山东坤泰新材料科技股份有限公司 2025 年第三季度报告 证券代码：001260 证券简称：坤泰股份 公告编号：2025-045 1 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 山东坤泰新材料科技股份有限公司 2025 年第三季度报告 山东坤泰新材料科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 145,173,058.81 | -12. ...

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of October 23, there are 951 stocks with a circulating market value below 3 billion yuan, and 382 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,681 stocks have a total market value below 5 billion yuan, with 546 stocks having a total market value below 3 billion yuan [1] Market Overview - The three stocks with the smallest circulating market values are *ST Yuan Cheng at 342 million yuan, *ST Gao Hong at 430 million yuan, and Kuntai Co. at 648 million yuan [1] - The three stocks with the smallest total market values are also *ST Yuan Cheng at 342 million yuan, *ST Gao Hong at 440 million yuan, and *ST Su Wu at 718 million yuan [1] Stock Performance - A detailed list of stocks with circulating market values below 2 billion yuan includes: - *ST Yuan Cheng: Circulating market value 342 million yuan, total market value 342 million yuan, P/E ratio not applicable, industry: Construction Decoration [1] - *ST Gao Hong: Circulating market value 430 million yuan, total market value 440 million yuan, P/E ratio not applicable, industry: Communication [1] - Kuntai Co.: Circulating market value 648 million yuan, total market value 2.348 billion yuan, P/E ratio 53.33, industry: Automotive [1] - Additional stocks with low circulating market values include: - Kangliyuan: Circulating market value 678 million yuan, total market value 2.654 billion yuan, P/E ratio 45.32, industry: Light Industry Manufacturing [1] - Kereisi: Circulating market value 704 million yuan, total market value 2.393 billion yuan, P/E ratio 195.79, industry: Communication [1] - *ST Su Wu: Circulating market value 718 million yuan, total market value 718 million yuan, P/E ratio not applicable, industry: Pharmaceutical Biology [1]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of October 22, there are 966 stocks with a circulating market value below 3 billion yuan, and 384 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,690 stocks have a total market value below 5 billion yuan, with 558 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST元成: 358 million yuan - *ST高鸿: 430 million yuan - 坤泰股份: 644 million yuan [1] - The three stocks with the smallest total market values are: - *ST元成: 358 million yuan - *ST高鸿: 440 million yuan - *ST苏吴: 682 million yuan [1] Selected Stocks with Low Market Value - A list of stocks with circulating market values below 2 billion yuan includes: - *ST元成: 358 million yuan, PE ratio: N/A, Industry: Construction Decoration - *ST高鸿: 430 million yuan, PE ratio: N/A, Industry: Communication - 坤泰股份: 644 million yuan, PE ratio: 52.94, Industry: Automotive - 康力源: 673 million yuan, PE ratio: 44.99, Industry: Light Industry Manufacturing - *ST苏吴: 682 million yuan, PE ratio: N/A, Industry: Pharmaceutical Biology - 科瑞思: 699 million yuan, PE ratio: 194.35, Industry: Communication - 播恩集团: 717 million yuan, PE ratio: N/A, Industry: Agriculture, Forestry, Animal Husbandry, and Fishery - 东南电子: 730 million yuan, PE ratio: 56.64, Industry: Electronics - 鸿铭股份: 759 million yuan, PE ratio: N/A, Industry: Machinery Equipment - 万得凯: 767 million yuan, PE ratio: 25.46, Industry: Machinery Equipment - 扬州金泉: 776 million yuan, PE ratio: 23.62, Industry: Textile and Apparel - 通达创智: 790 million yuan, PE ratio: 25.39, Industry: Light Industry Manufacturing - *ST节能: 796 million yuan, PE ratio: N/A, Industry: Environmental Protection - 美能能源: 821 million yuan, PE ratio: 29.55, Industry: Public Utilities - 毓恬冠佳: 825 million yuan, PE ratio: 34.44, Industry: Automotive - 天益医疗: 828 million yuan, PE ratio: 140.20, Industry: Pharmaceutical Biology - 美硕科技: 836 million yuan, PE ratio: 82.17, Industry: Power Equipment - 蓝宇股份: 836 million yuan, PE ratio: 58.36, Industry: Basic Chemicals - 辰奕智能: 839 million yuan, PE ratio: 62.41, Industry: Home Appliances - 森泰股份: 864 million yuan, PE ratio: 37.17, Industry: Building Materials - 贝隆精密: 869 million yuan, PE ratio: 125.24, Industry: Electronics - *ST恒久: 879 million yuan, PE ratio: N/A, Industry: Electronics - 信凯科技: 880 million yuan, PE ratio: 32.24, Industry: Basic Chemicals - 欣灵电气: 884 million yuan, PE ratio: 196.78, Industry: Power Equipment - 炜冈科技: 888 million yuan, PE ratio: 30.27, Industry: Machinery Equipment - 正和生态: 890 million yuan, PE ratio: 46.39, Industry: Environmental Protection [1][2]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of October 21, there are 969 stocks with a circulating market value below 3 billion yuan, and 387 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,682 stocks have a total market value below 5 billion yuan, with 567 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are *ST Yuan Cheng at 378 million yuan, *ST Gao Hong at 430 million yuan, and Kuntai Co. at 638 million yuan [1] - The three stocks with the smallest total market values are also *ST Yuan Cheng at 378 million yuan, *ST Gao Hong at 440 million yuan, and *ST Su Wu at 690 million yuan [1] Selected Stocks with Low Market Value - Notable stocks with circulating market values below 800 million yuan include: - *ST Yuan Cheng: Circulating market value 378 million yuan, total market value 378 million yuan, P/E ratio not available, industry: Construction Decoration [1] - *ST Gao Hong: Circulating market value 430 million yuan, total market value 440 million yuan, P/E ratio not available, industry: Communication [1] - Kuntai Co.: Circulating market value 638 million yuan, total market value 2.309 billion yuan, P/E ratio 52.44, industry: Automotive [1] - Kangliyuan: Circulating market value 672 million yuan, total market value 2.631 billion yuan, P/E ratio 44.92, industry: Light Industry Manufacturing [1] - *ST Su Wu: Circulating market value 690 million yuan, total market value 690 million yuan, P/E ratio not available, industry: Pharmaceutical Biology [1]

