Group 1 - Zhonglai Co., Ltd. reported a revenue of approximately 3.898 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 14.21% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 398 million yuan [1] - The basic earnings per share showed a loss of 0.3653 yuan [1] Group 2 - As of the report, Zhonglai Co., Ltd. has a market capitalization of 6.9 billion yuan [2]

关于完成工商变更登记的公告 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。 证券代码：300393 证券简称：中来股份 公告编号：2025-062 苏州中来光伏新材股份有限公司 苏州中来光伏新材股份有限公司（以下简称"公司"）分别于2025年8月21 日、2025年9月11日召开第五届董事会第二十二次会议、2025年第一次临时股东 会，审议通过了《关于修订<公司章程>的议案》。2025年9月26日，公司召开2025 年第二次临时股东会，补选了第五届董事会非独立董事；同日，公司召开第五届 董事会第二十四次会议，完成了公司董事长、法定代表人的选举。具体内容详见 公司于2025年8月23日、2025年9月26日在中国证监会指定的创业板信息披露网站 巨潮资讯网上披露的相关公告。 名 称：苏州中来光伏新材股份有限公司 法定代表人：张承宇 注册资本：108962.7358万元整 成立日期：2008年03月07日 经营范围：太阳能材料（塑料软膜）开发、生产、销售；太阳能材料销售； 太阳能技术服务、咨询；从事货物及技术进出口业务（依法须经批准的项目，经 公司于近日完成了上述工 ...

Core Viewpoint - Zhonglai Co., Ltd. reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year, indicating ongoing financial challenges [1] Financial Performance - The third quarter revenue was 594 million yuan, a decrease of 59.40% [1] - The net profit for the third quarter was a loss of 229 million yuan, a decline of 10,623.28% [1] - For the first three quarters, the revenue totaled 3.898 billion yuan, down 14.21% [1] - The net profit for the first three quarters was a loss of 398 million yuan, a decrease of 31.06% [1]

证券代码：300393 证券简称：中来股份 公告编号：2025-060 苏州中来光伏新材股份有限公司 第五届董事会第二十五次会议决议公告 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。 一、董事会会议召开情况 经与会董事充分讨论，一致通过如下决议： （一）审议通过《关于<2025 年第三季度报告>的议案》 公司2025年第三季度报告的编制和审核程序符合法律法规和相关制度的有 关规定，报告内容真实、准确、完整地反映了上市公司的财务状况、经营成果， 不存在虚假记载、误导性陈述或重大遗漏。 苏州中来光伏新材股份有限公司（以下简称"公司"）第五届董事会第二十 五次会议于 2025 年 10 月 23 日在公司会议室以现场和通讯相结合的方式召开， 会议通知于 2025 年 10 月 17 日以电子邮件、电话等方式送达全体董事，会议应 到董事 9 人，实到董事 9 人。本次会议由公司董事长张承宇先生召集并主持，公 司部分高级管理人员列席了本次会议。本次会议召开符合《公司法》《公司章程》 的有关规定，合法、有效。 二、董事会会议审议情况 本议案已经董事会审计委员会审议通过。 ...

