Market Overview - The special steel sector experienced a decline of 1.65% on October 28, with Jinzhou Pipeline leading the drop [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 - Jinzhou Pipeline (002443) closed at 8.37, down 2.79% with a trading volume of 305,300 shares and a transaction value of 258 million yuan [1] - Other notable declines include: - Jiuli Special Materials (002318) down 2.19% to 25.50 - Taiyuan Iron & Steel (000825) down 1.92% to 4.08 - CITIC Special Steel (000708) down 1.82% to 14.55 [1] Capital Flow - The special steel sector saw a net outflow of 108 million yuan from main funds, while retail investors contributed a net inflow of 54.64 million yuan [1] - The capital flow for specific stocks includes: - Changbao Co. (002478) with a main fund net inflow of 21.28 million yuan [2] - CITIC Special Steel (000708) with a main fund net inflow of 10.89 million yuan [2] - Sand Steel Co. (002075) faced a significant main fund net outflow of 24.37 million yuan [2]

Core Viewpoint - Jiu Li Special Materials experienced a stock price decline of 2.03% on October 28, with a current price of 25.54 CNY per share and a market capitalization of 24.957 billion CNY. The company has seen a year-to-date stock price increase of 13.67% [1] Financial Performance - For the period from January to September 2025, Jiu Li Special Materials achieved a revenue of 9.747 billion CNY, representing a year-on-year growth of 36.45%. The net profit attributable to shareholders was 1.262 billion CNY, reflecting a year-on-year increase of 20.73% [2] - The company has distributed a total of 3.468 billion CNY in dividends since its A-share listing, with 1.802 billion CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 34.16% to 27,600, with an average of 34,604 circulating shares per shareholder, a decrease of 25.46% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 23.6468 million shares, a decrease of 20.9903 million shares from the previous period. New entrants among the top ten circulating shareholders include Southern CSI 500 ETF and Da Cheng Rui Xiang Mixed A [3] Stock Market Activity - On October 28, the stock saw a trading volume of 226 million CNY, with a turnover rate of 0.92%. The net outflow of main funds was 26.3194 million CNY, with significant selling pressure observed [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has shown continuous improvement in quarterly performance, with a year-on-year revenue growth of 36.45% and a net profit increase of 20.73% for the first three quarters of 2025 [1] - High-end products are contributing significantly to revenue, with a 15.42% increase in sales for high-value products, which accounted for approximately 20% of total revenue in the first half of 2025 [2] - The company is expected to achieve substantial sales growth in 2025, with a target of approximately 190,000 tons of industrial finished steel pipes, reflecting a 23.7% increase compared to 2024 [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 9.747 billion yuan and a net profit of 1.262 billion yuan, with basic earnings per share of 1.33 yuan [1] - The quarterly net profit for 2025Q3 was 433 million yuan, showing an 8.29% year-on-year increase [1] - The company’s revenue is projected to reach 11.424 billion yuan in 2025, with a year-on-year growth rate of 4.6% [4] Product Development - The revenue from high-value, high-tech products reached 1.22 billion yuan in the first half of 2025, with a significant growth in composite pipe products by 219.26% [2] - The company has ongoing projects that are expected to enhance production capacity, including a high-performance pipe project that will add 20,000 tons of capacity [3] Market Outlook - The company is focusing on high-end stainless steel pipe manufacturing, with an optimistic outlook for continued growth in production and sales driven by strong downstream demand [3] - The projected net profits for the company from 2025 to 2027 are estimated to be 1.73 billion yuan, 1.94 billion yuan, and 2.17 billion yuan, respectively, with corresponding P/E ratios decreasing from 14.8 to 11.8 [3]

Core Viewpoint - Jiu Li Special Materials reported significant revenue growth in Q3 2025, with a year-on-year increase of 57.46% to reach 3.642 billion yuan [1] Financial Performance - In Q3 2025, the company achieved a net profit attributable to shareholders of 434 million yuan, reflecting an 8.29% year-on-year growth [1] - Basic earnings per share for Q3 2025 were 0.46 yuan [1] - For the first three quarters of 2025, the company recorded total revenue of 9.747 billion yuan, marking a 36.45% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters was 1.262 billion yuan, which is a 20.73% year-on-year increase [1] - Basic earnings per share for the first three quarters were 1.33 yuan [1]

