Core Viewpoint - Koyuan Smart is a leading provider of industrial automation, information technology, and intelligent solutions in China, focusing on product research, development, and sales, with a strong emphasis on innovation and smart industrial solutions [1] Group 1: Business Performance - In Q3 2025, Koyuan Smart reported revenue of 1.353 billion yuan, ranking 38th out of 131 in the industry, significantly lower than the top competitor, Digital China, which had 102.365 billion yuan [2] - The company's net profit for the same period was 218 million yuan, ranking 14th in the industry, again lower than the leading competitor, Unisplendour, which reported 1.723 billion yuan [2] - The main business segments include industrial automation with revenue of 801 million yuan (81.72% of total), industrial internet and software at 136 million yuan (13.90%), and industrial robotics at 33.446 million yuan (3.41%) [2] Group 2: Financial Ratios - As of Q3 2025, Koyuan Smart's debt-to-asset ratio was 38.44%, down from 41.47% year-on-year and below the industry average of 38.93%, indicating improved debt repayment capability [3] - The gross profit margin for the same period was 40.84%, slightly up from 40.82% year-on-year and significantly higher than the industry average of 29.96%, reflecting strong profitability [3] Group 3: Executive Compensation - The chairman, Liu Guoyao, received a salary of 848,500 yuan in 2024, an increase of 50,300 yuan from 2023 [4] - The president, Hu Shemei, earned 862,900 yuan in 2024, up by 62,600 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.79% to 26,200, while the average number of shares held per shareholder decreased by 4.57% to 5,404.81 shares [5] - Notable changes among the top ten shareholders include an increase in holdings by Huaxia CSI Robotics ETF and the entry of new shareholders like Tianhong Yongli Bond A [5] Group 5: Market Outlook - Analysts from Hualong Securities noted significant year-on-year growth in revenue and net profit for the first three quarters of 2025, with improved cost control and accelerated downstream demand [6] - The company is focusing on integrating industrial AI with its expertise to create a second growth curve and is actively developing embodied intelligent product lines [6] - Projections for net profit from 2025 to 2027 are 320 million, 403 million, and 514 million yuan, respectively, with a maintained "buy" rating from analysts [6]

Core Insights - The article discusses the recent movements of social security funds in the stock market, highlighting new investments, increases, and decreases in holdings during the third quarter [1][2] Summary by Category New Investments - In the third quarter, social security funds initiated positions in 17 new stocks, with a total of 70 stocks being held by these funds [1] - The stock with the highest number of social security fund holders is Zhuoyi Information, appearing in the top ten shareholders list with two funds holding a combined 233.68 million shares, representing 1.93% of the circulating shares [1] Holdings and Proportions - The stock with the highest holding proportion among new investments is Lanke High-tech, with a holding ratio of 2.15%, followed closely by Dielian Technology at 2.12% [1] - The largest number of shares held by social security funds among new investments is in Dazhu Laser, with 11,928,500 shares, followed by Jinling Mining and Lanke High-tech with 8,810,400 shares and 7,638,700 shares, respectively [1] Performance Metrics - Among the new investments, 11 companies reported year-on-year net profit growth, with Tuowei Information showing the highest increase of 852.03% [2] - The average increase of new stocks since October is 1.29%, outperforming the Shanghai Composite Index, with Beifang Changlong leading the performance with a cumulative increase of 21.89% [2] - The stock with the largest decline is Xingwang Ruijie, which has seen a cumulative drop of 14.40% [2]

