang Zhiling achieving 30.745 billion yuan [2] - The net profit for the same period was 75.724 million yuan, also ranking 29th in the industry, with the top performer Tian Di Technology earning 3.525 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 62.79%, down from 71.95% year-on-year, which is higher than the industry average of 46.18% [3] - The gross profit margin for Q3 2025 was 25.17%, an increase from 22.27% year-on-year, but slightly below the industry average of 26.77% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 53.23% to 20,300, while the average number of circulating A-shares held per shareholder decreased by 34.74% to 10,200 [5] - Among the top ten circulating shareholders, Yongying Semiconductor Industry Smart Selection Mixed Fund became a new shareholder with 5.6 million shares, while Guotai Junan Jin Ying Growth Flexible Allocation Mixed Fund increased its holdings by 252,400 shares [5] Group 4: Executive Compensation - The chairman Zhao Weibin's salary for 2024 remained at 100,000 yuan, unchanged from 2023, while the general manager Zhu Kaixing's salary increased by 221,100 yuan to 1.1478 million yuan [4]

Core Insights - Hongtian Co., Ltd. (603800.SH) reported its Q3 2025 results, revealing that 12 institutional investors hold a total of 115 million shares, representing 55.39% of the company's total equity [1] - The top ten institutional investors collectively own 55.31% of the shares, with an increase of 1.64 percentage points compared to the previous quarter [1] Institutional Holdings - The number of public funds that increased their holdings this period is 2, including Guotai Jin Ying Growth Flexible Allocation Mixed Fund and Guotai Research Advantage Mixed Fund, with an increase ratio of 0.17% [2] - Four public funds decreased their holdings compared to the previous quarter, including CITIC Jiantou Low Carbon Growth Mixed Fund and Guotai Value Classic Flexible Allocation Mixed Fund, with a decrease ratio of 0.23% [2] - Two new public funds were disclosed this period, including Yongying Semiconductor Industry Selected Mixed Fund and Jin Ying Minfeng Return Mixed Fund [2] - Sixteen public funds were not disclosed this period, including Guotai Medical Health Stock A and CITIC Jiantou Smart IoT A [2]

Company Overview - Hongtian Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on October 29, 2001. The company was listed on December 10, 2015. Its main business involves the research, production, and sales of drilling equipment for oil, natural gas, and shale gas [1]. Business Segmentation - The revenue composition of Hongtian Technology is as follows: oil, electricity, and gas segment accounts for 59.08%, while the electrolytic copper foil equipment segment constitutes 40.92% [1]. Stock Performance - On October 31, Hongtian shares fell by 5.83%, trading at 53.00 CNY per share, with a transaction volume of 95.21 million CNY and a turnover rate of 0.84%. The total market capitalization is 11.02 billion CNY [1]. Shareholder Information - Among the top ten circulating shareholders of Hongtian, Yongying Fund has a fund that entered the top ten in the third quarter, holding 5.6 million shares, which is 2.69% of the circulating shares. The estimated floating loss today is approximately 18.36 million CNY [2]. Fund Performance - Yongying Semiconductor Industry Selected Mixed Fund A (015967) was established on September 22, 2022, with a latest scale of 858 million CNY. Year-to-date return is 73.62%, ranking 318 out of 8154 in its category. The one-year return is 78.12%, ranking 258 out of 8046, and since inception, the return is 70.48% [2]. Fund Management - The fund manager of Yongying Semiconductor Industry Selected Mixed Fund A is Zhang Haixiao, who has been in the position for 2 years and 156 days. The total asset scale of the fund is 10.24 billion CNY, with the best return during his tenure being 78.49% and the worst being -19.48% [3].

