2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 江阴电工合金股份有限公司 2025 年第三季度报告 证券代码：300697 证券简称：电工合金 公告编号：2025-042 江阴电工合金股份有限公司 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 862,647,713.57 | 43.08% | 2,293,439,830.06 | 25.11% | | 归 ...

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on November 6, with a total transaction volume of 2.431 billion yuan, highlighting notable trading in companies such as Zhongwei Company, CATL, and Bull Group [1]. Group 1: Trading Activity - A total of 65 stocks underwent block trading, with transaction amounts reaching 2.431 billion yuan [1]. - The top three companies by transaction volume were Zhongwei Company (321 million yuan), CATL (288 million yuan), and Bull Group (254 million yuan) [1]. - Among the stocks, 7 were traded at par value, 3 at a premium, and 55 at a discount [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were Yuchen Intelligent (18.21%), Beijing Bank (10.37%), and AVIC Chengfei (8.69%) [1]. - The stocks with the highest discount rates included Longzhu Technology (26.25%), Electric Alloy (24.03%), and Youfang Technology (21.97%) [1]. Group 3: Institutional Trading - The top institutional buy amounts were led by Zhongwei Company (299 million yuan), CATL (288 million yuan), and Zhongji Xuchuang (183 million yuan) [2]. - The leading institutional sell amounts were dominated by CATL (288 million yuan), Zijin Mining (217 million yuan), and Zhongji Xuchuang (183 million yuan) [2].

Group 1: Base Metals Sector Performance - The A-share market's basic metals sector showed strong performance, with companies like China Aluminum, Minfa Aluminum, and Haomei New Materials hitting the daily limit up [1] - Other notable performers included Yun Aluminum and Jiaozuo Wanfang, which rose over 8%, while Shenhuo Co. increased by over 7% [1] - The overall trend indicates a robust interest in the aluminum sector, driven by various market dynamics [1] Group 2: Copper Market Insights - CITIC Securities reported a nearly 5% year-on-year decline in production from major global copper mining companies in Q3, with expectations for continued contraction in Q4 [1] - A shortage of raw materials and potential "anti-involution" factors are likely to contribute to a reduction in domestic refined copper supply, alongside stable demand [1] - The anticipated low supply and steady demand could widen the global refined copper supply gap by 50% next year, with LME copper prices expected to exceed $10,000 per ton [1] Group 3: Aluminum Market Outlook - CITIC Jiantou forecasts a 2.5% growth in domestic electrolytic aluminum consumption by 2025, supported by strong performance in the new energy vehicle and photovoltaic sectors [1] - The consumption state of electrolytic aluminum is better than expected, leading to an expanded supply-demand gap [1] - The profitability of the electrolytic aluminum industry is expected to continue rising, enhancing the dividend capacity of aluminum companies [1] Group 4: Precious Metals Market Analysis - Dongwu Securities noted that despite hawkish signals from the Federal Reserve and a pullback in precious metal prices due to improved geopolitical trade relations, the macro framework remains favorable for bullish positions [2] - There is a significant probability of interest rate cuts in December, suggesting a continued positive outlook for precious metals in the medium term [2]

Group 1 - The core point of the news is that on November 5, a block trade of 400,000 shares of Electric Alloy was executed at a price of 13.5 yuan, which is a discount of 20.91% compared to the market closing price of 17.07 yuan [1][2] - The total transaction amount for this block trade was 5.4 million yuan, accounting for 3.46% of the total trading volume on that day [1][2] - The buyer of the block trade was Guotai Junan Securities, while the seller was Huatai Securities [2]

Group 1 - Pang Songtao appointed as Deputy Secretary of the Party Committee and Director of China General Nuclear Power Group, nominated as candidate for General Manager [1] - Cai Zhen appointed as member of the Party Committee and nominated as candidate for Deputy General Manager of China General Nuclear Power Group; Gao Ligang removed from his positions and retired [2] - Guo Jianhe appointed as Deputy Secretary of the Party Committee and Director of China Aneng Construction Group, nominated as candidate for General Manager [3] Group 2 - Wu Shengyue appointed as Deputy Secretary of the Party Committee and Director of China Poly Group, nominated as candidate for General Manager [4] - Ma Jiru no longer serves as Chief Accountant of Minmetals Technology Group and has retired [5] - Wu Shengyue no longer serves as External Director of Minmetals Technology Group [6] Group 3 - Lyu Shuzheng removed from the position of Deputy Secretary of the Party Committee of China Construction Technology Co., Ltd. and has retired [7] - Huang Jing'an no longer serves as Deputy General Manager of China Chengtong Holdings Group and has retired [8] - Zhao Rongzhe removed from the position of member of the Party Committee and Chief Accountant of China Coal Energy Group and has retired [9] Group 4 - Shi Yulin no longer serves as Deputy General Manager of Nanguang Group and has retired [10] - Shao Lin, Li Shulei, Fan Bing, and Gao Hesheng appointed as External Directors of China Changan Automobile Group [11] - Dai Deming appointed as External Director of China Forestry Group [12] Group 5 - Li Shaozhu appointed as External Director of China Guoxin Holdings [14]

