Group 1 - Nanjing Julong (300644.SZ) reported its Q3 2025 results, with institutional investors holding a total of 16.0148 million shares, representing 14.47% of the total share capital [1] - The proportion of shares held by institutional investors decreased by 2.34 percentage points compared to the previous quarter [1] - One new public fund was disclosed this period, namely the China Merchants Quantitative Selected Stock Initiation Fund A, while 31 public funds were not disclosed compared to the previous quarter [1] Group 2 - No foreign institutions were disclosed this period compared to the previous quarter, specifically BARCLAYS BANK PLC was not reported [2]

Core Viewpoint - Nanjing Julong (300644.SZ) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 1.996 billion yuan, representing a year-on-year growth of 23.78% [1] - The net profit attributable to shareholders of the listed company was 101 million yuan, showing a year-on-year increase of 79.46% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 98.9 million yuan, reflecting a year-on-year growth of 84.05% [1] - Basic earnings per share were reported at 0.9221 yuan [1]

| 证券代码：300644 | 证券简称：南京聚隆 | 公告编号：2025-110 | | --- | --- | --- | | 债券代码：123209 | 债券简称：聚隆转债 | | 南京聚隆科技股份有限公司 关于 2025 年前三季度计提信用减值损失及资产减值损失的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本次计提资产损失情况概述 根据《企业会计准则》及公司会计政策的相关规定，公司对 2025 年 9 月末 合并报表范围内的应收款项、存货等各类资产进行了全面清查和减值测试，对 截至 2025 年 9 月 30 日存在减值迹象的相关资产计提相应的减值准备。具体情 况如下（损失以"-"号）： | 项目 | 本期计提金额（单位：元） | | --- | --- | | 1、信用减值损失 | -3,585,179.27 | | 其中：应收票据坏账损失 | 287,495.78 | | 应收账款坏账损失 | -4,135,173.88 | | 其他应收款坏账损失 | 262,498.83 | | 2、资产减值损失 | -6,399,282.48 ...

Financial Performance - The company's revenue for the third quarter reached ¥738,213,196.53, representing a year-over-year increase of 20.57%[5] - Net profit attributable to shareholders was ¥43,482,184.30, a significant increase of 181.79% compared to the same period last year[5] - The basic earnings per share (EPS) was ¥0.3911, reflecting a growth of 171.03% year-over-year[5] - Total operating revenue for the current period reached ¥1,995,539,414.57, an increase of 23.7% compared to ¥1,612,173,948.31 in the previous period[19] - Net profit for the current period was ¥103,211,356.02, representing a 71.2% increase from ¥60,285,759.41 in the previous period[20] - Earnings per share (EPS) increased to ¥0.9221 from ¥0.5255, reflecting a growth of 75.6%[21] - The total comprehensive income for the current period was ¥103,014,830.22, compared to ¥56,772,521.76 in the previous period, reflecting an increase of 81.5%[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥2,569,142,548.37, an increase of 7.83% from the end of the previous year[5] - The total liabilities increased to ¥1,504,744,257.07, compared to ¥1,398,369,040.31 in the previous period, marking a rise of 7.6%[18] - The total equity attributable to shareholders rose to ¥1,043,089,121.25, up from ¥965,806,570.71, an increase of 8.0%[18] - The total liabilities increased to 1,280,820,587.38 RMB from 1,204,708,080.37 RMB, reflecting a growth of about 6.3%[17] Cash Flow - The company reported a net cash flow from operating activities of -¥25,931,693.18, indicating a decline of 123.69% year-to-date[5] - Cash flow from operating activities showed a net outflow of ¥25,931,693.18, contrasting with a net inflow of ¥109,464,458.64 in the previous period[21] - Net cash flow from investing activities was $19,073,669.34, a significant improvement from a net outflow of $33,206,942.76 in the previous period[22] - Total cash inflow from financing activities amounted to $379,120,621.77, compared to $270,074,864.49 in the prior period, indicating a 40.4% increase[22] - The total cash and cash equivalents at the end of the period stood at $85,615,999.32, up from $66,213,811.31 in the previous period[22] - The net increase in cash and cash equivalents was negative at -$3,220,011.12, contrasting with a positive increase of $2,844,310.10 in the previous period[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,843[10] - Jiangsu Suhao Fashion Group reported a total shareholding of 15,624,770 shares, representing 14.12% of the company[11] - Liu Yue holds 6.57% of the shares, amounting to 7,274,041 shares, while Liu Shuyang holds 5.34%, totaling 5,909,608 shares[11] - The company has a repurchase account holding 1,579,500 shares, accounting for 1.43% of the total share capital as of September 30, 2025[11] Operational Changes - The company experienced a 169.05% increase in construction in progress, attributed to the expansion of new factory facilities[8] - Long-term borrowings increased by 171.45%, primarily due to the acquisition of additional loans[8] - The company recorded a 7933.02% increase in non-operating income, driven by compensation related to shelf issues and tax refund fees[8] Inventory and Expenses - Total current assets increased to 1,756,263,257.45 RMB from 1,642,957,625.15 RMB, reflecting a growth of approximately 6.9%[16] - Inventory levels rose to 533,067,014.08 RMB, up from 435,150,750.59 RMB, indicating an increase of about 22.5%[16] - Research and development expenses increased to ¥72,655,450.64, up from ¥59,581,427.85, indicating a growth of 21.9%[19] Other Information - The company has not reported any changes in the number of preferred shareholders or any new restrictions on shares[12] - The company did not undergo an audit for the third quarter financial report[23] - The new accounting standards will be first implemented starting in 2025[23]

