Core Viewpoint - Jianghai Co., Ltd. is a leading player in the aluminum electrolytic capacitor industry in China, with a diversified product line and a strong market position in various applications [1] Group 1: Business Performance - In Q3 2025, Jianghai achieved a revenue of 4.117 billion yuan, ranking 4th in the industry [2] - The main business segments include aluminum electrolytic capacitors (2.229 billion yuan, 82.75%), film capacitors (233 million yuan, 8.65%), and supercapacitors (162 million yuan, 6.00%) [2] - The net profit for the same period was 537 million yuan, also ranking 4th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Jianghai's debt-to-asset ratio was 29.29%, lower than the industry average of 31.50% [3] - The gross profit margin for the period was 24.50%, below the industry average of 27.75% [3] Group 3: Executive Compensation - The chairman, Chen Weidong, received a salary of 902,300 yuan in 2024, a decrease of 54,300 yuan from 2023 [4] - The president, Ding Jihua, earned 726,500 yuan in 2024, an increase of 110,800 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.11% to 47,400 [5] - The average number of circulating A-shares held per shareholder increased by 6.50% to 17,300 [5] Group 5: Market Outlook and Growth Potential - The company is expected to see steady growth, particularly in the AI server power market, with projected net profits of 750 million, 945 million, and 1.101 billion yuan for 2025-2027 [5] - Key business highlights include strong growth in aluminum electrolytic capacitors in new energy sectors and solid-state capacitors for AI servers [5] - Dongwu Securities initiated coverage with a "buy" rating, forecasting revenues of 5.603 billion, 6.474 billion, and 7.322 billion yuan for 2025-2027 [6]

中信证券股份有限公司 关于 南通江海电容器股份有限公司 详式权益变动报告书 之 2025 年第三季度持续督导意见 财务顾问 （一）权益变动情况 二零二五年十月 财务顾问声明 2024 年 3 月 12 日，浙江省经济建设投资有限公司（以下简称"收购人"、 "浙江经投"）与亿威投资有限公司（以下简称"亿威投资"）签署了《股份转 让协议》。2024 年 12 月 24 日浙江经投与亿威投资签署了《股份转让协议之补 充协议》，协议约定亿威投资将其持有的江海股份 127,578,590 股无限售条件普 通股以 19 元/股的价格转让给浙江经投，占上市公司总股本的比例约为 15%；同 日，亿威投资出具了《表决权放弃承诺函》，承诺自过户完成日起至过户完成满 18 个月之日的期间内，亿威投资放弃其持有的江海股份 59,536,675 股股份所对 应的所有表决权（包括但不限于该等股份对应的提案权、提名权、投票权），占 上市公司总股本的比例约为 7%。 本次交易完成后，浙江经投持有江海股份 134,207,090 股股份，占上市公司 总股本的比例约为 15.78%，上市公司控股股东由亿威投资变更为浙江经投，实 际控制人变更为浙 ...

Investment Rating - The investment rating for Jianghai Co., Ltd. is maintained at "Buy" [1] Core Views - Jianghai Co., Ltd. has shown steady growth in the first three quarters of 2025, with revenue reaching 4.117 billion yuan, a year-on-year increase of 16.34%. The net profit attributable to shareholders is 535 million yuan, up 8.19% year-on-year [4] - The demand for AI server power supplies is expected to open up significant growth opportunities for the company, particularly in the aluminum electrolytic capacitor and supercapacitor markets [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 4.117 billion yuan, with a net profit of 535 million yuan, and a gross profit margin of 24.50% [4] - In Q3 2025, the company reported revenue of 1.423 billion yuan, a year-on-year increase of 21.12%, but a quarter-on-quarter decrease of 7.34% [4] - The projected net profit for 2025, 2026, and 2027 is estimated at 750 million yuan, 945 million yuan, and 1.101 billion yuan respectively, reflecting slight downward adjustments from previous forecasts [4] Market and Product Insights - The aluminum electrolytic capacitor and film capacitor markets are experiencing stable growth, with significant demand from the new energy and electric vehicle sectors [5] - The global AI data center power demand is expected to grow rapidly, with predictions indicating an increase in power capacity from 81 GW in 2024 to 277 GW by 2035 [6] - The company has made technological breakthroughs in aluminum electrolytic capacitors, enhancing their capacity, performance, and cost-effectiveness [5]

