Core Viewpoint - Ding Tong Technology (688668) reported significant growth in revenue and net profit for Q3 2025, primarily driven by the expansion of its communication connector business, indicating strong operational performance and market demand [1][2][3]. Financial Performance - For Q3 2025, the company achieved a revenue of 371.62 million yuan, marking a year-on-year increase of 48.12% [1][3]. - The total profit for the same period was 67.92 million yuan, reflecting a 132.20% increase compared to the previous year [1][3]. - The net profit attributable to shareholders reached 61.18 million yuan, up 110.67% year-on-year [1][3]. - The net profit after deducting non-recurring items was 59.23 million yuan, showing a 129.40% increase [1][3]. - The basic earnings per share for the period was 0.44 yuan, a 110.67% increase [1][3]. Cash Flow and Investment - The net cash flow from operating activities for the first three quarters of 2025 was 135.29 million yuan, a 92.71% increase year-on-year [1][3]. - Research and development expenses totaled 28.13 million yuan, representing 7.57% of revenue, a decrease of 1.55 percentage points from the previous year [1][3]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 15,163, with the top ten shareholders holding significant stakes [3][4]. - The largest shareholder, Dongguan Dinghong Junsheng Investment Co., Ltd., holds 36.35% of the shares [4]. Board Meeting and Approval - The company's board of directors approved the Q3 2025 report during the 16th meeting of the third board session, with unanimous support [2][10].

Summary of Dinglong Technology Conference Call Company Overview - **Company**: Dinglong Technology - **Industry**: Telecommunications and Automotive Key Points Financial Performance - **Gross Margin**: Increased to 31.8% in Q3 2025, up from 27.4% in Q2 2025, attributed to product structure adjustments and high margins on telecommunications products, particularly the 122G product [2][12] - **Net Profit**: Q3 net profit was 61 million yuan, slightly down from 63 million yuan in Q2, indicating stable profitability [3] Telecommunications Business - **122G Product**: Monthly demand rose from 1.3 million units in Q2 to 1.5 million units in Q3, with expectations for year-end stockpiling [2][4][7] - **56G Product**: Demand decreased from 200-300 thousand units to 70-80 thousand units monthly, but remains stable [4][7] - **24G Product**: Expected to begin mass production in 2026, currently contributing minimally to revenue [4][7] Automotive Business - **Revenue Contribution**: Automotive business revenue share decreased to 10% due to rising metal material prices and adjustments to unprofitable products [2][5] - **BMS Aluminum Busbar Project**: Automatic line received customer approval, with mass production expected in Q1 2026 [2][5] - **Cost Pressures**: Rising metal prices have increased costs, particularly affecting automotive modules [8] Liquid Cooling Products - **Current Status**: In customer validation phase, with mass production expected to start by year-end or Q1 2026 [2][6] - **Production Facilities**: A cleanroom has been established to meet customer requirements [6][13] Future Growth Expectations - **New Projects**: Anticipated revenue growth from liquid cooling and BMS projects starting in 2026 [9] - **Market Adaptation**: Plans to optimize telecommunications and automotive business structures to mitigate raw material price fluctuations [9] Automation Investments - **Investment in Automation**: Significant investments made in automation equipment, expected to enhance production efficiency and reduce labor costs by Q1 2026 [19] - **Production Capacity**: Automation will allow for 24-hour continuous production, reducing quality risks associated with manual labor [19] Competitive Landscape - **Liquid Cooling Competition**: Two forms of competition exist; bundled delivery of liquid cooling plates and connectors is favorable for the company, while separate deliveries could pose challenges [20] - **Product Layout**: Focus on dual-layer cooling and liquid cooling products, with potential expansion into other product lines [21][25] Regional Expansion - **Vietnam Investment**: Ongoing registration and land acquisition for a new facility in Vietnam, expected to complete construction by the end of 2026 and begin production in early 2027 [24] - **Client Partnerships**: Collaborations with companies like Amphenol and Luxshare are progressing, with potential for increased production capacity in Vietnam [27] Market Demand and Pricing - **224G Product**: Anticipated rapid demand growth in 2026, with a price increase of approximately 20% due to EMI shielding factors, maintaining a profit margin of 33-35% [4][17] - **Price Adjustments**: The company is prepared for potential price reductions in the 122G product, estimated at 2-3% in 2026 [22] Revenue Projections - **Automotive Connector and BMS Revenue**: Expected revenue of 200-300 million yuan from automotive connectors and BMS projects in 2026, with a focus on high and low voltage connectors [23] Quarterly Trends - **Q4 Shipment Trends**: Positive shipment trends observed, with October demand at approximately 1.5 million units, expected to increase by year-end [28] Conclusion - **Strategic Focus**: The company aims to maintain profitability and adapt to market changes while expanding its product offerings and production capabilities in both telecommunications and automotive sectors [29]

