Core Viewpoint - Xingyun Co., Ltd. is a leading enterprise in the lithium battery equipment sector, specializing in the research, production, and sales of lithium battery testing systems, with a comprehensive service capability across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Xingyun's revenue reached 851 million yuan, ranking 11th in the industry, significantly lower than the top competitor, Xianlead Intelligent, which reported 10.44 billion yuan [2] - The main business revenue composition includes lithium battery equipment at 422 million yuan (75.78%), other products at 80.73 million yuan (14.50%), testing services at 53.77 million yuan (9.66%), and rental income at 0.3931 million yuan (0.07%) [2] - The net profit for the same period was -35.08 million yuan, placing the company 15th in the industry, again trailing behind major competitors [2] Group 2: Financial Ratios - As of Q3 2025, Xingyun's debt-to-asset ratio was 49.63%, down from 62.69% year-on-year, and below the industry average of 57.48%, indicating strong solvency [3] - The gross profit margin stood at 32.61%, slightly lower than the previous year's 34.60%, but still above the industry average of 25.79%, reflecting a competitive edge in profitability [3] Group 3: Management and Shareholder Information - The chairman, Li Youcai, received a salary of 689,800 yuan in 2024, a decrease of 143,300 yuan from 2023 [4] - The number of A-share shareholders increased by 4.87% to 16,400 as of September 30, 2025, while the average number of shares held per shareholder decreased by 4.64% [5] Group 4: Industry Outlook and Strategic Initiatives - According to Zhonghang Securities, the core logic for Xingyun's performance includes a recovery in its main business, narrowing losses, and improved management of expenses and cash flow [6] - The lithium battery industry remains robust, benefiting from high growth in global electric vehicle and energy storage market sales [6] - The company is actively expanding into new areas, including solid-state batteries and AI applications for battery health monitoring, transitioning from a pure equipment manufacturer to an AI application enterprise [6]

Group 1: Financial Performance - The company's revenue for Q3 is approximately 300 million yuan, with a cumulative revenue of 800 million yuan for the first three quarters, showing growth compared to the same period last year [2] - Revenue from the equipment sector increased by 8.5% year-on-year, attributed to the expansion of new clients in East and South China [2] Group 2: Electric Vehicle Battery Services - The company’s electric vehicle battery testing service center utilizes advanced battery testing equipment and the proprietary "Battery Health AI Model" to provide professional battery health testing services [3] - The battery after-service market includes collaborations with insurance companies, used car assessment agencies, and regulatory authorities, covering electric vehicles, electric two-wheelers, energy storage, electric aircraft, and robotics [3] Group 3: Solid-State Battery Development - Solid-state batteries are a key focus area, with the company establishing deep partnerships with leading lithium battery enterprises and maintaining long-term collaborations with emerging solid-state battery companies [3] Group 4: Contract Liabilities and Order Status - The increase in contract liabilities primarily reflects customer prepayments, indicating the status of current orders [3] - The delivery schedule for equipment varies by type, but the overall inventory turnover cycle remains stable [3]

Core Viewpoint - The solid-state battery concept stocks experienced a significant surge on October 30, with multiple companies reaching their daily price limits and others showing substantial gains [1]. Group 1: Stock Performance - Penghui Energy (300438) saw a price increase of 20.00%, reaching 48.59, with a net buying volume of 1.73 million [2]. - Haike New Energy (301292) rose by 14.00%, with a current price of 31.59 and a net buying volume of 3.94 million [2]. - XWANDA (300207) increased by 9.90%, priced at 36.52, with a net buying volume of 0.17 million [2]. - Tianji Co., Ltd. (002759) experienced a 10.00% rise, reaching 28.04, with a net buying volume of 2.87 million [2]. - Shida Shenghua (603026) also increased by 10.00%, with a current price of 63.59 and a net buying volume of 0.74 million [2]. - Other notable performers include Keheng Co., Ltd. (300340) up by 8.67%, Huasheng Lithium Battery (688353) up by 7.97%, and Changhong Energy (920239) up by 7.72% [2].

