Core Viewpoint - Cixing Co., Ltd. is a significant player in the global computer knitting machinery sector, focusing on R&D, production, and sales, with a strong technical foundation and full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, Cixing's revenue reached 1.489 billion yuan, ranking 6th among 12 companies in the industry, with the top company, Jack Technology, generating 4.967 billion yuan [2] - The main business revenue composition includes: - Flat knitting machine business: 999.6 million yuan (90.04%) - Other: 43.837 million yuan (3.96%) - Automation equipment and project integration: 26.599 million yuan (2.40%) - Mobile internet: 21.048 million yuan (1.90%) - Material sales: 18.697 million yuan (1.69%) [2] - The net profit for the same period was 121 million yuan, ranking 3rd in the industry, with Jack Technology leading at 696 million yuan [2] Group 2: Financial Health - As of Q3 2025, Cixing's debt-to-asset ratio was 27.11%, down from 36.05% year-on-year and below the industry average of 37.71%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 31.10%, slightly lower than the previous year's 31.57%, but higher than the industry average of 22.26%, reflecting robust profitability [3] Group 3: Leadership and Shareholder Structure - The chairman and general manager, Sun Pingfan, has a salary of 1.02 million yuan for 2024, unchanged from 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 7.22% to 49,700, while the average number of circulating A-shares held per shareholder increased by 7.78% to 15,700 [5]

Group 1 - The core point of the news is that Cixing Co., Ltd. (300307.SZ) reported its Q3 2025 results, highlighting a significant institutional investment presence with 5 institutional investors holding a total of 276 million shares, representing 34.77% of the total share capital [1] - The institutional holding ratio increased by 0.01 percentage points compared to the previous quarter, indicating a slight upward trend in institutional confidence [1] - Among public funds, 15 funds were disclosed this period, including notable ones like Zhongzheng 2000 and Southern Zhongzheng 2000 ETF, reflecting continued interest from public investment vehicles [1] Group 2 - Foreign investment sentiment showed a slight increase, with one foreign fund, Hong Kong Central Clearing Limited, increasing its holdings, although the overall impact remains minimal [1]

Core Viewpoint - Cixing Co., Ltd. reported a significant decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the third quarter was 383 million yuan, representing a year-on-year decrease of 24.39% [1] - The net profit attributable to shareholders of the listed company was 16.01 million yuan, down 37.01% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 13.55 million yuan, reflecting a year-on-year decline of 43.77% [1]

Group 1 - The core point of the article is that Cixing Co., Ltd. reported a significant decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Group 2 - The company achieved an operating income of 1.489 billion yuan, representing a year-on-year decrease of 16.54% [1] - The net profit attributable to shareholders of the listed company was 122 million yuan, down 60.71% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 96.2368 million yuan, a decrease of 25.45% year-on-year [1] - The basic earnings per share were 0.15 yuan [1]

Core Insights - The company demonstrated strong resilience in the face of complex macroeconomic challenges and industry cyclical adjustments, achieving significant breakthroughs in non-traditional application areas, paving new paths for long-term growth [1][2] Financial Performance - In the first three quarters, the company reported revenue of 1.489 billion and a net profit attributable to shareholders of 122 million, indicating short-term pressure due to weak demand in the first-line forming machine sector [1] - The core product, computer knitting machines, generated revenue of 774 million in the first half, showing a year-on-year growth of 0.22% with a gross margin of 32.38%, reflecting resilience amid industry downturn [1] Product and Market Strategy - The company has established a comprehensive product system covering basic to high-end complex pattern knitting and embedded flower functions, with needle specifications ranging from 3 to 18 needles, meeting diverse production needs of different customer groups [1] - The development and promotion of first-line forming models further enhance the product line structure and strengthen the differentiated competitive advantage of the core business [1] - The company has accumulated over 20,000 customers, with an increasing concentration of top clients and a steady rise in brand customers, creating a virtuous cycle of "product-customer" empowerment [1] Innovation and R&D - The company achieved a key breakthrough in the automotive textile sector, successfully entering the automotive interior supply chain with innovative knitted products, marking a significant cross-industry adaptation of its technology and products [2] - Increased R&D investment has been made, including the establishment of research centers and recruitment of high-end technical talent, forming a dual technical team structure with domestic and international expertise [2] - A recent patent for a knitting machine with adjustable needle bed gap was granted, enhancing the technical barrier of the core business and providing critical support for cross-industry product development [2] Strategic Outlook - The company is proactively adjusting its strategy in response to cyclical industry fluctuations, focusing on optimizing high-end product lines and transitioning between old and new growth drivers [3] - The company remains committed to balancing R&D investment with customer orientation, aiming to solidify core business advantages while continuously innovating to navigate industry cycles and achieve long-term high-quality development [3]