Group 1 - The core viewpoint of the article highlights the strong financial performance of Jiuli Special Materials in Q3 2025, with significant year-on-year growth in revenue and net profit [1] - Jiuli Special Materials reported revenue of approximately 9.747 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 36.45% [1] - The net profit attributable to shareholders of the listed company was approximately 1.262 billion yuan, showing a year-on-year increase of 20.73% [1] - The basic earnings per share reached 1.33 yuan, reflecting a year-on-year increase of 22.02% [1] - As of the report, Jiuli Special Materials has a market capitalization of 25.5 billion yuan [1]

证券代码:002318 证券简称:久立特材 公告编号:2025-041 浙江久立特材科技股份有限公司 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。 关于为控股子公司湖州久立永兴特种合金材料有限公司 增加担保额度的公告 浙江久立特材科技股份有限公司（以下简称"公司"）于2025年10月25日召 开了第七届董事会第十五次会议，审议通过了《关于为控股子公司湖州久立永兴 特种合金材料有限公司增加担保额度的议案》，现将有关事项公告如下： 一、担保情况概述 （一）已审批担保概况 1、公司于2024年4月27日召开第七届董事会第二次会议，审议通过了《关于 为控股子公司湖州久立永兴特种合金材料有限公司提供担保的议案》，同意公司 为控股子公司湖州久立永兴特种合金材料有限公司（以下简称"合金公司"）提 供额度不超过人民币35,200万元的连带责任保证，保证期限为24个月。具体内容 详见公司刊登在《证券时报》、《上海证券报》和巨潮资讯网的《关于为控股子 公司湖州久立永兴特种合金材料有限公司提供担保的公告》（公告编号： 2024-014）。 2、公司于2024年10月30日召开第七 ...

证券代码：002318 证券简称：久立特材 公告编号：2025-042 浙江久立特材科技股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 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。 重要内容提示： 1、投资金额：公司拟使用不超过人民币 28 亿元（含本数）的闲置自有资 金进行现金管理，在授权有效期内该资金额度可以滚动使用。 2、投资品种：公司拟使用其中不超过人民币 8 亿元的闲置自有资金适时购 买银行或其他金融机构发行的风险等级不大于 R2 级、流动性好、风险可控的非 保本型理财产品，其余闲置自有资金拟购买安全性高、流动性好、风险较低、 有保本承诺的理财产品。 3、投资风险提示：金融市场受宏观经济的影响较大，不排除该项投资受到 市场波动的影响。敬请投资者注意投资风险，理性投资。 浙江久立特材科技股份有限公司（以下简称"公司"）于 2025 年 10 月 25 日召开第七届董事会第十五次会议，审议通过了《关于使用部分闲置自有资金 进行现金管理的议案》，同意公司在确保不影响日常生产经营、保证资金安全性 和流动性的前提下，使用额度不超过人民币 28 亿元 ...

证券代码:002318 证券简称:久立特材 公告编号:2025-039 本议案已经公司董事会审计委员会审议通过。 《2025 年第三季度报告》详见公司指定信息披露媒体《证券时报》、《中 国证券报》、《上海证券报》和巨潮资讯网（www.cninfo.com.cn）。 浙江久立特材科技股份有限公司 第七届董事会第十五次会议决议公告 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。 一、会议召开情况 浙江久立特材科技股份有限公司（以下简称"公司"）第七届董事会第十五 次会议通知于 2025 年 10 月 20 日以专人通知和电子邮件方式发出，并于 2025 年 10 月 25 日以现场结合通讯表决的方式召开。本次会议应出席董事 11 名，实 际出席董事 11 名，公司高管列席了本次会议。本次会议的召集和召开符合《公 司法》和《公司章程》的有关规定。 二、会议审议情况 与会董事经认真审议，以记名投票表决方式通过了如下决议： （一）会议以 11 票同意、0 票反对、0 票弃权的表决结果，审议通过了 《2025 年第三季度报告》。 2、审计委员会专门会议纪要。 特此公告。 ...

