Investment Rating - The investment rating for Longsheng Technology (300680.SZ) is "Buy" (maintained) [2] Core Views - The company achieved a year-on-year increase of 109.83% in net profit attributable to shareholders in Q3 2025, driven by revenue growth and increased investment income [3][5] - The company reported a total revenue of 1.81 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.13% [3][5] - The Q3 revenue was 586 million yuan, with a slight year-on-year increase of 0.48%, influenced by sales fluctuations among key customers and product upgrades in the new energy sector [5][6] - The company is actively expanding its humanoid robot business and has successfully engaged with overseas Tier 1 suppliers [6][8] Financial Performance Summary - For Q3 2025, the company reported a net profit of 106 million yuan, a significant increase of 109.83% year-on-year, attributed to revenue growth and investment income [3][5] - The gross profit margin for Q3 2025 decreased by 2.67 percentage points to 15.23%, likely due to increased depreciation from the new energy motor semi-assembly production line [5][6] - The operating cash flow turned positive in Q3 2025, with a net inflow of 118 million yuan compared to a net outflow of 1 million yuan in the same period last year [5][6] Revenue and Profit Forecast - Revenue is projected to grow to 3.35 billion yuan in 2025, with a year-on-year growth rate of 39.7% [7][8] - The net profit attributable to shareholders is expected to reach 327 million yuan in 2025, reflecting a growth rate of 45.8% [7][8] - The company’s price-to-earnings (P/E) ratio is forecasted to be 37.4 in 2025, decreasing to 25.3 by 2027 [7][8]

