Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 941 million yuan in the first three quarters of 2025, representing a year-over-year growth of 21.00%. The net profit attributable to shareholders reached 170 million yuan, up 22.45% year-over-year [1]. - The company's high-temperature alloy division is focused on high-temperature alloy products for aviation engines and is actively expanding its market presence [1]. - The report highlights a significant increase in sales volume of lower-margin high-temperature alloys, which has impacted the overall gross margin [1][2]. Financial Performance - In Q3 2025, the company reported a revenue of 315 million yuan, a year-over-year increase of 14.79%, and a net profit of 51 million yuan, up 23.90% year-over-year [1]. - The gross margin for the first three quarters of 2025 decreased by 3.27 percentage points to 73.61%, while the net margin fell by 1.33 percentage points to 15.98% [1]. - The company has improved its expense management, with a reduction in the overall expense ratio by 3.77 percentage points to 53.13% [2]. Research and Development - The company has increased its R&D expenditure by 21.85% year-over-year, amounting to 136 million yuan, which reflects its commitment to innovation [2]. - The fifth phase of the company's stock incentive plan was announced, aiming to enhance the motivation and creativity of its core team [3]. Future Projections - The company is expected to achieve net profits of 245 million yuan, 353 million yuan, and 447 million yuan for the years 2025, 2026, and 2027, respectively [4][5]. - The current stock price corresponds to a price-to-earnings ratio of 34x for 2025, 24x for 2026, and 19x for 2027 [4][5].

智通财经APP讯，万泽股份(000534.SZ)披露2025年第三季度报告，公司前三季度实现营收9.41亿元，同 比增长21%;归母净利润1.7亿元，同比增长22.45%;扣非净利润1.57亿元，同比增长31.79%;基本每股收益 0.3402元。 ...

每经AI快讯，万泽股份（SZ 000534，收盘价：16.26元）10月26日晚间发布三季度业绩公告称，2025年 前三季度营收约9.41亿元，同比增加21%；归属于上市公司股东的净利润约1.7亿元，同比增加22.45%； 基本每股收益0.3402元，同比增加21.24%。 截至发稿，万泽股份市值为83亿元。 每经头条（nbdtoutiao）——金价大"崩盘"：12年来最大单日跌幅背后，四大指标早已预警！后市怎么 走？华尔街吵翻了 （记者 曾健辉） ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥315,174,307.88, representing a 14.79% increase year-over-year[5] - Net profit attributable to shareholders was ¥50,530,383.99, up 23.90% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥46,373,908.04, an increase of 38.15% year-over-year[5] - The company's basic earnings per share for the period was ¥0.1005, a 20.94% increase compared to the same period last year[5] - The company reported total operating revenue of ¥940,601,669.56 for the current period, an increase of 20.92% compared to ¥777,326,655.50 in the previous period[35] - The net profit for the current period is CNY 150,305,849.53, an increase of 11.4% compared to CNY 134,528,372.96 in the previous period[36] - The total profit for the current period is CNY 185,481,143.05, up from CNY 176,258,957.74, reflecting a growth of 7.0%[36] - Basic earnings per share increased to CNY 0.3402 from CNY 0.2806, representing a rise of 21.3%[37] - The total comprehensive income attributable to the parent company is CNY 169,936,444.05, compared to CNY 138,781,914.63, an increase of 22.5%[37] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,351,316,871.83, reflecting a 9.60% increase from the end of the previous year[5] - The company's total assets reached ¥4,351,316,871.83, compared to ¥3,970,281,336.21 at the beginning of the period, marking an increase of 9.57%[32] - Non-current assets totaled ¥3,006,850,749.00, an increase from ¥2,737,358,338.02, reflecting a growth of 9.83%[32] - Cash and cash equivalents decreased to ¥239,571,890.16 from ¥380,848,368.48, reflecting a decline of 37.06%[31] - The company's retained earnings rose to ¥1,083,003,204.78, up from ¥937,198,743.68, indicating a growth of 15.57%[33] - Accounts receivable increased to ¥522,881,051.42, up 41.16% from ¥370,485,127.99 at the beginning of the period[31] - Inventory rose to ¥441,543,398.90, representing a 28.48% increase from ¥343,884,908.07[31] - Short-term borrowings increased significantly to ¥581,812,936.82, up 56.23% from ¥372,157,363.65[32] - Short-term borrowings increased by 56.34% compared to the beginning of the year, primarily due to increased working capital needs from higher orders[12] - Contract liabilities surged by 625.89% compared to the beginning of the year, mainly due to increased advance payments received from customers[13] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 26,898, with the largest shareholder holding 19.59% of the shares[23] - The company has a total of 99,859,659 shares held by Wanze Group Limited, representing a significant portion of the total share capital[24] - The top 10 unrestricted shareholders include National Social Security Fund with 20,003,156 shares and Wanze Group - Hongta Securities with 17,920,000 shares[24] - The company repurchased 27,196,157 shares, accounting for 5.33% of the total share capital[24] - A total of 168 incentive objects had their 1,665,000 shares of restricted stock released from restrictions on September 5, 2025[27] - The company has not identified any related party relationships among the top shareholders[24] Equity Incentive Plan - The 2025 equity incentive plan includes the grant of 6,000,000 shares of restricted stock at a price of 7.35 RMB per share[28] - The first grant of the 2025 equity incentive plan involves 572,250 shares, with 217 individuals as incentive objects[28] - The company plans to repurchase and cancel 564,800 shares of restricted stock from 47 former employees who did not meet the release conditions[26] - The company’s stock incentive plan was approved in the 2025 third extraordinary general meeting[27] - The company disclosed the audit opinions and public notice regarding the 2025 equity incentive plan on July 8, 2025[28] - The company granted 571,350 restricted shares to 208 incentive recipients at a price of ¥7.35 per share as part of its 2025 equity incentive plan[29] Cash Flow - Cash flow from operating activities generated a net amount of CNY 16,637,887.10, down from CNY 51,107,891.87, indicating a decrease of 67.5%[37] - Cash flow from investing activities resulted in a net outflow of CNY 387,069,998.38, slightly improved from a net outflow of CNY 408,664,417.55 in the previous period[38] - Cash flow from financing activities generated a net inflow of CNY 202,274,702.50, down from CNY 289,621,583.34, a decrease of 30.1%[38] - The company’s cash and cash equivalents at the end of the period amounted to CNY 212,779,656.08, compared to CNY 190,258,871.05 at the end of the previous period, an increase of 11.8%[38] Operating Costs - The company's operating costs increased by 38.09% year-over-year, driven by significant revenue growth in the high-temperature alloy business[17] - Total operating costs amounted to ¥756,387,110.22, up 20.11% from ¥629,548,216.13 in the prior period[35] - The company reported interest expenses of CNY 28,069,769.36, up from CNY 26,169,076.43, reflecting an increase of 7.3%[36] - The weighted average return on equity rose to 3.30%, an increase of 0.42 percentage points from the previous year[5]