Core Insights - The article highlights the transformative role of thermoplastic composites in the automotive manufacturing landscape, particularly in the context of the electric vehicle (EV) industry, emphasizing their advantages in lightweighting, recyclability, and safety performance [1][9]. Industry Overview - Thermoplastic composites are defined as composite materials made from thermoplastic polymers reinforced with various fibers, such as carbon and glass fibers, specifically applied in the EV sector [3]. - The market size for China's thermoplastic composites in the EV sector is projected to reach 13.4 billion yuan in 2024, with a year-on-year growth of 13.4%, and is expected to grow to 16.7 billion yuan by 2025 [1][9]. Industry Policies - Recent policies, such as the Shanghai government's action plan for high-quality development in low-altitude economy, emphasize the integration of advanced materials like thermoplastic composites into strategic development [4]. - The Ministry of Industry and Information Technology's plan for the construction materials industry supports the application of composite materials in various sectors, including automotive [5]. Industry Value Chain - The thermoplastic composites industry in China has established a complete value chain, from raw material supply (fibers and resins) to manufacturing and final application in EVs [6]. - Carbon fiber, a key reinforcement material, significantly enhances the mechanical properties and lightweight characteristics of composites, contributing to the performance of EV components [6]. Market Trends - The global market for thermoplastic composites in the EV sector is expected to grow from 52.11 million tons in 2024 to 58.28 million tons in 2025, and further to 94.35 million tons by 2030 [8][9]. - The rapid growth in EV production and sales in China, from 340,500 units in 2015 to 12.89 million units in 2024, drives the demand for thermoplastic composites [6]. Competitive Landscape - The industry features a mix of international leaders like DuPont and domestic players such as Kingfa Technology and Nanjing Julong, creating a diverse competitive environment [10]. - Kingfa Technology reported a revenue of 31.64 billion yuan in the first half of 2025, reflecting a year-on-year growth of 35.5% [11]. Future Development Trends - Innovations in material systems are anticipated, including the development of self-healing and shape-memory thermoplastic composites, enhancing safety and longevity [12]. - The integration of digital and biological manufacturing technologies is expected to revolutionize production processes, leading to intelligent upgrades in composite manufacturing [14]. - A new circular economy model is being proposed, focusing on programmable degradation materials and blockchain technology for material traceability, aligning with the environmental goals of the EV industry [15].