Core Viewpoint - The Social Security Fund's investment movements in the third quarter reveal a strategic shift, with notable changes in holdings across various stocks, indicating potential investment opportunities and sector performance trends [1][2][3][4] Group 1: Holdings Overview - The Social Security Fund appeared in the top ten shareholders of 33 stocks by the end of the third quarter, holding a total of 625 million shares valued at 13.07 billion yuan [1] - The fund maintained its position in 6 stocks, initiated positions in 7 stocks, increased holdings in 10 stocks, and reduced holdings in 10 stocks during the quarter [1] - The stock with the highest number of Social Security Fund shareholders is Sanhe Tree, with three funds listed among the top ten shareholders, holding a total of 15.02 million shares, accounting for 2.04% of the company's circulating shares [1] Group 2: Significant Holdings - The stocks with over 10 million shares held by the Social Security Fund include 17 stocks, with Poly Development having the largest holding of 124 million shares, which increased by 19.86 million shares in the third quarter [2] - China Jushi and CNOOC Development follow with holdings of 85.52 million shares and 55.16 million shares, respectively [2] - The highest holding percentage is in Baiya Shares, at 4.34% of circulating shares, with two funds increasing their holdings by over 3.18 million shares [2] Group 3: Market Performance - The newly acquired stocks by the Social Security Fund have seen an average increase of 0.28% since October, with Jinling Mining leading with a 10.36% increase [3] - Other notable performers include Koyuan Wisdom and Blue Science High-tech, with increases of 7.18% and 6.04%, respectively [3] - Among the new stocks, six reported year-on-year net profit growth, with Blue Science High-tech turning a profit with a net profit of 33.31 million yuan [3] Group 4: Performance of Increased Holdings - Among the stocks where the Social Security Fund increased its holdings, nine reported year-on-year net profit growth, with Xinqiang Lian turning a profit with a total revenue of 3.618 billion yuan, up 84.10% year-on-year [4] - The profit growth for Xinqiang Lian is attributed to the recovery in wind power demand and improved cost management [4] - Other companies with significant profit growth include Sanhe Tree, Stanley, Jiuzhou Pharmaceutical, Weili Medical, and Haida Group [4]

Core Insights - The article highlights the recent movements of social security funds in the stock market, revealing that seven new stocks were added to their portfolio in the third quarter [1] - A total of 221 companies have released their third-quarter reports, with social security funds appearing in 33 stocks, indicating active investment strategies [1] Summary by Category New Investments - Social security funds initiated positions in seven new stocks during the third quarter [1] - The stock with the highest holding percentage is Bluecore High-tech, with a 2.15% stake in circulating shares, followed by Dalian Technology at 2.12% [1] Holdings and Performance - The stock with the largest number of shares held by social security funds is Jinling Mining, with 8.81 million shares, followed by Bluecore High-tech and Dalian Technology with 7.64 million and 7.60 million shares, respectively [1] - Among the new investments, six companies reported year-on-year net profit growth, with Bluecore High-tech showing the highest increase of 260.93% in net profit [1] Market Performance - Since October, the average increase of the newly invested stocks by social security funds is 1.76%, outperforming the Shanghai Composite Index [2] - Jinling Mining has the highest cumulative increase of 13.64%, while Dalian Technology has experienced the largest decline of 10.75% [2] Overview of New Stocks - A table lists the new stocks acquired by social security funds, detailing the stock code, name, number of funds holding, shareholding volume, percentage of circulating shares, and industry [2]

Market Overview - The IT services sector increased by 1.22% on the previous trading day, with Zhengyuan Dixin leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Performers in IT Services - Zhengyuan Dixin (688509) closed at 5.08, with a rise of 20.09% and a trading volume of 756,500 shares, amounting to a transaction value of 368 million [1] - Luqiao Information (920748) closed at 39.68, up 19.63%, with a trading volume of 42,000 shares and a transaction value of 159 million [1] - Keyuan Wisdom (002380) closed at 30.24, increasing by 10.00%, with a trading volume of 227,900 shares and a transaction value of 678 million [1] Decliners in IT Services - Changshan Beiming (000158) closed at 24.63, down 1.99%, with a trading volume of 1,458,900 shares and a transaction value of 3.562 billion [2] - Chuling Information (300250) closed at 25.52, down 1.77%, with a trading volume of 390,200 shares and a transaction value of 988.6 million [2] - ST Yilianzhong (300096) closed at 7.73, down 1.65%, with a trading volume of 198,800 shares and a transaction value of 152 million [2] Capital Flow Analysis - The IT services sector experienced a net outflow of 147 million from institutional investors and 560 million from speculative funds, while retail investors saw a net inflow of 707 million [2][3] - Notable net inflows from institutional investors included Keyuan Wisdom (6785.92 million) and Zhongke Jincai (4826.90 million) [3] - Significant net outflows from retail investors were observed in companies like Zimi Co. (6000.27 million) and Kaipu Cloud (3170.86 million) [3]

