Group 1 - The core viewpoint of the article highlights the performance and trends in the Chinese packaging machinery industry, particularly focusing on production statistics and future projections [1] - According to the National Bureau of Statistics, the production of packaging special equipment in China was 186,000 units in September 2025, representing a year-on-year decrease of 1.1% [1] - Cumulatively, from January to September 2025, the total production of packaging special equipment reached 1.379 million units, showing a cumulative growth of 26% [1] Group 2 - The article references a report by Zhiyan Consulting titled "Analysis Report on the Operation Status and Development Trends of China's Packaging Machinery Industry from 2025 to 2031" [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its commitment to delivering high-quality services and market insights to empower investment decisions in the packaging machinery sector [1]

Core Viewpoint - Yongchuan Intelligent has seen a stock price increase of 5.46%, reaching 13.71 CNY per share, with a trading volume of 356 million CNY and a turnover rate of 5.56%, resulting in a total market capitalization of 6.686 billion CNY [1] Company Overview - Yongchuan Intelligent Equipment Co., Ltd. is located in Hangzhou, Zhejiang Province, established on November 7, 2002, and listed on May 29, 2015 [1] - The company's main business involves the research, design, production, installation, debugging, and technical services of packaging equipment and related packaging materials [1] - Revenue composition: packaging equipment and accessories account for 89.25%, packaging materials for 9.36%, and other sources for 1.38% [1] Shareholder Information - The top circulating shareholder of Yongchuan Intelligent includes a fund from the Fortune Fund, specifically the Fortune Steady Growth Mixed A (010624), which entered the top ten circulating shareholders in the third quarter with 1.9155 million shares, representing 0.4% of circulating shares [2] - The estimated floating profit for this fund today is approximately 1.36 million CNY [2] Fund Manager Profile - The fund manager of Fortune Steady Growth Mixed A is Fan Yan, who has a cumulative tenure of 10 years and 35 days [3] - The total asset size of the fund is 14.13 billion CNY, with the best fund return during the tenure being 187.76% and the worst being -15.11% [3]

证券之星消息，11月27日专用设备板块较上一交易日上涨0.28%，新美星领涨。当日上证指数报收于 3875.26，上涨0.29%。深证成指报收于12875.19，下跌0.25%。专用设备板块个股涨跌见下表： 从资金流向上来看，当日专用设备板块主力资金净流出3.41亿元，游资资金净流出2.2亿元，散户资金净 流入5.61亿元。专用设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603901 | 永创智能 | 7467.36万 | 17.79% | -3545.83万 | -8.45% | -3921.53万 | -9.34% | | 002960 | 青鸟消防 | 6838.23万 | 34.23% | -3887.10万 | -19.46% | -2951.13万 | -14.77% | | 300509 | 新美星 | 6257.56万 | 17.43% | -1790.90万 | ...

| 证券代码：603901 | 证券简称：永创智能 | 公告编号：2025-101 | | --- | --- | --- | | 转债代码：113654 | 转债简称：永 02 转债 | | 杭州永创智能设备股份有限公司 关于股份性质变更暨 2025 年第二期限制性股票 激励计划授予的进展公告 经公司与上海证券交易所和中国证券登记结算有限责任公司上海分公司确 认，本次向 42 名激励对象授予的 292.80 万股限制性股票，将由无限售条件流通 股变更为有限售条件流通股，股份来源为存放于公司回购股票专户的从二级市场 回购的本公司 A 股普通股股票。本次变更前后，公司股本结构变更情况如下： 单位：股 | 证券类别 | 变更前数量 | 变更数量 | 变更后数量 | | --- | --- | --- | --- | | 无限售条件流通股 | 480,216,350 | -2,928,000 | 477,288,350 | | 有限售条件流通股 | 7,465,950 | 2,928,000 | 10,393,950 | | 合计 | 487,682,300 | 0 | 487,682,300 | 注：上述变更前股 ...

