Core Insights - The company reported a revenue of 3.989 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 23.30%, indicating strong market resilience and growth momentum in its core business [1] - Despite a slight decline in net profit for the third quarter, the overall profitability remains robust, with a net profit of 650 million yuan for the first three quarters, up 7.62% year-on-year [1] - The company's R&D investment saw a significant increase, totaling 111 million yuan in the third quarter, a year-on-year growth of 119.76%, with R&D expenses accounting for 8.76% of revenue, up 4.61 percentage points from the previous year [1] Financial Performance - Total assets reached 14.663 billion yuan as of September 30, 2025, a 7.74% increase from the end of the previous year [2] - Shareholder equity stood at 6.915 billion yuan, reflecting a steady increase of 3.46% [2] - The company experienced negative net cash flow from operating activities due to increased operational expenditures, but fundraising and investment activities remained orderly [2] Market Position and Strategy - The company is recognized as a leader in the high-end titanium alloy and superconducting materials sector, focusing on national strategic needs and advanced material R&D [2] - The shareholder structure includes state-owned entities and well-known institutional investors, indicating strong market confidence in the company's long-term value [2] - The company maintains a strong commitment to R&D and capacity building, demonstrating a clear innovation-driven approach and strategic determination [2]

看好公司多增长极驱动成长提速 2025 年 10 月 30 日│中国内地 其他军工 | 西部超导发布三季报：Q3 实现营收 12.66 亿元（yoy+4.23%，qoq-23.22%）， | | --- | | 归母净利 1.04 亿元（yoy-59.44%，qoq-72.48%）。2025 年 Q1-Q3 实现营 | | 收 39.89 亿元（yoy+23.30%），归母净利 6.50 亿元（yoy+7.62%），扣非 | | 净利 5.89 亿元（yoy+10.39%）。25Q3 单季度归母净利润同比下滑，主要 | | 系政府补助同比下滑，资产减值计提、研发投入同比增长。我们看好公司高 | | 端钛合金、超导和高温合金三大板块共同驱动，实现长期成长，维持"买入" | | 评级。 | 研发投入、资产计提增长，政府补助减少导致单季度利润下滑 25Q3 单季度公司营收/归母净利润同比+4.23%/-59.44%至 12.66/1.04 亿 元，利润大幅下滑主要系：1）25Q3 公司研发项目逐步推进，研发材料投 入增加（25Q3 单季度研发费用 1.13 亿元，同比+113.92%）；2）依会计 政策对存在减值迹 ...

Core Insights - The company reported a total revenue of 3.989 billion yuan for Q3 2025, marking a year-on-year increase of 23.30% and ranking 5th among peers [1] - The net profit attributable to shareholders reached 650 million yuan, also ranking 5th among peers, with a year-on-year increase of 7.62% [1] - The company experienced a negative cash flow from operating activities amounting to -105 million yuan [1] Financial Performance - The latest debt-to-asset ratio stands at 48.20%, a decrease of 1.02 percentage points from the previous quarter [3] - The gross profit margin is reported at 37.94%, ranking 16th among peers, with a year-on-year increase of 3.97 percentage points [3] - The return on equity (ROE) is 9.39%, ranking 2nd among peers, with a year-on-year increase of 0.14 percentage points [3] - The diluted earnings per share (EPS) is 1.00 yuan, ranking 2nd among peers, with a year-on-year increase of 7.53% [3] - The total asset turnover ratio is 0.28 times, ranking 11th among peers, with a year-on-year increase of 8.00% [3] - The inventory turnover ratio is reported at 0.61 times [3] Shareholder Structure - The number of shareholders is 37,100, with the top ten shareholders holding 349 million shares, accounting for 53.74% of the total share capital [3] - The largest shareholder is the Northwest Nonferrous Metal Research Institute, holding 20.91% of shares [3] - Other significant shareholders include CITIC Metal Co., Ltd. (11.8%) and Xi'an Industrial Investment Group Co., Ltd. (3.88%) [3]

Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of the third quarter, appearing in the top ten shareholders of 49 stocks on the Sci-Tech Innovation Board, with a total holding of 203 million shares valued at 13.02 billion yuan [1][2]. Holdings Overview - The Social Security Fund initiated positions in 19 new stocks and increased holdings in 11 stocks, while reducing holdings in 11 stocks, with 8 stocks remaining unchanged [1]. - Among the newly added stocks, Pumen Technology, Hangya Technology, and Sanyou Medical had the largest shareholdings [1]. - The stocks with the highest proportion of holdings by the Social Security Fund include Kaili New Materials at 5.80% and Haitai New Light at 4.20% [2]. Stock Performance - The average performance of the Sci-Tech Innovation Board stocks held by the Social Security Fund has seen a decline of 2.05% since October [3]. - The best-performing stock is Western Superconducting, which has increased by 34.00%, while the worst performer is Jiahe Meikang, which has decreased by 20.25% [3]. Financial Performance - Among the stocks held by the Social Security Fund, 30 companies reported year-on-year net profit growth in the first three quarters, with Rongzhi Rixin showing the highest increase of 889.54% [2]. - Other notable companies with significant net profit growth include Sanyou Medical and Shenkong Co., with increases of 623.19% and 158.93%, respectively [2]. Industry Distribution - The holdings of the Social Security Fund are primarily concentrated in the electronics, pharmaceutical and biological, and machinery equipment sectors, with 15, 7, and 7 stocks in these categories, respectively [2].

