Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a quarter-on-quarter decline in performance due to exchange rate losses and delays in overseas projects, but is expected to maintain high growth throughout the year [3] - The financial forecast for the company has been slightly adjusted downwards for 2025, while the forecasts for 2026 and 2027 remain unchanged. The projected net profit for 2025-2027 is 280 million, 392 million, and 519 million yuan respectively, representing year-on-year growth of 29%, 40%, and 32% [3] - The target price is set at 27 yuan, based on a price-to-earnings ratio of 25 times for 2026 [3] Financial Performance Summary - For Q3 2025, the company reported total revenue of 8.82 billion yuan, a year-on-year increase of 5.79% but a quarter-on-quarter decrease of 2.14%. The net profit for the quarter was 390 million yuan, up 29.64% year-on-year but down 50.12% quarter-on-quarter [3][8] - The gross margin for Q3 2025 was 28.31%, reflecting a decrease of 2.88 percentage points year-on-year and a decline of 4.52 percentage points quarter-on-quarter [3][8] - The company’s total revenue for the first three quarters of 2025 reached 25.90 billion yuan, a year-on-year increase of 6.14%, with a net profit of 1.37 billion yuan, up 27.26% year-on-year [8] Financial Forecasts - The company’s total revenue is projected to reach 4.16 billion yuan in 2025, with a year-on-year growth rate of 23.42%. The net profit is expected to be 280.22 million yuan, reflecting a growth rate of 29.03% [1][9] - The earnings per share (EPS) for 2025 is estimated at 0.77 yuan, with a price-to-earnings ratio of 24.05 times [1][9] - The company’s operating cash flow for 2025 is forecasted to be 423 million yuan, with a net profit margin of 6.74% [9]

Group 1 - Northern Rare Earth reported a net profit increase of 280% year-on-year for the first three quarters, driven by higher sales volume and prices of rare earth products [1] - Postal Savings Bank has received approval to establish a financial asset investment company with a registered capital of 10 billion yuan, aimed at enhancing comprehensive service capabilities and supporting technological innovation [2] - Silyus announced a maximum price of HKD 131.5 per share for its H-share issuance, with a total of 100.2 million shares available for global offering [3] Group 2 - Hengtong Optic-Electric won a bid for marine energy projects with a total contract value of 1.868 billion yuan, including the supply and construction of undersea cables [4] - Western Mining's subsidiary Yulong Copper won exploration rights for the Chating copper polymetallic mine for 8.609 billion yuan, which is expected to enhance the company's resource reserves [5] - China Bank appointed Liu Chenggang as vice president, effective from October 24, 2025 [6] Group 3 - ST Guangwu announced the removal of other risk warnings for its stock, changing its name to Guanghui Logistics, which will allow for a wider trading limit [7] - Wireless Media set an initial transfer price of 29.11 yuan per share for its inquiry transfer, with a subscription multiple of 2.01 times [8][9] - Jiangshan Oupai's subsidiaries in Henan and Chongqing will cease operations due to insufficient orders, with business transferred to its Zhejiang base [10] Group 4 - Zhenyu Technology plans to invest 2.11 billion yuan in precision component manufacturing and humanoid robot projects, with the first phase of investment to be signed soon [11] - Jinyuan Co. announced the resignation of its general manager, with Qiu Yongping appointed as the new general manager [12] Group 5 - CanSino reported a net profit of 27.93 million yuan for Q3, a year-on-year increase of 842.01% [13] - Jiangshan Co. reported a net profit of 86.73 million yuan for Q3, a year-on-year increase of 11,890.01% [14] - Yingshi Innovation reported a net profit of 272 million yuan for Q3, a year-on-year decrease of 15.90% [15] Group 6 - Chip Origin reported a net loss of 26.85 million yuan for Q3, despite a revenue increase of 78.38% [16] - Tonghua Dongbao reported a net profit of 984 million yuan for Q3, a year-on-year increase of 499.86% [17] - Hengrui Medicine reported a net profit of 1.301 billion yuan for Q3, a year-on-year increase of 9.53% [18] Group 7 - Zhongguang Lightning reported a net profit of 6.46 million yuan for Q3, a year-on-year increase of 382.66% [19] - Ice River Network reported a net profit of 166 million yuan for Q3, a year-on-year increase of 244.58% [20] - Daheng Technology reported a net profit of 71.48 million yuan for Q3, a year-on-year increase of 1,960.72% [21] Group 8 - Yanjin Puzhi reported a net profit of 232 million yuan for Q3, a year-on-year increase of 33.55% [22] - Sichuan Gold reported a net profit of 160 million yuan for Q3, a year-on-year increase of 184.38% [23] - Sanbo Brain Science reported a net profit of 13.93 million yuan for Q3, a year-on-year decrease of 63.26% [24] Group 9 - Hengli Petrochemical reported a net profit of 1.972 billion yuan for Q3, a year-on-year increase of 81.47% [25] - Deepin Technology reported a net profit of 147 million yuan for Q3, a year-on-year increase of 1,097.40% [26] - Huisheng Biological reported a net profit of 70.72 million yuan for Q3, a year-on-year increase of 1,575.79% [27] Group 10 - Gaode Infrared reported a net profit of 401 million yuan for Q3, a year-on-year increase of 1,143.72% [28] - Qingdao Beer reported a net profit of 1.37 billion yuan for Q3, a year-on-year increase of 1.62% [29] - Nanjing Public Utilities reported a net profit of 84.62 million yuan for Q3, a year-on-year increase of 2,492.12% [30] Group 11 - Zhangyuan Tungsten reported a net profit of 75.02 million yuan for Q3, a year-on-year increase of 118.56% [31] - Yongmaotai reported a net profit of 30.41 million yuan for Q3, a year-on-year increase of 6,319.92% [32] Group 12 - Tongrun Equipment announced that two shareholders plan to reduce their holdings by 1.50% each, totaling a maximum of 3.00% [33] - High-speed Rail Electric announced a pre-bid for a city rail transit project worth 62.39 million yuan [34]

