Group 1 - The core viewpoint of the news highlights the recent trading performance and financial metrics of Dongwei Technology, indicating a slight decline in stock price and notable trading activity in margin financing and securities lending [1] - As of November 14, Dongwei Technology's stock price decreased by 0.22%, with a trading volume of 197 million yuan. The net margin financing was negative at 1.03 million yuan, with a total margin balance of 487 million yuan [1] - The company has a high margin financing balance, accounting for 4.40% of its market capitalization, which is above the 90th percentile of the past year [1] Group 2 - As of September 30, the number of shareholders for Dongwei Technology increased to 13,700, a rise of 69.79%, while the average circulating shares per person decreased by 41.10% to 21,859 shares [2] - For the period from January to September 2025, Dongwei Technology reported a revenue of 757 million yuan, reflecting a year-on-year growth of 30.58%, and a net profit attributable to shareholders of 85.37 million yuan, up 24.80% year-on-year [2] Group 3 - Since its A-share listing, Dongwei Technology has distributed a total of 240 million yuan in dividends, with 152 million yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited emerged as the fourth largest circulating shareholder, holding 8.57 million shares as a new shareholder, while the fund 中欧阿尔法混合A (009776) exited the top ten circulating shareholders [3]

证券代码：688700 证券简称：东威科技 公告编号：2025-046 昆山东威科技股份有限公司 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法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 12 日 （星期三） 至 11 月 18 日 （星 期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 DW10798@ksdwgroup.com 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。 昆山东威科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 24 日发布公司 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 19 日 （星期三） 11:00-12:00 举行 2025 年第三季 度业绩说明会，就投资者关心的问题进行交流。 一 ...

Core Insights - The article discusses the significance of electroplating wastewater treatment equipment in addressing the environmental challenges posed by toxic wastewater containing heavy metals and cyanides generated by the electroplating industry [1][4]. Industry Overview - Electroplating wastewater treatment equipment is specialized environmental protection equipment designed to remove pollutants and recover resources through physical, chemical, and biological technologies [2][3]. - In 2024, the wastewater generated by China's electroplating industry is projected to reach 469 million tons, with an expected increase to 489 million tons in 2025 [3][4]. Investment Trends - The investment scale for electroplating wastewater treatment equipment in China is estimated to be 1.3 billion yuan in 2024, an increase of 64 million yuan from 2023, with a projected investment of approximately 1.153 billion yuan in 2025 [4][6]. Industry Chain - The upstream of the electroplating wastewater treatment equipment industry includes raw materials such as metal and non-metal materials, core components, consumables, and chemical agents. The midstream involves the production and system integration of treatment equipment, while the downstream applications include large electroplating factories, small electroplating workshops, and wastewater treatment plants [4][5]. Technological Innovation - The tightening of national environmental policies has led to a focus on technological innovation in electroplating wastewater treatment equipment, with a total of 120 patent applications filed from 2016 to October 2025 [6][7]. Competitive Landscape - The production of electroplating wastewater treatment equipment is primarily dominated by small-scale private enterprises, with a scarcity of companies capable of providing complete sets of equipment. Joint ventures utilizing foreign technology hold a significant share of the high-end equipment market [8]. - Major companies in the industry include Anhui Shuiyun Environmental Protection Co., Ltd., New Dayu Environmental Technology (Guangdong) Group Co., Ltd., and Jiangxi Jindalai Environmental Protection Co., Ltd. [8]. Market Trends - The electroplating industry generates complex wastewater containing a high concentration of heavy metals, making treatment more challenging than ordinary industrial wastewater. Current mainstream treatment methods include iron chip electrolysis and evaporation concentration processes, with a shift towards automation and intelligent systems for improved precision and efficiency [9].

