三川智慧科技股份有限公司 2025 年第三季度报告 证券代码：300066 证券简称：三川智慧 公告编号：2025-049 三川智慧科技股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 三川智慧科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 （二） 非经常性损益项目和金额 适用 □不适用 | | | | 单位：元 | | --- | --- | --- | --- | | 项目 | 本报告期金额 | 年初至报告期 期末金额 | 说明 | | 非流动性资产处置损益（包括已计提资产减值准备的冲销部分） | -150,37 ...

Core Viewpoint - The company, San Chuan Wisdom, has no current plans to increase its stake in rare earth companies despite having sufficient reserves, and it will disclose any future investment matters in a timely manner [2] Group 1 - Investors inquired about the company's acquisition of three rare earth resource recycling companies: Tianhe Yongci, Jisheng Technology, and Zhongxi Tianma [2] - San Chuan Wisdom confirmed that there are no plans for further equity increases in rare earth companies at this time [2] - The company emphasized its commitment to timely information disclosure regarding any related investment activities in the future [2]

Group 1 - As of October 21, a total of 568 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - The stock with the longest continuous net outflow is Dayu Ming, with 26 days of outflows, followed by Tianma Technology with 25 days [1] - The largest total net outflow amount is from Northern Rare Earth, with a cumulative outflow of 5.277 billion yuan over six days [1] Group 2 - Shanghai Electric follows with a net outflow of 3.698 billion yuan over eight days [1] - The stock with the highest proportion of net outflow relative to trading volume is Yongxin Zhicheng, which has seen a 9.22% decline over the past six days [1] - The cumulative decline percentages for several stocks with significant net outflows include: Sanzi Gaoke at -12.87%, and Lansi Technology at -13.59% [1]

Group 1 - The company has collaborated with Huawei in areas such as NB-IoT communication technology, software platforms, and photovoltaic energy [2] - The current focus of the collaboration is on implementing Huawei's LTC process management system to enhance marketing efficiency and management effectiveness [2] - This partnership aims to drive the company's digital transformation by establishing a comprehensive order lifecycle management system from lead generation to payment and after-sales service [2]

Core Viewpoint - The company, San Chuan Wisdom, indicated that its subsidiary, Tianhe Yongci, focuses on the efficient recovery and utilization of rare earth secondary resources, with its main business being the production and sales of various rare earth oxides, and that the prices of these products are determined by market conditions [1] Group 1 - Major rare earth production companies are raising prices for their products [1] - The company is actively engaged in the production and sales of rare earth oxides [1] - The pricing of rare earth products is influenced by market trends [1]

Core Viewpoint - The company San Chuan Wisdom (300066.SZ) focuses on smart water meter products primarily used in the smart water management sector, which falls under industrial and municipal water measurement [1] Group 1: Product Application - The company's smart water meter products are mainly applied in the smart water management field [1] - These products are categorized as industrial and municipal water measurement products [1] Group 2: Market Strategy - The company's sales are primarily domestic, with exports being a secondary focus [1] - In the domestic market, the company establishes direct cooperation with local water service companies [1] - The company also utilizes qualified distributors and intermediaries to expand its market coverage [1]

Group 1 - The core viewpoint of the article is that San Chuan Wisdom (300066.SZ) focuses on smart water meter products primarily used in the smart water management sector, which falls under industrial and municipal water measurement products [1] - The company's product sales are mainly domestic, with exports being a secondary focus [1] - In the domestic market, the company establishes direct cooperation with local water service companies and also utilizes qualified distributors and intermediaries for coverage [1]

Core Viewpoint - The actual controller of Zhongxi Tianma Rare Earth Company is a natural person shareholder, Lin Ping, rather than China Rare Earth Group, despite the company's 20% stake in Zhongxi Tianma [1] Company Information - San Chuan Wisdom holds a 20% equity stake in Zhongxi Tianma Rare Earth Company [1] - The company clarified its ownership structure in response to investor inquiries on an interactive platform [1]

Group 1 - The rare earth permanent magnet sector leads the market with an increase of 1.12% [1] - Xinlai Fu saw a significant rise of 20.0% [1] - Antai Technology increased by 9.99% [1] - Baogang Co. experienced a growth of 9.84% [1] - San Chuan Wisdom, Galaxy Magnetics, and Huahong Technology all rose by over 4% [1]

Group 1: Rare Metal ETF Performance - The Rare Metal ETF has a turnover rate of 11.57% during trading, with a transaction volume of 359 million yuan, indicating active market trading [3] - The latest scale of the Rare Metal ETF reached 3.08 billion yuan, marking a new high since its inception and ranking first among comparable funds [3] - The ETF's share reached 3.67 billion shares, also a new high since inception, and ranks first among comparable funds [3] - Over the past three days, the Rare Metal ETF has seen continuous net inflows, with a maximum single-day net inflow of 358 million yuan, totaling 551 million yuan [3] - As of October 10, the net value of the Rare Metal ETF has increased by 17.31% over the past three years [3] - The highest monthly return since inception is 24.02%, with the longest consecutive monthly increase being five months and a maximum increase of 66.25%, averaging a monthly return of 8.60% [3] Group 2: Cobalt Export Quotas and Market Dynamics - According to CITIC Construction Investment, cobalt export quotas for Congo (Kinshasa) have been finalized, with Luoyang Molybdenum, Glencore, and Eurasian Resources holding the top three shares at 35.9%, 27.3%, and 21.6% respectively [4] - The total quota for 2026 and 2027 is set at 96,600 tons, which includes a basic quota of 87,000 tons allocated to production enterprises and a strategic quota of 9,600 tons [4] - Under the quota system, only about 44% of production can be exported, resulting in a reduction of over 100,000 tons [4] - Based on estimates for 2024, with a supply of 270,000 tons and demand of 230,000 tons, the market is expected to shift from a surplus of about 70,000 tons to a shortage of about 30,000 tons, potentially driving cobalt prices higher [4] Group 3: Rare Earth Export Controls - The Ministry of Commerce has issued four documents to strengthen rare earth export controls, adding five categories of medium and heavy rare earths to the export control list [4] - The controls also extend to the entire industrial chain, including equipment, technology, and raw materials, with additional regulations on overseas military and high-end semiconductor demands [4] - The strategic position of rare earths has been further reinforced through these measures [4] Group 4: Rare Metal Index and Investment Opportunities - As of September 30, 2025, the top ten weighted stocks in the CSI Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and others, collectively accounting for 59.91% of the index [4] - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [4]