Market Overview - The glass and fiberglass sector experienced a decline of 1.58% on November 4, with Honghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Key stocks in the glass and fiberglass sector showed varied performance, with Jin Jing Technology closing at 5.66, up 0.35%, and Honghe Technology closing at 32.69, down 2.97% [1][2] - The trading volume and turnover for major stocks included Jin Jing Technology with 1.3483 million shares traded and a turnover of 770 million yuan, while Honghe Technology had 179,700 shares traded with a turnover of 596 million yuan [1][2] Capital Flow - The glass and fiberglass sector saw a net outflow of 331 million yuan from institutional investors, while retail investors had a net inflow of 399 million yuan [2] - The capital flow for individual stocks indicated that major stocks like Honghe Technology and Jiu Ding New Materials experienced significant net outflows from institutional and speculative funds [3]

Core Viewpoint - Jiuding New Materials (002201) has demonstrated strong growth in its financial performance for the first three quarters of 2025, showcasing resilience and development momentum in its operations [1] Financial Performance - The company achieved an operating revenue of approximately 1.223 billion yuan, representing a year-on-year increase of 36.29% [1] - The net profit attributable to shareholders reached approximately 75.53 million yuan, a significant year-on-year growth of 180.03% [1] - In Q3 alone, revenue surpassed 505 million yuan, with a year-on-year growth of 53.99%, and net profit reached 31.24 million yuan, marking an increase of 250.73% [1] - The net profit after deducting non-recurring gains and losses also showed impressive growth, increasing by 199.85% year-on-year [1] - The net cash flow from operating activities grew by 50.99% year-on-year, amounting to 163 million yuan, indicating a healthy cash flow situation and improved collection capabilities [1] Financial Structure - As of the end of the reporting period, the company's total assets were approximately 3.167 billion yuan, reflecting a growth of 17.60% since the beginning of the year [1] - The equity attributable to shareholders steadily increased to approximately 1.164 billion yuan [1] Strategic Outlook - Analysts believe that Jiuding New Materials has delivered a high-quality performance report for the first three quarters of 2025, achieving dual growth in revenue and profit while demonstrating clear strategic planning in business integration and investment [1]

Market Overview - The glass fiber sector experienced a decline of 0.96% on October 31, with Honghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the glass fiber sector included: - Shandong Glass Fiber (605006) with a closing price of 7.88, up 2.60% on a trading volume of 191,300 shares [1] - Jinjing Technology (600586) closed at 5.25, up 2.14% with a trading volume of 616,200 shares [1] - Yao Pi Glass (618009) closed at 8.46, up 2.05% with a trading volume of 277,100 shares [1] - Honghe Technology (603256) was the biggest loser, closing at 35.40, down 8.05% with a trading volume of 354,800 shares [2] Capital Flow - The glass fiber sector saw a net outflow of 20.64 million yuan from institutional investors and 41.69 million yuan from speculative funds, while retail investors had a net inflow of 62.34 million yuan [2] - Key capital flows for specific stocks included: - China Jushi (600176) had a net inflow of 71.31 million yuan from institutional investors [3] - International Composites (301526) saw a net inflow of 49.48 million yuan from institutional investors [3] - Jinjing Technology (002080) had a net inflow of 23.81 million yuan from institutional investors [3]

Market Performance - The glass and fiberglass sector increased by 4.08% compared to the previous trading day, with Honghe Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Honghe Technology (603256) closed at 42.33, with a rise of 10.01% and a trading volume of 212,200 shares, amounting to 893 million yuan [1] - Yaopi Glass (618009) saw a 6.21% increase, closing at 8.21 with a trading volume of 489,500 shares, totaling 402 million yuan [1] - Other notable stocks include: - Financial Technology (600586) up 4.89% to 5.15, with a trading volume of 591,900 shares, totaling 300 million yuan [1] - China Jushi (600176) up 2.99% to 16.56, with a trading volume of 571,600 shares, totaling 941 million yuan [1] Capital Flow - The glass and fiberglass sector experienced a net inflow of 187 million yuan from institutional investors, while retail investors saw a net outflow of 35.96 million yuan [1] - Detailed capital flow for key stocks includes: - Honghe Technology had a net inflow of 107 million yuan from institutional investors, but a net outflow of 74.13 million yuan from retail investors [2] - Yaopi Glass had a net inflow of 70.62 million yuan from institutional investors, with a net outflow of 32.97 million yuan from retail investors [2] - China Jushi recorded a net inflow of 43.82 million yuan from institutional investors, with a net outflow of 4.10 million yuan from retail investors [2]

