Core Insights - The optical and optoelectronic sector saw a slight increase of 0.34% on November 13, with Tianshan Electronics leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Tianshan Electronics (301379) closed at 29.65, with an increase of 8.01% and a trading volume of 193,400 shares, amounting to 568 million yuan [1] - Other notable gainers included: - Gobi Jia (920438) at 41.20, up 4.99% [1] - Mulinsen (002745) at 9.33, up 4.71% [1] - Changyang Technology (6628899) at 19.38, up 4.42% [1] - Conversely, the following stocks experienced declines: - Visionox (002387) at 9.66, down 4.36% [2] - Qianzhao Optoelectronics (300102) at 14.22, down 4.05% [2] - ST Yushun (002289) at 35.80, down 2.27% [2] Capital Flow - The optical and optoelectronic sector experienced a net outflow of 343 million yuan from institutional investors, while retail investors saw a net inflow of 324 million yuan [2] - Notable capital flows included: - Tianshan Electronics had a net outflow of 58.29 million yuan from institutional investors [3] - Mulinsen saw a net inflow of 37.24 million yuan from institutional investors [3] - Aolaide (688378) had a net inflow of 35.93 million yuan from institutional investors [3]

11月13日，木林森涨5.05%，截至发稿，报9.36元/股，成交2.77亿元，换手率2.82%，总市值138.92亿 元。 截至发稿，崔蕾累计任职时间7年8天，现任基金资产总规模1227.6亿元，任职期间最佳基金回报 175.89%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，南方基金旗下1只基金位居木林森十大流通股东。南方中证1000ETF（512100）三季度减持 10.17万股，持有股数949.86万股，占流通股的比例为0.89%。根据测算，今日浮盈赚取约427.44万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益27.15%，同类 排名2004/4216；近一年收益16.81%，同类排名2346/3951；成立以来收益12.52%。 南方中证1000ETF（512100）基金经理为崔蕾。 资料显示，木林森股份有限公司位于广东省中 ...

Core Viewpoint - Mulinson Co., Ltd. experienced a 5.2% increase in stock price, reaching 9.10 CNY per share, with a trading volume of 316 million CNY and a turnover rate of 3.33%, resulting in a total market capitalization of 13.506 billion CNY [1] Company Overview - Mulinson Co., Ltd. is located in Zhongshan City, Guangdong Province, and was established on March 3, 1997. The company went public on February 17, 2015. Its main business involves the research, production, and sales of LED packaging products, LED liquid crystal displays, and LED lighting series products [1] - The revenue composition of Mulinson's main business includes: Longde Wans 55.24%, Mulinson 41.76%, and others 3.00% [1] Shareholder Information - Among the top ten circulating shareholders of Mulinson, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 101,700 shares in the third quarter, now holding 9.4986 million shares, which accounts for 0.89% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 26.26%, ranking 2020 out of 4216 in its category; the one-year return is 24.36%, ranking 1857 out of 3901; and since inception, the return is 11.74% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has a cumulative tenure of 7 years. The total asset scale under management is 122.76 billion CNY, with the best fund return during the tenure being 166.54% and the worst being -15.93% [2]

Core Viewpoint - Mulinson's stock price has shown fluctuations with a slight increase of 1.96% year-to-date, but a decrease in recent trading days, reflecting mixed market sentiment and performance [1][2]. Group 1: Stock Performance - On November 5, Mulinson's stock rose by 2.20%, reaching 8.84 CNY per share, with a trading volume of 1.07 billion CNY and a turnover rate of 1.15%, resulting in a total market capitalization of 131.20 billion CNY [1]. - Year-to-date, Mulinson's stock price has increased by 1.96%, but it has decreased by 1.67% over the last five trading days and 3.18% over the last twenty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Mulinson reported a revenue of 12.178 billion CNY, a slight decrease of 0.10% year-on-year, and a net profit attributable to shareholders of 209 million CNY, down 42.36% year-on-year [2]. - Since its A-share listing, Mulinson has distributed a total of 2.466 billion CNY in dividends, with 1.259 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Mulinson had 49,900 shareholders, a decrease of 5.03% from the previous period, with an average of 21,337 circulating shares per shareholder, an increase of 5.30% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 81.3921 million shares, an increase of 11.6746 million shares from the previous period [3].

Core Viewpoint - The company reported a year-on-year revenue growth in Q3 2025, but net profit declined due to increased expenses, indicating a trend of stable revenue, growing assets, and a need for profit improvement [1][3]. Financial Performance - In Q3 2025, the company achieved operating revenue of 4.26 billion yuan, a 6.25% increase compared to the same period last year [2]. - The net profit attributable to shareholders was 55.61 million yuan, a decrease of 44.72% year-on-year; the net profit after deducting non-recurring gains and losses was 60.39 million yuan, down 48.84% [2][3]. - For the year-to-date period (January to September 2025), total revenue was 12.18 billion yuan, a slight decrease of 0.10% year-on-year, while net profit attributable to shareholders was 209.21 million yuan, down 42.36% [2]. Cash Flow and Asset Management - The net cash flow from operating activities for the year-to-date period was 488 million yuan, a significant decline of 59.70% compared to the previous year, primarily due to increased cash outflows [3]. - As of the end of Q3 2025, total assets reached 24.62 billion yuan, a 5.02% increase from the end of the previous year, and equity attributable to shareholders was 13.31 billion yuan, up 4.84% [3]. Expense Analysis - The decline in net profit was primarily attributed to increased expenses, with financial expenses rising by 304.62% due to a decrease in interest income from regular financial investments, which fell by 37.35% [3]. - Credit impairment losses increased by 1834.82%, and asset impairment losses rose by 74.27%, further pressuring profits [3]. Positive Financial Signals - Investment income increased by 57.47% year-on-year, mainly due to gains from the disposal of long-term equity investments [4]. - Investment income from joint ventures and associates rose by 38.11%, indicating improved profitability from external investment projects [4]. - Tax refunds received increased by 30.75%, which helped alleviate some pressure on operating cash flow [4].