关于股东及其一致行动人减持股份预披露公告 股东珠海悦宁管理咨询合伙企业（有限合伙）及其一致行动人珠海康东股 权投资合伙企业（有限合伙）保证向公司提供的信息披露内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：002150 证券简称：通润装备 公告编号：2025-053 江苏通润装备科技股份有限公司 本公司及全体董事会成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有江苏通润装备科技股份有限公司（以下简称"公司"）股份 14,503,174 股（占公司总股本比例 3.99%）的珠海悦宁管理咨询合伙企业（有限合伙）（以 下简称"珠海悦宁"）及持有公司股份 17,825,853 股（占公司总股本比例 4.91%） 的珠海悦宁的一致行动人珠海康东股权投资合伙企业（有限合伙）（以下简称"珠 海康东"）计划在本公告披露之日起 15 个交易日后的三个月内以集中竞价方式、 大宗交易方式合计减持公司股份不超过 10,897,035 股，即不超过公司当前总股本 的 3.00%。 公司于 2025 年 10 月 27 日收到合计持股 5%以上股东珠海悦宁及其一致行动 人珠海康东出具的《关于股份 ...

Core Points - Zhuhai Yuening Management Consulting Partnership and its concerted party Zhuhai Kangdong Equity Investment Partnership plan to reduce their holdings in Tongrun Equipment by up to 10,897,035 shares, representing a maximum of 3.00% of the company's total share capital [1] - Zhuhai Yuening intends to reduce its holdings by up to 5,448,517 shares (1.50% of total share capital), while Zhuhai Kangdong plans to reduce its holdings by up to 5,448,518 shares (1.50% of total share capital) through block trading [1] - The reason for the reduction is due to personal funding needs, with the reduction period set from November 19, 2025, to February 18, 2026, excluding periods prohibited by relevant regulations [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Tongrun Equipment in the third quarter of 2025, showcasing a positive growth trend in both revenue and net profit [1] Group 2 - In the third quarter of 2025, the company achieved operating revenue of 881,766,088.86 yuan, representing a year-on-year increase of 5.79% [1] - The net profit attributable to shareholders of the listed company was 39,407,263.59 yuan, reflecting a year-on-year growth of 29.64% [1]

Group 1 - The company Tongrun Equipment (SZ 002150) held its 25th meeting of the 8th board of directors on October 23, 2025, via telecommunication, where it reviewed the proposal for the Q3 2025 report [1] - For the first half of 2025, the revenue composition of Tongrun Equipment was as follows: 61.65% from photovoltaic energy storage equipment and components manufacturing, 37.82% from the metal products industry, and 0.53% from other businesses [1] - As of the report date, Tongrun Equipment has a market capitalization of 6.7 billion yuan [1] Group 2 - A notable transaction involved a well-known brand spending 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, which has not yet commenced operations, raising questions about the necessity of the acquisition [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Tongrun Equipment (002150.SZ) in the third quarter, showing positive growth in both revenue and net profit [1] Group 2 - The company reported a total operating revenue of 2.59 billion yuan for the first three quarters, representing a year-on-year increase of 6.14% [1] - The net profit attributable to shareholders of the listed company reached 137 million yuan, reflecting a year-on-year growth of 27.26% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 110 million yuan, which is a year-on-year increase of 14.81% [1]

Core Insights - Tongrun Equipment (002150) reported a third-quarter revenue of 882 million yuan, representing a year-on-year increase of 5.79% [1] - The net profit for the third quarter was 39.41 million yuan, showing a year-on-year growth of 29.64% [1] - For the first three quarters, the total revenue reached 2.59 billion yuan, with a year-on-year increase of 6.14% [1] - The net profit for the first three quarters was 137 million yuan, reflecting a year-on-year growth of 27.26% [1]

