Core Viewpoint - The company is currently in the process of transferring its yellow phosphorus production capacity indicators following the suspension of operations at its subsidiary's phosphorus chemical plant [1] Group 1 - The company's subsidiary, Mabi Wuqiong Mining Co., Ltd., will cease operations on December 19, 2023 [1] - The company is addressing inquiries regarding its annual yellow phosphorus production capacity [1]

天原股份（002386.SZ）11月3日在投资者互动平台表示，公司参股的佛山德盛天林股权投资合伙企业 （有限合伙）有投资本源量子计算科技（合肥）股份有限公司，公司自身没有直接投资本源量子公司， 公司持有佛山德盛天林股权投资合伙企业（有限合伙）10%股份，佛山德盛天林股权投资合伙企业（有 限合伙）参股本源量子计算科技（合肥）股份有限公司0.97%股份。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵司是否通过佛山德盛天林股权投资合伙企业 （有限合伙）间接投资了本源量子计算科技（合肥）股份有限公司？贵司参股比例是多少？ ...

天原股份（002386）近日披露2025年第三季度报告，前三季度，公司实现营业收入84.9亿元，同比下降 14.89%；净利润为3169.34万元，同比增长132.63%。第三季度，公司的净利润为1505.49万元，同比增 长113.90%，环比增长185.66%。 从业绩上看，天原股份今年的营收和净利润表现均较为稳健。 股东方面，截至9月末，香港中央结算有限公司加仓56.49万股，济南瀚祥投资管理合伙企业(有限合伙) 新进成为公司第十大股东。 天原股份主营化工、供应链等业务。近年来，面对主营业务复杂的市场环境和风险挑战，公司坚持实施 精细管理、"极限制造"工程、聚焦"九大专项费用"管控、优化营销策略管理踩准市场节奏、盘活存量资 产、根据税率变化调整生产经营等措施手段，通过苦练内功、内部挖潜积极应对环境变化，在逆境中展 现出了较强的韧性与活力。 特别是今年以来，天原股份持续构建产业盈利模式上的强基、在经营能力上的强基。公司钛白粉实 施"双1000"计划，推进产品通过差异化、高附加值化。立足"氯—钛—磷—铁—锂"一体化循环经济产业 链条，通过在全球锂矿、钛矿资源丰富的地区积极布局采购或代工业务，推进"双矿出海" ...

Core Insights - The titanium dioxide sector experienced a 0.73% increase, ranking fifth among concept sectors, with five stocks rising, including Zhenhua Co., which hit the daily limit, and Guocheng Mining, Tianyuan Co., and Jinpu Titanium, which rose by 8.45%, 6.23%, and 3.36% respectively [1] Group 1: Market Performance - The titanium dioxide concept saw a net inflow of 90 million yuan from main funds, with Tianyuan Co. leading the inflow at 86.26 million yuan, followed by Zhenhua Co., Guocheng Mining, and Jinpu Titanium with inflows of 76.28 million yuan, 46.07 million yuan, and 13.72 million yuan respectively [2][3] - The top stocks by net inflow ratio included Tianyuan Co. at 8.61%, Guocheng Mining at 5.65%, and Jinpu Titanium at 5.44% [3] Group 2: Stock Performance - Zhenhua Co. recorded a 10% increase, while Guocheng Mining and Tianyuan Co. rose by 8.45% and 6.23% respectively [1][3] - The stocks with the largest declines included Daon Co. at -9.32%, followed by Titan Chemical at -1.93% and Huiyun Titanium at -1.84% [1][4]

Market Overview - The chemical raw materials sector increased by 0.17% compared to the previous trading day, with Zhenhua Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Top Performers - Zhenhua Co., Ltd. (603067) closed at 23.98, up 10.00% with a trading volume of 715,800 shares and a transaction value of 1.656 billion [1] - Tianyuan Co., Ltd. (002386) closed at 5.80, up 6.23% with a trading volume of 1,710,700 shares and a transaction value of 1.002 billion [1] - Hualitai (001217) closed at 13.37, up 3.80% with a trading volume of 177,500 shares and a transaction value of 237 million [1] Underperformers - Shilong Industry (002748) closed at 12.56, down 9.96% with a trading volume of 539,800 shares and a transaction value of 69.5 million [2] - Huarong Chemical (301256) closed at 10.46, down 3.86% with a trading volume of 84,800 shares and a transaction value of 89.946 million [2] - Jinniu Chemical (600722) closed at 6.38, down 2.89% with a trading volume of 147,700 shares and a transaction value of 94.854 million [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 220 million from main funds, while retail investors saw a net inflow of 250 million [2] - The main funds showed a significant net inflow in Zhenhua Co., Ltd. (964.713 million) and Tianyuan Co., Ltd. (877.636 million) [3] - Retail investors had a net outflow in Zhenhua Co., Ltd. (-304.61 million) and Tianyuan Co., Ltd. (-655.620 million) [3]

