Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [5]. Core Views - The company reported a revenue of 917 million RMB and a net profit of 294 million RMB for the first three quarters of 2025, representing year-on-year increases of 23.21% and 20.03% respectively. The non-recurring net profit reached 326 million RMB, up 46.89% year-on-year [2]. - The company is benefiting from a recovery in IPO activities, accelerated delivery of GLP-1 raw material orders, and improved market sentiment, which are expected to drive steady growth in performance [5]. - The investment income for Q3 was 64 million RMB, a year-on-year increase of 77.78%, and the cumulative investment income reached 116 million RMB, a significant improvement from the previous year's loss [3]. Summary by Sections Performance Review - For Q3 2025, the company achieved revenues of 288 million RMB and a net profit of 165 million RMB, with year-on-year increases of 9.91% and 25.74% respectively [2]. - The return on equity (ROE) for the first three quarters was 3.85%, an increase of 0.54 percentage points year-on-year [2]. Operational Analysis - The revenue growth in Q3 was attributed to the management fee income from the pharmaceutical, building materials, and private equity sectors, although there was a decline compared to the previous quarter due to reduced management fees from private equity exits [3]. - The company has successfully advanced several key projects, with multiple investments achieving public listings and others entering the exit phase [3]. Financial Forecast and Valuation - The company is projected to achieve a net profit of 650 million RMB for the full year of 2025, representing a 112% year-on-year growth, with a price-to-earnings (P/E) ratio of 23 times [5]. - The report anticipates that the performance of the equity investment segment will continue to release earnings elasticity as market sentiment improves [3].

Group 1 - The core viewpoint of the news is the performance and investment potential of Sichuan Shuangma, which saw a stock price increase of 5.04% to 21.03 CNY per share, with a total market capitalization of 16.055 billion CNY [1] - Sichuan Shuangma's main business segments include private equity fund management (33.36%), cement production (32.46%), biomedicine (23.08%), and aggregates (11.10%) [1] - The company is located in Chengdu, Sichuan, and was established on October 20, 1998, with its stock listed on August 24, 1999 [1] Group 2 - Guotai Fund has a significant position in Sichuan Shuangma, with its Guotai CSI All-Share Building Materials ETF (159745) increasing its holdings by 631,900 shares in the third quarter, bringing the total to 1.3057 million shares, which constitutes 2.54% of the fund's net value [2] - The Guotai CSI All-Share Building Materials ETF has a current scale of 1.102 billion CNY and has achieved a year-to-date return of 10.7% [2] - The fund's performance over the past year shows a return of 3.53%, with a ranking of 3711 out of 3889 in its category [2]

Core Insights - Sichuan Shuangma (000935.SZ) reported its Q3 2025 results, revealing that 19 institutional investors hold a total of 513 million shares, representing 67.22% of the company's total equity [1] - The top ten institutional investors collectively own 66.84% of the shares, with a decrease of 2.99 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding shares in Sichuan Shuangma is 19, with a total holding of 513 million shares [1] - The top ten institutional investors include Beijing Harmony Hengyuan Technology Co., LAFARGE CHINA OFFSHORE HOLDING COMPANY (LCOHC) LTD., and others, with a combined holding of 66.84% [1] - There was a decline in the holding percentage of the top ten institutional investors by 2.99 percentage points from the last quarter [1] Public Fund Activity - Four public funds increased their holdings, including Guotai CSI All-Index Building Materials ETF, with an increase rate of 0.15% [2] - Two public funds decreased their holdings, with a slight decline noted [2] - Four new public funds were disclosed, while 102 public funds were not disclosed in the current period [2] Pension Fund Perspective - One pension fund, the Basic Pension Insurance Fund No. 1003, reported a slight decrease in holdings [2] Insurance Capital Direction - One insurance capital entity, Zhongrong Life Insurance Co., reported a 1.0% decrease in holdings [2] Foreign Investment Attitude - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.41% [2]

Group 1 - The core point of the article is that Sichuan Shuangma reported its Q3 2025 financial results, showing a revenue increase and significant profit growth [1] - The company achieved a revenue of 287,684,468.63 yuan in Q3 2025, representing a year-on-year growth of 9.91% [1] - The net profit attributable to shareholders of the listed company was 164,953,133.04 yuan, reflecting a year-on-year increase of 25.74% [1]

Group 1 - The core transaction involved Sichuan Shuangma, with a total of 22,200 shares traded on October 30, resulting in a transaction value of 4.0182 million yuan, which accounted for 2.13% of the total trading volume for that day [1][2] - The transaction price was set at 18.10 yuan per share, representing a discount of 9.59% compared to the market closing price of 20.02 yuan [1][2]

Core Viewpoint - Sichuan Shuangma (000935.SZ) reported a strong performance in the first three quarters of 2025, with significant growth in both revenue and net profit [1] Financial Performance - The company achieved an operating income of 917 million yuan, representing a year-on-year increase of 23.21% [1] - The net profit attributable to shareholders of the listed company was 294 million yuan, reflecting a year-on-year growth of 20.03% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached 326 million yuan, showing a substantial year-on-year increase of 46.89% [1]

Group 1 - The core point of the article is that Sichuan Shuangma (SZ 000935) held its 17th meeting of the 9th board of directors on October 29, 2025, to review the Q3 2025 report [1] - For the first half of 2025, Sichuan Shuangma's revenue composition was as follows: cement manufacturing accounted for 43.56%, private equity investment management accounted for 33.36%, and biopharmaceuticals accounted for 23.08% [1] - As of the report date, Sichuan Shuangma's market capitalization was 15.3 billion yuan [1]

