Market Overview - The special steel sector increased by 1.04% on October 30, with Fangda Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Fangda Special Steel (600507) closed at 5.90, up 6.50% with a trading volume of 981,700 shares and a transaction value of 586 million [1] - Shengde Yantai (300881) closed at 36.79, up 5.60% with a trading volume of 61,100 shares [1] - Shagang Co. (002075) closed at 5.73, up 1.96% with a trading volume of 781,000 shares [1] - Fushun Special Steel (600399) closed at 5.35, up 1.33% with a trading volume of 528,600 shares [1] - Other notable performances include Taigang Stainless Steel (000825) up 0.95% and CITIC Special Steel (000708) up 0.69% [1] Capital Flow - The special steel sector saw a net inflow of 89.97 million from main funds, while retail funds had a net inflow of 11.61 million [2] - The sector experienced a net outflow of 102 million from speculative funds [2] Individual Stock Capital Flow - Fangda Special Steel had a net inflow of 11.2 million from main funds but a net outflow of 70.55 million from speculative funds [3] - Fushun Special Steel saw a net inflow of 37.35 million from main funds, with a net outflow of 17.73 million from speculative funds [3] - Changbao Co. (002478) had a net inflow of 16.83 million from main funds, while experiencing a net outflow of 13.13 million from speculative funds [3] - CITIC Special Steel had a net inflow of 16.73 million from main funds but a net outflow of 29.45 million from retail investors [3]

Group 1: Macro Insights - The "14th Five-Year Plan" has established a clear direction for the "15th Five-Year Plan," emphasizing foundational consolidation and comprehensive efforts, with a focus on "common prosperity" and strengthening "internal circulation" [6] - The plan identifies four strategic emerging industries and six future industries, aiming to promote key core technology breakthroughs in six priority areas through extraordinary measures [6] Group 2: Fixed Income - Er Yong Bonds - Recent market conditions have led to a decline in risk appetite, benefiting Er Yong bonds with both interest rate and spread reductions [7] - The supply of Er Yong bonds remains weak, continuing the trend of asset scarcity, while the monthly turnover rate has remained stable [7] - The pricing model suggests that the yield of 5-year AAA-rated secondary capital bonds may decline to approximately 2.07% next year [7] Group 3: Banking Sector - Precious Metals - The banking sector is expected to see growth in precious metals business despite challenges from high volatility in the gold market [8] - As of September 2025, China's official gold reserves reached 74.06 million ounces, marking an increase for 11 consecutive months, with a global trend of central banks increasing gold reserves [8] - The introduction of pilot programs for insurance funds to invest in gold is creating new opportunities for banks to provide services and increase intermediary income [8] Group 4: Textile and Apparel - Baoxini - Baoxini's revenue is expected to stabilize, with a projected decline in net profit due to ongoing adjustments in its main brand [12] - The company is anticipated to achieve a net profit of 2.95 billion, 3.74 billion, and 4.49 billion yuan from 2025 to 2027, maintaining a "buy" rating [12] Group 5: Food and Beverage - Haitian Flavoring - Haitian Flavoring reported a revenue of 21.628 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 6.02% [13] - The company is expected to benefit from its leadership position in the industry and aims for significant growth in overseas markets [13] Group 6: Computer Industry - Zhongke Chuangda - Zhongke Chuangda's revenue for Q3 2025 reached 1.848 billion yuan, a year-on-year increase of 42.87% [15] - The company is projected to achieve net profits of 606 million, 695 million, and 782 million yuan from 2025 to 2027, maintaining a "buy" rating [15] Group 7: Home Appliances - Hisense - Hisense's profitability has slightly declined, but the company remains optimistic about its long-term globalization strategy [16] - The projected net profits for 2025 to 2027 are 3.398 billion, 3.771 billion, and 4.154 billion yuan, with a "hold" rating [16] Group 8: Coal Industry - China Coal Energy - China Coal Energy reported a revenue of 110.584 billion yuan for the first three quarters of 2025, a year-on-year decrease of 21.24% [27] - The company is expected to achieve net profits of 16 billion, 17.1 billion, and 18.5 billion yuan from 2025 to 2027, maintaining a "buy" rating [27] Group 9: Automotive - Huguang - Huguang's revenue for the first three quarters of 2025 was 5.84 billion yuan, reflecting a year-on-year increase of 6% [34] - The company is expanding its customer base and enhancing its overseas market presence, which is expected to drive future growth [34]

