Core Points - Mingxin Xuteng announced the release of a portion of shares pledged by its major shareholder, Mr. Zhuang Yan, on November 3, 2025 [1] - The number of shares released from pledge is 3,284,500, which accounts for 11.73% of Mr. Zhuang's holdings and 2.02% of the company's total share capital [1] - After this release, Mr. Zhuang has a total of 10,675,500 shares pledged, representing 38.13% of his holdings and 6.58% of the company's total share capital [1] - There are no plans for the released shares to be used for further pledging [1]

Summary of Mingxin Xuteng Conference Call Company Overview - **Company**: Mingxin Xuteng - **Industry**: Synthetic leather and advanced materials Key Points Financial Performance - **September Profitability**: Achieved single-month profitability in September, with Q4 expected to show positive trends driven by demand for genuine leather and PU products, with significant contributions from clients like Xiaopeng, NIO, and Seres, although joint venture brands still hold a large share [2][5] - **Q3 Revenue**: Recorded the largest quarterly revenue since listing at 440 million RMB, but profit margins were impacted by excessive price cuts in Q2 and new product introductions [4] - **Gross Margin**: Q3 gross margin was 15.5%, below the reasonable range due to mid-to-low-end product impacts, but improvements were noted in September. Expected to return to a reasonable range in Q4 and potentially recover to 20-25% by 2026 [2][6][9] Product and Market Insights - **Material Performance**: PU materials are anticipated to become a growth point in 2026, with genuine leather performing well. Key clients include Xiaopeng, Huawei Seres, and Changan [3][17] - **Gross Margin by Material**: - Genuine leather margin around 23-24%, expected to recover to 25-30% in Q4 - Suede microfiber maintained above 30%, approximately 32% in Q3 - PUPVC business nearing breakeven, expected to achieve profitability in Q4 [8][9] Future Outlook - **2026 Projections**: Overall gross margin expected to stabilize around 25%, with high-end materials potentially reaching 28%. Revenue growth is anticipated based on current order conditions [9][10] - **Mexico Facility**: Initial investment of 9.8 million USD for a production capacity of 2 million square meters per year, aiming for breakeven and slight profitability by 2026 [10][15] Legal and Development Updates - **Litigation Outcome**: Won the first instance in a lawsuit against Guoli, with the second instance scheduled for November 12, 2025. Expected to recover funds in 2026 if victorious [2][14] - **Electronic Skin Development**: Demo planned for late November 2025, utilizing PU surface materials and piezoresistive flexible sensor technology. Focus on product quality and customer engagement during development [12][21] Strategic Initiatives - **Client Engagement**: Currently engaging with various automotive clients, including notable brands, while maintaining confidentiality on specific partnerships [13] - **Investment Strategy**: Future capital expenditures will focus on humanoid robots and related products, with a cautious approach to ensure core business stability before expanding into new sectors [22] Competitive Landscape - **Market Competition**: The seat project with Xiaomi is competitive, but the company is actively pursuing further collaboration opportunities [18] Additional Notes - **Lightweight Materials**: Collaborating with a partner specializing in modified plastics to achieve weight reduction of 30-50% for robotic joints, with applications expected to launch soon [25][26] This summary encapsulates the essential insights from the conference call, highlighting the company's financial performance, product developments, future outlook, and strategic initiatives within the synthetic leather and advanced materials industry.

Core Viewpoint - Mingxin Xuteng New Materials Co., Ltd. reported significant revenue growth in Q3 2025, indicating strong performance in the automotive interior materials sector and expansion into robotics [1] Group 1: Financial Performance - The company achieved a revenue of 1.044 billion yuan in the first three quarters of the year, representing a year-on-year increase of 34.21% [1] - In Q3 alone, the revenue reached 441 million yuan, showing a year-on-year growth of 41.63% [1] Group 2: Client Collaboration - Mingxin Xuteng has established a comprehensive client collaboration matrix covering major automotive manufacturers, including FAW-Volkswagen, SAIC-GM, BYD, NIO, Li Auto, Xpeng, Mercedes-Benz, BMW, Audi, and others [1] - The company received a notification from a leading new energy vehicle manufacturer, confirming its role as a parts supplier for a new model, with an expected total sales amount of 650 million yuan over the project's lifecycle [1] Group 3: Future Growth Initiatives - The company is actively developing a second growth curve by focusing on the robotics sector, engaging in technology research and development, standard formulation, and industry collaboration [1] - Mingxin Xuteng is building a business system that covers key areas such as robotic skin, lightweight materials, and dexterous hands, aiming to create new growth opportunities for the long term [1]

