Core Viewpoint - The company, Hesheng Co., Ltd. (002824.SZ), has announced that its products, including battery boxes and cell shells, can be applied to blade batteries [1] Group 1 - The company produces battery boxes and cell shells [1] - These products are compatible with blade battery technology [1]

Core Viewpoint - Hesheng Co., Ltd. is a leading manufacturer of industrial aluminum extrusion materials and deep processing products in China, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Hesheng's revenue was 2.708 billion yuan, ranking 23rd among 31 companies in the industry, significantly lower than the top company, China Aluminum, which had 176.516 billion yuan [2] - The net profit for the same period was 100 million yuan, placing it 18th in the industry, far behind China Aluminum's 17.296 billion yuan and below the industry average of 1.346 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hesheng's debt-to-asset ratio was 53.05%, higher than the industry average of 46.20% [3] - The gross profit margin for the same period was 13.59%, exceeding the industry average of 10.69% [3] Group 3: Executive Compensation - Chairman Li Jianxiang's salary for 2024 was 851,000 yuan, a decrease of 156,000 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 25.26% to 28,600 [5] - The average number of circulating A-shares held per shareholder increased by 33.80% to 6,622.18 [5] Group 5: Market Outlook - Huatai Securities noted a significant recovery in the company's profitability, indicating an upward trend in business [5] - Key business highlights include a focus on dual drivers of new energy and consumer electronics, increased R&D investment, and improved operational efficiency leading to recovery in gross/net profit margins [5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 22.01 [6][11]. Core Views - The company shows significant recovery in profitability, driven by increased capacity utilization and a positive outlook in the new energy and consumer electronics sectors [1][2]. - The company is focusing on high-end industrial aluminum alloy materials, enhancing product and technology competitiveness through a robust R&D strategy [1][2]. - The company has a strong customer base, including major players in the new energy sector such as CATL and BYD, and in the consumer electronics sector like Foxconn [1][2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of RMB 1.062 billion, representing a year-over-year increase of 22.24% and a quarter-over-quarter increase of 17.38% [2]. - The net profit attributable to the parent company was RMB 56.76 million, with a year-over-year growth of 120.61% and a quarter-over-quarter growth of 80.15% [2]. - The gross margin for Q3 2025 was 16.12%, up by 3.04 percentage points year-over-year and 3.55 percentage points quarter-over-quarter, primarily due to improved capacity utilization in the new energy sector [2]. R&D and Capacity Expansion - The company has increased its R&D expense ratio to 4.83% in Q3 2025, reflecting a commitment to innovation and product development [1]. - A stock incentive plan was announced to bind the core team, and a private placement raised approximately RMB 500 million to optimize capacity layout and meet customer demand [3][11]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company has been adjusted downwards for 2025 and 2026 to RMB 163.26 million and RMB 200.66 million, respectively, due to anticipated challenges in high-value product ratios and capacity utilization [4][12]. - The estimated EPS for 2025, 2026, and 2027 is RMB 0.53, RMB 0.65, and RMB 0.75, respectively, with a projected compound annual growth rate of 42.15% from 2025 to 2027 [4][10].

Core Viewpoint - He Sheng Co., Ltd. (002824.SZ) reported its Q3 2025 results, highlighting an increase in institutional ownership and the presence of foreign investors [1] Institutional Ownership - As of October 28, 2025, two institutional investors disclosed holdings in He Sheng Co., totaling 6.9169 million shares, which represents 2.23% of the company's total share capital [1] - The institutional ownership increased by 0.69 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 25 public funds were disclosed, including notable funds such as the China Merchants CSI 2000 Index Enhanced A and the Xinao New Energy Industry Stock A [1] Foreign Investment - One new foreign institutional investor was disclosed in this quarter, namely the Hong Kong Central Clearing Limited [1]

Core Insights - The company reported a revenue of 1,061,745,615.08 yuan for the third quarter of 2025, representing a year-on-year growth of 22.24% [2] - The net profit attributable to shareholders of the listed company was 56,760,984.02 yuan, showing a significant year-on-year increase of 120.61% [2] Financial Performance - Revenue for Q3 2025: 1,061,745,615.08 yuan, up 22.24% year-on-year [2] - Net profit for Q3 2025: 56,760,984.02 yuan, up 120.61% year-on-year [2]

Core Insights - The company reported a revenue of 2.708 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.05% [1] - The net profit attributable to shareholders of the listed company reached 100 million yuan, showing a significant year-on-year increase of 80.38% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 91.3518 million yuan, reflecting a year-on-year growth of 92.65% [1]

Group 1 - The core viewpoint of the article highlights that Hesheng Co., Ltd. (002824) reported significant growth in its third-quarter performance for 2025, with a revenue of 1.062 billion yuan, representing a year-on-year increase of 22.24% [1] - The net profit for the third quarter reached 56.761 million yuan, showing a remarkable year-on-year growth of 120.61% [1]

格隆汇10月28日丨和胜股份(002824.SZ)公布三季度报告，前三季营业收入27亿元，同比增长19.05%， 归属于上市公司股东的净利润1亿元，同比增长80.38%，归属于上市公司股东的扣除非经常性损益的净 利润9135万元，同比增长92.65%。 ...

