Core Viewpoint - NAR Co., Ltd. is a significant player in the digital printing materials and automotive protective film sectors in China, with strong R&D and production capabilities, and has been publicly listed since November 29, 2016 [1] Group 1: Business Performance - For Q3 2025, NAR's revenue reached 1.468 billion yuan, ranking 12th among 21 companies in the industry, with the top company, Wankai New Materials, generating 12.436 billion yuan [2] - The net profit for the same period was 147 million yuan, placing NAR 4th in the industry, with the leading company, Weike Technology, reporting a net profit of 233 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, NAR's debt-to-asset ratio was 41.09%, down from 42.66% year-on-year, which is higher than the industry average of 33.77% [3] - The gross profit margin for Q3 2025 was 19.79%, an increase from 17.34% year-on-year, but still below the industry average of 21.93% [3] Group 3: Executive Compensation - The chairman and general manager, You Aiguo, received a salary of 611,900 yuan in 2024, an increase of 96,500 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.62% to 20,800, while the average number of circulating A-shares held per account decreased by 2.04% to 12,300 [5]

Group 1 - The core point of the article is that Nar Holdings (SZ 002825) announced the convening of its fifth board meeting on October 24, 2025, to review the proposal for the 2025 Q3 report [1] - For the first half of 2025, Nar Holdings reported that its revenue composition was entirely from the precision coating composite materials industry, accounting for 100.0% [1] - As of the report date, Nar Holdings has a market capitalization of 3.9 billion yuan [1]

证券代码：002825 证券简称：纳尔股份 公告编号：2025-058 上海纳尔实业股份有限公司 第五届董事会第二十次会议决议公告 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 1、公司第五届董事会第二十次会议决议。 1 / 2 特此公告。 上海纳尔实业股份有限公司董事会 二、董事会会议审议情况 1、审议通过了《关于公司<2025年第三季度报告>的议案》 《2025年第三季度报告》全文详见巨潮资讯网（www.cninfo.com.cn）；《2025 年第三季度报告》（公告编号：2025-059）详见巨潮资讯网（www.cninfo.com.cn） 和《证券时报》、《中国证券报》。 审议结果：同意7票，反对0票，弃权0票。 三、备查文件 上海纳尔实业股份有限公司（以下简称"公司"）第五届董事会第二十次会 议于2025年10月24日在公司会议室以现场结合通讯方式召开。本次会议于2025 年10月21日以电话、电子邮件或正式文本等方式通知了全体董事。 本次会议应出席董事7人，实际出席董事7人，其中董事陈然方先生、独立董 事张薇女士、独立董事 ...

Revenue and Profitability - Q3 2025 revenue reached ¥495.72 million, a year-on-year increase of 1.63%[5] - Net profit attributable to shareholders was ¥29.32 million, down 32.61% compared to the same period last year[5] - Basic earnings per share decreased by 33.33% to ¥0.08[5] - Total operating revenue for the current period reached ¥1,467,907,409.47, an increase of 3.5% compared to ¥1,421,648,925.55 in the previous period[16] - Net profit for the current period was ¥147,293,190.20, representing a 35.6% increase from ¥108,613,109.37 in the previous period[17] - Earnings per share (EPS) increased to ¥0.42 from ¥0.31, marking a growth of 35.5%[17] - The company reported an increase in tax expenses to ¥18,762,584.81 from ¥4,273,768.30, indicating a significant rise due to improved profitability[17] - The company achieved investment income of ¥66,665,744.15, which is a substantial increase from ¥33,453,075.43 in the previous period, representing a growth of 99.0%[16] Assets and Liabilities - Total assets increased by 9.05% to ¥2.78 billion compared to the end of the previous year[5] - The company's total assets as of September 30, 2025, amount to CNY 2,784,590,711.63, an increase from CNY 2,553,537,177.41 at the beginning of the period[14] - Current assets total CNY 1,511,187,559.57, up from CNY 1,343,370,638.89 at the beginning of the period, reflecting a growth of approximately 12.5%[13] - The company's total liabilities are CNY 1,144,306,590.96, compared to CNY 1,025,242,730.61 at the beginning of the period, indicating an increase of about 11.6%[14] - The total equity attributable to the parent company is CNY 1,619,450,029.84, up from CNY 1,518,704,316.10 at the beginning of the period[15] Cash Flow - The cash flow from operating activities for the year-to-date was ¥85.10 million, an increase of 13.61%[5] - Cash flow from operating activities generated ¥85,095,994.42, compared to ¥74,900,935.28 in the previous period, indicating a rise of 13.3%[18] - Cash flow from investing activities resulted in a net outflow of ¥99,793,409.39, worsening from a net outflow of ¥16,209,560.24 in the previous period[18] - Cash flow from financing activities yielded a net inflow of ¥99,844,802.04, up from ¥52,575,283.09 in the previous period, showing an increase of 89.9%[19] - The total cash and cash equivalents at the end of the period stood at ¥622,840,257.58, compared to ¥609,219,127.32 at the end of the previous period, reflecting a growth of 2.0%[19] Investments and Fair Value - Investment income rose by 99.28% to ¥66.67 million due to the transfer of equity in a subsidiary[9] - The fair value change income increased by 216.35% to ¥9.17 million, attributed to net value changes in private equity funds[9] Shareholder Information - The total number of common shareholders at the end of the reporting period is 20,843[10] - The largest shareholder, You Aiguo, holds 28.34% of the shares, totaling 96,798,244 shares[10] Inventory and Borrowings - The company reported a decrease in short-term borrowings to CNY 362,101,031.18 from CNY 241,007,904.68, indicating a significant increase of approximately 50.4%[14] - The company's inventory decreased to CNY 227,388,296.91 from CNY 234,225,134.23, a decline of about 2.9%[13] - The long-term equity investments decreased slightly to CNY 419,364,892.78 from CNY 432,019,676.79[13] Other Information - The company reported a significant increase in prepayments for material procurement, up 260.94% to ¥50.61 million[9] - The company experienced a 91.55% increase in taxes and additional charges due to increased export tax exemptions[9] - The third quarter financial report of Shanghai Narl Industrial Co., Ltd. has not been audited[20] - The new accounting standards will be implemented starting from 2025[20] - The financial statement adjustments related to the first execution year will be applicable[20] - The board of directors announced the financial report on October 24, 2025[20]