Core Viewpoint - Dongwei Technology is a leading global supplier of vertical continuous plating (VCP) equipment, focusing on high-end precision plating equipment, with nearly 100% of its business in equipment [1] Group 1: Company Overview - Dongwei Technology was established on December 29, 2005, and was listed on the Shanghai Stock Exchange on June 15, 2021, with its registered and office address in Kunshan, Jiangsu Province [1] - The company operates in the mechanical equipment sector, specifically in specialized equipment, and is involved in various concepts such as PCB, 5G, and nuclear power [1] Group 2: Financial Performance - For Q3 2025, Dongwei Technology reported revenue of 757 million, ranking 38th among 89 companies in the industry, with the industry leader, Keda Manufacturing, generating 12.605 billion [2] - The company's net profit for the same period was 85.37 million, placing it 27th in the industry, while Keda Manufacturing's net profit was 1.832 billion [2] Group 3: Financial Ratios - As of Q3 2025, Dongwei Technology's debt-to-asset ratio was 42.91%, slightly above the industry average of 42.80% [3] - The company's gross profit margin for Q3 2025 was 33.98%, higher than the industry average of 28.52%, despite a decrease from 38.75% in the previous year [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 69.79% to 13,700, while the average number of shares held per shareholder decreased by 41.10% [5] - Notably, Hong Kong Central Clearing Limited became the fourth-largest shareholder with 8.5651 million shares, while China Universal Alpha Mixed A exited the top ten shareholders [5] Group 5: Future Outlook - Dongwei Technology is expected to benefit from the high demand for high-end PCB and new energy plating equipment, with projected net profits of 155 million, 263 million, and 347 million for 2025 to 2027 [5] - The company has shown significant growth in revenue and net profit in the first three quarters of 2025, with a notable acceleration in profit release in Q3 [5]

Core Insights - The A-share market's Q3 2025 reports reveal significant growth across multiple industries, with notable reversals in performance for some sectors, particularly electronics, non-ferrous metals, and energy storage [1] Electronics Industry - The electronics sector, led by major player Industrial Fulian, reported a revenue of 603.93 billion yuan for the first three quarters, marking a 38.4% year-on-year increase, and a net profit of 22.49 billion yuan, up 48.52% [2] - AI-driven demand has significantly boosted growth in various electronic applications, including servers and communication devices, with companies like Zhongji Xuchuang and Xinyi achieving revenue increases of 44.43% and 221.7% respectively [2] - PCB companies also showed strong performance, with Shengyi Electronics reporting a staggering 497.61% increase in net profit [2] Non-Ferrous Metals Industry - The non-ferrous metals sector experienced substantial growth due to rising product prices and increased downstream demand, with several rare earth companies reporting over 100% growth in net profit [4] - For instance, Shenghe Resources achieved a net profit growth rate of 748.07%, driven by favorable market conditions and effective management strategies [4] - Other companies like Zijin Mining and Baiyin Nonferrous Metals also reported significant revenue increases, with Zijin Mining's revenue reaching approximately 254.2 billion yuan, up 10.33% [4] Energy Storage Industry - The energy storage sector is witnessing robust demand, with global lithium battery storage installations exceeding 170 GWh, reflecting a 68% year-on-year growth [5] - Companies like Sungrow Power reported a revenue of 66.40 billion yuan, up 32.95%, with a notable 70% increase in energy storage shipments [6] - Kelu Electronics also experienced growth, with a revenue increase of 23.42% and a net profit surge of 251.1%, highlighting the expanding applications and technological advancements in the energy storage market [6]

Core Insights - The A-share market's Q3 2025 reports reveal significant growth across multiple industries, particularly in electronics, non-ferrous metals, and energy storage, driven by strong downstream demand [1] Electronics Industry - The electronics sector, led by major player Industrial Fulian, reported a revenue of 603.93 billion yuan for the first three quarters, marking a 38.4% year-on-year increase, with net profit rising by 48.52% to 22.49 billion yuan [1] - The growth in cloud computing is attributed to the large-scale delivery of AI cabinet products and sustained demand for AI computing power, positively impacting various electronic applications [1] - In the optical module sector, companies like Zhongji Xuchuang and Xinyi Sheng reported substantial revenue increases of 44.43% and 221.7%, respectively, with net profits soaring by 90.05% and 284.37% [2] - PCB companies, including Shenghong Technology and Shunyi Electronics, also experienced significant profit growth, with Shengyi Electronics' net profit increasing by 497.61% [2] - Dongwei Technology, specializing in PCB plating equipment, reported a net profit of 85.37 million yuan, up 24.8%, with Q3 net profit surging by 236.93% [2] Non-Ferrous Metals Industry - The non-ferrous metals sector saw substantial profit growth, with companies like Northern Rare Earth and China Rare Earth reporting over 100% year-on-year increases in net profit, and Shenghe Resources achieving a remarkable 748.07% growth [3] - Silver Industry's Q3 revenue reached 72.64 billion yuan, a 5.21% increase, with Q3 alone showing a 70.72% rise [3] - Zijin Mining reported approximately 254.2 billion yuan in revenue, up 10.33%, and a net profit of 37.86 billion yuan, reflecting a 55.45% increase [3] Energy Storage Industry - The global lithium battery energy storage installations exceeded 170 GWh in the first three quarters of 2025, representing a 68% year-on-year growth, indicating a robust market expansion [4] - Sunshine Power achieved a revenue of 66.40 billion yuan, a 32.95% increase, with net profit rising by 56.34% to 11.88 billion yuan, driven by strong performance in photovoltaic inverters and energy storage [4] - Kelu Electronics reported a revenue of 3.59 billion yuan, up 23.42%, with net profit soaring by 251.1% to 23.2 million yuan, benefiting from the growing share of renewable energy in the new power system [4] - Hunan Yuren, a supplier of lithium-ion battery cathode materials, reported revenue and net profit growth rates of 46.27% and 31.51%, respectively, due to increased demand in the energy storage sector [5]