Core Insights - Ningbo Cixing Co., Ltd. reported a revenue of 1.489 billion yuan and a net profit attributable to shareholders of 122 million yuan for the first three quarters of 2025, demonstrating resilience amid macroeconomic challenges and industry cyclicality [1] - The company has strategically adjusted its low-end product lines while maintaining strong performance in traditional computer knitting and shoe upper machine businesses, which have seen growth despite industry headwinds [1] - Significant breakthroughs have been made in new application areas, particularly in automotive textiles, with innovative knitted products successfully entering the supply chain of a well-known domestic car manufacturer [1] Financial Performance - Revenue for the first three quarters reached 1.489 billion yuan [1] - Net profit attributable to shareholders was 122 million yuan [1] - Net profit excluding non-recurring items was 96.2368 million yuan [1] Strategic Initiatives - The company is undergoing a critical period of new and old energy conversion, focusing on R&D investment and customer orientation to strengthen core businesses and innovate [2] - Regional research institutes have been established in key industrial clusters to enhance customer service efficiency and local responsiveness [2] - A research center has been set up in Shanghai to focus on fashion design needs and promote research outcomes to various regional institutions and clients [2] Market Engagement - The company is enhancing market interaction through participation in domestic and international professional exhibitions, showcasing representative knitting equipment products [2] - Efforts are being made to optimize the agent structure and business team management to improve overall market response speed [2]

Core Viewpoint - Cixing Co., Ltd. announced the convening of its 19th meeting of the 5th Board of Directors on October 27, 2025, where the election of the 6th Board of Directors was approved, including nominations for both non-independent and independent directors [1] Summary by Categories - **Board Election** - The company approved the proposal for the election of the 6th Board of Directors [1] - Nominations for non-independent directors include Mr. Sun Pingfan, Mr. Li Lijun, Mr. Zou Jinzhu, Mr. Hu Yueyong, and Ms. Sun Shimeng [1] - Nominations for independent directors include Mr. Lin Xueming, Mr. Sun Ke, and Ms. Chen Wenying [1]

宁波慈星股份有限公司 融资与对外担保管理办法 第一章 总则 第一条 为规范宁波慈星股份有限公司（以下简称"公司"）融资和对外担 保管理，有效控制公司融资风险和对外担保风险，保护公司财务安全和投资者的 合法权益，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《中华人 民共和国民法典》及《上市公司监管指引第 8 号——上市公司资金往来、对外担 保的监管要求》《深圳证券交易所创业板股票上市规则》《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》等法律、行政法规、规范 性文件及《宁波慈星股份有限公司章程》（以下简称"《公司章程》"）的相关规定， 制定本办法。 第二条 本办法所称融资，是指公司向以银行为主的金融机构进行间接融资 的行为，主要包括综合授信、流动资金贷款、固定资产贷款、信用证融资、票据 融资和开具保函等形式。 公司直接融资行为不适用本办法。 第三条 本办法所称对外担保，是指公司以第三人身份为他人提供保证、抵 押、质押或其他形式的担保，包括公司对控股子公司的担保。 公司为自身债务提供担保不适用本办法。 第五条 公司对外担保必须经董事会或股东会审议，未经公司董事会或股东 会批 ...

宁波慈星股份有限公司 内幕信息知情人登记管理制度 第一章 总 则 第一条 为进一步规范宁波慈星股份有限公司（以下简称"公司"）内幕信息 管理行为，加强内幕信息保密工作，维护公司信息披露的公开、公平、公正原则， 根据《中华人民共和国公司法》（以下简称《" 公司法》"）、《中华人民共和国证券 法》（以下简称《" 证券法》"）、《上市公司信息披露管理办法》《深圳证券交易所 创业板股票上市规则》（以下简称《" 上市规则》"）等有关法律法规、规范性文件 及《宁波慈星股份有限公司章程》（以下简称《" 公司章程》"）的有关规定，特制 定本制度。 第二条 本制度适用于公司内幕信息及其知情人的管理事宜。本制度未规定 的，适用公司《信息披露管理办法》的相关规定。本制度的适用范围：公司各机 构、分公司、控股子公司、公司有重大影响的参股公司。 第三条 公司董事会应当按照法律、法规、部门规章以及深圳证券交易所相 关规则要求及时登记和报送内幕信息知情人档案，并应当对内幕信息知情人信息 的真实性、准确性、完整性进行核查，保证内幕信息知情人档案的真实、准确和 完整，报送及时。董事长为主要责任人。董事会秘书负责办理公司内幕信息知情 人的登记入 ...

宁波慈星股份有限公司 董事、高级管理人员所持公司股份及其变动管理制度 第一章 总 则 第一条 为加强宁波慈星股份有限公司（以下简称"公司"）董事、高级管理 人员所持本公司股份及其变动的管理，维护证券市场秩序，根据《中华人民共和 国公司法》、《中华人民共和国证券法》、《深圳证券交易所创业板股票上市规则》、 《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》、 《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》、《上市公司 股东减持股份管理暂行办法》、《深圳证券交易所上市公司自律监管指引第 10 号 ——股份变动管理》等有关法律、法规、规范性文件及《公司章程》的有关规定， 结合公司实际情况，制订本制度。 第二条 本制度适用于公司董事、高级管理人员所持本公司股份及其变动的 管理。 其所持本公司股份是指登记在其名下的所有本公司股份；从事融资融券交易 的，还包括记载在其信用账户内的本公司股份。公司董事、高级管理人员从事融 资融券交易时，也应该遵守本制度并履行相关询问和报告义务。 公司董事、高级管理人员委托他人代为买卖公司股票及其衍生品种，视作本 人所为，也应该遵守本制度并履行相关询问和 ...