Group 1: Overview of Dongguan's Advanced Nonferrous Metal Materials Industry - Dongguan is a strategic hub for the development of new materials in Guangdong Province, actively promoting research and application of new materials, establishing major technology platforms such as the Songshan Lake Materials Laboratory and the Spallation Neutron Source, and creating nine new materials industrial parks [3][14] - In 2023, the total output value of Dongguan's nonferrous metal smelting and rolling processing industry reached 27.025 billion yuan, while the total output value of the metal products industry reached 140.236 billion yuan [3][14] - By 2024, the revenue scale of Dongguan's new materials industry is expected to reach 162.7 billion yuan, with an added value of 35.357 billion yuan, accounting for 2.88% of GDP [17] Group 2: Lightweight Alloys - The lightweight alloy industry is experiencing dual demand from automotive lightweighting and the popularization of industrial profiles, with aluminum-magnesium alloys being favored for their lightweight and high-strength characteristics [3][31] - The automotive sector is increasingly adopting integrated die-casting technology, which enhances efficiency and reduces costs, leading to a rise in demand for aluminum-magnesium alloys in both electric and fuel vehicles [31][32] - The construction sector is also seeing accelerated adoption of aluminum alloy profiles due to their advantages over traditional steel materials, such as ease of processing and corrosion resistance [36] Group 3: Hard Alloys - Hard alloys are favored in the tool industry due to their high hardness, wear resistance, and toughness, making them a mainstream choice over high-speed steel [3][14] - The domestic market for hard alloys is expected to maintain its position, with a focus on improving processing precision and efficiency to meet the demands of high-end manufacturing [3][14] Group 4: High-Temperature Alloys - The high-temperature alloy sector is benefiting from the "Two Aircraft" initiative, which is accelerating the demand for both military and civilian aviation engines [3][20] - Domestic enterprises are working to overcome technological dependencies and improve material quality, driven by the expansion of applications in energy engineering and gas turbines [3][20] Group 5: Amorphous Alloys - Amorphous alloys are gaining traction in various applications due to their superior properties, including use in foldable smartphone hinges and wearable device components [3][24] - The industry is expected to grow as demand for advanced materials in consumer electronics and high-end manufacturing continues to rise [3][24] Group 6: Policy Support and Future Outlook - The Dongguan government aims to achieve a revenue target of 210 billion yuan for the new materials industry cluster by 2027, emphasizing the importance of advanced nonferrous metal materials [3][21] - The development of new materials is supported by policies that focus on technological innovation and the establishment of research platforms, which will enhance the competitiveness of the industry [3][22]

Core Viewpoint - Jianlang Hardware (SZ 002791) reported a significant decline in its third-quarter performance for 2025, with revenue and net profit both decreasing year-on-year [1] Financial Performance - Revenue for the first three quarters of 2025 was approximately 4.297 billion yuan, representing a year-on-year decrease of 12.5% [1] - The net profit attributable to shareholders of the listed company was about 16.56 million yuan, down 49.61% year-on-year [1] - As of the report date, Jianlang Hardware's market capitalization stood at 7.6 billion yuan [1]

广东坚朗五金制品股份有限公司 关于续聘 2025 年度审计机构的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 本次拟续聘会计师事务所符合财政部、国务院国资委、证监会印 发的《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕 4号）的规定。 广东坚朗五金制品股份有限公司（以下简称"公司"）于2025 年10月30日召开第五届董事会第三次会议，审议通过了《关于续聘 2025年度审计机构的议案》，同意续聘中兴华会计师事务所（特殊普 通合伙）（以下简称"中兴华所"）为公司2025年度财务报告及内部 控制审计机构，上述事项尚需提交股东会审议。现将有关情况公告如 下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 证券代码：002791 证券简称：坚朗五金 公告编号：2025-066 2 / 5 按期履行终审判决，不会对中兴华所履行能力产生任何不利影响。 3、诚信记录 近三年中兴华所因执业行为受到刑事处罚 0 次、行政处罚 6 次、 行政监管措施 18 次、自律监管措施 2 次、纪律处分 2 次。中兴华所 53 名从业人员因执业行为受 ...

