Core Viewpoint - Xiugang Co., Ltd. (SZ 300160) announced that it will accept an investment research from Guocheng Investment on November 10, 2025, with participation from the company's vice president and board secretary, as well as the securities affairs representative [1] Company Summary - For the year 2024, Xiugang Co., Ltd.'s revenue composition is entirely from glass deep processing, accounting for 100.0% [1] - As of the report date, the market capitalization of Xiugang Co., Ltd. is 4.7 billion yuan [1]

证券代码：300160 证券简称：秀强股份 江苏秀强玻璃工艺股份有限公司 投资者关系活动记录表 编号：2025-003 | | ☑特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 □其他（请文字说明其他活动内容） | | | 参与单位名称及 | 国诚投资：洪海超、王凡 | | | 人员姓名 | | | | 时间 | 年 11 月 10 日（星期一） | 2025 | | 地点 | 江苏秀强玻璃工艺股份有限公司 会议室 302 | | | 上市公司接待人 | 副总经理、董事会秘书：席公正 | | | 员姓名 | 证券事务代表：鲍梦媛 1、公司未来的发展方向是什么？ | | | | 答：公司持续以客户需求为导向，实行产品销售差异化战略，提升新 产品、高附加值产品的销售占比，围绕家电玻璃及新能源玻璃领域进行产 | | | | 品优化。家电端将持续围绕彩晶、镀膜、多曲面等方向优化迭代，在关键 | | | | 生产工序推进自动化与信息化，依托泰国生产基地贴近核心客户、提 ...

（文章来源：证券日报） 证券日报网讯秀强股份11月5日在互动平台回答投资者提问时表示，公司不存在应披露未披露的情形， 请广大投资者理性判断、注意风险。 ...

Group 1 - The stock of Xiugang Co., Ltd. closed down by 0.34% on November 4, with a closing price of 5.87 yuan [1] - A block trade occurred involving 445,700 shares, with a total transaction amount of 2.3621 million yuan, at a price of 5.30 yuan per share, reflecting a premium rate of -9.71% [1] - The buyer was CITIC Jianan Securities Co., Ltd. from Beijing Wangjing Securities, while the seller was Everbright Securities Co., Ltd. from Suqian Xihu Road Securities [1] Group 2 - Over the past three months, there has been a total of one block trade for this stock, with a cumulative transaction amount of 2.3621 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 0.68%, with a net outflow of main funds amounting to 21.0829 million yuan [1]

Core Viewpoint - The company emphasizes a commitment to long-term stable development, driven by innovation and high-quality growth, while focusing on its core business of deep processing of household appliance glass and gradually expanding into emerging sectors like renewable energy [2] Group 1 - The company is dedicated to enhancing operational quality and core competitiveness [2] - The company is actively pursuing a strategic layout in new emerging businesses [2] - The company maintains a focus on its main business of household appliance glass deep processing [2]

Core Viewpoint - The company's stock performance in the secondary market is influenced by multiple factors, and it is committed to steady development while actively communicating with investors and providing returns [1] Group 1 - The company emphasizes a commitment to steady development [1] - The company engages in various methods to communicate operational results and future expectations to investors [1] - The company focuses on actively returning value to shareholders [1]

Core Viewpoint - The recent financial report of Xiugang Co., Ltd. shows a mixed performance with a revenue increase but a decline in net profit, highlighting concerns over accounts receivable and profitability metrics [1][3]. Financial Performance - Total revenue for Q3 2025 reached 1.237 billion yuan, a year-on-year increase of 9.19% compared to 1.133 billion yuan in Q3 2024 [1]. - Net profit attributable to shareholders for Q3 2025 was 171 million yuan, down 5.9% from 182 million yuan in Q3 2024 [1]. - The gross profit margin decreased to 26.33%, a decline of 12.36% year-on-year, while the net profit margin fell to 13.84%, down 13.78% year-on-year [1]. - The company reported a significant increase in accounts receivable, which reached 373 million yuan, representing 170.19% of the latest annual net profit [1][3]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 97.83 million yuan, accounting for 7.91% of revenue, a decrease of 9.45% year-on-year [1]. - Earnings per share (EPS) decreased to 0.22 yuan, down 5.91% from 0.24 yuan in the previous year [1]. Business Operations and Strategy - The company is focusing on its core product lines, particularly household appliance glass, which includes subcategories like colored glass and coated glass [3]. - The establishment of a production line in Thailand aims to enhance supply chain responsiveness and mitigate trade risks [5]. - The company plans to continue developing new products and optimizing production management to maintain competitiveness in the household appliance glass market [6]. Investment and Financial Health - The company's return on invested capital (ROIC) was reported at 8.75%, indicating average capital returns [4]. - Cash assets are described as healthy, suggesting a stable financial position despite the challenges in profitability [4].