Group 1 - Hongtian Co., Ltd. (SH 603800) announced on October 31 that its sixth fourth board meeting was held on October 30, 2025, discussing the proposal for establishing a "System for Selecting Accounting Firms" [1] - For the year 2024, the revenue composition of Hongtian Co., Ltd. is as follows: manufacturing accounts for 88.14%, steel trading accounts for 8.17%, and other businesses account for 3.69% [1]

Group 1 - The core point of the article is that Hongtian Co., Ltd. reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Group 2 - The company achieved a total operating revenue of 881 million yuan, representing a year-on-year decrease of 16.99% [1] - The net profit attributable to shareholders of the parent company was 62.4462 million yuan, down 26.66% year-on-year [1] - The basic earnings per share were reported at 0.3096 yuan [1]

Core Insights - Hongtian Co., Ltd. reported significant financial improvements in Q3 2025, with revenue reaching 495 million yuan, a year-on-year increase of 30.64% and a quarter-on-quarter increase of 96.90. Net profit surged to 119 million yuan, marking a year-on-year growth of 281.78% and a quarter-on-quarter increase of 1126.89% [2][3] Financial Performance - The company achieved a turnaround in net profit for the first three quarters of 2025 compared to the same period last year, with operating cash flow reaching 67 million yuan, a nearly fourfold increase from the previous year's -23 million yuan [2][3] Strategic Developments - The strong Q3 performance indicates a substantial turnaround in operational status, driven by the successful implementation of the high-end equipment platform strategy [3] - The company has made significant progress in its "high-end equipment and technical services dual platform" strategy, focusing on high-end optical technology and ultra-precision vacuum technology [3][4] Technological Advancements - Hongtian's core subsidiary, Hongtian Technology, achieved breakthroughs in high-end copper foil production equipment, with a new lithium battery copper foil machine setting industry records for length and thickness [3] - The company is the first in China to master and utilize the "one-step dry method" for ultra-precision vacuum coating equipment, enabling advanced manufacturing capabilities [4] Collaborative Efforts - The company has expanded its external partnerships, including investments in Suzhou Daniu New Energy Technology Co., Ltd. and the establishment of a joint venture with Anhui Ruisi Micro Intelligent Technology Co., Ltd. [4] - Collaborations with the Chinese Academy of Sciences have led to significant advancements in optical technology, particularly in the production of direct-write lithography machines [4][5] Market Positioning - The ultra-precision vacuum technology platform shows potential in the solid-state battery equipment sector, with ongoing development aimed at addressing industry challenges [5] - The high-end equipment platform is well-positioned to respond to the growing demand in sectors such as new energy vehicles, advanced packaging, and semiconductors, indicating a promising growth trajectory for the company [6]