Group 1 - The core point of the article is that Jiuli Special Materials reported significant growth in both revenue and net profit for the third quarter and the first three quarters of the year [1] Group 2 - In the third quarter, the company's revenue reached 3.642 billion yuan, representing a year-on-year increase of 57.46% [1] - The net profit for the third quarter was 434 million yuan, showing a year-on-year growth of 8.29% [1] - For the first three quarters, the total revenue amounted to 9.747 billion yuan, which is a year-on-year increase of 36.45% [1] - The net profit for the first three quarters was 1.262 billion yuan, reflecting a year-on-year growth of 20.73% [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥3,641,612,151.70, representing a year-on-year increase of 57.46%[5] - The net profit attributable to shareholders was ¥434,090,041.25, an increase of 8.29% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥409,301,703.20, up 12.32% year-on-year[5] - The basic earnings per share for the period was ¥0.46, reflecting a growth of 9.52%[5] - The company's operating revenue for the first nine months of 2025 reached ¥9,746,721,458.13, an increase of 36.45% compared to ¥7,143,204,732.22 in the same period of 2024[9] - The total profit amounted to ¥1,580,771,684.96, reflecting a growth of 28.49% from ¥1,230,240,621.83 year-on-year[9] - The net profit attributable to shareholders was ¥1,261,622,157.80, up 20.73% from ¥1,044,958,715.20 in the previous year[9] - Net profit for the period was ¥1,277,807,467.08, representing a growth of 18.9% compared to ¥1,073,503,925.06 in the previous year[17] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥13,431,950,700.44, a decrease of 5.18% from the end of the previous year[5] - The company's total assets decreased to ¥13,431,950,700.44 from ¥14,166,077,883.17 at the beginning of the year, a decline of 5.2%[15] - Current assets totaled ¥7,775,123,747.67, down 5.4% from ¥8,215,650,676.65 at the start of the year[14] - The company's total liabilities decreased to ¥5,023,197,564.08 from ¥6,049,312,144.75, a decline of 16.9%[15] - The equity attributable to shareholders of the parent company increased to ¥8,155,285,142.56 from ¥7,879,483,053.90, reflecting a growth of 3.5%[15] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥598,226,762.33, showing an increase of 61.63%[5] - The company's cash flow from operating activities increased by 61.63%, totaling ¥598,226,762.33 compared to ¥370,127,524.57 in the same period last year[9] - Cash flow from operating activities generated a net cash inflow of CNY 598,226,762.33, compared to CNY 370,127,524.57 in the same period last year[21] - The company reported a total operating cash inflow of CNY 9,940,328,694.36, compared to CNY 8,255,164,152.03 in the previous year[21] Investments and Expenses - Research and development expenses increased by 12.87%, reaching ¥324,013,796.95 compared to ¥287,068,555.07 in the previous year[9] - The company reported a significant increase in sales expenses, which rose by 35.80% to ¥390,333,868.35, attributed to the expansion of overseas sales[9] - Research and development expenses for the period were ¥324,013,796.95, an increase of 12.9% compared to ¥287,068,555.07 in the previous year[17] - The company reported an investment income of ¥99,181,159.60, significantly higher than ¥37,228,827.68 from the same period last year[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 27,596, with the largest shareholder, Jiuli Group Co., Ltd., holding 34.76% of the shares[11] - Basic and diluted earnings per share increased to CNY 1.33 from CNY 1.09 year-over-year[18] Other Financial Metrics - Accounts receivable increased by 60.94% to ¥1,965,027,299.47, primarily due to growth in sales revenue[8] - The company disposed of part of its equity in an associate, resulting in a decrease in long-term equity investments by 56.98% to ¥456,585,998.63[8] - Other current assets surged by 1770.72% to ¥620,366,691.25, mainly due to investments in liquid principal-protected financial products[8] - Short-term borrowings decreased by 37.92%, from ¥734,936,284.73 to ¥456,266,330.74, primarily due to the repayment of maturing working capital loans[9] - Contract liabilities fell by 42.33%, from ¥1,787,119,701.82 to ¥1,030,639,453.64, as a result of recognizing revenue from previously received customer prepayments[9] - The total comprehensive income attributable to the parent company's owners was CNY 1,325,894,072.61, an increase from CNY 1,043,880,457.07 in the previous year[18] - Total operating costs amounted to ¥8,271,157,894.93, up 37.5% from ¥6,013,727,971.37 year-on-year[16]