Core Viewpoint - The company has shown significant growth in revenue and profit for the reporting period, indicating strong operational performance and potential investment opportunities. Financial Performance - Operating revenue for the reporting period reached approximately 371.62 million, representing a year-on-year increase of 48.12% [1] - Total profit amounted to approximately 67.92 million, up 132.20% compared to the same period last year [1] - Net profit attributable to shareholders was approximately 61.18 million, reflecting a growth of 110.67% year-on-year [1] - The net profit after deducting non-recurring gains and losses was approximately 59.23 million, an increase of 129.40% [1] - Cash flow from operating activities was approximately 117.14 million, showing a year-on-year increase of 92.71% [1] - Basic and diluted earnings per share were both 0.44, up 110.67% year-on-year [1] - The weighted average return on equity was 2.67%, an increase of 1.03 percentage points [1] Research and Development - Total R&D investment was approximately 28.13 million, an increase of 22.91% year-on-year [1] - R&D investment as a percentage of operating revenue was 7.57%, a decrease of 1.55 percentage points [1] Asset and Equity - Total assets at the end of the reporting period were approximately 2.40 billion, compared to 2.18 billion at the end of the previous year [1] - Equity attributable to shareholders was approximately 1.90 billion, up from 1.80 billion at the end of the previous year [1] Valuation Metrics - As of October 20, the company's price-to-earnings (P/E) ratio (TTM) was approximately 61.52, price-to-book (P/B) ratio (LF) was approximately 6.75, and price-to-sales (P/S) ratio (TTM) was approximately 8.64 [1]

Core Viewpoint - DingTong Technology (688668.SH) reported significant revenue and profit growth for Q3 2025, driven primarily by the expansion of its communication connector business [1] Financial Performance - The company's Q3 2025 revenue reached 372 million yuan, marking a year-on-year increase of 48.12% [1] - Net profit attributable to shareholders for Q3 2025 was 61.175 million yuan, reflecting a year-on-year growth of 110.67% [1] - For the first three quarters of 2025, total revenue amounted to 1.1556 billion yuan, up 64.45% year-on-year [1] - Net profit attributable to shareholders for the first three quarters was 177 million yuan, showing a year-on-year increase of 125.39% [1] Business Growth Drivers - The primary driver of the company's revenue and profit growth is the increase in its communication connector business [1]

Core Viewpoint - Dingtong Technology reported significant growth in its third-quarter financial results for 2025, driven primarily by the expansion of its communication connector business [1] Financial Performance - The company's operating revenue for the third quarter reached 372 million yuan, representing a year-on-year increase of 48.12% [1] - The net profit attributable to shareholders for the same period was 61.175 million yuan, showing a substantial year-on-year growth of 110.67% [1] - Year-to-date, the operating revenue amounted to 1.156 billion yuan, reflecting a year-on-year increase of 64.45% [1] - The net profit attributable to shareholders for the year-to-date period was 177 million yuan, with a remarkable year-on-year growth of 125.39% [1] Business Growth Drivers - The primary driver of the company's revenue and profit growth is the increase in its communication connector business [1]

证券代码：688668 证券简称：鼎通科技 公告编号：2025-052 东莞市鼎通精密科技股份有限公司 第三届董事会第十六次会议决议公告 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、 董事会会议召开情况 上述议案已经公司董事会审计委员会审议，同意相关内容并同意提交公司董 事会审议。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025 年第三季度报告》。 特此公告。 东莞市鼎通精密科技股份有限公司董事会 会议由董事长王成海主持，高管列席。会议召开符合有关法律、法规、规章 和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年第三季度报告的议案》 董事会认为：《关于公司 2025 年第三季度报告的议案》符合相关法律、法 规及《公司章程》的有关规定，报告真实、准确、完整地反映了公司的财务状况 和经营情况，不存在虚假记载、误导性陈述或重大遗漏。 表决结果：5 票同意，0 票反对，0 票弃权。 东莞市鼎通精密科技股份有限公司（以下简称"公司"）第三届董事 ...

Core Viewpoint - DingTong Technology (688668.SH) reported significant growth in its Q3 2025 financial results, driven primarily by the expansion of its communication connector business [1] Financial Performance - The company's Q3 2025 revenue reached 372 million yuan, representing a year-on-year increase of 48.12% [1] - Net profit attributable to shareholders for Q3 2025 was 61.175 million yuan, showing a year-on-year growth of 110.67% [1] - Year-to-date revenue until the reporting period was 1.156 billion yuan, reflecting a year-on-year increase of 64.45% [1] - Year-to-date net profit attributable to shareholders was 177 million yuan, with a year-on-year growth of 125.39% [1] Growth Drivers - The primary driver of the performance increase was the growth in the communication connector business, which contributed to both revenue and profit growth [1]

