Core Viewpoint - Jinbo Co., Ltd. has experienced a significant stock price increase of 46.11% year-to-date, despite recent declines in the short term, indicating volatility in market performance [2]. Financial Performance - For the period from January to September 2025, Jinbo Co., Ltd. achieved a revenue of 618 million yuan, representing a year-on-year growth of 40.34%. However, the net profit attributable to shareholders was -276 million yuan, a decrease of 88.84% compared to the previous year [2]. - The company has distributed a total of 104 million yuan in dividends since its A-share listing, with 23.52 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 5, the stock price of Jinbo Co., Ltd. was 30.77 yuan per share, with a market capitalization of 6.387 billion yuan. The stock saw a trading volume of 82.3363 million yuan and a turnover rate of 1.34% [1]. - The stock has seen a recent net inflow of 472,600 yuan from main funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 7.13% to 14,300, while the average circulating shares per person decreased by 6.66% to 14,262 shares [2]. - The top ten circulating shareholders include notable entities such as Invesco Great Wall New Energy Industry Fund and Hong Kong Central Clearing Limited, with some shareholders reducing their holdings [3].

Macro Overview - 2025 is characterized as a turning point for China's macroeconomic landscape, with expectations for a brighter macroeconomic outlook in 2026 [2] - The U.S. economy is experiencing a dual-speed growth pattern, with rapid expansion in AI-related investments and slightly below-trend growth in traditional sectors [2][3] Investment Strategy - The profit cycle is expected to rebound due to approaching turning points in capacity and inventory cycles, with positive signals from the real estate cycle and overseas expansion [3] - Relative valuations in the Chinese market still have room for improvement, making Chinese assets attractive [3] - The market style is anticipated to rebalance rather than switch, focusing on seven key investment themes including policy, technology, real estate, and capital market reforms [3][4] Fixed Income Market - The global investment landscape is expected to see a shift with a focus on domestic demand and technology, leading to a potential recovery in nominal GDP growth [6] - The bond market is likely to exhibit characteristics of low interest rates and high volatility, with a projected yield range for ten-year government bonds between 2.0% and 2.1% [6] Equity Market Insights - The insurance sector is shifting towards dividend insurance products, with positive sales trends expected to continue into 2026 [8] - The securities market is undergoing a transformation, with low interest rates enhancing the attractiveness of equity assets and sustainable inflows of new capital [9] Company-Specific Analysis - Xinquan Co., Ltd. reported Q3 revenue of 3.954 billion yuan, a year-on-year increase of 14.91%, but net profit decreased by 27.10% due to competitive pressures [10] - Jifeng Co., Ltd. achieved Q3 revenue of 5.608 billion yuan, with a net profit increase of 116.62% year-on-year, indicating strong order backlog and production ramp-up [11] - Guobo Electronics reported Q3 revenue of 498 million yuan, with a focus on mobile terminal expansion and military product recovery [12] - Icewheel Environment's Q3 revenue grew by 6.88% year-on-year, supported by recovery in commercial cold chain and new applications in data centers [13] - Changfei Optical Fiber's Q3 revenue increased by 16.27% year-on-year, driven by AI data communication demand [14] Sector Performance - The traditional energy sector, represented by Gansu Energy, showed a revenue increase of 1.33% year-on-year in Q3, benefiting from strong profitability in hydropower [26] - The pump manufacturing sector, led by Southern Pump, is expanding into new applications such as liquid cooling and data centers, with Q3 revenue showing a slight decline but net profit growth [27]

