Investment Rating - The investment rating for the company is "Buy" with a target price reflecting a potential return of over 20% within six months [6][18]. Core Views - The company has shown a revenue growth of 5.03% year-on-year for the first three quarters of 2025, achieving a total revenue of 1.458 billion yuan. However, the net profit decreased by 4.96% year-on-year to 250 million yuan [1][2]. - The company is experiencing increased competition in the market, which has impacted profit margins despite revenue growth. The gross margin for Q3 2025 was reported at 26.84%, down from previous periods [2][3]. - The non-crystalline motor segment is expected to drive future growth, with significant energy savings compared to traditional silicon steel transformers. The company has established a strong international presence, exporting to over 30 countries [3][4]. Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 472 million yuan, a decrease of 1.2% year-on-year and a 16.4% decline quarter-on-quarter. The net profit for the same period was 80 million yuan, down 16.2% year-on-year [1][2]. - The gross margin for Q3 2025 was 26.84%, reflecting a decline due to increased competition, while the net profit margin stood at 17.01% [2][3]. Growth Potential - The non-crystalline segment is projected to have a broad replacement market, with the company becoming the largest supplier of non-crystalline alloy strips globally, with an annual design capacity of 105,000 tons [3][4]. - The company is also expanding its production capacity in the nano-crystalline and magnetic powder segments, targeting new applications in the home appliance and new energy vehicle markets [3][4]. Earnings Forecast - The forecast for net profit for the years 2025 to 2027 is 364 million yuan, 399 million yuan, and 435 million yuan respectively, with corresponding price-to-earnings ratios of 34, 31, and 29 times [4][5].

Core Viewpoint - Yunlu Co., Ltd. experienced a 5.09% increase in stock price, reaching 108.92 CNY per share, with a total market capitalization of 13.07 billion CNY as of November 4 [1]. Company Overview - Qingdao Yunlu Advanced Materials Technology Co., Ltd. was established on December 21, 2015, and went public on November 26, 2021. The company specializes in the design, research and development, production, and sales of advanced magnetic metal materials [1]. - The revenue composition of the company includes: 74.71% from amorphous alloy strips and their products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and their products, and 1.77% from other supplementary products [1]. Fund Holdings - Jin Ying Fund has a significant holding in Yunlu Co., Ltd., with the Jin Ying Yuan An Mixed A Fund (000110) holding 891 shares, accounting for 0.59% of the fund's net value, making it the ninth largest holding [2]. - The Jin Ying Yuan An Mixed A Fund was established on May 20, 2013, with a current scale of 14.09 million CNY. The fund has achieved a year-to-date return of 10.18% and a one-year return of 13.81% [2]. Fund Manager Performance - The fund managers of Jin Ying Yuan An Mixed A Fund are Wang Huaizhen and Yang Xiaobin. Wang has a tenure of 14 years and 341 days, managing assets totaling 7.59 billion CNY, with the best return during his tenure being 30.35% [3]. - Yang has a tenure of 7 years and 218 days, managing assets of 1.33 billion CNY, with the best return during his tenure being 163.99% [3].

Core Viewpoint - Yunlu Co., Ltd. experienced a decline of 5.06% on November 3, with a stock price of 102.52 CNY per share and a total market capitalization of 12.302 billion CNY [1] Company Overview - Qingdao Yunlu Advanced Materials Technology Co., Ltd. was established on December 21, 2015, and went public on November 26, 2021. The company specializes in the design, research and development, production, and sales of advanced magnetic metal materials [1] - The revenue composition of the company includes: 74.71% from amorphous alloy strips and their products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and their products, and 1.77% from other supplementary products [1] Fund Holdings - Jin Ying Fund has one fund heavily invested in Yunlu Co., Ltd. The Jin Ying Yuan An Mixed A Fund (000110) held 891 shares in the third quarter, accounting for 0.59% of the fund's net value, ranking as the ninth largest holding. The estimated floating loss today is approximately 4,864.86 CNY [2] - The Jin Ying Yuan An Mixed A Fund was established on May 20, 2013, with a latest scale of 14.0895 million CNY. Year-to-date returns are 10.12%, ranking 5893 out of 8223 in its category; the one-year return is 13.71%, ranking 5228 out of 8115; and since inception, the return is 107.28% [2] Fund Manager Information - The fund managers of Jin Ying Yuan An Mixed A Fund are Wang Huaizhen and Yang Xiaobin. Wang has a cumulative tenure of 14 years and 340 days, with total fund assets of 7.592 billion CNY, achieving a best return of 30.35% and a worst return of 1.4% during his tenure [3] - Yang has a cumulative tenure of 7 years and 217 days, managing total fund assets of 1.331 billion CNY, with a best return of 163.99% and a worst return of -13.21% during his tenure [3]

