Core Viewpoint - The company reported a slight increase in revenue but a significant decline in net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 15.917 billion yuan, representing a year-on-year growth of 0.19% [1] - The net profit attributable to shareholders was 496 million yuan, showing a year-on-year decrease of 24.29% [1] - Basic earnings per share were 0.722 yuan, which also reflects a decline of 24.29% year-on-year [1]

Group 1 - The core point of the article is that Honglu Steel Structure (SZ 002541) held its 26th meeting of the 6th board of directors on October 24, 2025, where the full report for the third quarter of 2025 was reviewed [1] - For the first half of 2025, the revenue composition of Honglu Steel Structure was 96.92% from steel structures and 3.08% from other businesses [1] - As of the report date, the market capitalization of Honglu Steel Structure is 13.5 billion yuan [1]

| | | 安徽鸿路钢结构（集团）股份有限公司 第六届监事会第十六次会议决议的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特此公告。 安徽鸿路钢结构（集团）股份有限公司 监事会 二〇二五年十月二十七日 一、监事会会议召开情况 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）第六届监事会第十六次 会议于 2025 年 10 月 14 日以送达方式发出，并于 2025 年 10 月 24 日在公司会议室召开。 会议由监事会主席沈晓平主持，全体监事出席了会议。本次会议应到监事 3 名，实到监事 3 名，符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 经全体监事审议表决，一致通过如下议案： （一）会议以 3 票同意，0 票反对，0 票弃权，审议通过了《2025 年第三季度报告全文》 公司 2025 年第三季度报告全文刊登在《中国证券报》、《证券时报》、《上海证券报》、 《证券日报》和巨潮资讯网（www.cninfo.com.cn）。 三、备查文件 1、第六届监事会第十六次会议决议。 ...

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：128134 | 债券简称：鸿路转债 | | 安徽鸿路钢结构（集团）股份有限公司 第六届董事会第二十六次会议决议的公告 本公司及董事会全体成员保证信息披露内容的真实、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 会议经过审议并表决，形成决议如下： （一）会议以 5 票同意，0 票反对，0 票弃权，审议通过了《2025 年第三季度报告全文》 公司 2025 年第三季度报告全文刊登在《中国证券报》、《证券时报》、《上海证券报》、 《证券日报》和巨潮资讯网（www.cninfo.com.cn）。 三、备查文件 1、公司第六届董事会第二十六次会议决议。 特此公告。 安徽鸿路钢结构（集团）股份有限公司 董事会 二〇二五年十月二十七日 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）第六届董事会第二十六 次会议于 2025 年 10 月 14 日以送达方式发出，并于 2025 年 10 月 24 日在公司会议室以现 场的方式召开。会议应出席董事 ...

Financial Performance - The company's revenue for Q3 2025 was approximately ¥5.37 billion, representing a decrease of 3.50% compared to the same period last year[5]. - Net profit attributable to shareholders was approximately ¥208.33 million, down 8.51% year-on-year, while the year-to-date net profit decreased by 24.29% to approximately ¥496.28 million[5]. - Basic earnings per share for the period were ¥0.3031, reflecting a decline of 8.48% compared to the previous year[5]. - Net profit for the current period was ¥497,113,681.82, down from ¥655,499,132.70, indicating a decline of approximately 24.1%[20]. - Earnings per share (EPS) for the current period was ¥0.722, compared to ¥0.9536 in the previous period, representing a decrease of about 24.2%[20]. Assets and Liabilities - Total assets at the end of the reporting period reached approximately ¥27.91 billion, an increase of 10.58% from the end of the previous year[5]. - Total assets increased to ¥27,911,196,057.08 from ¥25,241,107,676.95, marking a growth of approximately 10.6%[18]. - Total liabilities rose to ¥18,044,720,166.11 from ¥15,627,196,760.71, an increase of about 15.5%[18]. - The total equity attributable to shareholders of the parent company increased to ¥9,861,713,497.38 from ¥9,611,463,343.64, reflecting a growth of approximately 2.6%[18]. Cash Flow - Cash flow from operating activities for the year-to-date was approximately ¥377.73 million, up 15.44% compared to the same period last year[5]. - Operating cash flow for the current period is CNY 377,731,063.74, an increase of 15.4% compared to CNY 327,199,914.89 in the previous period[21]. - Net cash flow from financing activities decreased by 30.85% to approximately ¥1.23 billion, primarily due to increased debt repayments during the period[10]. - Net cash flow from financing activities decreased to CNY 1,230,536,346.79, down 30.8% from CNY 1,779,445,004.82 in the previous period[22]. - Cash inflow from the disposal of fixed assets and other long-term assets was CNY 7,548,934.73, significantly higher than CNY 159,500.00 in the previous period[21]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,722[12]. - Major shareholder 商晓波 holds 36.16% of shares, totaling 249,519,764 shares[12]. - Major shareholder 邓烨芳 holds 10.81% of shares, totaling 74,577,360 shares[12]. Investment Activities - Long-term equity investments increased by 375.41% to approximately ¥43.47 million, reflecting additional external investments made during the period[9]. - Cash outflow from investment activities was CNY 826,678,816.26, a decrease of 21.0% compared to CNY 1,046,477,722.99 in the previous period[21]. - The net cash flow from investment activities was -CNY 819,129,881.53, an improvement from -CNY 1,046,318,222.99 in the previous period[21]. Operating Performance - Total operating revenue for the current period reached ¥15,917,213,529.23, a slight increase from ¥15,887,282,312.52 in the previous period, representing a growth of approximately 0.19%[19]. - Total operating costs decreased to ¥15,482,447,443.35 from ¥15,496,324,354.89, reflecting a reduction of about 0.09%[19]. - Research and development expenses for the current period were ¥483,538,350.50, down from ¥507,329,219.65, indicating a decrease of about 4.7%[19]. Tax Expenses - The company reported a 66.36% increase in income tax expenses, amounting to approximately ¥127.01 million, due to varying tax rates among subsidiaries[10]. - The company reported a decrease in tax expenses to ¥127,006,654.56 from ¥76,342,428.01, which is an increase of approximately 66.2%[20].

