Core Viewpoint - Water Co. reported a strong performance in Q3 2025, with revenue growth of 9.87% and net profit growth of 20.07%, driven by the special polymer materials business and platform strategy [1] Group 1: Financial Performance - The company achieved a year-on-year increase in operating income of 9.87% and a net profit increase of 20.07% for the first three quarters of 2025 [1] - The non-recurring net profit grew by 24.70%, and operating cash flow increased by 15.49%, indicating robust core performance metrics [1] Group 2: Strategic Advantages - Water Co. has established a significant first-mover advantage in the special polymer materials industry, transitioning from a single product to a multi-platform model since acquiring Samsung's LCP production line in 2014 [2] - The company has developed four major production bases in South China, East China, Southwest China, and Vietnam, achieving full industry chain coverage for core special materials [2][3] Group 3: Product and Market Development - The special polymer materials business accounted for 48.93% of total revenue in the first half of 2025, with expectations for further growth as production capacity expands [3] - The company has seen steady growth in the shipment of special materials such as LCP, PPA, PPS, and PEEK, with significant production capacity being realized in its Chongqing and Huizhou bases [3] Group 4: Integrated Business Model - Water Co. is the only domestic manufacturer with a complete industry chain capability for PEEK materials, allowing for precise control over product performance and quality [4] - The company has developed innovative materials for humanoid robots and AI servers, enhancing its competitive edge in high-end manufacturing sectors [4] Group 5: Market Expansion and Client Base - Following the acquisition of Shanghai Water Huaben Semiconductor Technology Co., the company has diversified its client base, reducing dependency on single customers and enhancing customer loyalty [5] - The recent acquisition of 100% of Shanghai Sealing Products Company strengthens its position in the semiconductor equipment sealing sector, completing its semiconductor component supply chain [5] Group 6: Future Outlook - With the rising demand in emerging sectors such as 5G communication, low-altitude economy, and AI servers, along with government support for critical materials, Water Co. is poised to expand its market share and sustain growth [6]

Core Insights - The company reported a total revenue of 1.415 billion yuan for Q3 2025, with a net profit attributable to shareholders of 30.1 million yuan, ranking 50th among disclosed peers [1] - The company's latest debt-to-asset ratio is 51.46%, which is an increase of 1.97 percentage points compared to the same period last year, ranking 56th among peers [3] - The gross profit margin has decreased to 16.49%, down 1.42 percentage points year-on-year [3] - The return on equity (ROE) stands at 1.67%, ranking 53rd among disclosed peers [3] - The diluted earnings per share (EPS) is 0.11 yuan, ranking 47th among peers [4] - The total asset turnover ratio is 0.37 times, a decrease of 0.01 times year-on-year, ranking 45th among peers [4] - The inventory turnover ratio is 1.75 times, ranking 68th among peers [4] - The number of shareholders is 31,500, with the top ten shareholders holding 117 million shares, accounting for 44.51% of the total share capital [4] Shareholding Structure - The largest shareholder is Shenzhen Yinqiao Investment Co., Ltd., holding 13.92% [4] - The second-largest shareholder is Wu Xian, with a holding of 13.77% [4] - The third-largest shareholder is He Zheng, holding 13.34% [4]

Core Points - The company and its board members guarantee the authenticity, accuracy, and completeness of the quarterly report, assuming legal responsibility for any misrepresentation or omissions [2][3]. Financial Data Summary - The company reported a significant increase in trading financial assets, with a year-end balance of 349.33 million yuan, up 95.63% from the previous year, primarily due to increased purchases of structured deposits [5]. - Accounts receivable financing increased to 59.11 million yuan, a rise of 42.29%, attributed to the receipt of high-credit bank acceptance bills [5]. - Other current assets decreased to 49.99 million yuan, down 70.71%, mainly due to a reduction in large-denomination bank deposits [5]. - Long-term equity investments decreased by 1.06 million yuan, resulting from a change in accounting method for an associate company [5]. - Accounts payable increased to 124.99 million yuan, up 52.87%, due to increased payments for purchases using bank acceptance bills [5]. - Contract liabilities rose to 15.08 million yuan, an increase of 56.33%, due to higher advance payments received [5]. - Employee compensation payable decreased to 22.03 million yuan, down 32.96%, as a result of payments made for previously accrued compensation [5]. - Tax payable decreased to 10.25 million yuan, down 41.33%, due to payments made for previously accrued taxes [5]. - Other current liabilities decreased to 6.38 million yuan, down 57.45%, due to a reduction in low-credit endorsed bills [5]. - Treasury stock decreased to 15.74 million yuan, down 30.00%, due to the unlocking of shares from the employee stock ownership plan [5]. - Other comprehensive income decreased to -1.44 million yuan, down 291.11%, primarily due to reduced foreign currency translation differences [5]. - Credit impairment losses for the period were 1.27 million yuan, a decrease of 178.27%, due to a decline in accounts receivable [5]. - Asset impairment losses were -1.11 million yuan, down 64.85%, due to reduced provisions for inventory write-downs [5]. - Interest income for the period was 5.02 million yuan, an increase of 222.07%, attributed to higher interest from foreign currency deposits [5]. - Income tax expense for the period was -6.67 million yuan, a decrease of 981.14%, due to increased losses that can be offset by the subsidiary [5]. - Net cash flow from investing activities was -137.44 million yuan, down 64.03%, primarily due to reduced capital expenditures for base construction [5]. - Net cash flow from financing activities was 41.68 million yuan, a decrease of 88.86%, due to increased cash payments for bank loan repayments [5].

