Group 1 - Company Amatone (SZ 002623) reported a revenue of approximately 1.58 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 35.42% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 59.57 million yuan [1] - The basic earnings per share showed a loss of 0.3 yuan [1] Group 2 - As of the report, Amatone's market capitalization stands at 4 billion yuan [2]

证券代码：002623 证券简称：亚玛顿 公告编号：2025-056 常州亚玛顿股份有限公司 第六届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 常州亚玛顿股份有限公司（以下简称"公司"）第六届董事会第二次会议通 知于 2025 年 10 月 20 日以书面、电话和电子邮件的形式发出，并于 2025 年 10 月 24 日以现场与通讯表决相结合的方式在常州市天宁区青龙东路 616 号公司会 议室召开。会议由公司董事长林金锡先生主持，应到董事 8 名,实到董事 8 名， 其中 6 名董事现场出席会议，赵东平先生、屠江南女士以通讯方式表决。公司高 级管理人员列席本次会议。会议召开符合《中华人民共和国公司法》等法律、法 规和《公司章程》的规定。 一、董事会会议审议情况： （一）审议通过了《关于公司 2025 年第三季度报告的议案》 表决结果：8 票同意，0 票反对，0 票弃权。 《公司 2025 年第三季度报告》具体内容详见同日刊登于《证券时报》《中 国证券报》《上海证券报》《经济参考报》和公司指定信息披露网站巨潮资讯网 （http:// ...

Financial Performance - The company's revenue for Q3 2025 was ¥497,744,812.30, a decrease of 28.52% compared to the same period last year, and a cumulative revenue of ¥1,580,390,561.55, down 35.42% year-to-date[4] - The net profit attributable to shareholders was a loss of ¥43,746,098.03, representing an 8.87% decrease year-on-year, with a cumulative loss of ¥59,570,415.72, down 123.67% year-to-date[4] - The basic and diluted earnings per share were both -¥0.22, a decrease of 4.76% compared to the previous year, and -¥0.30 year-to-date, down 114.29%[4] - Total operating revenue decreased to ¥1,580,390,561.55 from ¥2,447,138,253.69, representing a decline of approximately 35.4% year-over-year[25] - Net loss for the period was ¥62,372,665.42, compared to a net loss of ¥21,817,750.05 in the previous period, indicating a significant increase in losses[27] - The basic and diluted earnings per share were both reported at -0.30, compared to -0.14 in the previous period, indicating worsening performance[27] Assets and Liabilities - The company's total assets increased by 6.47% year-on-year to ¥5,746,614,011.87, while total equity decreased by 5.69% to ¥2,832,712,824.77[5] - Total current assets increased to ¥3,744,066,743.07 from ¥3,269,901,776.96, representing a growth of approximately 14.5%[21] - Total liabilities increased to ¥2,296,522,814.56 from ¥1,744,980,432.16, reflecting a rise of approximately 31.6%[22] - The company's total liabilities increased to ¥2,870,751,240.07 from ¥2,354,057,922.67, reflecting a rise of approximately 22%[26] - The total equity attributable to shareholders decreased to ¥2,832,712,824.77 from ¥3,003,528,017.25, a decline of about 5.7%[26] Cash Flow - Operating cash flow for the year-to-date was ¥110,523,334.41, a significant decrease of 68.64% compared to the previous year[4] - Cash generated from operating activities was ¥1,326,208,696.63, down from ¥2,221,555,392.70, a decrease of approximately 40.3%[29] - The net cash flow from operating activities was $110.52 million, a decrease of 68.7% compared to $352.42 million in the previous period[30] - The net cash flow from investment activities increased by 52.44% year-on-year, while cash flow from financing activities decreased by 60.09% due to loan repayments[16] - The net cash flow from investment activities was -$146.88 million, improving from -$308.83 million in the previous period[30] - The net cash flow from financing activities was $157.52 million, down 60% from $394.67 million year-over-year[31] Operating Costs and Expenses - The company's operating costs decreased by 36.47% year-on-year, primarily due to a reduction in revenue from the photovoltaic market[10] - Total operating costs decreased to ¥1,658,560,073.44 from ¥2,485,520,919.96, a reduction of about 33.2% year-over-year[26] - Research and development expenses decreased by 38.53% year-on-year, attributed to lower initial investment in R&D projects[12] - The company’s R&D expenses were ¥48,393,895.11, down from ¥78,730,752.06, a decrease of about 38.5% year-over-year[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 31,487[18] - The largest shareholder, Changzhou Yamaton Technology Group Co., Ltd., holds 33.85% of shares, totaling 67,380,200 shares, with 40,000,000 shares pledged[18] - The company has no preferred shareholders or significant changes in shareholder structure reported[20] - The company is actively engaged in financing activities, with notable participation in margin trading by some shareholders[19] Other Financial Metrics - The company reported a 574.73% increase in investment income year-on-year, mainly due to increased financial management income[12] - Other comprehensive income after tax increased to ¥6,854,736.18 from ¥6,087,680.36, showing a growth of approximately 12.6%[27] - Cash inflow from investment activities totaled $3.42 billion, significantly up from $1.74 billion year-over-year[30] - Cash inflow from financing activities amounted to $1.18 billion, compared to $1.08 billion in the prior year[31] - The total cash and cash equivalents at the end of the period reached $1.18 billion, up from $924.60 million at the end of the previous period[31]

