Group 1 - The core point of the article is that Triangle Defense (SZ 300775) held its third board meeting of the fourth session on October 24, 2025, to discuss the proposal regarding not adjusting the conversion price of "Triangle Convertible Bonds" [1] - For the fiscal year 2024, Triangle Defense's revenue composition is as follows: special alloy forging accounts for 95.81%, while other segments account for 4.19% [1] - As of the time of reporting, Triangle Defense has a market capitalization of 14 billion yuan [1] Group 2 - The article also highlights that Chinese innovative drugs have generated $80 billion in overseas licensing this year, indicating a hot secondary market in biomedicine, while the primary market is facing fundraising challenges [1]

二、董事会会议审议情况 证券代码：300775 证券简称：三角防务 公告编号：2025-112 西安三角防务股份有限公司 第四届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、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 西安三角防务股份有限公司（以下简称"公司"或"本公司"） 第四届董事会第三次会议于2025年10月24日在公司会议室以现场和 通讯相结合的方式召开。本次会议应出席董事12名，实际出席董事12 名。会议由董事长严建亚先生主持，公司部分高级管理人员列席本次 会议。本次会议的召开符合《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》的规定。 具体内容详见公司同日在巨潮资讯网(www.cninfo.com.cn)披露 的《关于不向下修正三角转债转股价格的公告》（2025-113）。 三、备查文件 《第四届董事会第三次会议决议》。 特此公告。 西安三角防务股份有限公司 董事会 2025 年 10 月 24 日 1．审议通过《关于不向下修正"三角转债"转股价格的议案》 经综合考虑公司的实际情况、股价走势、市场环境等多重因素， 以及对公司长 ...

| | | 西安三角防务股份有限公司 关于不向下修正三角转债转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、自 2025 年 9 月 26 日至 2025 年 10 月 24 日，西安三角防务股 份有限公司（以下简称"公司"）股票已出现连续三十个交易日中至 少有十五个交易日的收盘价低于当期转股价格的 85%（即 26.68 元/ 股）的情形，已触发"三角转债"转股价格向下修正条款。 2、经公司第四届董事会第三次会议审议通过，公司董事会决定 本次不向下修正"三角转债"转股价格，同时在未来一个月内（即 2025 年 10 月 27 日至 2025 年 11 月 26 日），如再次触发"三角转债" 转股价格向下修正条款，亦不提出向下修正方案。 一、可转换公司债券基本情况 9,043,727 张可转换公司债券（以下简称"可转债"），每张面值 100 元，募集资金总额为人民币 90,437.27 万元。公司可转债于 2021 年 6 月 11 日起在深圳证券交易所挂牌交易，债券简称"三角转债"，债券 代码"123114"。 经中国证券监督 ...

Core Insights - Triangle Defense (300775.SZ) reported a decline in revenue for the first three quarters, with total revenue of 1.247 billion yuan, a year-on-year decrease of 8.51% [1] - The net profit attributable to shareholders increased to 375 million yuan, reflecting a year-on-year growth of 25.64% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached 348 million yuan, marking a year-on-year increase of 31.65% [1]