Market Overview - The biopharmaceutical sector experienced a decline of 0.57% on October 22, with Aopumai leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Wendi Pharmaceutical (688488) with a closing price of 14.77, up 4.01% [1] - Dongbao Bio (300239) at 5.78, up 2.66% [1] - Jinke (688670) at 17.03, up 2.59% [1] - Major decliners included: - Aopumai (688293) at 55.19, down 4.40% [2] - Wofu Bio (300357) at 31.63, down 3.18% [2] - Sanofi (688336) at 59.60, down 2.39% [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 192 million yuan from institutional investors, while retail investors contributed a net inflow of 53.82 million yuan [2] - Specific stock capital flows included: - Te Bao Bio (688278) with a net inflow of 19.00 million yuan from institutional investors [3] - Hualan Bio (002007) with a net inflow of 12.05 million yuan from institutional investors [3] - Aopumai (688293) with a net outflow of 4.40% from institutional investors [3]

Core Points - The company Wanze Industrial Co., Ltd. held its 52nd meeting of the 11th Board of Directors on October 13, 2025, via communication means, with all 6 directors present [1] - Several important resolutions were passed during the meeting, including amendments to the company's articles of association and governance systems, the reappointment of an auditing firm, and the convening of a temporary shareholders' meeting [1] Group 1 - The resolution to amend the company's articles of association and governance systems was unanimously approved with 6 votes in favor, requiring further approval from the shareholders' meeting [1] - The resolution to reappoint Zhengdan Zhiyuan (Shenzhen) Accounting Firm as the auditing institution for the year 2025 was also unanimously approved, pending shareholders' meeting approval [1] - A resolution to convene the fourth temporary shareholders' meeting of 2025 was passed, with details available in the relevant notice [1]

