证券代码：688636 证券简称：智明达 公告编号：2025-066 "成都智明达电子股份有限公司向特定对象发行股票申请符合发行条件、上 市条件和信息披露要求。本所将在收到你公司申请文件后提交中国证监会注册。" 公司本次以简易程序向特定对象发行股票事项尚需获得中国证券监督管理 委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施，最终能否 获得中国证监会同意注册的决定及其时间尚存在不确定性。公司将根据该事项的 进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 成都智明达电子股份有限公司董事会 2025 年 10 月 29 日 关于以简易程序向特定对象发行股票申请获得 上海证券交易所审核通过的公告 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。 成都智明达电子股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日 收到上海证券交易所（以下简称"上交所"）出具的《关于成都智明达电子股份 有限公司向特定对象发行股票的交易所审核意见》，具体审核意见如下： 成都智明达电子股份有限公司 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant revenue growth, with total revenue for the first three quarters of 2025 reaching 512 million yuan, a year-on-year increase of 145.16%. The net profit attributable to shareholders was 81.99 million yuan, reflecting a substantial year-on-year growth of 995.37% [1][8] - The strong performance is attributed to an accelerated order delivery schedule and an increase in the proportion of high-margin products. The gross profit margin stands at 47.98%, slightly down from 49.74% in the same period last year, indicating robust core business profitability [8] - The company has successfully turned around from a loss in the same period last year, with a net profit margin of 16.03%, showcasing improved cost control and operational efficiency [8] Financial Summary - Revenue Forecast: The company is projected to achieve total revenues of 682.44 million yuan in 2025, 913.23 million yuan in 2026, and 1,203.33 million yuan in 2027, with year-on-year growth rates of 55.83%, 33.82%, and 31.77% respectively [1][9] - Net Profit Forecast: The net profit attributable to shareholders is expected to be 111.17 million yuan in 2025, 141.77 million yuan in 2026, and 164.56 million yuan in 2027, with growth rates of 471.42%, 27.53%, and 16.07% respectively [1][9] - Earnings Per Share (EPS): The latest diluted EPS is projected to be 0.66 yuan in 2025, 0.85 yuan in 2026, and 0.98 yuan in 2027 [1][9] - Valuation Metrics: The price-to-earnings (P/E) ratios are expected to be 56.35 in 2025, 44.18 in 2026, and 38.07 in 2027 [1][9] Operational Efficiency - The company's asset-liability ratio is reported at 35.79%, indicating a manageable level of debt. The company has increased short-term borrowings significantly, but has eliminated long-term debt, reflecting a proactive adjustment of its debt structure [8] - The cash flow from operating activities for the first three quarters of 2025 was -29 million yuan, primarily due to an increase in accounts receivable and inventory, which is typical during a business expansion phase [8]