Group 1 - Pinggao Electric reported a 6.98% increase in revenue to 8.436 billion yuan and a 14.62% increase in net profit to 982 million yuan for the first three quarters of 2025 [1] - Wanchen Group achieved a 77.37% increase in revenue to 36.562 billion yuan and a staggering 917.04% increase in net profit to 855 million yuan for the first three quarters of 2025 [2] - Xintian's revenue decreased by 10.42% to 481 million yuan, with a net profit decline of 35.19% to 91.9 million yuan for the first three quarters of 2025 [3] Group 2 - Chuangye Heima reported a revenue drop of 35.68% to 102 million yuan and a net loss of 24.93 million yuan for the first three quarters of 2025 [4] - Huaxin New Materials saw a 16.11% increase in revenue to 265 million yuan and an 18.56% increase in net profit to 40.81 million yuan for the first three quarters of 2025 [5] - Meihua Medical's revenue increased by 3.28% to 1.194 billion yuan, but net profit fell by 19.25% to 208 million yuan for the first three quarters of 2025 [6] Group 3 - Silica Technology reported a 24.30% increase in revenue to 2.651 billion yuan and a 44.63% increase in net profit to 229 million yuan for the first three quarters of 2025 [7] - Anada experienced a revenue decline of 6.03% to 1.31 billion yuan and a net loss of 46.37 million yuan for the first three quarters of 2025 [8] - StarNet Ruijie achieved a 19.20% increase in revenue to 14.168 billion yuan and a 31.06% increase in net profit to 344 million yuan for the first three quarters of 2025 [9] Group 4 - New Link Electronics reported a revenue decrease of 0.37% to 550 million yuan but a significant net profit increase of 421.43% to 535 million yuan for the first three quarters of 2025 [10] - Tianyin Electromechanical's revenue fell by 22.75% to 581 million yuan, with a net profit decline of 56.10% to 24.27 million yuan for the first three quarters of 2025 [11] - Hengtong Co. reported a revenue decrease of 39.29% to 1.05 billion yuan, but a net profit increase of 78.33% to 176 million yuan for the first three quarters of 2025 [12] Group 5 - Xigao Institute achieved a 15.05% revenue increase to 651 million yuan and a 21.28% net profit increase to 198 million yuan for the first three quarters of 2025 [13] - Good Housewife reported a revenue decrease of 0.91% to 1.059 billion yuan and a net profit decline of 24.79% to 143 million yuan for the first three quarters of 2025 [14] - China Pharmaceutical's subsidiary received approval for Vitamin B6 injection, indicating a positive development in its product pipeline [20] Group 6 - Xi Zhong Technology received approval for the issuance of convertible bonds, indicating potential for future capital raising [22] - Chengda Bio signed a strategic cooperation agreement with the Chinese Academy of Microbiology, focusing on infectious disease prevention [25] - Fuyuan Pharmaceutical received a drug registration certificate for Dydrogesterone tablets, enhancing its product offerings [26] Group 7 - Zhehai Deman received 8.1202 million yuan in land acquisition compensation, indicating a successful resolution of land-related issues [27] - Zhongjin Irradiation announced the resignation of its deputy general manager, indicating potential changes in management [29] - Hendi Pharmaceutical received a drug registration certificate for Febuxostat tablets, expanding its product portfolio [30] Group 8 - David Medical's subsidiary received a medical device registration certificate for a surgical stapler, enhancing its product offerings [32] - Liaoning Energy announced plans for a share reduction by a major shareholder, indicating potential changes in ownership structure [34] - Fengyuan Co. signed a framework agreement for the supply of lithium iron phosphate, indicating growth in its supply chain [35] Group 9 - Shengda Resources announced the resumption of construction at a mining site, indicating recovery from previous operational disruptions [37] - Shiyuan Co. reported a revenue increase of 5.45% to 18.087 billion yuan, but a net profit decline of 6.81% to 867 million yuan for the first three quarters of 2025 [39] - Feilida reported a revenue decrease of 6.81% to 4.659 billion yuan, but a net profit increase of 49.1% to 33.19 million yuan for the first three quarters of 2025 [40] Group 10 - Changyuan Donggu reported a revenue increase of 29.75% to 1.648 billion yuan and a net profit increase of 76.71% to 274 million yuan for the first three quarters of 2025 [41] - Liyuanheng reported a net profit of 47.49 million yuan for the first three quarters of 2025, indicating stable performance [42] - Fangyuan Co. reported a net loss of 121 million yuan for the first three quarters of 2025, indicating challenges in its operations [43] Group 11 - China Mobile reported a revenue increase of 0.4% to 794.7 billion yuan and a net profit increase of 4% to 115.4 billion yuan for the first three quarters of 2025 [44] - Huangshanghuang reported a revenue decrease of 5.08% to 1.379 billion yuan but a net profit increase of 28.59% to 101 million yuan for the first three quarters of 2025 [46] - Youcai Resources announced plans to invest approximately 150 million yuan in a new materials production base project [47] Group 12 - Huawei Technology announced plans to invest up to 20 million euros in two German subsidiaries [49] - China Shipbuilding projected a net profit increase of 144.42% to 170.85% for the first three quarters of 2025, indicating strong performance [51] - Aeston's subsidiary plans to transfer a 48% stake in a company for 245 million yuan, indicating strategic divestment [52] Group 13 - Jinxinno plans to raise up to 292 million yuan through a private placement, indicating potential for expansion [53] - China Power Construction reported a 5.04% increase in new contract amounts to 904.527 billion yuan for the first three quarters of 2025 [54] - Helitai reported a net profit increase of 101.45% to 17.81 million yuan for the first three quarters of 2025 [55] Group 14 - Xuefeng Technology reported a revenue decrease of 8.28% to 4.183 billion yuan and a net profit decline of 34.6% to 394 million yuan for the first three quarters of 2025 [57] - Juzhi Technology reported a revenue increase of 21.40% to 615 million yuan and a net profit increase of 33.78% to 82.47 million yuan for the first three quarters of 2025 [59] - Jinxi Axle reported a revenue decrease of 0.11% to 872 million yuan but a net profit increase of 268.03% to 22.11 million yuan for the first three quarters of 2025 [60] Group 15 - Longsheng Technology reported a revenue increase of 10.13% to 1.810 billion yuan and a net profit increase of 36.89% to 210 million yuan for the first three quarters of 2025 [62] - Shannon Chip Creation announced plans for a share reduction by a major shareholder, indicating potential changes in ownership structure [63]

每经AI快讯，隆盛科技10月21日晚间发布公告称，公司第五届第十一次董事会会议于2025年10月21日 在公司会议室以现场及通讯会议的方式召开。会议审议了《关于调整2023年限制性股票激励计划授予价 格的议案》等文件。 每经头条（nbdtoutiao）——展望"十五五"|专访贺铿：必须改变以往将资金过度集中于房屋建设和基础 设施建设的倾向，更加突出民生领域投入 （记者 张明双） ...