证券代码：002150 证券简称：通润装备 公告编号：2025-051 江苏通润装备科技股份有限公司 第八届董事会第二十五次会议决议公告 出席会议的董事审议并以记名投票的方式表决通过了以下议案： （一）审议通过《关于 2025 年第三季度报告的议案》。 表决结果：9 票同意、0 票反对、0 票弃权，表决通过。 本议案已经公司董事会审计委员会事前审议通过。 具体内容详见公司同日发布于巨潮资讯网（www.cninfo.com.cn）的《2025 年第三季度报告》。 三、备查文件 （一）第八届董事会第二十五次会议决议； （二）第八届董事会审计委员会 2025 年第四次会议决议。 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。 一、董事会会议召开情况 江苏通润装备科技股份有限公司（以下简称"公司"）第八届董事会第二十 五次会议于 2025 年 10 月 20 日以电子邮件方式发出通知，于 2025 年 10 月 23 日以通讯方式召开。本次董事会应出席董事 9 名，实际出席董事 9 名，会议由董 事长陆川先生主持。会议的召集、召开和表决程序符合《中华人民共和国公司法》 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥881,766,088.86, representing a year-on-year increase of 5.79%[4] - Net profit attributable to shareholders was ¥39,407,263.59, up 29.64% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses decreased by 29.67% to ¥19,861,500.71[4] - The basic earnings per share increased by 37.50% to ¥0.11, while diluted earnings per share also rose by 37.50% to ¥0.11[4] - Total revenue for the period reached ¥2,590,457,990.68, an increase of 6.14% compared to ¥2,440,496,411.23 in the previous period[17] - Net profit for the period was ¥182,399,211.99, representing a 21.88% increase from ¥149,652,288.55 in the previous period[18] - Earnings per share (EPS) increased to ¥0.38 from ¥0.30, reflecting a growth of 26.67%[19] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥5,184,362,545.58, reflecting a 3.31% increase from the end of the previous year[4] - Total current assets amount to ¥3,809,092,079.07, an increase from ¥3,621,064,186.64 at the beginning of the period[14] - Total liabilities amount to ¥2,916,373,915.05, up from ¥2,873,921,309.07[15] - Total non-current assets are valued at ¥1,375,270,466.51, slightly down from ¥1,397,265,251.30[14] - The total assets at the end of the reporting period are ¥5,184,362,545.58, compared to ¥5,018,329,437.94 at the beginning[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 35,772[11] - Zhejiang Chint Electric Co., Ltd. holds 24.54% of shares, totaling 89,129,262 shares[11] - The company has a total of 10 major shareholders, with the top 5 holding over 60% of the shares[11] - The total equity attributable to shareholders of the parent company increased to ¥2,025,266,260.66 from ¥1,900,063,152.88[16] Cash Flow - The net cash flow from operating activities showed a significant decline, amounting to -¥33,937,048.28, a decrease of 135.62%[4] - Cash flow from operating activities showed a net outflow of ¥33,937,048.28, compared to a net inflow of ¥95,281,418.95 in the previous period[22] - Net cash flow from investment activities was -45,912,775.51, slightly improved from -46,795,774.37 in the previous period[23] - Total cash inflow from financing activities was 568,333,654.63, down from 597,995,108.27 in the previous period[23] - Cash outflow for financing activities increased to 566,426,299.06 from 515,898,551.92 in the previous period[23] - Net cash flow from financing activities was 1,907,355.57, a significant decrease from 82,096,556.35 in the previous period[23] - The net increase in cash and cash equivalents was -62,524,813.94, compared to a positive increase of 138,863,902.58 in the previous period[23] - The ending balance of cash and cash equivalents was 973,626,258.30, down from 1,016,837,001.14 in the previous period[23] Other Financial Metrics - The company received government subsidies totaling ¥22,733,601.62 during the reporting period, contributing to its financial performance[5] - The company reported a significant increase in prepayments, which rose by 364.20% to ¥225,936,281.75, indicating increased procurement activities[9] - The company experienced a 279.52% increase in contract liabilities, totaling ¥170,795,683.10, reflecting higher advance payments received from customers[9] - Research and development expenses were ¥112,197,905.56, slightly up from ¥108,330,348.66 in the prior period[18] - Other comprehensive income attributable to the parent company was ¥5,906,708.97, down from ¥10,184,455.00 in the previous period[19] - The company reported a decrease in financial expenses, showing a net income of -¥16,620,105.76 compared to a positive income of ¥9,288,196.49 in the previous period[18] - The company has a goodwill of ¥220,885,238.72, unchanged from the previous period[14] Audit Information - The third quarter financial report was not audited[24]