Financial Performance - The company's operating revenue for the third quarter reached ¥744,025,359.88, representing a 10.07% increase year-over-year[5] - Net profit attributable to shareholders decreased by 80.85% to ¥8,089,797.11, while the net profit after deducting non-recurring gains and losses fell by 93.27% to ¥1,000,396.69[5] - The total profit for the period was ¥73,239,197.70, down 58.52% from the previous year, primarily due to a decrease in product prices[9] - Net profit for the current period was CNY 80,280,493.88, a decrease of 51.4% from CNY 164,973,134.53 in the previous period[19] - Earnings per share (EPS) for the current period was CNY 0.1419, down from CNY 0.2823 in the previous period[20] - The company reported a total comprehensive income of CNY 97,724,118.09, down from CNY 174,856,583.07 in the previous period, a decrease of 44.1%[20] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥7,259,788,007.10, reflecting a 5.69% increase compared to the end of the previous year[5] - Total liabilities increased to CNY 3,798,397,145.09, compared to CNY 3,341,338,620.87 in the previous period, reflecting a growth of 13.72%[17] - Total equity decreased to CNY 3,461,390,862.01 from CNY 3,527,644,807.76, indicating a decline of 1.88%[17] - Current assets total 4,520,813,967.98 CNY, up from 4,226,257,301.20 CNY[16] - Short-term borrowings increased to 1,510,154,088.58 CNY from 1,124,144,810.36 CNY[16] Cash Flow - The cash flow from operating activities showed a net outflow of ¥33,620,724.91, a significant decline of 120.94% compared to the previous year[9] - Cash inflow from operating activities was CNY 1,377,184,114.40, slightly up from CNY 1,365,544,014.69 in the previous period[21] - Cash flow from operating activities showed a net outflow of ¥33,620,724.91, compared to a net inflow of ¥160,576,688.10 in the previous period, indicating a significant decline in operational cash generation[22] - The company reported a net cash outflow from financing activities of -¥219,377,600.35, compared to -¥166,596,686.12 in the previous period, indicating increased financial pressure[22] - The ending cash and cash equivalents balance decreased to ¥390,054,881.88 from ¥530,125,077.30, showing a decline in liquidity[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 60,687[11] - The largest shareholder, Northwest Nonferrous Metal Research Institute, holds 24.68% of shares, totaling 120,468,988 shares[11] Investment and Expenses - The company reported a 48.92% increase in investment income, amounting to ¥20,382,584.85, due to improved earnings from equity method investments[9] - Research and development expenses increased to CNY 157,957,888.27, up from CNY 148,306,181.59, reflecting a growth of 6.8%[19] - The company received ¥4,500,000.00 in investment income, down from ¥5,120,000.00, indicating a decline in investment performance[22] Financing Activities - The company plans to raise 146.70 million CNY through a directed issuance of shares, increasing its stake in a subsidiary to 64.51%[13] - The number of shares for the directed issuance is 14.71 million, with 12.47 million CNY funded from the company's own resources[13] - The company paid ¥1,613,064,763.40 in debt repayments, significantly higher than the previous period's ¥962,937,968.96, highlighting increased debt servicing obligations[22] Other Information - The company has not reported any changes in the participation of major shareholders in margin financing or securities lending activities[12] - The company did not undergo an audit for the third quarter financial report, which may affect stakeholder confidence in the reported figures[24]

Core Viewpoint - Western Materials' stock price has shown mixed performance this year, with a year-to-date increase of 4.54% but a significant decline of 14.00% over the past 60 days, indicating volatility in investor sentiment and market conditions [2][3]. Group 1: Stock Performance - As of October 30, Western Materials' stock price was 18.19 CNY per share, down 2.05% during the trading session, with a total market capitalization of 8.881 billion CNY [1]. - The stock has experienced a 3.88% increase over the last five trading days and a 7.25% increase over the last 20 days, contrasting with a 14.00% decline over the past 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Western Materials reported a revenue of 1.539 billion CNY, a slight decrease of 0.35% year-on-year, and a net profit attributable to shareholders of 61.1646 million CNY, down 36.03% year-on-year [3]. - Cumulative cash dividends since the company's A-share listing amount to 673 million CNY, with 366 million CNY distributed over the past three years [4]. Group 3: Shareholder and Institutional Holdings - As of September 10, the number of shareholders decreased by 8.35% to 57,700, while the average number of circulating shares per person increased by 9.10% to 8,465 shares [3]. - Notable institutional shareholders include Guotai Asset Management and E Fund Management, with significant increases in holdings, indicating growing institutional interest [4].