Core Insights - The social security fund has disclosed its stock holdings for the third quarter, appearing in the top ten circulating shareholders of 20 stocks, with 9 new entries and 4 increases in holdings [1][2] Group 1: Stock Holdings - The total number of shares held by the social security fund in the 20 stocks is 68.2952 million, with a total market value of 4.237 billion yuan [1] - New entries include Sanyou Medical, Dongwei Technology, and Lexin Technology, with significant holdings [1] - The stocks with the highest number of social security fund shareholders include Yingxi Network, Nanwei Medical, Zhongwang Software, and Zhuoyi Information, with holdings of 7.934 million, 6.269 million, 3.809 million, and 2.337 million shares respectively [1] Group 2: Shareholding Ratios - The stock with the highest shareholding ratio by the social security fund is Haitai Xinguang, at 4.20%, followed by Nanwei Medical at 3.34% [2] - The largest number of shares held is in Yingxi Network, with 7.934 million shares, followed closely by Sanyou Medical and Nanwei Medical with 7.9145 million and 6.2692 million shares respectively [2] - The stocks with the highest market value held by the social security fund include Nanwei Medical, Lexin Technology, and Bochu Electronics, valued at 629 million, 598 million, and 542 million yuan respectively [2] Group 3: Performance Metrics - Among the stocks held by the social security fund, 15 reported year-on-year net profit growth in the first three quarters, with Sanyou Medical showing the highest increase of 623.19% [2] - Other notable net profit growth includes Shen Gong Co. and Xinxiang Micro, with increases of 158.93% and 138.88% respectively [2] - The social security fund's holdings are primarily concentrated in the electronics, computer, and power equipment industries, with 5, 4, and 3 stocks respectively [2] Group 4: Market Performance - The average decline of the stocks held by the social security fund since October is 3.32% [3] - The best-performing stock is Puyuan Precision, with a cumulative increase of 6.18%, followed by Maide Medical and Yingshi Innovation with increases of 4.89% and 4.22% respectively [3] - The stock with the largest decline is Lexin Technology, which has dropped by 13.80% [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company has shown significant growth in Q3 2025, with revenue reaching 757 million yuan, a year-on-year increase of 30.6%, and a net profit attributable to shareholders of 85 million yuan, up 24.8% year-on-year [7] - High-end PCB electroplating equipment demand is driving performance, with Q3 revenue increasing by 67.2% year-on-year and net profit soaring by 236.9% year-on-year [7] - The company is positioned to benefit from the rising demand for HDI electroplating equipment, with new product developments enhancing its technological capabilities [7] Financial Performance Summary - For 2023, total revenue is projected at 909.23 million yuan, with a year-on-year decline of 10.13%. By 2025, revenue is expected to rise to 964.38 million yuan, reflecting a growth of 28.59% [1] - The net profit attributable to shareholders is forecasted to be 151.43 million yuan in 2023, decreasing by 29.01%, but is expected to rebound to 147.05 million yuan in 2025, marking a growth of 112.28% [1] - The company's earnings per share (EPS) is projected to be 0.51 yuan in 2023, dropping to 0.23 yuan in 2024, and recovering to 0.49 yuan in 2025 [1] Operational Highlights - The gross margin for the first three quarters of 2025 was 34.0%, with a slight year-on-year decrease of 4.80 percentage points. However, Q3 gross margin improved to 36.1%, showing a quarter-on-quarter increase of 1.1 percentage points [7] - The company has seen a significant increase in operating cash flow, with Q3 2025 cash flow from operating activities reaching 48 million yuan, a year-on-year increase of 574.3% [7] - The company has successfully developed new products in both PCB and renewable energy electroplating equipment, enhancing its market position [7]