Core Viewpoint -沃特股份 reported strong performance in the first three quarters of 2025, with a revenue increase of 9.87% year-on-year and a net profit growth of 20.07%, driven by its special polymer materials business and platform strategy [1] Group 1: Financial Performance - The company's operating revenue increased by 9.87% year-on-year [1] - The net profit attributable to shareholders grew by 20.07% year-on-year [1] - The net profit excluding non-recurring gains and losses rose by 24.70% year-on-year [1] - Operating cash flow increased by 15.49% year-on-year [1] Group 2: Business Strategy and Market Position - The special polymer materials business accounted for 48.93% of revenue in the first half of 2025, with expectations for further growth due to new production lines [2] - The company has established a full industry chain coverage for core special materials, including LCP, PPA, PEEK, and PPS, creating a differentiated competitive advantage [2] - The platform strategy integrates synthesis, modification, and processing capabilities, providing a "one-stop" multi-material verification service [2] Group 3: Industry Applications and Future Outlook - The special polymer materials have applications in key high-end manufacturing sectors such as 5G communication, low-altitude economy, semiconductors, and robotics, offering significant added value and profit margins [2] - The company has optimized its customer structure, particularly in the semiconductor sector, and has established a complete semiconductor component solution [3] - Future growth is expected as demand in emerging sectors like 5G, low-altitude economy, and AI servers surges, supported by national policies on critical materials [3]

Core Viewpoint - Watte Co., Ltd. is a leading enterprise in the field of high-performance functional polymer materials in China, focusing on R&D, production, and sales, with a full industry chain differentiation advantage [1] Group 1: Business Performance - In Q3 2025, Watte Co., Ltd. reported revenue of 1.415 billion yuan, ranking 10th in the industry, with the top company, Jinfat Technology, generating 49.616 billion yuan [2] - The net profit for the same period was 30.2116 million yuan, ranking 13th in the industry, with Jinfat Technology leading at 636 million yuan [2] - The main business segment, new materials, accounted for 906 million yuan, representing 100% of the revenue [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 51.46%, higher than the industry average of 45.98% [3] - The gross profit margin for Q3 2025 was 16.49%, which, although lower than the previous year's 17.91%, remained above the industry average of 14.74% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.87% to 31,500 [5] - The average number of circulating A-shares held per shareholder increased by 2.95% to 6,638.24 [5] - The top ten circulating shareholders included Guangfa Advantage Growth Stock A, which became a new shareholder with 1.5075 million shares [5] Group 4: Future Outlook - Huajin Securities noted significant growth in Watte Co., Ltd.'s performance in the first half of 2025, with revenue and net profit both increasing year-on-year [5] - Key business highlights include the dominance of specialty polymers, optimized production lines, and successful market development in Vietnam [5] - The company is expected to become the largest LCP supplier globally, with ongoing advancements in high-frequency communications, "low-altitude economy," semiconductors, and automotive sectors [5] - Revenue projections for 2025-2027 are 2.231 billion, 2.855 billion, and 3.526 billion yuan, with corresponding net profits of 60 million, 122 million, and 196 million yuan [5]

Core Insights - The company reported a revenue of 1.415 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 9.87% [1] - The net profit attributable to shareholders reached 30.0997 million yuan, showing a year-on-year increase of 20.07% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 19.7321 million yuan, reflecting a year-on-year growth of 24.70% [1] - The basic earnings per share stood at 0.114 yuan [1]