Market Overview - The small metals sector experienced a decline of 1.55% on October 28, with Xiyang Co. leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Small Metals Sector Performance - Notable gainers in the small metals sector included: - Zhongtung High-tech (000657) with a closing price of 22.51, up 10.02% and a trading volume of 1.46 million shares [1] - Dongfang Silver (000962) closed at 34.50, up 8.15% with a trading volume of 606,400 shares [1] - Yunnan Chuangye (002428) closed at 27.96, up 3.44% with a trading volume of 388,100 shares [1] - Other companies with positive performance included Xianglu Tungsten Industry (002842) and Jintian Titanium Industry (688750), both showing modest gains [1] Fund Flow Analysis - The small metals sector saw a net outflow of 3.028 billion yuan from main funds, while retail investors contributed a net inflow of 2.267 billion yuan [2] - The main funds showed significant outflows from companies like Zhongtung High-tech and Yunnan Chuangye, while retail investors were net buyers in these stocks [3] Individual Stock Highlights - Zhongtung High-tech had a main fund net inflow of 509 million yuan, but also saw significant outflows from retail investors [3] - Yunnan Chuangye reported a main fund net inflow of 154 million yuan, with retail investors also showing net outflows [3] - Dongfang Silver experienced a main fund net inflow of 73.66 million yuan, while retail investors had a slight outflow [3]

Core Insights - Western Materials has seen a stock price increase of 1.63% to 18.03 CNY per share, with a total market capitalization of 8.803 billion CNY and a trading volume of 385 million CNY, marking a cumulative increase of 5.19% over the past seven days [1] Company Overview - Western Materials Co., Ltd. is located in Xi'an Economic and Technological Development Zone, established on December 28, 2000, and listed on August 10, 2007. The company specializes in the development, production, and sales of metal composite materials, metal fibers, refractory metal materials, precious metal materials, and equipment, operating within the non-ferrous metal processing industry [1] - The main revenue composition includes titanium products (69.83%), other metal products (24.49%), and other income (5.68%) [1] Shareholder Insights - Silver Hua Fund's Silver Hua Xinyi Flexible Allocation Mixed A (005794) has entered the top ten circulating shareholders of Western Materials, holding 4.564 million shares, which is 0.93% of the circulating shares. The fund has gained approximately 1.3236 million CNY today and 4.062 million CNY during the seven-day increase [2] - The fund was established on July 5, 2018, with a current scale of 3.954 billion CNY. Year-to-date returns are 31.7%, ranking 3007 out of 8155 in its category, while the one-year return is 24.89%, ranking 3512 out of 8029. Since inception, the fund has achieved a return of 242.2% [2] Fund Management - The fund managers of Silver Hua Xinyi Flexible Allocation Mixed A are Zhang Ping and Li Xiaoxing. Zhang Ping has a tenure of 6 years and 359 days, managing assets totaling 20.107 billion CNY, with the best fund return of 218.45% and the worst return of -36.09% during the tenure [3] - Li Xiaoxing has a tenure of 10 years and 117 days, managing assets of 26.144 billion CNY, with the best fund return of 294.65% and the worst return of -36.09% during the tenure [3]