Core Viewpoint - Yunlu Co., Ltd. is a leading enterprise in the field of advanced magnetic metal materials in China, with unique technological advantages and a complete industry chain layout [1] Group 1: Business Performance - In Q3 2025, Yunlu achieved operating revenue of 1.458 billion yuan, ranking 10th in the industry, significantly lower than the top competitor, Bowei Alloy, at 15.474 billion yuan [2] - The main business composition includes amorphous alloy strips and products at 1.42 billion yuan (74.71%), nano-crystal products at 305 million yuan (16.07%), and magnetic powders and products at 142 million yuan (7.45%) [2] - The net profit for the same period was 250 million yuan, ranking 3rd in the industry, well above the industry average of 127 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Yunlu's debt-to-asset ratio was 22.26%, an increase from 20.16% year-on-year, but still significantly lower than the industry average of 43.99% [3] - The gross profit margin for the period was 28.52%, down from 30.78% year-on-year, yet still higher than the industry average of 15.62% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.17% to 4,484, while the average number of circulating A-shares held per household increased by 8.90% to 26,800 [5] - Notable changes among the top ten circulating shareholders include an increase in holdings by Invesco Great Wall New Energy Industry Fund and the entry of new shareholders [5] Group 4: Future Outlook - Longjiang Securities reported that Yunlu's operating revenue for the first half of 2025 was 990 million yuan, a year-on-year increase of 8.3%, with a net profit of 170 million yuan, up 1.5% year-on-year [6] - The company achieved a significant milestone by realizing batch production of 300mm wide amorphous strips, which supports applications in high-power distribution transformers and new energy vehicle drive motors [6] - The projected net profit for 2025 is expected to reach 420 million yuan, corresponding to a PE ratio of approximately 31 times [6]

证券代码：688190 证券简称：云路股份 公告编号：2025-050 青岛云路先进材料技术股份有限公司 第三届监事会第六次会议决议公告 本公司及监事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 青岛云路先进材料技术股份有限公司监事会 2025 年 10 月 31 日 青岛云路先进材料技术股份有限公司（以下简称"公司"）第三届监事会第 六次会议于 2025 年 10 月 30 日上午 11 点 30 分在公司会议室以现场方式结合通 讯方式召开。本次会议应到监事 3 名，实到监事 3 名。会议由监事会主席张强主 持。本次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司 法》"）及《青岛云路先进材料技术股份有限公司章程》（以下简称"《公司章 程》"）的有关规定。 表决结果：3 票同意，0 票反对，0 票弃权。 特此公告。 一、审议通过《关于公司 2025 年第三季度报告的议案》 监事会认为：公司 2025 年第三季度报告的编制和审议程序符合法律、法规 及《公司章程》等内部规章制度的规定，公允地反映了公司 2025 年第三季度的 ...

证券代码：688190 证券简称：云路股份 公告编号：2025-049 本公司及除李晓雨先生外的其他董事会全体成员保证公告内容不存在虚假 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个 别及连带责任。 特此公告。 青岛云路先进材料技术股份有限公司（以下简称"公司"）第三届董事会第 七次会议于 2025 年 10 月 30 日上午 11 点在公司会议室以现场方式结合通讯方式 召开。本次会议应到董事 11 名，实到董事 10 名（李晓雨先生因被采取留置措施 缺席本次会议），会议由副董事长雷日赣主持。本次会议的召集和召开符合《中 华人民共和国公司法》（以下简称"《公司法》"）及《青岛云路先进材料技术 股份有限公司章程》（以下简称"《公司章程》"）的有关规定。 青岛云路先进材料技术股份有限公司董事会 2025 年 10 月 31 日 公司 2025 年第三季度报告的编制和审议程序符合法律、法规及《公司章程》 等内部规章制度的规定，公允地反映了公司 2025 年第三季度的财务状况和经营 成果等事项，本公司及除李晓雨先生外的其他董事会全体成员保证公司 2025 年 第三季度报告披露的信息真实、准确 ...