Financial Performance - The company's revenue for Q3 2025 was ¥594,191,067.56, a decrease of 59.40% compared to the same period last year[5] - The net profit attributable to shareholders was -¥229,259,822.01, representing a decline of 10,623.28% year-on-year[5] - The basic earnings per share were -¥0.2104, down 10,620.00% from the previous year[5] - Total operating revenue decreased to ¥3,898,018,507.48 from ¥4,543,898,204.15, representing a decline of approximately 14.3% year-over-year[21] - Operating profit showed a loss of ¥433,456,090.51 compared to a loss of ¥313,287,155.70 in the previous period, indicating a worsening of approximately 38.4%[22] - Net profit for the period was a loss of ¥389,470,154.76, compared to a loss of ¥330,218,848.66 in the prior year, reflecting an increase in losses of about 17.9%[22] - The net profit attributable to the parent company was -398,028,089.72, compared to -303,702,618.79 in the previous period, indicating a decline in profitability[23] - The total comprehensive income amounted to -403,810,507.17, compared to -326,170,681.06 in the previous period, reflecting a worsening financial position[23] - The basic and diluted earnings per share were both -0.3653, down from -0.2787 in the previous period, showing a decrease in earnings per share[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥15,646,820,359.78, a decrease of 5.84% from the end of the previous year[5] - Total assets decreased to ¥15,646,820,359.78 from ¥16,616,558,879.98, a decline of approximately 5.8%[20] - Total liabilities decreased to ¥11,953,981,053.09 from ¥12,516,752,920.12, a reduction of about 4.5%[20] - Current assets totaled ¥5,866,308,075.05, down from ¥6,660,125,276.38, a decrease of approximately 11.9%[20] - Non-current assets decreased slightly to ¥9,780,512,284.73 from ¥9,956,433,603.60, a decline of about 1.8%[20] - Long-term receivables decreased to ¥1,885,382,500.20 from ¥1,939,967,242.47, a reduction of approximately 2.8%[20] Cash Flow - The company reported a cash flow from operating activities of -¥393,005,413.17, a decline of 37.59% year-to-date[5] - Cash flow from operating activities generated a net outflow of -393,005,413.17, compared to -285,625,618.98 in the previous period, indicating increased cash burn[25] - The company received cash from sales of goods and services totaling 4,005,835,812.71, an increase from 3,776,898,743.89 in the previous period, reflecting growth in revenue[24] - The company reported a cash outflow of 4,646,166,743.08 from operating activities, slightly up from 4,621,970,803.26 in the previous period, indicating stable operational expenses[25] - The company’s total cash flow decreased by -140,390,248.12, compared to -500,396,877.03 in the previous period, indicating a challenging cash flow environment[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 49,858[13] - The largest shareholder, Lin Jianwei, holds 16.36% of shares, totaling 178,236,987 shares, with 94,800,000 shares pledged[14] - Zhejiang Zheneng Power holds 9.75% of shares, totaling 106,265,704 shares[14] - The total number of restricted shares at the end of the period is 133,734,307, down from 135,558,871 at the beginning of the period[16] - Lin Jianwei's restricted shares decreased by 1,836,563 during the period[16] - There are no significant changes in the top 10 shareholders' participation in margin trading[13] Research and Development - Research and development expenses decreased by 31.97% year-on-year, amounting to a reduction of ¥6,402.24 million[10] - Research and development expenses decreased to ¥136,225,486.61 from ¥200,247,879.98, a decrease of about 32% year-over-year[22] - The company has not disclosed any new product or technology developments in the current report[17] Mergers and Acquisitions - The company has not reported any mergers or acquisitions in the current period[17] Financing Activities - Cash inflow from financing activities was 601,768,230.09, up from 40,016,120.13 in the previous period, suggesting improved financing efforts[25] - The total amount of cash and cash equivalents at the end of the period is ¥1,144,354,341.36, down from ¥1,213,251,486.12 at the beginning of the period[18] - The cash and cash equivalents at the end of the period were 981,769,654.97, down from 1,338,855,024.41 in the previous period, indicating a decrease in liquidity[26] Inventory Management - The company’s inventory decreased by 52.95%, with a reduction of ¥66,215.99 million, reflecting improved inventory turnover[8] - Accounts receivable increased to ¥3,065,388,171.15 from ¥2,940,473,243.32[18]

Core Viewpoint - Zhonglai Co., Ltd. experienced a decline of 1.09% in stock price on October 22, with a trading volume of 88.65 million yuan, indicating a potential concern in market sentiment towards the company [1]. Financing Summary - On October 22, Zhonglai Co., Ltd. had a financing buy-in amount of 13.38 million yuan, with a net financing buy of 6.85 million yuan after 6.53 million yuan in repayments, reflecting a low financing balance of 2.22 billion yuan, which is 3.19% of the circulating market value [1]. - The current financing balance of 2.21 billion yuan is below the 20th percentile level of the past year, indicating a low level of financing activity [1]. Securities Lending Summary - On the same day, Zhonglai Co., Ltd. repaid 4,800 shares in securities lending, with no shares sold, resulting in a securities lending balance of 1.12 million yuan, which is above the 70th percentile level of the past year, suggesting a high level of borrowing activity [1]. Company Profile - Zhonglai Co., Ltd., established on March 7, 2008, and listed on September 12, 2014, is located in Changshu, Jiangsu Province. The company specializes in the research, production, and sales of solar cell backsheets [1]. - The main revenue composition includes photovoltaic application systems (55.36%), components (24.10%), photovoltaic auxiliary materials (12.81%), others (5.46%), and batteries (2.27%) [1]. Financial Performance - As of June 30, Zhonglai Co., Ltd. reported a total of 53,100 shareholders, a decrease of 1.04% from the previous period, with an average of 17,992 circulating shares per person, an increase of 1.06% [2]. - For the first half of 2025, the company achieved an operating income of 3.304 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to shareholders was -169 million yuan, a year-on-year increase of 44.83% [2]. - Since its A-share listing, Zhonglai Co., Ltd. has distributed a total of 650 million yuan in dividends, with 194 million yuan distributed over the past three years [2]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder with 9.9871 million shares, marking a new entry, while Southern CSI 1000 ETF (512100) is the eighth-largest circulating shareholder with 8.0632 million shares, an increase of 1.5373 million shares from the previous period [2].

