Core Insights - The company reported strong revenue growth for Q1-Q3 2025, achieving revenue of 2.69 billion, net profit attributable to shareholders of 130 million, and net profit excluding non-recurring items of 130 million, representing year-on-year increases of 35.5%, 32.5%, and 36.9% respectively [1] - The company declared a cash dividend of 0.08 per share, yielding a dividend rate of 0.5% on the announcement date [1] Financial Performance - The gross margin for Q1-Q3 2025 was 22.2%, down 5.8 percentage points year-on-year, attributed to high growth in lower-margin new business areas [2] - The operating expense ratio was 15.0%, down 6.1 percentage points year-on-year, with sales, management, financial, and R&D expense ratios at 7.4%, 6.0%, -0.02%, and 1.6% respectively [2] - The net profit margin for Q1-Q3 was 5.0%, a slight decrease of 0.1 percentage points year-on-year, indicating stable profitability [2] Growth Momentum - The company is experiencing an upward business cycle that began in 2023, focusing on new areas such as oil and gas and power generation, while benefiting from centralized and digital procurement trends among state-owned enterprises [3] - The company is actively expanding its product lines and services, including the deployment of advanced technologies like drones for pipeline inspections and robotic projects [3] - Future profitability is expected to improve as the structure of new business areas optimizes, the proportion of proprietary products increases, and expenses are effectively controlled [3] Profit Forecast and Valuation - The company is positioned as a leader in the MRO sector for power grids, with a diverse product line and nationwide service network, and is expanding into four major areas including oil and petrochemicals [3] - Profit forecasts for 2025-2027 are maintained at 266 million, 316 million, and 359 million respectively, with a "buy" rating upheld [3]

Core Insights - Xianheng International (605056.SH) reported its Q3 2025 results, revealing that 13 institutional investors hold a total of 279 million shares, representing 68.00% of the company's total equity [1] - The top ten institutional investors collectively own 67.15% of the shares, a decrease of 2.95 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding shares in Xianheng International is 13, with a total holding of 279 million shares [1] - The top ten institutional investors include notable firms such as Hangzhou Xingrun Investment Co., Ltd. and Goldman Sachs Asia Strategic Pte. Ltd. [1] - The proportion of shares held by the top ten institutional investors has decreased by 2.95 percentage points from the last quarter [1] Public Fund Activity - One public fund, Everbright Sunshine Intelligent Manufacturing Mixed A, increased its holdings slightly compared to the previous period [2] - Three public funds, including Jiao Yin Trend Mixed A and Jiao Yin Qi Cheng Mixed A, reduced their holdings, with a total decrease of 2.06% [2] - One new public fund, Xiangcai Hongli Quantitative Stock Selection Mixed A, was disclosed this period, while 58 public funds were not disclosed again [2] Foreign Investment Trends - One foreign fund, Goldman Sachs Asia Strategic Pte. Ltd., reduced its holdings by 1.11% compared to the previous quarter [2]

Group 1 - The company, Xianheng International, held its 21st meeting of the 3rd Board of Directors on October 29, 2025, to discuss various proposals, including the repeal of the "Annual Work Regulations of the Audit Committee of the Board of Directors" [1] - For the first half of 2025, the revenue composition of Xianheng International was as follows: Other industries accounted for 66.4%, the power industry accounted for 33.42%, and other businesses accounted for 0.18% [1]

Core Viewpoint - Xianheng International is a leading MRO service provider in China, with a comprehensive product line and strong market competitiveness, focusing on various sectors including high voltage, energy storage, and nuclear power [1] Group 1: Business Performance - For Q3 2025, Xianheng International reported revenue of 2.695 billion yuan, ranking 2nd in the industry, surpassing the industry average of 655 million yuan and median of 380 million yuan [2] - The main business composition includes tools and equipment at 1.135 billion yuan (71.80%), instruments at 351 million yuan (22.21%), and technical services at 93.88 million yuan (5.93%) [2] - The net profit for the same period was 134 million yuan, ranking 10th in the industry, exceeding the industry average of 58.97 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 48.19%, higher than the previous year's 40.61% and the industry average of 27.43% [3] - The gross profit margin for Q3 2025 was 22.16%, down from 27.91% in the previous year and below the industry average of 43.50% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.65% to 12,300, while the average number of circulating A-shares held per shareholder increased by 9.47% to 33,000 [5] - The company announced a restricted stock incentive plan, proposing to grant 6 million shares to 174 individuals at a price of 7.29 yuan per share, contingent on achieving revenue or net profit targets from 2025 to 2027 [5] Group 4: Growth Prospects - In the first half of 2025, the company achieved revenue of 1.583 billion yuan, a year-on-year increase of 33.74%, with net profit of 62 million yuan, up 44.87% [6] - Strategic sectors such as oil and gas, power generation, and new e-commerce are experiencing high growth, with revenue projections for 2025 and 2026 at 4.46 billion and 5.40 billion yuan, respectively [6]

Core Viewpoint - Xianheng International reported strong financial performance for Q3 2025, with significant year-on-year growth in revenue and net profit, indicating a positive trend in the company's operations and financial health [1]. Financial Performance - For the year-to-date period ending September 30, 2025, the company achieved operating revenue of 2,694,669,772.61 yuan, representing a year-on-year increase of 35.47% [1]. - The net profit attributable to shareholders was 128,198,738.51 yuan, up 32.45% compared to the previous year [1]. - Basic earnings per share increased by 33.33% to 0.32 yuan [1]. - In Q3 2025 alone, the operating revenue was 1,111,258,071.04 yuan, reflecting a growth of 38.02% year-on-year [1]. - The net profit for Q3 was 66,556,106.59 yuan, which is a 22.71% increase from the same period last year [1]. - As of September 30, 2025, total assets amounted to 3,295,932,173.02 yuan, a 1.43% increase from the end of the previous year [1]. - Shareholders' equity attributable to the company decreased by 1.37% to 1,678,821,174.18 yuan [1]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 12,328 [2]. - Wang Laixing holds a combined direct and indirect control of 56.42% of the voting rights, making him the actual controller of the company [2].

