Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a total revenue of 23.59 billion yuan, representing a year-on-year growth of 24.02% [2] - Q3 revenue reached 9.04 billion yuan, marking a historical high with a year-on-year increase and a quarter-on-quarter growth of 33.13% compared to Q2 [2] - The net profit attributable to shareholders for the first three quarters was 8376.83 million yuan, with a year-on-year growth of 27.16% [2][3] - Q3 net profit showed a slight increase of 4.18% year-on-year [2] Group 2: Market Dynamics - The growth in revenue and profit is primarily attributed to improved product sales and prices [2] - The company experienced a decline in net profit and non-recurring net profit compared to Q2, influenced by product price fluctuations and a slight decrease in gross margin [3] - The chemical products segment performed well, driven by the release of fiberglass capacity and increased sales of resin and fiberglass products [3] Group 3: Strategic Outlook - The company plans to maintain its current production capacity while gradually increasing the proportion of finished products [4] - Future production line investments will be carefully evaluated based on market demand and the company's development pace [4] - The company aims to enhance its product structure and diversify its market presence to stabilize overseas orders amid fluctuating international demand [4] Group 4: Future Plans - The company is focused on high-end, green, and intelligent development in its fine chemical products to increase market competitiveness [3] - There is a cautious approach towards convertible bonds, with plans to disclose any related announcements as necessary [4]

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year growth in revenue and net profit, driven by increased production capacity and sales of fiberglass products [1][2]. Financial Performance - For the first nine months of 2025, the company achieved revenue of 2.36 billion yuan, a year-on-year increase of 24.0%, and a net profit attributable to shareholders of 260 million yuan, up 27.2% [1][2]. - In Q3 2025, revenue reached 900 million yuan, reflecting a year-on-year growth of 33.1%, while net profit attributable to shareholders was 80 million yuan, a 4.2% increase [1][2]. - The gross margin for the first nine months was 23.7%, up 0.3 percentage points year-on-year, but Q3 gross margin was 22.3%, down 2.2 percentage points year-on-year due to a slight decline in raw yarn prices [2]. Cost and Cash Flow - The company's expense ratio for the first three quarters was 11.2%, down 1.7 percentage points year-on-year, with a notable decrease in financial expense ratio due to increased foreign exchange gains [3]. - Operating cash flow for the first three quarters was 210 million yuan, a year-on-year increase of 35.2%, attributed to increased bank deposits recovery and sales collections [3]. Market Outlook - Industry inventory of fiberglass has decreased for two consecutive months, indicating a potential recovery in market demand, with expectations for further sales growth in Q4 2025 [3]. - The company anticipates continued growth in sales volume, particularly in high-end products like wind power yarns, as new production capacity ramps up [3]. Profit Forecast and Valuation - The company maintains its profit forecast, projecting net profits of 400 million yuan, 600 million yuan, and 760 million yuan for 2025-2027 [4]. - The target price is set at 21.56 yuan, with a valuation of 22x PE for 2025, reflecting adjustments due to product structure and short-term margin pressures [4].

Core Insights - Longhai Co., Ltd. (300196.SZ) reported a total operating revenue of 2.359 billion yuan and a net profit attributable to shareholders of 257 million yuan for Q3 2025 [1] - The company achieved a net cash inflow from operating activities of 207 million yuan, ranking 6th among disclosed peers [1] Financial Performance - The latest debt-to-asset ratio is 36.40%, an increase of 1.80 percentage points from the previous quarter and 3.04 percentage points from the same period last year [3] - The latest gross profit margin is 23.69%, a decrease of 0.89 percentage points from the previous quarter [3] - The return on equity (ROE) stands at 5.41% [3] - The diluted earnings per share (EPS) is 0.64 yuan [3] - The total asset turnover ratio is 0.32 times, while the inventory turnover ratio is 5.77 times [3] Shareholder Structure - The number of shareholders is 22,200, with the top ten shareholders holding a total of 236 million shares, accounting for 57.82% of the total share capital [3] - The top shareholders and their holdings are as follows: - Yang Pengwei: 41.7 million shares - Yang Guowen: 10.5 million shares - Changzhou Industrial Investment Group Co., Ltd.: 2.23 million shares - Basic Pension Insurance Fund 16032 Portfolio: 0.99 million shares - National Social Security Fund 413 Portfolio: 0.63 million shares - Jiang Guofeng: 0.48 million shares - Yu Weiming: 0.36 million shares - Shao Jun: 0.30 million shares - Yang Qinghua: 0.27 million shares - Yang Jie: 0.24 million shares [3]

