Core Viewpoint -沃尔核材 reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit, driven by the continuous increase in income from communication cables, new energy vehicle products, and electronic materials [1] Financial Performance - Q3 revenue reached 2.137 billion yuan, representing a year-on-year increase of 23.87% [1] - Q3 net profit was 264 million yuan, showing a year-on-year growth of 11.92% [1] - For the first three quarters, total revenue amounted to 6.082 billion yuan, up 26.17% year-on-year [1] - Net profit for the first three quarters was 822 million yuan, reflecting a year-on-year increase of 25.45% [1] Growth Drivers - The growth in performance is primarily attributed to the sustained increase in revenue from communication cables, new energy vehicle products, and electronic materials [1]

Core Insights - The company reported a third-quarter revenue of 2.137 billion yuan, representing a year-on-year increase of 23.87% [1] - The net profit for the third quarter was 264 million yuan, showing a year-on-year growth of 11.92% [1] - For the first three quarters, the total revenue reached 6.082 billion yuan, marking a year-on-year increase of 26.17% [1] - The net profit for the first three quarters was 822 million yuan, reflecting a year-on-year growth of 25.45% [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥2,136,899,369.95, representing a year-on-year increase of 23.87%[3] - The net profit attributable to shareholders for the same period was ¥263,765,564.87, up 11.92% compared to the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥258,120,396.78, reflecting a 13.75% increase year-on-year[3] - The net profit for the current period is 883,303,509.40, an increase from 709,242,581.34 in the previous period, representing a growth of approximately 24.5%[26] - Operating profit for the current period reached 1,037,089,313.12, compared to 811,976,792.83 in the previous period, indicating an increase of approximately 27.7%[25] - Total comprehensive income for the current period is 853,466,647.33, up from 698,491,369.49, marking a growth of around 22.2%[26] - Basic and diluted earnings per share increased to 0.6590 from 0.5200, representing a rise of approximately 26.7%[26] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥11,698,651,067.93, an increase of 13.96% from the end of the previous year[4] - The total assets of the company reached ¥11,698,651,067.93, up from ¥10,265,362,143.33, indicating a growth of 13.9%[22] - The total liabilities increased to ¥5,232,957,152.03 from ¥4,137,035,609.92, reflecting a rise of 26.5%[22] - The company's equity attributable to shareholders increased by 11.54% to ¥6,173,519,369.35 compared to the previous year[4] - The equity attributable to the parent company increased to ¥6,173,519,369.35 from ¥5,534,803,254.52, a growth of 11.6%[22] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥624,581,072.51, an increase of 13.80% compared to the previous year[3] - Cash flow from operating activities generated a net amount of 624,581,072.51, compared to 548,818,875.02 in the previous period, showing an increase of about 13.8%[29] - The net cash flow from investing activities decreased by 14,459.43 thousand yuan, a decline of 25.87% compared to the same period last year, primarily due to increased cash payments for fixed assets, intangible assets, and other long-term assets[13] - Cash flow from investing activities resulted in a net outflow of -703,591,016.69, worsening from -558,996,742.41 in the previous period[30] - The net cash flow from financing activities increased by 20,119.88 thousand yuan, representing a growth of 137.58% year-over-year, mainly due to funds received from the employee stock ownership plan and reduced cash payments for debt repayment[13] - Cash flow from financing activities yielded a net inflow of 54,957,356.46, a recovery from a net outflow of -146,241,372.67 in the previous period[30] Expenses and Costs - The gross profit margin for the reporting period was 32.08%, slightly down from 32.84% in the previous year[10] - Total operating costs amounted to ¥5,049,113,155.09, up from ¥4,049,224,070.80, reflecting a year-over-year increase of 24.7%[24] - Research and development expenses rose by 26.86% to ¥32,568,760.00, primarily due to increased employee compensation and material costs[10] - Research and development expenses increased to 325,687,560.30 from 256,721,320.26, reflecting a rise of about 26.8%[25] - Tax expenses for the current period were 152,782,760.51, up from 103,101,833.69, indicating an increase of about 48.2%[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 203,344[15] Inventory and Borrowings - The company reported a significant increase in inventory, which rose by 31.64% to ¥1,139,055,200.00, driven by increased demand and unfulfilled orders[8] - Short-term borrowings increased by 76.88% to ¥607,807,200.00, primarily due to new short-term loans taken during the reporting period[8] - Accounts receivable increased to ¥2,755,800,865.68, compared to ¥2,489,745,112.23, representing a growth of 10.7%[20] - Inventory rose significantly to ¥1,139,055,150.76 from ¥865,307,210.98, marking a 31.6% increase[20] Future Plans - The company plans to issue H shares and apply for listing on the Hong Kong Stock Exchange, with the application materials submitted to regulatory authorities[18] - The company sold 4,552,200 shares of Shuguang Cable during the reporting period, resulting in no remaining holdings in that stock[17]

