Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 150 yuan [4][2]. Core Insights - The company reported a revenue of 4.464 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 25.88%. The net profit attributable to shareholders was a loss of 0.075 billion yuan, which is a narrowing of the previous loss [1]. - In Q3 2025, the company achieved a single-quarter revenue of 1.555 billion yuan, a year-on-year increase of 2.4%, while the net profit turned positive at 0.012 billion yuan, indicating a turnaround from previous losses [1]. - The company is focusing on L4 autonomous driving technology and has made significant progress in its port automation business, with a notable order for heavy-duty autonomous flatbed trucks [2]. Financial Performance Summary - The company’s revenue is projected to grow from 7.2 billion yuan in 2025 to 10.81 billion yuan in 2027, with net profits expected to rise from 0.1 billion yuan in 2025 to 4.9 billion yuan in 2027 [3][10]. - The gross margin for Q3 2025 was reported at 22.13%, with a decrease attributed to changes in revenue structure [9]. - The company’s operating efficiency is improving, with operating expenses decreasing by 18.63% year-on-year in Q3 2025 [9]. Revenue and Profit Forecast - The forecast for the company's main revenue and net profit from 2023 to 2027 is as follows: - 2023A: Revenue 4.68 billion yuan, Net Profit -0.22 billion yuan - 2024A: Revenue 5.54 billion yuan, Net Profit -0.55 billion yuan - 2025E: Revenue 7.2 billion yuan, Net Profit 0.1 billion yuan - 2026E: Revenue 9 billion yuan, Net Profit 1.8 billion yuan - 2027E: Revenue 10.81 billion yuan, Net Profit 4.9 billion yuan [3][10].

Core Viewpoint - The company has approved the conversion of a RMB 50 million interest-free loan into equity for its wholly-owned subsidiary, Tianjin Jingwei Hengrun Technology Co., Ltd., to support the implementation of the fundraising investment project "Jingwei Hengrun Tianjin New Factory" [9][12][25]. Group 1: Financial Data and Reporting - The third-quarter financial report for 2025 has been prepared and reviewed in accordance with legal and regulatory requirements, ensuring the accuracy and completeness of the information presented [22][24]. - The financial statements for the period from January to September 2025 are unaudited [3][7]. Group 2: Fundraising and Investment Projects - The company raised a total of RMB 3.63 billion from its initial public offering, with a net amount of RMB 3.49 billion after deducting issuance costs [9][10]. - The company has adjusted its fundraising investment project allocations, including a reduction of RMB 60 million from the "Jingwei Hengrun Nantong Automotive Electronics Production Base Project" to fund the new factory project [12][13]. Group 3: Corporate Governance and Compliance - The board of directors and the supervisory board have confirmed that the decisions regarding the fundraising and investment projects comply with relevant regulations and do not harm the interests of shareholders, particularly minority shareholders [16][25]. - The supervisory board has unanimously agreed to the proposal to convert the loan into equity, emphasizing the benefits for the subsidiary's financial structure and operational sustainability [26][27].

Core Insights - Beijing Jingwei Hengrun Technology Co., Ltd. reported a revenue of 4.464 billion yuan for the first three quarters of 2023, representing a year-on-year growth of 25.88% [1] - In the third quarter alone, the company achieved a revenue of 1.555 billion yuan, with a year-on-year increase of 2.4% [1] Company Overview - The company focuses on electronic systems, providing electronic products, R&D services, solutions, major assemblies, and special vehicles primarily for the automotive and intelligent transportation sectors [1] - The company has established a first-mover advantage in the intelligent driving industry through proactive planning and continuous expansion of new customers, products, and businesses [1] Industry Outlook - The intelligent driving business has significant long-term growth potential, benefiting from the standardization of the industry, technological advancements, and market expansion [1] - The company is actively involved in the development of L2 to L4 level services, positioning itself to capitalize on the growth of the intelligent driving market [1]

