Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown rapid growth in performance, with a focus on deepening its layout in large scientific projects [7] - The expected net profit for the company from 2025 to 2027 is projected to be 0.91 billion, 1.93 billion, and 2.66 billion respectively, with corresponding EPS of 0.95, 2.03, and 2.79 [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 937 million, a year-on-year increase of 71.23%, and a net profit attributable to shareholders of 56 million, up 111.21% year-on-year [7] - The gross profit margin for the first three quarters was 26.74%, a decrease of 1.13 percentage points year-on-year [7] - The company’s revenue for Q3 2025 was 368 million, representing a year-on-year increase of 72.38% and a quarter-on-quarter increase of 8.61% [7] - The net profit for Q3 2025 was 20 million, a year-on-year increase of 71.45% but a quarter-on-quarter decrease of 16.52% [7] Revenue and Profit Forecast - Revenue is forecasted to grow from 692 million in 2023 to 2.30 billion in 2027, with a compound annual growth rate (CAGR) of 24.8% [6] - The net profit is expected to increase from 64 million in 2023 to 266 million in 2027, with a significant growth rate of 199.9% in 2025 [6] - The company's EPS is projected to rise from 0.67 in 2023 to 2.79 in 2027 [6] Market Position and Strategic Initiatives - The company is actively involved in the booming electric vehicle industry, which has led to a substantial increase in product orders [7] - The company is focusing on the development of vacuum active components for large scientific projects, including controllable nuclear fusion applications [7] - The company has established stable partnerships with leading research institutions in the field to advance the development and testing of engineering prototypes [7]

Core Viewpoint - The company is currently involved in a lawsuit regarding patent infringement claims made by Xiamen Hongfa Electric Appliance Co., Ltd, with a total claim amount of RMB 60 million, and the case is still in the initial stages of litigation [2][3][4]. Group 1: Lawsuit Details - The lawsuit was filed by Xiamen Hongfa Electric Appliance Co., Ltd, claiming that the company's products infringe on four specific patents [5][6]. - The company and its subsidiaries, Kunshan Guoli Source Technology Co., Ltd and Kunshan Ruipu Electric Co., Ltd, are named as defendants in the case [2][4]. - The court has accepted the case, but no hearing has been scheduled yet [2][4]. Group 2: Financial Implications - The total amount claimed in the lawsuit is RMB 60 million, which includes compensation for economic losses and legal fees [3][7]. - The company has stated that it cannot determine the specific impact of the lawsuit on its profits until a final judgment is made [3][7]. Group 3: Company Response - The company believes it has strong evidence to prove the invalidity of the four patents in question and asserts that its products do not infringe on these patents [7]. - On November 3, 2025, the company filed a request for invalidation of the involved patents with the National Intellectual Property Administration [3][7]. - The company emphasizes its commitment to protecting intellectual property rights and maintaining normal operations despite the ongoing litigation [7][8].

Core Viewpoint - Guoli Electronics is facing a significant patent infringement lawsuit from Xiamen Hongfa, claiming damages of 60 million yuan related to four patents [2][5][7]. Group 1: Lawsuit Details - The lawsuit was filed on October 31, 2025, by Xiamen Hongfa against Guoli Electronics and its two subsidiaries [3][4]. - Xiamen Hongfa alleges that Guoli Electronics' DC contactor products infringe on its four patents [4][5]. - The patents in question are numbered ZL201821704410.4, ZL201922495119.1, ZL201510971669.X, and ZL201810135673.6 [4]. Group 2: Company Response - Guoli Electronics has strongly denied the infringement claims, asserting that there is substantial evidence to declare the four patents invalid [7]. - The company has initiated a request for invalidation of the patents with the National Intellectual Property Administration [7]. - Guoli Electronics maintains that its operations, including research, production, and sales, remain unaffected by the ongoing litigation [7]. Group 3: Financial Implications - The claimed compensation of 60 million yuan exceeds Guoli Electronics' net profit for the entire year of 2024, which was reported at 30.24 million yuan [8]. - For the first three quarters of 2025, the company reported a net profit of 55.72 million yuan [8].

