Core Viewpoint - Lichong Group's stock has shown significant growth this year, with a 55.79% increase, reflecting strong performance in the automotive lightweight materials sector [1][2]. Financial Performance - For the period from January to September 2025, Lichong Group achieved a revenue of 22.921 billion yuan, representing a year-on-year growth of 18.34% [2]. - The net profit attributable to shareholders for the same period was 625 million yuan, marking a year-on-year increase of 26.77% [2]. Stock Market Activity - As of October 29, Lichong Group's stock price was 24.87 yuan per share, with a market capitalization of 15.904 billion yuan [1]. - The stock experienced a trading volume of 261 million yuan, with a turnover rate of 1.92% [1]. - Over the past five trading days, the stock price increased by 10.14%, and over the last 20 days, it rose by 5.83% [1]. Shareholder Information - As of October 10, the number of shareholders for Lichong Group increased to 33,400, a rise of 12.31% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 10.96% to 16,688 shares [2]. Dividend Distribution - Since its A-share listing, Lichong Group has distributed a total of 730 million yuan in dividends, with 339 million yuan distributed over the last three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 14.4197 million shares, an increase of 10.8443 million shares from the previous period [3].

Financial Performance - In the first three quarters of 2025, the company achieved a total revenue of 2,292,114,000 CNY, representing an 18.34% increase year-on-year [1] - The net profit attributable to shareholders for the same period was 62,543,000 CNY, a growth of 26.77% compared to the previous year [1] - Excluding the impact of accounting estimate changes, the net profit increased by 74.65% to 35,811,000 CNY [1] - In Q3 2025, the company reported a revenue of 84,778,000 CNY, up 23.69% year-on-year, and a net profit of 22,414,000 CNY, which is a remarkable 101.82% increase [1] Production and Expansion - The company initiated a project in Monterrey, Mexico, to produce 3.6 million ultra-lightweight aluminum alloy wheels, with the first phase of 1.8 million wheels completed in 2024 [2] - The second phase of 1.8 million wheels has begun initial production, and a planned capacity of 500,000 forged aluminum wheels is currently in trial production [2] - The Mexican factory benefits from the USMCA agreement, allowing for "zero tariff" exports to the U.S., enhancing global production flexibility and regional supply capabilities [2] Robotics Sector Development - The company is advancing its lightweight aluminum alloy materials and components for humanoid robots, collaborating with domestic and international brands [3] - A strategic cooperation agreement was signed with Weijing Intelligent to enhance the supply of materials and components for humanoid robots, including assembly and testing services [4][5] - The partnership aims to leverage both companies' strengths in technology and production to improve product efficiency and quality in the robotics field [5] Aerospace Industry Engagement - The company is actively expanding into the commercial aerospace sector, with several materials already applied in aviation and aerospace [6] - Developed aluminum-based rare earth intermediate alloys are used in manufacturing key aircraft and aerospace components [6] - New materials such as silicon-aluminum alloys and 3D printed aluminum alloys are being explored for various aerospace applications [6] New Energy Battery Materials - The company is focusing on the production and sales of lithium hexafluorophosphate for new energy batteries, seeking strategic partnerships [6] - Recent advancements include obtaining a patent for lithium sulfide, a key material for solid-state battery electrolytes, laying the groundwork for future developments in this area [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Insights - The company reported a revenue of 22.9 billion yuan for the first three quarters of 2025, representing an 18% year-on-year increase, and a net profit attributable to shareholders of 630 million yuan, up 27% year-on-year [2]. - The third quarter performance exceeded expectations, with revenue reaching a historical high of 8.48 billion yuan, a 24% increase quarter-on-quarter and 17% year-on-year [8]. - The company has made significant progress in new fields, including robotics and drones, with successful validations of its heat-resistant materials in various applications [8]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenue for 2024A is 27.25 billion yuan, increasing to 39.03 billion yuan by 2027E, with a compound annual growth rate (CAGR) of 7.2% from 2025E to 2027E [4]. - **Net Profit Forecasts**: Expected net profit attributable to shareholders is forecasted to grow from 707 million yuan in 2024A to 1.071 billion yuan in 2027E, with a CAGR of 11.1% [4]. - **Earnings Per Share (EPS)**: EPS is projected to rise from 1.11 yuan in 2024A to 1.67 yuan in 2027E [4]. - **Valuation Metrics**: The company is expected to trade at a price-to-earnings (PE) ratio of 22 times in 2026, with a target price set at 33.2 yuan based on comparable company valuations [4][8]. Market Position and Competitive Advantage - The company has successfully launched its heat-resistant materials in the market, achieving recognition from leading new energy vehicle manufacturers and establishing partnerships to enhance its product offerings [8]. - The strategic collaboration with Weijing Intelligent aims to accelerate the production of humanoid robots, showcasing the company's commitment to innovation and market expansion [8].