Core Insights - In Q3 2025, the company reported a revenue of 4.26 billion yuan, representing a year-on-year increase of 6.25%, while the net profit attributable to shareholders decreased by 44.72% to 55.61 million yuan [2][3] - For the first three quarters of 2025, total revenue was 12.18 billion yuan, showing a slight decline of 0.1%, and net profit attributable to shareholders was 209.21 million yuan, down 42.36% year-on-year [2][3] - The decline in profits is primarily attributed to increased expenses during the reporting period [2] Financial Performance - Q3 2025 revenue: 4.26 billion yuan, up 6.25% year-on-year [2][3] - Q3 2025 net profit: 55.61 million yuan, down 44.72% year-on-year [2][3] - Q3 2025 net profit excluding non-recurring items: 60.39 million yuan, down 48.84% year-on-year [2][3] - Total revenue for the first three quarters of 2025: 12.18 billion yuan, down 0.1% year-on-year [2][3] - Net profit for the first three quarters of 2025: 209.21 million yuan, down 42.36% year-on-year [2][3] - Net profit excluding non-recurring items for the first three quarters: 204.15 million yuan, down 42.82% year-on-year [2][3] Expense Analysis - The expense ratio for the first three quarters of 2025 was 25.22%, an increase of 2.14 percentage points compared to the same period last year [3] - R&D expenses increased by 26.21% year-on-year [3] - Financial expenses surged by 304.62% year-on-year [3] Business Developments - The company focuses on providing diversified LED solutions globally, including LED packaging, lighting fixtures, smart lighting, and IoT applications [4] - In September 2025, the company signed a strategic cooperation framework agreement with JD Technology to establish a demonstration base for unmanned warehouses in Europe [4]

Group 1 - The core point of the news is that Mulinsen (002745.SZ) reported its Q3 2025 results, highlighting the institutional investor holdings and changes in share ownership [1] - As of October 28, 2025, a total of 8 institutional investors hold shares in Mulinsen, amounting to 188 million shares, which represents 12.66% of the total share capital [1] - The institutional holding percentage decreased by 0.85 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three public funds reduced their holdings compared to the previous quarter, including CITIC Securities CSI 1000 Enhanced A, Southern CSI 1000 ETF, and Huaxia CSI 1000 Value Stable Strategy ETF [1] - A total of 170 public funds did not disclose their holdings this quarter, including notable funds such as Huaxia CSI 1000 ETF and GF CSI 1000 ETF [1] - For social security funds, one fund, the National Social Security Fund 411 Portfolio, did not disclose its holdings this quarter [2] Group 3 - Foreign investment sentiment showed an increase in holdings from one foreign fund, Hong Kong Central Clearing Limited, with an increase of 0.79% [2]

Core Viewpoint - Mulinson (002745.SZ) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 12.178 billion yuan, a slight decrease of 0.10% year-on-year [1] - The net profit attributable to shareholders was 209 million yuan, reflecting a significant decrease of 42.36% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 204 million yuan, down 42.82% year-on-year [1] - Basic earnings per share stood at 0.14 yuan [1]

董事会认为：公司编制《2025 年第三季度报告》的程序符合法律、行政法 规和中国证监会的规定，报告内容公允地反映了公司的财务状况和经营成果，报 告所披露的信息真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 第六届董事会第三次会议决议公告 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。 木林森股份有限公司（以下简称"公司"或"木林森"）第六届董事会第三 次会议于2025年10月28日以现场加通讯的表决方式在本公司一楼会议室召开，会 议通知于2025年10月18日以电子邮件和书面方式发出。会议由公司董事长孙清焕 先生主持，高级管理人员列席了会议。本次会议应出席董事6人，实际出席董事6 人，其中出席现场会议董事4名，以通讯表决方式参会董事2名；会议的召集、召 开符合《中华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文 件和《公司章程》的相关规定，会议合法有效。本次会议与会董事经认真审议， 形成以下决议： 一、审议并通过了《关于 2025 年第三季度报告的议案》 表决结果：6 票赞成，0 票反对，0 票弃权。 证券代码：002745 证券简称：木 ...

Group 1 - The core point of the article is that Mulinson (SZ 002745) held its third meeting of the sixth board of directors on October 28, 2025, where it reviewed the proposal for the third quarter report of 2025 [1] - For the first half of 2025, Mulinson's revenue composition is entirely from the manufacturing of computers, communications, and other electronic equipment, accounting for 100.0% [1] - As of the report date, Mulinson's market capitalization stands at 13.5 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a "slow bull" new pattern [1]