Core Insights - The functional carbon-based materials industry in China is experiencing significant growth due to increasing applications across various sectors and expanding downstream market demand. The market size is projected to grow from 7.992 billion yuan in 2019 to 23.952 billion yuan by 2024, with a compound annual growth rate (CAGR) of 24.55% [1][8]. Industry Overview - Carbon-based materials, primarily composed of carbon elements, exhibit unique physical and chemical properties, making them suitable for high-tech applications. Key types include carbon quantum dots, fullerenes, carbon fibers, carbon nanotubes, carbon nanowires, and graphene, which are essential for upgrading the new materials industry [4][8]. Market Applications - Functional carbon-based materials are widely used in high-end fields such as aerospace (rocket engine nozzles, space shuttle components), automotive (brake discs), medicine, electronics, and photovoltaic power generation. These applications are characterized by high growth rates and strong drivers for market expansion [1][8]. Industry Policies - The functional carbon-based materials industry in China is still in its early stages of industrialization, facing international trade and technological barriers. Recent government policies aim to guide and support the industry's healthy development, including the inclusion of carbon-based materials in encouraged projects [6][7]. Industry Chain - The industry chain consists of upstream raw materials (coal, oil, methane, etc.), midstream production processes, and downstream applications across various sectors such as photovoltaics, wind power, semiconductors, and aerospace [7][8]. Competitive Landscape - The global market for functional carbon-based materials is characterized by both international and domestic competition. International giants like SGL Group and Morgan Advanced Materials dominate the high-end market, while domestic companies such as Chujiang New Materials and Guangwei Composite Materials are rapidly emerging through innovation and market expansion [9][10]. Development Trends - The industry is shifting focus from scale to performance breakthroughs, emphasizing the design and synthesis of precursor structures to develop materials with superior properties. Future trends include precision applications tailored to specific markets, such as renewable energy and biomedical fields, and a transition towards green manufacturing and recycling practices [11][12][13].

Core Viewpoint - Jinbo Co., Ltd. (688598.SH) reported a significant increase in revenue for the first three quarters of 2025, but also experienced a larger net loss compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 618 million yuan, representing a year-on-year growth of 40.34% [1] - The net profit attributable to shareholders of the parent company was -276 million yuan, which is a deterioration of 130 million yuan compared to the same period last year [1] - The basic earnings per share stood at -1.35 yuan [1]

Core Viewpoint - Jinbo Co., Ltd. (688598.SH) reported a significant increase in revenue for the first three quarters of 2025, but also experienced a larger net loss compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 618 million yuan, representing a year-on-year growth of 40.34% [1] - The net profit attributable to shareholders of the parent company was -276 million yuan, which is a deterioration of 130 million yuan compared to the same period last year [1] - The basic earnings per share stood at -1.35 yuan [1]

湖南金博碳素股份有限公司（以下简称"公司"、"本公司"）于 2025 年 10 月 29 日召开第四届董事会第八次会议，审议通过了《关于变更注册资本及 修订<公司章程>的议案》，该事项已经公司 2025 年第三次临时股东大会授权董 事会办理，无需提交公司股东会审议。现将有关情况公告如下： 一、变更注册资本情况 2025 年 8 月 28 日，公司召开第四届董事会第六次会议审议通过了《关于 调整 2025 年限制性股票激励计划有关事项的议案》《关于 2025 年向激励对象 授予限制性股票的议案》，相关事项已经公司董事会薪酬与考核委员会和监事 会审议通过。具体情况详见公司于 2025 年 8 月 29 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于 2025 年向激励对象授予限制性股票的公告》 （公告编号：2025-057）。 证券代码：688598 证券简称：金博股份 公告编号：2025-067 湖南金博碳素股份有限公司 关于变更注册资本及修订《公司章程》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 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥207,439,901.47, representing a year-on-year increase of 113.14%[3] - The total profit for the period was -¥107,353,359.18, with a net profit attributable to shareholders of -¥107,765,629.26[3] - The net loss for the first three quarters of 2025 was ¥273,678,463.30, compared to a net loss of ¥144,994,237.85 in the same period of 2024, indicating a worsening financial performance[19] - The operating profit for the first three quarters of 2025 was a loss of ¥260,838,083.22, compared to a loss of ¥177,085,304.02 in the first three quarters of 2024, indicating a worsening performance[29] - The net profit for the first three quarters of 2025 was a loss of ¥265,490,753.22, compared to a loss of ¥142,376,704.68 in the same period of 2024, reflecting a decline in profitability[29] Research and Development - Research and development expenses amounted to ¥35,677,255.92, an increase of 152.29% compared to the same period last year, accounting for 17.20% of operating revenue[4] - Research and development expenses for the first three quarters of 2025 were ¥87,823,082.88, compared to ¥78,363,239.28 in the same period of 2024, reflecting a 12.5% increase[18] - The company's research and development expenses for the first three quarters of 2025 were ¥74,967,299.01, an increase from ¥67,556,457.38 in the same period of 2024, indicating a focus on innovation[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,046,617,019.22, a decrease of 3.18% from the previous year[4] - The company's total assets decreased from ¥6,245,319,377.69 as of December 31, 2024, to ¥6,046,617,019.22 as of September 30, 2025[16] - The total current assets as of September 30, 2025, amounted to ¥2,267,287,706.79, a decrease from ¥2,408,977,206.66 as of December 31, 2024, representing a decline of approximately 5.85%[14] - The total liabilities increased slightly from ¥1,061,155,694.14 at the end of 2024 to ¥1,071,533,330.33 by September 30, 2025[16] - The company's equity attributable to shareholders decreased from ¥5,177,859,035.17 at the end of 2024 to ¥4,967,859,861.46 by September 30, 2025[16] Cash Flow - The company reported a net cash flow from operating activities of -¥178,529,984.99 for the year-to-date period[3] - The net cash flow from operating activities for the first three quarters of 2025 was negative at ¥182,497,802.70, contrasting with a positive cash flow of ¥289,569.61 in the first three quarters of 2024[32] - The net cash flow from investment activities for the first three quarters of 2025 was positive at ¥121,600,364.10, compared to a negative cash flow of ¥10,113,161.26 in the same period of 2024[32] - The net cash flow from financing activities for the first three quarters of 2025 was ¥120,448,457.33, a recovery from a negative cash flow of ¥147,508,959.49 in the first three quarters of 2024[33] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,314[9] - The company's total liabilities increased slightly to 1,024,730,516.33 RMB in 2025 from 1,013,094,015.71 RMB in 2024[26] - The total equity increased slightly to 4,612,365,177.27 RMB in 2025 from 4,611,714,882.37 RMB in 2024[26] Operational Challenges - The company experienced a decrease in revenue from the photovoltaic sector, leading to lower capacity utilization rates[7] - The company has not reported any new product developments or market expansions during this period[12] - There are no significant mergers or acquisitions noted in the latest financial report[12] - The company has not provided any specific future guidance or performance outlook in the conference call[12]

