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].

Core Viewpoint - The renovation and building materials sector experienced a slight increase, closing at 15,571.95 points with a gain of 0.43% on October 22, indicating a positive trend in the market [1] Group 1: Stock Performance - Several stocks in the renovation and building materials sector saw price increases, with瑞泰科技 closing at 16.39 CNY per share, up 5.13%, leading the sector [1] - 梦百合 closed at 10.10 CNY per share, with a gain of 4.88%, ranking second in the sector [1] - 濮耐股份 closed at 5.92 CNY per share, up 3.86%, ranking third [1] - Conversely, 东鹏控股 led the declines, closing at 7.34 CNY per share, down 3.29% [1] - 德尔未来 closed at 5.51 CNY per share, down 1.96%, ranking second in declines [1] - 凯伦股份 closed at 12.61 CNY per share, down 1.87%, ranking third in declines [1] Group 2: Market Analysis - 东吴证券 reported that the clearing of the real estate chain is nearing completion, leading to a significant improvement in the supply structure [1] - The report highlighted that the clearing is more evident in fragmented sectors, with many retail companies accelerating their channel expansion [1] - Despite downward adjustments in performance forecasts, valuations have become overly pessimistic, and stock prices are no longer declining [1] - The improvement in market conditions is expected to become more pronounced due to favorable housing policies and urban renewal initiatives impacting both supply and demand [1]

Core Viewpoint - The company, Del, reported that as of October 20, 2025, the number of shareholders is expected to reach 43,200 [2] Summary by Categories - **Shareholder Information** - The company anticipates having 43,200 shareholders by October 20, 2025 [2]

Core Viewpoint - The renovation and building materials sector closed at 15,505.12 points with an increase of 1.46%, leading to price growth in multiple stocks within the sector [1] Stock Performance - *ST Yazhen closed at 40.73 CNY per share, with a rise of 5.00%, leading the renovation and building materials stocks [1] - Kangxin New Materials closed at 2.88 CNY per share, with an increase of 4.35%, ranking second in the sector [1] - Yabo Co. closed at 1.78 CNY per share, with a rise of 4.09%, ranking third among renovation and building materials stocks [1] - Sanhe Tree closed at 46.54 CNY per share, with a decline of 1.27%, leading the losses in the sector [1] - Del Future closed at 5.62 CNY per share, with a decrease of 1.23%, ranking second in losses [1] - Rabbit Baby closed at 12.62 CNY per share, with a decline of 0.63%, ranking third in losses [1] Market Outlook - According to China Galaxy Securities, the home decoration market demand is expected to gradually improve due to better weather in September 2025 and the ongoing release of the old-for-new policy [1] - The demand for building materials is anticipated to be further boosted by urban renewal initiatives, which will drive the need for renovation and repair [1]

Core Viewpoint - Del Future's stock price increased by 3.45% on October 20, with a trading volume of 258 million yuan, indicating a positive market sentiment despite a net financing outflow [1] Financing Summary - On October 20, Del Future had a financing buy-in amount of 22.05 million yuan and a financing repayment of 34.25 million yuan, resulting in a net financing outflow of 12.20 million yuan [1] - The total financing and securities balance for Del Future reached 195 million yuan, accounting for 4.30% of its market capitalization, which is above the 90th percentile of the past year [1] - The company had a securities lending repayment of 100 shares and a securities lending sell-out of 3,100 shares, with a sell-out amount of 17,600 yuan, while the securities lending balance was 369,800 yuan, also above the 80th percentile of the past year [1] Company Overview - Del Future Technology Holdings Co., Ltd. was established on December 2, 2004, and listed on November 11, 2011, with its main business involving the research, production, and sales of home products such as wooden flooring and custom furniture [2] - The revenue composition of Del Future includes 66.53% from flooring, 32.30% from custom furniture, and minor contributions from other segments [2] - As of October 10, 2023, the number of shareholders was 42,300, an increase of 0.25%, while the average circulating shares per person decreased by 0.25% [2] Financial Performance - For the first half of 2025, Del Future reported a revenue of 523 million yuan, a year-on-year decrease of 23.14%, and a net profit attributable to shareholders of -57.13 million yuan, a significant decline of 138.43% [2] Dividend Information - Since its A-share listing, Del Future has distributed a total of 305 million yuan in dividends, with 39.52 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, the sixth largest circulating shareholder of Del Future is Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund, holding 2.5 million shares, an increase of 661,300 shares compared to the previous period [3]