Core Viewpoint - Del Future (002631) reported that as of November 10, 2025, the number of shareholders is 37,737 [1] Summary by Categories - **Company Information** - Del Future has a total of 37,737 shareholders as of the specified date [1]

Core Insights - The home goods sector experienced a decline of 0.31% on November 12, with Yuma Technology leading the drop [1][2] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Market Performance - Notable gainers in the home goods sector included: - Meizhi Gao (Code: 920765) with a closing price of 26.96, up 5.81% on a trading volume of 45,900 shares and a turnover of 122 million yuan [1] - Mona Lisa (Code: 002918) closed at 16.21, up 5.47% with a trading volume of 118,000 shares and a turnover of 189 million yuan [1] - ST Songfa (Code: 603268) closed at 72.29, up 5.00% with a trading volume of 64,500 shares and a turnover of 45.7 million yuan [1] - Major decliners included: - Yuma Technology (Code: 300993) closed at 17.12, down 6.29% with a trading volume of 190,000 shares and a turnover of 330 million yuan [2] - ST Yazhen (Code: 603389) closed at 47.52, down 5.00% with a trading volume of 32,600 shares and a turnover of 157 million yuan [2] - Filinger (Code: 603226) closed at 38.57, down 3.74% with a trading volume of 53,200 shares and a turnover of 205 million yuan [2] Capital Flow - The home goods sector saw a net outflow of 318 million yuan from institutional investors, while retail investors contributed a net inflow of 314 million yuan [2][3] - Key stocks with significant capital flow included: - Mona Lisa had a net inflow of 22.32 million yuan from institutional investors, while retail investors saw a net outflow of 20.70 million yuan [3] - Shangpin Home (Code: 300616) had a net inflow of 18.78 million yuan from institutional investors, with retail investors experiencing a net outflow of 15.69 million yuan [3] - Qisheng Technology (Code: 603610) had a net inflow of 12.79 million yuan from institutional investors, while retail investors faced a net outflow of 22.90 million yuan [3]

Core Viewpoint - Del Future announced a share reduction plan by three shareholders, indicating potential changes in ownership structure and investor sentiment towards the company [2] Shareholder Reduction Plan - Shareholder Shi Xudong, holding 453,500 shares (0.0569% of total shares), plans to reduce holdings by up to 113,375 shares (0.0142%) [2] - Shareholder Zhang Lixin, holding 1,476,000 shares (0.1851% of total shares), plans to reduce holdings by up to 369,000 shares (0.0463%) [2] - Shareholder Wu Huifang, holding 714,000 shares (0.0896% of total shares), plans to reduce holdings by up to 178,500 shares (0.0224%) [2] Timeline of Reduction - The reduction will occur within three months starting from November 28, 2025, to February 27, 2026, following the announcement [2]

Core Viewpoint - Del Future announced plans for share reduction by key executives, indicating potential changes in shareholder structure and management confidence in the company's future performance [1] Group 1: Share Reduction Announcement - The company received a notice from three executives regarding their intention to reduce shareholdings, with specific plans outlined for the reduction period from November 28, 2025, to February 27, 2026 [1] - Executive Shi Xudong holds approximately 450,000 shares (0.0569% of total shares), plans to reduce by up to 110,000 shares (0.0142%) [1] - Executive Zhang Lixin holds approximately 1.48 million shares (0.1851% of total shares), plans to reduce by up to 370,000 shares (0.0463%) [1] - Executive Wu Huifang holds approximately 710,000 shares (0.0896% of total shares), plans to reduce by up to 180,000 shares (0.0224%) [1] Group 2: Company Financials - For the first half of 2025, Del Future's revenue composition shows that home furnishings account for 99.33%, while other sectors contribute 0.58%, and the new energy and new materials sector accounts for 0.08% [1] - The company's market capitalization is reported to be 4.4 billion yuan [2]

Core Viewpoint - Del Future (002631.SZ) announced a share reduction plan by three shareholders, indicating potential changes in ownership structure and investor sentiment [1] Shareholder Reduction Plan - Mr. Shi Xudong, holding 453,500 shares (0.0569% of total shares), plans to reduce his holdings by up to 113,375 shares (0.0142%) within three months from November 28, 2025, to February 27, 2026 [1] - Mr. Zhang Lixin, holding 1,476,000 shares (0.1851% of total shares), intends to reduce his holdings by up to 369,000 shares (0.0463%) during the same period [1] - Ms. Wu Huifang, holding 714,000 shares (0.0896% of total shares), plans to reduce her holdings by up to 178,500 shares (0.0224%) within the specified timeframe [1]

