Market Overview - The renovation and building materials sector increased by 0.66% compared to the previous trading day, with Kexin New Materials leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Top Gainers in the Sector - Kexin New Materials (code: 920580) closed at 17.73, up 5.04% with a trading volume of 52,200 lots and a transaction value of 91.52 million yuan [1] - ST Nachuan (code: 300198) closed at 2.60, up 4.00% with a trading volume of 593,400 lots [1] - Yashi Chuangneng (code: 603378) closed at 7.24, up 3.13% with a trading volume of 264,400 lots [1] - Other notable gainers include Tubaobao (code: 002043) and Jingxue Energy-saving (code: 301010), with increases of 2.88% and 2.76% respectively [1] Top Losers in the Sector - Conch New Materials (code: 000619) closed at 7.72, down 1.91% with a trading volume of 1,123,600 lots [2] - Youbang Ceiling (code: 002718) closed at 29.22, down 1.65% with a trading volume of 32,600 lots [2] - Kairun Co., Ltd. (code: 300715) closed at 11.64, down 1.27% with a trading volume of 45,300 lots [2] Capital Flow Analysis - The renovation and building materials sector experienced a net outflow of 209 million yuan from institutional investors, while retail investors saw a net inflow of 157 million yuan [2] - Notable stocks with significant capital inflow include Puna Co., Ltd. (code: 002225) with a net inflow of 51.13 million yuan from institutional investors [3] - Other stocks like Wanli Stone (code: 002785) and Weixing New Materials (code: 002372) also saw positive net inflows from institutional investors [3]

Core Insights - The renovation and building materials sector increased by 0.57% on November 11, with Conch New Materials leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Sector Performance - Conch New Materials (000619) closed at 7.15, up 10.00% with a trading volume of 204,400 shares and a transaction value of 145 million yuan [1] - Youbang Ceiling (002718) also rose by 10.00%, closing at 29.26 with a trading volume of 39,400 shares and a transaction value of 111 million yuan [1] - Other notable performers include ST Nachuan (300198) up 4.62%, Wanli Stone (002785) up 4.45%, and Luopus Gold (002333) up 2.66% [1] Capital Flow - The renovation and building materials sector experienced a net outflow of 201 million yuan from main funds, while retail investors contributed a net inflow of 159 million yuan [3] - Speculative funds saw a net inflow of 42.79 million yuan into the sector [3]

关于公司股票被实施其他风险警示相关事项的进展公告 证券代码：300198 证券简称：ST 纳川 公告编号：2025-126 福建纳川管材科技股份有限公司 2. 投资管理 一、被实施其他风险警示的基本情况 （一）否定意见的内部控制审计报告 福建纳川管材科技股份有限公司（以下简称"公司"）内部控制存在以下缺 陷，被出具否定意见的内部控制审计报告。根据《深圳证券交易所创业板股票上 市规则》第 9.4 条第四项"最近一个会计年度财务报告内部控制被出具无法表示 意见或者否定意见的审计报告，或者未按照规定披露财务报告内部控制审计报 告"的规定，公司股票被实施其他风险警示（ST）。 1. 公司治理结构 2024 年公司董事会秘书、四位非独立董事及财务总监相继离职，公司董事 长陈志江先生于 2024 年 2 月至 12 月期间，分别先后兼任公司董事会秘书以及财 务总监相关职位；董事辞职后公司未及时改选董事，导致公司董事会成员低于公 司章程规定的人数，公司的治理结构存在内部控制缺陷。 关于公司股票被实施其他风险警示相关事项的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏 ...

关于收到执行裁定书暨重大仲裁的进展公告 证券代码：300198 证券简称：ST 纳川 公告编号：2025-125 福建纳川管材科技股份有限公司 关于收到执行裁定书暨重大仲裁的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示: 1. 案件所处的仲裁阶段：执行。 2. 公司所处的当事人地位：被执行人。 3. 涉案金额：81,272,844.23 元（2025 年 4 月 4 日起至实际清偿之日止的 利息、罚息、复利按《授信额度协议》约定计算，具体金额以实际处理时为准， 暂未计算在内）。 4. 对公司损益产生的影响：根据执行通知书，履行交纳欠款、迟延履行的 债务利息及执行费的义务，具体会计处理和影响情况以公司年度审计报告为准。 一、本次执行事项的基本情况 的[2025]泉仲南字 475 号裁决文书向法院申请执行。2025 年 9 月 19 日，公司收 到厦门市思明区人民法院送达的《执行通知书》（（2025）闽 0203 执 15987 号）。 具体内容详见公司于 2025 年 9 月 22 日披露在巨潮资讯网的《关于收到执行通知 书暨重大仲裁的 ...

Group 1 - The core point of the article is that ST Nanchuan held its 31st meeting of the 5th board of directors on October 22, 2025, to review the proposal for the third quarter report of 2025 [1] - For the year 2024, ST Nanchuan's revenue composition is as follows: pipe sales account for 32.28%, products or services related to new energy vehicles account for 22.89%, engineering service revenue accounts for 20.84%, trade accounts for 16.46%, and operation and maintenance repair accounts for 7.53% [1] - As of the time of reporting, ST Nanchuan has a market capitalization of 2.3 billion yuan [1] Group 2 - The article mentions that Chinese innovative drugs have sold overseas licenses worth 80 billion USD this year, highlighting the hot secondary market in biomedicine [1] - A dialogue with Lu Gang, a partner at Chuangdong Investment, indicates that while the secondary market is thriving, the primary market is facing challenges in fundraising [1]

