2025 年第三季度报告 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： 中材科技股份有限公司 2025 年第三季度报告 证券代码：002080 证券简称：中材科技 公告编号：2025-053 中材科技股份有限公司 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 1 中材科技股份有限公司 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 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 8,369,176,781.15 | 33.47% | 21,700,6 ...

Core Viewpoint - Zhongcai Technology's stock has shown significant volatility and growth in 2023, with a year-to-date increase of 135.94% and a recent decline over the past 20 days of 16.10 [1][2] Financial Performance - For the first half of 2025, Zhongcai Technology reported revenue of 13.33 billion, a year-on-year increase of 26.48%, and a net profit attributable to shareholders of 999 million, reflecting a substantial growth of 114.92% [2] - The company has distributed a total of 5.71 billion in dividends since its A-share listing, with 2.43 billion distributed over the last three years [3] Stock Market Activity - As of October 21, Zhongcai Technology's stock price was 30.33 per share, with a market capitalization of 50.90 billion [1] - The stock has appeared on the "龙虎榜" (a trading activity list) four times this year, with the most recent instance on August 29, where it recorded a net buy of -206 million [1] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 18% to 64,700, while the average number of circulating shares per person increased by 21.95% to 25,940 shares [2] - Major shareholders include Hong Kong Central Clearing Limited and several mutual funds, with notable changes in their holdings [3]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [3] Core Views - Since October, domestic demand for building materials has shown weakness, with cement affected by cooling, rainfall, and funding issues, resulting in a year-on-year shipment rate still 10 percentage points lower as of last Friday. Glass prices are hindered by insufficient replenishment sentiment post-holiday, leading to increased producer inventory and price stagnation. Currently, the profitability of major building materials like cement and glass remains at relatively low levels. A previously released plan for stable growth in the building materials industry suggests potential continued policy support for supply-side optimization in the fourth quarter. As the year-end performance sprint approaches, companies may increasingly seek to optimize supply and raise prices through market mechanisms. Recent market performance indicates a relative advantage for cyclical stocks, suggesting a possible style shift in the fourth quarter. The building materials sector currently possesses both low valuation defensive attributes and valuation recovery momentum under anti-involution catalysts, continuing to recommend high-demand African cement and glass fiber with price increase expectations [2][17]. Summary by Sections Market Review - Last week (October 13-17, 2025), the CSI 300 index fell by 2.22%, while the building materials sector (CITIC) dropped by 3.48%. Among sub-sectors, ceramics and glass performed relatively well, while fiberglass saw a significant decline. Notable individual stock performances included Fashilong (up 18.1%), Huali Shares (up 14.5%), Hainan Development (up 10.9%), Saitex New Materials (up 7.7%), and Tubao (up 6.9%) [1][9]. Recommended Stocks - The report recommends the following stocks: Western Cement, Huaxin Cement, Qingsong Construction, China National Materials, Honghe Technology, China Jushi, Sankeshu, and Dongpeng Holdings. The current building materials industry is nearing a cyclical bottom, with high-demand new materials expected to continue demonstrating growth potential. Cement is anticipated to benefit from improving infrastructure and real estate demand, with long-term supply dynamics expected to optimize. Recommended stocks include Huaxin Cement, Western Cement, and Qingsong Construction, with a focus on companies like Sankeshu and Dongpeng Holdings that are likely to improve their balance sheets as real estate policies become more favorable [3][17].

Market Performance - The glass and fiberglass sector increased by 0.76% compared to the previous trading day, with Jiuding New Materials leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Jiuding New Materials (002201) closed at 8.15, up 5.57% with a trading volume of 296,500 shares and a transaction value of 241 million yuan [1] - Other notable stocks include Changhai Co. (300196) at 14.32, up 2.65%, and Zhongcai Technology (002080) at 29.72, up 1.61% [1] Capital Flow - The glass and fiberglass sector saw a net inflow of 66.68 million yuan from main funds, while retail funds experienced a net inflow of 43.37 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with main funds showing positive movement while speculative funds recorded a net outflow of 110 million yuan [2] Individual Stock Capital Flow - Zhongcai Technology (002080) had a main fund net inflow of 33.47 million yuan, while retail funds showed a net inflow of 1.77 million yuan [3] - Jiuding New Materials (002201) experienced a main fund net inflow of 16.87 million yuan but a significant retail outflow of 20.52 million yuan [3]