证券代码：002791 证券简称：坚朗五金 公告编号：2025-067 广东坚朗五金制品股份有限公司 关于 2025 年前三季度计提资产减值准备 及核销资产的公告 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。 根据《企业会计准则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有关规定，为真实、准确反映广东坚 朗五金制品股份有限公司（以下简称"公司"）2025 年前三季度财务状 况和经营成果，公司及子公司对各类资产进行充分评估和减值测试。基 于谨慎性原则，公司对截至 2025 年 9 月 30 日可能发生资产减值损失的 有关资产计提资产减值准备，并对无法收回的款项进行核销。现将具体 情况公告如下： 一、 本次计提资产减值准备情况 单位：万元 | 项目 | | | | 期初余额 | 加：本期计 | 减：本期转销 | 加：本期 | 期末余额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 提 | /核销 | 收回 | | | 应 收 准备 | 账 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：002791 证券简称：坚朗五金 公告编号：2025-068 广东坚朗五金制品股份有限公司 关于召开 2025 年第三次临时股东会的通知 经广东坚朗五金制品股份有限公司（以下简称"公司"）第五届 董事会第三次会议审议通过，兹定于 2025 年 11 月 18 日（星期二） 下午 14:30 召开 2025 年第三次临时股东会，现将本次股东会相关事 项通知如下： 一、召开会议的基本情况 1、会议届次：2025 年第三次临时股东会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：公司董事会召集本次股东会符合 《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交 易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》等有关法律、法规、部门规章和《公司 章程》的规定。 4、会议召开的日期、时间： 现场会议召开时间为：2025 年 11 月 18 日下午 14:30 网络投票时间为： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 11 月 ...

证券代码：002791 证券简称：坚朗五金 公告编号：2025-064 广东坚朗五金制品股份有限公司 第五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的内容真实、准确、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 广东坚朗五金制品股份有限公司（以下简称"公司"）第五届董 事会第三次会议于2025年10月30日在广东省东莞市塘厦镇坚朗路3号 公司总部会议室，采取现场结合通讯表决方式召开。会议通知于2025 年10月20日以电子邮件等方式向全体董事发出。应出席会议董事10 人，实际出席会议董事10人，其中，董事白宝萍、王晓丽、张爱林、 王立军、周润书、盛建明以视频方式参会。公司高级管理人员列席了 会议，会议的召开符合《公司法》《公司章程》的有关规定。会议由 董事长白宝鲲先生主持。 二、董事会会议审议情况 本次会议审议通过了以下议案： （一）关于公司《2025年第三季度报告》的议案 公司《2025年第三季度报告》（公告编号：2025-065）同日登载 于巨潮资讯网（www.cninfo.com.cn）。 详见公司同日登载于巨潮资讯网（www.cninfo.com.cn）的《 ...