Core Insights - DingTong Technology (688668.SH) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 1.156 billion yuan, representing a year-on-year growth of 64.45% [1] - The net profit attributable to shareholders of the listed company was 177 million yuan, showing a year-on-year increase of 125.39% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 167 million yuan, reflecting a year-on-year growth of 134.46% [1] - Basic earnings per share stood at 1.27 yuan [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥371,622,872.73, an increase of 48.12% compared to the same period last year[4] - The total profit for the quarter was ¥67,915,956.80, reflecting a significant increase of 132.20% year-over-year[4] - The net profit attributable to shareholders was ¥61,175,020.42, which is up by 110.67% compared to the same quarter last year[4] - The basic earnings per share for the quarter was ¥0.44, an increase of 110.67% from the previous year[5] - Total operating revenue for the first three quarters of 2025 reached ¥1,156,197,220.63, a significant increase of 64.5% compared to ¥703,064,325.83 in the same period of 2024[21] - Operating profit for the first three quarters of 2025 was ¥191,592,105.17, up 127.7% from ¥84,293,624.44 in the first three quarters of 2024[22] - Net profit for the first three quarters of 2025 amounted to ¥176,572,011.04, representing a 125.1% increase compared to ¥78,340,997.88 in the same period of 2024[22] - The company reported a total comprehensive income of ¥178,226,761.10 for the first three quarters of 2025, compared to ¥81,362,804.72 in 2024, reflecting a growth of 119.5%[23] - The basic and diluted earnings per share for the first three quarters of 2025 were both ¥1.27, compared to ¥0.565 in the same period of 2024, indicating a substantial increase[23] Research and Development - Research and development expenses totaled ¥28,126,835.67, representing a 22.91% increase year-over-year[5] - Research and development expenses increased to ¥82,681,649.19 in the first three quarters of 2025, up from ¥62,858,839.60 in the same period of 2024, indicating a focus on innovation[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,398,779,751.63, marking a 10.22% increase from the end of the previous year[5] - The total current assets amounted to approximately CNY 1.31 billion, an increase from CNY 1.25 billion in the previous period, reflecting a growth of about 4.4%[17] - Total non-current assets were reported at CNY 1.09 billion, up from CNY 922.06 million, marking a growth of about 18.1%[18] - The total assets of the company reached CNY 2.40 billion, an increase from CNY 2.18 billion, reflecting a growth of approximately 10.1%[18] - Total liabilities rose to ¥497,948,877.88 in 2025, compared to ¥371,937,834.36 in 2024, reflecting a 34% increase[19] - Current liabilities totaled CNY 376.95 million, compared to CNY 277.76 million, indicating an increase of about 35.7%[18] Cash Flow - The cash flow from operating activities showed a significant increase, with a year-to-date growth of 114.15%[10] - Cash generated from operating activities was ¥1,063,381,224.11 in the first three quarters of 2025, compared to ¥599,726,219.85 in the same period of 2024, an increase of 77.4%[25] - Operating cash inflow totaled CNY 1,163,644,706.64, an increase from CNY 668,481,060.34 year-over-year[26] - Net cash flow from operating activities was CNY 135,287,907.30, compared to CNY 63,175,009.43 in the previous period[26] - Cash outflow from investing activities amounted to CNY 543,494,708.63, up from CNY 331,396,357.61 year-over-year[26] - Net cash flow from investing activities was negative at CNY -109,095,397.58, an improvement from CNY -132,787,123.86 in the previous period[26] - Cash inflow from financing activities reached CNY 101,690,183.20, significantly higher than CNY 5,526,300.00 in the prior year[27] - Net cash flow from financing activities was CNY 320,588.93, recovering from a loss of CNY -51,546,197.82 year-over-year[27] Other Financial Metrics - The weighted average return on equity increased to 2.67%, up by 1.03 percentage points compared to the previous year[5] - The company reported a short-term loan of CNY 70 million, which was not present in the previous period[18] - Long-term borrowings stood at CNY 24 million, with no long-term borrowings reported in the previous period[18] - Deferred income tax liabilities decreased slightly to ¥1,448,748.64 in 2025 from ¥1,614,245.14 in 2024, showing a reduction of 10.2%[19] - The company received CNY 433,000,000.00 from investment recoveries, compared to CNY 196,400,000.00 last year[26] - The ending cash and cash equivalents balance was CNY 68,903,137.22, down from CNY 80,833,350.96 in the previous period[27] - The company reported a cash increase of CNY 26,694,679.42, contrasting with a decrease of CNY -119,648,831.59 in the previous period[27] Business Operations - The company attributed the revenue growth primarily to the increase in the communications connector business[10] - The net profit growth was driven by the expansion of the main business operations[10] - The company has not disclosed any significant new product developments or market expansion strategies during the reporting period[15]

鼎通科技公告，第三季度营收为3.72亿元，同比增长48.12%；净利润为6117.5万元，同比增长 110.67%。前三季度营收为11.56亿元，同比增长64.45%；净利润为1.77亿元，同比增长125.39%。 ...