Growth - Yian Technology reported a net profit of 19.03 million yuan in Q3, a year-on-year increase of 10,957% [1] - Hwa Woo Co. achieved a net profit of 24.32 million yuan in Q3, up 4,202% year-on-year [1] - Zhuoyi Information's Q3 net profit reached 17.48 million yuan, reflecting a year-on-year growth of 2,074.65% [1] - Jingrui Electric Materials reported a net profit of 58.61 million yuan in Q3, marking a 938.99% increase year-on-year [1] - Hemei Group's Q3 net profit was 61.75 million yuan, up 706.3% year-on-year [1] - Kelin Electric's Q3 net profit was 56.52 million yuan, a year-on-year increase of 705.48% [1] - Hualu Biological's Q3 net profit reached 70.03 million yuan, reflecting a 619.37% year-on-year growth [1] - Triangle Defense reported a net profit of 105 million yuan in Q3, up 466.32% year-on-year [1] - New Meixing achieved a Q3 net profit of 38.44 million yuan, a year-on-year increase of 357.83% [1] - Hailanxin's Q3 net profit was 5.67 million yuan, reflecting a 342.12% year-on-year growth [1] - Zhenlei Technology reported a net profit of 38.64 million yuan in Q3, up 337.49% year-on-year [1] - Tovey Information's Q3 net profit reached 26.04 million yuan, a year-on-year increase of 239.19% [1] - Wanma Co. reported a net profit of 161 million yuan in Q3, reflecting a 227.70% year-on-year growth [1] - Juhua Co. achieved a Q3 net profit of 1.197 billion yuan, up 186.55% year-on-year [1] - Baofeng Energy reported a net profit of 3.232 billion yuan in Q3, marking a 162.34% increase year-on-year [1] - Sanfu Co. achieved a Q3 net profit of 25.68 million yuan, reflecting a 162.25% year-on-year growth [1] - Chuling Information's Q3 net profit was 248.72 million yuan, up 123.93% year-on-year [1] - Fujilai reported a net profit of 30.32 million yuan in Q3, a year-on-year increase of 113.62% [1] - San Sheng Guojian achieved a Q3 net profit of 209 million yuan, reflecting a 101.41% year-on-year growth [1] - Tianchen Medical reported a net profit of 23.73 million yuan in Q3, up 70.74% year-on-year [1] - Oke Yi's Q3 net profit was 50.35 million yuan, reflecting a 69.31% year-on-year growth [1] - Dingtai High-tech reported a net profit of 123 million yuan in Q3, up 47.05% year-on-year [1] - Yiwei Lithium Energy achieved a Q3 net profit of 1.211 billion yuan, reflecting a 15.13% year-on-year growth [1] - Anpeilong reported a net profit of 30.99 million yuan in Q3, up 14.09% year-on-year [1] - Shengtun Mining's Q3 net profit was 649 million yuan, reflecting an 11.32% year-on-year growth [1] - COSCO Shipping Special reported a net profit of 504 million yuan in Q3, up 6.62% year-on-year [1] - Deep Technology achieved a Q3 net profit of 41.45 million yuan, reflecting a 2.8% year-on-year growth [1] Decline and Loss - Qiaqia Food reported a Q3 net profit of 79.36 million yuan, a year-on-year decrease of 72.58% [2] - Ningbo Jingda's Q3 net profit was 10.83 million yuan, down 65.14% year-on-year [2] - Nanhua Futures reported a Q3 net profit of 120 million yuan, reflecting a year-on-year decline of 6.21% [2] - Zhongwen Online reported a Q3 net loss of 294 million yuan [2] - Tuolisi reported a Q3 net loss of 86.45 million yuan [2] - Taiping Bird reported a Q3 net loss of 49.45 million yuan [2] - COFCO Technology reported a Q3 net loss of 28.06 million yuan [2]

Core Viewpoint - Triangle Defense (300775.SZ) reported a decrease in revenue for the first three quarters of 2025, while net profit showed significant growth [1] Financial Performance - The company's operating revenue for the first three quarters was 1.247 billion yuan, a year-on-year decrease of 8.51% [1] - Net profit attributable to shareholders was 375 million yuan, reflecting a year-on-year increase of 25.64% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 348 million yuan, up 31.65% year-on-year [1] - Basic earnings per share stood at 0.68 yuan [1]

Core Insights - The company reported a revenue of 1.247 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 8.51% [1] - The net profit attributable to shareholders reached 375 million yuan, showing a year-on-year increase of 25.64% [1] - Basic earnings per share were 0.68 yuan, reflecting a year-on-year growth of 25.93% [1]

为使投资者全面了解公司的经营成果、财务状况，公司2025年第 三季度报告全文将于2025年10月23日在中国证监会指定的创业板信 息披露网站巨潮资讯网（http://www.cninfo.com.cn）上披露，敬请投 资者注意查阅。 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2025年10月23日，西安三角防务股份有限公司（以下简称"公司"） 召开第四届董事会第二次会议，审议通过了《关于2025年第三季度报 告的议案》。 | | | 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司 关于 2025 年第三季度报告披露提示性公告 特此公告。 西安三角防务股份有限公司 2025 年 10 月 23 日 董事会 ...