Group 1 - The core point of the news is that Yongchuang Intelligent experienced a decline of 5.09% in its stock price, reaching 12.30 CNY per share, with a trading volume of 146 million CNY and a turnover rate of 2.42%, resulting in a total market capitalization of 5.998 billion CNY [1] - Yongchuang Intelligent, established on November 7, 2002, and listed on May 29, 2015, is based in Hangzhou, Zhejiang Province. The company specializes in the research, design, production, installation, and technical services of packaging equipment and related materials [1] - The main revenue composition of Yongchuang Intelligent includes packaging equipment and accessories at 89.25%, packaging materials at 9.36%, and other sources at 1.38% [1] Group 2 - Among the top ten circulating shareholders of Yongchuang Intelligent, a fund under the Fortune Fund, specifically the Fortune Steady Growth Mixed A (010624), entered the top ten in the third quarter, holding 1.9155 million shares, which accounts for 0.4% of the circulating shares [2] - The estimated floating loss for the Fortune Steady Growth Mixed A fund today is approximately 1.2642 million CNY [2] - The Fortune Steady Growth Mixed A fund, established on April 28, 2021, has a latest scale of 6.13 billion CNY, with a year-to-date return of 26.66%, ranking 3045 out of 8138 in its category, and a one-year return of 24.91%, ranking 3335 out of 8055 [2]

Core Viewpoint - Yongchuan Intelligent announced that if its stock price remains above 130% of the conversion price of "Yong02 Convertible Bonds" for a specified period, it may trigger the redemption clause of the bonds [2] Group 1: Stock Performance - As of October 31, 2025, the closing price of the company's stock has been no less than 130% of the conversion price (9.69 CNY/share), which is 12.60 CNY/share [2] - If the stock price continues to meet the conditions for 5 out of the next 17 trading days, the redemption clause will be activated [2] Group 2: Redemption Clause - The company's board of directors has the authority to decide whether to redeem all or part of the unconverted "Yong02 Convertible Bonds" at face value plus accrued interest [2]

一、可转债发行上市概况 经中国证券监督管理委员会《关于核准杭州永创智能设备股份有限公司公开 发行可转换公司债券的批复》（证监许可〔2022〕812号）核准。杭州永创智能设 备股份有限公司（以下简称"永创智能"，"本公司"或"公司"）2022年公开发 行了610.547万张可转换公司债券，每张面值100元，发行总额61,054.70万元， 存续期六年。票面利率为：第一年0.30%、第二年0.40%、第三年1.00%、第四年 1.50%、第五年2.00%、第六年2.50%。转股期限为自2023年2月10日至2028年8月3 日止。 经上交所自律监管决定书【2022】244号文同意，公司61,054.70万元可转换 公司债券于2022年9月1日起在上交所挂牌交易，转债简称"永02转债"，转债代 码"113654"。 | 证券代码：603901 | 证券简称：永创智能 | | | 公告编号：2025-100 | | --- | --- | --- | --- | --- | | 转债代码：113654 | 转债简称：永 | 02 | 转债 | | 杭州永创智能设备股份有限公司 关于"永 02 转债"预计满足赎回条件的 ...

