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]

Core Viewpoint - Yongjin Co., Ltd. reported a third-quarter revenue of 11.437 billion, representing a year-on-year increase of 7.45%, while net profit decreased by 6.01% to 147 million [1] - For the first three quarters, the company achieved a revenue of 31.562 billion, showing a year-on-year growth of 2.01%, but net profit fell by 22.95% to 450 million [1] Financial Performance - Third-quarter revenue: 11.437 billion, up 7.45% year-on-year [1] - Third-quarter net profit: 147 million, down 6.01% year-on-year [1] - Year-to-date revenue: 31.562 billion, up 2.01% year-on-year [1] - Year-to-date net profit: 450 million, down 22.95% year-on-year [1]

Core Viewpoint - Yongjin Co., Ltd. has shown a modest increase in stock price and trading activity, with a notable decline in net profit year-on-year, indicating potential challenges ahead for the company [1][2]. Group 1: Stock Performance - As of October 27, Yongjin's stock price increased by 2.00% to 18.32 CNY per share, with a trading volume of 87.94 million CNY and a turnover rate of 1.33%, resulting in a total market capitalization of 6.698 billion CNY [1]. - Year-to-date, Yongjin's stock price has risen by 4.73%, with a 1.89% increase over the last five trading days, a 5.96% increase over the last 20 days, and a 1.95% increase over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Yongjin reported a revenue of 20.125 billion CNY, a year-on-year decrease of 0.85%, and a net profit attributable to shareholders of 303 million CNY, down 29.14% year-on-year [2]. - Since its A-share listing, Yongjin has distributed a total of 1.175 billion CNY in dividends, with 663 million CNY distributed over the past three years [3]. Group 3: Shareholder and Institutional Holdings - As of October 20, the number of shareholders for Yongjin was 19,000, a decrease of 4.32% from the previous period, with an average of 19,198 circulating shares per shareholder, an increase of 4.52% [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 12.4842 million shares, while E Fund Supply-side Reform Mixed Fund was the sixth-largest, holding 7.3469 million shares, a decrease of 610,680 shares from the previous period [3].

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Xining Steel, Nanjing Steel, Hualing Steel, and Baosteel, indicating strong potential for price appreciation in the coming months [8]. Core Insights - The steel market is experiencing fluctuations, with black metals remaining in a low-level oscillation while precious metals have seen a significant pullback. The report suggests that these short-term fluctuations do not indicate a change in the overall cyclical trend [2]. - China's GDP for the first three quarters of the year reached 101.5 trillion yuan, with a year-on-year growth of 5.2%. The report anticipates that the overall economic growth target for the year will be met [2]. - The report highlights the importance of supply fluctuations in steel profitability, noting discrepancies in steel production data since May, which may be linked to increased production restrictions [2][4]. - The report emphasizes the potential for recovery in the steel industry, particularly for companies that are currently undervalued and have strong safety margins [2]. Supply Analysis - The average daily pig iron production has slightly decreased to 239.9 million tons, with a small decline in capacity utilization among steel mills [11][17]. - The total inventory of steel has decreased, with a week-on-week decline of 1.7%, indicating a tightening supply situation [23][24]. Demand Analysis - Apparent consumption of steel has shown a month-on-month increase, with total apparent consumption reaching 892.7 million tons, up 2.0% from the previous week [47]. - The demand for rebar has increased, with weekly average transactions rising to 10.1 million tons, reflecting a recovery in construction activity [36][37]. Price and Profitability - The report notes a slight increase in steel prices, with the Myspic comprehensive steel price index rising by 0.2% week-on-week. The report anticipates continued improvement in the industry fundamentals, which may support stronger steel prices [69]. - Current profit margins for long-process steel production remain negative, with costs for rebar and hot-rolled coils at 3,458 yuan/ton and 3,684 yuan/ton, respectively [70][71]. Key Companies to Watch - The report recommends focusing on companies such as Hualing Steel, Nanjing Steel, Baosteel, and Xining Steel, which are expected to benefit from the ongoing recovery in the steel market and favorable economic conditions [2][8].