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]

Core Insights - The glass and fiberglass sector experienced a 3.3% increase on October 28, with Honghe Technology leading the gains [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] Stock Performance - Honghe Technology (603256) closed at 38.48, up 10.01%, with a trading volume of 271,500 shares and a turnover of 1.014 billion yuan [1] - Zhongcai Technology (002080) closed at 34.54, up 6.87%, with a trading volume of 744,600 shares and a turnover of 2.524 billion yuan [1] - International Composite (301526) closed at 6.64, up 5.23%, with a trading volume of 1,683,700 shares and a turnover of 1.102 billion yuan [1] - Other notable performers include Changhai Co. (300196) up 2.26%, Kaisheng New Energy (600876) up 2.10%, and Jiuding New Materials (002201) up 1.98% [1] Capital Flow - The glass and fiberglass sector saw a net inflow of 597 million yuan from institutional investors, while retail investors experienced a net outflow of 498 million yuan [2] - The main capital inflow was led by Honghe Technology with a net inflow of 331 million yuan, accounting for 32.70% of its trading volume [3] - Zhongcai Technology followed with a net inflow of 179 million yuan, representing 7.08% of its trading volume [3]

Market Overview - The glass fiber sector experienced a slight increase of 0.09% on October 22, with Sanxia New Materials leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Sanxia New Materials (600293) saw a significant rise of 10.00%, closing at 3.74 with a trading volume of 1.1355 million shares and a turnover of 411 million yuan [1] - Other notable performers included: - China National Materials (002080) up 2.56% to 32.45 with a turnover of 2.393 billion yuan [1] - Reascend Technology (603601) up 1.23% to 4.93 with a turnover of 140 million yuan [1] - International Composite Materials (301526) up 0.99% to 6.10 with a turnover of 632 million yuan [1] Capital Flow - The glass fiber sector saw a net inflow of 227 million yuan from institutional investors, while retail investors experienced a net outflow of 304 million yuan [2] - The capital flow for key stocks included: - China National Materials with a net inflow of 141 million yuan from institutional investors [3] - Sanxia New Materials with a net inflow of approximately 60.82 million yuan from institutional investors [3] - International Composite Materials with a net inflow of 52.68 million yuan from institutional investors [3]

Core Viewpoint - The legal disputes between Huari Wind Power and Jiuding New Materials highlight the underlying tensions and trust issues within the wind power supply chain, exacerbated by financial pressures and delayed payments following a period of rapid industry growth [2][6][9]. Company Overview - Huari Wind Power and Jiuding New Materials, once partners in the wind power industry, are now embroiled in lawsuits over claims exceeding 139 million yuan, revealing deep-seated conflicts that have emerged post the "installation rush" [2][3]. - The partnership began in 2016, with Jiuding supplying key components to Huari, but tensions escalated in 2020 when a procurement agreement led to disputes over delivery delays and payment defaults [3][4]. Legal Disputes - Huari claims Jiuding failed to deliver 31 wind turbine blade sets on time, resulting in additional costs of approximately 16.59 million yuan for alternative procurement [4]. - Conversely, Jiuding asserts that Huari owes it over 90.59 million yuan in unpaid invoices, which have accumulated since 2020 [5][6]. Industry Context - The disputes reflect broader issues within the wind power sector, particularly the financial strain and supply chain management challenges that have arisen since the peak installation period in 2020, when new installations surged by 178% [6][7]. - The industry has seen a trend of extended payment terms from manufacturers to suppliers, leading to increased accounts receivable days from 127 days in 2019 to 189 days in 2021 [7]. Implications for the Supply Chain - The ongoing litigation may disrupt Huari's supply chain stability, as Jiuding may prioritize other clients if the disputes continue [8]. - Jiuding faces the risk of losing market share despite winning the legal battle, as other manufacturers may become wary of engaging with a supplier that litigates against major clients [8]. Future Outlook - The outcomes of these lawsuits could set precedents for how disputes are handled in the wind power industry, emphasizing the need for clearer communication and risk-sharing mechanisms among supply chain partners [9]. - The situation underscores a shift in the industry from rapid expansion to a focus on quality and efficiency, as companies must adapt to a changing market landscape [9].