Core Viewpoint - The quantum technology sector is experiencing significant gains, with multiple companies reaching their daily price limits and others showing substantial increases in stock value [2] Company Performance - Zhejiang Dongfang, Fujida, Hexin Instruments, Tianyuan Co., and Shenzhou Information all hit the daily limit up [2] - Guodun Quantum, Weide Information, and Keda Guochuang saw their stock prices rise by over 10% [2]

Group 1 - The chemical raw materials sector increased by 1.08% on October 29, with Zhenhua Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] - Zhenhua Co., Ltd. saw a significant rise of 9.99% in its closing price, reaching 21.80, with a trading volume of 407,200 shares and a transaction value of 866 million yuan [1] Group 2 - The chemical raw materials sector experienced a net outflow of 272 million yuan from institutional funds, while retail investors saw a net inflow of 320 million yuan [2] - The top gainers in the sector included Sanyou Chemical, which rose by 4.83% to 5.64, and Boyuan Chemical, which increased by 4.46% to 6.79 [1][2] - The overall trading activity in the sector indicated a mixed sentiment, with some stocks experiencing significant declines, such as Shilong Industrial, which fell by 10% to 13.95 [2]

Core Insights - A total of 224 companies released their Q3 2025 financial reports on October 27, with 126 companies reporting year-on-year profit growth and 98 reporting declines [1] - Among these, 86 companies experienced simultaneous growth in both net profit and revenue, while 58 companies saw declines in both metrics [1] - Notably, 30 companies reported a doubling of their performance, with Shen Shen Fang A showing the highest increase in net profit at 2791.57% [1] Summary by Category Net Profit Growth - 126 companies reported a year-on-year increase in net profit, while 98 companies reported a decrease [1] - Shen Shen Fang A had a net profit of 145.12 million yuan, marking a 2791.57% increase [1] - Other notable performers include: - Xian Lei Co. with a net profit increase of 963.10% [1] - Wei Ce Technology with a 226.41% increase [1] Revenue Growth - 126 companies reported revenue growth, while 98 companies reported a decline [1] - Shen Shen Fang A also led in revenue growth with an increase of 331.66%, totaling 898.85 million yuan [1] - Other companies with significant revenue growth include: - Xin Lei Co. with a revenue of 582.74 million yuan, down 11.72% [1] - Wei Ce Technology with a revenue increase of 46.22% [1] Performance Highlights - Companies with notable performance increases include: - Shen Shen Fang A with the highest net profit growth [1] - Xian Lei Co. and Wei Ce Technology also showed significant growth in both net profit and revenue [1] - Conversely, companies like Mei Li Yun and Lian Jian Guang Dian reported substantial declines in revenue, with decreases of 63.03% and 18.73% respectively [1]

