Investment Rating - The investment rating for the company is "Accumulate" and is maintained [9] Core Views - In Q3 2025, the company achieved revenue of 5.513 billion yuan, a year-on-year increase of 11.43%, while the net profit attributable to shareholders decreased by 40.67% to 173 million yuan. The decline in profit was primarily due to a decrease in gross margin and investment income [2][6] - The company is expected to benefit from the release of orders in the clean energy equipment sector, which could contribute positively to performance [2][6] Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 16.155 billion yuan, a year-on-year increase of 5.88%. The net profit attributable to shareholders was 739 million yuan, down 4.76% year-on-year, and the net profit after deducting non-recurring gains and losses was 537 million yuan, a decrease of 10.1% [6] - In Q3 2025, the company’s revenue was 5.513 billion yuan, with a gross margin of 9.7%, down 2.73 percentage points year-on-year. The decline in gross margin was attributed to rising raw material costs and reduced waste generation in the hazardous waste industry [2][6][13] - The company’s cash collection ratio for Q3 2025 was 105.9%, indicating a relatively good cash collection status, although the net cash flow from operating activities was -777.5 million yuan, a decrease of 367.94% year-on-year due to significant inventory increases [13] Business Outlook - The company has established a production capacity of 20 sets per year for pumped storage power generation units and is a key manufacturer of control rod drive mechanisms for the "Hualong One" third-generation nuclear power technology [13] - The Yarlung Tsangpo River downstream hydropower project commenced on July 19, 2025, with a total investment of approximately 1.2 trillion yuan and a planned installed capacity of 60-70 million kilowatts, which may benefit the company [13] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.06 billion, 1.13 billion, and 1.18 billion yuan, respectively, corresponding to price-to-earnings ratios of 21.4x, 20.1x, and 19.2x [13]

Investment Rating - The report assigns a "Hold" rating to the company, reflecting a downward adjustment in performance expectations due to challenges in the hazardous waste recovery business [6]. Core Insights - The company reported a revenue of 16.16 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.9%, while the net profit attributable to shareholders decreased by 4.8% to 740 million yuan [4]. - The third quarter of 2025 saw revenues of 5.51 billion yuan, with a quarter-on-quarter decline in net profit of 40.7% [4]. - The report highlights the global revival of nuclear power, with significant investments in modular small reactors, which the company is well-positioned to benefit from [5]. - The pumped storage industry is expected to continue its development, with a mismatch between supply and demand potentially leading to improved profitability in the equipment sector [5]. Summary by Sections Company Overview - The latest closing price is 4.15 yuan, with a total market capitalization of 21.7 billion yuan [3]. - The company has a total share capital of 5.219 billion shares, with a debt-to-asset ratio of 53.4% and a price-to-earnings ratio of 21.84 [3]. Financial Performance - For 2025-2027, the projected revenues are 21.61 billion yuan, 22.37 billion yuan, and 23.20 billion yuan, respectively, with net profits expected to be 980 million yuan, 1.24 billion yuan, and 1.51 billion yuan [6]. - The report notes a decrease in expense ratios, contributing to a slight improvement in profitability [4]. Industry Outlook - The report emphasizes the potential growth in the nuclear power sector, particularly with the successful cold test of the first land-based commercial modular small reactor in China [5]. - The pumped storage industry is highlighted as a key area for growth, with government support for its development [5].

Core Viewpoint - Zhejiang Fu Holdings (002266.SZ) reported a revenue of 16.155 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 5.88% [1] - The net profit attributable to shareholders decreased to 739 million yuan, representing a year-on-year decline of 4.76% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 537 million yuan, down 10.10% year-on-year [1] Financial Performance - Revenue for the first three quarters reached 16.155 billion yuan, with a growth rate of 5.88% compared to the previous year [1] - Net profit attributable to shareholders was 739 million yuan, showing a decrease of 4.76% year-on-year [1] - The net profit after excluding non-recurring items was 537 million yuan, which is a decline of 10.10% compared to the same period last year [1]

浙富控股10月29日公告，2025年第三季度实现营业收入55.13亿元，同比增长11.43%；归属于上市公司 股东的净利润1.73亿元，同比下降40.67%；基本每股收益0.03元。 ...

