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]

10月22日，中来股份跌1.09%，成交额8865.47万元。两融数据显示，当日中来股份获融资买入额 1338.27万元，融资偿还652.82万元，融资净买入685.44万元。截至10月22日，中来股份融资融券余额合 计2.22亿元。 融资方面，中来股份当日融资买入1338.27万元。当前融资余额2.21亿元，占流通市值的3.19%，融资余 额低于近一年20%分位水平，处于低位。 分红方面，中来股份A股上市后累计派现6.50亿元。近三年，累计派现1.94亿元。 机构持仓方面，截止2025年6月30日，中来股份十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股998.71万股，为新进股东。南方中证1000ETF（512100）位居第八大流通股东，持股 806.32万股，相比上期增加153.73万股。 责任编辑：小浪快报 资料显示，苏州中来光伏新材股份有限公司位于江苏省常熟市沙家浜镇常昆工业园区青年路，成立日期 2008年3月7日，上市日期2014年9月12日，公司主营业务涉及太阳能电池背膜的研发、生产和销售。主 营业务收入构成为：光伏应用系统55.36%，组件24.10%，光伏辅材12.81%，其他 ...

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].

Core Viewpoint - The company announced the election of Mr. Zhang Chengyu as the chairman of the fifth board of directors [2] Group 1 - The board of directors of the company approved the election of Mr. Zhang Chengyu [2]

每经AI快讯，中来股份（SZ 300393，收盘价：6.09元）9月26日晚间发布公告称，公司第五届第二十四 次董事会临时会议于2025年9月26日在公司会议室以现场和通讯相结合的方式召开。会议审议了《关于 调整公司第五届董事会战略投资与可持续发展委员会委员的议案》等文件。 2025年1至6月份，中来股份的营业收入构成为：光伏行业占比100.0%。 截至发稿，中来股份市值为66亿元。 每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ （记者 张喜威） ...