Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q3 net profit of 1.51 billion yuan, a year-on-year increase of 60.8% and a quarter-on-quarter increase of 13.2%, indicating a continued recovery in profitability [5] - The company is expected to achieve a net profit of 5.45 billion yuan in 2025, with an EPS of 2.37 yuan per share, reflecting a positive outlook for the next few years [5] - The company is focusing on solidifying its positions in anti-aging agents, lubricating oil additives, and life sciences, while also advancing the localization of PI materials [5] Financial Summary - For Q3 2025, the company achieved revenue of 15.14 billion yuan, a year-on-year increase of 4.8% and a quarter-on-quarter increase of 0.01% [5] - The gross profit margin for the first three quarters of 2025 was 21.72%, with a net profit margin of 8.47%, both showing improvements compared to the previous year [6] - The company’s total revenue is projected to grow from 5,278 million yuan in 2023 to 7,649 million yuan in 2027, representing a compound annual growth rate (CAGR) of approximately 10.1% [7] Business Segments - The anti-aging agent and lubricating oil additive businesses have shown stable growth, with several subsidiaries reporting year-on-year profit increases [6] - The life sciences segment is rapidly advancing, with a recent merger that enhances resource allocation and management efficiency [6]

Performance Review - Company reported Q3 2025 revenue of 1.514 billion yuan, a year-on-year increase of 4.8% and flat quarter-on-quarter; net profit attributable to shareholders was 151 million yuan, corresponding to earnings per share of 0.66 yuan, a year-on-year increase of 60.8% and a quarter-on-quarter increase of 13.2%, in line with expectations [1] - For the first three quarters of 2025, revenue reached 4.509 billion yuan, a year-on-year increase of 5.7%; net profit attributable to shareholders was 392 million yuan, a year-on-year increase of 24.9%; and net profit excluding non-recurring items was 385 million yuan, a year-on-year increase of 27.7% [1] - Operating cash flow for the first three quarters of 2025 was 282 million yuan, a year-on-year decrease of 1.8% [1] Development Trends - Profit margin improvement trend is evident with increased capacity utilization and market expansion; the company's profit margin has shown an upward trend since 2025 due to the ramp-up of the Zhuhai base and the second phase of the Kangtai project [2] - The company has established a life sciences division in 2021 to cultivate a third growth curve, focusing on bioblocks and synthetic biology; it also made an indirect acquisition of Korean IPI Company to enter the high-end electronic-grade PI materials sector, with new production facilities expected to begin trial production in 2026 [2] - The company initiated an overseas expansion plan in February 2025, planning to invest up to 300 million USD in Malaysia to build an overseas R&D and production base, enhancing international competitiveness [2] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025/26 unchanged, with the current stock price corresponding to price-to-earnings ratios of 16.8x and 14.3x for 2025/26; the target price has been raised by 25% to 47.5 yuan, indicating a potential upside of 17.5% and a 16.8x price-to-earnings ratio for 2026, maintaining an outperform rating [3]

Core Insights - The company reported a revenue of 1,514,073,905.03 yuan for the third quarter of 2025, representing a year-on-year growth of 4.77% [2] - The net profit attributable to shareholders of the listed company was 150,917,825.45 yuan, showing a significant year-on-year increase of 60.83% [2] Financial Performance - Revenue for Q3 2025: 1,514,073,905.03 yuan, up 4.77% year-on-year [2] - Net profit for Q3 2025: 150,917,825.45 yuan, up 60.83% year-on-year [2]

Core Insights - The company, Lianlong (300596), reported a revenue of 1.514 billion yuan for Q3 2025, reflecting a year-on-year growth of 4.77% [1] - The net profit attributable to shareholders for Q3 2025 was 151 million yuan, showing a significant year-on-year increase of 60.83% [1] - For the first three quarters of 2025, the company achieved a total revenue of 4.509 billion yuan, which is a 5.72% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters was 392 million yuan, marking a year-on-year growth of 24.92% [1]

