Group 1 - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or omissions [2][8] - The company reported a total impairment loss of 66,003,255.98 yuan for the first three quarters of 2025, which includes credit impairment losses of 61,920,426.93 yuan and inventory write-down losses of 4,082,829.05 yuan [10][11][14] - The impairment provisions are in accordance with the relevant accounting standards and reflect the company's financial status and operational results as of September 30, 2025 [15] Group 2 - The company plans to hold its third extraordinary general meeting on November 12, 2025, with both on-site and online voting options available for shareholders [18][19] - The company has proposed to change its auditing firm from Lixin to Rongcheng for the 2025 fiscal year, with the change being communicated and agreed upon by both firms [32][33][48] - Rongcheng has a strong background in providing audit services, with a total revenue of 251,025.80 million yuan for 2024, and has audited 518 listed companies [36]

Core Insights - The company reported a revenue of 10.641 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.29% [1] - The net profit attributable to shareholders decreased to 239 million yuan, reflecting a year-on-year decline of 43.24% [1] - The net profit after deducting non-recurring gains and losses was 271 million yuan, down 37.42% year-on-year [1] - The basic earnings per share stood at 0.99 yuan [1]

Core Viewpoint - Juhe Materials (688503.SH) reported a year-on-year revenue growth of 8.29% for the first three quarters of 2025, reaching a total revenue of 10.641 billion yuan, while the net profit attributable to shareholders decreased by 43.24% to 239 million yuan [1] Financial Performance - Total revenue for the first three quarters of 2025 was 10.641 billion yuan, reflecting an increase of 8.29% compared to the previous year [1] - Net profit attributable to shareholders was 239 million yuan, which represents a decline of 43.24% year-on-year [1] - Basic earnings per share stood at 0.99 yuan [1]

Group 1 - The company, Juhe Materials, announced a provision for credit impairment losses and asset impairment losses totaling approximately 66 million yuan for the first three quarters of 2025, which will reduce the total profit by the same amount [1][1][1] - For the year 2024, the revenue composition of Juhe Materials shows that electronic specialty materials account for 99.22%, while other businesses account for 0.78% [1][1][1] - As of the report date, the market capitalization of Juhe Materials is 15.8 billion yuan [1][1][1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥4,205,552,783.52, representing a year-on-year increase of 37.38%[3] - The total profit for the period was ¥56,750,946.67, showing a significant decline of 57.21% compared to the same period last year[3] - The net profit attributable to shareholders was ¥58,347,206.50, down 52.21% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥114,467,326.04, an increase of 11.60% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2025 reached ¥10,640,947,136.73, an increase of 8.3% compared to ¥9,826,222,165.03 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was ¥234,062,105.36, a decrease of 44.2% from ¥420,498,033.10 in the same period of 2024[19] - The company's operating profit for the first three quarters of 2025 was ¥261,361,985.00, down from ¥471,679,128.80 in 2024, indicating a decline of 44.5%[18] - The basic earnings per share for the first three quarters of 2025 was ¥0.99, down from ¥1.77 in the same period of 2024[19] Assets and Liabilities - The company's total assets increased by 48.24% to ¥11,823,558,123.56 compared to the end of the previous year[4] - The total assets of the company amounted to ¥11,823,558,123.56, compared to ¥7,976,006,951.92 in the previous year, showing a significant increase of 48.1%[15] - Total liabilities increased to ¥6,983,944,827.13 from ¥3,333,701,000.79, representing a growth of 109.7% year-on-year[15] - The company's total current liabilities rose to 7,028,150,258.90 RMB in 2025, up from 3,541,072,153.48 RMB in 2024, indicating a significant increase in short-term obligations[26] - The total liabilities increased to ¥7,049,102,480.31 in 2025 from ¥3,564,720,239.85 in 2024, indicating a significant rise in the company's debt levels[27] Cash Flow - The net cash flow from operating activities for the year-to-date was negative at -¥3,450,159,831.34[3] - In the first three quarters of 2025, the company's operating cash flow was negative at -3,450,159,831.34 RMB, compared to -797,975,376.03 RMB in the same period of 2024, indicating a significant decline in cash flow performance[22][23] - Total cash inflow from operating activities decreased to 8,536,531,730.48 RMB in 2025 from 10,428,031,580.36 RMB in 2024, reflecting a year-over-year decline of approximately 18.1%[22] - The cash flow from operating activities showed a net outflow of ¥1,237,914,317.55 in 2025, compared to a smaller outflow of ¥47,512,175.34 in 2024[32] Shareholder Information - The total number of ordinary shares outstanding at the end of the reporting period was 25,856,000 shares[11] - The top shareholder, Liu Haidong, holds 11.20% of the shares, with a total of 27,115,728 shares[11] - The company’s repurchase account held 10,550,334 shares, accounting for 4.36% of the total shares outstanding[12] - There were no significant changes in the ownership structure or related party transactions reported during the period[12] Research and Development - Research and development expenses totaled ¥216,428,091.21, a decrease of 2.17% year-on-year, accounting for 5.15% of operating revenue[4] - Research and development expenses for the first three quarters of 2025 totaled ¥192,201,761.94, a decrease of 18.1% compared to ¥234,815,278.73 in 2024[18] - The company reported a decrease in research and development expenses to ¥145,057,899.51 in 2025 from ¥203,308,428.46 in 2024, reflecting a 28.6% reduction[28] Market Conditions - The decline in profits is attributed to increased competition in the photovoltaic industry and a general decline in industry chain prices[8] - The company is focused on expanding its market presence and developing new products, although specific details were not disclosed in the call[12] Financial Position - The company's equity attributable to shareholders reached ¥4,846,671,496.81, up from ¥4,644,421,160.13, marking an increase of 4.4%[15] - The total equity increased to ¥5,024,959,403.48 in 2025 from ¥4,804,554,244.00 in 2024, showing a growth of 4.6%[27] Investment Activities - The total cash outflow from investing activities was 1,283,039,468.15 RMB in 2025, down from 3,996,323,874.16 RMB in 2024, indicating a reduction in investment expenditures[23] - The company received 24,109,449.00 RMB from investment in 2025, a notable increase from 1,000,000.00 RMB in 2024, highlighting enhanced investment activities[23]