Core Viewpoint - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of October 17, there are 1,031 stocks with a circulating market value below 3 billion yuan, and 428 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,746 stocks have a total market value below 5 billion yuan, with 641 stocks below 3 billion yuan [1] Smallest Stocks by Circulating Market Value - The three stocks with the smallest circulating market values are: - *ST Yuan Cheng: 417 million yuan - *ST Gao Hong: 430 million yuan - Kuntai Co., Ltd.: 622 million yuan [1] Smallest Stocks by Total Market Value - The three stocks with the smallest total market values are: - *ST Yuan Cheng: 417 million yuan - *ST Gao Hong: 440 million yuan - *ST Su Wu: 690 million yuan [1] Selected Stocks with Low Market Values - A list of stocks with circulating market values below 2 billion yuan includes: - *ST Yuan Cheng: Circulating market value 417 million yuan, total market value 417 million yuan, PE ratio not applicable, industry: Construction Decoration - *ST Gao Hong: Circulating market value 430 million yuan, total market value 440 million yuan, PE ratio not applicable, industry: Communication - Kuntai Co., Ltd.: Circulating market value 622 million yuan, total market value 2.254 billion yuan, PE ratio 51.19, industry: Automotive - Kangliyuan: Circulating market value 656 million yuan, total market value 2.569 billion yuan, PE ratio 43.86, industry: Light Industry Manufacturing - Keri Si: Circulating market value 659 million yuan, total market value 2.242 billion yuan, PE ratio 183.45, industry: Communication [1][2]

Core Viewpoint - Shandong Kuntai New Materials Technology Co., Ltd. has signed a cooperation memorandum with French company Trèves to establish a carpet production line in Morocco, marking a significant step in expanding its international business and entering the global automotive supply chain [1][2]. Group 1: Company Overview - Kuntai specializes in the research, production, and sales of automotive soft interior materials, including tufted and needle-punched carpets, primarily targeting the original equipment manufacturer (OEM) market [1]. - The company has made advancements in product development, particularly in the core production technology of BCF fiber, enabling in-house production of raw materials and creating an integrated business model [1]. Group 2: Strategic Partnership - Trèves, a well-known player in the automotive interior sector, has designated Kuntai as its carpet supplier, ensuring sufficient business volume to cover the capacity of the new production line in Morocco [2]. - This partnership is expected to enhance Kuntai's access to advanced market demands and technical standards, laying a solid foundation for future international collaborations and expanding its global market presence [2]. Group 3: Operational Impact - The signing of the memorandum is seen as a framework agreement that will provide stability for the operation of the Moroccan production base and reduce market entry risks during the initial phase [2]. - The agreement does not involve specific transaction amounts and is not expected to have a significant impact on the company's current year performance, indicating some uncertainty in future cooperation [2].