Macro Insights - The Federal Reserve's October meeting resulted in a 25 basis point rate cut, with Chairman Powell indicating that December's rate cut remains uncertain, leading to a decrease in market expectations for future cuts [2][3] - The Chinese Yuan has appreciated by 2.8% against the US dollar this year, with a notable 12% increase against the Japanese Yen since July, indicating a shift towards an "independent trend" in the Yuan's valuation [2][3] Fixed Income - In October, the People's Bank of China announced a resumption of bond purchases, leading to a significant rise in government bond futures [5][6] - The US financial sector is seeing a new model of support for national strategy, with JPMorgan's $1.5 trillion initiative focusing on key industries and supply chain resilience [6] Energy and New Energy - The "15th Five-Year Plan" emphasizes the development of new energy storage and smart grid infrastructure, benefiting companies in the storage and wind power sectors [10][11] - A significant $80 billion investment in nuclear power by Cameco and Brookfield Asset Management aims to enhance energy infrastructure in the US [11] Real Estate - The "15th Five-Year Plan" outlines a shift towards high-quality development in real estate, focusing on improving housing quality and supply systems, which may enhance long-term value in the sector [13] Financial Services - The brokerage sector is experiencing a slight decrease in positions, with a focus on high-quality financial strategies amid a recovering market sentiment [9] - The banking sector shows signs of improvement, with a notable increase in credit issuance and a stable asset quality outlook [23] Key Companies - Huafeng Measurement Control reported a 67.21% year-on-year revenue increase in Q3, driven by cost reduction and improved testing performance [17] - Shaanxi Coal and Chemical Industry's Q3 revenue showed a 6.03% quarter-on-quarter increase, benefiting from a recovery in coal prices [18] - Kweichow Moutai's Q3 revenue growth was lower than expected, but the company is implementing strategies to boost market confidence [19] - Guangdong Investment's Q3 performance reflects a stable business model with strong cash flow, supporting high dividend returns [20] - Yutong Bus reported a 32.27% year-on-year revenue increase in Q3, driven by strong export performance [21]

Core Viewpoint - Changhai Co., Ltd. (300196.SZ) reported a decline in institutional ownership in its Q3 2025 financial results, with a total of 16.73 million shares held by four institutional investors, representing 4.09% of the total share capital, a decrease of 4.66 percentage points from the previous quarter [1] Institutional Investors - As of October 29, 2025, four institutional investors disclosed their holdings in Changhai Co., Ltd., with a combined shareholding of 16.73 million shares, accounting for 4.09% of the total share capital [1] - The institutional investors include Changzhou Industrial Investment Group Co., Ltd., Basic Pension Insurance Fund 16032 Combination, National Social Security Fund 413 Combination, and Changzhou Investment Group Co., Ltd. [1] - The total institutional ownership decreased by 4.66 percentage points compared to the previous quarter [1] Public Funds - In the current period, 79 public funds were not disclosed compared to the previous quarter, including notable funds such as Harvest Leading Advantage Mixed A, China Merchants Quantitative Selected Stock Initiation A, and Huabao Income Growth Mixed A [1] Social Security Funds - One social security fund, the National Social Security Fund 413 Combination, reported a decrease in holdings, with a reduction percentage of 0.38% compared to the previous quarter [1]

Core Viewpoint - Changhai Co., Ltd. reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 2.359 billion yuan, representing a year-on-year growth of 24.02% [1] - The net profit attributable to shareholders of the listed company was 257 million yuan, showing a year-on-year increase of 27.16% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 265 million yuan, reflecting a substantial year-on-year growth of 45.54% [1] - Basic earnings per share stood at 0.64 yuan [1]

| 证券代码：300196 | 证券简称：长海股份 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | | 江苏长海复合材料股份有限公司 2025年第三季度报告披露提示性公告 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。 2025 年 10 月 29 日，江苏长海复合材料股份有限公司（以下简称"公司"） 召开第六届董事会第三次会议，审议通过了公司《2025 年第三季度报告》。为 使投资者全面了解本公司的经营成果和财务状况，公司《2025 年第三季度报告》 于 2025 年 10 月 30 日在中国证监会指定的创业板信息披露网站"巨潮资讯网" （www.cninfo.com.cn）上披露，敬请投资者注意查阅！ 特此公告。 江苏长海复合材料股份有限公司 董 事 会 2025年10月29日 ...