Core Viewpoint - Company faces a lawsuit from Xiamen Hongfa Electric Co., Ltd. regarding alleged patent infringement involving four patents related to its DC contactor products, with a claim amounting to 60 million yuan [1][4]. Group 1: Legal Proceedings - The lawsuit was filed on October 31, 2025, and the case has not yet been heard in court [1]. - Xiamen Hongfa claims that the company's products infringe on its four patents and seeks compensation for economic losses and reasonable expenses totaling 60 million yuan [4]. - Company believes it has strong evidence to prove the invalidity of the four patents and asserts that its products do not infringe on them [4]. - Company has initiated a request for invalidation of the patents with the National Intellectual Property Administration [4]. Group 2: Financial Performance - Company has experienced steady revenue growth, with operating income increasing from 332 million yuan in 2019 to 792 million yuan in 2024 [5]. - However, net profit has declined from 39.35 million yuan in 2019 to 30.24 million yuan in 2024, with significant year-on-year decreases of -24.85% and -52.89% in 2023 and 2024, respectively [5]. - In the first three quarters of the current year, the company reported operating income of 937 million yuan, a year-on-year increase of 71.2%, and a net profit of 55.72 million yuan, up 111.2% year-on-year [6]. Group 3: Financial Health - As of the third quarter of 2025, the company's asset-liability ratio stands at 54.98%, higher than the industry average and the previous year's 47.37% [6]. - The gross profit margin for the third quarter of 2025 is 26.74%, a slight decrease from 27.88% in the same period last year [6]. Group 4: Share Buyback - Recently, the company completed a share repurchase plan, acquiring 532,899 shares, which is 0.5591% of the total share capital, at an average price of 58.06 yuan per share, totaling 30.94 million yuan [6].

| | | 昆山国力电子科技股份有限公司 关于公司涉及诉讼的公告 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： 案件所处的诉讼阶段：法院已立案受理，尚未开庭审理 上市公司所处的当事人地位：昆山国力电子科技股份有限公司（以下简称 "公司"）及下属控股子公司昆山国力源通新能源科技有限公司（以下简称"国 力源通"）、全资子公司昆山瑞普电气有限公司（以下简称"瑞普电气"）为被 告，其中公司为被告一，国力源通为被告二，瑞普电气为被告三。 涉案的金额：人民币 6,000 万元 是否会对上市公司损益产生负面影响：鉴于上述诉讼尚未开庭审理，最终 的判决结果尚不确定，因此尚不能判断该诉讼事项对公司本期或期后利润等的具 体影响，最终实际影响以法院判决为准。公司于 2025 年 11 月 3 日向国家知识产 权局提起针对涉案专利的无效宣告请求程序。公司密切关注和高度重视该事项， 将依法坚决主张自身合法权益，积极应诉并采取相关法律措施，通过合法途径切 实维护公司名誉和股东的利益。后续公司也会根据《上海证券交易所科创板股票 上市规 ...

Core Viewpoint - Guokeli Electronics (688103) announced on November 3 that it received a civil lawsuit from Xiamen Hongfa regarding patent rights disputes, with the amount in question being 60 million yuan [1] Summary by Relevant Sections Legal Proceedings - The lawsuit involves four patents, and the company has conducted thorough research and analysis, believing there is strong evidence to prove these patents should be declared invalid [1] - The company asserts that its products do not infringe on the four patents in question [1] - On November 3, 2025, the company filed a request for invalidation of the disputed patents with the National Intellectual Property Administration [1] Company Operations - As of the date of the announcement, the company's research, production, and operations are normal [1] - The company believes that the lawsuit will not have a significant adverse impact on its operations [1]

Group 1 - The cultivated diamond concept declined by 2.96%, ranking among the top declines in the concept sector, with *ST Yanzhen hitting the limit down, and companies like Lili Diamond and Huanghe Xuanfeng also experiencing significant declines [1][2] - Among the cultivated diamond sector, only two stocks saw price increases, with Hengsheng Energy rising by 3.02% and Chaohongji by 0.22% [1][2] - The cultivated diamond sector experienced a net outflow of 621 million yuan in main funds, with 14 stocks seeing net outflows, and six stocks having outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stock was Huanghe Xuanfeng, with a net outflow of 94.57 million yuan, followed by Lili Diamond and Chuchang New Materials with outflows of 92.44 million yuan and 71.14 million yuan respectively [2][3] - The stocks with the highest net inflows included Hengsheng Energy and Guoli Electronics, with net inflows of 3.83 million yuan and 2.27 million yuan respectively [3]

Core Insights - Guoli Electronics reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance [1] Financial Performance - The company achieved a revenue of 937,431,387.31 yuan, representing a year-on-year growth of 71.23% [1] - The net profit attributable to shareholders was 55,717,463.84 yuan, showing a year-on-year increase of 111.21% [1]