证券代码：002266 证券简称：浙富控股 公告编号：2025-075 浙富控股集团股份有限公司 第六届董事会第二十二次会议决议公告 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。 浙富控股集团股份有限公司（以下简称"公司"）第六届董事会第二十二次会议于 2025 年 10 月 20 日以电子邮件、短信等方式向全体董事发出会议通知，并于 2025 年 10 月 28 日在公司会议室以现场结合通讯表决的方式召开，应参加会议董事 10 人，实际参 加会议董事 10 人，公司部分高级管理人员列席了会议。本次会议的召集、召开及表决 程序符合《公司法》及《公司章程》等规定。会议由董事长孙毅先生主持，会议审议通 过了以下议案： 一、会议以 10 票同意，0 票反对，0 票弃权，审议通过了《浙富控股集团股份有 限公司 2025 年第三季度报告》 《浙富控股集团股份有限公司 2025 年第三季度报告》详见公司于 2025 年 10 月 30 日登载于《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）上的相关公告。 二、会议以 10 票同意，0 票反对 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥5,512,517,096.14, representing an increase of 11.43% compared to ¥4,947,191,087.24 in the same period last year[5] - Net profit attributable to shareholders decreased by 40.67% to ¥172,627,399.28 from ¥290,977,700.28 year-on-year[5] - The company's basic earnings per share dropped by 50.00% to ¥0.03 from ¥0.06 in the same period last year[5] - The weighted average return on net assets decreased to 1.48% from 2.63% year-on-year, a decline of 1.15%[5] - Net profit for the period was ¥794.70 million, slightly up from ¥789.18 million, indicating a growth of 0.65% year-over-year[25] - Operating profit improved to ¥866.35 million, compared to ¥739.45 million, marking an increase of 17.15% year-over-year[25] - Basic earnings per share decreased to ¥0.14 from ¥0.15, a decline of 6.67% year-over-year[25] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥1,006,266,877.34, a decline of 587.50% compared to ¥206,412,910.23 in the previous year[5] - The net cash flow from financing activities increased by 98.65% to ¥805,038,061.70 compared to ¥405,251,133.02 in the previous year[10] - Cash flow from operating activities showed a net outflow of ¥1.01 billion, a decline from a net inflow of ¥206.41 million in the previous period[26] - Total cash flow from investment activities resulted in a net outflow of ¥87.46 million, an improvement from a net outflow of ¥303.22 million in the previous period[26] - Cash and cash equivalents at the end of the period totaled $1.34 billion, down from $1.15 billion in the previous period[27] - The company reported a negative impact of $7.30 million from exchange rate fluctuations on cash and cash equivalents[27] Assets and Liabilities - Total assets increased by 8.66% to ¥26,776,646,282.90 from ¥24,641,903,782.47 at the end of the previous year[7] - Total liabilities increased to CNY 14.78 billion from CNY 13.16 billion, marking a growth of about 12.3%[22] - The company's cash and cash equivalents increased to CNY 4.57 billion from CNY 4.48 billion, reflecting a rise of about 1.6%[21] - Inventory levels rose significantly to CNY 10.16 billion, up from CNY 8.43 billion, indicating an increase of approximately 20.5%[21] - The accounts receivable increased to CNY 951.27 million from CNY 800 million, indicating a rise of about 18.9%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 134,566[13] - The largest shareholder, Tonglu Yuan Tong Industrial Co., Ltd., holds 25.14% of shares, totaling 1,312,089,939 shares, with 591,026,207 shares pledged[13] - The second-largest shareholder, Ye Biao, owns 16.19% of shares, amounting to 845,033,465 shares, with 289,000,000 shares pledged[13] - The third-largest shareholder, Sun Yi, holds 8.12% of shares, which is 424,015,664 shares, with 283,947,400 shares pledged[13] - The total number of shares held by the top 10 shareholders includes 54,756,273 shares in a repurchase account, representing 1.05% of total shares[15] Future Outlook and Strategy - The company plans to expand its market presence and invest in new technologies, focusing on sustainable energy solutions and innovative product development[20] - Future guidance indicates a continued focus on improving operational efficiency and enhancing shareholder value through strategic investments and potential acquisitions[20] - The company has engaged in discussions with various investment institutions regarding its development and technology advancements, including controllable nuclear fusion research[17] Other Financial Metrics - The company experienced a 40.34% reduction in financial expenses, decreasing to ¥38,707,444.24 from ¥64,875,878.95[10] - Research and development expenses totaled ¥678.17 million, down from ¥710.43 million, a decrease of 4.53% year-over-year[24] - Other income increased to ¥297.31 million from ¥249.20 million, reflecting a growth of 19.34% year-over-year[24] - The company reported a decrease in financial expenses to ¥38.71 million from ¥64.88 million, a reduction of 40.41% year-over-year[24] - The company distributed dividends and interest payments totaling $413.44 million, slightly up from $382.38 million in the previous period[27] Accounting and Reporting - The company did not have an audited financial report for the third quarter[28] - The company will implement new accounting standards starting from 2025[28]

