Core Viewpoint - Changyang Technology (688299.SH) reported a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 809 million yuan, representing a year-on-year decrease of 19.38% [1] - The net profit attributable to shareholders of the parent company was -5.337 million yuan, a decline from a net profit of 18.5181 million yuan in the same period last year [1] - The basic earnings per share were -0.02 yuan [1]

Core Insights - Longyang Technology reported a significant decline in revenue and net profit for the first three quarters of 2025, with total revenue at 809 million yuan, down 19.38% year-on-year, and a net profit attributable to shareholders of -5.34 million yuan, down 128.82% year-on-year [1][2] Financial Performance - The company reported a basic earnings per share of -0.02 yuan and a weighted average return on equity of -0.26% [2] - As of October 28, the price-to-earnings ratio (TTM) was approximately -109.23, the price-to-book ratio (LF) was about 2.89, and the price-to-sales ratio (TTM) was around 4.95 [2] - Gross margin for the first three quarters was 30.58%, an increase of 6.66 percentage points year-on-year, while the net margin was -0.66%, a decrease of 2.51 percentage points year-on-year [2] - In Q3 2025, the gross margin improved to 32.57%, up 9.83 percentage points year-on-year and 3.49 percentage points quarter-on-quarter, with a net margin of 1.13%, an increase of 0.72 percentage points year-on-year and 9.92 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 192 million yuan, an increase of 16.05 million yuan year-on-year, with an expense ratio of 23.73%, up 6.20 percentage points year-on-year [2] - Sales expenses increased by 10.28%, management expenses rose by 20.61%, while research and development expenses decreased by 6.84% and financial expenses decreased by 2.71% [2] Company Overview - Longyang Technology, established on November 16, 2010, and listed on November 6, 2019, is located in Ningbo, Zhejiang Province [3] - The company specializes in the research, production, and sales of reflective films, backplane base films, optical base films, and other special functional films [3] - The revenue composition includes reflective films (71.84%), other (supplementary) (10.66%), other (9.50%), and optical base films (8.01%) [3] - Longyang Technology is classified under the electronic-optical optoelectronics-panel industry and is associated with concepts such as optics, DeepSeek, Huawei, MLED, and small-cap stocks [3]

证券代码：688299 证券简称：长阳科技 公告编号：2025-050 宁波长阳科技股份有限公司 关于取消监事会、增加董事会人数、修订《公司章程》及修 订、制定部分治理制度的公告 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。 宁波长阳科技股份有限公司（以下简称"公司"）于2025年10月27日召开第 四届董事会第七次会议，审议通过了《关于取消监事会、增加董事会人数并修订 〈公司章程〉的议案》和《关于修订和制定公司部分治理制度的议案》。现将具 体情况公告如下： 一、取消监事会、增加董事会人数的情况 二、修订《公司章程》的情况 根据上述情况及相关规定，结合公司实际情况，拟对《公司章程》相关条款 进行修订。本次章程修订的主要条款包括全文删除监事会和监事章节及相关内容、 监事会职责由董事会审计委员会承接、董事会人数由7名调整为8名、"股东大会" 整体更名为"股东会"等，并规范了部分条款表述。鉴于本次章程修订内容较多， 本次将以新章程全文的形式审议，不再逐条列示修订条款。 本次章程条款的修订最终以登记机关核准的内容为准。此次修订《 ...

证券代码：688299 证券简称：长阳科技 公告编号：2025-051 宁波长阳科技股份有限公司 关于召开2025年第四次临时股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第四次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 11 月 13 日 14 点 00 分 召开地点：宁波市江北区庆丰路 999 号公司一楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 ...

证券代码：688299 证券简称：长阳科技 公告编号：2025-048 宁波长阳科技股份有限公司 第四届监事会第六次会议决议公告 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 2025 年 10 月 27 日，宁波长阳科技股份有限公司（以下简称"公司"）第四届 监事会第六次会议（下称"本次会议"）在公司会议室以现场方式召开。本次会议 由王云主持，会议应到监事 3 名，实到监事 3 名，本次会议的召集、召开符合 《公司法》等法律、法规、规范性文件和《宁波长阳科技股份有限公司章程》、 《宁波长阳科技股份有限公司监事会议事规则》的有关规定。 二、监事会会议审议情况 经与会监事审议，做出以下决议： （一）审议通过《关于公司 2025 年第三季度报告的议案》 监事会在全面审阅公司 2025 年第三季度报告后，发表意见如下： 1、公司 2025 年第三季度报告的编制和审议程序符合法律、法规、公司章程 和公司内部管理制度的各项规定； 2、公司 2025 年第三季度报告公允反映了报告期内的财务状况和经营成果， 所 ...