Market Overview - The special steel sector experienced a decline of 1.65% on October 28, with Jinzhou Pipeline leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Jinzhou Pipeline (002443) closed at 8.37, down 2.79% with a trading volume of 305,300 shares and a transaction value of 258 million yuan [1] - Other notable declines include: - Jiuli Special Materials (002318) down 2.19% to 25.50 - Taiyuan Iron & Steel (000825) down 1.92% to 4.08 - CITIC Special Steel (000708) down 1.82% to 14.55 [1] Capital Flow - The special steel sector saw a net outflow of 108 million yuan from main funds, while retail investors contributed a net inflow of 54.64 million yuan [1] - The capital flow for specific stocks includes: - Changbao Co. (002478) with a main fund net inflow of 21.28 million yuan [2] - CITIC Special Steel (000708) with a main fund net inflow of 10.89 million yuan [2] - Sand Steel Co. (002075) faced a significant main fund net outflow of 24.37 million yuan [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a slight decline in quarterly profits, with a year-on-year decrease in net profit of 22.95% for the first three quarters of 2025, despite a revenue increase of 2.01% to 31.562 billion yuan [1]. - The company is experiencing continuous expansion in production and sales, with a significant increase in cold-rolled stainless steel product output and sales in Q3 2025, achieving 903,000 tons and 898,000 tons respectively, marking year-on-year growth of 14.6% and 16.5% [2]. - The company is transitioning towards deep processing, with multiple projects underway, including a high-quality stainless steel plate project and a precision stainless steel strip project, indicating strong growth potential in production and sales [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a net profit of 147 million yuan, a decrease of 6.01% year-on-year and 26.5% quarter-on-quarter, with a gross profit margin of 4.66% [1]. - The company’s revenue for the first three quarters of 2025 was 31.562 billion yuan, with a net profit of 450 million yuan, reflecting a decrease in profitability [1][5]. Production and Sales - The total production of cold-rolled stainless steel products for Q3 2025 was 903,000 tons, with a total sales volume of 898,000 tons, indicating a strong performance in production and sales [2]. - The company is on track to meet its annual production and sales target of 3.8 million tons for cold-rolled stainless steel, with a year-on-year growth of approximately 14.7% [2]. Strategic Initiatives - The company is expanding its operations into deep processing and diversifying its business beyond stainless steel, which enhances its resilience against industry cycles [3]. - Ongoing projects include a precision stainless steel strip project and a battery shell material project, with expected production trials by the end of the year [3].

Core Viewpoint - The announcement emphasizes the commitment of the company's board and management to ensure the accuracy and completeness of the quarterly report, asserting no false statements or omissions exist [2][7]. Financial Data - The financial statements for the third quarter of 2025 are unaudited, covering the period from the beginning to the end of the quarter [3][7]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided text [3][4]. Non-Recurring Gains and Losses - The company acknowledges the applicability of non-recurring gains and losses, indicating that significant items not listed in the relevant disclosure guidelines may be recognized as such [4][6]. Shareholder Information - There is no change in the number of shareholders or significant changes in the top ten shareholders' holdings during the reporting period [5][6]. Other Important Information - The company has not identified any additional important information regarding its operational performance during the reporting period that needs to be highlighted to investors [6].

Core Viewpoint - Yongjin Co., Ltd. (603995.SH) reported a revenue of 31.562 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.01% while the net profit attributable to shareholders decreased by 22.95% to 450 million yuan [1] Financial Performance - Revenue for the first three quarters reached 31.562 billion yuan, marking a 2.01% increase year-on-year [1] - Net profit attributable to shareholders was 450 million yuan, down 22.95% compared to the previous year [1] - Deducting non-recurring gains and losses, the net profit was 435 million yuan, which represents a decline of 5.62% year-on-year [1] - Basic earnings per share stood at 1.23 yuan [1]