万泽股份信息披露事务管理制度 （二）公司的股东、实际控制人及收购人； （三）重大资产重组、再融资、重大交易有关各方等自然人、单位及其相关人员， 破产管理人及其成员； （四）法律、法规和规范性文件规定的其他承担信息披露义务的主体。 以上统称"信息披露义务人"。 第二章 信息披露的基本原则 万泽实业股份有限公司 信息披露事务管理制度 （修订稿） 第一章 总则 第一条 为规范公司信息披露工作，加强信息披露事务管理，促进公司依法规范运 作，维护公司和投资者的合法权益，根据《公司法》《证券法》《上市公司信息披露管理 办法》《深圳证券交易所股票上市规则》等法律、法规，结合《公司章程》和公司实际 情况，制定本制度。 第二条 本制度适用公司及下列人员和机构： （一）公司董事和高级管理人员； 第四条 信息披露是公司的持续责任，公司应该忠实诚信履行持续信息披露的义务。 第三条 公司应当严格按照法律、法规、规章和《公司章程》规定的信息披露内容 和要求，确保信息披露内容真实、准确、完整而没有虚假、严重误导性陈述或重大遗漏。 确保信息披露在规定时间内，通过规定的媒体，以规定的方式向社会公众公布，并送达 证券监管部门备案。 第五条 公司 ...

万泽股份董事会审计委员会实施规则 第一章 总 则 第一条 为强化董事会决策功能，做到事前审计、专业审计，确保公司董事会对经 理层的有效监督，完善公司治理结构，根据《中华人民共和国公司法》《上市公司治理 准则》《上市公司独立董事管理办法》《公司章程》及其他有关规定，公司董事会特设立 审计委员会，行使《中华人民共和国公司法》规定的监事会的职权，并制定本实施规则。 第二条 审计委员会是公司董事会设立的专门工作机构，主要负责审核公司财务信 息及其披露、监督及评估内外部审计工作和内部控制。 第二章 人员组成 第三条 审计委员会成员由三名不在公司担任高级管理人员的董事组成，其中二名 为独立董事。 第四条 审计委员会委员由董事长、二分之一以上独立董事或者全体董事的三分之 一以上提名，并由公司董事会选举产生。 第五条 审计委员会设主任委员（召集人）一名，由具有会计专业背景的独立董事 担任，负责主持审计委员会工作。 万泽实业股份有限公司 董事会审计委员会实施规则 （修订稿） 第六条 审计委员会任期与公司董事会一致，委员任期届满，连选可以连任。期间 如有委员不再担任公司董事职务，自动失去委员资格，并由董事会根据上述第三至第五 条 ...

万泽股份总经理工作细则 公司高级管理人员按照公司章程和本细则规定，对公司经营活动实行有效管理和全 面负责。 第二章 高级管理人员的责任 第三条 公司高级管理人员应履行诚信、勤勉、守法、高效的职责，应遵守法律、 行政法规和公司章程的规定。 公司董事可受聘兼任总经理、副总经理或者其他高级管理人员，但兼任公司总经理、 副总经理或者其他高级管理人员职务的董事，不得超过公司董事总数的二分之一。公司 的总经理及其他高级管理人员必须专职，不得在控股股东、实际控制人及其控制的其他 企业中担任除董事、监事以外其他职务，不得在控股股东、实际控制人及其控制的其他 企业领薪。 万泽实业股份有限公司 总经理工作细则 （修订稿） 第一章 总 则 第一条 为了规范万泽实业股份有限公司（以下简称"公司"）高级管理人员的行 为，确保高级管理人员忠实履行职责，勤勉高效地工作，根据《中华人民共和国公司法》 和《公司章程》，制定本细则。 第二条 本细则所称高级管理人员，包括总经理、副总经理、财务总监、董事会秘 书。 公司总经理、董事会秘书，由董事长提名，由董事会聘任或者解聘；公司副总经理、 财务总监，由总经理提名，董事会聘任或者解聘。 第四条 高级 ...

（一）董事任期届满未及时改选，或者董事在任期内辞任导致董事会成员低于法定 最低人数； 万泽股份董事和高级管理人员离职管理制度 万泽实业股份有限公司 董事和高级管理人员离职管理制度 第一章 总则 第一条 为规范万泽实业股份有限公司（以下简称"公司"）董事和高级管理人员 的离职管理，保障公司治理稳定性及股东合法权益，根据《中华人民共和国公司法》《上 市公司章程指引》和《公司章程》的有关规定，结合公司的实际情况，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事、非独立董事）和高级管理人员 的辞任、任期届满、解任等离职情形。 第二章 离职情形与生效条件 第三条 董事可以在任期届满以前辞任。董事辞任应当向公司提交书面辞职报告， 除另有规定外，公司收到辞职报告之日辞任生效。董事会将在两个交易日内披露有关情 况。 除法律法规、中国证监会和深圳证券交易所相关规则另有规定外，出现下列规定情 形的，在改选出的董事就任前，原董事仍应当依照法律、行政法规、部门规章、规范性 文件和《公司章程》的规定继续履行职责： （二）独立董事辞任导致公司董事会或者其专门委员会中独立董事所占比例不符合 法律法规或者《公司章程》的规定，或独立 ...