证券代码：300680 证券简称：隆盛科技 公告编号：2025-056 2、2023 年 9 月 27 日至 2023 年 10 月 7 日，公司对本激励计划首次授予激励对象 的姓名与职务在公司内部进行了公示。在公示期内，公司监事会未接到与本激励计划 拟激励对象有关的任何异议。同时，公司于 2023 年 10 月 9 日披露了《监事会关于公 司 2023 年限制性股票激励计划激励对象名单的公示情况说明及核查意见》。 3、2023 年 10 月 16 日，公司 2023 年第一次临时股东大会审议并通过了《关于公 司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 年限制 性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办理股 无锡隆盛科技股份有限公司 关于作废 2023 年限制性股票激励计划部分已授予但尚未归属的 限制性股票的公告 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。 无锡隆盛科技股份有限公司（以下简称"公司"）于 2025 年 10 月 21 日召开第 五届董事会第十一次会议，审议通过了《关于作废 2 ...

证券代码：300680 证券简称：隆盛科技 公告编号：2025-052 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 2025 年 10 月 21 日，无锡隆盛科技股份有限公司（以下简称"公司"）第五届董 事会第十一次会议在公司会议室以现场及通讯会议的方式召开，会议通知于 2025 年 10 月 17 日以书面通知等方式向各位董事发出。本次会议应出席董事八名，实际出席 董事八名。会议由董事长倪铭先生召集并主持，公司高级管理人员列席了会议。 无锡隆盛科技股份有限公司 第五届董事会第十一次会议决议公告 本次会议的召集、召开符合《中华人民共和国公司法》及有关法律、法规、规章、 规范性文件及《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事审议，以投票表决方式通过了以下议案： 1、审议通过《关于 2023 年限制性股票激励计划首次授予部分第二个归属期及预 留授予部分第一个归属期符合归属条件的议案》 根据公司《上市公司股权激励管理办法》《2023 年限制性股票激励计划（草案修 订稿）》《2023 年限制性股票激励计划实施考核管理办法》 ...

广发证券股份有限公司 关于 无锡隆盛科技股份有限公司 以下词语如无特殊说明，在本文中具有如下含义： | 隆盛科技、公司、上市公司 | 指 | 无锡隆盛科技股份有限公司 | | --- | --- | --- | | 本独立财务顾问、广发证券 | 指 | 广发证券股份有限公司 | | 本（次）激励计划、本（次） | | 无锡隆盛科技股份有限公司 2023 年限制性股票激励计 | | 计划、《激励计划》 | 指 | 划（草案修订稿） | | 限制性股票、第二类限制性股 | 指 | 符合本激励计划授予条件的激励对象，在满足相应归属 | | 票 | | 条件后分次获得并登记的本公司股票 | | | | 按照本激励计划规定，获得限制性股票的在公司（含子 | | 激励对象 | 指 | 公司）任职的部分董事、高级管理人员及董事会认为需 | | | | 要激励的其他人员 | | 授予日 | 指 | 公司向激励对象授予限制性股票的日期，授予日必须为 | | | | 交易日 | | 授予价格 | 指 | 公司向激励对象授予限制性股票时所确定的、激励对象 | | | | 获得公司股份的价格 | | 有效期 | 指 | 自限制性股票 ...