Group 1: Overseas Policy Insights - The recent China-US trade talks in Malaysia focused on key issues such as agricultural trade and fentanyl tariffs, indicating a constructive dialogue between the two nations [6][7] - The timing of these discussions before the APEC meeting is strategically significant, providing an opportunity for both sides to align their positions ahead of high-level meetings [6][7] Group 2: Company Analysis - iFLYTEK (科大讯飞) - iFLYTEK's Q3 performance showed a revenue of 60.78 billion yuan, a year-on-year increase of 10.02%, with a net profit of 1.72 billion yuan, up 202.40% [10] - The company is expected to achieve revenues of 277.48 billion, 329.06 billion, and 388.76 billion yuan from 2025 to 2027, with net profits projected at 10.09 billion, 12.97 billion, and 15.34 billion yuan respectively [12] Group 3: Company Analysis - Glodon (广联达) - Glodon reported a Q3 revenue of 14.86 billion yuan, a year-on-year increase of 4%, marking a return to growth [14] - The company anticipates revenues of 62.52 billion, 64.47 billion, and 66.71 billion yuan from 2025 to 2027, with net profits expected to be 4.83 billion, 6.14 billion, and 7.18 billion yuan respectively [15] Group 4: Company Analysis - Jinhui Liquor (金徽酒) - Jinhui Liquor's Q3 revenue was 5.46 billion yuan, down 4.89% year-on-year, with a net profit of 0.25 billion yuan, a decrease of 33.02% [17] - The company is focusing on enhancing its market share in the northwest region and improving its product structure [19] Group 5: Company Analysis - Great Wall Motors (长城汽车) - Great Wall Motors achieved a Q3 revenue of 612 billion yuan, a year-on-year increase of 21%, with a net profit of 23 billion yuan, down 31% [21][22] - The company expects to see significant growth in revenue from 2024 to 2026, with projections of 2371 billion, 3033 billion, and 3514 billion yuan respectively [24] Group 6: Company Analysis - Chifeng Gold (赤峰黄金) - Chifeng Gold reported a Q3 revenue of 33.72 billion yuan, a year-on-year increase of 66.39%, with a net profit of 9.51 billion yuan, up 140.98% [27] - The company anticipates EPS of 1.58, 1.89, and 2.22 yuan from 2025 to 2027, maintaining a "buy" rating [28] Group 7: Company Analysis - Beijing Blue Valley (北汽蓝谷) - Beijing Blue Valley's Q3 revenue was 59 billion yuan, with a net profit of -11.2 billion yuan [30] - The company is focusing on enhancing its brand value and product competitiveness through collaboration with Huawei [32] Group 8: Company Analysis - Nanjing Steel (南钢股份) - Nanjing Steel reported a Q3 revenue of 143.39 billion yuan, a year-on-year decrease of 8.16%, but a net profit increase of 40.02% [35] - The company is expanding its overseas operations, particularly in Indonesia, to enhance its production capabilities [35] Group 9: Company Analysis - Weisheng Information (威胜信息) - Weisheng Information achieved a revenue of 21.12 billion yuan in the first three quarters, a year-on-year increase of 8.80% [38] - The company maintains a healthy financial position with a strong order backlog, supporting future growth [39] Group 10: Company Analysis - CITIC Securities (中信证券) - CITIC Securities reported a revenue of 558.15 billion yuan and a net profit of 231.59 billion yuan for the first three quarters, reflecting a year-on-year increase of 32.7% and 37.9% respectively [42] - The company is expected to continue its growth trajectory, with projected net profits of 305.94 billion, 320.60 billion, and 343.46 billion yuan from 2025 to 2027 [44] Group 11: Company Analysis - Wens Foodstuffs (温氏股份) - Wens Foodstuffs reported a revenue of 757.88 billion yuan and a net profit of 52.56 billion yuan for the first three quarters, reflecting a slight decrease [46] - The company is adjusting its profit forecasts due to the low prices of live pigs impacting its performance [48] Group 12: Company Analysis - Huaxin Cement (华新水泥) - Huaxin Cement achieved a revenue of 250.33 billion yuan in the first three quarters, a year-on-year increase of 1.27%, with a net profit of 20.04 billion yuan, up 76.01% [50] - The company is focusing on overseas expansion to enhance its revenue potential [51]

Core Viewpoint - The stock of Zhimin Da has shown significant growth, with a year-to-date increase of 99.32%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Zhimin Da achieved a revenue of 512 million yuan, representing a year-on-year growth of 145.16% [2]. - The net profit attributable to shareholders for the same period was 81.99 million yuan, reflecting a remarkable year-on-year increase of 995.37% [2]. Stock Market Activity - As of October 27, the stock price of Zhimin Da was 37.40 yuan per share, with a market capitalization of 6.269 billion yuan [1]. - The stock experienced a trading volume of 121 million yuan, with a turnover rate of 1.95% [1]. - The net inflow of main funds was 2.2413 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, the number of shareholders increased to 9,837, up by 85.39% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 46.06% to 17,040 shares [2]. Dividend Distribution - Zhimin Da has distributed a total of 52.5689 million yuan in dividends since its A-share listing, with 31.7847 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, notable institutional shareholders include Guangfa Small and Medium Cap Selected Mixed A and Guangfa Technology Power Stock, with new entries in the top ten shareholders [3].