Core Viewpoint - The company, Xiugang Co., Ltd., has announced a delay in the completion of its two major projects related to smart glass production and BIPV components, extending the expected completion date from December 31, 2025, to June 30, 2027, due to slow progress and market conditions [1][2][3]. Project Progress - The two projects, originally scheduled for completion by January 10, 2025, have now been delayed for the second time [2]. - As of the end of 2023, the company has utilized a total of 1.04 billion yuan of the raised funds, all of which has been allocated to supplementing working capital, achieving an investment progress of 57.93% [2]. - By September 30, 2025, the investment progress for the smart glass project was only 1.85%, with a total investment of approximately 9.19 million yuan, while the BIPV project had an investment progress of 15.04%, totaling approximately 37.30 million yuan [3]. Financial Performance - In the first half of 2025, the company reported a revenue of 840 million yuan, a year-on-year increase of 11.03%, and a net profit attributable to shareholders of 132 million yuan, up 9.01% [6]. - For the first three quarters of 2025, the total revenue reached 1.237 billion yuan, reflecting a year-on-year growth of 9.19%, while the net profit attributable to shareholders decreased by 5.90% to 171 million yuan [6]. Market Conditions - The delay in project completion is attributed to market order issues, with significant price reductions from customers and relatively high investment costs [4]. - The company has adopted a cautious approach to project implementation to mitigate risks associated with new capacity and market demand fluctuations [3].

Core Insights - The company reported a total operating revenue of 1.237 billion yuan for Q3 2025, marking an increase of 104 million yuan compared to the same period last year, representing a year-on-year growth of 9.19% [1] - The net profit attributable to shareholders decreased by 10.73 million yuan to 171 million yuan, reflecting a year-on-year decline of 5.90% [1] - The net cash inflow from operating activities was 182 million yuan, down by 29.23 million yuan from the same period last year, a decrease of 13.81% [1] Financial Ratios - The latest debt-to-asset ratio stands at 17.00%, a decrease of 0.28 percentage points from the previous quarter, but an increase of 1.44 percentage points compared to the same period last year [3] - The gross profit margin is reported at 26.33%, down 2.63 percentage points from the previous quarter and down 3.71 percentage points year-on-year [3] - The return on equity (ROE) is 6.53%, which is a decrease of 0.77 percentage points compared to the same period last year [3] Earnings Per Share - The diluted earnings per share (EPS) is 0.05 yuan, a decrease of 0.18 yuan compared to the same period last year, reflecting a year-on-year decline of 78.61% [3] Asset Management - The total asset turnover ratio is 0.40 times, which is an increase of 0.01 times year-on-year, marking two consecutive years of growth with a year-on-year increase of 3.79% [3] - The inventory turnover ratio is 4.69 times, up 0.60 times from the same period last year, representing a year-on-year increase of 14.66% [3] Shareholder Information - The number of shareholders is 37,100, with the top ten shareholders holding a total of 332 million shares, accounting for 42.95% of the total share capital [3] - The largest shareholder is Zhuhai Port Co., Ltd., holding 25.00% of the shares [3]

Core Insights - The company reported a revenue of 396,583,003.21 yuan for the third quarter of 2025, representing a year-on-year increase of 5.48% [2] - The net profit attributable to shareholders of the listed company was 38,860,655.77 yuan, showing a year-on-year decrease of 35.78% [2] Financial Performance - Revenue for Q3 2025: 396.58 million yuan, up 5.48% year-on-year [2] - Net profit for Q3 2025: 38.86 million yuan, down 35.78% year-on-year [2]