Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has achieved a revenue growth rate of 27.9% year-on-year in Q3 2025, reversing the decline seen in the first half of the year [7] - The net profit attributable to the parent company for Q3 2025 increased by 42.8% year-on-year, indicating accelerated profit release [7] - The company maintains a high level of contract liabilities at 1.048 billion, providing support for future performance recognition [7] - Effective cost control is evident, with a sales expense ratio of 24.6%, down 4.9 percentage points year-on-year, and a management expense ratio of 10.9%, down 1.9 percentage points year-on-year [7] - The "Hundred Schools Plan" is expected to accelerate the company's expansion [7] - The company is projected to achieve net profits of 3.0 billion, 3.3 billion, and 3.6 billion for 2025-2027, with corresponding P/E ratios of 16, 15, and 13 times [7] Financial Summary - Total revenue for 2023 is forecasted at 672.24 million, with a year-on-year growth of 49.08% [1] - The net profit attributable to the parent company for 2023 is projected at 219.45 million, reflecting a year-on-year increase of 97.95% [1] - The latest diluted EPS for 2023 is estimated at 1.84 [1] - The company’s total assets are expected to reach 2.232 billion in 2024, increasing to 3.357 billion by 2027 [8] - The operating profit for 2025 is projected at 356 million, with a net profit of 307 million [8]

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, highlighting potential investment opportunities and risks based on recent developments and financial performance. Group 1: Company Announcements - Tianpu Co., Ltd. warns that its stock price has significantly deviated from its fundamentals, with a cumulative increase of 246.02% from August 22 to October 22, indicating a potential for rapid decline [4] - Shenzhen Sanda A plans to sell stakes in several subsidiaries to focus on its core business, including 80% of Zhongdian Continental Environmental Technology [5][6] - Zhongchong Co., Ltd. received an administrative regulatory measure from the Shandong Securities Regulatory Bureau for failing to announce a significant change in shareholding [7] - Construction Machinery has reported a net loss of 447 million yuan for the first half of 2025, marking three consecutive years of losses [8] - Junshi Biosciences announced that its subsidiary passed a recent FDA inspection, indicating compliance with CGMP standards [9] Group 2: Financial Performance - Duofuduo reported a net profit increase of 407.74% year-on-year for the first three quarters of 2025, with a revenue of 6.73 billion yuan [17] - Weihuaxincai achieved a net profit growth of 250.04% year-on-year in Q3, with revenues of 660 million yuan [18] - Guangdong Jianke reported a net profit increase of 190.62% year-on-year for the first three quarters, despite a revenue decline [19] - Xianggang Technology reported a net profit increase of 186.19% year-on-year for the first three quarters, with revenues of 742 million yuan [20] - Defu Technology reported a net profit increase of 132.63% year-on-year for the first three quarters, driven by increased copper foil sales [21] Group 3: Major Transactions and Investments - Tangrenshen plans to establish two investment funds with a total investment of 11.04 million yuan to focus on the agricultural sector [13] - Farsen intends to sell a 10% stake in Bekaert Steel Cord, constituting a major asset restructuring [14] - Shikong Technology plans to acquire 100% of Jiahe Jingwei, entering the storage sector [15] - Jiangsu New Energy's controlling shareholder is investing in offshore wind power projects and will manage the project companies [11][12] Group 4: Shareholder Actions - Qianyuan Pharmaceutical's shareholder plans to reduce its stake by up to 3% [42] - Zhengfan Technology's board members plan to collectively reduce their holdings by up to 1.88% [43]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown significant growth in Q3 2025, with revenue, net profit, and net profit excluding non-recurring items increasing by 27.93%, 42.78%, and 62.25% year-on-year, respectively [2] - The increase in performance is attributed to a low base in Q3 2024, improved customer confidence post-tariff implementation, and strategic focus on specific regions [2][3] - The company plans to distribute a cash dividend of 0.5 yuan per share, resulting in a payout ratio of 71.49% and a dividend yield of 5.01% [2] Financial Performance Summary - Q3 2025 revenue reached 2.22 billion yuan, with a year-on-year growth of 27.93%, while the cash flow from operating activities was 1.56 billion yuan, reflecting a decline of 17.2% year-on-year [2][3] - For the first three quarters of 2025, the company reported revenue of 5.65 billion yuan, net profit of 2.15 billion yuan, and cash flow from operating activities of 1.56 billion yuan, with respective year-on-year growth rates of 0.52%, 10.39%, and a decline of 17.2% [2] - The gross margin and net margin for Q3 2025 were 80.2% and 37.6%, showing improvements of 4.8 and 3.9 percentage points year-on-year [3] Investment Recommendations - Short-term outlook indicates a significant increase in cash flow in Q3 2025, ensuring future growth, although Q4 may face high base effects [4] - Long-term strategies include enhancing team performance and expanding customer reach through initiatives like the "Hundred Schools Plan" [4] - Adjusted revenue forecasts for 2025-2027 are lowered to 7.93 billion, 8.97 billion, and 10.16 billion yuan, while net profit forecasts are raised to 3.01 billion, 3.43 billion, and 3.90 billion yuan for the same period [4] - The projected earnings per share (EPS) for 2025-2027 are adjusted to 2.53, 2.88, and 3.27 yuan, with corresponding price-to-earnings (PE) ratios of 16, 14, and 12 times [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a strong recovery in performance and collections in Q3 2025, with revenue reaching 222 million yuan, a year-on-year increase of 28%, and net profit attributable to shareholders of 83.4 million yuan, up 43% year-on-year [2] - The company plans to distribute a cash dividend of 0.5 yuan per share (including tax) [3] - The company's financial forecasts indicate a steady growth trajectory, with total revenue projected to reach 1.122 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.4% from 2023 to 2027 [5] Financial Performance Summary - In Q3 2025, the company experienced a significant turnaround in revenue growth, with Q1, Q2, and Q3 showing year-on-year growth rates of -7%, -14%, and 28% respectively [6] - The gross margin improved sequentially, with Q1, Q2, and Q3 gross margins recorded at 73.8%, 79.8%, and 80.2% respectively, attributed to a change in revenue structure [6] - Cash collections in Q3 increased by over 50%, indicating a strong performance in cash flow management [6] - The company has maintained a high dividend yield of 5.6%, with a total cash dividend distribution of 596.3 million yuan planned for Q3 2025 [6] - The earnings forecast for net profit attributable to shareholders is set at 301 million yuan for 2025, with a corresponding price-to-earnings (P/E) ratio of 16x [6]