Core Insights - The company, Xingyun Co., Ltd. (300648.SZ), reported a revenue of 851 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 6.23% [1] - The net loss attributable to shareholders of the listed company was 34.9867 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 49.4952 million yuan [1] - The basic loss per share was 0.2153 yuan [1]

Core Insights - The company reported a third-quarter revenue of 294 million yuan, representing a year-on-year increase of 22.61% [1] - The net profit for the third quarter was a loss of 26.133 million yuan [1] - For the first three quarters, the company achieved a revenue of 851 million yuan, which is a year-on-year growth of 6.23% [1] - The net profit for the first three quarters was a loss of 34.9867 million yuan [1]

（一）本次计提信用减值和资产减值损失的原因 公司本次计提信用减值和资产减值损失是依照《企业会计准则》及公司会计 政策的相关规定进行的。公司对合并报表范围内截至 2025 年 9 月 30 日的各类应 收款项、存货、固定资产、无形资产等资产进行了全面清查及减值测试，对各类 存货的可变现净值，应收款项回收的可能性，固定资产及无形资产的可变现性进 行了充分的评估和分析，本着谨慎性原则，对相关资产计提减值损失。 证券代码：300648 证券简称：星云股份 公告编号：2025-067 福建星云电子股份有限公司 关于 2025 年前三季度计提信用减值和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、完整，没有虚 假记载、误导性陈述或重大遗漏。 福建星云电子股份有限公司（以下简称公司）于 2025 年 10 月 28 日召开第 四届董事会第十八次会议，审议通过了《关于 2025 年前三季度计提信用减值和 资产减值损失的议案》。本议案无需提交公司股东会审议。现将具体情况公告如 下： 一、本次计提信用减值和资产减值损失情况概述 （二）本次计提信用减值和资产减值损失的资产范围和总金额 公司对合并报表范围内 ...

证券代码：300648 证券简称：星云股份 公告编号：2025-065 2025 年 10 月 28 日，福建星云电子股份有限公司（以下简称公司）召开第 四届董事会第十八次会议，审议通过了《关于<2025 年第三季度报告>的议案》。 公司《2025 年第三季度报告》于 2025 年 10 月 30 日在中国证监会指定的创业板 信息披露网站（http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 福建星云电子股份有限公司 福建星云电子股份有限公司 关于 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。 董 事 会 二〇二五年十月三十日 ...