Core Insights - The company reported a revenue of 2.958 billion yuan for Q1-Q3 2025, representing a year-on-year growth of 19.05% [1] - The net profit attributable to shareholders reached 127 million yuan, with a year-on-year increase of 61.17% [1] - The non-recurring net profit attributable to shareholders was 119 million yuan, also showing a growth of 61.13% year-on-year [1] Financial Performance - Revenue for Q1-Q3 was 890 million, 1.011 billion, and 1.057 billion yuan, with year-on-year growth rates of 7%, 18%, and 32% respectively [2] - Net profit for the same periods was 41 million, 41 million, and 45 million yuan, with year-on-year growth rates of 6%, 36%, and 340% respectively [2] - Non-recurring net profit figures were 40 million, 36 million, and 43 million yuan, with year-on-year growth rates of -22%, -1%, and 398% respectively [2] - Gross margin slightly decreased by 0.08 percentage points to 27.71% [2] - The expense ratio decreased by 1.82 percentage points to 20.93%, with sales expense ratio down by 0.42 percentage points to 7.19% and management expense ratio down by 0.89 percentage points to 5.31% [2] Order Backlog and Product Development - Contract liabilities increased to 2.138 billion yuan, showing significant growth compared to the previous quarter and the same period last year, indicating a solid order backlog [2] - The company is investing in new flexible sterile and ultra-clean intelligent packaging production lines for liquid foods, including high-speed sterile paper box and plastic bottle filling lines [3] - A new humanoid robot R&D department has been established to accelerate the development of humanoid robots and their application in packaging technology [3] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 3.936 billion, 4.501 billion, and 4.782 billion yuan, with year-on-year growth rates of 10.35%, 14.34%, and 6.26% respectively [4] - Expected net profits for the same periods are 161 million, 262 million, and 305 million yuan, with year-on-year growth rates of 930.80%, 63.40%, and 16.18% respectively [4] - The corresponding PE valuations for 2025-2027 are 39.75, 24.33, and 20.94, maintaining a "buy" rating [4]

Investment Rating - The investment rating for the company is "Add" [2] Core Insights - The company's revenue for the first three quarters of 2025 reached 2.958 billion yuan, representing a year-on-year increase of 19.05%. The net profit attributable to shareholders was 127 million yuan, up 61.17% year-on-year [5][6] - The company has shown a consistent improvement in profits, with a significant increase in net profit growth rates in Q1-Q3 2025, particularly in Q3 where the growth rate reached 340% [6] - The company is focusing on new product launches, including innovations in packaging production lines and humanoid robots, which are expected to drive future growth [7] Financial Performance Summary - For Q1-Q3 2025, the company achieved total revenues of 8.90, 10.11, and 10.57 million yuan, with year-on-year growth rates of 7%, 18%, and 32% respectively [6] - The gross profit margin remained stable at 27.71%, while the expense ratio decreased to 20.93% [6] - As of Q3 2025, the company's contract liabilities reached 2.138 billion yuan, indicating a healthy backlog of orders [6] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 3.936 billion, 4.501 billion, and 4.782 billion yuan, with year-on-year growth rates of 10.35%, 14.34%, and 6.26% respectively [8] - The net profit attributable to shareholders is expected to be 161 million, 262 million, and 305 million yuan for the same period, with growth rates of 930.80%, 63.40%, and 16.18% respectively [8] - The estimated P/E ratios for 2025-2027 are 39.75, 24.33, and 20.94, maintaining the "Add" rating [8]

Group 1 - The core point of the news is that Yongchuan Intelligent has seen a stock price increase of 5.31%, reaching 12.90 CNY per share, with a trading volume of 1.07 billion CNY and a turnover rate of 1.77%, resulting in a total market capitalization of 62.91 billion CNY [1] - Yongchuan Intelligent, established on November 7, 2002, and listed on May 29, 2015, is based in Hangzhou, Zhejiang Province, and specializes in the research, design, production, installation, and technical services of packaging equipment and related materials [1] - The company's main business revenue composition includes packaging equipment and accessories at 89.25%, packaging materials at 9.36%, and other supplementary sources at 0.71% and 0.67% [1] Group 2 - Among the top ten circulating shareholders of Yongchuan Intelligent, a fund under the Fortune Fund, specifically the Fortune Steady Growth Mixed A (010624), has newly entered the list in the third quarter, holding 1.9155 million shares, which accounts for 0.4% of the circulating shares [2] - The Fortune Steady Growth Mixed A fund, established on April 28, 2021, has a latest scale of 6.13 billion CNY, with a year-to-date return of 27.7%, ranking 3205 out of 8145 in its category, and a one-year return of 20.16%, ranking 3510 out of 8059 [2] - The fund manager of Fortune Steady Growth Mixed A is Fan Yan, who has a tenure of 10 years and 20 days, with a total asset scale of 14.13 billion CNY, achieving the best fund return of 187.76% and the worst return of -15.11% during the tenure [3]