Core Insights - Jiuding New Materials (002201.SZ) reported its Q3 2025 results, revealing that as of October 28, 2025, four institutional investors held a total of 228 million shares, representing 35.06% of the company's total equity [1] - The institutional ownership decreased by 1.33 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Jiangsu Jiuding Group Co., Ltd., Qingdao Haikong Investment Holdings Co., Ltd., Xi'an Zhengwei New Materials Co., Ltd., and Boining Capital LLC - Boining Emerging Markets Small Cap Fund (USA) [1] - The total institutional ownership percentage is now at 35.06% [1] Public Funds - In this period, 15 public funds were disclosed, including Guotai Haitong Quantitative Stock Selection Mixed Fund A, Guotai Haitong CSI 1000 Index Enhanced Fund A, and others [1] Foreign Investment - One foreign fund, Boining Capital LLC - Boining Emerging Markets Small Cap Fund (USA), reduced its holdings, showing a slight decrease in ownership [1]

Core Viewpoint - The company reported significant growth in revenue and net profit for the third quarter of 2025, driven by increased sales of fiberglass products and effective cost control measures [11][13]. Financial Data Summary - The company’s total revenue increased by 32,564.46 million yuan, representing a growth of 36.29% compared to the same period last year [11]. - The operating costs rose by 22,660.80 million yuan, a growth of 34.69%, attributed to the expansion of sales [11]. - The net profit attributable to the parent company increased by 4,855.78 million yuan, primarily due to the growth in sales and improved profit margins [13]. Balance Sheet Changes - Accounts receivable increased by 2.53 million yuan due to an increase in outstanding commercial bills [4]. - Inventory rose by 26,162.59 million yuan, reflecting increased stock of large fiberglass products [7]. - Other receivables increased by 828.21 million yuan, mainly due to payments for exhibition fees and bid guarantees [6]. Cash Flow Analysis - Net cash flow from operating activities increased by 5,518.75 million yuan, a growth of 50.99%, due to higher cash receipts from sales [14]. - Net cash flow from investing activities decreased by 15,277.69 million yuan, primarily due to increased cash outflows for fixed asset purchases [14]. - Net cash flow from financing activities increased by 21,402.36 million yuan, as the company had fewer debt repayments [14]. Shareholder Information - The company announced that West Xi'an Zhengwei New Materials Co., Ltd. no longer holds any shares after judicial auction and transfer [15][20]. - The company has established a wholly-owned subsidiary for wind blade business integration to enhance operational efficiency [16]. Impairment and Fair Value Adjustments - The company recognized credit impairment losses of 15.06 million yuan and inventory impairment losses of 12.30 million yuan during the first three quarters of 2025 [23][26]. - The fair value change of other non-current financial assets resulted in a gain of 2.85 million yuan [25].

证券代码：002201 证券简称：九鼎新材 公告编号：2025-66 一、本次计提减值准备 1、信用减值损失 公司根据《企业会计准则》相关规定，基于应收账款、其他应收款的信用风险特征将 其划分为不同组合，在组合基础上计算预期信用损失。公司根据历史信用损失经验及变动 情况，结合当前状况以及对未来经济状况的预测，估计预期信用损失，合计计提减值准备 1,506.20 万元。 2、资产减值准备 江苏九鼎新材料股份有限公司 （1）存货跌价准备 关于 2025 年前三季度计提减值准备及公允价值变动确认的公告 公司根据《企业会计准则》相关规定，对存货进行了清查和分析，拟对可能发生减值 的存货计提减值准备。基于存货的估计售价减去至完工时估计将要发生的成本、估计的销 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《企业会计准则》《深圳证券交易所股票上市规则》相关规定的要求，基于谨慎 性原则，为真实、准确地反映江苏九鼎新材料股份有限公司（以下简称"公司"）截至 2025 年 9 月 30 日的财务状况，公司对应收账款、其他应收款、存货、固定资产等各类资产进行 了全面清查，对 ...

证券代码：002201 证券简称：九鼎新材 公告编号：2025-64 江苏九鼎新材料股份有限公司 关于股东所持股份被司法拍卖、司法变卖完成过户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 近日，江苏九鼎新材料股份有限公司（以下简称"公司"）通过中国证券登记结算有 限责任公司系统获悉，西安正威新材料有限公司（以下简称"西安正威"）被司法拍卖和 司法变卖的股份已全部完成过户登记手续。现将有关进展情况公告如下： 一、第二次司法拍卖、司法变卖及过户登记情况 公司于2025年10月21日在巨潮资讯网（http://www.cninfo.com.cn）和《证券时报》 《上海证券报》上披露了《关于股东所持部分股份被司法拍卖完成过户及部分股份被司法 变卖的进展的公告》（公告编号：2025-63），辽宁省沈阳市中级人民法院（以下简称"沈 阳中院"）通过京东司法拍卖平台（网址：http://sifa.jd.com/）于2025年9月29日10时 至2025年9月30日10时止（延时的除外）第二次司法拍卖西安正威持有的公司32,081,712 股无限售流通股份，竞拍成功的 ...