Financial Performance - The company's revenue for Q3 2025 was CNY 472,085,407.36, a decrease of 1.17% compared to the same period last year[4] - Total profit for the quarter was CNY 90,191,244.17, down 15.80% year-over-year[4] - Net profit attributable to shareholders was CNY 80,314,497.50, reflecting a decline of 16.24% compared to the previous year[4] - The basic and diluted earnings per share were both CNY 0.67, down 16.25% from the same period last year[5] - Net profit for the first three quarters of 2025 was ¥249,808,613.00, down from ¥262,855,975.07 in the same period of 2024, reflecting a decrease of approximately 5%[22] - Earnings per share for the first three quarters of 2025 were ¥2.08, compared to ¥2.19 in the same period of 2024, showing a decline of about 5%[22] Cash Flow - The cash flow from operating activities showed a significant drop of 84.51%, primarily due to increased cash payments for goods and services[9] - In the first three quarters of 2025, the net cash flow from operating activities was ¥31,414,733.10, a decrease of 84.5% compared to ¥202,832,128.35 in the same period of 2024[25] - Total cash inflow from operating activities for the first three quarters of 2025 was ¥1,217,190,530.58, compared to ¥1,146,910,621.30 in 2024, reflecting a growth of 6.1%[25] - Cash outflow from operating activities increased to ¥1,185,775,797.48 in 2025 from ¥944,078,492.95 in 2024, representing a rise of 25.6%[25] - The net cash flow from investing activities was ¥3,115,861.17 in 2025, a significant decline from -¥90,800,084.12 in 2024[26] - Cash inflow from investing activities decreased to ¥845,941,550.70 in 2025 from ¥920,114,028.82 in 2024, a drop of 8.1%[26] - Total cash outflow from investing activities increased to ¥842,825,689.53 in 2025 from ¥1,010,914,112.94 in 2024, a decrease of 16.6%[26] - The net cash flow from financing activities was -¥80,664,445.98 in 2025, compared to -¥107,752,476.34 in 2024, indicating an improvement of 25.1%[26] - The cash and cash equivalents at the end of the period were ¥64,123,646.79 in 2025, down from ¥92,119,892.86 in 2024, a decline of 30.4%[26] - The company reported a cash inflow from customer deposits and interbank deposits of ¥26,002,662.76 in 2025, slightly down from ¥28,958,017.34 in 2024[25] Assets and Liabilities - Total assets increased by 9.76% to CNY 3,447,936,073.22 compared to the end of the previous year[5] - Total current assets as of September 30, 2025, amount to ¥2,447,624,112.33, an increase from ¥1,594,557,185.95 as of December 31, 2024[15] - Total non-current assets decreased to ¥1,000,311,960.89 from ¥1,546,834,887.90 year-over-year, a reduction of approximately 35.5%[17] - Total liabilities increased to ¥767,484,414.28 from ¥636,294,595.31, marking an increase of about 20.6%[17] - The company's total assets rose to ¥3,447,936,073.22 from ¥3,141,392,073.85, indicating an increase of approximately 9.7%[17] - Deferred income tax liabilities increased to ¥29,405,202.88 from ¥22,287,753.85, reflecting an increase of approximately 32.3%[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 4,484[12] - The largest shareholder, China Aviation Power Asset Management Co., holds 34,200,000 shares, representing 28.50% of total shares[12] - The second-largest shareholder, Li Xiaoyu, holds 24,984,000 shares, accounting for 20.82%[12] - Shareholders' equity attributable to the company rose by 7.00% to CNY 2,680,451,658.94[5] Research and Development - Research and development expenses totaled CNY 28,572,888.25, a decrease of 8.44% year-over-year, representing 6.05% of revenue[5] - Research and development expenses for the first three quarters of 2025 were ¥85,440,050.96, slightly down from ¥90,480,753.37 in 2024, a decrease of about 5.7%[21] Operational Insights - The company has no significant changes in shareholder participation in margin trading or stock lending[13] - There are no other important reminders regarding the company's operational situation during the reporting period[14] - The company reported a total of CNY 4,546,115.79 in non-recurring gains and losses for the current period[7] - The weighted average return on net assets decreased by 0.96 percentage points to 3.16%[5]