Group 1 - Mingxin Xuteng's stock price dropped by 5.05% to 27.28 CNY per share, with a trading volume of 86.34 million CNY and a turnover rate of 1.88%, resulting in a total market capitalization of 4.425 billion CNY [1] - Mingxin Xuteng New Materials Co., Ltd. is located in Jiaxing City, Zhejiang Province, and was established on December 7, 2005. The company focuses on the research, development, and sales of new materials for automotive interiors [1] Group 2 - Ping An Fund's advanced manufacturing theme stock fund, Ping An Advanced Manufacturing Theme Stock Initiation A (019457), entered the top ten circulating shareholders of Mingxin Xuteng, holding 2.2382 million shares, which accounts for 1.38% of the circulating shares. The estimated floating loss today is approximately 3.2454 million CNY [2] - The Ping An Advanced Manufacturing Theme Stock Initiation A fund was established on October 24, 2023, with a latest scale of 1.027 billion CNY. Year-to-date returns are 85.72%, ranking 49 out of 4216 in its category, while the one-year return is 103.84%, ranking 11 out of 3885 [2] Group 3 - The fund manager of Ping An Advanced Manufacturing Theme Stock Initiation A is Zhang Yinxian, who has been in the position for 2 years and 8 days. The total asset scale of the fund is 2.388 billion CNY, with the best fund return during his tenure being 94.18% and the worst being 34.28% [3]

Core Viewpoint - The company, Mingxin Xuteng New Materials Co., Ltd., is set to hold a third-quarter performance briefing on November 10, 2025, to discuss its operational results and financial status for the third quarter of 2025 [9][10]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3]. - The company has confirmed that the financial information in the quarterly report is true, accurate, and complete, with no false records or significant omissions [2][8]. Shareholder Information - The report includes details about the total number of ordinary shareholders and the top ten shareholders, although specific data on shareholding changes is not applicable [5]. Investor Communication - Investors can participate in the performance briefing via video live stream and online interaction, with the opportunity to submit questions in advance from November 3 to November 7, 2025 [10][11]. - Key personnel attending the briefing include the Chairman and General Manager, as well as the Financial Director [10]. Additional Information - The briefing will be held at the Shanghai Stock Exchange Roadshow Center, and investors can access the event through the provided website [9][10].

Core Viewpoint - Mingxin Xuteng (605068.SH) reported a significant increase in total operating revenue for the first three quarters of 2025, but faced a net loss attributed to shareholders [1] Financial Performance - Total operating revenue reached 1.044 billion yuan, representing a year-on-year growth of 34.21% [1] - The net profit attributable to shareholders was -39.51 million yuan, compared to a net profit of 12.09 million yuan in the same period last year [1] - Basic earnings per share were -0.24 yuan [1]

Group 1 - The core point of the article is the establishment of a new company, Xuqing Lingdong (Shanghai) Embodied Intelligent Technology Co., Ltd., which focuses on various aspects of intelligent robotics and software development [1] - The company has a registered capital of 12 million yuan, indicating a significant investment in the technology sector [1] - The business scope includes research and development of intelligent robots, network and information security software development, artificial intelligence application software development, computer system services, software outsourcing services, and sales of intelligent and industrial robots [1] Group 2 - The company is co-owned by Mingxin Xuteng and Shanghai Qingbao Engine Robot Co., Ltd., suggesting a collaboration between established entities in the robotics field [1] - The legal representative of the company is Luo Zheng, which may indicate a leadership role in guiding the company's strategic direction [1]