Group 1 - On October 20, a total of 8 companies were investigated by institutions, with 6 companies being surveyed by funds, highlighting a significant interest in Huabang Health, which attracted 13 funds for the investigation [1][2] - The companies surveyed include 3 from the main board and 3 from the ChiNext board, indicating a diverse representation across different market segments [2] - Among the surveyed companies, only one has a total market capitalization exceeding 50 billion yuan, while four companies have market capitalizations below 10 billion yuan, including Boin Special Welding, Weiteou, and Zhonglai Shares [2] Group 2 - In terms of market performance, two stocks among the surveyed companies have increased in the last five days, with Boin Special Welding and Huabang Health showing gains of 27.01% and 8.39% respectively [2] - Conversely, four stocks have experienced declines, with Weiteou, Zhonglai Shares, and Guangdian Yuntong showing decreases of 7.24%, 1.83%, and 1.55% respectively [2] - Fund inflows over the past five days indicate that Huabang Health received a net inflow of 177 million yuan, the highest among the surveyed stocks, followed by Boin Special Welding and Guangdian Yuntong with net inflows of 130 million yuan and 399,700 yuan respectively [2] Group 3 - Among the surveyed companies, only one has released its third-quarter report, with Cangge Mining reporting the highest year-on-year net profit growth of 47.26% [2]

Group 1 - The core viewpoint of the news is that Zhonglai Co., Ltd. has shown a slight increase in stock price and trading volume, with notable financing activities indicating investor interest [1] - On October 20, Zhonglai's stock rose by 1.26%, with a trading volume of 129 million yuan, and a net financing purchase of 5.75 million yuan [1] - The total margin balance for Zhonglai as of October 20 is 226 million yuan, with financing balance accounting for 3.21% of the circulating market value, indicating a low level compared to the past year [1] Group 2 - As of June 30, Zhonglai had 53,100 shareholders, a decrease of 1.04% from the previous period, while the average circulating shares per person increased by 1.06% to 17,992 shares [2] - For the first half of 2025, Zhonglai reported operating revenue of 3.304 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to the parent company was -169 million yuan, showing a 44.83% year-on-year improvement [2] - Since its A-share listing, Zhonglai has distributed a total of 650 million yuan in dividends, with 194 million yuan distributed over the past three years [2]

Financial Performance - The company's total revenue for the first half of 2025 was approximately 3.304 billion CNY, with a net profit attributable to shareholders of about -169 million CNY [2] - Revenue breakdown: - Photovoltaic auxiliary materials: 423 million CNY - Module business: 796 million CNY - Photovoltaic application business: 1.829 billion CNY [2] Product Advantages - The "Yufeng" module features a single-glass structure with "full tempered glass + grid backplane," offering ultra-low carbon, ultra-high efficiency, and ultra-lightweight characteristics, along with "three lows and four resistances" [3] - The steel frame used in the modules has a cost approximately half that of aluminum frames, providing a cost-effective solution [3] Strategic Planning - The company plans to advance its distributed energy business in response to the "136 document" on market-oriented pricing reforms, focusing on intelligent and digital operation and maintenance [3] - Future development will include collaboration with universities and laboratories for photovoltaic operation and maintenance model research [3] Technology Development - The company is transitioning from TOPCon technology to BC technology, having initiated research on low-cost, high-efficiency BC batteries since 2019 [4] - The company plans to upgrade part of its existing 16GW TOPCon battery production line to BC production lines based on market conditions [5] Production Capacity - The company has a module production capacity of 4GW and sold 1.18GW in the first half of 2025 (excluding internal sales) [7] - The second phase of the 16GW TOPCon battery factory in Shanxi has been completed but has not yet been officially put into operation [6]

Core Viewpoint - The photovoltaic sector experienced a significant surge, with 9 out of 98 component stocks reaching new annual highs, indicating strong market performance and investor interest in the industry [1]. Industry Developments - There is increasing attention on whether the photovoltaic industry will undergo a new round of capacity regulation [2]. - The Ministry of Industry and Information Technology (MIIT) held two meetings in July and August, with expanded participation from various governmental bodies, indicating a higher level of scrutiny and potential regulatory changes in the photovoltaic sector [3]. - The meetings included representatives from major regulatory bodies such as the National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission, suggesting that state-owned enterprises in the energy sector may influence market dynamics significantly [3]. Policy Changes - Several anti-"involution" policy tools were introduced between the two meetings, including a draft amendment to the Price Law aimed at addressing unfair pricing behaviors [4]. - The MIIT issued a notice on August 1 regarding energy-saving inspections for 41 silicon material companies, reflecting a push towards more sustainable practices in the industry [5]. Industry Consensus - The industry is shifting focus from "scale growth" to "quality growth," with a target average growth rate of around 7% for major electronic manufacturing sectors, including photovoltaic and related fields, aiming for an annual revenue growth of over 5% [6].