Core Viewpoint - Honglu Steel Structure experienced a decline of 1.89% in stock price on October 23, with a trading volume of 144 million yuan, indicating a potential concern among investors regarding the company's performance and market sentiment [1]. Financing and Stock Performance - On October 23, Honglu Steel Structure had a financing buy-in amount of 7.15 million yuan and a financing repayment of 5.78 million yuan, resulting in a net financing buy of 1.37 million yuan. The total financing and securities balance reached 43.49 million yuan [1]. - The current financing balance stands at 41.48 million yuan, which constitutes 0.31% of the circulating market value, indicating a low level compared to the 10% percentile over the past year [1]. - In terms of securities lending, on October 23, the company repaid 2,400 shares and sold 2,700 shares, with a selling amount of 53,200 yuan. The remaining securities lending volume is 102,200 shares, with a balance of 2.01 million yuan, which is above the 90% percentile over the past year, indicating a high level [1]. Company Overview - Anhui Honglu Steel Structure (Group) Co., Ltd. was established on September 19, 2002, and listed on January 18, 2011. The company specializes in steel structure manufacturing and sales, green building materials production and sales, and general contracting for steel structure assembly projects [1]. - The main business revenue composition includes: H-shaped steel structure (55.06%), box-type cross structure (18.89%), secondary structure (12.85%), pipe-type structure (6.25%), truss structure (3.86%), and others (3.08%) [1]. Financial Performance - As of June 30, the number of shareholders for Honglu Steel Structure reached 16,900, an increase of 23.35% compared to the previous period. The average circulating shares per person decreased by 18.93% to 29,380 shares [2]. - For the first half of 2025, the company achieved an operating income of 10.55 billion yuan, representing a year-on-year growth of 2.17%. However, the net profit attributable to the parent company was 288 million yuan, a decrease of 32.69% year-on-year [2]. Dividend and Institutional Holdings - Since its A-share listing, Honglu Steel Structure has distributed a total of 1.365 billion yuan in dividends, with 784 million yuan distributed over the past three years [3]. - As of June 30, 2025, among the top ten circulating shareholders, Zhonggeng Value Pioneer Stock (012930) is the third-largest shareholder with 20.6883 million shares, a decrease of 426,800 shares compared to the previous period. Other notable changes include an increase in holdings by Zhonggeng Value Navigation Mixed (006551) and a new entry by Zhonggeng Value Quality One-Year Holding Period Mixed (011174) [3].