Core Insights - The company reported a revenue of 3.989 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 23.30% [1] - The net profit attributable to shareholders reached 650 million yuan, with a year-on-year increase of 7.62% [1] - The net profit excluding non-recurring items was 589 million yuan, showing a year-on-year growth of 10.39% [1] - The basic earnings per share stood at 1 yuan [1]

Core Insights - The company reported a total operating revenue of 3.989 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 23.30% [1] - The net profit attributable to the parent company reached 650 million yuan, showing a year-on-year growth of 7.62% [1] - The net profit after deducting non-recurring gains and losses was 589 million yuan, which is a year-on-year increase of 10.39% [1]

证券代码：688122 证券简称：西部超导 公告编号：2025-029 西部超导材料科技股份有限公司 与关联人共同投资公告 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： 投资标的名称：合肥聚能超导线材科技有限公司（以下简称"合肥聚能"） （暂定名，最终以工商登记核准名称为准）。 截至本次关联交易为止（含本次），西部超导材料科技股份有限公司 （以下简称"公司""西部超导"）过去 12 个月内公司与同一关联人或者不同 关联人之间同一交易类别下标的相关的关联交易金额未达到公司最近一期经 审计总资产的 1%。 交易实施尚需履行的审批及其他相关程序 本次交易事项已经公司第五届董事会独立董事专门会议、第五次会议第五 届董会第十次会议审议通过，未达到股东会审议标准，无需提交股东会审议。 中国聚变堆项目实施进度存在不确定性，可能对合肥聚能的未来收益产 生风险。 一、关联对外投资概述 （一）对外投资的基本概况 投资金额: 1,615 万元 本次交易构成关联交易 本次交易未构成重大资产重组 1、本次交易概况 根据中国聚变工程发展 ...

| 项目 | 计提金额 | 备注 | | --- | --- | --- | | 信用减值损失 | 3,631.91 | 含应收票据、应收账款、其他应收款等的减值 | | 资产减值损失 | 8,974.02 | 合同资产减值准备、存货跌价准备 | | 合计 | 12,605.93 | | 二、计提资产减值准备事项的具体说明 证券代码：688122 证券简称：西部超导 公告编号：2025-030 西部超导材料科技股份有限公司 关于 2025 年第三季度计提资产减值准备的公告 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。 一、计提资产减值准备情况概述 西部超导材料科技股份有限公司（以下简称"公司"）根据《企业会计准则》 和相关会计政策的规定，为真实、公允地反映公司截至 2025 年 9 月 30 日的财务 状况和 2025 年第三季度的经营成果，公司对合并范围内存在减值迹象的资产进行 了减值测试并计提了相应的减值准备。 公司 2025 年第三季度计提信用减值损失 3,631.91 万元，计提资产减值损失 8,974.02 万 ...

Group 1 - The company, Western Superconducting Technologies Co., Ltd. (SH 688122), announced a reduction in its consolidated profit for the third quarter of 2025 by approximately 126 million yuan due to credit impairment losses and asset impairment losses [1] - For the year 2024, the company's revenue composition is as follows: non-ferrous metal smelting and rolling processing accounts for 95.02%, while other businesses account for 4.98% [1] - As of the report date, the market capitalization of Western Superconducting is 56.7 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

西部超导材料科技股份有限公司 第五届董事会独立董事专门会议第五次会议决议 (本页为西部超导材料科技股份有限公司第五届董事会独立董事专 门会议第五次会议决议之签署页) == 委员签字: 凤建呈 凤建军 签字: 苗 冰 签字: 电 r 签字: iki 虹 李彦之 签字: 西部超导材料科技股份有限公司(以下简称"公司")于2025 年10月29日召开第五届董事会独立董事专门会议第五次会议。应到独 立董事4名,实到独立董事4名,出席委员为凤建军、苗冰、云虹、李 晓光。本次会议的召集、召开符合《公司法》及公司章程的有关规定。 经与会委员审议,做出以下决议: 审议通过《关于设立子公司合肥聚能超导线材科技有限公司的议 案》 本次与关联方共同投资设立子公司符合公司长远利益,交易 遵循平等、自愿、互利的原则,交易方式和定价原则公平、合理, 不会损害公司股东特别是中小股东的利益。本次交易资金来源为 公司自有或自筹资金,不会影响公司正常的生产经营活动,不会 对公司现金流及经营业绩产生重大不利影响。 表决结果:同意票4票,反对票0票,弃权票0票。 (以下无正文,下接签署页) 李晓光 西部超导林 口| 025 年 10 9 日 ...