Key Points - Hang Seng Electronics has sold a total of 8.109954 million shares of Ying Shisheng A-shares [1][2] - Chuanfa Longmang's subsidiary plans to invest in a 100,000 tons/year lithium dihydrogen phosphate project [1] - Shenghui Integration's subsidiary in Vietnam has won a public system engineering project worth approximately 278 million yuan [1][2] - Jinlong Automobile intends to transfer 63.0757% of its equity in Suzhou Jinlong to the company [1][2] - Hunan Haili has completed the repurchase of 2.9996% of its shares [2] - Shengtun Mining has completed the repurchase of 1.8968% of its A-shares [1][2] - Yiwei Lithium Energy reported a net profit of 1.211 billion yuan for the third quarter, a year-on-year increase of 15.13% [1] - Lixin Micro's controlling shareholder Yijing Investment plans to reduce its stake by no more than 3.00% [1][2] - Shuangliang Energy plans to raise no more than 1.292 billion yuan through a private placement [1][2] - Kebo Da intends to issue convertible bonds to raise no more than 1.491 billion yuan [1][2]

Company Reductions - The major shareholder of Hu Silicon Industry plans to reduce its stake by no more than 2% [1] - The controlling shareholder of Lichip Micro intends to reduce its stake by no more than 3% [1] - Guo Keyun from Yunlu Co. plans to reduce his stake by no more than 3% [1] - Shareholder Li Aizhen from Power Diamond intends to reduce his stake by no more than 3% [1] - Hongzhan Real Estate plans to reduce its stake in Guo New Energy by no more than 2.07% [1] - Bohai Information Industry Fund has collectively reduced its stake in Leshan Electric Power by 0.8590% [1] Shareholder Reductions - Zhu Shidong plans to reduce his stake in Ningbo Yunsheng by no more than 111,800 shares [1] - He Tu Investment and Jing Kun Investment collectively plan to reduce their stake in Kewell by 620,300 shares [1] - Synth International has reduced its stake in Wanhua Chemical by a total of 16,469,600 shares [1] - Shuntai Zonghua has reduced its stake in Weier Pharmaceutical by 1% [1] - Junjie Investment has reduced its stake in Fuke Environmental Protection by a total of 2,813,300 shares [1] - Ping An Life and its concerted parties have cumulatively reduced their stake in Huaxia Happiness by 0.20% [1] - Shareholder Tie Xiaorong has reduced his stake in Xinghuo Technology by a total of 19,120,000 shares [1] Other Information - Independent director Han Fang of Jiatou Energy has been unreachable [1] - Rejing Bio reported a net loss of 109 million yuan in the first three quarters [1]

Group 1: Acquisition Termination - Yangjie Technology announced the termination of the acquisition of 100% equity in Better Electronics, as the actual controller and major shareholder decided to withdraw from the transfer [1] Group 2: Shareholding Changes - Yunlu Co., Ltd. announced that shareholder and director Guo Keyun plans to reduce his stake by up to 3%, equivalent to no more than 3.6 million shares [2] - Guo Zhan Real Estate, a shareholder of Guo New Energy, intends to reduce its holdings by no more than 2.07%, which amounts to up to 40 million shares [3] - Li Aizhen, a significant shareholder of Power Diamond, plans to reduce his stake by up to 3%, which is approximately 763.35 thousand shares [4] - The National Integrated Circuit Industry Investment Fund plans to reduce its holdings in Hu Silicon Industry by no more than 2%, translating to up to 54.94 million shares [5] Group 3: Earnings Reports - Hemei Group reported a net profit of 61.75 million yuan for the third quarter, marking a year-on-year increase of 706.30%, with a revenue of 139 million yuan, up 53.35% [6] - Zhongtai Automobile reported a net loss of 223 million yuan for the first three quarters, with a revenue of 419 million yuan, reflecting a year-on-year growth of 8.98% [7] - Shengyi Electronics expects a net profit increase of 476% to 519% for the first three quarters, estimating a profit between 1.074 billion yuan and 1.154 billion yuan [8]