Group 1 - The core viewpoint of the article is that Koyuan Wisdom has reported its third-quarter financial results, showing significant growth in both revenue and net profit [1] Group 2 - The company's revenue for the first three quarters reached 1,352,635,070.39 yuan, representing a year-on-year increase of 16.38% [1] - The net profit attributable to shareholders of the listed company was 217,071,269.38 yuan, reflecting a year-on-year increase of 36.87% [1] Group 3 - Among the top ten circulating shareholders, the National Social Security Fund 403 Portfolio is a new institutional investor [1] - New circulating shareholders also include Industrial Bank Co., Ltd. - Tianhong Yongli Bond Fund, Guotai Junan Securities Co., Ltd. - Tianhong CSI Robot ETF, and Industrial and Commercial Bank of China - Southern Growth Stock Fund [1]

Group 1 - The core viewpoint of the article is that 科远智慧 (002380.SZ) has shown strong financial performance in the third quarter, with significant year-on-year growth in both revenue and net profit [1] Group 2 - The company reported a total operating revenue of 1.35 billion yuan for the first three quarters, representing a year-on-year increase of 16.38% [1] - The net profit attributable to shareholders of the listed company reached 217 million yuan, reflecting a year-on-year growth of 36.87% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 200 million yuan, which is a year-on-year increase of 38.15% [1]

