Market Overview - The renovation and building materials sector increased by 0.45% on November 7, with Huali Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Huali Co., Ltd. (603038) closed at 21.14, up 4.50% with a trading volume of 160,900 shares and a transaction value of 339 million [1] - Donghong Co., Ltd. (603856) closed at 13.56, up 3.27% with a trading volume of 115,400 shares and a transaction value of 157 million [1] - Other notable performers include Keshin New Materials (688119) up 2.00% and Wanli Stone (002785) up 1.47% [1] Fund Flow Analysis - The renovation and building materials sector experienced a net outflow of 211 million from institutional investors, while retail investors saw a net inflow of 159 million [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional investors withdrawing capital while retail investors are increasing their positions [2] Individual Stock Fund Flow - Wanli Stone (002785) had a net inflow of 28.03 million from institutional investors, but a net outflow of 25.10 million from retail investors [3] - Huali Co., Ltd. (603038) also saw a net inflow of 27.56 million from institutional investors, with retail investors withdrawing 21.48 million [3] - Other stocks like Luopusi Gold (002333) and Zhonggang Luonai (688119) showed varied fund flows, indicating differing investor sentiments across the sector [3]

Core Insights - As of November 4, a total of 131 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest consecutive net buying days is ST Zhongdi, which has seen net buying for 14 consecutive trading days [1] - Other notable stocks with significant net buying days include Hetai Electric, CITIC Metal, Zhongchumai, Haitian Flavoring, Antai Group, Aipu Co., Zhonggang Luoni, and Hangxiao Steel Structure [1]

证券代码：688119 证券简称：中钢洛耐 公告编号：2025-043 中钢洛耐科技股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2025 年 11 月 05 日(星期三)至 11 月 11 日(星期二)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 （dongban@lyrg.com.cn）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。 中钢洛耐科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 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 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 12 日（星期 三）09:00-10:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行 交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开， ...

中钢洛耐科技股份有限公司（以下简称"公司"）第二届监事会第十二次会议 于 2025 年 10 月 29 日（星期三）在公司三楼会议室以现场结合通讯方式召开。本 次会议应出席监事 3 人，实际出席会议监事 3 人。会议由公司监事会主席王立新先 生主持。 证券代码：688119 证券简称：中钢洛耐 公告编号：2025-042 中钢洛耐科技股份有限公司 第二届监事会第十二次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 表决结果：同意3票，反对0票，弃权0票。 同意该议案。 特此公告。 中钢洛耐科技股份有限公司监事会 2025 年 10 月 31 日 此次会议的通知、召集、召开、表决程序符合《中华人民共和国公司法》等法 律、法规、规范性文件及《公司章程》的规定，会议决议合法有效。 二、监事会会议审议情况 1. 审议通过关于《公司2025年第三季度报告》的议案 公司2025年第三季度报告的编制和审议程序符合相关法律、法规、规范性文件 及《公司章程》等各项规定，公允地反映了公司在报告期内的财务状 ...