Core Viewpoint - Kuntai Co., Ltd. has signed a strategic letter of intent with the French company Trève, focusing on product supply, technical collaboration, and market expansion, which is expected to enhance Kuntai's global presence and supply chain capabilities in Europe [1][2] Group 1: Strategic Collaboration - The strategic cooperation with Trève is based on the complementary strengths in technology and market resources, facilitating Kuntai's entry into mainstream global markets [1] - The partnership aims to provide efficient and stable product supply from Kuntai's production base in Morocco, unlocking the potential of European orders [1] Group 2: Operational and Market Development - Kuntai plans to leverage this collaboration to improve the capacity and technological level of its Moroccan base, exploring intelligent product solutions in conjunction with Trève's local experience [2] - The collaboration will focus on R&D innovation and market promotion, aiming to deliver high-quality products and services tailored to European customer needs [2]

Group 1 - Huayi Technology's shareholder plans to reduce holdings by up to 3% of the company's shares, totaling no more than 2.5433 million shares, from November 5, 2025, to February 4, 2026 [1] - Huayi Technology specializes in intelligent testing equipment for automotive powertrains, testing services for new energy vehicles, and intelligent driving-related businesses [1] - China Overseas Land & Investment reported a contract sales amount of 1.08 billion yuan in September, a year-on-year decrease of 59% [1] Group 2 - Degute announced it does not participate in nuclear energy or nuclear pollution control equipment manufacturing, focusing instead on energy-saving and environmental protection equipment [2] - Degute's main business targets chemical, energy, metallurgy, and solid waste treatment sectors [2][3] Group 3 - Zhongke Sanhuan expects a net profit of 80 million to 100 million yuan for the first three quarters of 2025, compared to a loss of 42.053 million yuan in the same period last year [4] - The company specializes in rare earth permanent magnet materials and new magnetic materials [4] Group 4 - Jieshun Technology anticipates a net profit of 68 million to 80 million yuan for the first three quarters of 2025, representing a year-on-year increase of 58.11% to 86.01% [5] - The company focuses on intelligent parking management systems and related services [5] Group 5 - Shengtun Mining plans to acquire Canadian Loncor's gold mine assets for approximately 1.35 billion yuan (190 million USD) [6] - The acquisition targets the Adumbi gold mine project in the Democratic Republic of the Congo, which has significant resource potential [6][7] Group 6 - Xizi Clean Energy reported new orders of 1.27 billion yuan in the third quarter, with total new orders of 4.054 billion yuan for 2025 [7] - The company specializes in waste heat boilers and clean energy generation equipment [7] Group 7 - Xiangsha Precision plans to invest 49% in a new investment fund focused on humanoid robots and industrial robots, with a total subscription amount of 49 million yuan [8] - The fund aims to invest in key components for humanoid robots and industrial service robots [8] Group 8 - Huangting International announced the termination of major asset sales and debt restructuring due to failure to reach consensus on core terms [10] - The company faces potential financial risks as its main assets have been judicially determined to be used for debt repayment [10] Group 9 - Jinlang Technology reported a net profit growth of 29.39% year-on-year for the first three quarters of 2025, with a total revenue of 5.663 billion yuan [12][13] - The company specializes in the research, production, and sales of string inverters for solar power generation [12] Group 10 - Guoen Co. signed a cooperation agreement for a photovoltaic production increase and seawater lithium extraction project, with a total funding of 26.7 million HKD from both parties [14] - The project focuses on enhancing photovoltaic cooling efficiency and developing lithium extraction systems [14] Group 11 - Aerospace Intelligent Manufacturing expects a net profit of 600 million to 664 million yuan for the first three quarters of 2025, representing a year-on-year increase of 12% to 24% [15] - The company operates in the automotive parts, oil and gas equipment, and high-performance functional materials sectors [15] Group 12 - Fuxin Technology's shareholder plans to transfer 3% of the company's shares, totaling 2.6472 million shares, due to personal funding needs [16] - The company specializes in the research, production, and sales of conductive silver paste for photovoltaic cells [16] Group 13 - Dike Co. plans to acquire 62.5% of Jiangsu Jingkai Semiconductor Technology Co. for 300 million yuan, focusing on storage chip packaging and testing services [17] - The acquisition will make Dike Co. the controlling shareholder of Jiangsu Jingkai [17] Group 14 - Phoenix Shipping plans to purchase dry bulk carriers for up to 60 million USD to expand its capacity and optimize fleet structure [18] - The funding will come from self-owned and raised funds [18] Group 15 - Ru Yi Group is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [21] - The company continues normal production and operational activities during the investigation [21] Group 16 - Kuntai Co. signed a cooperation letter of intent with French company Trèves to establish a carpet production line in Morocco [23] - The agreement ensures a long-term supply of automotive carpets to Trèves for five years [23] Group 17 - Huason Pharmaceutical's shareholders plan to reduce their holdings by up to 3% of the company's shares, totaling 12.5278 million shares [25] - The reduction is due to personal and fund funding needs [25] Group 18 - Zhongshe Co. plans to acquire 51% of Wuxi Jiaojian New Materials for 68.85 million yuan, focusing on asphalt and stabilized mixture production [27] - The acquisition will enhance Zhongshe's capabilities in the transportation and construction sectors [27] Group 19 - Tai Jia Co. plans to transfer its 2.5% stake in a venture capital fund for 14.3827 million yuan [28] - The transaction will result in Tai Jia no longer holding any shares in the fund [28] Group 20 - Weilan Lithium Core plans to invest 20 million USD in the Green Beauty Indonesia project to enhance its market competitiveness [30] - The investment will result in a 5.95% stake in the target company, which produces high-nickel ternary precursors [30] Group 21 - Guosheng Technology's subsidiary plans to invest 230 million yuan in Tieling Global for a solid-state battery project [32] - The investment will result in a 51.11% stake in Tieling Global, integrating the solid-state battery supply chain [32]