会议召开方式：上证路演中心视频直播和网络互动 证券代码：605068 证券简称：明新旭腾 公告编号：2025-103 转债代码：111004 转债简称：明新转债 明新旭腾新材料股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 10 日 （星期一） 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 投资者可于 2025 年 11 月 03 日 （星期一） 至 11 月 07 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@mingxinleather.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 明新旭腾新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日 发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥441,162,205.67, an increase of 41.63% compared to the same period last year[4] - The total profit for the quarter was a loss of ¥10,028,243.33, representing a significant decline of 2,537.70% year-on-year[4] - The net profit attributable to shareholders was a loss of ¥10,114,208.85, with a decrease of 587.65% compared to the previous year[4] - The basic earnings per share for the quarter was -¥0.06, reflecting a decrease of 700.00% year-on-year[5] - The net profit for the first three quarters of 2025 was a loss of ¥39,505,358.71, compared to a profit of ¥12,088,435.82 in the same period of 2024[20] - Operating profit for the first three quarters of 2025 was ¥995,920.11, a significant recovery from a loss of ¥5,265,370.96 in the first three quarters of 2024[29] - Net profit for the first three quarters of 2025 was ¥5,273,989.60, compared to a net loss of ¥1,020,764.12 in the same period of 2024[29] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥3,786,500,910.34, an increase of 7.13% from the end of the previous year[5] - The company's total assets increased to ¥3,786,500,910.34 in 2025 from ¥3,534,586,248.35 in 2024, marking a growth of 7.1%[17] - Total liabilities rose to ¥2,138,896,178.63 in 2025, compared to ¥1,865,451,521.51 in 2024, indicating an increase of 14.6%[16] - The total liabilities rose to ¥1,497,059,575.04 in 2025, up from ¥1,324,527,500.71 in 2024, indicating an increase of 13.0%[27] - The total equity attributable to shareholders decreased to ¥1,647,004,993.87 in 2025 from ¥1,669,134,726.84 in 2024, a decline of 1.3%[16] - The total equity increased to ¥1,674,271,046.79 in 2025 from ¥1,654,855,045.58 in 2024, showing a growth of 1.2%[27] Cash Flow - The cash flow from operating activities for the year-to-date was ¥93,605,569.97, with no applicable data for the current quarter[5] - Operating cash inflow for the first three quarters of 2025 is 1,024,984,450.82 CNY, up from 739,446,159.20 CNY in the same period of 2024, representing an increase of approximately 38.7%[23] - Net cash flow from operating activities is 93,605,569.97 CNY, a significant improvement from -59,804,793.68 CNY in the previous year[23] - Cash flow from investing activities shows a net outflow of -132,694,096.63 CNY, compared to -301,303,218.52 CNY in the same period last year, indicating a reduced cash burn[24] - The company has reported a total cash outflow from financing activities of -42,842,597.84 CNY, contrasting with a net inflow of 42,315,850.75 CNY in the previous year[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 8,673[12] - The largest shareholder, Zhuang Junxin, holds 43,304,000 shares, representing 26.70% of total shares[12] Inventory and Receivables - Accounts receivable stands at ¥543,639,078.38, slightly down from ¥552,642,319.13 in the previous year[14] - Inventory has increased significantly to ¥999,759,536.54 from ¥743,064,978.11[14] - Inventory has increased to 678,389,316.45 CNY from 504,260,403.81 CNY, reflecting a growth of approximately 34.5%[25] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥67,396,155.63, down from ¥78,229,442.54 in 2024, a decrease of 13.5%[19] - Research and development expenses increased to ¥37,675,627.74 in 2025 from ¥29,412,247.69 in 2024, marking a rise of 28.2%[29] Operational Changes - The company reported a decrease in gross profit margin due to rising fixed asset depreciation and increased material procurement costs[10] - There are no new strategies or significant operational changes reported for the current period[14] - The company has not disclosed any new product developments or technological advancements in this reporting period[14] - No mergers or acquisitions have been mentioned in the latest financial report[14] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[32]

Core Insights - A new company, Xuqing Lingdong (Shanghai) Embodied Intelligent Technology Co., Ltd., has been established with a registered capital of 12 million RMB [1] - The company focuses on the development of intelligent robots, network and information security software, artificial intelligence application software, computer system services, software outsourcing services, and sales of both intelligent and industrial robots [1] - The shareholders of the company include Mingxin Xuteng (605068) and Shanghai Qingbao Engine Robot Co., Ltd. [1]