募 集 资 金 管 理 制 度 二〇二五年十月 | | | 深圳市沃尔核材股份有限公司 募集资金管理制度 第一章 总则 第一条 为规范深圳市沃尔核材股份有限公司（以下简称"公司"）募集资金 管理，提高募集资金使用效率，根据《中华人民共和国公司法》《中华人民共和 国证券法》（以下简称"《证券法》"）、《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》（以下 简称"《规范运作指引》"）、《上市公司募集资金监管规则》等法律、行政法 规、部门规章及规范性文件以及《深圳市沃尔核材股份有限公司章程》（以下简 称"《公司章程》"）等规定，结合公司实际情况，制定本制度。 第二条 本制度所称"募集资金"是指公司通过发行股票或者其他具有股权 性质的证券，向投资者募集并用于特定用途的资金，不包括公司为实施股权激励 计划募集的资金。 第三条 募集资金到位后，公司应及时办理验资手续，由符合《证券法》规 定的会计师事务所审验并出具验资报告，并按照公开信息披露所承诺的资金使用 计划，组织募集资金的使用工作。 第四条 公司董事会负责建立健全募集资金管理制度，确保本制度的有效实 施。募集资金投 ...

Core Viewpoint - The company is closely monitoring industry development trends and is committed to research and innovation while actively seeking cooperation opportunities related to its business [1] Group 1 - The company is attentive to industry development trends [1] - The company emphasizes research and innovation [1] - The company is actively looking for business-related cooperation opportunities [1]

Core Viewpoint - The company is actively seeking merger and acquisition opportunities within its industry chain to enhance its development [1] Group 1 - The company is focusing on strategic planning, industry development prospects, business synergy effects, and acquisition costs when evaluating potential mergers and acquisitions [1] - The company will make decisions on mergers and acquisitions based on comprehensive assessments of the aforementioned factors [1]

Core Viewpoint - The stock price of Walden Materials has increased by 6.19% over the past three days, reaching 30.00 CNY per share, with a total market capitalization of 37.797 billion CNY [1] Company Overview - Walden Materials, established on June 19, 1998, and listed on April 20, 2007, is located in Shenzhen, Guangdong Province. The company specializes in the research, development, manufacturing, and sales of polymer radiation-modified new materials and a series of electronic, power, and wire products. It is also involved in wind power generation, electric vehicles, and smart manufacturing [1] - The revenue composition of Walden Materials is as follows: electronic materials 33.79%, communication cables 31.58%, new energy vehicle products 18.06%, power products 12.34%, others 2.22%, and wind power generation 2.02% [1] Fund Holdings - According to data, one fund under Bosera Asset Management holds Walden Materials as a significant position. The Bosera Ji Xing Configuration Preferred 6-Month Holding Mixed Fund (FOF) A (018285) held 1,300 shares in the second quarter, accounting for 0.28% of the fund's net value, ranking as the eighth largest holding. The estimated floating profit today is approximately 312 CNY, with a total floating profit of 2,275 CNY during the three-day increase [2] - The Bosera Ji Xing Configuration Preferred 6-Month Holding Mixed Fund (FOF) A (018285) was established on August 29, 2023, with a latest scale of 10.7567 million CNY. Year-to-date returns are 19.57%, ranking 323 out of 1,046 in its category; one-year returns are 18.41%, ranking 328 out of 1,016; and since inception, the return is 22.2% [2] Fund Manager Information - The fund managers of Bosera Ji Xing Configuration Preferred 6-Month Holding Mixed Fund (FOF) A (018285) are Zheng Zheng and Zhang Weiwei. Zheng has a cumulative tenure of 7 years and 362 days, with a total fund asset size of 13.4182 million CNY, achieving a best return of 30.36% and a worst return of -19.14% during his tenure. Zhang has a cumulative tenure of 3 years and 46 days, managing assets of 72.0069 million CNY, with a best return of 22.2% and a worst return of -12.62% during his tenure [3]