Core Viewpoint - The company Zhimin Da (688636) has shown significant growth in stock price and financial performance, indicating a positive trend in its operations and market perception [1][3]. Stock Performance - As of October 24, 2025, Zhimin Da's stock closed at 36.66 yuan, up 10.42% from the previous week [1]. - The stock reached a peak price of 36.73 yuan and a low of 32.09 yuan during the week [1]. - The current market capitalization is 6.145 billion yuan, ranking 44th in the military electronics sector and 2808th in the A-share market [1]. Shareholder Changes - As of September 30, 2025, the number of shareholders increased to 9,837, representing an 85.39% rise since June 30 [2]. - The average number of shares held per shareholder decreased from 31,600 shares to 17,000 shares, with an average market value of 585,900 yuan per shareholder [2]. Financial Performance - In Q3 2025, the company reported revenue of 216,797,111.99 yuan, a year-on-year increase of 340.71% [3]. - The net profit attributable to shareholders was 43,689,068.03 yuan, a turnaround from a loss of 10,860,453.49 yuan in the same period last year [3]. - Year-to-date revenue reached 511,553,487.28 yuan, up 145.16%, with a net profit of 81,987,113.36 yuan, indicating a return to profitability [3]. - R&D expenditure as a percentage of revenue decreased to 10.84% due to substantial revenue growth [3]. - The net cash flow from operating activities was -29,383,312.40 yuan, a decrease of 194.68% year-on-year, attributed to reduced collections and increased tax payments [3]. Company Announcements - On October 24, 2025, the company disclosed its Q3 2025 report and approved the nomination of candidates for the fourth board of directors [4]. - A temporary shareholders' meeting is scheduled for November 17, 2025 [4]. - The company’s application for a simplified stock issuance to specific investors has been accepted by the Shanghai Stock Exchange, pending regulatory approval [4]. - A new subsidiary, Chengdu Zhihui Xintu Technology Co., Ltd., was registered on October 15, 2025, focusing on AI software development and intelligent robotics [4].

Core Viewpoint - The company, Zhimin Da, is focusing on high-reliability embedded computing solutions and has reported significant growth in revenue and profit for the first three quarters of 2025, driven by increased product orders and strategic expansion into emerging markets [2][3]. Group 1: Business Operations - Zhimin Da will not transfer its existing business to the new subsidiary, Chengdu Zhiwei Xintu Technology Co., Ltd., which has a registered capital of 10 million yuan and is 51% owned by Zhimin Da [1]. - The new subsidiary will focus on smart vision products for applications in transportation, security, and unmanned systems, as well as embodied intelligence products for robotics and similar devices [1]. Group 2: Financial Performance - For the first three quarters of 2025, Zhimin Da achieved revenue of 512 million yuan, a year-on-year increase of 145.16%, and a net profit of 81.99 million yuan, marking a turnaround from losses [2]. - The company’s stock price rose by 9.79% to 36.66 yuan per share following the release of its impressive financial results [2]. Group 3: Order and Production Insights - As of September 30, the company had an order backlog of 450 million yuan, with approximately 70 million yuan scheduled for delivery next year [2]. - The company expects fourth-quarter revenue to exceed that of the third quarter, with production capacity nearly fully utilized [2][3]. Group 4: Product Development and Market Trends - Zhimin Da is experiencing significant growth in its airborne and missile-borne product lines, with commercial aerospace and unmanned equipment sectors expected to grow rapidly [3][4]. - The company secured 152 new R&D projects in the first three quarters, with a notable increase in commercial aerospace projects compared to the previous year [4].

Core Points - The Shanghai Composite Index closed at 3950.31 points, above the five-day moving average, with a gain of 0.71% [1] - The total trading volume of A-shares reached 1,991.617 billion yuan [1] - A total of 681 A-shares have prices that surpassed the five-day moving average, indicating positive market momentum [1] Stock Performance Summary - The top three stocks with the highest deviation rates from the five-day moving average are: - Kexiang Co., Ltd. (300903) with a deviation rate of 13.92% and a daily increase of 20.00% [2] - Aerospace Intelligent Equipment (300455) with a deviation rate of 13.15% and a daily increase of 19.98% [2] - Anhui Instrument Technology (688600) with a deviation rate of 10.85% and a daily increase of 14.27% [2] - Other notable stocks include: - Shenkong Co., Ltd. (688233) with a deviation rate of 10.55% and a daily increase of 17.34% [2] - Hengshuo Co., Ltd. (688416) with a deviation rate of 9.57% and a daily increase of 18.08% [2] - Lianyun Technology (688449) with a deviation rate of 9.44% and a daily increase of 13.22% [2]

