Core Viewpoint - The company, Zhongshi Technology, reported that its product revenue from direct exports to the U.S. is low, accounting for less than 1% of total revenue, indicating minimal impact from tariff increases [1] Group 1: Company Operations - The company has established an overseas production base in Thailand to meet global supply chain demands [1] - The Thailand factory has successfully commenced production and completed factory certification for major clients, including North American customers, Samsung from South Korea, and Nokia [1] - The company has achieved mass production and delivery of multiple product varieties from its Thailand facility [1]

Market Overview - The electronic chemicals sector experienced a decline of 1.57% on October 31, with Siquan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Guanggang Gas with a closing price of 13.45, up 3.14% [1] - Guanghua Technology at 21.65, up 2.07% [1] - Qiangli New Materials at 13.56, up 1.42% [1] - Siquan New Materials saw a significant decline, closing at 183.53, down 8.46% [2] - Other notable decliners included: - Zhongshi Technology at 46.16, down 6.48% [2] - Anji Technology at 196.82, down 5.67% [2] Capital Flow - The electronic chemicals sector experienced a net outflow of 874 million yuan from institutional investors, while retail investors saw a net inflow of 631 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with retail investors showing interest despite the institutional outflow [2][3] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Rui Lian New Materials with a net inflow of 18.73 million yuan from institutional investors [3] - Wanrun Shares with a net inflow of 16.53 million yuan from institutional investors [3] - Guoci Materials with a net inflow of 13.02 million yuan from institutional investors [3]

Core Viewpoint - Zhongshi Technology experienced a decline of 5.17% on October 31, with a stock price of 46.81 yuan per share and a total market capitalization of 14.02 billion yuan [1] Group 1: Company Overview - Beijing Zhongshi Weiye Technology Co., Ltd. was established on April 10, 1997, and listed on December 27, 2017 [1] - The company specializes in the research, design, production, sales, and technical services of thermal conductive materials, EMI shielding materials, and power filters [1] - The main business revenue composition is 98.05% from thermal conductive materials and 1.95% from other supplementary products [1] Group 2: Shareholder Information - The fund "Xinda Australia Fund" has a position in Zhongshi Technology, with the "Xinao Craftsmanship Selected Two-Year Holding Period Mixed Fund" (010363) newly entering the top ten circulating shareholders, holding 846,900 shares, which is 0.41% of the circulating shares [2] - The estimated floating loss for this fund today is approximately 2.16 million yuan [2] - The fund was established on October 30, 2020, with a latest scale of 1.738 billion yuan, and has achieved a year-to-date return of 41.32% [2] Group 3: Fund Performance - The fund manager of "Xinao Craftsmanship Selected Two-Year Holding Period Mixed Fund" is Zhu Ran, who has a cumulative tenure of 7 years and 361 days, with a total fund asset size of 5.066 billion yuan [3] - The best fund return during Zhu Ran's tenure is 342.67%, while the worst return is -7.06% [3] Group 4: Top Holdings - The "Xinda Australia Fund" also holds a significant position in Zhongshi Technology through the "Xinao Intelligent Selection Pioneer One-Year Holding Period Mixed A Fund" (015440), which holds 139,400 shares, accounting for 4.64% of the fund's net value [4] - The estimated floating loss for this fund today is approximately 355,500 yuan [4] - This fund was established on June 14, 2022, with a latest scale of 102 million yuan, achieving a year-to-date return of 36.01% [4]

