辉煌科技成立于2001年11月15日，于2009年9月29日在深圳证券交易所上市，注册地址和办公地址均为河 南省郑州市。该公司是国内轨道交通高端装备领域的重要企业，拥有较强的研发实力和技术优势。 辉煌科技主要从事轨道交通高端装备的研发、生产、销售、安装和维护等业务，所属申万行业为通信-通信 设备-通信网络设备及器件，涉及小盘、区块链、彩票核聚变、超导概念、核电等概念板块。 经营业绩：营收行业27，净利润行业15 A股股东户数较上期减少0.64% 截至2025年9月30日，辉煌科技A股股东户数为4.16万，较上期减少0.64%；户均持有流通A股数量为 8355.35，较上期增加0.64%。 图：辉煌科技营收及增速 2025年三季度，辉煌科技营业收入为5.78亿元，在行业36家公司中排名第27。行业第一名中兴通讯营收达 1005.2亿元，第二名中际旭创为250.05亿元，行业平均数为64.34亿元，中位数为11.84亿元。当期净利润为 1.63亿元，行业排名第15，行业第一名中际旭创净利润75.7亿元，第二名新易盛为63.27亿元，行业平均数 为6.68亿元，中位数为8078.06万元。 资产负债率低于同业平均， ...

Core Viewpoint - The company has released its third-quarter financial report, ensuring the accuracy and completeness of the information disclosed, with no significant omissions or misleading statements [2][3]. Financial Data Summary Major Financial Indicators - The company reported significant changes in various financial metrics, including: - Prepayments increased by 96.83% compared to the beginning of the period, primarily due to increased material payments as per procurement contracts [5]. - Other receivables rose by 47.08%, attributed to an increase in petty cash and deposits [5]. - Contract assets increased by 40.23%, mainly due to an increase in receivable warranty funds [5]. - Other current assets decreased by 60.20%, due to a reduction in large time deposits with a maturity of less than one year [5]. - Right-of-use assets decreased by 62.56%, resulting from amortization during the reporting period [5]. - Other non-current assets surged by 2323.09%, mainly due to an increase in prepaid project funds [6]. Liabilities and Equity - Notable changes in liabilities include: - Notes payable at the end of the period amounted to 7.63 million yuan, primarily due to unredeemed acceptance bills [7]. - Employee compensation payable decreased by 61.88%, as year-end bonuses from the previous year were paid out [7]. - Taxes payable decreased by 94.02%, due to the payment of previously accrued taxes [7]. - Other payables decreased by 37.77%, mainly due to the payment of reimbursements from the previous year [8]. - Current portion of non-current liabilities decreased by 58.12%, due to the amortization of lease liabilities [8]. - Other current liabilities increased by 110.53%, attributed to an increase in bills endorsed or discounted but not yet terminated [8]. Profit and Loss Statement - Key changes in the profit and loss statement include: - Other income decreased by 53.77%, mainly due to a reduction in VAT refunds received [11]. - Credit impairment losses increased by 158.74%, due to an increase in long-aged receivables [11]. - Asset impairment losses amounted to 3.37 million yuan, primarily due to provisions for contract asset impairment and inventory write-downs [11]. - Gains from asset disposals increased by 168.25%, attributed to profits from vehicle disposals [12]. - Non-operating income increased by 48.77%, mainly due to an increase in penalty compensation received [13]. - Non-operating expenses increased by 76.94%, primarily due to increased donation expenses [14]. Cash Flow Statement - The net cash flow from investing activities increased by 69.31%, mainly due to a reduction in large time deposits purchased and interest received from such deposits [16]. - The net cash flow from financing activities decreased by 1349.58%, primarily due to increased dividend payments and the previous year's receipt of employee stock plan funds [16].

智通财经APP讯，辉煌科技(002296.SZ)发布2025年三季度报告，前三季度，公司实现营业收入5.78亿 元，同比增长21.81%。归属于上市公司股东的净利润1.63亿元，同比增长20.94%。归属于上市公司股东 的扣除非经常性损益的净利润1.63亿元，同比增长22.12%。 ...

Core Insights - The company reported a revenue of 173,805,736.98 yuan for Q3 2025, representing a year-on-year growth of 22.92% [1] - The net profit attributable to shareholders for the same period was 28,013,256.17 yuan, showing a year-on-year increase of 28.34% [1] Financial Performance - Revenue for Q3 2025: 173.81 million yuan, up 22.92% year-on-year [1] - Net profit for Q3 2025: 28.01 million yuan, up 28.34% year-on-year [1]

河南辉煌科技股份有限公司 2025 年第三季度报告 证券代码：002296 证券简称：辉煌科技 公告编号：2025-039 河南辉煌科技股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 河南辉煌科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 173,805,736.98 | 22.92% | 577, ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - The report highlights significant achievements in China's railway construction during the "14th Five-Year Plan," with the total railway operating mileage expected to reach 162,000 kilometers by July 2025, including 48,000 kilometers of high-speed rail covering 97% of cities with a population of over 500,000 [2][3]. - The construction of the railway network is being enhanced through "smart+" management and the adoption of BIM technology, contributing to the development of a modernized railway network that supports the Belt and Road Initiative [2][3]. - The report emphasizes the positive impact of railway construction on people's livelihoods and economic growth, with record daily passenger volumes and a continuous increase in freight volume, which reached 702 million tons during the summer transport season in 2025, a year-on-year increase of 4.8% [3]. Summary by Sections Railway Network Development - The State Council has set a target for the railway operating mileage to reach 165,000 kilometers by 2025, with high-speed rail mileage reaching 50,000 kilometers. By 2035, the goal is to expand the railway network to approximately 200,000 kilometers, including 70,000 kilometers of high-speed rail [4]. - To achieve the 2035 target, approximately 35,000 kilometers of railway, including 20,000 kilometers of high-speed rail, need to be constructed from 2026 to 2035, averaging 3,500 kilometers of new railway lines annually [4]. Investment Opportunities - The report suggests focusing on several key companies in the railway equipment sector: 1. China CNR Corporation: A leading global supplier of railway equipment, maintaining a strong industry position [4]. 2. China Railway Signal & Communication Corporation: A global leader in rail transit control technology [4]. 3. Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [4]. 4. Sifang Automation: A core supplier in the field of high-speed rail comprehensive monitoring [4]. 5. Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [4]. 6. Huifeng Technology: Provides integrated solutions for rail transit operation and maintenance, with rich experience in technology development and project implementation [4].