Core Viewpoint - Lianlong (300596.SZ) reported a revenue of 1.514 billion yuan for Q3 2025, reflecting a year-on-year growth of 4.77% and a net profit attributable to shareholders of 151 million yuan, which represents a significant increase of 60.83% compared to the same period last year [1] Financial Performance - The company's operating revenue for Q3 2025 was 1.514 billion yuan, marking a 4.77% increase from the previous year [1] - The net profit attributable to shareholders reached 151 million yuan, showing a substantial growth of 60.83% year-on-year [1] - The net profit excluding non-recurring gains and losses was 149 million yuan, which is a 65.70% increase compared to the same quarter last year [1]

证券代码：300596 证券简称：利安隆 公告编号：2025-071 天津利安隆新材料股份有限公司 关于控股子公司间吸收合并及减资暨关联交易的进展公告 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、关联交易事项概述 天津利安隆新材料股份有限公司（以下简称"公司"或"利安隆"）于 2025 年 8 月 27 日召开了第五届董事会第二次会议，审议通过了《关于控股子公司间 吸收合并及减资暨关联交易的议案》，同意公司控股子公司以天津奥瑞芙生物医 药有限公司（以下简称"奥瑞芙"）为主体吸收合并天津奥利芙生物技术有限公 司（以下简称"奥利芙"），奥瑞芙在吸收合并完成后减少注册资本。 住所：天津经济技术开发区洞庭一街 4 号智能医药产业园 1 号楼 1 层 109 室 法定代表人：马龙 注册资本：壹仟伍佰万元人民币 奥瑞芙为吸收合并方，奥利芙为被吸收合并方，本次交易完成后，奥利芙将 终止并注销法人资格，奥瑞芙将承继及承接奥利芙公司的全部资产、负债、业务、 人员、合同及其他一切权利与义务，奥瑞芙在吸收合并完成后减少注册资本。前 述交易完成后，公司对奥瑞芙的出资金额由 4 ...

天津利安隆新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 20 日召开第五届董事会第三次会议，审议通过了《关于公司 2025 年第三季度报告 的议案》。 为使投资者全面了解本公司的经营成果及财务状况，公司《2025 年第三季 度报告》已于 2025 年 10 月 21 日在中国证监会指定的信息披露网站巨潮资讯网 （www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 证券代码：300596 证券简称：利安隆 公告编号：2025-069 天津利安隆新材料股份有限公司 2025 年第三季度报告披露的提示性公告 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。 天津利安隆新材料股份有限公司 董事会 2025 年 10 月 21 日 ...