Core Viewpoint - The company announced that all shares held by Xi'an Zhengwei New Materials Co., Ltd. have been transferred following judicial auction and sale processes, resulting in Xi'an Zhengwei no longer holding any shares in the company [1]. Group 1 - The company has completed the transfer registration of 500,000 shares from the second judicial auction and 27,081,700 shares from the judicial sale [1]. - As of the date of the announcement, Xi'an Zhengwei has completely divested its holdings in the company [1].

Financial Performance - The company's operating revenue for Q3 2025 reached ¥505,153,052.14, representing a 53.99% increase compared to the same period last year[5] - Net profit attributable to shareholders increased by 250.73% to ¥31,236,034.38, while the net profit after deducting non-recurring gains and losses rose by 286.74% to ¥32,132,682.94[5] - The basic earnings per share (EPS) for the period was ¥0.0479, an increase of 249.64% year-on-year[5] - Total operating revenue for the current period reached ¥1,222,907,539.60, a significant increase of 36.2% compared to ¥897,262,910.39 in the previous period[26] - Net profit for the current period was ¥75,529,609.57, representing a substantial increase of 179.5% from ¥26,971,820.11 in the previous period[27] - The basic and diluted earnings per share increased to ¥0.1159 from ¥0.0414, indicating strong profitability growth[28] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,167,100,713.76, reflecting a 17.60% increase from the end of the previous year[5] - The company's total assets increased to ¥3,167,100,713.76, up from ¥2,693,162,444.94 at the beginning of the period, reflecting a growth of 17.6%[24] - Current liabilities rose to ¥1,807,081,319.77, an increase of 27.9% from ¥1,411,327,168.39 at the start of the period[24] - Long-term borrowings increased significantly to ¥63,513,707.94 from ¥25,000,000.00, marking a growth of 154.0%[24] - The company reported a net cash flow from operating activities of ¥163,419,088.19, which is a 50.99% increase compared to the same period last year[5] - The company's total liabilities decreased by ¥49,954,600, primarily due to the repayment of maturing notes[11] Cash Flow - The company recorded a significant increase in cash and cash equivalents, with a net increase of ¥115,617,600, driven by improved cash flow from operating and financing activities[14] - The company's cash flow from operating activities showed a strong performance, with a year-over-year increase of 51% in net cash flow[31] - Operating cash inflow for the current period was $909.41 million, an increase of 19.5% from $760.86 million in the previous period[30] - Net cash outflow from operating activities was $745.99 million, up from $652.63 million, resulting in a net cash flow from operating activities of $163.42 million, compared to $108.23 million previously[31] - Cash inflow from financing activities was $540.62 million, slightly up from $536.60 million, while cash outflow decreased to $505.66 million from $715.67 million, resulting in a net cash flow of $34.95 million[31] Shareholder Information - Total number of common shareholders at the end of the reporting period is 43,256[16] - Jiangsu Jinding Group Co., Ltd. holds 18.92% of shares, totaling 123,278,926 shares, with 3,480,000 shares frozen[16] - Qingdao Haikong Investment Holding Co., Ltd. holds 10.40% of shares, totaling 67,793,800 shares[16] - Jiangsu Jinding Group's 3,480,000 shares, accounting for 0.53% of total shares, are subject to judicial freeze[19] Operational Developments - The increase in operating revenue was primarily driven by expanded sales of fiberglass products, which contributed to a 36.29% growth in revenue year-on-year[11] - The company established a wholly-owned subsidiary for wind blade business integration, enhancing operational efficiency[18] - The company plans to continue its market expansion and product development strategies to sustain growth in the upcoming quarters[11] Legal Matters - The company is involved in a legal dispute with Huari Wind Power Technology, with a claim amounting to ¥90,593,867.00[20] Expenses - The increase in management expenses by 38.23% was attributed to higher depreciation and employee compensation costs[12] - Research and development expenses for the current period were ¥45,564,615.46, slightly down from ¥52,125,379.71 in the previous period[27] Inventory and Receivables - Accounts receivable decreased slightly to ¥563,656,478.41 from ¥566,067,517.14[22] - Inventory increased significantly to ¥719,977,896.18 from ¥458,351,966.60, indicating a growth of 57%[22]