湖南金博碳素股份有限公司 章程 第一章 总则 第一条 为维护湖南金博碳素股份有限公司（以下简称"公司"）、股东、 职工和债权人的合法权益，规范公司的组织和行为，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》"）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。公司 由湖南金博复合材料科技有限公司整体变更发起设立，在益阳市市场监督管理局 注册登记，取得营业执照，营业执照号为 91430900774485857L。 第三条 公司于 2020 年 4 月 15 日经中国证券监督管理委员会同意，首次向 公众发行人民币普通股 2,000 万股，并于 2020 年 5 月 18 日在上海证券交易所（以 下简称"上交所"）科创板上市。 第四条 公司注册名称： 中文名称：湖南金博碳素股份有限公司 英文名称：KBC Corporation，Ltd. 二零二五年十月 | 第一章 | 总则 2 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股份 3 | | | 第一节 ...

Core Viewpoint - Jinbo Co., Ltd. has completed the stock grant registration for its 2025 restricted stock incentive plan on October 17, 2025, indicating a strategic move to incentivize employees and align their interests with shareholders [1] Summary by Categories Stock Grant Details - The first category of restricted stock has a registration date of October 17, 2025 [1] - A total of 3.9975 million shares have been registered, with 582,300 shares sourced from the company's repurchase of its own A-shares in the secondary market and 3.4152 million shares issued to incentive targets [1]

证券代码：688598 证券简称：金博股份 公告编号：2025-066 湖南金博碳素股份有限公司 关于 2025 年限制性股票激励计划授予结果公告 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： 第一类限制性股票登记日：2025 年 10 月 17 日 第一类限制性股票登记数量：399.75 万股，其中 58.23 万股来源于湖 南金博碳素股份有限公司（以下简称"公司"或"本公司"）从二级市场回 购的本公司 A 股普通股股票，341.52 万股来源于公司向激励对象定向发行的 本公司 A 股普通股股票。 根据中国证券监督管理委员会《上市公司股权激励管理办法》、上海证券 交易所、中国证券登记结算有限责任公司上海分公司（以下简称"中国结算上 海分公司"）的有关规定，公司已于 2025 年 10 月 17 日在中国结算上海分公 司办理完成公司 2025 年限制性股票激励计划（以下简称"本激励计划"）的 股票授予登记工作，现将相关事项公告如下： 一、限制性股票授予情况 （一）限制性股票的授予情况 2025 年 8 月 ...