Core Insights - On October 15, Amatone's stock rose by 1.15% with a trading volume of 102 million yuan, indicating a positive market response [1] - The company experienced a net financing outflow of 1.88 million yuan on the same day, with total financing and margin trading balance at 74.41 million yuan, which is low compared to the past year [1] - Amatone's main business revenue is primarily derived from solar glass, accounting for 85.54% of total revenue [1] Financing and Margin Trading - On October 15, Amatone had a financing buy-in of 8.23 million yuan, while the financing balance stood at 74.41 million yuan, representing 1.84% of the circulating market value [1] - The financing balance is below the 10th percentile level of the past year, indicating a low level of financing activity [1] - In terms of margin trading, there were no shares sold or repaid on October 15, with a margin balance of 2,029 yuan, which is above the 50th percentile level of the past year [1] Financial Performance - For the first half of 2025, Amatone reported a revenue of 1.083 billion yuan, a year-on-year decrease of 38.16%, and a net profit attributable to shareholders of -15.82 million yuan, a significant decline of 216.78% [2] - The number of shareholders increased to 25,200, with an average of 7,893 circulating shares per person, a slight decrease of 0.07% [2] Dividend and Shareholding - Since its A-share listing, Amatone has distributed a total of 319 million yuan in dividends, with 232 million yuan distributed over the past three years [3] - As of June 30, 2025, the fifth largest circulating shareholder is Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund, holding 741,600 shares, an increase of 82,200 shares from the previous period [3]

Core Points - Company Amaton announced the redemption of idle raised funds and the continuation of cash management as of October 16, 2025 [1] - The board approved a cash management plan for idle raised funds not exceeding 30 million yuan, focusing on high safety and liquidity investments [1] Redemption of Financial Products - Amaton redeemed financial products purchased with idle raised funds, earning a total return of 443,200 yuan [2] - Specific details of the redeemed products include: - Structured deposits with Jiangnan Bank, total investment of 30 million yuan, yielding returns of 17.78 thousand yuan and 11.12 thousand yuan from different products [2] - Other structured deposits and income certificates from various banks, with varying investment amounts and returns [2] Ongoing Cash Management - Amaton (Ordos) New Materials Co., Ltd. continues to utilize idle raised funds for cash management, investing 20 million yuan in structured deposits with China Minsheng Bank [3] - The expected annual yield for this investment ranges from 1% to 1.45% [3] - The company emphasizes that using idle funds for cash management will not affect the normal operation of fundraising projects and aims to enhance fund management efficiency [3]

证券代码：002623 证券简称：亚玛顿 公告编号：2025-055 常州亚玛顿股份有限公司 关于使用闲置募集资金进行现金管理到期赎回 尽管本次投资的品种属于保本型投资产品，但金融市场受宏观经济的影响较 大，不排除该投资受到市场波动的影响。理财产品发行人提示了产品具有流动性 风险、信用风险、操作风险、信息技术系统风险、政策法律风险、不可抗力及意 外事件风险、信息传递风险。 2、针对以上投资风险，拟采取的风险控制措施 并继续进行现金管理的进展公告 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。 常州亚玛顿股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开第 六届董事会第一次会议，审议通过了《关于使用部分闲置募集资金进行结构性存 款或购买理财产品的议案》，同意在确保不影响募集资金投资计划正常进行的情 况下，公司对最高额度不超过人民币 3,000 万元的部分闲置募集资金适时进行现 金管理，投资于安全性高、流动性好、有保本约定的结构性存款或理财产品。使 用期限自董事会审议通过之日起不超过 12 个月，在上述额度与期限范围内募集 资金可以滚动使用。保 ...