Group 1 - The core point of the article is that ST Nanchuan (300198.SZ) reported a significant decline in revenue and incurred a net loss in the third quarter [1] Group 2 - For the first three quarters, the company reported an operating income of 57.92 million yuan, representing a year-on-year decrease of 55.71% [1] - The net loss for the period was 108 million yuan, with a non-recurring net loss of 89.8 million yuan [1] - The basic earnings per share were reported at -0.1050 yuan [1]

Core Insights - ST Nanchuan reported a significant decline in revenue and net profit for the first three quarters of 2025, with total revenue at 57.93 million yuan, down 55.71% year-on-year, and a net loss of 108 million yuan, a decrease of 33.30% year-on-year [1][2] Financial Performance - The basic earnings per share for the reporting period was -0.10 yuan, with a weighted average return on equity of -148.88% [2] - The company's gross margin for the first three quarters was 25.14%, an increase of 9.98 percentage points year-on-year, while the net margin was -191.69%, a decline of 127.81 percentage points compared to the same period last year [2] - In Q3 2025, the gross margin was 19.43%, up 0.10 percentage points year-on-year but down 12.65% quarter-on-quarter; the net margin was -146.61%, down 14.08% year-on-year but up 31.26% from the previous quarter [2] Expense Analysis - Total operating expenses for Q3 2025 were 42.04 million yuan, an increase of 2.43 million yuan year-on-year, with an expense ratio of 72.58%, up 42.29 percentage points year-on-year [2] - Sales expenses decreased by 27.26% year-on-year, while management expenses remained nearly unchanged, R&D expenses decreased by 19.30%, and financial expenses increased by 76.60% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 24,600, a decrease of 3,422 or 12.20% from the end of the previous half [3] - The average market value per shareholder decreased from 96,300 yuan to 95,900 yuan, a decline of 0.46% [3] Company Overview - Fujian Nanchuan Pipe Technology Co., Ltd. was established on June 11, 2003, and listed on April 7, 2011; its main business includes the R&D, manufacturing, and sales of drainage pipes, pipeline repair, engineering services, and new energy vehicle-related products [3] - The revenue composition is as follows: pipe sales 42.65%, new energy vehicle-related products or services 39.30%, and operation and maintenance repair 23.24% [3] - The company is classified under the building materials industry, specifically in the pipe sector, and is associated with concepts such as shared vehicles, ST stocks, small-cap stocks, and autonomous driving [3]

关于全资子公司签订建设工程施工合同的公告 证券代码：300198 证券简称：ST 纳川 公告编号：2025-123 福建纳川管材科技股份有限公司 关于全资子公司签订建设工程施工合同的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 福建纳川管材科技股份有限公司（以下简称"公司"）于 2025 年 10 月 22 日召开第五届董事会第三十一次会议，审议通过了《关于全资子公司签订建设工 程施工合同的议案》，近日，公司全资子公司福建万润新能源科技有限公司（以 下简称"福建万润"）拟与榕消建设集团有限公司签订《建设工程施工合同》， 暂定合同价款 17991250.00 元。 根据《深圳证券交易所创业板股票上市规则》及《公司章程》的规定，本事 项在公司董事会审批权限范围内，无需股东会审议。本合同不构成关联交易，不 构成《上市公司重大资产重组管理办法》规定的重大资产重组。现将有关内容公 告如下： 一、交易对方的基本情况 企业名称：榕消建设集团有限公司 企业类型：有限责任公司（自然人投资或控股） 法定代表人：金钗 统一社会信用代码：91350100MA322UY460 ...

第五届监事会第二十二次会议决议公告 证券代码：300198 证券简称：ST 纳川 公告编号：2025-122 福建纳川管材科技股份有限公司 第五届监事会第二十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1 本次监事会通知于 2025 年 10 月 11 日以电子邮件形式发出。 2 本次监事会于 2025 年 10 月 22 日在公司总部 5 楼会议室召开，会议以现 场表决方式召开。 3 本次监事会应出席监事 3 人，实际出席监事 3 人。 4 本次监事会由监事会主席林惠霞女士主持，公司董事会秘书列席了会议。 5 本次会议的召开和表决程序符合《中华人民共和国公司法》等法律法规和 《公司章程》的有关规定。 二、监事会会议审议情况 1. 审议通过《关于<2025 年第三季度报告>的议案》 具体内容详见同日刊载于巨潮资讯网(http://www.cninfo.com.cn)的《2025 年第三季度报告》。 表决情况：同意 3 人，占有表决权监事人数的 100%，无弃权和反对票。 三、备查文件 1. 第五届监事会第二十二次会 ...

第五届董事会第三十一次会议决议公告 证券代码：300198 证券简称：ST 纳川 公告编号：2025-121 4. 本次董事会由董事长陈志江先生主持，公司监事、高级管理人员列席了 会议。 5. 本次董事会的召开和表决程序符合《中华人民共和国公司法》等法律法 规和《公司章程》的有关规定。 二、董事会会议审议情况 1. 审议通过《关于〈2025 年第三季度报告〉的议案》 福建纳川管材科技股份有限公司 第五届董事会第三十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 1. 本次董事会通知于 2025 年 10 月 11 日以电子邮件形式发出。 2. 本次董事会于 2025 年 10 月 22 日在公司总部 5 楼会议室召开，会议以通 讯方式召开。 3. 本次董事会应出席董事 5 人，实际出席董事 5 人。 经审议，董事会认为：《2025 年第三季度报告》内容真实、准确、完整地 反映了公司的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 本议案已经审计委员会审议通过。 具体内容详见同日刊载于巨潮资讯网(http://ww ...