Core Insights - The company reported a third-quarter revenue of 1.062 billion yuan, representing a year-on-year increase of 22.24% [1] - The net profit for the third quarter was 56.761 million yuan, showing a significant year-on-year growth of 120.61% [1] - For the first three quarters, the total revenue reached 2.708 billion yuan, which is a 19.05% increase compared to the same period last year [1] - The net profit for the first three quarters amounted to 100 million yuan, reflecting an 80.38% year-on-year growth [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥1,061,745,615.08, an increase of 22.24% compared to the same period last year[5] - Net profit attributable to shareholders was ¥56,760,984.02, representing a significant increase of 120.61% year-on-year[5] - The basic earnings per share rose to ¥0.20, up 122.22% from the previous year[5] - Total operating revenue for the current period reached ¥2,707,748,874.19, an increase of 19.0% compared to ¥2,274,390,201.20 in the previous period[21] - Net profit for the current period was ¥100,211,410.59, representing a 78.5% increase from ¥56,098,759.23 in the previous period[22] - Earnings per share (EPS) for the current period was ¥0.35, compared to ¥0.20 in the previous period, reflecting a 75.0% increase[23] - The total comprehensive income for the current period was ¥100,199,132.23, compared to ¥55,891,450.62 in the previous period, showing significant growth[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,882,248,481.75, reflecting a growth of 22.06% compared to the end of the previous year[5] - Total current assets increased to ¥3,121,172,962.72 from ¥2,346,774,089.96, representing a growth of approximately 32.8%[17] - Total assets increased to ¥4,882,248,481.75 from ¥3,999,790,271.74, reflecting a growth of approximately 22.1%[18] - Total liabilities increased to ¥2,590,050,401.89 from ¥2,254,246,238.26, showing an increase of about 14.9%[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 28,564[13] - The largest shareholder, Li Jianxiang, holds 28.36% of shares, totaling 87,901,663 shares, with 35,180,000 shares pledged[13] Cash Flow - Cash flow from operating activities for the year-to-date was ¥396,957,433.96, down 28.07% compared to the previous year[5] - Cash flow from operating activities generated a net amount of ¥396,957,433.96, down 28.0% from ¥551,878,975.27 in the previous period[24] - Cash inflow from investment activities totaled ¥686,970,293.58, an increase from ¥532,909,431.98 in the prior period[24] - Net cash flow from investing activities was -$385.86 million, compared to -$300.41 million in the previous period, indicating an increase in cash outflow[25] - Total cash inflow from financing activities was $797.08 million, up from $567.96 million year-over-year[25] - Net cash flow from financing activities improved to $453.07 million, compared to a negative $145.73 million in the previous period[25] - The ending balance of cash and cash equivalents increased to $723.74 million, up from $250.11 million in the prior year[25] - Cash and cash equivalents net increase for the period was $463.59 million, compared to $105.17 million in the previous period[25] Investments and Expenses - The company reported a significant increase in trade financial assets, which surged by 10,213,261.90% due to the purchase of bank wealth management products[10] - Research and development expenses were ¥122,684,817.87, up from ¥112,008,916.17, indicating a focus on innovation[21] - The company experienced a 67.72% increase in taxes and surcharges, attributed to the rise in operating income[11] - The company’s deferred income increased by 33.26% to ¥3,483,510.00, mainly due to an increase in government subsidies[10] - The company reported a 283.70% increase in fair value changes, primarily from derivative financial instruments[11] Capital Structure - The company issued 30,845,157 new shares on September 18, 2025, to specific investors[15] - The company’s equity attributable to shareholders increased by 32.10% to ¥2,250,177,355.50[5] - The company’s equity increased with the share capital rising to ¥309,959,238.00 from ¥279,114,081.00[18] - The company’s fixed assets increased to ¥1,241,962,618.06 from ¥969,809,401.26, a growth of approximately 28.0%[18] - The company’s long-term borrowings rose to ¥814,726,180.38 from ¥666,785,158.11, an increase of about 22.2%[18] Other Information - The company did not undergo an audit for the third quarter financial report[26] - The company reported a decrease in other comprehensive income, with a net amount of -¥12,278.36 compared to -¥207,308.61 in the previous period[22]