Core Viewpoint - The company reported a significant decline in both revenue and net profit for the third quarter of 2025 compared to the previous year [1] Financial Performance - In the third quarter, the company achieved a revenue of 259 million yuan, representing a year-on-year decrease of 25.05% [1] - The net profit for the third quarter was 9.28 million yuan, down 59.69% year-on-year [1] - For the first three quarters, the company recorded a total revenue of 464 million yuan, which is a decrease of 6.65% compared to the same period last year [1] - The net profit for the first three quarters was 19.43 million yuan, reflecting a year-on-year decline of 16.20% [1]

Core Viewpoint - Shudao Equipment (300540.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 464 million yuan, representing a year-on-year decrease of 6.65% [1] - The net profit attributable to shareholders of the listed company was 19.43 million yuan, down 16.20% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 15.93 million yuan, a decrease of 29.43% year-on-year [1] - Basic earnings per share were 0.0846 yuan [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Shudao Equipment in Q3 2023, indicating a decline in revenue and net profit compared to the previous year [1] - For the first three quarters of 2025, the company reported revenue of approximately 464 million yuan, representing a year-on-year decrease of 6.65% [1] - The net profit attributable to shareholders was about 19.43 million yuan, reflecting a year-on-year decline of 16.2% [1] - Basic earnings per share were reported at 0.0846 yuan, which is a decrease of 40.96% year-on-year [1] Group 2 - As of the report date, the market capitalization of Shudao Equipment stands at 4.4 billion yuan [2]

证券代码：300540 证券简称：蜀道装备 公告编号：2025-049 四川蜀道装备科技股份有限公司 第五届监事会第三次会议决议公告 本公司及监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。 一、监事会会议召开情况 四川蜀道装备科技股份有限公司（以下简称"公司"）第五届监事会第三次 会议于 2025 年 10 月 22 日以电子邮件、传真、书面通知等方式发出会议通知及 相关材料，本次会议于 2025 年 10 月 24 日以通讯方式召开。会议应到监事 3 人， 实到监事 3 人，公司董事会秘书列席了会议。会议由监事会主席林春怡女士主持， 会议召开符合《公司法》等相关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、监事会会议审议情况 1、审议通过了《2025 年第三季度报告》 监事会审核了公司 2025 年第三季度报告，对第三季度报告无异议，并发表 意见如下：经审核，监事会认为董事会编制和审核公司 2025 年第三季度报告的 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、完整地反 映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大 ...