Group 1 - The company Nanjing Julong (300644) reported that as of October 20, 2025, the total number of shareholders is 20,143 [1]

Core Insights - On October 20, no A-share listed companies disclosed any increase in shareholding, while 18 companies announced share reductions [1][3] Group 1: Companies with Share Reductions - Dingyang Technology: Shareholders Qin Ke, Shao Haitao, and Zhao Yafeng plan to transfer 2.00% of their shares [3] - Jifeng Technology: Wang Xinming, Wang Hongyan, and their concerted action partner, Shan Nan Shenyu, intend to reduce their holdings by up to 3% [3] - Jiaze New Energy: Shareholder GLP plans to reduce its stake by up to 3% [3] - Meng Tian Home: The controlling shareholder's concerted action partner intends to reduce its holdings by up to 0.77% [3] - Liaoning Energy: Shareholder Liaoning Jiao Investment plans to reduce its stake by up to 1% [3] - Blue Arrow Electronics: Shareholders plan to reduce their holdings by up to 3% [3] - Longhua Technology: Major shareholder General Group plans to reduce its stake by up to 0.97% of the total share capital [3] - Zhekuang Co.: Shareholders plan to collectively reduce their holdings by up to 3% [3] - Shannon Chip Creation: The third-largest shareholder, New Momentum Fund, intends to reduce its stake by up to 1% [3] - Tongji Technology: Plans to reduce up to 0.71% of the repurchased shares [3] - Yandong Micro: The National Integrated Circuit Fund has reduced its stake by 1% [3] - Xiyu Tourism: Shareholder Xinjiang Kunlun Investment Development Partnership plans to reduce its holdings by up to 3% [3] - Nanjing Julong: Shareholder Suhao Fashion plans to reduce its stake by up to 2.94% [3] - Shen Shen Fang A: Controlling shareholder Shentou Investment plans to reduce its stake by up to 1% [3] - Yihe Da: The controlling shareholder's concerted action partner intends to reduce its holdings by up to 2% [3] - Huilv Ecology: Ningbo Huining has completed a reduction of 2.7% within three months [3] - Baolingbao: Shareholder Park Futong plans to reduce its stake by up to 3% [3]

Shareholder Reductions - Baolingbao's shareholder, Paofu Tong, plans to reduce holdings by no more than 3% [1] - Nanjing Julong's shareholder, Suhao Fashion, intends to reduce holdings by 2.94% [1] - Shen Shen Fang A's controlling shareholder plans to reduce holdings by no more than 1% [1] - Blue Arrow Electronics' shareholders, Yin Shengyu and Bilin Innovation, plan to collectively reduce holdings by no more than 3% [1] - Zhejiang Mining's shareholders, Chen Lianfang and Chen Ligang, intend to collectively reduce holdings by no more than 2.9999% [1] - Guangwei Composite's directors and senior management plan to collectively reduce holdings by no more than 450,000 shares [1] - Shannon Chip's New Energy Fund intends to reduce holdings by no more than 1% [1] - Xiyu Tourism's shareholder, Kunlun Investment, plans to reduce holdings by no more than 3% [1] - Mengtian Home's shareholder, Mengyue Investment, intends to reduce holdings by no more than 0.77% [1] - Liaoning Energy's Liaoning Jiaotou plans to reduce holdings by no more than 1% [1] - Jiazhe New Energy's shareholder, GLP, intends to reduce holdings by no more than 3% [1] - Guizhou Gas's Beijing Dongjia plans to reduce holdings by 8.822 million shares [1] - Huali Shares' shareholder, Xie Shaozhuang, plans to reduce holdings by 1.07% [1] Financial Performance - Hubei Broadcasting reported a net loss of 388 million yuan for the first three quarters [1] - Shanshui Technology's actual controller and chairman, Huang Guorong, has been subjected to criminal coercive measures [1]

Core Viewpoint - Jiangsu Suhao Fashion Group Co., Ltd. plans to reduce its stake in Nanjing Julong Co., Ltd. by selling 3.25 million shares, representing 2.94% of the company's total share capital, between November 11, 2025, and February 10, 2026 [1] Summary by Category - **Shareholder Action** - Jiangsu Suhao Fashion Group intends to sell 3.25 million shares of Nanjing Julong, which constitutes 2.94% of the total share capital [1]

Group 1 - The core point of the article is that Jiangsu Suhao Fashion Group Co., Ltd. plans to reduce its stake in Nanjing Julong Co., Ltd. by selling 3.25 million shares, which represents 2.94% of the company's total share capital, between November 11, 2025, and February 10, 2026 through centralized bidding and block trading [1]