Group 1: Company Performance - China Unicom reported a 1.0% increase in revenue to 292.985 billion yuan for the first three quarters of 2025, with a net profit of 8.772 billion yuan, up 5.2% year-on-year [1] - Tonghuashun's third-quarter revenue reached 1.481 billion yuan, a 56.72% increase, with a net profit of 704 million yuan, up 144.5% year-on-year [2] - Duofu Du achieved a net profit of 78.054 million yuan for the first three quarters, a significant increase of 407.74% compared to the previous year [11] - Wehua New Materials reported a third-quarter net profit of 25.384 million yuan, a 250.04% increase year-on-year [12] - Xianggang Technology's net profit for the first three quarters grew by 186.19% to 95.471 million yuan [13] Group 2: Stock and Market Activity - Tianpu Co. warned of potential rapid declines in stock price due to a 246.02% increase since August 22, indicating a significant deviation from the company's fundamentals [3] - Deep Sanda A announced plans to sell stakes in several subsidiaries to focus on core business operations [4] - Jiangsu New Energy's controlling shareholder plans to invest in offshore wind power projects and will manage the projects through the company [10] Group 3: Regulatory and Compliance Issues - Zhongchong Co. received an administrative regulatory decision from the Shandong Securities Regulatory Bureau for failing to announce a significant change in shareholding [5] - Two consecutive years of losses were reported by Lianban Construction Machinery, prompting a risk warning for investors [6] Group 4: Corporate Developments - Junshi Biosciences' subsidiary passed a CGMP inspection by the FDA, marking its second successful inspection [8] - Xinguang Optoelectronics announced the lifting of restrictions on its chairman, allowing him to resume normal duties [9] - Defu Technology plans to invest an additional 1 billion yuan in special copper foil production facilities [30]

（文章来源：证券日报） 证券日报网讯 10月22日晚间，行动教育发布2025年第三季度利润分配预案公告称，公司拟向全体股东 每股派发现金红利0.5元（含税）。截至2025年9月30日，公司总股本119，251，100股，以此计算合计 拟派发现金红利59，625，550.00元（含税），占公司2025年第三季度归属于上市公司股东的净利润比 例为71.49%。 ...