证券代码：300596 证券简称：利安隆 公告编号：2025-070 天津利安隆新材料股份有限公司 第五届董事会第三次会议决议公告 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、 会议召开情况 天津利安隆新材料股份有限公司（以下简称"公司"）第五届董事会第三次 会议通知已于 2025 年 10 月 17 日以电话及电子邮件的形式发出，会议通知中包 括会议的相关资料，同时列明会议的召开时间、地点、内容和方式。会议于 2025 年 10 月 20 日上午 10:00 以现场会议及通讯会议相结合的方式在公司会议室召开， 采用现场投票和通讯表决相结合的方式进行表决。本次会议应出席董事 7 名，实 际出席董事 7 名。会议由董事长李海平先生主持，公司高级管理人员列席会议。 本次会议的召开和表决程序符合《中华人民共和国公司法》等法律、法规和《公 司章程》的有关规定。 二、 会议审议情况 1.审议通过了《关于公司 2025 年第三季度报告的议案》 经审议，公司董事会认为：公司《2025 年第三季度报告》的编制和审核的 程序符合相关法律法规，报告内容真实、准确、完整地反 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥1,514,073,905.03, an increase of 4.77% compared to the same period last year[8] - Net profit attributable to shareholders was ¥150,917,825.45, reflecting a significant growth of 60.83% year-on-year[8] - The net profit excluding non-recurring gains and losses was ¥148,681,737.50, up by 65.70% from the previous year[8] - Basic earnings per share increased to ¥0.6573, representing a 60.83% rise compared to the same quarter last year[8] - Total operating revenue for the current period reached ¥4,509,118,933.71, an increase from ¥4,265,122,404.12 in the previous period, representing a growth of approximately 5.73%[26] - Operating profit for the current period was ¥460,179,241.74, compared to ¥376,214,940.80 in the previous period, reflecting an increase of about 22.34%[26] - Net profit attributable to the parent company was ¥392,174,247.22, up from ¥313,951,598.45 in the previous period, marking a growth of approximately 25.00%[27] - The total comprehensive income for the current period was ¥377,837,146.74, compared to ¥305,452,439.05 in the previous period, indicating a growth of about 23.67%[27] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥10,098,500,991.52, marking a 10.56% increase from the end of the previous year[8] - The company’s total liabilities increased by 119.91% due to an increase in short-term borrowings, which reached ¥1,891,230,616.11[13] - The total liabilities increased to ¥5,051,794,365.68 from ¥4,408,027,296.29, indicating a rise of about 14.61%[25] - The total assets of the company reached ¥10,098,500,991.52, up from ¥9,134,140,669.49, reflecting a growth of approximately 10.6%[24] - Short-term borrowings increased significantly to ¥1,891,230,616.11 from ¥859,998,662.50, marking an increase of about 120%[24] Cash Flow - The company reported a net cash flow from operating activities of ¥282,249,771.24, a slight decrease of 1.84% year-on-year[8] - Cash inflow from operating activities was ¥3,968,184,627.93, compared to ¥3,472,190,897.02 in the previous period, showing an increase of approximately 14.30%[28] - The net cash flow from operating activities was CNY 282,249,771.24, a slight decrease of 1% compared to CNY 287,537,218.63 in the previous period[29] - Cash inflow from investment activities totaled CNY 768,763,117.14, up 26% from CNY 610,342,436.65 in the prior period[29] - The net cash flow from investment activities was negative at CNY -283,922,050.35, an improvement from CNY -340,799,752.65 previously[29] - Cash inflow from financing activities increased significantly to CNY 2,723,625,714.26, compared to CNY 1,834,884,287.42 in the last period, marking a growth of 48%[29] - The net cash flow from financing activities was CNY 657,622,666.49, a substantial increase from CNY 167,007,875.12 in the previous period[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 14,159[19] - The largest shareholder, Tianjin Lianlong Technology Group Co., Ltd., holds 14.14% of shares, totaling 32,461,290 shares, with 16,086,200 shares pledged[19] - The company has a total of 6,574,876 shares held by executive Han Borui, with 1,643,719 shares newly restricted[22] - The company has no preferred shareholders or changes in restricted shares during the reporting period[21] Research and Development - Research and development expenses for the current period were ¥184,050,109.03, slightly down from ¥187,775,652.96 in the previous period, a decrease of about 1.45%[26] Inventory and Current Assets - The company’s inventory increased to ¥1,410,730,840.34 from ¥1,329,709,896.65, showing a growth of approximately 6.1%[24] - Total current assets rose to ¥5,306,953,655.52 from ¥4,349,657,251.07, indicating an increase of about 22%[24] Audit Information - The company did not conduct an audit for the third quarter financial report[30]

Group 1 - The company's Q3 revenue reached 1.514 billion yuan, representing a year-on-year increase of 4.77% [1] - The net profit for Q3 was 151 million yuan, showing a significant year-on-year growth of 60.83% [1] - For the first three quarters, the total revenue amounted to 4.509 billion yuan, reflecting a year-on-year increase of 5.72% [1] Group 2 - The net profit for the first three quarters was 392 million yuan, which is a year-on-year increase of 24.92% [1]