证券代码：002380 证券简称：科远智慧 公告编号：2025-043 1、以7票同意，0票反对，0票弃权，审议通过了《科远智慧2025年三季度 报告》全文 公司2025年第三季度报告真实、准确、完整地反映了公司财务状况和经营成 果。公司2025年第三季度报告所载资料不存在任何虚假记载、误导性陈述或重大 遗漏，董事会对其内容的真实性、准确性和完整性承担法律责任。 《科远智慧2025年三季度报告》全文及摘要详见公司于2025年10月21日在巨 潮资讯网（www.cninfo.com.cn）以及公司指定信息披露媒体《证券时报》上的 相关公告。本议案已经公司第七届董事会审计委员会审议，并提出明确同意的意 见。 三、备查文件 1、经与会董事签字并加盖董事会印章的董事会决议。 南京科远智慧科技集团股份有限公司 第七届董事会第二次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 南京科远智慧科技集团股份有限公司（以下简称"公司"）第七届董事会二 次会议于2025年10月20日下午以通讯方式召开。会议通知于2025年10月18日以电 子 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥372,189,043.58, representing a year-on-year increase of 4.22%[5] - Net profit attributable to shareholders was ¥81,257,259.20, a significant increase of 68.30% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥73,844,174.90, up 62.40% year-on-year[5] - The basic earnings per share (EPS) was ¥0.3386, reflecting a growth of 68.37% compared to the previous year[5] - Total operating revenue for the current period reached ¥1,352,635,070.39, an increase of 16.4% compared to ¥1,162,248,951.37 in the previous period[18] - Operating profit for the current period was ¥240,740,637.70, representing a 36.8% increase from ¥175,932,292.20 in the previous period[19] - Net profit for the current period was ¥218,115,513.83, an increase of 33.0% compared to ¥163,921,499.05 in the prior period[19] - The net profit attributable to the parent company's shareholders was approximately ¥217.07 million, an increase from ¥158.60 million in the previous period, representing a growth of 37%[20] - The total comprehensive income amounted to approximately ¥218.12 million, compared to ¥163.92 million in the prior period, reflecting an increase of 33%[20] - Basic and diluted earnings per share were both ¥0.9045, up from ¥0.6609 in the previous period, indicating a growth of 37%[20] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,872,539,195.50, an increase of 5.78% from the end of the previous year[5] - Total assets increased to ¥3,872,539,195.50, up from ¥3,660,796,702.28, reflecting a growth of 5.8%[16] - Total liabilities slightly increased to ¥1,488,767,827.20 from ¥1,485,548,695.19, indicating a marginal growth of 0.1%[16] - Total equity attributable to shareholders rose to ¥2,435,417,856.10, up 9.3% from ¥2,227,938,739.34 in the previous period[16] Cash Flow - The net cash flow from operating activities surged by 2,695.95% year-to-date, primarily due to the recovery of principal and interest from time deposits[9] - Cash inflows from operating activities totaled approximately ¥1.28 billion, compared to ¥876.26 million in the previous period, marking an increase of 46%[21] - The net cash flow from operating activities was approximately ¥336.16 million, a significant increase from ¥12.02 million in the prior period[21] - Cash outflows from investment activities were approximately ¥1.12 billion, compared to ¥768.02 million in the previous period, indicating an increase of 46%[22] - The net cash flow from investment activities was negative at approximately -¥653.77 million, worsening from -¥366.17 million in the previous period[22] - Cash and cash equivalents at the end of the period were approximately ¥169.56 million, a decrease from ¥78.63 million in the previous period[23] - The company reported a net increase in cash and cash equivalents of approximately -¥279.16 million, compared to -¥291.10 million in the previous period[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 26,227[10] - The largest shareholder, Liu Guoyao, holds 25.46% of shares, totaling 61,097,400 shares[10] - The second-largest shareholder, Hu Shemei, holds 21.95% of shares, totaling 52,689,000 shares[10] - The company has a total of 51.06% of shares held by the three largest shareholders, Liu Guoyao, Hu Shemei, and Liu Jianyao[11] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending[11] Legal Matters - The company is involved in ongoing litigation with Shanghai Pudong Development Bank regarding a deposit dispute, with ¥850 million in principal and interest still unrecovered[11] - The company has initiated a lawsuit to recover the remaining ¥850 million in deposits that have not matured[11] - The company’s subsidiary, Nanjing Koyuan Smart Energy Investment Co., Ltd., is facing a lawsuit for property damage claims[12] - The company will actively respond to legal proceedings to protect the rights of the company and its shareholders[12] Operating Costs and Expenses - Total operating costs amounted to ¥1,147,656,040.36, up 12.5% from ¥1,019,551,158.74 in the prior period[19] - Research and development expenses increased to ¥137,227,016.94, a rise of 12% from ¥122,563,284.59 in the prior period[19] Other Income and Expenses - Non-operating income increased by 98.58% year-on-year, mainly due to an increase in discounts from equipment payments[8] - The company experienced a 238.23% increase in asset impairment losses, attributed to higher provisions for inventory depreciation[8] - The company reported a 1990.67% increase in accounts payable, indicating a significant rise in accepted bills[8]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [16]. Core Insights - The report emphasizes the concept of "Lighthouse Factories," which are leading the intelligent upgrade of the manufacturing industry by integrating advanced technologies such as artificial intelligence, IoT, and big data analytics [6]. - A total of 201 factories have been recognized as Lighthouse Factories globally, with 85 located in China, showcasing their exceptional manufacturing capabilities and performance in areas like production efficiency and supply chain resilience [6]. - Industrial software is identified as the digital foundation for Lighthouse Factories, playing a crucial role in enhancing production intelligence and efficiency across four core areas: R&D design, manufacturing, operational management, and maintenance services [6]. - The report suggests focusing on companies that are positioned to benefit from the growth of industrial software and intelligent manufacturing, including Zhongwang Software, Huada Jiutian, and Yonyou Network, among others [6]. Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of approximately 60,881.53 billion and a circulating market value of about 55,021.98 billion [3]. - The absolute performance of the industry over the past 12 months has been 52.1%, while the relative performance against the benchmark index has improved by 33.9% [4].