Core Viewpoint - The report from Tianfeng Securities indicates that Gaozheng Minexplosion achieved a net profit attributable to shareholders of 126 million and a non-recurring net profit of 114 million in Q1-Q3 of 2025, representing year-on-year increases of 13.68% and 15.7% respectively [1] Financial Performance - In Q3 of 2025, the company reported a net profit attributable to shareholders of 57 million and a non-recurring net profit of 52 million, with year-on-year changes of +1.83% and -3.08% respectively [1] - The company has adjusted its forecast for net profit attributable to shareholders for 2025-2027 to 210 million, 310 million, and 440 million, down from previous estimates of 270 million, 390 million, and 570 million [1] Industry Outlook - As a leading player in civil blasting under the Tibet State-owned Assets Supervision and Administration Commission, the company is expected to benefit significantly from the construction of the Yaxia Hydropower Station, mining activities, and high demand in railway infrastructure [1]

Core Viewpoint - The report from Tianfeng Securities indicates that Gaozheng Minexplosion achieved a net profit attributable to shareholders of 126 million and a net profit excluding non-recurring items of 114 million in Q1-Q3 of 2025, representing year-on-year increases of 13.68% and 15.7% respectively [1] Group 1 - In Q3 of 2025, the company reported a net profit attributable to shareholders of 57 million and a net profit excluding non-recurring items of 52 million, showing year-on-year growth of 1.83% and a decline of 3.08% respectively [1] - As a leading civil explosives company under the Tibet State-owned Assets Supervision and Administration Commission, the company is expected to benefit significantly from the construction of the Yaxia Hydropower Station, mining operations, and high demand in railway infrastructure [1] - Based on the actual operating conditions in the first three quarters, the firm has revised down its forecast for the company's net profit attributable to shareholders for 2025-2027 to 210 million, 310 million, and 440 million respectively, compared to previous estimates of 270 million, 390 million, and 570 million [1] - The rating for the company remains at "Buy" [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company has shown steady profit growth, with a revenue of 1.26 billion and a net profit of 0.57 billion in Q3 2025, reflecting year-on-year increases of 7.53% and 13.68% respectively [1] - The company is expected to benefit from high demand in the civil blasting industry due to ongoing infrastructure projects in Tibet, including the Yarlung Tsangpo River hydropower project and major mining operations [3] - The report has adjusted the projected net profit for 2025-2027 to 2.1 billion, 3.1 billion, and 4.4 billion respectively, down from previous estimates [1] Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 29.32%, an increase of 2.42 percentage points year-on-year [2] - The net profit margin for the same period was 10.58%, up by 0.65 percentage points year-on-year, with a significant increase in cash flow from operations to 2.01 billion, a rise of 1.76 billion year-on-year [2] - The company’s revenue is projected to grow from 1.55 billion in 2023 to 2.90 billion in 2027, with a compound annual growth rate of 21.46% [5] Industry Outlook - The civil blasting industry in Tibet is experiencing high growth, with a production value increase of 26.9% year-on-year, significantly outpacing the national average [3] - Major projects such as the Yarlung Tsangpo River hydropower project and the second phase of the Jilong Copper Mine are expected to drive demand for blasting services [3] - The report highlights the ongoing construction of new railways and infrastructure projects in the region, further supporting the positive outlook for the company [3]

延江股份：第三季度净利润同比增长209.1% 10月23日，延江股份（300658）发布2025年三季度报告，公司前三季度实现营业收入12.95亿元，同比 增长22.99%；归属于上市公司股东的净利润4250.18万元，同比增长27.95%。其中，第三季度单季实现 营业收入4.52亿元，同比增长16.6%；归属于上市公司股东的净利润1666.26万元，同比增长209.1%。 资料显示，延江股份成立于2000年4月，主营业务是一次性卫生用品面层材料的研发、生产和销售。 所属行业：美容护理–个护用品–生活用纸 大北农：前三季度净利润同比增92.56% 拟10派0.3元 10月23日，大北农（002385）发布2025年三季度报告，公司前三季度实现营业收入207.44亿元，同比增 长2.99%；归属于上市公司股东的净利润2.57亿元，同比增长92.56%。其中，第三季度单季实现营业收 入71.84亿元，同比增长1.94%；归属于上市公司股东的净利润2169.10万元，同比减少92.50%。公司拟 每10股派发现金红利0.3元（含税）。 资料显示，大北农成立于1994年10月，主营业务是种业、饲料、生猪、疫苗动保等相 ...

Core Insights - The company reported a revenue of 488,975,560.06 yuan for the third quarter of 2025, representing a year-on-year growth of 9.12% [2] - The net profit attributable to shareholders of the listed company was 56,845,350.32 yuan, showing a year-on-year increase of 1.83% [2] Financial Performance - Revenue for Q3 2025: 488.98 million yuan, up 9.12% year-on-year [2] - Net profit for Q3 2025: 56.85 million yuan, up 1.83% year-on-year [2]

格隆汇10月22日｜高争民爆公告，公司第三季度实现营业收入4.89亿元，同比增长9.12%；归母净利润 5684.54万元，同比增长1.83%。前三季度实现营业收入12.6亿元，同比增长7.53%；归母净利润1.26亿 元，同比增长13.68%。公司拟每10股派发现金股利0.7元(含税)。 ...

Core Insights - The company, Gaozheng Mining Explosives, reported a revenue of 489 million yuan for Q3 2025, reflecting a year-on-year growth of 9.12% [1] - The net profit attributable to shareholders for Q3 was 56.84 million yuan, showing a year-on-year increase of 1.83% [1] - For the first three quarters of 2025, the company achieved a total revenue of 1.26 billion yuan, which is a 7.53% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters was 126 million yuan, marking a year-on-year growth of 13.68% [1] - The company plans to distribute a cash dividend of 0.7 yuan per 10 shares (tax included) [1]

Core Viewpoint - The company, Gaozheng Mining Explosives (002827.SZ), has announced a profit distribution plan for the first three quarters of 2025, focusing on maintaining normal operations and sustainable development while considering its current operational and financial status [1] Summary by Categories Profit Distribution Plan - The company plans to distribute cash dividends of 0.7 yuan (including tax) for every 10 shares to all shareholders, based on a total share capital of 277,046,000 shares [1] - The total cash dividend payout amounts to 19,393,220.00 yuan [1] - The profit distribution will not include stock dividends or capital reserve transfers to increase share capital [1]

格隆汇10月22日丨高争民爆(002827.SZ)公布三季度报告，前三季营业收入12.6亿元，同比增长7.53%， 归属于上市公司股东的净利润1.26亿元，同比增长13.68%，归属于上市公司股东的扣除非经常性损益的 净利润1.1亿元，同比增长15.70%。 ...

Core Viewpoint - The company Gaozheng Minbao announced its board meeting to discuss the mid-term dividend plan for 2025, reflecting its ongoing financial strategy and governance [1] Financial Performance - For the first half of 2025, Gaozheng Minbao's revenue composition is as follows: blasting services accounted for 48.97%, civil explosive materials for 43.07%, electronic delay modules for 5.89%, transportation services for 1.19%, and oxygen production equipment for 0.49% [1] Market Position - As of the report, Gaozheng Minbao has a market capitalization of 10.9 billion yuan [1]