Group 1 - China's reusable rocket technology is making significant breakthroughs, with the successful static fire test of the Zhuque-3 rocket, which is designed for large satellite constellation networking [1] - The Zhuque-3 rocket is a large-capacity, low-cost, reusable liquid launch vehicle made from stainless steel, indicating advancements in material use for space technology [1] - The country aims to enhance its reusable rocket capabilities, with multiple rockets, including Zhuque-3 and Tianlong-3, set for maiden flights or tests this year [1] Group 2 - The commercial space industry in China is entering a recovery phase, with a projected increase in rocket launch demand due to the "Hundred Arrows, Thousand Stars" plan, which anticipates nearly 2,500 satellite launches by 2035 [2] - The industry is experiencing a policy boost, with Shandong province aiming for an annual production capacity of 100 rockets and 150 commercial satellites by 2027, targeting a market size of 50 billion yuan [1] Group 3 - A total of 67 stocks in the A-share market are involved in the commercial space industry, with 16 stocks receiving ratings from five or more institutions, indicating strong institutional interest [3] - Companies like Zhimin Da and Narui Radar are expected to see significant profit growth, with projected increases in net profit exceeding 100% for several firms [3][4] - Dragonfly Co. has seen a remarkable increase in northbound capital holdings, with a 1,085.7% increase in shares held, reflecting strong investor interest in the commercial aerospace sector [5][6]

Core Insights - As of October 24, 616 companies have released their Q3 2025 reports, with 389 reporting a year-on-year increase in net profit, while 227 reported a decline [1] - 410 companies experienced a year-on-year increase in operating revenue, whereas 206 reported a decrease [1] - 317 companies saw both net profit and operating revenue increase, while 134 companies experienced declines in both metrics [1] - Notably, 92 companies had a net profit growth rate exceeding 100%, with Jingrui Electric Materials leading at an astonishing 19,202.65% [1] Financial Performance Summary - Jingrui Electric Materials (300655) reported earnings per share of 0.1212, net profit of 128.37 million, and a net profit increase of 19,202.65%, with operating revenue of 118.68 million, up 11.92% [1] - Xiaoming Co. (300967) had earnings per share of 0.9846, net profit of 183.06 million, and a net profit increase of 2,243.97%, with operating revenue of 102.41 million, up 58.98% [1] - New Strong Union (300850) reported earnings per share of 1.7800, net profit of 663.84 million, and a net profit increase of 1,939.50%, with operating revenue of 361.79 million, up 84.10% [1] - Other notable companies include Yinglian Co. (002846) with a net profit increase of 1,572.67% and TianNeng Heavy Industry (300569) with a net profit increase of 1,359.03% [1] Additional Company Highlights - Zhimin Da (688636) reported earnings per share of 0.4900, net profit of 81.99 million, and a net profit increase of 995.37%, with operating revenue of 51.16 million, up 145.16% [1] - Special One Pharmaceutical (002728) had earnings per share of 0.1300, net profit of 65.22 million, and a net profit increase of 985.18%, with operating revenue of 69.19 million, up 51.86% [1] - Wanchen Group (300972) reported earnings per share of 4.6840, net profit of 854.98 million, and a net profit increase of 917.04%, with operating revenue of 3,656.23 million, up 77.37% [1]

Core Viewpoint - Zhimin Da (688636.SH) reported a decline in institutional investor holdings in its third-quarter report for 2025, with a total of 17.68 million shares held by five institutional investors, representing 10.55% of the total share capital, a decrease of 7.30 percentage points from the previous quarter [1] Institutional Holdings - As of October 23, 2025, five institutional investors disclosed holdings in Zhimin Da, totaling 17.68 million shares, which is 10.55% of the company's total share capital [1] - The institutional investor group includes notable entities such as Qiongcheng Zhihui Investment Partnership, Bank of China - GF Small and Medium Cap Selected Mixed Securities Investment Fund, and others [1] - The overall institutional holding percentage decreased by 7.30 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Changxin Jinli Trend Mixed A, increased its holdings during this period, with an increase ratio of 0.21% [1] - A total of 254 public funds did not disclose their holdings in this quarter, including funds like GF Technology Innovation Mixed A and others [1]