Core Viewpoint - The company has signed a letter of intent with Trèves Products, Services & Innovation to establish a carpet production line in Morocco, marking a significant step in expanding its international market presence [1] Group 1: Partnership and Collaboration - The agreement designates the company as the exclusive supplier of automotive carpets to Trèves for a period of five years [1] - Trèves guarantees sufficient business volume to fully utilize the production capacity of the company's Moroccan facility [1] - Both parties may explore additional collaboration opportunities in the future [1] Group 2: Market Expansion and Strategic Importance - This partnership is crucial for the company to enter mainstream global markets and establish long-term strategic relationships with international partners [1] - Collaborating with Trèves allows the company to access advanced market demands and technical standards, laying the groundwork for future international clients and projects [1] - The cooperation will provide stability for the company's Moroccan production base and reduce market development risks during the initial operational phase [1] Group 3: Financial Performance - In the first half of 2025, the company achieved a total operating revenue of 279 million yuan and a net profit attributable to shareholders of 22.02 million yuan [1]

Core Insights - The article highlights significant corporate announcements and developments in various companies, including project investments, contract wins, share buybacks, and performance forecasts. Company Announcements - **DeguTech**: Not involved in the core equipment manufacturing for nuclear energy or nuclear pollution management [1] - **Kuntai Co.**: Plans to establish an automotive carpet production line in Morocco and supply to Trèves [1] - **Shan Jian Co.**: Awarded the EPC general contracting project for the 150MW Fenghuangling Wind Power Project in Guangxi [1] - **Dike Co.**: Plans to acquire 62.5% equity in Jiangsu Jingkai to strengthen its core competitiveness in storage business [1] - **Trina Solar**: Has repurchased 0.9964% of its own shares [1] - **Xian Da Co.**: Expects a net profit increase of 2807.87% to 3211.74% year-on-year for the first three quarters [1] - **Huason Pharmaceutical**: Controlling shareholder's concerted action party plans to reduce holdings by no more than 3% [2] - **Rima Precision**: Secured a project for automotive air suspension system products [2] - **Guangda Special Materials**: Chairman and General Manager Xu Weiming has been subjected to retention measures [2] Performance Forecasts - **Batian Co.**: Anticipates a net profit growth of 230.79% to 260.15% year-on-year for the first three quarters [1] - **Shenghe Resources**: Expects a year-on-year net profit increase of 696.82% to 782.96% for the first three quarters [1]