Financial Performance - The company's operating revenue for the third quarter was ¥494,392,536.94, a decrease of 3.24% compared to the same period last year[3] - The total profit for the third quarter was -¥8,395,141.48, reflecting a significant decline of 577.78% year-on-year[3] - The net profit attributable to shareholders was -¥9,944,542.57, with a year-to-date net profit of ¥22,680,185.33, which is not applicable for comparison this quarter[3] - Total operating revenue for the first three quarters of 2025 was ¥1,504,985,007.24, a decrease of 8.2% compared to ¥1,639,928,188.48 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥27,296,221.21, compared to a net loss of ¥1,337,133.85 in the same period of 2024[20] - The profit attributable to shareholders of the parent company for the first three quarters of 2025 was ¥22,680,185.33, recovering from a loss of ¥5,970,936.07 in 2024[20] - Earnings per share for the first three quarters of 2025 was ¥0.0202, compared to a loss per share of ¥0.0053 in the same period of 2024[20] Research and Development - Research and development expenses totaled ¥27,366,758.43, down 24.26% from the previous year, representing 5.54% of operating revenue[4] - Research and development expenses for the first three quarters of 2025 were ¥74,164,277.19, down from ¥94,725,606.85 in 2024, a decrease of 21.8%[19] Cash Flow - The company reported a net cash flow from operating activities of -¥58,916,606.34 year-to-date[3] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 1,245,453,005.63, a decrease of 8.4% compared to CNY 1,359,680,110.59 in the same period of 2024[22] - The net cash flow from operating activities was negative at CNY -58,916,606.34, an improvement from CNY -188,424,212.58 in the previous year[22] - Cash inflow from investment activities totaled CNY 854,097,025.35, down 43.4% from CNY 1,510,071,239.73 in 2024[23] - The net cash flow from investment activities was CNY 712,155,064.46, a significant recovery from CNY -84,826,900.18 in the previous year[23] - The cash inflow from financing activities was CNY 24,813,543.68, compared to CNY 109,000,000.00 in the same period last year[23] - The net cash flow from financing activities was CNY -22,274,862.96, an improvement from CNY -201,909,503.57 in 2024[23] - The total cash and cash equivalents at the end of the period reached CNY 1,333,221,444.05, up from CNY 1,296,593,800.20 in the previous year[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,265,505,228.00, an increase of 1.07% from the end of the previous year[4] - Total current assets as of September 30, 2025, amounted to ¥3,753,509,661.51, an increase from ¥3,713,953,060.13 as of December 31, 2024, reflecting a growth of approximately 1.07%[15] - Total non-current assets reached ¥1,511,995,566.49, up from ¥1,495,750,499.49, marking an increase of approximately 1.6%[16] - The company's total liabilities increased to ¥1,407,000,000, reflecting a rise from the previous period, with specific liabilities such as accounts payable increasing to ¥802,251,798.10 from ¥768,761,882.56[16] - The total liabilities increased to ¥2,224,253,625.93 in 2025 from ¥2,192,964,242.25 in 2024, indicating a growth of 1.4%[21] - Total equity increased to ¥3,041,251,602.07 in 2025 from ¥3,016,739,317.37 in 2024, reflecting a growth of 0.8%[21] Shareholding Structure - The top shareholder, China Steel Technology Development Co., Ltd., holds 424,350,000 shares, representing 37.72% of total shares[13] - The second-largest shareholder, Guoxin Shuangbai No. 1 (Hangzhou) Equity Investment Partnership, holds 100,750,584 shares, accounting for 8.96%[13] - The company reported no significant changes in the shareholding structure among the top ten shareholders compared to the previous period[14] Operational Changes - The company has no new strategies or significant operational changes to report for the current period[14] - The company experienced a decrease in profit margins due to reduced government subsidies and lower bank investment returns[8] Non-Recurring Gains and Losses - Non-recurring gains and losses for the period amounted to ¥11,929,922.09, with significant contributions from government subsidies and asset disposals[6] Financial Expenses - Financial expenses for the first three quarters of 2025 were ¥8,862,423.29, compared to ¥5,012,091.26 in 2024, an increase of 76.5%[19] Credit Impairment Losses - The company reported a significant reduction in credit impairment losses, which decreased to -¥9,393,598.47 in 2025 from -¥29,404,405.26 in 2024[19]

Market Overview - The renovation and building materials sector increased by 0.65% compared to the previous trading day, with Zhonggang Luonai leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Performers - Zhonggang Luonai (688119) closed at 4.63, up 6.44% with a trading volume of 407,800 shares and a transaction value of 187 million [1] - Other notable gainers include: - China Railway Prefabricated (300374) at 16.93, up 4.12% [1] - Youbang Ceiling (002718) at 24.73, up 3.86% [1] - Kexin New Materials (920580) at 16.30, up 3.82% [1] Market Capital Flow - The renovation and building materials sector experienced a net outflow of 31.12 million from institutional investors, while retail investors saw a net inflow of 34.48 million [2] - The overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Dongfang Yuhong (002271) had a net inflow of 46.16 million from institutional investors, but a net outflow of 30.35 million from retail investors [3] - China Railway Prefabricated (300374) saw a net inflow of 31.75 million from institutional investors, with retail investors also experiencing a net outflow [3] - Wanli Stone (002785) had a net inflow of 21.74 million from institutional investors, while retail investors faced a net outflow [3]

Core Viewpoint - The successful commissioning of the 100-ton RH vacuum furnace by Zhonggang Luonai marks a significant achievement in expanding its market share in the RH refining furnace sector [1] Company Summary - Zhonggang Luonai has successfully completed the first heat test of a new 100-ton RH vacuum furnace for Tongling Xuanli Special Steel Co., Ltd, meeting all operational indicators required by the client [1] - This project represents the ninth consumable refractory project signed by Zhonggang Luonai's low-carbon high-performance materials division [1] - The successful implementation of this project enhances Zhonggang Luonai's position in the RH refining furnace market [1]