证券代码：300648 证券简称：星云股份 公告编号：2025-064 福建星云电子股份有限公司 第四届董事会第十八次会议决议公告 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。 《关于 2025 年前三季度计提信用减值和资产减值损失的公告》详见 2025 年 10 月 30 日刊载于《中国证券报》《上海证券报》《证券时报》《证券日报》和 巨潮资讯网（www.cninfo.com.cn）上的相关内容。 备查文件 1、《福建星云电子股份有限公司第四届董事会第十八次会议决议》； 2、《福建星云电子股份有限公司第四届董事会审计委员会第十五次会议决 议》。 福建星云电子股份有限公司（以下简称公司）第四届董事会第十八次会议通 知及会议材料于 2025 年 10 月 20 日以专人送达、电子邮件等方式向全体董事及 高级管理人员发出，本次会议于 2025 年 10 月 28 日在福州市马尾区马江路 7 号 公司会议室以现场会议方式召开。本次会议由公司董事长李有财先生召集并主持， 应到董事 8 人，实到董事 8 人，公司全体高级管理人员等有关人员均列席了本次 会议。本次董事会 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥294,438,284.96, representing a 22.61% increase compared to the same period last year[5] - The net profit attributable to shareholders was -¥26,132,968.38, a decrease of 285.28% year-on-year[5] - Total operating revenue for the current period reached ¥851,355,668.40, an increase of 6.3% compared to ¥801,415,694.84 in the previous period[23] - The net loss for the current period was ¥35,076,421.57, an improvement from a net loss of ¥48,165,341.48 in the previous period, representing a reduction of 27.2%[25] - Operating profit (loss) for the current period was -¥30,041,582.35, compared to -¥40,118,801.58 in the previous period, indicating a narrowing of losses[23] - The company reported a total comprehensive loss of ¥34,679,596.17, compared to a loss of ¥48,206,323.85 in the previous period, showing a decrease of 28.2%[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,704,923,449.97, an increase of 28.69% from the previous year[5] - As of September 30, 2025, the total assets of Fujian Xingyun Electronics Co., Ltd. amounted to CNY 2,704,923,449.97, an increase from CNY 2,101,842,407.29 at the beginning of the period[21] - The total liabilities increased slightly to CNY 1,342,443,508.35 from CNY 1,331,852,267.38, reflecting a marginal increase of about 0.7%[21] - Total current liabilities decreased to CNY 1,131,700,270.27 from CNY 1,210,801,685.62, a reduction of about 6.5%[21] - The total non-current assets amounted to CNY 967,710,215.34, up from CNY 929,316,586.66, indicating a growth of approximately 4.1%[21] Cash Flow - The cash flow from operating activities for the year-to-date was ¥93,202,577.65, reflecting a 13.06% increase[5] - Cash flow from operating activities generated a net amount of ¥93,202,577.65, an increase from ¥82,437,914.80 in the previous period[27] - Cash and cash equivalents at the end of the period totaled ¥269,692,516.58, significantly up from ¥120,879,799.42 at the end of the previous period[28] - The company reported a significant increase in cash and cash equivalents, up 160.24% to ¥346,277,197.75, due to improved sales collections and fundraising activities[8] - The company incurred a total of ¥686,700,960.60 in cash outflows from financing activities, compared to ¥459,863,974.67 in the previous period[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,367[13] - The largest shareholder, Li Youcai, holds 12.69% of shares, totaling 22,124,190 shares, with 5,741,192 shares pledged[13] - Liu Zuobin, the second-largest shareholder, owns 9.63% of shares, amounting to 16,782,152 shares, with 6,664,192 shares pledged[13] - Jiang Meizhu holds 9.50% of shares, totaling 16,552,934 shares, with no shares pledged[13] - The fifth-largest shareholder, Yibin Chenda New Energy, holds 3.58% of shares, equating to 6,239,600 shares[13] - Hubei Railway Development Fund holds 3.15% of shares, totaling 5,492,104 shares[13] - The top ten shareholders collectively hold a significant portion of the company's equity, with the largest three shareholders alone accounting for over 31%[13] - The company has a total of 0 preferred shareholders with voting rights restored[15] - There are no changes in the number of shares lent or returned through margin trading among the top ten shareholders[14] - The company has a limit on the number of shares that can be sold, with specific shareholders having shares under lock-up agreements until certain dates[16] Expenses and Provisions - The company reported a 383.32% increase in credit impairment losses, amounting to ¥1,644,790.34, due to increased provisions for bad debts[11] - Research and development expenses were ¥115,918,787.97, down from ¥129,397,529.01, reflecting a decrease of 10.4%[23] - The company raised ¥629,499,996.16 from new investments during the current period[27] Financing Activities - The company completed a private placement, resulting in a 100.03% increase in capital reserves to ¥1,201,185,967.50[8] - The net cash flow from financing activities was ¥464,576,851.89, a 533.94% increase, primarily due to funds raised from the private placement[12] - The company experienced a 76.10% decrease in receivables financing, attributed to a reduction in A-rated bill settlements[8] - Long-term borrowings increased to CNY 140,000,000.00 from CNY 43,000,000.00, representing a significant rise of about 225.6%[21]

Group 1 - The core point of the article highlights that Xingyun Co., Ltd. experienced a stock price increase of 2.79%, closing at 40.09 yuan on October 21 [1] - A significant block trade occurred, with a total transaction volume of 83,200 shares and a transaction amount of 3.3353 million yuan, indicating a premium rate of 0.00% [1] - Over the past three months, there has been only one block trade for this stock, with a cumulative transaction amount of 3.3353 million yuan [1] Group 2 - In the last five trading days, the stock has seen a cumulative decline of 3.81%, with a total net outflow of main funds amounting to 69.2107 million yuan [1]