证券代码：000935 证券简称：四川双马 公告编号：2025-46 四川和谐双马股份有限公司 第九届董事会第十七次会议决议公告 本议案的表决情况为：同意 7 票；反对 0 票；弃权 0 票。 （二）《关于修改<内部审计制度>的议案》 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 四川和谐双马股份有限公司（以下简称"公司"）第九届董事会第十七次会 议于 2025 年 10 月 29 日以现场或通讯的方式召开，现场会议地址为四川省成都 市锦江区红星路三段一号成都国际金融中心 1 号写字楼 26 楼 2 号。本次会议应 出席董事 7 人，实到 7 人。会议通知于 2025 年 10 月 25 日以书面方式向各位董 事和相关人员发出。 本次会议由董事长谢建平先生主持，公司高级管理人员均兼任董事并出席了 会议，本次会议的召集、召开符合有关法律法规和《四川和谐双马股份有限公司 章程》的规定。 二、董事会会议审议情况 在公司董事充分理解会议议案并表达意见后，审议通过了以下议案： （一）《2025 年第三季度报告》 请详见公司于同日在巨潮资讯网（ ...

Core Insights - The company reported third-quarter revenue of 288 million, representing a year-on-year increase of 9.91% [1] - Net profit for the third quarter was 165 million, showing a year-on-year growth of 25.74% [1] - For the first three quarters, total revenue reached 917 million, reflecting a year-on-year increase of 23.21% [1] - Net profit for the first three quarters amounted to 294 million, with a year-on-year growth of 20.03% [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥287,684,468.63, representing a year-on-year increase of 9.91%[5] - Net profit attributable to shareholders was ¥164,953,133.04, up 25.74% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥164,368,659.78, reflecting a 29.47% increase year-on-year[5] - Basic earnings per share increased by 29.41% to ¥0.22, while diluted earnings per share also rose by 29.41% to ¥0.22[5] - Total operating revenue for the current period reached ¥916,882,258.71, an increase of 23.2% compared to ¥744,168,505.69 in the previous period[22] - Net profit for the current period was ¥294,360,854.25, representing a 20.0% increase from ¥245,154,168.82 in the previous period[23] - Earnings per share (EPS) for the current period was ¥0.39, compared to ¥0.32 in the previous period, reflecting a 21.9% increase[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,297,438,211.83, a 3.40% increase from the end of the previous year[5] - Total assets increased to ¥9,297,438,211.83, up from ¥8,991,376,516.63, marking a growth of 3.4%[21] - Total liabilities rose to ¥1,450,007,600.55, compared to ¥1,438,309,334.74, indicating a slight increase of 0.5%[21] - The company’s total equity attributable to shareholders rose by 3.93% to ¥7,768,866,361.68 compared to the previous year[5] - Total equity attributable to shareholders increased to ¥7,768,866,361.68, up from ¥7,475,317,745.70, a growth of 3.9%[21] Cash Flow - The company's cash flow from operating activities showed a significant decline of 35.24%, totaling ¥189,702,532.45[5] - Net cash flow from operating activities decreased by 35.24% to ¥189,702,532.45 from ¥292,926,881.86, primarily due to a reduction in fund management fee collections and increased accounts payable[12] - Operating cash flow for the current period was ¥189,702,532.45, a decrease of 35.3% compared to ¥292,926,881.86 in the previous period[24] - Total cash inflow from operating activities was ¥883,649,535.93, up 12.1% from ¥788,044,406.83 in the previous period[24] - Cash outflow from operating activities increased to ¥693,947,003.48, compared to ¥495,117,524.97 in the previous period, representing a 40.2% increase[24] - Net cash flow from investing activities was -¥271,556,840.35, a significant decrease from ¥498,216,961.14 in the previous period[24] - Net cash flow from financing activities improved to ¥69,948,177.33 from -¥234,656,003.19, primarily due to increased bank acquisition loans[12] Costs and Expenses - The company reported a 45.93% increase in operating costs, amounting to ¥555,994,921.16, primarily due to the acquisition of Shenzhen Jianyuan Pharmaceutical Technology Co., Ltd.[11] - Total operating costs amounted to ¥747,988,869.31, up 66.1% from ¥450,583,739.42 in the prior period[22] - Research and development expenses surged by 1781.83% to ¥48,217,268.38, attributed to the acquisition of Shenzhen Jianyuan[11] - Research and development expenses for the current period were ¥48,217,268.38, significantly higher than ¥2,562,260.38 in the previous period, reflecting a focus on innovation[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,200[14] - The largest shareholder, Beijing Harmony Hengyuan Technology Co., Ltd., holds 19.97% of shares, totaling 152,446,032 shares, with 115,726,667 shares pledged[14] - LAFARGE CHINA OFFSHORE HOLDING COMPANY (LCOHC) LTD. holds 17.55% of shares, totaling 133,952,761 shares[14] - Tianjin Saike Environmental Management Center (Limited Partnership) holds 8.91% of shares, totaling 67,984,876 shares[14] - CITIC Financial Asset Management Co., Ltd. holds 6.26% of shares, totaling 47,820,993 shares[14] - Zhongrong Life Insurance Co., Ltd. holds 5.81% of shares, totaling 44,349,267 shares[14] Investment and Fair Value - The company’s investment income increased by 466.21% to ¥40,622,553.84, driven by higher earnings from joint ventures[11] - Investment income for the current period was ¥40,622,553.84, compared to ¥7,174,465.60 in the previous period, showing a substantial increase[22] - The company reported a fair value change income of ¥114,906,762.25, a significant recovery from a loss of ¥44,620,055.13 in the previous period[22]