Market Overview - The electronic chemicals sector experienced a decline of 0.3% on October 28, with Siquan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Huate Gas (688268) with a closing price of 68.52, up 5.42% on a trading volume of 44,800 shares and a turnover of 297 million [1] - Jingrui Electric Materials (300655) closed at 18.25, up 4.23% with a trading volume of 3.09 million shares and a turnover of 56.791 million [1] - Conversely, Siquan New Materials (301489) saw a significant decline of 16.98%, closing at 203.30 with a trading volume of 138,900 shares and a turnover of 298.5 million [2] Capital Flow - The electronic chemicals sector experienced a net outflow of 1.446 billion in main funds, while retail investors saw a net inflow of 1.253 billion [2] - The capital flow for specific stocks showed: - Dinglong Co. (300054) had a main fund net inflow of 37.85 million, but retail investors had a net outflow of 22.91 million [3] - Huate Gas (688268) experienced a main fund net inflow of 8.2143 million, with retail investors seeing a net outflow of 8.6272 million [3]

Group 1 - The company, Puyang Huicheng (300481.SZ), clarified on the investor interaction platform that its raw materials do not involve photosensitive monomers [1]

Core Viewpoint - Puyang Huicheng (300481.SZ) reported its Q3 2025 results, indicating a slight decline in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 24, 2025, five institutional investors hold a total of 111 million shares of Puyang Huicheng, representing 38.02% of the total share capital [1] - The institutional ownership decreased by 0.31 percentage points compared to the previous quarter [1] Public Fund Participation - A total of 45 public funds were disclosed this period, including Southern Transformation Growth Flexible Allocation Mixed A, Southern Balanced Growth Mixed A, Southern Anyu Mixed A, Anxin New Trend Mixed A, and Anxin Yongxin Enhanced Bond A [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings this period, resulting in a slight uptick in foreign ownership [1]

Core Insights - The company reported a revenue of 348,320,862.34 yuan for the third quarter of 2025, representing a year-on-year decline of 4.73% [1] - The net profit attributable to shareholders of the listed company was 38,000,857.22 yuan, showing a year-on-year increase of 1.49% [1] Financial Performance - Revenue for Q3 2025: 348.32 million yuan, down 4.73% year-on-year [1] - Net profit for Q3 2025: 38.00 million yuan, up 1.49% year-on-year [1]

Core Viewpoint - The company, Puyang Huicheng (300481), clarified that it is not a leading enterprise in the photoresist field and does not manufacture chips, focusing instead on the research, production, and sales of fine chemicals such as anhydride derivatives and functional material intermediates [1] Company Summary - Puyang Huicheng primarily engages in the development, production, and sales of fine chemicals [1] - The company specializes in anhydride derivatives and functional material intermediates [1]

Core Viewpoint - Puyang Huicheng (300481.SZ) reported a decline in both revenue and net profit for the first three quarters of the year, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 1.069 billion yuan, a year-on-year decrease of 1.36% [1] - The net profit attributable to shareholders was 109 million yuan, reflecting a year-on-year decline of 27.55% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 101 million yuan, down 27.76% year-on-year [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Puyang Huicheng in Q3, indicating a decline in revenue and net profit compared to the previous year [1] Group 2 - For the first three quarters of 2025, the company reported revenue of approximately 1.069 billion yuan, a year-on-year decrease of 1.36% [1] - The net profit attributable to shareholders was about 109 million yuan, reflecting a year-on-year decrease of 27.55% [1] - The basic earnings per share were 0.37 yuan, which is a decrease of 27.45% compared to the same period last year [1]

Core Viewpoint - Puyang Huicheng (300481.SZ) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 1.069 billion yuan, a year-on-year decrease of 1.36% [1] - The net profit attributable to shareholders of the listed company was 109 million yuan, down 27.55% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 101 million yuan, reflecting a decrease of 27.76% year-on-year [1] - Basic earnings per share were 0.37 yuan [1]