Core Insights - Jianghai Co., Ltd. (002484.SZ) reported a revenue of 1.423 billion yuan for Q3 2025, representing a year-on-year increase of 21.12% [1] - The net profit attributable to shareholders of the listed company was 176 million yuan, reflecting a year-on-year growth of 20.01% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 173 million yuan, which is a year-on-year increase of 20.78% [1]

Core Insights - Jianghai Co., Ltd. reported a revenue of 1.423 billion yuan for Q3 2025, representing a year-on-year growth of 21.12% [1] - The net profit attributable to shareholders for Q3 2025 was 176 million yuan, showing a year-on-year increase of 20.01% [1] - For the first three quarters of 2025, the company achieved a total revenue of 4.117 billion yuan, which is a 16.34% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters was 535 million yuan, reflecting an 8.19% year-on-year growth [1]

Core Insights - Jianghai Co., Ltd. reported a revenue of 4.117 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 16.34% [1] - The net profit attributable to shareholders of the listed company reached 535 million yuan, an increase of 8.19% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 517 million yuan, showing a year-on-year growth of 12.64% [1]

Group 1 - The core viewpoint of the article highlights Jiang Hai Co., Ltd.'s financial performance in Q3 2025, showing significant growth in revenue and net profit [1] - Jiang Hai Co., Ltd. reported a revenue of approximately 4.117 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.34% [1] - The net profit attributable to shareholders of the listed company was approximately 535 million yuan, reflecting a year-on-year increase of 8.19% [1] - The basic earnings per share were reported at 0.6338 yuan, which is an increase of 8.3% year-on-year [1] - As of the report date, Jiang Hai Co., Ltd. had a market capitalization of 25.4 billion yuan [1]

Group 1 - The core point of the article is that Jianghai Co., Ltd. reported significant growth in both revenue and net profit for the third quarter and the first three quarters of the year [1] Group 2 - For the third quarter, the revenue reached 1.423 billion yuan, representing a year-on-year increase of 21.12% [1] - The net profit for the third quarter was 176 million yuan, showing a year-on-year growth of 20.01% [1] - For the first three quarters, the total revenue amounted to 4.117 billion yuan, which is a year-on-year increase of 16.34% [1] - The net profit for the first three quarters was 535 million yuan, reflecting a year-on-year growth of 8.19% [1]