Market Overview - The plastic sector experienced a decline of 0.51% on October 23, with Nal shares leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Notable gainers in the plastic sector included: - Huibai New Materials (code: 301555) with a closing price of 32.39, up 4.52% [1] - Bofei Electric (code: 001255) with a closing price of 32.90, up 3.39% [1] - Yinggelinian (code: 688087) with a closing price of 30.20, up 3.35% [1] - Nal shares (code: 002825) led the declines with a closing price of 11.33, down 3.82% [2] - Other significant decliners included: - Guoen shares (code: 002768) down 3.66% [2] - Daon shares (code: 002838) down 3.58% [2] Capital Flow - The plastic sector saw a net outflow of 492 million yuan from institutional investors, while retail investors contributed a net inflow of 407 million yuan [2][3] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remained active [2][3] Individual Stock Capital Flow - C Daosheng (code: 601026) had a net inflow of 55.96 million yuan from institutional investors, while retail investors showed a net outflow [3] - Xiangyuan New Materials (code: 300980) saw a net inflow of 14.10 million yuan from institutional investors [3] - Yinggelinian (code: 688087) experienced a net inflow of 5.25 million yuan from retail investors despite a net outflow from institutional investors [3]

Group 1 - The core point of the article highlights the recent decline in the stock price of Nar Holdings, which dropped by 5.04% to 11.68 CNY per share, with a trading volume of 312 million CNY and a turnover rate of 10.29%, resulting in a total market capitalization of 3.989 billion CNY [1] - Nar Holdings, established on November 9, 2005, and listed on November 29, 2016, specializes in the research, production, and sales of digital printing materials and automotive protective films, with its main business revenue composition being 63.98% from digital printing materials, 29.55% from automotive functional films, 4.45% from optical and electronic functional films, and 2.02% from other sources [1] Group 2 - From the perspective of major fund holdings, one fund under Xinhua Fund has a significant position in Nar Holdings, specifically the Xinhua Active Value Flexible Allocation Mixed A (001681), which held 123,200 shares in the second quarter, accounting for 1.95% of the fund's net value, making it the fourth-largest holding [2] - The Xinhua Active Value Flexible Allocation Mixed A (001681) fund was established on December 21, 2015, with a latest scale of 57.4815 million CNY, achieving a year-to-date return of 7.51% and a one-year return of 14.88%, ranking 6206 out of 8160 and 4770 out of 8026 respectively, with a cumulative return of 40.78% since inception [2]