Group 1 - The company reported a total operating revenue of 4.464 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 25.88% [1] - The net profit attributable to shareholders of the parent company was -75.046 million yuan, which is an improvement of 333.5 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.67 yuan [1]

Group 1 - The core point of the article is that Jingwei Hengrun reported its Q3 performance, showing a revenue increase but a net loss [1] - For the first three quarters of 2025, the company's revenue was approximately 4.464 billion yuan, representing a year-on-year increase of 25.88% [1] - The net profit attributable to shareholders was a loss of approximately 75.05 million yuan, with basic earnings per share reflecting a loss of 0.67 yuan [1] Group 2 - As of the report, Jingwei Hengrun's market capitalization stands at 13.7 billion yuan [2] - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market's transformation [2]

证券代码：688326 证券简称：经纬恒润 公告编号：2025-047 北京经纬恒润科技股份有限公司 关于将募集资金借款转为对全资子公司增资以实施 募投项目的公告 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。 北京经纬恒润科技股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日 召开第二届董事会第十五次会议和第二届监事会第十二次会议，审议通过了《关 于将募集资金借款转为对全资子公司增资以实施募投项目的议案》，同意将公司 对全资子公司天津经纬恒润科技有限公司（以下简称"天津经纬"）提供的人民 币 50,000.00 万元募集资金无息借款转为对天津经纬增资以实施募集资金投资项 目（以下简称"募投项目"）"经纬恒润天津新工厂"。公司保荐机构对该事项 出具了明确的核查意见，本议案无需提交公司股东会审议。具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意北京经纬恒润科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕301 号），公司首次向社会公众 公开发行人民币普通股（A 股）股份 ...

证券代码：688326 证券简称：经纬恒润 公告编号：2025-046 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、 《公司章程》和公司内部管理制度的各项规定；公司 2025 年第三季度报告的内 容和格式符合中国证监会和上海证券交易所的各项规定，所包含的信息从各个方 面真实地反映出公司当期的经营管理和财务状况等事项；季度报告编制过程中， 未发现参与公司 2025 年第三季度报告编制和审议的人员有违反保密规定的行为； 监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、完整， 不存在任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和 完整性依法承担法律责任。 综上，监事会同意《关于公司<2025 年第三季度报告>的议案》。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 北京经纬恒润科技股份有限公司 关于第二届监事会第十二次会议决议的公告 本公司及监事会全体成员保证公告内容不存在任何虚假记载、误导性陈述 或重大遗漏，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 北京经纬恒润科技股份有限公司（以下简称"公司"）监事 ...