Group 1 - The stock price of Walden Materials increased by 2.02% on October 28, reaching 30.36 CNY per share, with a trading volume of 1.398 billion CNY and a turnover rate of 4.08%, resulting in a total market capitalization of 38.251 billion CNY [1] - Year-to-date, Walden Materials' stock price has risen by 20.89%, with a 5-day increase of 5.97%, a 20-day increase of 6.53%, and a 60-day increase of 29.58% [1] - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on September 23, where it recorded a net purchase of 479 million CNY [1] Group 2 - Walden Materials, established on June 19, 1998, and listed on April 20, 2007, is located in Shenzhen, Guangdong Province, and specializes in the research, manufacturing, and sales of polymer radiation-modified new materials and related electronic, power, and wire products [2] - The company's revenue composition includes electronic materials (33.79%), communication cables (31.58%), new energy vehicle products (18.06%), power products (12.34%), and others (2.22%) [2] - For the first half of 2025, Walden Materials achieved a revenue of 3.945 billion CNY, representing a year-on-year growth of 27.46%, and a net profit attributable to shareholders of 558 million CNY, up 33.06% year-on-year [2] Group 3 - As of June 30, 2025, the top ten circulating shareholders of Walden Materials include the Southern CSI 500 ETF, which is the fifth largest shareholder with 14.9686 million shares, marking its entry as a new shareholder [3] - Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [30]. Core Insights - The humanoid robot concept index increased by 4.51% from October 19 to October 24, 2025, outperforming the CSI 300 index by 1.27 percentage points. Year-to-date, the humanoid robot index has risen by 72.91%, surpassing the CSI 300 index by 50.91 percentage points [2][12]. - Significant developments include the unveiling of a humanoid robot pilot base in Hangzhou and the announcement of continued efforts to strengthen AI top-level design by the Ministry of Science and Technology [3][21]. - Tesla's production plans for the Optimus humanoid robot have been postponed to the end of 2026, with a new roadmap indicating the release of the third-generation model in early 2026 [5][23]. Weekly Market Review - The humanoid robot index saw a weekly increase of 4.51%, with notable stock performances including a 29.09% rise for Dayang Electric and a 13.39% decline for Henghui Security [2][18]. - The report highlights the strong performance of the humanoid robot sector compared to the broader market, with specific stocks showing significant volatility [12][18]. Weekly Hotspots Policy Developments - The Hangzhou humanoid robot pilot base was inaugurated, marking a significant step in the collaboration between government and enterprises in the humanoid robot industry [21]. - The Ministry of Science and Technology emphasized the importance of AI development and integration into various sectors [21][22]. Product and Technology Iteration - The Ningbo Embodied Intelligent Robot Innovation Center has been launched, focusing on data collection and application in industrial manufacturing [22]. - JD Logistics plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics capabilities [23]. Investment and Financing - Leju Robotics announced the completion of nearly 1.5 billion yuan in Pre-IPO financing, aimed at advancing core technology and expanding application scenarios [4][25]. - Key companies such as Yingluohua and Shenghong Technology are actively developing products for the humanoid robot sector, with some products already in production [4][26][27]. Key Company Announcements - Yingluohua has begun small-scale trials of its magnetic materials for humanoid robot motors [26]. - Shenghong Technology's PCB products for humanoid robots have entered the production phase, indicating strong market interest [26]. - Macro Technology has established partnerships with several humanoid robot companies, enhancing its market position [27].

Group 1 - The stock price of Walden Materials decreased by 2.01% on October 23, trading at 27.82 CNY per share, with a total market capitalization of 35.05 billion CNY [1] - Year-to-date, Walden Materials' stock price has increased by 10.77%, but it has seen a decline of 3.54% over the last five trading days and a slight decrease of 0.96% over the last 20 days [1] - The company has appeared on the trading leaderboard six times this year, with the most recent appearance on September 23, where it recorded a net buy of 479 million CNY [1] Group 2 - Walden Materials, established on June 19, 1998, specializes in the research, manufacturing, and sales of polymer nuclear radiation modified new materials and related electronic and power products [2] - The company's revenue composition includes electronic materials (33.79%), communication cables (31.58%), new energy vehicle products (18.06%), power products (12.34%), and others (2.22%) [2] - As of June 30, 2025, Walden Materials reported a revenue of 3.945 billion CNY, reflecting a year-on-year growth of 27.46%, and a net profit of 558 million CNY, up by 33.06% [2] Group 3 - Since its A-share listing, Walden Materials has distributed a total of 779 million CNY in dividends, with 433 million CNY distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include the Southern CSI 500 ETF, which is the fifth largest shareholder with 14.9686 million shares, marking its entry as a new shareholder [3]