江苏长海复合材料股份有限公司 第六届董事会第三次会议决议公告 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。 江苏长海复合材料股份有限公司（以下简称"公司"）于2025年10月24日以电子 邮件及通讯方式向公司全体董事和高级管理人员发出《江苏长海复合材料股份有 限公司第六届董事会第三次会议通知》。2025年10月29日，公司第六届董事会第 三次会议在公司办公楼二楼会议室以现场结合通讯方式召开。会议应到董事9人， 实到9人。会议由董事长杨国文先生主持。公司高级管理人员列席会议。会议的召 开符合《公司法》及《公司章程》的规定。 与会董事以投票表决的方式审议通过了以下议案： | 证券代码：300196 | 证券简称：长海股份 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | | 南第1号——业务办理》等法律、法规和规范性文件以及《公司章程》的规定，结 合公司的实际情况，公司制定了部分治理制度，具体如下： 1、《关于制定<董事、高级管理人员离职管理制度>的议案》 一、审议通过《2025年 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥903,933,284.80, representing a year-on-year increase of 33.13%[4] - Net profit attributable to shareholders was ¥83,768,310.60, up 4.18% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥87,579,901.30, an increase of 33.18% year-on-year[4] - The basic earnings per share for the quarter was ¥0.21, reflecting a growth of 5.00% compared to the previous year[4] - Operating profit increased by 33.47% to approximately $299.76 million, attributed to higher sales profits[10] - Total profit rose by 33.30% to approximately $296.56 million, mainly due to increased sales profits[10] - Net profit for the current period was ¥257,099,061.84, representing a 27% increase from ¥202,061,878.48 in the previous period[23] - Operating profit increased to ¥299,756,948.77, compared to ¥224,587,974.66, marking a growth of about 33%[23] - The total comprehensive income attributable to the parent company was CNY 257,457,996.79, an increase from CNY 202,464,298.66 in the previous period, representing a growth of approximately 27.1%[24] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥7,475,596,315.49, a 4.99% increase from the end of the previous year[4] - The total assets of the company reached ¥7,475,596,315.49, compared to ¥7,120,328,881.57, reflecting a growth of approximately 5%[21] - Current liabilities totaled ¥1,697,853,853.07, an increase from ¥1,318,153,068.43, representing a growth of about 29%[21] - The company's total liabilities amounted to ¥2,720,991,330.07, up from ¥2,497,136,820.08, indicating an increase of approximately 9%[21] - The total equity attributable to shareholders was ¥4,761,480,177.58, reflecting a 2.85% increase from the previous year-end[4] - The total equity attributable to shareholders increased to ¥4,761,480,177.58 from ¥4,629,708,318.70, reflecting a growth of about 3%[21] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥207,162,024.22, showing a 35.16% increase[4] - Cash inflow from operating activities increased by 54.38% to approximately $2.96 billion, driven by higher bank deposit recoveries and sales receipts[10] - Net cash flow from operating activities was CNY 207,162,024.22, up from CNY 153,275,696.29, indicating a rise of about 35.1%[26] - Cash inflow from operating activities totaled CNY 2,960,413,417.18, compared to CNY 1,917,556,336.25 in the previous period, marking an increase of approximately 54.4%[26] - Cash flow from financing activities netted approximately $247.93 million, a significant increase of 440.85% due to increased bank loans[11] - Net cash flow from financing activities was CNY 247,931,551.04, a significant improvement from a net outflow of CNY 72,738,754.57 in the previous period[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 22,194[13] - The largest shareholder, Yang Pengwei, holds 41.71% of shares, totaling 170,474,412 shares[13] - The second largest shareholder, Yang Guowen, holds 10.57% of shares, totaling 43,200,000 shares[13] - The company repurchased 5,190,199 shares, accounting for 1.27% of the total share capital[14] - The total number of restricted shares held by Yang Pengwei is 127,855,809, which are locked due to executive restrictions[16] - The total number of restricted shares held by Yang Guowen is 32,400,000, also locked due to executive restrictions[16] - The company has a total of 162,601,521 restricted shares at the end of the period[17] - The company has not reported any changes in the participation of major shareholders in margin trading[15] Other Financial Metrics - Accounts receivable increased by ¥171,475,391.48, or 31.19%, primarily due to increased sales[9] - The company reported a significant increase in trading financial assets, which rose by 415.42% to ¥119,005,000.00, mainly due to an increase in bank wealth management products[9] - Prepayments increased by 122.25% to approximately $36.77 million, primarily due to an increase in advance payments for materials[10] - Inventory rose by 31.41% to approximately $354.63 million, mainly driven by capacity expansion[10] - Short-term borrowings surged by 3177.39% to approximately $655.48 million, primarily due to an increase in bank loans[10] - Tax expenses increased by 93.35% to approximately $39.47 million, primarily due to higher sales profits[10] - Other income rose by 130.34% to approximately $35.74 million, mainly from increased government subsidies[10] - Investment income decreased by 162.38% to approximately -$13.07 million, primarily due to losses from forward foreign exchange settlements and financial liabilities[10] Audit and Reporting - The third quarter financial report was not audited, which may impact the reliability of the reported figures[27]

信息披露暂缓与豁免业务管理制度 江苏长海复合材料股份有限公司 信息披露暂缓与豁免业务管理制度 第一章 总 则 第一条 为规范江苏长海复合材料股份有限公司（以下简称"公司"）信息披 露暂缓与豁免行为，确保公司依法合规履行信息披露义务，保护投资者的合法权 益，根据《中华人民共和国证券法》《上市公司信息披露管理办法》《上市公司 信息披露暂缓与豁免管理规定》（以下简称"《信息披露暂缓与豁免规定》"）、 《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》（以 下简称"《规范运作指引》"）等相关法律法规，结合公司信息披露工作的实际 情况，特制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称"中国证监会"）和深 圳证券交易所（以下简称"证券交易所"）规定或者要求披露的内容，适用本制 度。 第二章 信息披露暂缓与豁免的适用情形 （三）披露后可能严重损害公司、他人利益的其他情形。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地披 露信 ...