Revenue and Profitability - Revenue for Q3 2025 reached ¥1,423,351,202.10, an increase of 21.12% year-over-year[5] - Net profit attributable to shareholders was ¥176,351,714.55, up 20.01% compared to the same period last year[5] - The company reported a basic earnings per share of ¥0.2091, reflecting a growth of 19.76% year-over-year[5] - Total operating revenue for the current period reached ¥4,117,120,137.38, an increase of 16.3% compared to ¥3,538,905,541.67 in the previous period[22] - Net profit for the current period was ¥537,219,544.80, representing a growth of 7.1% from ¥499,457,000.62 in the previous period[23] - Total comprehensive income amounted to CNY 553,903,929.05, an increase from CNY 490,417,834.56 in the previous period, representing a growth of approximately 12.7%[24] - Basic earnings per share increased to CNY 0.6338 from CNY 0.5852, reflecting a rise of about 8.9%[24] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥8,782,225,972.50, representing a 17.62% increase from the end of the previous year[5] - The company's total assets increased to ¥8,782,225,972.50, up from ¥7,466,764,100.82 at the beginning of the period, reflecting a growth of 17.6%[20] - Current assets totaled ¥5,704,646,131.97, a rise of 26.7% from ¥4,501,801,857.89 at the start of the period[19] - The total liabilities increased to ¥2,572,196,940.98, up from ¥1,569,120,099.86 at the beginning of the period, marking a growth of 63.9%[20] - Current liabilities increased by CNY 979,459,680.87, a growth of 70.52%, with total liabilities rising by CNY 1,003,076,841.12, a growth of 63.93%[11] - The company's equity attributable to shareholders reached ¥6,137,771,559.49, an increase of 4.8% from ¥5,856,742,718.14 at the start of the period[20] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥640,632,002.84, a significant increase of 54.63%[5] - Net cash flow from operating activities increased by CNY 226,328,817.23, a growth of 54.63%, primarily due to improved accounts receivable management[14] - Cash and cash equivalents increased by CNY 364,602,825.4, a growth of 395.86%, due to various changes in cash flow[14] - Cash inflow from operating activities was CNY 2,274,660,502.14, compared to CNY 2,074,013,677.16 in the prior period, showing an increase of approximately 9.7%[25] - Cash outflow from operating activities totaled CNY 1,634,028,499.30, a slight decrease from CNY 1,659,710,491.55, reflecting a reduction of about 1.5%[26] - Net cash flow from financing activities increased by CNY 156,220,450.89, a growth of 47.77%, mainly due to borrowings from a wholly-owned subsidiary[14] - Cash inflow from financing activities was CNY 169,052,600.00, compared to CNY 118,817,339.59 in the prior period, indicating an increase of approximately 42.1%[26] - The company reported a decrease in cash outflow from financing activities to CNY 339,826,644.92 from CNY 445,811,835.40, representing a reduction of about 23.7%[26] Inventory and Expenses - Inventory increased by ¥340,975,365.66, a growth of 33.11%, due to the rise in business volume[8] - Employee compensation increased by CNY 15,380,049.36, a growth of 41.09%, mainly due to changes in employee insurance and welfare expenses[11] - Research and development expenses for the current period were ¥223,018,526.08, an increase of 10.8% from ¥201,286,775.34 in the previous period[23] - Total operating costs amounted to ¥3,550,077,604.57, up 16.4% from ¥3,048,469,817.99 in the prior period[22] - Financial expenses for the first nine months of 2025 increased by CNY 14,651,017.59, a growth of 105.2%, primarily due to reduced foreign exchange gains[11] - Investment income decreased by CNY 1,674,104.54, a decline of 39.14%, mainly due to the transfer of equity in Yudong Foil Material[11] Other Financial Metrics - Non-operating income from government subsidies amounted to ¥5,462,994.67 for the quarter[6] - Contract liabilities increased by ¥4,978,357.5, reflecting a growth of 60.2% due to an increase in advance payments[8] - Other comprehensive income after tax increased by CNY 25,723,550.31, a growth of 284.58%, mainly due to fair value changes in stock prices[11] - Total number of ordinary shareholders at the end of the reporting period was 47,355[13]

证券代码：002484 证券简称：江海股份 公告编号：2025-053 南通江海电容器股份有限公司 2025年第三次临时股东会决议公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完 整,并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 特别提示： 1、本次股东会采取现场投票与网络投票相结合的方式召开。 2、本次股东会在会议召开期间无增加、否决或变更议案。 3、本次股东会不涉及变更前次股东会决议。 4、为保护中小投资者利益，本次股东会采用中小投资者单独计票。中小投 资者为单独或者合计持有本公司股份低于 5%（不含）股份的股东。 一、会议召开和出席情况 1、本次股东会的召开时间 现场会议召开时间：2025 年 10 月 15 日（星期三）下午 14:30 4、会议召集人：公司董事会。 5、会议主持人：副董事长刘知豪先生 6、本次股东会会议的召集、召开和表决程序符合《公司法》和《公司章程》 等规定。 7、会议出席情况： 参加公司本次股东会的股东及股东授权代理人共 541 人，代表股份数 313,701,012 股，占上市公司有表决权股份总数（不含公司回购的股份，下同） 37.25%。其中，中小 ...