证券代码：002886 证券简称：沃特股份 公告编号：2025-053 深圳市沃特新材料股份有限公司 第五届董事会第十二次会议决议公告 表决情况：同意 7 票，反对 0 票，弃权 0 票。 表决结果：通过。 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 深圳市沃特新材料股份有限公司（以下简称"公司"）第五届董事会第十二次 会议于 2025 年 10 月 20 日以电子邮件、传真或电话方式发出通知，并于 2025 年 10 月 30 日以现场表决方式，在深圳市南山区深圳国际创新谷 7 栋 B 座 31 层公 司会议室召开。本次会议应到董事 7 人，实到董事 7 人，高级管理人员列席了会 议，且本次会议由董事长吴宪主持。本次会议的召集和召开符合《公司法》等相 关法律法规、规章及其他规范性文件和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《2025 年第三季度报告》 公司严格按照相关法律、法规和中国证监会、深圳证券交易所的规定，编制 完成《2025 年第三季度报告》，报告内容公允地反映公司的经营状况和经营成 果，报告所披露的 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥508,156,758.74, an increase of 5.81% compared to the same period last year[3] - Net profit attributable to shareholders was ¥11,691,688.54, reflecting a growth of 14.43% year-on-year[3] - The net profit excluding non-recurring gains and losses was ¥7,431,590.26, up 6.03% from the previous year[3] - Total operating revenue for the current period reached ¥1,414,516,724.97, an increase of 9.9% compared to ¥1,287,401,829.56 in the previous period[16] - Total operating costs amounted to ¥1,407,834,325.66, up from ¥1,270,797,082.91, reflecting a growth of 10.8%[16] - Net profit for the current period was ¥30,211,598.35, slightly down from ¥30,335,190.46, indicating a decrease of 0.4%[17] - Earnings per share (EPS) increased to ¥0.114 from ¥0.099, representing a growth of 15.2%[18] - The company reported a total comprehensive income of ¥28,024,734.11, down from ¥31,080,686.11, a decrease of 9.9%[18] - Investment income for the current period was ¥6,754,697.36, compared to ¥6,352,068.06, reflecting an increase of 6.3%[17] Cash Flow - The cash flow from operating activities for the year-to-date was ¥95,885,061.89, up 15.49% year-on-year[3] - Cash flow from operating activities generated a net amount of ¥95,885,061.89, compared to ¥83,024,620.91 in the previous period, marking an increase of 15.1%[19] - Net cash flow from investment activities was -137,439,200.14, compared to -382,079,025.20 in the previous period, indicating an improvement[20] - Cash inflow from financing activities totaled 979,536,056.64, up from 703,247,873.97, reflecting increased borrowing[20] - Cash outflow for debt repayment was 889,235,733.98, significantly higher than 260,057,857.61 in the prior period[20] - The net increase in cash and cash equivalents was 85,468.55, compared to 76,060,039.33 previously, showing a modest increase[20] - The ending balance of cash and cash equivalents was 245,829,249.94, compared to 223,231,564.43 in the previous period[20] - Total cash outflow from investment activities was 963,440,052.80, compared to 681,658,161.80 previously, indicating increased investment spending[20] - Cash flow from financing activities netted 41,675,044.34, a decrease from 374,214,867.64 in the prior period[20] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,856,493,161.49, representing a 2.15% increase from the end of the previous year[3] - The company's total current assets amount to ¥1,976,762,052.39, an increase from ¥1,909,759,015.71 at the beginning of the period[12] - The total liabilities of the company are ¥2,838,097,731.55, with current liabilities at ¥1,383,891,121.17[13] - Total liabilities increased to ¥1,984,520,939.64 from ¥1,929,482,124.17, a rise of 2.9%[14] - The company's cash and cash equivalents increased to ¥266,456,779.55 from ¥252,431,912.37[12] - Inventory levels rose to ¥698,892,704.07, up from ¥649,214,003.34[12] - The company has a total of ¥124,989,918.51 in accounts payable, an increase from ¥81,763,799.58[13] - The company’s long-term borrowings stand at ¥454,206,610.38, down from ¥472,826,452.02[13] - The company's total equity attributable to shareholders reached ¥1,802,995,537.20, compared to ¥1,777,137,438.47, an increase of 1.4%[14] Shareholder Information - The total number of common shareholders at the end of the reporting period is 31,496[10] - The largest shareholder, Shenzhen Yinqiao Investment Co., Ltd., holds 13.92% of shares, totaling 36,635,001 shares[10] Other Information - The company experienced a 64.03% decrease in net cash flow from investing activities, totaling -¥137,440,000, mainly due to reduced capital expenditures for base construction[9] - The net cash flow from financing activities decreased by 88.86% to ¥41,680,000, primarily due to increased cash outflows for repaying bank loans[9] - The company did not undergo an audit for the third quarter financial report[21] - The new accounting standards will be first implemented starting in 2025[22]

证券代码：002886 证券简称：沃特股份 公告编号：2025-052 深圳市沃特新材料股份有限公司 关于收购华尔卡密封件制品(上海)有限公司 100%股权的进展公告 除上述交易价格调整外，本次交易仍按原计划继续推进相关工作。公司将持 续关注本次交易的后续进展并根据相关法律、法规和规范性文件的规定及时履行 信息披露义务，敬请广大投资者注意投资风险。 特此公告。 深圳市沃特新材料股份有限公司 董事会 二〇二五年十月二十八日 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、本次交易概述 为进一步强化公司在半导体行业的布局，提升公司全球竞争力，深圳市沃特 新材料股份有限公司（以下简称"公司"、"沃特股份"）于 2025 年 9 月 5 日召开 第五届董事会第十一次会议、2025 年 9 月 26 日召开 2025 年第一次临时股东大 会，审议通过《关于收购华尔卡密封件制品(上海)有限公司 100%股权的议案》， 以华尔卡密封件制品(上海)有限公司（以下简称"密封件公司"）2025 年 6 月 30 日经审计和评估的净资产为基础，同意公司拟以自有或自筹资金 2,5 ...

Core Viewpoint - The company,沃特股份, is committed to seizing opportunities arising from downstream industry upgrades and the increasing demand for material performance, regardless of international circumstances [1] Group 1 - The company aims to provide competitive polymer material solutions to both domestic and international clients [1]