浙富控股集团股份有限公司 提名委员会工作细则 二〇二五年十月 浙富控股集团股份有限公司 提名委员会工作细则 第一章 总 则 第一条 为进一步建立健全浙富控股集团股份有限公司（以下简称"公司"） 董事、高级管理人员的选择标准和程序,优完善公司治理结构,根据《中华人民共 和国公司法》《上市公司治理准则》《浙富控股集团股份有限公司公司章程》（以 下简称"《公司章程》"）及其他有关规定,公司特设立董事会提名委员会,并制 定本细则。 第二条 董事会提名委员会是按照董事会决议设立的专门工作机构,主要负 责对公司董事和高级管理人员的任职资格、选任程序和标准进行审议并向董事会 提出建议。 第三章 职责权限 第七条 公司董事会提名委员会负责拟定董事、高级管理人员的选择标准和 程序，对董事、高级管理人员人选及其任职资格进行遴选、审核，并就下列事项 向董事会提出建议： （一）提名或者任免董事； （二）聘任或者解聘高级管理人员； （三）法律、行政法规、中国证券监督管理委员会规定和《公司章程》规定 的其他事项。 第二章 人员组成 第三条 提名委员会成员由三名董事组成, 其中二名为独立董事。 第四条 提名委员会委员由董事会选举产生。 第 ...

第一章 总 则 第一条 为公司战略发展需要,增强公司核心竞争能力,确定公司发展规划, 健全投资决策程序,加强决策科学性,提高重大投资决策的效益和决策的质量,完 善公司治理结构,根据《中华人民共和国公司法》《上市公司治理准则》《浙富 控股集团股份有限公司公司章程》（以下简称"《公司章程》"）及其他有关规 定,公司特设立董事会战略委员会,并制定本细则。 浙富控股集团股份有限公司 战略委员会工作细则 二〇二五年十月 浙富控股集团股份有限公司 战略委员会工作细则 第二条 董事会战略委员会是按照董事会决议设立的专门工作机构, 主要 负责对公司长期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会成员由三名董事组成。 第四条 战略委员会委员由董事会选举产生。 第五条 战略委员会设主任委员（召集人）一名，由董事长担任。 第六条 战略委员会任期与董事会任期一致,委员任期届满,连选可以连任。 期间如有委员不再担任公司董事职务,自动失去委员资格,并由委员会根据上述 第三至第五条规定补足委员人数。 第三章 职责权限 第七条 战略委员会的主要职责权限： 第八条 战略委员会对董事会负责，委员会的提案提交董 ...

浙富控股集团股份有限公司 募集资金管理制度 二〇二五年十月 浙富控股集团股份有限公司 募集资金管理制度 第一章 总 则 第一条 为加强和规范浙富控股集团股份有限公司（以下简称"公司"）募 集资金的管理和使用，切实保护投资者利益，提高资金使用效率和效益，根据《中 华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下 简称"《证券法》"）《上市公司募集资金监管规则》《深圳证券交易所股票上市规 则》（以下简称"《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"《主板规范运作指引》"）等有关法 律、法规、规范性文件及《浙富控股集团股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，制定本制度。 本制度所涉及到的术语和未载明的事项均以《公司章程》为准，不以公司的 其他规章作为解释和引用的条款。 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，但不包括公司为实施股权激励 计划募集的资金。 本制度所称超募资金，是指实际募集资金净额超过计划募集资金金额的部分。 第三条 公司应当审 ...

浙富控股集团股份有限公司 薪酬与考核委员会工作细则 二〇二五年十月 浙富控股集团股份有限公司 薪酬与考核委员会工作细则 第一章 总 则 第一条 为进一步建立健全公司董事及高级管理人员的考核和薪酬管理制度, 完善公司治理结构,根据《中华人民共和国公司法》《上市公司治理准则》《浙 富控股集团股份有限公司公司章程》（以下简称"《公司章程》"）及其他有关 规定,公司特设立董事会薪酬与考核委员会,并制定本细则。 第二条 薪酬与考核委员会是按照董事会决议设立的专门工作机构,主要负 责制定公司董事及高级管理人员的考核标准并进行考核；负责制定、审查公司董 事及高级管理人员的薪酬政策与方案,对董事会负责。 第三条 本细则所称董事是指在本公司取薪酬的董事,高级管理人员是指董 事会聘任的总经理、副总经理、董事会秘书、财务负责人。 第三章 职责权限 第九条 公司董事会薪酬与考核委员会负责制定董事、高级管理人员的考核 标准并进行考核，制定、审查董事、高级管理人员的薪酬政策与方案，并就下列 事项向董事会提出建议： （一）董事、高级管理人员的薪酬； 第二章 人员组成 第四条 薪酬与考核委员会成员由三名董事组成, 其中二名为独立董事。 第五 ...