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved Q3 revenue of 8.478 billion RMB, representing a year-over-year increase of 23.69% and a quarter-over-quarter increase of 16.77%. The net profit attributable to shareholders was 224 million RMB, up 101.82% year-over-year but down 6.35% quarter-over-quarter. For the first three quarters of 2025, the company reported revenue of 22.921 billion RMB, a year-over-year increase of 18.34%, and a net profit of 625 million RMB, up 26.77% year-over-year [1] - The company is expected to benefit from the broad application of its main products in emerging fields and the continuous contribution from overseas projects [1] Financial Performance - The gross margin for Q3 was 9.32%, showing a slight decrease of 0.29 percentage points quarter-over-quarter and 0.10 percentage points year-over-year. The total expense ratio for Q3 was 6.63%, up 0.42 percentage points quarter-over-quarter but down 1.48 percentage points year-over-year. Financial expenses turned positive to 30.159 million RMB in Q3 from a negative 34.7995 million RMB in Q2 [2] - The company maintains excellent expense control, with stable sales, R&D, and management expense ratios of 1.12%, 3.26%, and 1.90% respectively [2] Project Developments - The company successfully launched its project in Mexico, securing a designated project for aluminum alloy wheels from a luxury car manufacturer, amounting to approximately 5.8 billion RMB. The second phase of the Mexico project, with an annual production capacity of 3.6 million ultra-lightweight aluminum alloy wheels, has begun initial production [3] - The company has also initiated production of lithium hexafluorophosphate and fluorinated salts in its new energy materials project and has obtained a patent for the preparation of lithium sulfide. Additionally, a strategic cooperation agreement with Beijing Weijing Intelligent has been signed to extend the company's business into the humanoid robot industry [3] Profit Forecast and Valuation - The report maintains profit forecasts, expecting net profits attributable to shareholders to be 800 million RMB, 1.069 billion RMB, and 1.34 billion RMB for 2025-2027, with corresponding EPS of 1.25, 1.67, and 2.10 RMB. The average PE ratio for comparable companies in 2026 is projected to be 22.4 times, and the company is assigned a PE of 17 times for 2026, leading to a target price of 28.39 RMB [4][10]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 8.48 billion yuan, a year-on-year growth of 23.69% [2][3] - The net profit attributable to shareholders was 224 million yuan, showing a substantial increase of 101.82% compared to the same period last year [2][3] - The company's earnings per share (EPS) also saw a notable rise, with basic EPS at 0.35 yuan, up 105.88% year-on-year [2][3] Financial Performance - For the year-to-date period, the company achieved a total revenue of 22.92 billion yuan, reflecting an 18.34% increase year-on-year [2][3] - The net profit attributable to shareholders for the year-to-date period was 6.25 billion yuan, which is a 26.77% increase compared to the previous year [2][3] - The net profit after excluding non-recurring items for the year-to-date period was 5.60 billion yuan, up 28.63% year-on-year [2][3] Earnings Quality - The company demonstrated improved earnings quality, with the net profit margin increasing significantly [2][3] - The diluted EPS for the year-to-date period was 0.95 yuan, reflecting a 25.00% increase year-on-year [2][3] - The weighted average return on equity (ROE) was 8.22%, an increase of 1.07 percentage points compared to the previous year [2][3] Asset and Equity Growth - As of September 30, 2025, the company's total assets reached 23.42 billion yuan, a 9.32% increase from the end of the previous year [4] - The equity attributable to shareholders was 7.89 billion yuan, which is an 8.85% increase from the end of the previous year [4] - The company's asset structure remains robust, indicating a continuous enhancement of financial strength [4] Cash Flow Improvement - The net cash flow from operating activities for the year-to-date period improved significantly to -2.17 billion yuan, a 73.06% improvement from -8.06 billion yuan in the previous year [4] - This improvement is attributed to a smaller increase in receivables compared to the previous year [4]