Macro Highlights - The main goals for the "14th Five-Year Plan" period include significant achievements in high-quality development, substantial improvement in technological self-reliance, breakthroughs in comprehensive reforms, enhanced social civilization, improved quality of life, major progress in building a beautiful China, and a more solid national security barrier [1] - By 2035, the aim is to significantly elevate China's economic, technological, defense, and comprehensive national strength, with per capita GDP reaching the level of moderately developed countries, leading to a happier and better life for the people and basic realization of socialist modernization [1] Trade Relations - The Ministry of Commerce announced that a Chinese delegation led by Vice Premier He Lifeng will engage in economic and trade consultations with the U.S. in Malaysia from October 24 to 27, focusing on important issues in Sino-U.S. economic relations [1] EU Sanctions Response - The Ministry of Commerce expressed strong dissatisfaction and firm opposition to the EU's decision to sanction Chinese companies, including large oil refineries and traders, during the 19th round of sanctions against Russia, emphasizing the need to protect the legitimate rights and interests of Chinese enterprises [2] State-Owned Enterprises Planning - The State-owned Assets Supervision and Administration Commission held a meeting to discuss the "14th Five-Year Plan" for central enterprises, emphasizing the need to align with the strategic mission assigned by the Party Central Committee and to enhance core functions and competitiveness [3] - The meeting highlighted the importance of optimizing layout and structural adjustments in line with national needs and industry trends, and improving the quality of planning through thorough research and unified thinking [3] Foreign Exchange Management - The Deputy Director of the State Administration of Foreign Exchange encouraged the implementation of innovative and integrated exploratory policies in Shanghai, focusing on the use of AI and big data to enhance foreign exchange services [4] - The aim is to improve the cross-border financial service capabilities of Shanghai while balancing financial openness and security [4] Company News - Huagong Technology reported a 40.92% year-on-year increase in net profit for the first three quarters and is planning to issue H-shares for listing in Hong Kong [8] - Yangjie Technology terminated its acquisition of 100% equity in Better Electronics [8] - Xinda Securities received approval for the issuance of up to 10 billion yuan in technology innovation corporate bonds [8] - Shuangliang Energy plans to raise no more than 1.292 billion yuan for projects related to zero-carbon intelligent manufacturing [8] - New Lai Materials' subsidiary plans to invest 2 billion yuan in semiconductor core component projects [8] - Chuanfa Longmang's subsidiary intends to invest 366 million yuan in a 100,000 tons/year lithium dihydrogen phosphate project [8] - Steel Research High-tech plans to establish a subsidiary and new industrial base in Saudi Arabia [8] - Aote Electronics intends to terminate the smart integration project for intelligent outlets [8] - Shengyi Electronics expects a year-on-year net profit increase of 476% to 519% for the first three quarters [8] - Other companies reported significant year-on-year net profit growth, including Tianeng Heavy Industry (1359.03%), Te Yi Pharmaceutical (985.18%), and Zhuanlei Technology (598.09%) [8][9]

Core Viewpoint - The company has announced its third-quarter report for 2025, confirming the authenticity and completeness of the financial information presented, and has made adjustments to its stock incentive plan and asset impairment provisions [9][61]. Financial Data - The company reported a total asset impairment loss and credit impairment loss of CNY 36,529,618.88 for the first three quarters of 2025, with specific provisions for bad debts amounting to CNY 29,203,077.28 [61][62]. Stock Incentive Plan - The company adjusted the grant price for its 2025 stock incentive plan from CNY 20.17 per share to CNY 20.07 per share, following the implementation of a profit distribution plan [27][33]. - A total of 229,500 shares will be reserved for 36 incentive targets at the adjusted price, representing 0.08% of the company's total share capital [40][50]. Board Meeting Decisions - The third board meeting on October 22, 2025, approved the quarterly report and the asset impairment provisions, confirming compliance with relevant laws and regulations [9][11]. - The board also approved the renaming of the Strategic Committee to the Strategic and ESG Committee to enhance the company's sustainability management [18][24]. Legal and Compliance - The adjustments to the stock incentive plan and the asset impairment provisions have been reviewed and approved by the board's remuneration and assessment committee, ensuring compliance with applicable regulations [36][58].