Market Overview - The glass and fiberglass sector experienced a decline of 3.2% on October 17, with Yaopi Glass leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Yaopi Glass (600819) closed at 8.03, down 8.96% with a trading volume of 572,600 shares and a transaction value of 470 million yuan [1] - Other notable declines include: - China National Materials (002080) down 3.78% to 29.25 [1] - Honghe Technology (603256) down 3.68% to 31.69 [1] - China Jushi (600176) down 3.54% to 15.27 [1] - The overall trading volume and transaction values for other companies in the sector also reflected negative trends [1] Capital Flow - The glass and fiberglass sector saw a net outflow of 398 million yuan from institutional investors, while retail investors had a net inflow of 462 million yuan [1] - Detailed capital flow for specific stocks indicates: - Jiuding New Materials (002201) had a net inflow of over 3.05 million yuan from retail investors [2] - Significant outflows were noted for companies like North Glass (002613) with a net outflow of 12.58 million yuan from institutional investors [2] - Other companies such as Jinjing Technology (600586) and Qibin Group (601636) also experienced substantial net outflows from institutional investors [2]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12]. Core Insights - The report emphasizes the importance of tariff avoidance and cyclical trends, recommending a focus on African building materials due to the long-term benefits from population growth and urbanization in Africa, as well as short-term advantages from the U.S. interest rate cut cycle [6][9]. - It highlights that traditional building materials are less affected by U.S.-China tariff fluctuations, with companies like Huaxin Cement and Keda Manufacturing expected to see improved performance in Q3 [6][9]. - The report identifies specific companies with growth potential, including Sanke Tree, Hanhai Group, and Tubao, which are experiencing counter-cyclical growth, and companies like Qibin Group and Dongfang Yuhong that are leveraging operational advantages to stabilize [6][9]. Summary by Sections Cement - Cement shipments have decreased month-on-month, with the average shipment rate for major regions at approximately 44.3%, down 3.0 percentage points from the previous month and down 10.7 percentage points year-on-year [8][26]. - The report anticipates a continued oscillation in cement prices due to insufficient demand support, despite some regions pushing for price increases [8][26]. Glass - The glass market has seen an increase in inventory during the National Day holiday, with total inventory in monitored provinces rising to 57.74 million weight boxes, an increase of 13.71% from September 30 [8][42]. - The report notes that the production and consumption rates are currently at 58.78%, indicating a slowdown in market activity [8][42]. Fiberglass - The fiberglass sector remains relatively unaffected by tariffs, with a total tariff of 60% imposed on fiberglass imports from China to the U.S. since April, leading to a stagnation in trade [7]. - The report suggests that the AI electronic fabric market continues to experience strong demand, with Zhongcai Technology positioned as a leading player in this segment [7][9]. Recommendations - The report recommends focusing on the African supply chain and specialty fabrics, highlighting Huaxin Cement and Keda Manufacturing as key players in the African market [9]. - It also suggests that companies with strong business models and growth potential, such as Sanke Tree and Tubao, should be prioritized for investment [9].

Core Viewpoint - Zhongcai Technology's stock has experienced significant fluctuations, with a year-to-date increase of 133.22%, but a recent decline of 11.56% over the past five trading days [1] Financial Performance - For the first half of 2025, Zhongcai Technology reported revenue of 13.33 billion yuan, a year-on-year increase of 26.48%, and a net profit attributable to shareholders of 999 million yuan, up 114.92% year-on-year [2] - The company has distributed a total of 5.71 billion yuan in dividends since its A-share listing, with 2.43 billion yuan distributed in the last three years [3] Stock Market Activity - As of October 16, Zhongcai Technology's stock price was 29.98 yuan per share, with a market capitalization of 50.31 billion yuan [1] - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 29, where it recorded a net buy of -206 million yuan [1] Shareholder Structure - As of June 30, 2025, Zhongcai Technology had 64,700 shareholders, a decrease of 18% from the previous period, with an average of 25,940 circulating shares per shareholder, an increase of 21.95% [2] - Major shareholders include Hong Kong Central Clearing Limited and various mutual funds, with some increasing or decreasing their holdings compared to the previous period [3]