Summary of Zhongshi Technology Conference Call Industry and Company Overview - **Company**: Zhongshi Technology - **Industry**: Consumer Electronics, Digital Infrastructure, Intelligent Transportation, Clean Energy Key Points and Arguments 1. **Sales Growth and Client Base**: Zhongshi Technology benefited from the launch of new products by major clients in the consumer electronics sector, leading to a significant increase in shipment volumes in Q3 and October. Key clients include North American giants, Samsung, and domestic smartphone manufacturers, with expansions into wearable devices, gaming consoles, and drones, including partnerships with Microsoft, Google, Amazon, and DJI [2][3][6] 2. **Digital Infrastructure Development**: The company collaborates with leading clients like Ericsson, Nokia, Huawei, and ZTE in the digital infrastructure sector, focusing on 5G/6G communication, industrial internet, satellite internet, and AI-driven data and computing centers. Future growth in this area is anticipated [2][7] 3. **Intelligent Transportation Sector**: Zhongshi Technology supplies automotive-grade thermal management materials to companies like BYD, BAIC, and XPeng Motors, and collaborates with top-tier automotive parts manufacturers to provide customized thermal solutions [2][8] 4. **Financial Performance**: In Q3 2025, sales and R&D expenses decreased by over 8 million and 7 million respectively, while gross margin and revenue increased, attributed to cost structure optimization and improved operational efficiency [2][11][12] 5. **Product Offerings**: The company’s main products include: - Graphite films for consumer electronics - Thermal interface materials (TIM) for heat dissipation - High-efficiency cooling modules for high-performance applications - Electromagnetic shielding materials for communication devices - Adhesives for electronic device assembly [10][11] 6. **Light Module Business**: Zhongshi Technology collaborates with Finisar to provide thermal solutions for optical modules, with expectations of significant revenue growth as Finisar's 1.6T module market share increases. Total revenue from optical modules reached several million in the first three quarters [2][18][20] 7. **Cost Management**: The decrease in sales expenses is partly due to the sale of a subsidiary in 2024, which previously accounted for 95% of its expenses. Additionally, the company optimized its sales strategy, focusing on major clients, which reduced operational costs [13] 8. **Production Capacity**: The company has multiple production bases in China and has established a facility in Thailand, with a total planned capacity of 3 to 5 billion yuan. Current capacity utilization meets demand, with future investments aligned with market needs [17] 9. **Future Outlook**: The company anticipates continued growth in the optical module market and expects to leverage its technological advantages in liquid cooling solutions for servers. The demand for liquid cooling is expected to rise significantly, driven by various hardware manufacturers and computing centers [24][25] 10. **Q4 Expectations**: The company expects Q4 performance to remain strong, driven by the successful launch of new products by major clients, although a slight decrease in sequential growth compared to Q3 is anticipated [23] Additional Important Information - **R&D Focus**: The company maintains a strong emphasis on R&D, with innovative solutions in advanced thermal management materials, which are crucial for maintaining competitive advantages in various sectors [4][6] - **Market Trends**: The overall market for optical modules is expected to experience significant growth, with increased demand from chip manufacturers and server companies, indicating a favorable environment for Zhongshi Technology's offerings [21]

Core Viewpoint - Zhongshi Technology is a leading provider of thermal management solutions in China, focusing on thermal materials, EMI shielding materials, and power filters, with a strong technical capability and market presence [1] Group 1: Business Performance - In Q3 2025, Zhongshi Technology reported revenue of 1.298 billion yuan, ranking 15th in the industry, below the top competitors [2] - The main business segment, thermal materials, generated revenue of 717 million yuan, accounting for 98.05% of total revenue [2] - The net profit for the same period was 252 million yuan, ranking 8th in the industry, significantly higher than the industry average [2] Group 2: Financial Ratios - The company's debt-to-asset ratio was 20.30% in Q3 2025, lower than the industry average of 28.64% [3] - The gross profit margin was 33.92%, exceeding both the previous year's margin and the industry average [3] Group 3: Executive Compensation - Chairman Wu Xiaoning's salary for 2024 was 1.113 million yuan, a decrease from the previous year [4] - General Manager Wu Han's salary increased significantly to 1.4924 million yuan in 2024 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 28.67% to 42,000 [5] - The average number of shares held per shareholder decreased by 21.88% [5] Group 5: Market Outlook - Zhongshi Technology is expected to benefit from the upgrade of thermal solutions for major clients, particularly in North America [5] - The company is projected to achieve net profits of 298 million, 419 million, and 550 million yuan from 2025 to 2027, with a target price of 56.00 yuan [5] - Analysts predict steady growth in net profits and earnings per share for the years 2025 to 2027 [6]

格隆汇10月29日丨中石科技(300684.SZ)公布三季度报告，前三季营业收入12.98亿元，同比增长 18.45%，归属于上市公司股东的净利润2.5亿元，同比增长90.59%，归属于上市公司股东的扣除非经常 性损益的净利润2.36亿元，同比增长142.37%。 ...