Core Points - Western Materials has seen a stock price increase of 1.63% to 18.03 CNY per share, with a trading volume of 385 million CNY and a turnover rate of 4.36%, resulting in a total market capitalization of 8.803 billion CNY [1] - The stock has risen for seven consecutive days, with a cumulative increase of 5.19% during this period [1] Company Overview - Western Materials Co., Ltd. is located in Xi'an Economic and Technological Development Zone, established on December 28, 2000, and listed on August 10, 2007 [1] - The company specializes in the development, production, and sales of metal composite materials, metal fibers and their products, refractory metal materials, precious metal materials, and equipment, falling under the non-ferrous metal processing industry [1] - The main business revenue composition includes titanium products at 69.83%, other metal products at 24.49%, and other income at 5.68% [1] Shareholder Information - Guotai Fund's Guotai Zhongzheng Military Industry ETF (512660) has entered the top ten circulating shareholders of Western Materials, holding 3.963 million shares, which is 0.81% of the circulating shares [2] - The ETF has generated a floating profit of approximately 1.1493 million CNY today and a total of 3.5271 million CNY during the seven-day stock price increase [2] - The Guotai Zhongzheng Military Industry ETF was established on July 26, 2016, with a latest scale of 15.601 billion CNY, and has achieved a year-to-date return of 17.31% [2]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of military equipment construction, indicating that the military equipment development is expected to accelerate with the implementation of the 14th Five-Year Plan [9][12] - The successful testing of the Zhuque-3 rocket marks a significant advancement in reusable rocket technology, which is anticipated to lower launch costs and accelerate satellite networking [14][17] - The military sector's stock prices have stabilized recently, with a focus on both domestic and international demand, highlighting the investment value in the military industry [18] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on military electronics, new domains, and the aerospace propulsion chain, with specific stock recommendations including: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optical (002179, Buy), and others [18] - New Domains: Haige Communication (002465, Buy) and others [18] - Aerospace Propulsion Chain: Xibei Superconductor (688122, Buy) and others [18] - Military Trade/Main Equipment: Zhonghang Shenfei (600760, Unrated) and others [18] Industry Performance - The defense and military industry index increased by 2.81%, underperforming compared to the Shanghai Composite Index [21][22] - The report notes that the military industry has shown resilience, with a focus on key components and materials as demand rises [18][21] Recent Developments - The report highlights significant recent events in the military sector, including successful military exercises and advancements in military technology [30][31]

Core Viewpoint - The company announced the resignation of its Vice President, Yang Jianchao, due to reaching the legal retirement age [1] Company Summary - The resignation was formally submitted in a written report to the company's board of directors [1] - Yang Jianchao held the position of Vice President prior to his resignation [1]

Core Points - The company announced that Vice General Manager Yang Jianchao has applied for resignation due to reaching the legal retirement age, effective from the date the resignation report is delivered to the board of directors [1] - Yang Jianchao will continue to serve as the chairman of the supervisory board of the subsidiary Xi'an Filter Metal Filter Materials Co., Ltd [1] - As of the announcement date, Yang Jianchao holds 30,000 shares in the company and will continue to comply with relevant laws and regulations regarding share management [1] - The company expressed gratitude for Yang Jianchao's contributions during his tenure [1]

杨建朝先生在任职期间勤勉尽责，公司及公司董事会对杨建朝先生在任职期 间对公司作出的贡献表示衷心感谢！ 西部金属材料股份有限公司 关于公司高级管理人员退休离任的公告 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。 西部金属材料股份有限公司（以下简称"公司"）董事会于近日收到公司副 总经理杨建朝先生提交的书面辞职报告，杨建朝先生因达到法定退休年龄，申请 辞去公司副总经理职务。根据《公司法》及《公司章程》等有关规定，杨建朝先 生的辞职报告自送达公司董事会之日起生效，杨建朝先生原任期于2026年4月20 日届满。辞职生效后，杨建朝先生将继续担任控股子公司西安菲尔特金属过滤材 料股份有限公司监事会主席职务，其离任不会对公司生产经营产生不利影响。 截至本公告披露日，杨建朝先生持有公司股份30,000股，不存在应履行而未 履行的承诺。杨建朝先生已按照公司《董事、高级管理人员离职管理制度》做好 了离职交接工作。杨建朝先生辞职后，将继续遵守《公司法》《上市公司股东减 持股份管理暂行办法》《上市公司董事和高级管理人员所持本公司股份及其变动 管理规则》《深圳证券交易所上市公司自律监 ...

Core Viewpoint - Western Materials (002149.SZ) announced that its subsidiary, Filter, is unable to disclose the restructuring plan or report on time due to ongoing work related to a significant asset restructuring, leading to a delay in the resumption of trading for Filter's stock, which is now expected to resume by November 20, 2025. The restructuring is still in the planning stage, and its implementation carries uncertainties [1]. Group 1 - Western Materials' subsidiary Filter is in the process of a major asset restructuring [1] - The disclosure of the restructuring plan or report has been delayed [1] - Trading for Filter's stock will be postponed until November 20, 2025 [1] Group 2 - The restructuring matter is still in the planning phase [1] - There is uncertainty regarding the implementation of the restructuring [1]