证券代码：688503 证券简称：聚和材料 公告编号：2025-048 常州聚和新材料股份有限公司 关于2025年前三季度计提减值准备的公告 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、计提减值准备情况概述 根据《企业会计准则》《上海证券交易所科创板股票上市规则》的相关规定， 为了更加真实、公允反映常州聚和新材料股份有限公司（以下简称"公司"）截 至2025年9月30日的资产及经营状况，基于谨慎性原则，公司对存在减值迹象的 相关资产计提相应的减值准备。 经测算，2025年前三季度公司计提减值损失66,003,255.98元，具体情况如 下： 单位：元 币别：人民币 | 项目 | 计提减值金额 | 备注 | | --- | --- | --- | | 信用减值损失 | 61,920,426.93 | 含应收账款、其他应收款、应收票据的减值 | | 资产减值损失 | 4,082,829.05 | 存货跌价损失 | | 合计 | 66,003,255.98 | | 1 资产负债表日，存货应当按照成本与可变现净值孰低计量。 ...

证券代码：688503 证券简称：聚和材料 公告编号：2025-046 常州聚和新材料股份有限公司 关于变更2025年度审计机构的公告 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： 拟聘任的会计师事务所名称：容诚会计师事务所（特殊普通合伙）（以 下简称"容诚"）。 1 2.人员信息 原聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙）（以 下简称"立信"）。 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于常州聚和 新材料股份有限公司（以下简称"公司"）原聘任的立信已连续多年为公司提 供年度审计服务，根据《国有企业、上市公司选聘会计师事务所管理办法》以 及公司《会计师事务所选聘制度》等相关规定，综合考虑公司业务发展、审计 工作需求等情况，公司拟改聘容诚为公司2025年度审计机构。公司已就变更会 计师事务所事项与立信进行了沟通，立信对变更事宜无异议。 本事项尚需提交股东会审议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务 ...

证券代码：688503 证券简称：聚和材料 公告编号：2025-047 常州聚和新材料股份有限公司 关于召开2025年第三次临时股东会的通知 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） 股东会类型和届次 2025年第三次临时股东会 召开日期时间：2025 年 11 月 12 日 14 点 30 分 召开地点：常州市新北区浏阳河路 66 号公司会议室 （五） 网络投票的系统、起止日期和投票时间。 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《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》 等有关规定执行。 （七） 涉及公开征集股东投票权 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 12 日 至2025 年 11 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00 ...

Group 1 - The core point of the article is that Juhe Materials reported a revenue of 4.206 billion yuan for the third quarter, representing a year-on-year increase of 37.38%, while net profit decreased by 52.21% [1] - For the first three quarters, the company achieved a revenue of 10.641 billion yuan, which is an 8.29% year-on-year growth, but net profit fell by 43.24% to 239 million yuan [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Views - The main sectors are experiencing sustained prosperity, with energy storage demand exceeding expectations, optimistic guidance for wind energy, and a critical window for photovoltaic (PV) sector recovery [15][16] Summary by Sections 1. Photovoltaic - The "14th Five-Year Plan" emphasizes the need to address "involution" in competition, with ongoing consolidation in silicon material and energy consumption standards expected to support price stability [20][37] - Major companies like Tongwei Co. and GCL-Poly Energy are showing signs of recovery in Q3 profits, with Tongwei's revenue at CNY 24.09 billion, down 1.57% year-on-year, and GCL-Poly turning a profit of CNY 0.96 billion in Q3 [21][40] - The report recommends stocks benefiting from the anti-involution trend, including Tongwei Co., GCL-Poly, and LONGi Green Energy [15][39] 2. Energy Storage - The energy storage sector is entering a phase of increased volume and profitability, with a total of 3.45 GW/7.425 GWh of new projects announced in Sichuan [44] - The report highlights the positive outlook for large-scale storage systems and recommends leading companies like CATL and Aiko Solar [15][42] - The demand for household storage remains stable, with expectations for growth in overseas commercial storage markets [15][42] 3. Lithium Battery - The lithium battery sector is seeing an upward adjustment in demand expectations, with a focus on stable companies with price elasticity in battery and anode segments [15][16] - Key recommendations include CATL, EVE Energy, and companies involved in solid-state battery technologies [15][39] 4. Wind Energy - The wind energy sector is entering a new cycle of prosperity, with a focus on turbine and component leaders [15][16] - Companies like Goldwind and Mingyang Smart Energy are highlighted for their recovery in profitability and export potential [15][39] 5. Power Equipment - The report notes the approval of new ultra-high voltage projects and the growth of digitalization in the power grid, with recommendations for companies like Sifang Co. and XJ Electric [15][39] - The sector is expected to benefit from ongoing technological advancements and project approvals [15][39] 6. New Directions - The report emphasizes the potential in AIDC and robotics sectors, with companies like Sihai Technology and Megmeet Electric highlighted for their growth prospects [15][39] - The focus is on technological advancements and market opportunities in these emerging fields [15][39]