Core Viewpoint - 科汇股份 is a leading domestic company in electrical automation and industrial IoT technology, with strong R&D and industrialization capabilities. The company is facing challenges in revenue and profit compared to industry peers, but maintains a favorable debt ratio and gross margin [1][2][3]. Group 1: Business Performance - In Q3 2025, 科汇股份 achieved revenue of 351 million, ranking 24th among 28 companies in the industry, significantly lower than the top company, 国电南瑞, which reported 38.577 billion, and the second, 宏发股份, at 12.914 billion. The industry average revenue was 356.6 million, with a median of 88.3 million [2]. - The net profit for the same period was 35.43 million, ranking 20th in the industry, again trailing behind 国电南瑞's 5.146 billion and 宏发股份's 1.947 billion. The industry average net profit was 38.6 million, with a median of 6.874 million [2]. Group 2: Financial Ratios - As of Q3 2025, 科汇股份 had a debt-to-asset ratio of 30.46%, an increase from 24.93% year-on-year, but still below the industry average of 40.35%, indicating good debt repayment capability [3]. - The gross margin for the same period was 42.83%, down from 46.34% year-on-year, yet still above the industry average of 31.57%, reflecting a competitive edge in profitability [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.33% to 5,386, while the average number of circulating A-shares held per shareholder decreased by 6.83% to 19,400 [5]. - Among the top ten circulating shareholders, 招商量化精选股票发起式A held 1.026 million shares, a decrease of 15,900 shares from the previous period, while 上证综指ETF entered the list with 838,100 shares [5].

Core Viewpoint - The financial report of Kehui Co., Ltd. for the first three quarters of 2025 shows significant growth in revenue and net profit, indicating strong operational performance and potential investment opportunities [1][2]. Financial Performance - The company's revenue for the first three quarters reached 351 million yuan, a year-on-year increase of 24.95% [1]. - The net profit attributable to shareholders was 35.33 million yuan, reflecting a year-on-year growth of 128.04% [1]. - The net profit excluding non-recurring items was 33.86 million yuan, up 152.24% year-on-year [1]. - Basic earnings per share stood at 0.34 yuan [1]. Profitability Metrics - The gross margin for the first three quarters was 42.83%, a decrease of 3.51 percentage points year-on-year [2]. - The net profit margin was 10.10%, an increase of 4.67 percentage points compared to the same period last year [2]. - In Q3 2025, the gross margin was 42.30%, down 1.28 percentage points year-on-year and down 3.34 percentage points quarter-on-quarter [2]. - The net profit margin for Q3 was 13.56%, up 5.04 percentage points year-on-year and up 0.19 percentage points quarter-on-quarter [2]. Expense Management - Total operating expenses for the period were 117 million yuan, a decrease of 4.04 million yuan year-on-year [2]. - The expense ratio was 33.38%, down 9.77 percentage points from the previous year [2]. - Sales expenses decreased by 17.97%, while management expenses decreased by 1.62% [2]. - R&D expenses increased by 23.38%, and financial expenses rose by 96.88% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 5,386, an increase of 368 from the end of the previous half-year, representing a growth of 7.33% [2]. - The average market value per shareholder increased from 292,000 yuan to 333,500 yuan, a rise of 14.20% [2]. Company Overview - Kehui Co., Ltd. is located in Zibo City, Shandong Province, and was established on October 15, 1993, with its listing date on June 16, 2021 [3]. - The company specializes in the research and industrialization of electrical automation new technologies and industrial IoT technologies [3]. - The main revenue sources include: 36.88% from reluctance motor drive systems, 28.86% from power system synchronization clocks, and other segments contributing to the overall revenue [3]. - The company belongs to the electric equipment industry, specifically in grid automation equipment [3].

证券代码：688681 证券简称：科汇股份 公告编号：2025-076 山东科汇电力自动化股份有限公司 （一） 会议召开时间：2025 年 11 月 05 日（星期三）09:00-10:00 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 投资者可于 2025 年 11 月 05 日前访问网址 https://eseb.cn/1sBvYgl5uso 或使用微信扫描下方小程序码进行会前提问，或通过公司邮箱 kehui@kehui.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 山东科汇电力自动化股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日在上海证券交易所网站（www.sse.com.cn）披露了《科汇股份 2025 年第 三季度报告》。为便于广大投资者更全面深入地了解公司 2025 年第三季度经营 成果、财务状况，公司计划于 2025 年 11 月 05 日（星期三）09:00-10:00 举办 山东科汇电力自动化股 ...