Investment Rating - The investment rating for the building materials industry is "Overweight" [70] Core Insights - The overall ESG scores for the 11 central enterprises in the building materials sector are good, with strengths in climate change response and social responsibility, while governance performance varies among companies [10][58] - The importance assessment shows that 10 companies have completed dual importance assessments, but third-party verification is lacking, with only one company introducing third-party validation [13][15] - Environmental and climate issues are prioritized, with scores ranging from 24 to 34 out of 35, indicating a strong focus on compliance and green transformation [17][18] - Social responsibility is highlighted through initiatives in rural revitalization and public welfare, with all companies demonstrating a strong commitment to social responsibility [44][47] - Governance structures are generally well-established, with most companies scoring high in governance mechanisms, although there is room for improvement in ESG information supervision [58][65] Summary by Sections Overall Performance - The ESG scores for the 11 central enterprises are generally above 70, with 2 companies scoring above 90, 5 between 80-89, 3 between 70-79, and 1 between 60-69 [10][12] Importance Assessment - 10 companies disclosed importance assessments, with a focus on financial performance-related issues, but only one company provided third-party verification [13][15] Environmental & Climate - The total scores for environmental and climate issues range from 24 to 34, with 7 companies scoring between 30-34, indicating a strong emphasis on both environmental compliance and climate disclosure [17][18] - All companies disclosed their waste management practices, with a 100% disclosure rate for waste treatment [20] Social Responsibility - All 11 companies disclosed their social responsibility initiatives, particularly in rural revitalization and public welfare, demonstrating a strong commitment to social issues [44][47] Governance - Governance scores are concentrated in the mid to high range, with 9 out of 11 companies achieving high scores in governance structure [58][65] - Most companies have established effective governance mechanisms, but there is a need for improved transparency in ESG information supervision [58][65]

Investment Rating - The report rates the central state-owned enterprises in the building materials industry as "Positive" [2] Core Insights - The overall ESG scores of the 11 central state-owned enterprises in the building materials sector are good, with strengths in climate change response and social responsibility, while governance performance varies among companies [4][12] - The scoring results show that 2 companies scored above 90, 5 companies scored between 80-89, 3 companies scored between 70-79, and 1 company scored between 60-69, with no companies scoring below 60 [12] - The report emphasizes the importance of ESG performance in the context of increasing regulatory requirements and market expectations [4] Summary by Sections 1. Overall Scores and Areas for Improvement - The ESG scores of the 11 central state-owned enterprises are generally good, with climate change and social responsibility being strong points, while governance disclosures need improvement [12] 2. Importance Assessment - 10 out of 11 companies disclosed importance assessments, indicating a high level of awareness regarding issues related to their financial performance [15][17] - Only 1 company included third-party verification in their ESG report, highlighting a gap in external validation [15][17] 3. Environmental & Climate Focus - The total scores for "environment + climate change" range from 24 to 34 (out of 35), with 7 companies scoring between 30-34, indicating a strong focus on these issues [20] - All companies disclosed their waste management practices, with a 100% disclosure rate for "three wastes" [24] 4. Social Responsibility - All 11 companies disclosed their contributions to rural revitalization and social welfare, reflecting a strong commitment to social responsibility [53][56] - Most companies provided detailed accounts of their funding, project execution, and social impact [53] 5. Governance Structure - The governance scores are primarily in the mid to high range, with 9 out of 11 companies achieving full marks in three governance areas [68] - Most companies have established robust governance mechanisms, but disclosures regarding ESG information supervision are still lacking [68][71] 6. Climate Management - 8 companies have established climate management frameworks, but there is a need for improved transparency and quantification in risk management [49] - All companies disclosed their climate-related targets, focusing on carbon reduction and energy efficiency [50]

Core Insights - 中钢洛耐 has secured a new order, collaborating with Jinchuan Group Machinery Manufacturing Co., Ltd., a leading domestic nickel-cobalt metallurgy enterprise, to supply magnesium bricks for a trough project [1] Group 1 - 中钢洛耐's magnesium material division has successfully signed a supply contract for magnesium bricks [1] - The collaboration highlights 中钢洛耐's growing presence in the metallurgy sector [1]