Financial Performance - The company's operating revenue for the third quarter was ¥2,821,621,478, a decrease of 16.39% compared to the same period last year[5]. - Net profit attributable to shareholders increased by 113.90% to ¥15,054,883.23 for the quarter, and by 132.63% to ¥31,693,371.45 year-to-date[5]. - The basic earnings per share for the quarter was ¥0.0116, reflecting an increase of 113.94% year-on-year[5]. - Total operating revenue for the current period was ¥8,489,943,718.24, a decrease of 14.92% from ¥9,974,756,461.02 in the previous period[22]. - Net profit for the current period was ¥3,936,510.69, compared to a net loss of ¥114,620,271.32 in the previous period, indicating a significant recovery[23]. - Earnings per share (EPS) for the current period was ¥0.0243, a turnaround from a loss of ¥0.0746 per share in the previous period[24]. Assets and Liabilities - Total assets at the end of the reporting period were ¥19,275,786,839.86, a decrease of 1.86% from the end of the previous year[5]. - Current assets decreased to CNY 5,565,494,785.92 from CNY 6,298,361,159.62, reflecting a decline of approximately 11.6%[19]. - Non-current assets increased to CNY 13,710,292,053.94 from CNY 13,343,543,895.20, representing an increase of about 2.8%[20]. - Total liabilities decreased to CNY 10,839,983,065.25 from CNY 11,768,486,862.71, reflecting a decrease of about 7.9%[20]. - Total liabilities amounted to ¥11,635,924,130.86, a slight decrease from ¥12,016,116,895.68 in the previous period[21]. Cash Flow - The company reported a net cash flow from operating activities of ¥51,830,795.09, which is an increase of 125.20% year-to-date[5]. - The net cash flow from operating activities was 51,830,795.09, a significant improvement from the previous year's negative cash flow of -205,713,088.87[27]. - Cash inflow from operating activities totaled ¥10,048,854,528.92, a decrease of 11.05% from ¥11,298,093,676.51 in the previous period[26]. - The net cash flow from financing activities decreased by 45.93% to 22,609,044, primarily due to a proactive reduction in debt financing scale after issuing corporate bonds[10]. - The net cash flow from investing activities was -537,070,065.17, slightly better than the previous year's -587,000,878.23[27]. Equity and Shareholder Information - The company’s equity attributable to shareholders increased by 0.55% to ¥7,514,126,616.82 compared to the end of the previous year[5]. - The total number of ordinary shareholders at the end of the reporting period was 51,283[12]. - Total equity attributable to shareholders of the parent company was ¥7,514,126,616.82, an increase from ¥7,472,903,056.44 in the previous period[21]. Expenses and Gains - The company's tax expenses increased by 126.38% to 33,172,834, reflecting higher income tax provisions[10]. - Non-recurring gains and losses for the quarter totaled -¥98,267.71, with significant impacts from non-normal shutdown losses[6]. - The company received government subsidies related to normal business operations amounting to ¥9,526,084.31 during the quarter[6]. - The company has identified several tax benefits as recurring gains, including a VAT deduction of ¥38,680,568.59 under advanced manufacturing policies[7]. Other Financial Metrics - The weighted average return on net assets was 0.20% for the quarter, a decrease of 1.56% compared to the previous year[5]. - Trading financial assets increased by 121.77% to 818,225,000, primarily due to changes in the fair value of futures held during the period[9]. - Prepayments rose by 67.97% to 251,308,928, attributed to stable supply of key raw materials[9]. - Investment income decreased by 120.70%, resulting in a loss of 10,388,035, primarily due to reduced profits from futures delivery investments compared to the same period last year[10]. - The company's long-term payables increased by 73.92% to 102,011,471, mainly due to new financing leases[9]. Legal and Compliance - The company’s litigation case resulted in a judgment requiring a payment of CNY 15,583,604.32[18]. - The company did not undergo an audit for the third quarter financial report[29]. - The company will implement new accounting standards starting in 2025, but this does not apply to the current reporting period[28].

Core Viewpoint - Tianyuan Co., Ltd. plans to transfer its 25,000 tons/year yellow phosphorus production capacity to optimize idle intangible assets and enhance the value of state-owned assets [1] Group 1: Company Developments - Tianyuan Co., Ltd. announced that its subsidiary, Mabi Wuqiong Mining Co., will cease operations at its phosphorus chemical plant on December 19, 2023 [1] - The company reported a revenue of 5.668 billion yuan and a net profit attributable to shareholders of 16.6385 million yuan for the first half of 2025, marking a year-on-year increase of 48.65% [2] - The company is progressing with its lithium iron phosphate project and has completed the construction of the second workshop production line, which has begun trial production [2] Group 2: Industry Context - The chlor-alkali industry, where Tianyuan operates, is currently experiencing a continuous downturn, leading to significant operational pressure on companies [2] - Tianyuan Co., Ltd. is one of China's earliest chlor-alkali enterprises, providing a range of chemical products including PVC and caustic soda, with an increasing production scale in its main products [2] Group 3: Environmental Initiatives - The company is investing 185 million yuan in a project to utilize waste from the chlorination process of titanium dioxide, which will address environmental challenges and reduce production costs by extracting ferrous chloride for lithium iron phosphate production [3]