Group 1 - Jinpan Technology reported a net profit of 486 million yuan for the first three quarters, a year-on-year increase of 20.27%, with total revenue of 5.194 billion yuan, up 8.25% [1] - Saisir announced the maximum price for its H-share issuance at 131.5 HKD per share, with the public offering starting on the same day and expected to end on October 31 [1] - Jinghua Laser plans to invest approximately 200 million yuan in a new project to produce 20,000 tons of UV laser platinum embossed anti-counterfeiting materials [2] Group 2 - Zhenyu Technology intends to invest 2.11 billion yuan in a project for robots and precision structural components, to be developed in three phases from 2025 to 2030 [3] - Qianyuan Power reported a net profit of 493 million yuan for the first three quarters, a year-on-year increase of 85.74%, with total revenue of 2.169 billion yuan, up 47.99% [4] - Haohua Energy's net profit decreased by 50.5% to 554 million yuan, with total revenue of 6.307 billion yuan, down 7.85% [7] Group 3 - Kangtai Biological's net profit fell by 86% to 49.16 million yuan, with total revenue of 2.063 billion yuan, up 2.24% [8] - Huafeng Aluminum reported a net profit of 896 million yuan for the first three quarters, a year-on-year increase of 3.24%, with total revenue of 9.109 billion yuan, up 18.63% [10] - Beiyuan Group's net profit decreased by 10.88% to 214 million yuan, with total revenue of 6.762 billion yuan, down 9.91% [12] Group 4 - Noying Co. reported a net profit of 450 million yuan for the first three quarters, a year-on-year decrease of 22.95%, with total revenue of 31.562 billion yuan, up 2.01% [14] - Chuanhua Zhili's net profit increased by 168.36% to 637 million yuan, despite a revenue decline of 2.74% to 18.84 billion yuan [16] - Jiangsu Sop's net profit decreased by 39.21% to 126 million yuan, with total revenue of 4.661 billion yuan, down 5.74% [18] Group 5 - Yiling Pharmaceutical's net profit increased by 80.33% to 1 billion yuan, with total revenue of 5.868 billion yuan, down 7.82% [20] - Hengwei Technology's net profit decreased by 50.16% to 39.01 million yuan, with total revenue of 739 million yuan, up 16.14% [22] - Gaode Infrared reported a net profit increase of 1058.95% to 582 million yuan, with total revenue of 3.068 billion yuan, up 69.27% [24] Group 6 - Sanxia Water reported a net profit decrease of 8.53% to 351 million yuan, with total revenue of 7.611 billion yuan, down 6.06% [26] - Junda Co. reported a net loss of 419 million yuan for the first three quarters, with total revenue of 5.682 billion yuan, down 30.72% [28] - Shanghai Energy's net profit decreased by 59.22% to 255 million yuan, with total revenue of 5.64 billion yuan, down 22.03% [30] Group 7 - Haizheng Biomaterials reported a net profit decrease of 85.34% to 490,570 yuan, with total revenue of 621 million yuan, down 5.74% [32] - Huisheng Lithium reported a net loss of 103 million yuan, with total revenue of 539 million yuan, up 62.29% [34] - Weicet Technology's net profit increased by 226.41% to 202 million yuan, with total revenue of 1.083 billion yuan, up 46.22% [36] Group 8 - Mengjie Co. reported a net profit increase of 28.69% to 26.52 million yuan, with total revenue of 1.099 billion yuan, down 7.97% [38] - Qingdao Beer terminated its acquisition of 100% equity in Jimo Yellow Wine due to unmet conditions [40] - Sifang Precision plans to issue H-shares and list on the Hong Kong Stock Exchange [42]

Core Viewpoint - Yongjin Co., Ltd. (603995.SH) reported a total operating revenue of 31.562 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.01%. However, the net profit attributable to shareholders decreased by 22.95% to 450 million yuan, with basic earnings per share at 1.23 yuan [1] Financial Performance - Total operating revenue for the first three quarters reached 31.562 billion yuan, marking a 2.01% increase compared to the previous year [1] - Net profit attributable to the parent company's shareholders was 450 million yuan, which represents a decline of 22.95% year-on-year [1] - Basic earnings per share stood at 1.23 yuan [1]

| 证券代码：603995 | 证券简称：甬金股份 公告编号：2025-061 | | --- | --- | | 债券代码：113636 | 债券简称：甬金转债 | 甬金科技集团股份有限公司 2025 年第三季度主要经营数据公告 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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第七号——钢铁》第二十二条的相关规定，公司现将 2025 年第三季度 的主要经营数据（未经审计）公告如下： | 主要产品 | 产量（吨） | | | | 销量（吨） | | 销售价格（元/吨） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第三季度 | | 本年累计 | | 第三季度 | 本年累计 | 第三季度 | 本年累计 | | | （7-9 | 月） | （1-9 | 月） | （7-9 月） | （1-9 月） | （7-9 月） | （1-9 月） | | 300 系冷 | | | ...