Investment Rating - The report maintains a positive investment outlook on the construction materials industry, highlighting specific companies as key recommendations for investment opportunities [2][6][19]. Core Insights - The report emphasizes that both domestic demand hedging and TACO trading are merely processes of value discovery, suggesting that companies with high economic prospects and room for valuation growth will accelerate price discovery [2][3]. - It identifies a shift in focus towards companies that are expected to show resilience and growth potential, particularly in the context of domestic demand recovery and global demand expectations [4][12]. Summary by Sections Domestic Demand Hedging - Companies recommended under domestic demand hedging include Oriental Yuhong, Hanhigh Group, and Huaxin Cement, which are expected to show positive revenue trends in Q3 [2][4]. - The report highlights the importance of infrastructure projects in regions like Xinjiang, predicting a significant increase in cement demand due to major construction initiatives [7][9]. TACO Trading - The report suggests that the glass fiber and CCL industry chain will benefit from global demand expectations, with price increases observed in electronic fabrics and copper-clad laminates [3][5]. - Key companies in this segment include China Jushi and Zhongcai Technology, which are positioned to capitalize on the ongoing price increase cycle [6][15]. Cement Industry - The cement sector is noted for its potential growth driven by policy execution and governance improvements, with overseas expansion opportunities highlighted for companies like Huaxin Cement [34][38]. - The report indicates that the cement market is entering a phase of price stabilization, with a focus on limiting overproduction and enhancing governance [35][41]. Glass and Fiberglass - The glass sector is experiencing a recovery, particularly in photovoltaic glass, with companies like Fuyao Glass and Xinyi Glass expected to see improved profitability [10][12]. - The report notes that the fiberglass sector is witnessing a strong performance, with significant contributions from price increases in electronic fabrics [10][14]. Consumer Building Materials - The consumer building materials segment is showing signs of recovery, with companies like Sanke Tree and Beixin Building Materials expected to benefit from improved revenue performance in Q3 [19][25]. - The report emphasizes the importance of cost reduction and price stabilization in enhancing profitability for companies in this sector [26][27]. Key Recommendations - The report recommends focusing on companies with strong fundamentals and growth potential, such as China Jushi, Huaxin Cement, and Oriental Yuhong, as they are expected to outperform in the current market environment [6][17][19].

Core Viewpoint - The low-altitude economy sector experienced a decline of 2.28% on October 14, with Xuguang Electronics leading the drop. The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1]. Group 1: Stock Performance - The top gainers in the low-altitude economy sector included: - Shangong Shenbei (600843) with a closing price of 13.73, up 10.02% and a trading volume of 999,700 shares, totaling 1.362 billion yuan [1]. - Dongxin Peace (002017) closed at 25.28, up 10.01% with a trading volume of 493,800 shares, totaling 1.208 billion yuan [1]. - The top losers included: - Xuguang Electronics (600353) with a closing price of 19.16, down 8.19% and a trading volume of 1,020,100 shares, totaling 2.051 billion yuan [2]. - Longsheng Technology (300680) closed at 52.03, down 8.07% with a trading volume of 170,700 shares, totaling 924 million yuan [2]. Group 2: Capital Flow - The low-altitude economy sector saw a net outflow of 3.743 billion yuan from institutional investors, while retail investors experienced a net inflow of 2.939 billion yuan [2]. - The capital flow for specific stocks showed: - Shangong Shenbei (600843) had a net inflow of 518 million yuan from institutional investors, accounting for 38.02% of its total trading [3]. - Dongxin Peace (002017) experienced a net inflow of 315 million yuan from institutional investors, representing 26.05% [3].

Group 1 - The core point of the news is that Zhongcai Technology's stock has experienced a decline of 5.01% on October 14, with a total market value of 51.535 billion yuan and a cumulative drop of 5.66% over four consecutive days [1] - Zhongcai Technology specializes in wind turbine blades, fiberglass products, and lithium battery separators, with its main revenue sources being wind turbine blades (39.01%), fiberglass products (28.05%), and lithium battery separators (6.96%) [1] - The company is located in Haidian District, Beijing, and was established on December 28, 2001, with its stock listed on November 20, 2006 [1] Group 2 - According to data, the Rongtong Central State-Owned Enterprises Selected Mixed A Fund (022237) holds 185,900 shares of Zhongcai Technology, accounting for 4.23% of the fund's net value, making it the sixth-largest holding [2] - The fund has incurred a floating loss of approximately 30,120 yuan today and a total floating loss of 36,060 yuan during the four-day decline [2] Group 3 - The Rongtong Central State-Owned Enterprises Selected Mixed A Fund (022237) was established on March 25, 2025, with a latest scale of 69.8089 million yuan and a cumulative return of 17.39% since inception [3] - The fund manager, Liu Ankun, has been in position for 6 years and 153 days, managing assets totaling 3.41 billion yuan, with the best fund return during his tenure being 81.18% and the worst being -29.17% [4]