濮阳惠成电子材料股份有限公司 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 濮阳惠成电子材料股份有限公司（以下简称"公司"）第五届董事会第二十 三次会议于 2025 年 10 月 23 日以通讯的方式召开。会议通知已于 2025 年 10 月 16 日通过邮件的方式送达各位董事。会议应出席董事 7 名，实际出席董事 7 名。 本次会议召开符合《公司法》和《公司章程》等有关规定。 二、董事会会议审议情况 经与会董事审议，以投票表决方式审议了以下议案： 1.审议通过《关于公司<2025 年第三季度报告>的议案》 证券代码：300481 证券简称：濮阳惠成 公告编号：2025-059 濮阳惠成电子材料股份有限公司 第五届董事会第二十三次会议决议的公告 1.第五届董事会第二十三次会议决议； 2.第五届董事会审计委员会第十二次会议决议。 特此公告。 濮阳惠成电子材料股份有限公司董事会 2025年10月24日 公司董事会经审查认为：公司对《2025 年第三季度报告》的编制和审核程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地 ...

Financial Performance - The company's revenue for Q3 2025 was ¥348,320,862.34, representing a decrease of 4.73% compared to the same period last year[4]. - Net profit attributable to shareholders was ¥38,000,857.22, an increase of 1.49% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥35,852,980.70, up by 4.06%[4]. - Year-to-date revenue reached ¥1,069,225,527.63, down 1.36% from the previous year, with a year-to-date net profit of ¥108,644,571.12, a decline of 27.55%[4]. - Total operating revenue for the period was CNY 1,069,225,527.63, a decrease of 1.3% compared to CNY 1,083,951,749.07 in the previous period[21]. - Net profit for the period was CNY 108,658,097.24, down 27.5% from CNY 149,972,667.72 in the previous period[21]. - Basic and diluted earnings per share were both CNY 0.37, compared to CNY 0.51 in the previous period[22]. Assets and Liabilities - The company's total assets as of September 30, 2025, were ¥2,993,257,966.27, reflecting a 6.40% increase from the end of the previous year[4]. - Total assets increased to 2,993,257,966.27 RMB from 2,813,131,398.21 RMB, reflecting a growth of approximately 6.4%[17]. - Current assets totaled 1,854,716,521.08 RMB, up from 1,779,143,110.09 RMB, indicating an increase of about 4.2%[17]. - Total liabilities increased to CNY 590,110,451.07, up from CNY 401,550,924.92[18]. - The company’s total current liabilities rose to CNY 545,715,056.71, compared to CNY 381,128,269.55 previously[18]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥122,278,329.46, down 47.20% compared to the same period last year[4]. - The net cash inflow from operating activities was CNY 122,278,329.46, a decrease of 47.3% compared to CNY 231,604,741.49 in the previous period[24]. - Cash generated from operating activities was CNY 1,210,372,277.76, an increase from CNY 1,140,275,482.81 in the previous period[23]. - Cash inflow from financing activities totaled CNY 406,341,816.66, significantly higher than CNY 125,000,000.00, marking an increase of 225.1%[24]. - The net cash flow from financing activities was CNY 12,926,086.49, recovering from a net outflow of CNY -187,334,226.21 in the previous period[24]. Inventory and Investments - The company reported a significant increase in inventory, which rose by 32.59% to ¥198,385,754.33, attributed to increased stockpiling[8]. - Long-term equity investments increased to ¥126,056,292.86, marking a 100% change due to equity acquisitions[8]. - Long-term equity investments amounted to 126,056,292.86 RMB, indicating a strategic focus on long-term growth[17]. - Inventory increased to 198,385,754.33 RMB from 149,619,822.48 RMB, representing a growth of approximately 32.5%[17]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 21,846[11]. - The largest shareholder, Qu Shui Ao Cheng Industrial Co., Ltd., holds 35.24% of shares, totaling 102,858,211 shares[11]. - The company’s cash dividend distribution plan for the first half of 2025 is set at 2 RMB per 10 shares, based on a total share capital of 291,855,438 shares[15]. Research and Development - The company reported a significant increase in research and development expenses to CNY 60,469,991.60, compared to CNY 57,556,585.85 in the previous period[21].