Group 1 - Company Guoli Electronics reported a revenue of approximately 937 million yuan for the first three quarters of 2025, representing a year-on-year increase of 71.23% [1] - The net profit attributable to shareholders of the listed company was approximately 55.72 million yuan, showing a year-on-year increase of 111.21% [1] - The basic earnings per share reached 0.58 yuan, which is a year-on-year increase of 107.14% [1] Group 2 - As of the report, the market capitalization of Guoli Electronics is 6.9 billion yuan [2] - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging [2]

Financial Performance - The company's operating revenue for the third quarter reached ¥368,235,466.39, representing a year-on-year increase of 72.38%[4] - The total profit for the quarter was ¥21,004,933.39, up 70.72% compared to the same period last year[4] - Net profit attributable to shareholders was ¥19,983,886.10, reflecting a 71.45% increase year-on-year[4] - The net profit after deducting non-recurring gains and losses surged by 269.14% to ¥18,802,367.60 for the quarter[4] - Basic and diluted earnings per share for the current period were CNY 0.58, compared to CNY 0.28 in the previous year, indicating an increase of 107.1%[24] - The net profit for the first three quarters of 2025 reached CNY 56,389,342.01, a significant increase from CNY 26,838,131.71 in the same period of 2024, representing a growth of approximately 109.5%[23] - The company reported a total comprehensive income of CNY 56,390,424.47 for the current period, compared to CNY 26,838,131.71 in the previous year, marking an increase of approximately 109.5%[23] Assets and Liabilities - The company's total assets increased by 15.17% to ¥2,549,629,944.31 compared to the end of the previous year[5] - Current assets totaled ¥1.93 billion as of September 30, 2025, an increase of 20.3% from ¥1.60 billion on December 31, 2024[18] - Non-current assets amounted to ¥621.54 million as of September 30, 2025, slightly up from ¥611.24 million on December 31, 2024[19] - Total liabilities increased to ¥1.40 billion as of September 30, 2025, compared to ¥1.07 billion on December 31, 2024, marking a rise of 30.9%[20] - Total equity attributable to shareholders reached ¥1.15 billion as of September 30, 2025, compared to ¥1.14 billion on December 31, 2024, indicating a modest increase of 0.6%[20] Cash Flow - The cash flow from operating activities showed a net decrease of 92.46%, primarily due to increased inventory payments related to expanded business operations[10] - Cash inflows from operating activities totaled CNY 707,812,937.83, up from CNY 508,891,046.27 in the previous year, reflecting a growth of about 39.1%[26] - The net cash flow from operating activities was CNY 2,130,153.80, a decrease from CNY 28,232,738.76 in the same period last year[26] - Cash outflows from investment activities amounted to CNY 1,916,260,307.23, compared to CNY 2,821,929,050.36 in the previous year, showing a reduction of approximately 32%[27] - The net cash flow from investment activities was negative at CNY -295,681,216.86, slightly improved from CNY -308,046,446.02 in the previous year[27] - The cash and cash equivalents at the end of the period stood at CNY 413,572,400.95, down from CNY 491,588,628.12 at the end of the previous year[27] Shareholder Information - The total number of common shareholders at the end of the reporting period is 5,709[12] - The largest shareholder, Yin Jianping, holds 26,485,120 shares, representing 27.79% of the total shares[12] - The company has a significant shareholder structure, with the top three shareholders holding a combined total of 34,131,898 shares, which is approximately 35.90% of the total shares[14] - The company has not disclosed any related party transactions among the top shareholders[14] - The report indicates no changes in the participation of major shareholders in margin financing and securities lending activities[14] Research and Development - Research and development expenses totaled ¥21,319,389.59, accounting for 5.79% of operating revenue, a decrease of 6.33 percentage points from the previous year[5] - Research and development expenses for the first three quarters of 2025 were ¥66.18 million, slightly higher than ¥63.87 million in the same period of 2024, reflecting a focus on innovation[22] Market and Orders - The company experienced a significant increase in orders due to high demand in the new energy vehicle sector, contributing to revenue growth[9] Share Repurchase - The company plans to repurchase shares with a total amount not less than RMB 30 million and not exceeding RMB 50 million, with a repurchase price cap of RMB 73.47 per share[15] - As of the end of the reporting period, the company has repurchased a total of 519,899 shares, accounting for 0.5455% of the total share capital[16] - The highest purchase price during the repurchase was RMB 67.00 per share, and the lowest was RMB 47.80 per share, with a total amount paid of RMB 29,994,410.37[16] - The company is actively managing its share repurchase program in response to market conditions and shareholder value considerations[15] Future Guidance - The company has not provided specific future performance guidance in the current report[12]