Financial Performance - The company's revenue for Q3 2025 was ¥1,541,904,182.60, a decrease of 9.31% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was ¥46,992,537.72, an increase of 67.98% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥41,257,881.80, up 126.59% compared to the same period last year[4] - The basic earnings per share for Q3 2025 was ¥0.13, representing a 62.50% increase year-on-year[4] - The company reported a significant decrease in net profit attributable to shareholders for the year-to-date, down 49.61% due to weak recovery in the construction industry and shrinking market demand[8] - The company confirmed a substantial increase in net profit for Q3 2025 due to deferred tax impacts from previous losses[8] - Total operating revenue for the current period is ¥4,296,887,571.36, a decrease of 12.5% from ¥4,910,490,140.77 in the previous period[21] - Net profit for the current period is ¥7,956,141.31, a significant decline of 85.2% compared to ¥53,844,544.91 in the previous period[22] - Basic earnings per share for the current period is ¥0.05, down from ¥0.10 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,463,756,281.43, a decrease of 4.25% from the end of the previous year[4] - As of September 30, 2025, total current assets decreased to ¥5,995,209,687.89 from ¥6,712,452,325.29 at the beginning of the period, representing a decline of approximately 10.66%[18] - The total assets decreased from ¥9,883,580,238.14 to ¥9,463,756,281.43, a decline of approximately 4.23%[19] - Total liabilities decreased from ¥6,000,000,000 to ¥5,000,000,000, indicating a reduction in financial obligations[19] - The total liabilities decreased to ¥3,660,127,546.61 from ¥3,920,453,607.66, reflecting a reduction of approximately 6.6%[20] - Total equity attributable to shareholders decreased to ¥5,560,695,322.12 from ¥5,702,900,367.63, a decline of about 2.5%[20] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥44,429,428.82, a decline of 522.57% compared to the same period last year[4] - The company reported a net cash outflow from operating activities of ¥44,429,428.82, contrasting with a net inflow of ¥10,514,222.08 in the previous period[24] - Cash received from operating activities totaled ¥4,683,285,005.85, slightly up from ¥4,661,177,678.34 in the previous period[24] - Net cash flow from investing activities was -$265.27 million, a decrease from -$711.62 million year-over-year[25] - Total cash inflow from financing activities was $134.62 million, down from $777.85 million in the previous year[25] - Net cash flow from financing activities was -$156.79 million, compared to a positive $458.82 million last year[25] - Cash and cash equivalents decreased from ¥1,086,210,464.74 to ¥621,260,028.92, a reduction of about 42.7%[18] - Cash outflow from investing activities totaled $1.46 billion, compared to $2.36 billion in the previous year[25] - Cash outflow from financing activities was $291.41 million, slightly down from $319.03 million year-over-year[25] - Cash paid for the repayment of debts was $48.24 million, down from $180.83 million year-over-year[25] Shareholder Information - The company has a total of 31,509 ordinary shareholders at the end of the reporting period[10] - Major shareholder Bai Baokun holds 35.51% of the shares, with 95,586,435 shares pledged[10] - The company held 4,413,388 shares through a repurchase account, accounting for 1.25% of the total share capital[13] Strategic Initiatives - The company adjusted the investment amounts for several projects, reallocating ¥200 million from the terminated project to other ongoing projects[14] - The company plans to upgrade its information systems and automate its headquarters, reflecting a strategic focus on technological advancement[14] - The company proposed to cancel 1,043,632 stock options from the 2021 stock option incentive plan due to unmet conditions[15] Miscellaneous - The company's cash inflow from investment received was $7.12 million, significantly lower than $611.38 million last year[25] - The impact of exchange rate changes on cash and cash equivalents was $2.87 million, compared to -$1.87 million last year[25] - The company’s third-quarter financial report was not audited[26]

Core Insights - The article highlights the performance and stock selection strategy of Chen Liangdong, a fund manager, showcasing significant returns from various stocks under his management [1][2][4] Fund Performance - The Long城新兴产业混合A fund achieved a cumulative return of 81.71% during Chen Liangdong's tenure, with an average annualized return of 7.91% [1] - The Long城久富LOF fund reported an annualized return of 8.80% and a 2025 Q3 increase of 35.37% [1] Stock Selection and Performance - Notable stocks with high returns during Chen's management include: - Jianlang Hardware: Estimated return of 384.72% with a company performance growth of 86.01% [2][4] - Berteli: Estimated return of 255.67% with a company performance growth of 214.79% [2] - CaiXun Co.: Estimated return of 251.17% with a company performance growth of 24.18% [2] - Conversely, some stocks underperformed, such as: - Zijin Mining: Estimated return of -87.80% despite a company performance growth of 51.76% [3][4] - Hengxuan Technology: Estimated return of -45.73% with a company performance decline of 15.89% [3] Trading Strategy - Chen Liangdong's trading strategy involved frequent adjustments, with a total of 141 adjustments during his tenure, achieving a win rate of 52.48% [1] - The strategy included both successful and unsuccessful trades, with six instances of doubling returns [1][4]

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 Viewpoint - The stock of Jianlang Hardware has experienced a decline in price and profitability, with significant net outflows of capital and a decrease in revenue and net profit for the first half of 2025 [1][2]. Group 1: Stock Performance - On October 23, Jianlang Hardware's stock fell by 2.02%, trading at 21.83 yuan per share, with a total market capitalization of 7.725 billion yuan [1]. - Year-to-date, the stock price has decreased by 3.16%, with a 5-day decline of 2.98%, a 20-day decline of 5.13%, and a 60-day decline of 2.89% [1]. Group 2: Financial Performance - For the first half of 2025, Jianlang Hardware reported a revenue of 2.755 billion yuan, a year-on-year decrease of 14.18%, and a net profit attributable to shareholders of -30.4322 million yuan, a decrease of 722.32% [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 621 million yuan in dividends, with 134 million yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of October 20, the number of shareholders for Jianlang Hardware was 33,200, an increase of 4.60% from the previous period, with an average of 5,764 circulating shares per shareholder, a decrease of 4.39% [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 2.451 million shares, a decrease of 798,200 shares from the previous period [3].