预留授予部分第一个归属期符合归属条件的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1、本次符合归属条件的激励对象人数：首次授予部分激励对象101人，预留授予 部分激励对象16人； 2、本次限制性股票拟归属数量：首次授予部分第二个归属期归属的限制性股票 为48.6600万股，占公司目前总股本的0.2137%；预留授予部分第一个归属期归属的限 制性股票6.0375万股，占公司目前总股本的0.0265%； 3、本次归属价格（含预留）：11.08元/股（调整后）； 4、本次限制性股票归属股票来源：公司从二级市场回购的公司A股普通股股票。 证券代码：300680 证券简称：隆盛科技 公告编号：2025-053 无锡隆盛科技股份有限公司 关于2023年限制性股票激励计划首次授予部分第二个归属期及 无锡隆盛科技股份有限公司（以下简称"公司"）于2025年10月21日召开第五届 董事会第十一次会议，审议通过了《关于2023年限制性股票激励计划首次授予部分第 二个归属期及预留授予部分第一个归属期符合归属条件的议案》，现将有关事项说明 如下： 一、股权激励计 ...

无锡隆盛科技股份有限公司 董事会薪酬与考核委员会关于 2023 年限制性股票激励计划首次 授予部分第二个归属期及预留授予部分第一个归属期 证券代码：300680 证券简称：隆盛科技 公告编号：2025-054 归属名单的核查意见 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。 综上，董事会薪酬与考核委员会同意本激励计划首次授予部分第二个归属期及预 留授予部分第一个归属期的归属名单，同意公司为满足条件的激励对象办理本次归属 相关事项。 无锡隆盛科技股份有限公司 董事会薪酬与考核委员会 2025 年 10 月 21 日 无锡隆盛科技股份有限公司（以下简称"公司"）董事会薪酬与考核委员会根据 《中华人民共和国公司法》（以下简称《公司法》）《中华人民共和国证券法》（以 下简称《证券法》）《上市公司股权激励管理办法》《深圳证券交易所创业板股票上 市规则》等有关法律、法规和规范性文件以及公司《2023 年限制性股票激励计划（草 案修订稿）》《无锡隆盛科技股份有限公司章程》（以下简称《公司章程》）的规定， 对公司 2023 年限制性股票激励计划首次授予部分第二个归属期及预留 ...

证券代码：300680 证券简称：隆盛科技 公告编号：2025-055 无锡隆盛科技股份有限公司 关于调整 2023 年限制性股票激励计划授予价格的公告 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。 无锡隆盛科技股份有限公司（以下简称"公司"）于 2025 年 10 月 21 日召开第五 届董事会第十一次会议，审议通过了《关于调整 2023 年限制性股票激励计划授予价格 的议案》，现将有关事项说明如下： 一、本次限制性股票激励计划已履行的相关审批程序 1、2023年9月27日，公司召开第四届董事会第十八次会议，审议通过了《关于公 司<2023年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023年限制 性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办理股 权激励相关事宜的议案》，公司独立董事就本激励计划发表了独立意见，律师、独立 财务顾问出具了相应的意见与报告。 同日，公司召开第四届监事会第十七次会议，审议通过了《关于公司<2023年限 制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023年限制性股票激励计 划实施 ...

收入增速阶段性表现承压，乘商业务有所分化：公司25Q3 收入同比增速有所放缓，我们判断，主要系 核心业务乘用车EGR 出货量同期高基数影响，25Q3 行业插电混动车型销量同比仅增5.4%，增速较过往 季度明显回落。同时，新能源铁芯业务受主要客户特斯拉在华销量同比下滑2.9%拖累。但受益于天然 气重卡销量同环比双位数增长，对整体业绩形成有效支撑，公司收入表现总体保持稳健。 事件：10 月20 日，公司发布2025 年前三季度业绩公告，实现收入18.1 亿元，同比增长10.1%；归母净 利润2.1 亿元，同比增长36.9%，扣非后归母净利润1.3 亿元，同比下降13.5%。对应Q3 实现收入5.9 亿 元，同比增长0.5%、环比下降5.3%；归母净利润1.1 亿元，同比增长109.8%、环比增长129.1%；扣非后 归母净利润0.3 亿元，同比下降45.1%、环比下降32.5%。 产能爬坡引盈利短期阵痛，总成业务有望驱动修复：公司25Q3 毛利率为15.2%，同比下滑2.7 个百分 点，环比下滑2.8 个百分点，主要系新能源业务仍处产能爬坡期，且新老产品切换对毛利形成阶段性拖 累。当期公司期间费用率同环比上升，主 ...