证券代码：688681 证券简称：科汇股份 公告编号：2025-075 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 （一）审议通过了《关于公司 2025 年第三季度报告的议案》 本议案已经第四届董事会审计委员会 2025 年第四次例会审议通过。 董事会认为：公司 2025 年第三季度报告的编制和审议程序符合法律、行政 法规及中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《科 汇股份 2025 年第三季度报告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 山东科汇电力自动化股份有限公司 第四届董事会第三十次会议决议公告 山东科汇电力自动化股份有限公司（以下简称"公司"）第四届董事会第三 十次会议于 2025 年 10 月 27 日在公司第二会议室以现场和网络视频会议的方式 召开。本次会议的通知于 2025 年 10 月 17 日通过电子邮件、 ...

证券代码：688681 证券简称：科汇股份 公告编号：2025-074 山东科汇电力自动化股份有限公司 关于调整回购股份价格上限的公告 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： 为保障回购股份方案顺利实施，山东科汇电力自动化股份有限公司（以 下简称"公司"）拟将回购价格上限由人民币 16.90 元/股（含）调整为人民币 25.00 元/股（含）； 一、回购股份的基本情况 公司于 2025 年 4 月 29 日召开第四届董事会第二十八次会议，审议通过了《关 于以集中竞价交易方式回购股份的议案》，同意公司以自有资金或回购专项贷款 通过上海证券交易所交易系统以集中竞价交易方式回购公司已发行的部分人民 币普通股 A 股股份，回购的股份拟用于实施股权激励及/或员工持股计划，回购 价格不超过人民币 17.00 元/股（含），回购资金总额不低于人民币 900 万元（含） 且不超过人民币 1,600 万元（含），回购期限为自董事会审议通过本次回购股份 方案之日起 12 个月内。 三、本次回购股份方案调整的原因及主要内 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥141,889,223.10, an increase of 28.36% compared to the same period last year[4] - Total profit for the quarter was ¥21,195,295.97, reflecting a significant increase of 135.09% year-over-year[4] - Net profit attributable to shareholders was ¥19,199,378.59, up 101.63% from the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥350,624,799.34, a 25% increase from ¥280,619,926.89 in the same period of 2024[19] - Operating profit for the first three quarters of 2025 was ¥38,581,892.32, compared to ¥15,357,377.39 in 2024, reflecting a significant growth[20] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was ¥35,334,318.50, up from ¥15,494,827.62 in 2024, indicating a growth of approximately 128%[21] - The company achieved a gross profit margin of approximately 42% in the first three quarters of 2025, compared to 40% in the same period of 2024[20] - The company’s total comprehensive income for the first three quarters of 2025 was ¥35,774,193.41, significantly higher than ¥15,388,932.60 in 2024, indicating strong overall performance[21] Cash Flow - The cash flow from operating activities for the year-to-date period increased by 254.90%, amounting to ¥5,266,031.06[4] - The increase in sales collections during the period significantly contributed to the rise in cash flow from operating activities[10] - The company reported a net cash flow from operating activities of ¥5,266,031.06 for the first three quarters of 2025, compared to ¥1,483,809.13 in 2024, showing improved cash generation[24] - The cash inflow from operating activities totaled ¥305,834,450.49 in 2025, compared to ¥263,729,527.65 in 2024, representing a growth of about 16%[24] - The net cash flow from financing activities was -$4.9 million, an improvement from -$18.1 million in the previous period, indicating better financial health[25] Assets and Liabilities - The total assets of the company increased by 8.21% to ¥871,455,182.17 compared to the end of the previous year[5] - Total assets increased from ¥805,335,980.50 to ¥871,455,182.17, marking a growth of about 8.2%[17] - Total liabilities rose to ¥265,466,856.42 in 2025 from ¥228,445,277.52 in 2024, indicating a growth of approximately 16%[18] - Current liabilities rose from ¥220,688,332.82 to ¥248,686,671.09, an increase of approximately 12.7%[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 5,386[12] - The largest shareholder, Shandong Kehui Investment Co., Ltd., holds 28,323,115 shares, representing 27.06% of total shares[12] Research and Development - Research and development expenses totaled ¥13,593,483.39 for the quarter, accounting for 9.58% of operating revenue, a decrease of 1.26 percentage points year-over-year[5] - Research and development expenses increased to ¥38,375,716.69 in 2025 from ¥31,103,169.61 in 2024, highlighting the company's commitment to innovation[20] Cash Management - The company's cash and cash equivalents decreased from ¥189,924,049.62 to ¥100,843,332.14, a decline of approximately 46.8%[16] - The ending cash and cash equivalents balance decreased to $79.1 million from $121.3 million, highlighting liquidity challenges[25] - Cash outflow from financing activities totaled $28.9 million, down from $33.6 million, showing improved cash management[25] Other Information - The company has implemented multiple quality improvement and efficiency enhancement measures, positively impacting overall profitability[10] - The company has not reported any significant changes in shareholder relationships or agreements[13] - There are no applicable reminders for investors regarding the company's operational situation during the reporting period[14] - Net cash flow from investing activities was -$101.8 million, compared to -$56.5 million in the previous period, indicating a decline in investment performance[25] - Total cash inflow from financing activities was $24.1 million, up from $15.5 million, reflecting increased borrowing and investment[25] - The impact of exchange rate changes on cash and cash equivalents was positive at $284,152, contrasting with a negative impact of -$70,043 in the previous period[25]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the third quarter and the first three quarters of the year, indicating strong financial performance and operational efficiency [1] Financial Performance - The third quarter revenue reached 142 million yuan, representing a year-on-year increase of 28.36% [1] - The net profit for the third quarter was 19.19 million yuan, showing a substantial year-on-year growth of 101.63% [1] - For the first three quarters, the total revenue amounted to 351 million yuan, reflecting a year-on-year growth of 24.95% [1] - The net profit for the first three quarters was 35.33 million yuan, which is a remarkable year-on-year increase of 128.04% [1]