Market Overview - As of October 20, the Shanghai Composite Index closed at 3863.89 points, up 24.14 points, with a gain of 0.63% [1] - The Shenzhen Component Index closed at 12813.21 points, up 124.27 points, with a gain of 0.98% [1] - The ChiNext Index closed at 2993.45 points, up 58.09 points, with a gain of 1.98% [1] Stock Performance - A total of 53 A-shares had a turnover rate exceeding 20%, with C Dao Sheng reaching over 50% [1] - C Dao Sheng's closing price was 25.96 yuan, with a turnover rate of 57.83% and a decline of 12.53% [1] - Matrix Co. closed at 26.65 yuan, with a turnover rate of 43.42% and an increase of 2.38% [1] - Yunhan Chip City closed at 164.31 yuan, with a turnover rate of 39.89% and a decrease of 1.02% [1] - Other notable stocks include: - Haichuang Ruitong: 54.38 yuan, 37.40% turnover, 0.15% increase [1] - Jianfa Zhixin: 29.30 yuan, 36.97% turnover, 4.46% increase [1] - Feiwo Technology: 45.78 yuan, 34.92% turnover, 20.00% increase [1] Additional Notable Stocks - Chuling Information: 25.98 yuan, 33.92% turnover, 12.42% increase [1] - Changjiang Nengke: 17.56 yuan, 32.65% turnover, 5.03% decrease [1] - Huifeng Diamond: 39.32 yuan, 32.03% turnover, 29.98% increase [1] - Lanfeng Biochemical: 8.05 yuan, 31.49% turnover, 4.62% decrease [1] - Shandong Molong: 7.04 yuan, 30.78% turnover, 3.83% increase [1]

Core Viewpoint - Nar Co., Ltd. experienced a decline of 3.75% in its stock price, with a trading volume turnover rate of 26.58% and a total transaction amount of 872 million yuan, indicating significant market activity and volatility [2] Trading Activity - The stock was listed on the Shenzhen Stock Exchange due to its turnover rate reaching 26.58%, with institutional investors net buying 8.904 million yuan [2] - The top five trading departments accounted for a total transaction amount of 193 million yuan, with a buying amount of 92.397 million yuan and a selling amount of 101 million yuan, resulting in a net selling of 8.6095 million yuan [2] - Among the trading departments, four institutional special seats were involved, with a total buying amount of 54.9471 million yuan and a selling amount of 46.0432 million yuan, leading to a net buying of 8.904 million yuan [2] Fund Flow - The stock saw a net outflow of 26.753 million yuan in principal funds, with a significant outflow of 27.1812 million yuan from large orders, while small orders saw a net inflow of 0.4282 million yuan [2] - Over the past five days, the net inflow of principal funds amounted to 58.0063 million yuan [2]

三、是否存在应披露而未披露信息的说明 证券代码：002825 证券简称：纳尔股份 公告编号：2025-057 上海纳尔实业股份有限公司 关于公司股价异常波动的公告 本公司全体董事、高级管理人员保证公告内容真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担责任。 一、股票交易异常波动情况 上海纳尔实业股份有限公司（以下简称"公司"或"本公司"）股票交易价 格连续 2 个交易日（2025 年 10 月 16 日、2025 年 10 月 17 日）收盘价格涨幅偏 离值累计超过 24.27%，根据《深圳证券交易所交易规则》等有关规定，属于股 票交易异常波动的情形。 二、公司核实相关情况的说明 针对公司股票异常波动，公司董事会对有关事项进行了核实，有关情况说明 如下： 1/3 1. 公司前期披露的信息不存在需要更正、补充之处； 2. 公司目前经营情况正常，不存在内外部经营环境发生重大变化的情形； 3. 近期公共媒体未报道可能或已经对本公司股票交易价格产生较大影响的未 公开重大信息； 4. 公司于 2025 年 10 月 16 日披露了《关于签订股权收购意向协议的公告》（公 告编号：2025-056）（ ...

Core Viewpoint - NAR Co., Ltd. plans to acquire at least 51% of Shanghai Feilai Testing Technology Co., Ltd. for an estimated transaction amount of 350 to 400 million yuan, aiming to enhance its strategic layout and business expansion in the semiconductor equipment sector [1][3]. Group 1: Acquisition Details - The acquisition involves NAR Co., Ltd. signing a share acquisition intention agreement with Shanghai Feiguang Management Consulting Partnership and Zhang Hua [1]. - The transaction is expected to provide NAR with control over Feilai Testing, a high-tech enterprise specializing in semiconductor chip testing reliability solutions [3]. Group 2: Company Profile of Feilai Testing - Feilai Testing is headquartered in Shanghai and has manufacturing bases in Wuxi and Nantong, recognized as a national-level "little giant" enterprise [3]. - The company offers a comprehensive range of solutions from wafer to device, including equipment like wafer AOI devices, chip testers, and aging systems, under its own brand "FeedLiTech" [3]. Group 3: Financial Projections - Feilai Testing is projected to achieve a revenue of 123 million yuan and a net profit of 1.9 million yuan in 2024, with further growth expected in 2025 [3]. - The performance commitment includes net profits of no less than 28 million yuan, 36 million yuan, and 48.2 million yuan for the years 2025 to 2027, totaling at least 112 million yuan [3]. Group 4: Strategic Implications - This acquisition reflects NAR's strategic shift from precision coating materials manufacturing to high-end equipment manufacturing and core semiconductor sectors, aiming to cultivate new growth drivers and enhance production capabilities [3].