证券代码：300540 证券简称：蜀道装备 公告编号：2025-048 四川蜀道装备科技股份有限公司 第五届董事会第六次会议决议公告 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。 一、董事会会议召开情况 四川蜀道装备科技股份有限公司（以下简称"公司"）第五届董事会第六次 会议于 2025 年 10 月 24 日以通讯方式召开，本次会议于 2025 年 10 月 22 日以专 人送达、电子邮件等方式发出会议通知及相关材料。本次会议应出席会议董事 9 人，实际出席会议董事 9 人。本次会议由董事长胡圣厦主持，公司高级管理人员 及监事列席了本次会议。本次会议的召开符合《公司法》等相关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 1、以 9 票同意、0 票反对、0 票弃权审议通过《2025 年第三季度报告》 董事会认为:公司 2025 年第三季度报告的内容真实、准确、完整，不存在虚 假记载、误导性陈述或者重大遗漏。本议案已经公司董事会审计委员会审议通过。 公 司 2025 年 第 三 季 度 报 告 的 具 体 内 容 详 见 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥258,695,563.90, a decrease of 25.05% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥9,279,762.64, down 59.69% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥8,163,676.34, a decrease of 63.87%[5]. - The basic earnings per share (EPS) was ¥0.0404, reflecting a decline of 71.81% compared to the previous year[5]. - The net profit for the year-to-date was ¥19,431,111.41, down 16.20% year-on-year, despite a 21.06% increase in total profit[9]. - Total operating revenue for the current period is CNY 463,656,279.33, a decrease from CNY 496,695,139.84 in the previous period[20]. - Net profit for the current period is CNY 18,951,889.09, compared to CNY 23,361,952.58 in the previous period[21]. - The total comprehensive income for the period was CNY 18,951,889.09, compared to CNY 23,361,952.58 in the previous period, reflecting a decrease of approximately 18.5%[22]. - Basic and diluted earnings per share decreased to CNY 0.0846 from CNY 0.1433, representing a decline of about 40.5%[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,153,791,261.51, an increase of 2.52% from the end of the previous year[5]. - The company's total assets increased to CNY 2,153,791,261.51 from CNY 2,100,830,514.65[19]. - Total liabilities rose to CNY 1,025,348,779.36, up from CNY 981,063,300.30 in the previous period[19]. - The company's equity attributable to shareholders increased to CNY 1,103,885,255.67 from CNY 1,094,730,765.55[19]. - Accounts receivable decreased to CNY 183,156,397.13 from CNY 217,592,108.74[18]. - Inventory increased to CNY 312,710,579.96 from CNY 280,094,980.49[18]. - Long-term receivables rose significantly to CNY 286,309,764.25 from CNY 76,881,142.05[18]. - The company reported a decrease in employee compensation payable to CNY 22,029,793.40 from CNY 45,614,885.62[19]. Cash Flow - Cash flow from operating activities showed a net outflow of ¥180,570,276.84, representing a significant decrease of 275.79%[5]. - Cash flow from operating activities showed a net outflow of CNY -180,570,276.84, a significant drop from a net inflow of CNY 102,721,845.21 in the previous period[24]. - Total cash inflow from operating activities was CNY 453,678,317.26, down 31.9% from CNY 666,019,005.54 in the prior period[24]. - Cash outflow from operating activities increased to CNY 634,248,594.10, compared to CNY 563,297,160.33, marking an increase of approximately 12.6%[24]. - Cash flow from investing activities generated a net inflow of CNY 55,935,390.50, a turnaround from a net outflow of CNY -7,106,482.54 in the previous period[24]. - Cash flow from financing activities resulted in a net outflow of CNY -72,768,786.30, compared to a smaller outflow of CNY -584,876.69 in the prior period[24]. - The ending cash and cash equivalents balance was CNY 248,797,788.10, an increase from CNY 199,220,722.41 in the previous period[24]. - The company received CNY 404,605,602.74 related to investment activities, which was not present in the previous period[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 15,848, with no preferred shareholders having restored voting rights[10]. - The largest shareholder, Shudao Transportation Service Group Co., Ltd., holds 29.35% of shares, totaling 67,386,985 shares[10]. - The second-largest shareholder, Xie Lemin, owns 7.30% of shares, amounting to 16,880,970 shares, with 12,660,727 shares under lock-up[10]. - The total number of restricted shares at the end of the reporting period is 22,831,906, an increase from 20,245,063 at the beginning of the period[14]. - The total number of shares held by the top ten unrestricted shareholders is 67,386,985, with no shares pledged or frozen[10]. - The top ten shareholders do not participate in margin financing or securities lending activities[11]. Strategic Developments - The company has not reported any new strategies or significant developments in product or technology research during this period[5]. - The company has established a joint venture with Shudao Investment Group and Toyota, with the fuel cell production line project expected to commence production by the end of 2025[15]. - The company has completed the construction and installation of production equipment for the joint venture's fuel cell production line, with trial production underway[15]. Audit Information - The company did not undergo an audit for the third quarter financial report[25].