江苏洪田科技股份有限公司（以下简称"公司"）第六届董事会第四次会议 通知于2025年10月27日以电子邮件方式送达全体董事，于2025年10月30日上午 10:00召开并以现场和通讯方式作出表决。本次董事会会议应参加董事7名，实际 参加董事7名。本次会议由公司董事长赵伟斌先生主持，公司总经理兼董事会秘 书朱开星先生列席本次会议。本次会议符合《中华人民共和国公司法》（以下简 称"《公司法》"）《公司章程》和《董事会议事规则》的有关规定，会议的召 集、召开合法有效。 二、董事会会议审议情况 经与会董事认真审议，以投票表决的方式通过了以下议案： 1、审议通过《2025年第三季度报告》 证券代码：603800 证券简称：洪田股份 公告编号：2025-062 江苏洪田科技股份有限公司 第六届董事会第四次会议决议公告 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、董事会会议召开情况 表决结果：同意 7 票，反对 0 票，弃权 0 票。 2、审议通过《关于制定〈选聘会计师事务所制度〉的议案》 为规范公司选聘（含续聘、变更）会计师事务所 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥494,650,532.13, an increase of 30.64% compared to the same period last year[4] - Total profit for the quarter was ¥139,005,877.98, reflecting a significant increase of 356.37% year-over-year[4] - Net profit attributable to shareholders was ¥97,956,073.51, up by 289.97% compared to the previous year[4] - The net profit excluding non-recurring gains and losses was ¥84,766,061.41, showing a remarkable increase of 532.11% year-over-year[4] - Basic earnings per share for the quarter were ¥0.4857, representing a 292.01% increase compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 was ¥880,995,160.78, a decrease of 17.0% compared to ¥1,061,265,800.13 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥75,724,035.24, a decline of 29.4% from ¥107,341,416.12 in 2024[21] - Earnings per share for the first three quarters of 2025 was ¥0.3096, compared to ¥0.4175 in the same period of 2024[21] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,734,700,337.72, a decrease of 6.4% compared to the end of the previous year[5] - Total current assets decreased to ¥1,878,963,404.61 from ¥2,060,627,682.30 year-over-year[15] - Total assets decreased to ¥2,734,700,337.72 from ¥2,921,611,067.70 year-over-year[16] - Total liabilities decreased to ¥1,717,049,872.54 in 2025 from ¥1,950,991,132.04 in 2024, reflecting a reduction of 11.9%[20] - Total equity increased to ¥1,017,650,465.18 in 2025, up from ¥970,619,935.66 in 2024, representing a growth of 4.8%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 20,312[12] - The largest shareholder, Koyun New Materials Co., Ltd., holds 58,240,000 shares, accounting for 28% of total shares[12] - The company has a total of 6,325,461 shares repurchased, representing 3.04% of the total share capital[13] - The company has not reported any changes in the participation of major shareholders in the securities lending business[14] Cash Flow and Investments - The net cash flow from operating activities for the quarter was -¥45,678,134.79, a decline of 233.47% compared to the same period last year[10] - Cash inflow from operating activities for the first three quarters of 2025 was $709.48 million, a decrease of 15% compared to $834.95 million in the same period of 2024[23] - Net cash flow from operating activities turned positive at $67.04 million in 2025, compared to a negative $22.68 million in 2024[23] - Cash inflow from investment activities increased significantly to $388.08 million in 2025, up from $166.24 million in 2024[24] - Net cash flow from investment activities was negative at $93.68 million in 2025, contrasting with a positive $13.40 million in 2024[24] - Cash inflow from financing activities decreased to $388.66 million in 2025 from $546.03 million in 2024[24] - Net cash flow from financing activities was negative at $113.05 million in 2025, compared to a negative $44.14 million in 2024[24] - The ending cash and cash equivalents balance decreased to $284.71 million in 2025 from $366.64 million in 2024[24] - The company received $387.50 million from investment recoveries in 2025, a substantial increase from $21.77 million in 2024[23] - The company paid $449.02 million in debt repayments in 2025, slightly up from $428.66 million in 2024[24] - The company reported a cash inflow of $5.79 million from tax refunds in 2025, an increase of 82% from $3.17 million in 2024[23] Expenses - Total operating costs for the first three quarters of 2025 were ¥793,876,476.85, down 16.6% from ¥951,971,053.20 in 2024[20] - Research and development expenses increased to ¥48,496,349.19 in 2025, up 33.9% from ¥36,233,397.80 in 2024[20] - The company reported a decrease in sales expenses to ¥8,680,205.53 in 2025 from ¥12,814,993.01 in 2024, a reduction of 32.5%[20] - The company’s financial expenses rose to ¥18,961,691.05 in 2025, compared to ¥16,239,383.62 in 2024, an increase of 16.8%[20] - The company’s deferred income tax liabilities increased to ¥4,330,400.66 in 2025 from ¥3,908,280.73 in 2024, an increase of 10.8%[20]

江苏洪田科技股份有限公司 选聘会计师事务所制度 第一章 总则 第一条 为规范江苏洪田科技股份有限公司（以下简称"公司"）选聘（含续 聘、变更）会计师事务所的工作，提高财务信息质量，保证财务信息的真实性和 连续性，依据《中华人民共和国公司法》《中华人民共和国证券法》《国有企业、 上市公司选聘会计师事务所管理办法》《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》等有关法律、法规、规范性文件及公司规章制度的规定， 结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对公司财务会计报告发表审计意见、出具审计报告的行为。公 司聘任会计师事务所从事除财务会计报告审计之外的其他法定审计业务的，可以 比照本制度执行。 第三条 公司聘用或解聘会计师事务所应经董事会审计委员会（以下简称"审 计委员会"）审议同意后，提交董事会审议，并由股东会决定。在公司股东会审 议批准前，公司不得聘请会计师事务所开展财务报表审计业务。 （五）能认真执行有关财务审计的法律、法规、规章和政策规定，具有良好 的社会声誉和执业质量记录； （六）国家法律法规、规章或规范性文件要求 ...