Financial Performance - The company's operating revenue for the third quarter reached ¥11,437,142,130.32, representing a year-on-year increase of 7.45%[5] - The total profit for the quarter was ¥218,155,915.66, showing a decline of 17.12% compared to the same period last year[5] - The net profit attributable to shareholders was ¥146,687,093.88, down 6.01% year-on-year[5] - The basic earnings per share for the quarter was ¥0.40, a decrease of 4.76% compared to the previous year[6] - The net profit after deducting non-recurring gains and losses was ¥140,852,839.94, down 7.54% year-on-year[5] - Total operating revenue for the first three quarters of 2025 reached ¥31,562,165,635.69, an increase of 2.0% compared to ¥30,941,062,304.04 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥534,563,459.87, a decrease of 27.6% from ¥738,157,169.06 in 2024[21] - The company reported a total comprehensive income of ¥495,561,421.55 for the first three quarters of 2025, down from ¥727,769,776.14 in 2024, a decline of 31.9%[21] - Basic earnings per share for the first three quarters of 2025 is CNY 1.23, down from CNY 1.55 in 2024, reflecting a decline of about 20.6%[22] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥15,963,896,421.14, reflecting an increase of 10.83% from the end of the previous year[6] - The company's total liabilities increased to ¥8,889,906,199.16 in 2025 from ¥7,549,845,076.48 in 2024, representing a growth of 17.8%[18] - The total equity attributable to shareholders at the end of the reporting period was ¥5,863,358,286.29, an increase of 2.31% from the previous year[6] - The company's current assets reached ¥7,612,560,568.53, up from ¥6,052,267,727.61, indicating a growth of about 25.83%[16] - The company's non-current assets totaled ¥8,351,335,852.61, showing a slight increase from ¥8,351,329,184.10, indicating stability in long-term investments[16] Cash Flow - The cash flow from operating activities for the year-to-date was ¥450,945,907.08, showing a slight increase of 2.43%[6] - The company's cash flow from operating activities showed a significant change, with a net cash outflow reported in the latest quarter[20] - Net cash flow from operating activities for the first three quarters of 2025 is CNY 450,945,907.08, slightly up from CNY 440,249,811.18 in 2024, indicating a growth of approximately 1.6%[22] - Cash inflow from operating activities totaled CNY 34,836,855,132.74 in 2025, compared to CNY 33,911,847,287.80 in 2024, marking an increase of about 2.7%[22] - Cash outflow from operating activities was CNY 34,385,909,225.66 in 2025, compared to CNY 33,471,597,476.62 in 2024, which is an increase of approximately 2.7%[22] - The company reported a net decrease in cash and cash equivalents of -CNY 39,797,768.35 for the first three quarters of 2025, contrasting with an increase of CNY 77,369,918.80 in 2024[23] Shareholder Information - The company reported no changes in the participation of major shareholders in margin trading or securities lending activities[14] - The top ten shareholders include YU JI QUN holding 23.87% and CAO PEI FENG holding 19.40% of the shares, indicating a concentrated ownership structure[14] - The company has no significant changes in the relationships among major shareholders, maintaining a consistent control structure[14] Operational Insights - The company recognized government subsidies amounting to ¥6,261,483.30 during the quarter, which are closely related to its normal business operations[8] - The company plans to focus on market expansion and new product development in the upcoming quarters to drive future growth[20] - There are no other significant reminders or important information regarding the company's operational status during the reporting period[15] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥592,443,514.33, down from ¥631,883,982.10 in 2024, indicating a decrease of 6.2%[20] Financial Expenses - The financial expenses for the first three quarters of 2025 amounted to ¥129,442,117.95, significantly higher than ¥88,912,407.42 in 2024, reflecting an increase of 45.7%[20] Cash and Cash Equivalents - The cash and cash equivalents at the end of the third quarter of 2025 amount to CNY 913,798,221.06, compared to CNY 755,643,653.49 at the end of the same period in 2024, reflecting an increase of about 20.9%[23] Accounting Standards - The company will not apply new accounting standards starting from 2025, as stated in the announcement[24]