Core Viewpoint - Shudao Equipment has shown a mixed performance in stock price, with a year-to-date increase of 10.88% but a recent decline over the past five and twenty trading days [1][2]. Group 1: Stock Performance - As of October 21, Shudao Equipment's stock price increased by 2.00%, reaching 19.38 CNY per share, with a total market capitalization of 4.449 billion CNY [1]. - The stock has experienced a trading volume of 26.1154 million CNY, with a turnover rate of 0.66% [1]. - The stock has seen a net inflow of 1.4133 million CNY from main funds, with large orders accounting for 14.79% of purchases and 9.38% of sales [1]. - Over the past 60 days, the stock price has increased by 11.19% [1]. Group 2: Financial Performance - For the first half of 2025, Shudao Equipment reported a revenue of 205 million CNY, representing a year-on-year growth of 35.24% [2]. - The net profit attributable to the parent company reached 10.1513 million CNY, showing a significant increase of 5972.30% year-on-year [2]. Group 3: Business Overview - Shudao Equipment, established on April 28, 2008, and listed on August 23, 2016, is located in Chengdu, Sichuan Province [1]. - The company's main business includes providing liquefied natural gas (LNG) equipment, environmental protection equipment, and new energy equipment [1]. - The revenue composition is as follows: LNG devices 54.94%, tanks and storage stations 25.30%, others 12.01%, gas operation 4.78%, comprehensive energy stations 2.32%, and air separation devices 0.65% [1]. Group 4: Shareholder Information - As of June 30, the number of shareholders for Shudao Equipment reached 15,900, an increase of 6.44% from the previous period [2]. - The average number of circulating shares per shareholder is 13,028, which is an increase of 33.82% [2]. Group 5: Dividend Information - Since its A-share listing, Shudao Equipment has distributed a total of 23.9393 million CNY in dividends [3]. - Over the past three years, the cumulative dividend payout has been 8.1985 million CNY [3].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 22.75 CNY over the next six months, based on a current price of 18.51 CNY [1]. Core Insights - The company is a leader in LNG and air separation equipment, benefiting from a high industry boom. It is actively exploring hydrogen energy applications and expanding its gas operation business, which opens up growth opportunities [6][8]. Summary by Sections 1. Company Overview - The company, originally named Deep Cold Co., was established in 2001 and focuses on gas purification, separation, and low-temperature liquefaction technologies. It has shifted towards high-end equipment manufacturing and is expanding into gas investment and clean energy operations [14][17]. 2. Financial Performance - The company is expected to achieve revenues of 861.51 million CNY in 2024, with a growth rate of 28.9%. By 2027, revenues are projected to reach 1.31 billion CNY, with a compound annual growth rate of 16% for net profit [3][4][6]. - In 2024, the company is projected to achieve a net profit of 72.37 million CNY, reflecting a significant growth of 121.67% compared to the previous year [3][4]. 3. LNG and Air Separation Equipment - The company is a leading player in the LNG and air separation equipment market, with a projected market size of 533 billion CNY by 2025. The company has the capability to design and manufacture LNG processing plants with a daily capacity of 10 million cubic meters [6][35][56]. - In 2024, LNG equipment is expected to generate 6.1 billion CNY in revenue, accounting for over 70% of total revenue [24][26]. 4. Hydrogen Energy Business - The hydrogen energy sector is rapidly developing, with a projected production of 3.815 million tons in 2024, growing by 3.5%. The company has established a joint venture with Toyota to enter the hydrogen fuel cell market [71][88]. - The company is actively involved in the entire hydrogen energy value chain, including hydrogen production, storage, and application, leveraging resources from its parent group [83][87]. 5. Gas Operation Expansion - The company is expanding its gas operation business, with revenues from gas operations expected to grow significantly in the coming years. In 2023, revenues from gas operations were 2.76 million CNY, with projections of 12.46 million CNY in 2024 [6][19][26]. - The company is pursuing strategic acquisitions and investments in gas operation projects to enhance its operational scale [6][19].

Core Viewpoint - The company has developed technical reserves in hydrogen liquefaction, hydrogen refueling station equipment, hydrogen production, and liquefied storage and transportation, but hydrogen negative ion battery technology is not currently a focus area due to its significant divergence from the company's existing technology path and business direction [2] Group 1: Technology and Innovation - The company is advancing technology innovation and industrial upgrades in key areas such as cryogenic equipment and hydrogen energy equipment [2] - The company is closely monitoring policy guidance and market opportunities to achieve high-quality development [2] Group 2: Research and Development Focus - Hydrogen negative ion battery technology, which involves new energy storage materials and electrochemical systems, has not been included in the company's current R&D priorities [2]

Core Viewpoint - The company, Shudao Equipment, has acknowledged the development of a new hydrogen negative ion electrolyte and prototype battery by a research team but indicated that this technology does not align with its current focus areas [2]. Group 1: Company Position - Shudao Equipment has established technical reserves in areas such as hydrogen liquefaction, hydrogen refueling station equipment, hydrogen production, and liquefaction storage and transportation [2]. - The hydrogen negative ion battery technology primarily involves new energy storage materials and electrochemical systems, which differ significantly from the company's current technological path and business direction [2]. - The company has not prioritized the hydrogen negative ion battery technology within its current research and development framework [2]. Group 2: Future Plans - The company plans to continue advancing technological innovation and industrial upgrades in key areas such as cryogenic equipment and hydrogen energy equipment [2]. - Shudao Equipment will closely monitor policy directions and market opportunities to strive for high-quality development [2].