证券代码：002201 证券简称：九鼎新材 公告编号：2025-63 江苏九鼎新材料股份有限公司 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 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、京东司法拍卖平台等途径获悉，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新材料有限公司（以下简称 "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5,000,000股无限售 流通股份中4,500,000股股份已完成过户登记手续；沈阳中院于2025年10月16日10时至2025 年12月14日10时止（延时的除外）通过京东司法拍卖平台公开变卖的西安正威持有的公司 27,081,712股无限售流通股份已全部竞拍成功。 现将有关进展情况公告如下： 注 1：尾差系四舍五入 ...

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]

Market Overview - The glass and fiberglass sector experienced a decline of 1.31% on October 16, with Qibin Group leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Qibin Group (601636) closed at 7.14, down 3.51% with a trading volume of 499,400 shares and a turnover of 358 million yuan [1] - Other notable declines include: - Zai Sheng Technology (603601) down 2.99% to 4.87 [1] - Shandong Pofiber (605006) down 2.81% to 7.62 [1] - International Composite Materials (301526) down 2.78% to 5.94 [1] - Yao Pi Glass (600819) down 2.43% to 8.82 [1] Capital Flow - The glass and fiberglass sector saw a net outflow of 273 million yuan from institutional investors, while retail investors had a net inflow of 199 million yuan [1] - The following stocks had significant capital flows: - Kai Sheng New Energy (600876) had a net inflow of 276,940 yuan from institutional investors [2] - Jinjing Technology (600586) experienced a net outflow of 16.41 million yuan from institutional investors [2] - Nine Ding New Materials (002201) had a net outflow of 10.96 million yuan from institutional investors [2]

Group 1 - The core issue involves a lawsuit between Jiuding New Materials and Huari Wind Power Technology (Gansu) Co., Ltd., with the case being accepted by the Jiuquan City Suzhou District People's Court, involving a disputed amount of 90.5939 million yuan [1] - Jiuding New Materials has reported a total of 31 litigation and arbitration cases in the past twelve months, with a total amount involved of approximately 172 million yuan, accounting for 15.67% of the company's latest audited net assets [1] - The company has indicated that the impact of these ongoing cases on current or future profits remains uncertain [1] Group 2 - Huari Gansu has been a significant debtor to Jiuding New Materials, with accounts payable exceeding five years that remain unsettled [1] - In Jiuding New Materials' 2020 annual report, Huari Gansu was listed among the top five debtors, with a total receivable balance of 21.536 million yuan, and the company made provisions for bad debts amounting to 215.36 thousand yuan [2] - Since 2022, Jiuding New Materials has fully provisioned for the related accounts receivable from Huari Gansu as bad debts [2]

证券代码：002201 证券简称：九鼎新材 公告编号：2025-62 关于累计诉讼、仲裁事项的公告 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。 江苏九鼎新材料股份有限公司（以下简称"公司"）于近日收到酒泉市肃州区人民法 院（2025）甘0902民初9348号《受理案件通知书》，公司与被告华锐风电科技（甘肃）有 限公司、华锐风电科技（集团）股份有限公司买卖合同纠纷一案已被酒泉市肃州区人民法 院受理，涉案金额为90,593,867.00元。根据《深圳证券交易所股票上市规则》的规定，对 公司及合并报表范围内公司连续十二个月的诉讼、仲裁事项进行了统计，涉及金额累计达 到17,199.70万元，占公司最近一期经审计净资产的15.67%。现将有关统计情况公告如下： 一、累计诉讼、仲裁事项的基本情况 截至本公告披露日，公司及合并报表范围内公司连续十二个月内不存在单项涉案金额 占公司最近一期经审计净资产 10%以上且金额超过人民币 1,000 万元的重大诉讼、仲裁事 项；公司及合并报表范围内公司连续十二个月内累计发生的诉讼、仲裁案件共 31 起，涉及 金额合计为 17,1 ...