证券日报网讯 辉煌科技11月19日在互动平台回答投资者提问时表示，公司根据相关规定在定期报告中 披露报告期末的股东户数，截至2025年9月30日，公司普通股股东总数为41，580户。如需查询其他时点 的股东户数，可以将股东持股证明及有效身份证件以电子邮件的形式发送至公司邮箱，公司将对相关资 料核实后回复。 （编辑 姚尧） ...

Core Viewpoint - Huiguang Technology is a significant player in the high-end rail transit equipment sector in China, showcasing strong R&D capabilities and technical advantages [1] Group 1: Business Performance - For Q3 2025, Huiguang Technology reported revenue of 578 million, ranking 27th among 36 companies in the industry, while the industry leader, ZTE Corporation, achieved revenue of 100.52 billion [2] - The company's net profit for the same period was 163 million, placing it 15th in the industry, with the top performer, Zhongji Xuchuang, reporting a net profit of 7.57 billion [2] Group 2: Financial Ratios - As of Q3 2025, Huiguang Technology's debt-to-asset ratio was 24.33%, an increase from 22.11% year-on-year, which is below the industry average of 38.12%, indicating lower debt pressure [3] - The gross profit margin for Q3 2025 was 54.39%, slightly up from 54.09% year-on-year, significantly higher than the industry average of 30.08%, reflecting strong profitability [3] Group 3: Executive Compensation - Chairman Li Haiying's compensation for 2024 was 1.8146 million, an increase of 944,600 from 2023 [4] - General Manager Xie Chunsheng received 2.0646 million in 2024, up by 800,000 from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.64% to 41,600, while the average number of circulating A-shares held per account increased by 0.64% to 8,355.35 [5]

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].

Core Insights - The company reported a revenue of 578 million yuan for the first three quarters of 2025, representing a year-on-year growth of 21.81% [1] - The net profit attributable to shareholders reached 163 million yuan, showing a year-on-year increase of 20.94% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was also 163 million yuan, with a year-on-year growth of 22.12% [1]

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]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥173,805,736.98, representing a year-on-year increase of 22.92%[5] - Net profit attributable to shareholders for the same period was ¥28,013,256.17, up 28.34% compared to the previous year[5] - The basic earnings per share increased by 29.08% to ¥0.0719, while diluted earnings per share also rose by the same percentage[5] - Total operating revenue for the current period reached ¥577,911,445.74, an increase of 21.8% compared to ¥474,426,161.15 in the previous period[16] - Net profit for the current period was ¥162,529,855.88, up 20.9% from ¥134,449,152.66 in the previous period[17] - Operating profit increased to ¥183,187,701.66, representing a growth of 21.3% from ¥151,035,996.27 in the previous period[17] - Basic and diluted earnings per share increased to ¥0.4172, compared to ¥0.3460 in the previous period[18] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,202,614,067.71, reflecting a slight increase of 0.26% from the end of the previous year[5] - Total assets increased from ¥3,194,462,847.19 to ¥3,202,614,067.71, a slight increase of about 0.3%[15] - Total liabilities decreased from ¥860,086,187.00 to ¥779,128,605.86, a reduction of approximately 9.4%[15] - The company’s non-current assets totaled ¥1,070,844,598.51, down from ¥1,081,275,137.69, a decrease of approximately 1.9%[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 41,580[12] - The company has a total of 7.95% shares held by the largest shareholder, Li Haiying[12] Cash Flow - Cash flow from operating activities showed a significant decline of 27.86%, totaling ¥71,239,309.26[5] - Cash flow from operating activities generated a net amount of ¥71,239,309.26, down 27.8% from ¥98,745,941.81 in the previous period[18] - Cash flow from investing activities resulted in a net outflow of ¥37,749,640.09, an improvement from a net outflow of ¥123,006,716.75 in the previous period[19] - The company reported a 69.31% increase in net cash flow from investing activities, attributed to reduced purchases of large time deposits and interest received[10] Expenses - Research and development expenses were ¥66,945,411.73, a rise of 5.8% compared to ¥63,518,980.05 in the previous period[16] - The total operating costs for the current period were ¥400,608,308.30, an increase of 10.9% from ¥361,336,926.85 in the previous period[16] - The company reported a 76.94% increase in other operating expenses, mainly due to increased donation expenditures[10] - Other income decreased by 53.77% compared to the previous year, primarily due to a reduction in VAT refund amounts received[10] - The company experienced a 158.74% increase in credit impairment losses due to an increase in long-aged receivables[10] Equity - The company's equity attributable to shareholders increased by 3.85% to ¥2,402,121,761.49 compared to the end of the previous year[5] - Total equity remains stable with the share capital at ¥389,580,420.00[15] Employee Compensation - The company reported a significant decrease in employee compensation payable from ¥24,129,482.24 to ¥9,198,041.00, a drop of about 61.8%[15] Other Information - The third quarter financial report of Henan Huiguang Technology Co., Ltd. has not been audited[20] - The new accounting standards will be implemented starting from 2025[20] - The financial statement adjustments related to the first execution year will be disclosed at the beginning of the year[20]

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].