Core Insights - The company, Electric Alloy, was established on June 12, 1985, and listed on the Shenzhen Stock Exchange on September 7, 2017. It is a significant player in the domestic copper and copper alloy products sector, possessing certain technological advantages in research and production [1] Financial Performance - For Q3 2025, Electric Alloy reported a revenue of 2.293 billion yuan, ranking 16th in the industry, significantly lower than the top player Jiangxi Copper's 396.047 billion yuan and second-ranked Zijin Mining's 254.2 billion yuan. The industry average revenue was 89.055 billion yuan, with a median of 56.687 billion yuan [2] - The company's net profit for the same period was 129 million yuan, placing it 14th in the industry, again far below Zijin Mining's 45.701 billion yuan and Luoyang Molybdenum's 16.488 billion yuan. The industry average net profit was 5.201 billion yuan, with a median of 800 million yuan [2] Financial Ratios - As of Q3 2025, Electric Alloy's debt-to-asset ratio was 44.43%, an increase from 36.08% in the previous year, but still below the industry average of 54.12% [3] - The company's gross profit margin for Q3 2025 was 11.23%, up from 10.68% year-on-year, exceeding the industry average of 10.36% [3] Corporate Governance - The chairman, Chen Yehui, has not experienced any changes in compensation. The company's controlling shareholder is Xiamen Quanxin Enterprise Management Co., Ltd., with the actual controller being the State-owned Assets Supervision and Administration Commission of Xiamen Municipal Government [4] - The general manager, Feng Yuejun, saw a decrease in salary from 1.1751 million yuan in 2023 to 1.1568 million yuan in 2024, a reduction of 18,300 yuan [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.75% to 40,500, while the average number of circulating A-shares held per household decreased by 2.68% to 8,182 [5]

Core Viewpoint - The announcement by Electric Alloy (300697) regarding the election of Chen Lijiao as the employee representative director for the fourth board of directors is a significant governance update for the company [1] Company Summary - Electric Alloy will hold an employee representative conference on October 29, 2025, to elect Chen Lijiao as the employee representative director [1]

Group 1 - The company Electric Alloy (SZ 300697) announced on October 29 that its fourth board meeting was held via telecommunication to discuss the election of a new vice chairman [1] - For the year 2024, the revenue composition of Electric Alloy is as follows: copper rolling industry accounts for 97.83%, while other businesses account for 2.17% [1] - As of the report date, Electric Alloy has a market capitalization of 8 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation [1] - A new "slow bull" market pattern is emerging, indicating a shift in market dynamics [1]

江阴电工合金股份有限公司 关于选举职工代表董事及补选副董事长、 薪酬与考核委员会、战略委员会委员的公告 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。 一、关于选举职工代表董事的情况 证券代码：300697 证券简称：电工合金 公告编号：2025-045 公司于 2025 年 10 月 29 日召开第四届董事会第十次会议，审议通过了《关 于补选薪酬与考核委员会委员的议案》，为保障董事会薪酬与考核委员会的正常 运行，根据《中华人民共和国公司法》《公司章程》《董事会薪酬与考核委员会议 事规则》等法律法规、规范性文件的规定，同意补选职工代表董事陈力皎女士为 公司第四届董事会薪酬与考核委员会委员，与鞠明先生（主任委员）、陈朝琳先 生共同组成第四届董事会薪酬与考核委员会，任期自本次董事会审议通过之日起 至第四届董事会届满之日止。 公司于 2025 年 10 月 29 日召开第四届董事会第十次会议，审议通过了《关 于补选战略委员会委员的议案》，为保障董事会战略委员会的正常运行，根据《中 华人民共和国公司法》《公司章程》《董事会战略委员会议事规则》等法律法规、 规范性文件的 ...

证券代码：300697 证券简称：电工合金 公告编号：2025-044 江阴电工合金股份有限公司 第四届董事会第十次会议决议公告 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、董事会会议召开情况 江阴电工合金股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日向全 体董事发出了关于召开第四届董事会第十次会议的通知，会议于 2025 年 10 月 29 日下午 14 时以通讯表决的方式召开，经全体董事一致同意豁免本次会议通知 期限。本次会议应参加表决董事 5 人，实际参加表决董事 5 人。会议由董事长陈 烨辉先生主持，公司高级管理人员列席了本次董事会。本次会议的召集、召开、 表决程序符合《中华人民共和国公司法》等法律法规、规范性文件和《公司章程》 等的有关规定。 二、董事会会议审议情况 会议审议并通过了如下议案： 1、审议通过了《关于补选第四届董事会副董事长的议案》 2、审议通过了《关于补选第四届董事会薪酬与考核委员会委员的议案》 为保障董事会薪酬与考核委员会的正常运行，根据《中华人民共和国公司法》 《江阴电工合金股份有限公司章程》《董事会 ...