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - Infrastructure investment showed weakness in September, but the fourth quarter may benefit from increased funding and policy catalysts. The report highlights the importance of infrastructure as a stabilizing measure for the economy, with a focus on undervalued, high-dividend construction stocks [1][2] - The real estate sector saw a decline in sales area by 5.5% year-on-year from January to September, with a significant drop of 21.3% in September alone. However, the completion rate for real estate projects turned positive for the first time since 2024, indicating a potential recovery [2] - Cement demand is gradually weakening, with a production drop of 5.2% year-on-year from January to September. The report suggests that cement companies may seek to optimize supply and increase prices to recover profitability [3] - The flat glass market showed signs of improvement in September, with a slight increase in demand. However, overall production still declined by 5.2% year-on-year, and inventory levels have risen significantly [4] Summary by Sections Infrastructure Investment - Infrastructure investment from January to September showed a year-on-year increase of 1.1%, but September alone saw a decline of 4.7%. The report anticipates a recovery in the fourth quarter due to early fiscal funding and new policy financial tools [1][2] Real Estate Sector - Real estate sales area decreased by 5.5% year-on-year from January to September, with a notable drop of 11.9% in September. New construction area fell by 18.9% year-on-year, while completion area saw a slight increase in September, marking the first positive growth since 2024 [2] Cement Industry - Cement production from January to September was 1.259 billion tons, down 5.2% year-on-year. The average shipment rate was 41.3%, a decrease of 2.6 percentage points year-on-year. The report indicates that cement companies are likely to push for price increases to enhance profitability [3] Glass Industry - Flat glass production from January to September was 72.881 million weight cases, down 5.2% year-on-year. The report notes a slight improvement in demand in September, but overall inventory levels have increased significantly, indicating potential challenges ahead [4]

Core Insights - The professional engineering sector saw a rise of 0.71% on October 22, with Zhonghua Rock and Soil leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Zhonghua Rock and Soil (002542) closed at 4.46, up 10.12% with a trading volume of 1.99 million shares and a transaction value of 884 million [1] - China Aluminum International (601068) closed at 5.93, up 10.02% with a trading volume of 475,200 shares and a transaction value of 267 million [1] - Tianwo Technology (002564) closed at 9.02, up 10.00% with a trading volume of 555,900 shares and a transaction value of 490 million [1] - Other notable performers include Zhongyan Dadi (003001) up 7.06% and Beifang International (000065) up 5.44% [1] Capital Flow - The professional engineering sector experienced a net inflow of 413 million in main funds, while retail funds saw a net outflow of 742,620 [2][3] - Major stocks like Beifang International and Tianwo Technology attracted significant main fund inflows of 207 million and 110 million respectively [3] - Conversely, retail investors showed a net outflow from several stocks, including Tianwo Technology and Zhonghua Rock and Soil [3]

Investment Rating - The industry investment rating is currently neutral, indicating that the industry is expected to perform in line with the overall market [22]. Core Insights - The fixed asset investment and manufacturing investment growth rates have continued to decline, with a cumulative year-on-year decrease of 0.5% for fixed asset investment from January to September 2025, and a 4.0% year-on-year increase in manufacturing investment, which is a decline of 1.1 percentage points compared to the previous month [3][4]. - Infrastructure investment is under pressure, with a year-on-year growth of 3.3% for total infrastructure investment and 1.1% for infrastructure investment excluding electricity, both showing a decline in growth rates compared to the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 13.9% from January to September 2025, and construction starts down by 18.9% [10]. Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is reported at 5.2%, with quarterly growth rates of 5.4%, 5.2%, and 4.8% respectively [3]. Infrastructure Investment - Infrastructure investment growth is under pressure, with specific sectors like transportation, water conservancy, and public utilities showing varying degrees of decline [4]. - Eastern regions experienced a year-on-year investment decline of 4.5%, while central and western regions saw a slight increase of 1.5% [4]. Real Estate Investment - Real estate investment has shown a significant decline, with expectations of a slow recovery due to challenges in supply and inventory replenishment [10]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain traction with the implementation of national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among others [14].

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The economic operation in the first three quarters of 2025 shows steady progress, with fixed asset investment and manufacturing investment growth continuing to decline. The GDP growth rates for Q1, Q2, and Q3 of 2025 are 5.4%, 5.2%, and 4.8% respectively, leading to a cumulative year-on-year fixed asset investment decrease of 0.5% [4][5] - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investment growth all facing challenges. The total infrastructure investment growth rate (including all categories) is 3.3%, down 2.1 percentage points from the previous month [5] - Real estate investment remains low, with a year-on-year decrease of 13.9% in the first nine months of 2025, indicating a weak recovery in investment [10] Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is 5.2%, with a decline in fixed asset investment and manufacturing investment growth rates [4][5] Infrastructure Investment - Total infrastructure investment growth is 3.3%, with specific sectors like transportation and public utilities showing negative growth [5] Real Estate Investment - Real estate investment has decreased by 13.9% year-on-year, with construction starts and completions showing slight improvements [10] Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility with national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction [14]