Core Insights - The company reported a revenue of 221,868,010.40 yuan for the third quarter of 2025, representing a year-on-year growth of 27.93% [2] - The net profit attributable to shareholders of the listed company was 83,400,335.63 yuan, showing a year-on-year increase of 42.78% [2] Financial Performance - Revenue for Q3 2025: 221.87 million yuan, up 27.93% year-on-year [2] - Net profit for Q3 2025: 83.40 million yuan, up 42.78% year-on-year [2]

Group 1 - Tianpu Co., Ltd. warns that its stock price has significantly deviated from its fundamentals, with a potential for rapid decline after a 246.02% increase from August 22 to October 22 [3] - Shenzhen Sanda A plans to sell stakes in several subsidiaries to focus on its core business, including 80% of Zhongdian Intercontinental Environmental Technology [4] - Zhongchong Co., Ltd. received an administrative regulatory measure from the Shandong Securities Regulatory Bureau for failing to announce a significant change in shareholding [5] Group 2 - Construction Machinery has reported a net loss for three consecutive years, with a net profit of -447 million yuan for the first half of 2025 [6] - Junshi Biosciences' subsidiary passed a CGMP inspection by the FDA, indicating compliance with manufacturing standards [7] - Xinguang Optoelectronics announced the lifting of detention measures against its chairman, indicating normal operations [8] Group 3 - Jiangsu New Energy's controlling shareholder plans to invest in offshore wind power projects and will manage the project companies through the listed company [10] - Duofluorid's net profit for the first three quarters increased by 407.74%, with a revenue of 6.729 billion yuan [12] - Weihuaxin Materials reported a 250.04% increase in net profit for the third quarter, with revenue of 223 million yuan [13] Group 4 - Xianggang Technology's net profit for the first three quarters increased by 186.19%, with a revenue of 742 million yuan [14] - Defu Technology's net profit increased by 132.63% in the first three quarters, with a revenue of 8.5 billion yuan [15] - Taishan Petroleum reported a 112.32% increase in net profit for the first three quarters, with a revenue of 2.395 billion yuan [16] Group 5 - Kaisheng New Materials reported a 121.56% increase in net profit for the first three quarters, with a revenue of 774 million yuan [17] - Guangku Technology's net profit increased by 106.61% in the first three quarters, with a revenue of 998 million yuan [18] - Xinong Co., Ltd. reported a 105.68% increase in net profit for the third quarter, with a revenue of 837 million yuan [19] Group 6 - Mairande's net profit increased by 36.71% in the third quarter, with a revenue of 103 million yuan [20] - ST Nuotai reported a 26.92% increase in net profit for the first three quarters, with a revenue of 1.527 billion yuan [21] - Anke Rui's net profit increased by 21.31% in the first three quarters, with a revenue of 837 million yuan [22] Group 7 - Weisheng Information reported a 12.24% increase in net profit for the first three quarters, with a revenue of 2.112 billion yuan [23] - Action Education plans to distribute a cash dividend of 5 yuan per 10 shares, with a net profit increase of 10.39% [24] - Henghui Security reported a 12.85% decrease in net profit for the first three quarters, with a revenue of 880 million yuan [25] Group 8 - China Shipbuilding Han Guang reported a 9.44% decrease in net profit for the first three quarters, with a revenue of 875 million yuan [26] - Sichuan Chengyu's subsidiary signed a sand and gravel supply contract worth up to 100 million yuan [28][29] - Yuegui Co., Ltd.'s subsidiary signed a mining rights transfer contract for a quartz rock mine with a reserve of 18.163 million cubic meters [30]

Core Viewpoint - Action Education (605098.SH) reported a slight revenue growth and a notable increase in net profit for the first three quarters of 2025 [1] Financial Performance - The company achieved a revenue of 566 million yuan, representing a year-on-year growth of 0.52% [1] - The net profit attributable to shareholders was 215 million yuan, showing a year-on-year increase of 10.39% [1] - The non-recurring net profit reached 201 million yuan, with a year-on-year growth of 8.04% [1] - Basic earnings per share stood at 1.80 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 0.5 yuan per share (tax included) to all shareholders [1]

股票代码：605098 股票简称：行动教育 编号：2025-029 上海行动教育科技股份有限公司 关于修订《公司章程》及部分治理制度并取消监事会的公告 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。 上海行动教育科技股份有限公司（以下简称"公司"）于 2025 年 10 月 22 日 召开第五届董事会第十次会议，审议通过了《关于公司取消监事会、废止<监事 会议事规则>并修订<公司章程>的议案》《关于<修订公司部分制度>的议案》， 现将相关事项说明如下： 一、取消监事会、废止《监事会议事规则》并修订《公司章程》的具体情 况 根据《中华人民共和国公司法》及中国证券监督管理委员会发布的《上市公 司章程指引（2025 年修订）》《上市公司治理准则（2025 年修订）》等法律法 规、规范性文件的规定，结合公司生产经营的实际情况，拟对《上海行动教育科 技股份有限公司章程》部分条款进行修订。 本次《公司章程》修订完成后，公司将不再设置监事会，监事会的职权由董 事会审计委员会行使，公司《监事会议事规则》相应废止。具体修订内容如下： | 序号 ...