Core Viewpoint - The glass processing industry in China is experiencing a decline in production, particularly in hollow glass, with significant year-on-year decreases reported for early 2025 [1] Industry Summary - According to the National Bureau of Statistics, the production of hollow glass in China for April 2025 was 0.1 million square meters, representing a year-on-year decrease of 6.8% [1] - Cumulatively, from January to April 2025, the total production of hollow glass reached 0.4 million square meters, marking a decline of 5.1% compared to the same period in the previous year [1] - The report by Zhiyan Consulting provides an in-depth analysis and investment outlook for the glass processing industry in China from 2025 to 2031 [1] Company Summary - Listed companies in the glass processing sector include Qibin Group (601636), Nanshan Glass A (000012), Fuyao Glass (600660), Jinjing Technology (600586), Kaisheng New Energy (600876), Yaopi Glass (600819), Shandong Pharmaceutical Glass (600529), and Yamaton (002623) [1]

Core Viewpoint - The report highlights a decline in China's tempered glass production, indicating a challenging market environment for the industry from 2025 onwards [1] Industry Summary - According to the National Bureau of Statistics, the production of tempered glass in China for August 2025 was 0.4 million square meters, representing a year-on-year decrease of 5% [1] - Cumulatively, from January to August 2025, the total production of tempered glass reached 3.4 million square meters, which is a decline of 9.4% compared to the previous year [1] - The report from Zhiyan Consulting provides insights into the supply and demand dynamics of the tempered glass industry in China from 2025 to 2031, suggesting a need for strategic adjustments by industry players [1] Company Summary - Listed companies in the tempered glass sector include Qibin Group (601636), Nanshan Glass A (000012), Fuyao Glass (600660), Jinjing Technology (600586), Kaisheng New Energy (600876), Yaopi Glass (600819), Shandong Pharmaceutical Glass (600529), and Yamaton (002623) [1]

Core Viewpoint - The Chinese laminated glass industry is projected to experience growth, with a reported production increase of 6.6% year-on-year in August 2025, reaching 14.43 million square meters [1]. Group 1: Industry Overview - The cumulative production of laminated glass in China from January to August 2025 is reported at 106.105 million square meters, also reflecting a year-on-year growth of 6.6% [1]. - The report by Zhiyan Consulting outlines the market status and development trends of the laminated glass industry in China from 2025 to 2031 [1]. Group 2: Key Companies - Listed companies in the laminated glass sector include Qibin Group (601636), Nanshan Glass A (000012), Fuyao Glass (600660), Jinjing Technology (600586), Kaisheng New Energy (600876), Yaopi Glass (600819), Shandong Pharmaceutical Glass (600529), and Yamaton (002623) [1].

Core Points - Hongjun New Energy has signed a cooperation agreement with Saudi partners to establish a 6GW high-efficiency heterojunction component production base in Saudi Arabia, marking the company's first overseas factory since its establishment in 2023 [1] - The company is part of a trend where at least 15 Chinese photovoltaic companies have announced overseas factory plans since 2025, with total investments exceeding 20.4 billion yuan, primarily in the Middle East and surrounding regions [1][2] - The Middle East is becoming a favored destination for Chinese photovoltaic companies due to strong local demand for energy transition and favorable policy environments [11][12] Company Developments - Hongjun New Energy is a new player in the photovoltaic industry, focusing on the production and sales of heterojunction solar cells and components, with Gree Group as one of its shareholders [1] - Other companies, including He Guang Tong Cheng and Zhonghuan New Energy, are also planning to establish factories in the Middle East, indicating a broader trend of Chinese companies expanding their production capabilities internationally [6][7] Industry Trends - The trend of Chinese photovoltaic companies establishing overseas factories is largely driven by the need to escape domestic market saturation and seek new growth opportunities [10][14] - The Middle East's geographical advantage and the lack of trade barriers with Western markets make it an attractive location for Chinese companies to set up production facilities [11][12] - The total planned photovoltaic capacity in the Middle East and surrounding regions is approximately 276.6GW, indicating a potential oversupply and intense competition in the market [2][12] Technological Developments - The projects in the Middle East are primarily adopting n-type technology, with Hongjun New Energy's 6GW component base being the first heterojunction project in the region [8] - The photovoltaic glass industry is also seeing a shift, with several manufacturers planning to establish production lines in the Middle East to mitigate domestic overcapacity issues [9][10] Market Challenges - The rapid expansion of photovoltaic capacity in the Middle East may lead to market oversupply and increased competition, raising concerns about the sustainability of profit margins for companies operating in the region [10][12] - The industry must be cautious of repeating past mistakes seen in Southeast Asia, where trade barriers and investigations led to significant losses for Chinese companies [15]