Core Viewpoint - The stock of Xianheng International (605056) has experienced a decline of 2.39% as of October 30, 2025, with significant net outflows from major funds, indicating potential concerns among institutional investors [1][2]. Financial Performance - For the first three quarters of 2025, Xianheng International reported a main revenue of 2.695 billion yuan, a year-on-year increase of 35.47% [3]. - The net profit attributable to shareholders for the same period was 128 million yuan, up 32.45% year-on-year [3]. - In Q3 2025, the company achieved a single-quarter main revenue of 1.111 billion yuan, reflecting a 38.02% increase year-on-year [3]. - The net profit for Q3 2025 was 66.56 million yuan, a year-on-year increase of 22.71% [3]. Market Position - Xianheng International's total market capitalization is 6.54 billion yuan, ranking 19th in the instrument and meter industry [3]. - The company's net asset value stands at 1.708 billion yuan, with a ranking of 18th in the industry [3]. - The company's price-to-earnings ratio (P/E) is 38.26, while the industry average is -44.97, placing it 17th in the industry [3]. Profitability Metrics - The gross profit margin for Xianheng International is 22.16%, significantly lower than the industry average of 41.74%, ranking 70th in the industry [3]. - The net profit margin is 4.97%, compared to the industry average of 7.28%, ranking 51st [3]. - The return on equity (ROE) is 7.55%, outperforming the industry average of 3.29%, ranking 12th [3]. Fund Flow Analysis - On October 30, 2025, the net outflow of major funds was 12.7952 million yuan, accounting for 18.75% of the total transaction amount [1][2]. - Retail investors showed a net inflow of 7.3322 million yuan, representing 10.75% of the total transaction amount [1][2]. - Over the past five days, the stock has seen fluctuating fund flows, with notable net inflows and outflows from different investor categories [2].

证券代码：605056 证券简称：咸亨国际 公告编号：2025-075 咸亨国际科技股份有限公司 关于召开2025年第六次临时股东大会的通知 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： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 17 日 14 点 00 分 召开地点：浙江省杭州市拱墅区星璜巷 101 号咸亨科技大厦 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年11月17日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第六次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 17 日 至2025 年 11 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开 ...

证券代码：605056 证券简称：咸亨国际 公告编号：2025-072 咸亨国际科技股份有限公司 第三届监事会第十七次会议决议公告 本公司监事会及全体监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。 二、监事会会议审议情况 一、监事会会议召开情况 咸亨国际科技股份有限公司（以下简称"公司"）第三届监事会第十七次会议于 2025 年 10 月 24 日以邮件的方式发出会议通知，并于 2025 年 10 月 29 日在咸亨科技 大厦以现场结合通讯表决的方式召开。本次会议应出席监事 3 人，实际出席监事 3 人，会议由李明亮主持，高级管理人员列席了本次会议。会议的召集、召开符合 《公司法》等法律、法规和《咸亨国际科技股份有限公司章程》的规定。经各位监 事认真审议，会议形成了如下决议： （一）审议通过了《关于2025年第三季度报告的议案》 监事会认为：公司 2025 年第三季度报告的编制和审议程序规范合法，符合法律、 法规、《公司章程》和公司内部管理制度的各项规定，内容真实、准确、完整。公 司 2025 年第三季度报告的内容和格式符合中国证监会和上海证券 ...

证券代码：605056 证券简称：咸亨国际 公告编号：2025-071 咸亨国际科技股份有限公司 第三届董事会第二十一次会议决议公告 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 具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的《咸亨国际 科技股份有限公司关于取消监事会并修订<公司章程>及修订、制定部分治理制度的 公告》（公告编号：2025-073）。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议通过。 咸亨国际科技股份有限公司（以下简称"公司"）第三届董事会第二十一次会议 于 2025 年 10 月 24 日以邮件的方式发出会议通知，并于 2025 年 10 月 29 日下午 13： 30 在咸亨科技大厦以现场结合通讯表决的方式召开。本次会议应出席董事 8 名，实 际出席董事 8 名，会议由董事长王来兴主持，全体监事及高级管理人员列席会议。本 次会议召开符合《公司法》等法律、法规和《咸亨国际科技股份有限公司章程》的规 定。经各位董事认 ...

证券代码：605056 证券简称：咸亨国际 公告编号：2025-074 咸亨国际科技股份有限公司 关于 2025 年前三季度利润分配预案的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 截至 2025 年 9 月 30 日，咸亨国际科技股份有限公司（以下简称"公司"） 2025 年前三季度实现归属于母公司所有者的净利润为人民币 128,198,738.51 元 （未经审计），母公司期末可供分配利润为人民币 411,204,945.41 元（未经审 计）。经公司第三届董事会第二十一次会议决议，公司 2025 年前三季度拟以实 施权益分派股权登记日登记的总股本为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每 10 股派发现金红利 0.8 元（含税）。截至 2025 年 9 月 30 日，公司总股本 410,282,240 股，以此计算合计拟派发现金红利 32,822,579.20 元（含税），约占公司 2025 年前三季度归属于母公司所有者净利润的比例为 25.60%。本次利润分配不送红股，不以 ...