Core Insights - Triangle Defense reported Q3 revenue of 462 million, a year-over-year increase of 44.87% [1] - Net profit for Q3 reached 105 million, showing a significant year-over-year growth of 466.32% [1] - For the first three quarters, total revenue was 1.247 billion, reflecting a year-over-year decline of 8.51% [1] - Net profit for the first three quarters amounted to 375 million, which is a year-over-year increase of 25.64% [1]

Revenue and Profitability - Revenue for Q3 2025 reached ¥461,548,955.49, an increase of 44.87% year-over-year[5] - Net profit attributable to shareholders was ¥105,128,679.82, a significant increase of 466.32% compared to the same period last year[5] - Basic earnings per share rose to ¥0.19, reflecting a 480.00% increase year-over-year[5] - Net profit for the current period is ¥375,452,301.63, an increase of 25.6% from ¥298,838,537.57 in the previous period[19] - Basic earnings per share increased to ¥0.68 from ¥0.54, reflecting a growth of 25.9%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,585,113,096.00, a decrease of 6.19% from the previous year[5] - The total current assets decreased from CNY 6,305,398,333.74 to CNY 5,965,519,775.10, a reduction of approximately 5.4%[15] - Total liabilities decreased from CNY 3,396,387,132.69 to CNY 2,577,203,065.42, a decrease of approximately 24.1%[16] - The company's total assets decreased from CNY 9,151,899,218.57 to CNY 8,585,113,096.00, a decrease of approximately 6.2%[17] Equity and Shareholder Information - The company's equity attributable to shareholders increased by 4.39% to ¥6,007,910,030.58 compared to the end of the previous year[5] - The total equity attributable to shareholders increased from CNY 5,755,512,085.88 to CNY 6,007,910,030.58, an increase of about 4.4%[17] - Total number of ordinary shareholders at the end of the reporting period was 47,459, with no preferred shareholders having restored voting rights[10] - The largest shareholder, Xi'an Aviation Industry Investment Co., Ltd., holds 10.96% of shares, totaling 60,000,000 shares, with 30,000,000 shares pledged[10] Cash Flow - Cash flow from operating activities showed a net outflow of ¥39,158,398.30, worsening by 93.42% year-to-date[5] - The net cash flow from operating activities improved significantly to -$39,158,398.30, a 93.42% increase compared to -$595,548,385.09, driven by increased cash receipts from sales[9] - Cash flow from investing activities resulted in a net outflow of ¥481,129,360.04, compared to a larger outflow of ¥1,032,441,791.25 in the previous period[22] - Cash flow from financing activities recorded a net outflow of ¥218,650,227.01, a significant decrease from a net inflow of ¥1,209,054,454.72 in the previous period[22] Investments and Financial Performance - Long-term equity investments increased by 40.13% to ¥273,124,590.85, attributed to additional investments in subsidiaries[8] - Investment income rose to $19,001,712.52, a 97.10% increase from $9,640,565.60, attributed to higher returns from trading financial assets[9] - The company reported an increase in investment income to ¥19,001,712.52 from ¥9,640,565.60, indicating a growth of 96.5%[18] Operational Performance - Total operating revenue for the current period is ¥1,246,663,457.29, a decrease of 8.5% compared to ¥1,362,599,108.81 in the previous period[18] - Total operating costs decreased to ¥826,906,785.18 from ¥996,732,005.34, representing a reduction of 17.0%[18] - Research and development expenses remained stable at ¥64,848,086.46, slightly down from ¥65,258,014.23[18] Changes in Financial Metrics - The company reported a significant decrease in accounts receivable by 75.27% to ¥176,702,922.08 due to the maturity of commercial acceptance bills[8] - Fixed assets grew by 118.84% to ¥1,896,250,435.89, mainly due to the completion of fundraising projects[8] - Short-term borrowings decreased by 95.67% to ¥43,620,182.50, reflecting a reduction in credit borrowings and discounted commercial acceptance bills[8] - The company experienced a 90.24% decrease in other income, dropping to $4,770,185.45 from $48,898,952.92, primarily due to reduced government subsidies[9] - Financial expenses decreased by 65.04% to -$15,674,066.11 from -$44,838,702.90, mainly due to reduced interest income and the conclusion of fundraising projects[9] - The company reported a significant increase in non-operating income, which surged to $6,873,708.92, a 20,458.88% increase from $33,434.26, primarily from the repurchase and cancellation of restricted stock[9]