Core Insights - On October 9, Keway Co., Ltd. experienced a stock price increase of 0.64% with a trading volume of 47.11 million yuan [1] - The company reported a net financing outflow of 32.98 million yuan on the same day, with a total financing and securities balance of 55.7363 million yuan, representing 3.08% of its market capitalization [1][2] - Keway's main business segments include magnetic resistance motor drive systems (36.88%), power system synchronization clocks (28.86%), and other related products [2] Financing and Trading Activity - On October 9, Keway had a financing buy-in of 2.5738 million yuan and a financing repayment of 2.9035 million yuan, resulting in a net financing outflow [1] - The current financing balance of 55.7363 million yuan is above the 60th percentile of the past year, indicating a relatively high level of financing activity [1] - There were no short-selling activities reported on the same day, with a short-selling balance of 0.00 yuan, placing it in the 90th percentile of the past year [1] Company Performance - As of June 30, Keway reported a revenue of 209 million yuan for the first half of 2025, reflecting a year-on-year growth of 22.73% [2] - The net profit attributable to shareholders for the same period was 16.1349 million yuan, showing a significant increase of 170.15% year-on-year [2] - The company has distributed a total of 48.9446 million yuan in dividends since its A-share listing, with 36.3842 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Keway had 5,018 shareholders, a decrease of 8.40% from the previous period [2] - The average number of circulating shares per shareholder increased by 9.17% to 20,858 shares [2] - Notable new institutional shareholders include Huaxia CSI 500 Index Enhanced A and招商量化精选股票发起式A, holding 1.246 million shares and 1.0419 million shares respectively [3]

Core Viewpoint - The company has completed the registration of shares for the first vesting period of its 2024 restricted stock incentive plan, indicating progress in its employee incentive strategy [2] Group 1 - The company received a confirmation letter from China Securities Depository and Clearing Corporation Limited Shanghai Branch on September 30, 2025 [2] - The number of shares to be vested under the restricted stock plan is 1,024,000 shares [2] - The shares are sourced from the company's repurchase of its own A-share common stock from the secondary market [2]

Core Viewpoint - The company, Kehui Co., announced a share buyback program, having repurchased a total of 470,405 shares, which represents 0.4494% of its total share capital of 104,670,000 shares as of September 30, 2025 [1] Summary by Relevant Sections - **Share Buyback Details** - The company has repurchased 470,405 shares through the Shanghai Stock Exchange's centralized bidding system [1] - This repurchase accounts for 0.4494% of the company's total share capital [1] - The total share capital of the company is reported to be 104,670,000 shares [1]