Core Viewpoint - Del Future (002631.SZ) announced a share reduction plan by three shareholders, indicating potential changes in ownership structure and investor sentiment [1] Shareholder Reduction Plan - Mr. Shi Xudong, holding 453,500 shares (0.0569% of total shares), plans to reduce his holdings by up to 113,375 shares (0.0142%) within three months from November 28, 2025, to February 27, 2026 [1] - Mr. Zhang Lixin, holding 1,476,000 shares (0.1851% of total shares), intends to reduce his holdings by up to 369,000 shares (0.0463%) during the same period [1] - Ms. Wu Huifang, holding 714,000 shares (0.0896% of total shares), plans to reduce her holdings by up to 178,500 shares (0.0224%) within the specified timeframe [1]

Core Viewpoint - 德尔未来 is a leading home and new materials enterprise in China, focusing on the research, production, and sales of home products and graphene-related businesses, with a full industry chain advantage [1] Group 1: Business Overview - 德尔未来 was established on December 2, 2004, and listed on the Shenzhen Stock Exchange on November 11, 2011, with its registered and office address in Suzhou, Jiangsu Province [1] - The main business includes the research, production, and sales of wooden flooring, custom furniture, and density boards, as well as the development and sales of graphene preparation equipment and related new materials [1] Group 2: Financial Performance - In Q3 2025, 德尔未来 reported revenue of 831 million yuan, ranking 9th among 13 companies in the industry, with the industry leader, 马可波罗, generating 4.938 billion yuan [2] - The revenue composition shows that flooring products contributed 348 million yuan (66.53%), while custom furniture accounted for 169 million yuan (32.30%) [2] - The net profit for the same period was -70.09 million yuan, placing the company 12th in the industry, with the industry leader's net profit at 1.062 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, 德尔未来's debt-to-asset ratio was 33.21%, down from 56.22% year-on-year and below the industry average of 39.52%, indicating reduced debt pressure [3] - The gross profit margin for Q3 2025 was 17.65%, lower than the previous year's 20.87% and below the industry average of 23.08%, suggesting a need for improvement in profitability [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.52% to 42,200, while the average number of circulating A-shares held per household increased by 14.32% to 18,800 [5] - The top ten circulating shareholders saw a change, with 金元顺安元启灵活配置混合 (004685) exiting the list [5] Group 5: Executive Compensation - The chairman and general manager, 汝继勇, received a salary of 602,000 yuan in 2024, an increase of 110,000 yuan from 2023 [4]

Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - For the first three quarters, the company achieved a revenue of 831 million yuan, representing a year-on-year decrease of 26.35% [1] - The net profit for the same period was a loss of 70.9 million yuan, which is a substantial decline of 5733.26% year-on-year [1] - In the third quarter alone, the company generated a revenue of 308 million yuan, down 31.23% year-on-year [1] - The net profit for the third quarter was a loss of 13.77 million yuan, reflecting a year-on-year decline of 154.60% [1]