Group 1 - Company held its fifth board meeting on October 28, 2025, in Beijing, discussing the revision of the company’s articles of association [1] - For the year 2024, the revenue composition of the company is 98.23% from the manufacturing of electronic components and specialized electronic materials, with other businesses contributing 1.77% [1] - The current market capitalization of the company is 14.8 billion yuan [1]

Core Insights - Zhongshi Technology (300684.SZ) reported significant growth in both revenue and net profit for Q3 2025, with revenue reaching 550 million yuan, a year-on-year increase of 21.79%, and net profit attributable to shareholders amounting to 130 million yuan, a substantial rise of 87.74% [1] - For the first three quarters of 2025, the company achieved a total revenue of 1.298 billion yuan, reflecting an 18.45% year-on-year growth, while net profit attributable to shareholders was 252 million yuan, marking a 90.59% increase compared to the previous year [1] Financial Performance - Q3 2025 revenue: 550 million yuan, up 21.79% year-on-year [1] - Q3 2025 net profit: 130 million yuan, up 87.74% year-on-year [1] - Year-to-date revenue (first three quarters of 2025): 1.298 billion yuan, up 18.45% year-on-year [1] - Year-to-date net profit (first three quarters of 2025): 252 million yuan, up 90.59% year-on-year [1]

北京中石伟业科技股份有限公司 会计师事务所选聘制度 二零二五年十月 1 / 6 （一）具有独立的法人资格，具备国家行业主管部门和中国证监会规定的开 展证券期货相关业务所需的执业资格和条件； （二）具有固定的工作场所、健全的组织机构和完善的内部管理和控制制度； （三）熟悉国家有关财务会计方面的法律、法规、规章和政策； （四）具有完成审计任务和确保审计质量的注册会计师； （五）认真执行有关财务审计的法律、法规、规章和政策规定，具有良好的 社会声誉、执业质量记录及质量管理水平； （六）负责公司财务报表审计工作及签署公司审计报告的注册会计师最近 三年应未受到与证券期货业务相关的行政处罚； （七）国家法律法规、规章或者规范文件规定的其他条件。 北京中石伟业科技股份有限公司 会计师事务所选聘制度 北京中石伟业科技股份有限公司 会计师事务所选聘制度 第一章 总 则 第一条 为规范北京中石伟业科技股份有限公司（以下简称"公司"）选聘 （含续聘、改聘）会计师事务所的行为，切实维护股东利益，提高财务信息质量， 根据《国有企业、上市公司选聘会计师事务所管理办法》及证券监督管理部门的 相关要求，制定本制度。 第二条 公司选聘（含续聘 ...

北京中石伟业科技股份有限公司 董事、高级管理人员持股管理办法 2025年10月 北京中石伟业科技股份有限公司 董事、高级管理人员持股管理办法 董事、高级管理人员持股管理办法 第一条 为加强对公司董事、高级管理人员所持北京中石伟业科技股份有 限公司（以下简称"公司"或"本公司"）股份及其变动的管理，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》"）、《上市公司董事和高级管理人员所持本公司股份 及其变动管理规则》、《深圳证券交易所上市公司自律监管指引第 10 号——股 份变动管理》、《深圳证券交易所上市公司自律监管指引第 18 号——股东及董 事、高级管理人员减持股份》、《深圳证券交易所创业板股票上市规则》等法 律、行政法规、规章以及《北京中石伟业科技股份有限公司章程》（以下简称" 《公司章程》"）的规定，制定本办法。 第二条 本办法适用于本公司的董事、高级管理人员等所持本公司股份及 其变动的管理。 第三条 本公司董事、高级管理人员等所持本公司股份，是指登记在其名 下和利用他人账户所持有的本公司股份。公司董事、高级管理人员不得进行以 本公司股票为标的证券 ...