Group 1 - The core viewpoint of the news is that Changyang Technology reported a significant decline in revenue and a net loss for the third quarter of 2025, indicating potential challenges for the company [1] - For the first three quarters of 2025, the company's revenue was approximately 809 million yuan, representing a year-on-year decrease of 19.38% [1] - The net profit attributable to shareholders was a loss of approximately 5.34 million yuan, with basic earnings per share showing a loss of 0.02 yuan [1] Group 2 - As of the report, Changyang Technology has a market capitalization of 6 billion yuan [2] - The A-share market has recently surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology stocks leading the market's recovery [2]

Financial Performance - The company's operating revenue for the third quarter was ¥283,648,072.55, a decrease of 20.40% compared to the same period last year[3] - The total profit for the third quarter was ¥4,252,183.25, down 40.26% year-on-year[3] - The net profit attributable to shareholders was ¥3,210,333.37, an increase of 119.79% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥2,365,671.04, with a year-to-date decrease of 333.76%[3] - Total operating revenue for the first three quarters of 2025 was CNY 808,947,397.12, a decrease of 19.4% compared to CNY 1,003,390,053.09 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was a loss of CNY 5,337,013.97, compared to a net profit of CNY 18,518,061.27 in the same period of 2024[21] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥194,951,534.02, an increase of 53.53%[3] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 194,951,534.02, an increase of 53.5% from CNY 126,980,759.07 in 2024[24] - The company’s cash inflow from operating activities totaled CNY 946,243,221.61, down from CNY 1,058,574,633.84 in the previous year[24] - The net increase in cash and cash equivalents was $16,854,022.30, bringing the ending balance to $281,304,996.05[25] - The company reported a significant increase in debt repayment cash outflow, which rose to $245,292,032.70 compared to $32,996,253.63 in the previous period[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,366,270,274.76, a decrease of 0.49% from the end of the previous year[4] - Total current assets decreased to ¥1,253,230,156.44 from ¥1,303,563,927.99[14] - Total non-current assets increased to ¥2,113,040,118.32 from ¥2,079,264,944.54[15] - The total liabilities as of the end of the reporting period were CNY 1,284,117,689.29, slightly down from CNY 1,295,359,985.55 at the end of the previous year[16] - Total equity attributable to shareholders of the parent company was CNY 2,082,152,585.47, a slight decrease from CNY 2,087,468,886.98 in the previous year[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 22,597[11] - The top shareholder, Jin Yadong, holds 45,593,922 shares, representing 15.86% of total shares[11] Research and Development - Research and development expenses totaled ¥18,770,659.13 for the quarter, accounting for 6.62% of operating revenue, an increase of 1.32 percentage points year-on-year[4] - The company reported a decrease in research and development expenses to CNY 48,210,019.66 from CNY 51,749,359.02 in the previous year[20] Market and Competition - The company reduced sales and production of low-margin products, impacting revenue negatively[8] - The company faced risks related to increased competition in the lithium battery separator market, which may affect profit margins and lead to potential asset impairment[13] Financial Standards - The company is set to implement new accounting standards starting in 2025, which may affect the financial statements[26]

宁波长阳科技股份有限公司 第二条 独立董事是指不在公司担任除董事外的其他职务，并与其所受聘的 公司及其主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影 响其进行独立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、规范性文件和《公司章程》的规定，认真履行职责，在董事会中发挥 参与决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小股东合法权 益。 公司聘任的独立董事最多在三家境内上市公司（含本公司）担任独立董事， 并应当确保有足够的时间和精力有效地履行独立董事的职责。 第一条 为进一步完善宁波长阳科技股份有限公司(以下简称"公司")的 治理结构，切实保护中小股东及利益相关者的利益，促进公司的规范运作，参照 《上市公司独立董事管理办法》（以下简称"《独董办法》"）、《上市公司独 立董事履职指引》、《上海证券交易所科创板上市公司自律监管指引第1号—— 规范运作》和《宁波长阳科技股份有限公司章程》（以下简称"《公司章程》"） 等相关规定，并结合公司实际，制定本制度。 第四条 公司应当聘任适当的人员担任独立董事。公司独立董事的人数不少 于公司董事会人 ...

宁波长阳科技股份有限公司 对外投资管理制度（2025 修订） 第一章 总则 第一条 为了规范宁波长阳科技股份有限公司（以下简称"公司"）对外投资 行为，防范投资风险，提高对外投资效益，根据《公司法》、《证券法》、《上 海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）等法律法规 的相关规定和《公司章程》，制定本制度。 第二条 本制度所称对外投资，是指公司在境内外进行的下列以盈利或保值 增值为目的的投资行为： （一）向其他企业投资，包括单独设立或与他人共同设立企业、对其他企业 增资、受让其他企业股权等权益性投资； （二）购买交易性金融资产和可供出售的金融资产、向他人提供借款（含委 托贷款）、委托理财等财务性投资，购买低风险银行理财产品的除外； （三）其他投资。 第三条 公司对外投资行为必须符合国家有关法规及产业政策，符合公司发 展战略，有利于增强公司竞争能力，有利于合理配置企业资源，创造良好经济效 益，促进公司可持续发展。 第二章 对外投资决策权限 第四条 公司应指定专门机构，负责对公司重大投资项目的可行性、投资风 险、投资回报等事宜进行专门研究和评估，监督重大投资项目的执行进展，如发 现投资项目出现 ...

宁波长阳科技股份有限公司 （一） 促进公司与投资者之间的良性关系，增进投资者对公司的进一步了 解和熟悉，进而获得投资者的认同与支持； 投资者关系管理制度（2025 年修订） 第一章 总 则 第一条 为了加强宁波长阳科技股份有限公司（以下简称"公司"）与投资者 和潜在投资者（以下合称"投资者"）之间的信息沟通，建立公司与投资者特别 是广大社会公众投资者的良好沟通平台，完善公司治理结构，切实保护投资者特 别是广大社会公众投资者的合法权益，形成公司与投资者之间长期、稳定、和谐 的良性互动关系，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司投资者关系管 理工作指引》《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"） 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法 律、法规、规范性文件和公司章程的规定，结合公司的实际情况，特制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者之间的沟通，增进投资者对公司的了解和 认同，以提升公司治理水平和企业整体 ...