Core Viewpoint - Lichong Group's stock has shown significant growth this year, with a 53.60% increase, reflecting strong performance in the automotive lightweight materials sector [1][2]. Financial Performance - For the period from January to September 2025, Lichong Group achieved a revenue of 22.92 billion yuan, representing a year-on-year growth of 18.34% [2]. - The net profit attributable to shareholders for the same period was 625 million yuan, marking a year-on-year increase of 26.77% [2]. Stock Market Activity - As of October 28, Lichong Group's stock price was 24.52 yuan per share, with a market capitalization of 15.68 billion yuan [1]. - The stock experienced a trading volume of 158 million yuan and a turnover rate of 1.17% [1]. - The stock has seen a net outflow of 4.46 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of October 10, the number of shareholders increased to 33,400, a rise of 12.31%, while the average circulating shares per person decreased by 10.96% to 16,688 shares [2]. - The total cash dividends distributed by Lichong Group since its A-share listing amount to 730 million yuan, with 339 million yuan distributed in the last three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 14.42 million shares, an increase of 10.84 million shares from the previous period [3].

Group 1 - The core point of the article is that Lichong Group (SZ 300428) held its 30th meeting of the fifth board on October 24, 2025, to review the proposal for the third quarter report of 2025 [1] - For the first half of 2025, Lichong Group's revenue composition is 100% from industrial activities [1] - As of the report date, Lichong Group has a market capitalization of 15.4 billion yuan [1]

Core Insights - The company reported a revenue of 22.921 billion yuan for the first three quarters, representing a year-on-year growth of 18.34% [1] - The net profit attributable to shareholders reached 625 million yuan, showing a year-on-year increase of 26.77% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 560 million yuan, reflecting a year-on-year growth of 28.63% [1]

第一章 总 则 第一条 为防范和规避市场价格波动风险，充分发挥商品期货套期保值功能， 规范立中四通轻合金集团股份有限公司（以下简称"公司"）商品期货套期保值业务 的决策、操作及管理程序，根据相关法律、法规、规范性文件及《公司章程》等规 定，结合公司实际情况，特制定本制度。 第二条 本制度所称商品期货套期保值业务（以下简称"套期保值业务"）是指： 公司以规避生产经营相关的产品和原材料价格波动所产生的风险为目的，结合销售 和生产采购计划，进行境内期货交易所上市标准化期货合约的交易，实现抵消现货 市场交易中存在的价格波动风险，以此达到稳定采购成本、防库存贬值的目的，保 障公司业务稳步发展。 立中四通轻合金集团股份有限公司 商品期货套期保值业务管理制度 立中四通轻合金集团股份有限公司 商品期货套期保值业务管理制度 立中四通轻合金集团股份有限公司 商品期货套期保值业务管理制度 第三条 公司套期保值业务仅限于与公司现有生产经营相关的期货品种。 第四条 本制度同时适用于公司及其全资、控股子公司。未经公司同意，公司 下属全资子公司及控股子公司不得操作套期保值业务。 第五条 公司从事商品期货套期保值业务，应遵循以下原则： （一 ...

特此公告。 立中四通轻合金集团股份有限公司董事会 2025 年 10 月 27 日 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。 2025 年 10 月 28 日立中四通轻合金集团股份有限公司(以下简称"公司") 召开第五届董事会第三十一次会议，审议并通过了公司《2025 年第三季度报告 的议案》。 为使广大投资者全面了解公司的经营、财务状况及未来发展规划，公司《2025 年第三季度报告》将于 2025 年 10 月 28 日在中国证监会指定的创业板信息披露 网站巨潮资讯网（http://www.cninfo.com.cn）上披露，敬请投资者注意查阅！ | 证券代码：300428 | 证券简称：立中集团 | 公告编号：2025-074 号 | | --- | --- | --- | | 债券代码：123212 | 债券简称：立中转债 | | 立中四通轻合金集团股份有限公司 2025 年第三季度报告披露提示性公告 ...