Core Insights - The article discusses the current state and future prospects of the Chinese railway locomotive industry, highlighting significant production changes and market analysis [1]. Industry Overview - According to the National Bureau of Statistics, the production of railway locomotives in China reached 49 units in April 2025, representing a year-on-year increase of 172.2% [1]. - From January to April 2025, the cumulative production of railway locomotives was 143 units, showing a cumulative decline of 6.5% compared to the previous year [1]. Companies Mentioned - Listed companies in the railway locomotive sector include China CNR Corporation (601766), China Railway Group (601390), China Railway Construction Corporation (601186), Jinxi Axle (600495), Taiyuan Heavy Industry (600169), Times New Material (600458), Shenzhou High-speed Railway (000008), Kanni Electromechanical (603111), Huihong Technology (002296), and Jin Yi Industrial (601002) [1]. Reports and Research - The article references a report by Zhiyan Consulting titled "Analysis of the Current Market Situation and Future Prospects of the Chinese Railway Locomotive Industry from 2025 to 2031," which provides in-depth industry research and insights [1].

Group 1 - The core viewpoint of the article highlights the current state and future prospects of the Chinese railway locomotive industry, indicating a decline in production in August 2025 compared to the previous year, while showing an overall increase in cumulative production for the first eight months of 2025 [1] Group 2 - According to data from the National Bureau of Statistics, the production of railway locomotives in China in August 2025 was 48 units, representing a year-on-year decrease of 22.6% [1] - Cumulative production of railway locomotives from January to August 2025 reached 488 units, reflecting a cumulative growth of 20.5% [1] - The article references a report by Zhiyan Consulting titled "Analysis of the Current Market Situation and Future Prospects of the Chinese Railway Locomotive Industry from 2025 to 2031" [1]

Investment Rating - Industry rating is "stronger than the market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - The completion of the last concrete pour for the Chang-Jiu High-Speed Railway's main bridge over the Gan River marks a significant milestone, enhancing the high-speed rail network in China and supporting regional economic development [2][4]. - The Western Land-Sea New Corridor has achieved a milestone of over 1 million TEUs (Twenty-foot Equivalent Units) in cargo shipments this year, reflecting a year-on-year growth of 72.5%, indicating robust growth in logistics and transportation capabilities [3]. - The Chinese government has set ambitious targets for railway expansion, aiming for a total railway mileage of approximately 200,000 kilometers by 2035, which includes 70,000 kilometers of high-speed rail, creating substantial market opportunities for the rail transit equipment industry [4]. Summary by Sections Industry Development - The Chang-Jiu High-Speed Railway, part of the "Eight Vertical and Eight Horizontal" high-speed rail network, will connect Nanchang and Jiujiang, covering a distance of 138 kilometers with a design speed of 350 km/h, contributing to the modernization of the transportation system in Jiangxi Province [2]. - The Western Land-Sea New Corridor has expanded its operational routes to 24, significantly enhancing the logistics network in western China, with a focus on major ports and cities [3]. Market Opportunities - The "14th Five-Year Plan" outlines a goal for railway operating mileage to reach 165,000 kilometers by 2025, with high-speed rail accounting for 50,000 kilometers, indicating a strong growth trajectory for the rail transit equipment sector [4]. - The projected construction of approximately 35,000 kilometers of railway, including 20,000 kilometers of high-speed rail from 2026 to 2035, presents vast market potential for companies involved in rail transit equipment [4]. Recommended Companies - China CNR Corporation: A leading global supplier of rail transit equipment, maintaining a strong position in the industry [4]. - China Railway Signal & Communication Corporation: A top provider of rail transit control systems, recognized for its technological advancements [4]. - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [4]. - Sifang Control: A key supplier in the field of high-speed rail monitoring, focusing on safety assurance [4]. - Shenzhou High-Speed Railway: A leader in intelligent operation and maintenance equipment for rail transit, serving a wide range of clients [4]. - Huifeng Technology: Specializes in rail transit operation and maintenance equipment, offering integrated solutions [4].

Core Insights - The article highlights the significant growth in China's high-speed train production, with a projected output of 233 units in May 2025, representing a year-on-year increase of 1356.3% [1] - Cumulative production from January to May 2025 is reported at 804 units, showing a substantial growth of 178.2% [1] Company Overview - Listed companies in the high-speed train sector include China CRRC (601766), China Railway Signal & Communication (688009), and others [1] - The report by Zhiyan Consulting provides a comprehensive market analysis and future outlook for the high-speed train industry in China from 2025 to 2031 [1] Market Data - The data sourced from the National Bureau of Statistics indicates a robust upward trend in the production of high-speed trains in China [1] - The statistics illustrate a significant increase in production volume, reflecting the industry's growth potential and investment opportunities [1]