Revenue and Profitability - The company's revenue for Q3 2025 was ¥308,170,664.89, representing a decrease of 31.23% compared to the same period last year[5] - The net profit attributable to shareholders was -¥13,770,304.07, a decline of 154.60% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥19,890,737.50, down 267.87% from the previous year[5] - Total operating revenue for the current period was ¥831,387,695.64, a decrease of 26.3% from ¥1,128,850,710.49 in the previous period[23] - Net profit for the current period was a loss of ¥70,094,716.98, compared to a profit of ¥1,457,751.70 in the previous period[24] - The company reported a basic and diluted earnings per share of -0.0889, compared to 0.0019 in the previous period[24] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,284,245,241.03, a decrease of 12.24% from the end of the previous year[5] - Total current assets decreased from CNY 2,745,129,991.59 to CNY 2,619,312,262.67, a decline of approximately 4.6%[17] - Total assets decreased from CNY 3,742,356,609.49 to CNY 3,284,245,241.03, a decline of approximately 12.3%[19] - Total liabilities decreased to ¥1,090,842,221.50 from ¥1,478,858,872.99 in the previous period, reflecting a reduction of 26.2%[21] - Total equity attributable to shareholders decreased to ¥2,187,174,957.31 from ¥2,258,076,240.45, a decline of 3.1%[21] Cash Flow - Cash flow from operating activities for the year-to-date was -¥138,805,386.98, a decline of 263.71%[5] - The net cash flow from operating activities was negative at ¥138,805,386.98, a significant decline from a positive cash flow of ¥84,789,048.68 in the previous period[26] - Cash inflow from investment activities increased to ¥8,255,291,783.73, up from ¥6,509,377,902.58 in the previous period[26] - Cash outflow from investment activities totaled $8,689,102,898.70, an increase from $7,412,406,353.60 in the previous period, reflecting a significant investment strategy[27] - Net cash flow from investment activities was -$433,811,114.97, improving from -$903,028,451.02 year-over-year[27] - Cash inflow from financing activities amounted to $290,276,688.49, down from $568,273,260.22 in the prior period[27] - Net cash flow from financing activities was $81,150,476.86, a turnaround from -$183,621,504.84 in the previous year[27] - The net increase in cash and cash equivalents was -$491,464,527.31, compared to -$1,001,859,478.64 in the same period last year[27] - The ending balance of cash and cash equivalents was $328,222,573.80, up from $195,767,755.25 year-over-year[27] Financial Position Changes - The company reported a significant increase in financial assets, with trading financial assets rising by 225.64% compared to the previous year-end[8] - The company experienced a 91.16% decrease in financial expenses due to the redemption of convertible bonds[9] - Cash received from the sale of goods and services decreased by 34% year-on-year, primarily due to reduced sales revenue[12] - The company recorded a 2535% increase in cash received from the disposal of fixed assets, indicating a significant rise in idle asset sales[12] - Cash and cash equivalents dropped significantly from CNY 967,956,463.37 to CNY 363,935,676.35, representing a decrease of about 62.4%[17] - Trading financial assets increased from CNY 309,064,359.90 to CNY 1,006,445,270.59, marking a growth of approximately 225.3%[17] - Inventory decreased from CNY 636,169,436.88 to CNY 474,743,901.26, a reduction of about 25.4%[17] - Short-term borrowings decreased from CNY 350,207,045.55 to CNY 271,272,434.44, a reduction of about 22.6%[19] - Accounts payable decreased from CNY 259,731,603.34 to CNY 236,611,055.66, a decline of approximately 8.9%[19] - Contract liabilities decreased from CNY 592,818,673.75 to CNY 399,164,676.02, a reduction of about 32.7%[19] Corporate Actions and Future Outlook - The company completed the cancellation of Wuxi Huicheng Graphene Technology Application Co., Ltd. on August 21, 2025, which had no significant impact on overall operations and performance[15] - The company reported a total of 42,225 preferred shareholders at the end of the reporting period[14] - The company’s research and development expenses were ¥20,941,837.43, down from ¥23,267,485.63 in the previous period, indicating a decrease of 9.9%[23] - The third quarter financial report was not audited, indicating potential areas for further scrutiny[28] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[29]

Core Viewpoint - Del Future (002631) has shown a positive trend in financing activities, with a net financing purchase of 2.66 million yuan on October 27, 2025, indicating increased investor interest and confidence in the stock [1][4]. Financing Summary - On October 27, 2025, the financing buy amounted to 23.29 million yuan, while financing repayment was 20.63 million yuan, resulting in a net financing purchase of 2.66 million yuan [1]. - The financing balance reached 202 million yuan, with a net purchase of 10.71 million yuan over the last three trading days and 11 out of the last 20 trading days showing net financing purchases [1][4]. - The financing balance has increased by 1.33% compared to the previous day, reflecting a growing bullish sentiment among investors [4]. Margin Trading Summary - On the same day, 200 shares were sold short, with 100 shares being repaid, resulting in a net short sale of 100 shares and a remaining short balance of 62,600 shares [2][3]. - Over the last 20 trading days, there have been 11 days of net short sales, indicating a mixed sentiment in the market regarding short selling [2]. Overall Margin Balance - The total margin balance reached 203 million yuan, with a daily increase of 2.66 million yuan, showing a positive trend in overall margin trading activities [4].