中信证券股份有限公司 关于北京经纬恒润科技股份有限公司 将募集资金借款转为对全资子公司增资 以实施募投项目的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为北京 经纬恒润科技股份有限公司（以下简称"经纬恒润"或"公司"）首次公开发行 股票并在科创板上市及进行持续督导的保荐机构，根据《中华人民共和国公司法》 《中华人民共和国证券法》《首次公开发行股票注册管理办法》《证券发行上市 保荐业务管理办法》《上海证券交易所科创板股票上市规则》等有关法律法规的 规定，中信证券对公司本次将募集资金借款转为对全资子公司天津经纬恒润科技 有限公司（以下简称"天津经纬"）增资以实施募投项目的事项进行了认真、审 慎的核查，具体情况如下： 一、募集资金基本情况 三、本次增资情况概述 经中国证券监督管理委员会《关于同意北京经纬恒润科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕301 号），公司首次向社会公众 公开发行人民币普通股（A 股）股份 3,000.00 万股，每股发行价格 121.00 元，共 募集资金人民币 3,630,000,000.00 元，扣除不含税发行费用人民币 141,9 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,555,430,609.51, representing a year-over-year increase of 2.40%[2] - The total profit for the period was ¥6,668,016.63, while the net profit attributable to shareholders was ¥11,918,415.04, showing significant improvement compared to a net loss of ¥75,046,008.44 year-to-date[2] - The basic and diluted earnings per share for the quarter were both ¥0.11, a recovery from a loss of ¥0.67 year-to-date[2] - Total operating revenue for the first three quarters of 2025 reached ¥4,463,802,946.49, an increase of 26% compared to ¥3,546,024,524.10 in the same period of 2024[17] - The net loss for the first three quarters of 2025 was ¥73,585,467.05, an improvement from a net loss of ¥407,313,181.09 in the same period of 2024[18] - The total comprehensive loss for the first three quarters of 2025 was ¥74,382,985.99, compared to a loss of ¥406,827,023.05 in 2024, showing a significant improvement[18] - The basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.67, compared to -¥3.56 in the same period of 2024[18] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥313,070,704.77, indicating ongoing challenges in cash generation[2] - Cash inflow from operating activities for the first three quarters of 2025 was approximately $4.47 billion, up from $3.03 billion in the same period of 2024, representing a year-over-year increase of about 47.9%[20] - The net cash flow from operating activities was negative $313.07 million in 2025, an improvement compared to negative $874.72 million in 2024[20] - Cash inflow from investment activities increased to approximately $1.33 billion in 2025 from $723.31 million in 2024, marking an increase of about 84.4%[22] - The net cash flow from investment activities was negative $676.50 million in 2025, compared to negative $941.59 million in 2024, indicating a reduced cash outflow[22] - Cash inflow from financing activities rose to approximately $1.11 billion in 2025, up from $631.11 million in 2024, reflecting an increase of about 76%[22] - The net cash flow from financing activities was positive $293.21 million in 2025, contrasting with a negative $1.05 million in 2024[22] - The ending cash and cash equivalents balance for 2025 was approximately $670.01 million, down from $1.38 billion in 2024[22] - The total cash outflow from operating activities was approximately $4.79 billion in 2025, compared to $3.90 billion in 2024, indicating an increase of about 22.7%[20] - The company reported a cash inflow of $68.27 million from tax refunds in 2025, compared to $54.90 million in 2024, showing an increase of about 24.3%[20] Assets and Liabilities - Total assets increased to ¥9,705,296,037.48, reflecting a growth of 3.17% compared to the end of the previous year[3] - Current assets decreased to ¥5,574,861,243.38 from ¥5,839,257,413.18, representing a decline of about 4.53%[12] - Cash and cash equivalents were reported at ¥740,910,978.84, down from ¥1,505,689,965.94, indicating a significant decrease of approximately 50.8%[11] - Accounts receivable totaled ¥1,702,396,513.15, a decrease from ¥1,830,447,902.79, which is a reduction of about 7%[11] - Inventory increased to ¥1,898,630,474.88 from ¥1,482,217,071.41, marking a growth of approximately 28.14%[12] - The company's total liabilities increased to ¥5,641,874,498.07 in 2025 from ¥5,131,028,389.81 in 2024, marking an increase of about 9.9%[15] - The total liabilities increased to ¥5,574,861,243.38, compared to the previous period, indicating a rise in financial obligations[12] - The total equity attributable to shareholders decreased to ¥3,942,144,927.20 in 2025 from ¥4,183,518,680.54 in 2024, a decline of approximately 5.8%[15] Research and Development - Research and development expenses totaled ¥258,504,172.92 for the quarter, accounting for 16.62% of operating revenue, a decrease of 3.9 percentage points year-over-year[3] - The company experienced a reduction in R&D investment by 15.71% year-to-date, totaling ¥797,128,467.79[2] - Research and development expenses for the first three quarters of 2025 were ¥632,830,758.16, down from ¥791,038,271.11 in 2024, indicating a reduction of about 20%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 6,719, with no preferred shareholders[9] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities during the reporting period[11]

Core Viewpoint - As of October 21, a total of 82 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Jianyou Co., which has seen net buying for 12 consecutive trading days [1] - Other notable stocks with significant net buying days include Jingwei Hengrun, Yongmaotai, Baihe Co., ST Chuangyi, Zhongwen Media, Renfu Pharmaceutical, Ruimaite, and Chenguang Co. [1]