Core Insights - The professional services sector experienced a decline of 0.91% on November 4, with Zhongfangbiao leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Sector Performance - Key stocks in the professional services sector showed mixed performance, with notable gainers including: - Kaipu Testing (Code: 003008) up 1.72% at 23.03 [1] - Lansheng Co. (Code: 600826) up 1.52% at 66.11 [1] - Weirong Testing (Code: 301289) up 1.11% at 63.60 [1] - Conversely, Zhongfangbiao (Code: 920122) led the decline, down 3.85% at 39.71 [2] - Other significant decliners included: - Guangdian Jizhong (Code: 002967) down 3.48% at 20.51 [2] - Fengshang Culture (Code: 300860) down 3.12% at 27.94 [2] Capital Flow - The professional services sector saw a net outflow of 91.21 million yuan from institutional investors, while retail investors contributed a net inflow of 9.71 million yuan [2] - Notable capital movements included: - Xince Standard (Code: 300938) with a net inflow of 62.56 million yuan from institutional investors [3] - Ancha Testing (Code: 300572) with a net inflow of 22.83 million yuan from institutional investors [3] - Retail investors showed a net outflow in several stocks, including: - Ancha Testing with a net outflow of 28.78 million yuan [3] - Guojian Group (Code: 603060) with a net outflow of 54.95 thousand yuan [3]

Core Viewpoint - Steel Research Nack has demonstrated robust performance in the first three quarters of 2025, with both revenue and net profit showing double-digit growth, significant improvement in cash flow, strong growth momentum in Q3, and continuous optimization of asset structure [2][3]. Financial Performance - For the first nine months of 2025, Steel Research Nack achieved total revenue of 806 million, representing a year-on-year increase of 11.64% [4]. - The net profit attributable to shareholders reached 100 million, up 15.08% year-on-year, indicating a steady improvement in profitability [4]. - The net profit excluding non-recurring gains and losses was 73 million, reflecting a year-on-year growth of 11.61%, showcasing solid growth in core business profitability [4]. - The net cash flow from operating activities significantly improved to 15 million, with a year-on-year increase of 124.51%, indicating enhanced collection capabilities and improved financial health [4]. Quarterly Performance - In Q3 2025 (July to September), Steel Research Nack reported revenue of 307 million, a year-on-year increase of 15.77%, indicating a strong growth trend [5]. - The net profit attributable to shareholders for Q3 was 41 million, up 7.77% year-on-year [5]. - The net profit excluding non-recurring gains and losses reached 36 million, with a substantial year-on-year growth of 21.19%, highlighting strong profitability in core operations during Q3 [5]. Asset and Financial Structure - As of the end of the reporting period, Steel Research Nack's total assets amounted to 2.139 billion, reflecting a growth of 2.14% compared to the end of the previous year [6]. - The equity attributable to shareholders was 1.265 billion, an increase of 6.61% from the end of the previous year, indicating an optimization of asset structure and a more solid financial foundation [6].

Core Viewpoint - Steel Research Nack is a leading enterprise in the domestic metal material testing field, with significant advantages in testing services for military and other sectors [1] Group 1: Business Performance - In Q3 2025, Steel Research Nack reported revenue of 806 million yuan, ranking 8th in the industry out of 21 companies, with the industry leader, China Measurement, generating 4.702 billion yuan [2] - The company's net profit for the same period was approximately 88.17 million yuan, also ranking 8th in the industry, with the top performer achieving 810 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Steel Research Nack's debt-to-asset ratio was 41.13%, an increase from 40.48% year-on-year, which is higher than the industry average of 26.67% [3] - The gross profit margin for the same period was 46.98%, up from 45.95% year-on-year, exceeding the industry average of 43.39% [3] Group 3: Executive Compensation - The chairman, Yang Zhigang, received a salary of 785,100 yuan in 2024, an increase of 99,100 yuan from 2023 [4] - The general manager, Zhang Xiuxin, earned 775,600 yuan in 2024, up from 618,800 yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 32.22% to 25,900, while the average number of circulating A-shares held per shareholder decreased by 23.74% to 14,600 [5] - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 1.5539 million shares, an increase of 538,200 shares from the previous period [5] Group 5: Analyst Ratings and Future Projections - Huatai Securities initiated coverage on Steel Research Nack with a "Buy" rating and a target price of 21.15 yuan, projecting net profits of 180 million, 212 million, and 251 million yuan for 2025 to 2027 [5] - Guangfa Securities also initiated coverage with a "Buy" rating, estimating net profits of 178 million, 212 million, and 250 million yuan for the same period, with a reasonable value of 16.26 yuan per share [5]

Core Viewpoint - Steel Research Nack's stock price has shown significant growth this year, with a year-to-date increase of 53.89%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Steel Research Nack achieved operating revenue of 806 million yuan, representing a year-on-year growth of 11.64% [2]. - The net profit attributable to shareholders for the same period was approximately 99.70 million yuan, reflecting a year-on-year increase of 15.08% [2]. Stock Market Activity - As of October 28, Steel Research Nack's stock was trading at 17.99 yuan per share, with a market capitalization of 6.886 billion yuan [1]. - The stock experienced a decline of 2.02% during the trading session on October 28, with a trading volume of 1.46 billion yuan and a turnover rate of 2.13% [1]. - The company has seen a net outflow of main funds amounting to 16.08 million yuan, with significant selling pressure from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 25,900, a rise of 32.22% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 23.74% to 14,607 shares [2]. Dividend Distribution - Since its A-share listing, Steel Research Nack has distributed a total of 159 million yuan in dividends, with 118 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 1.5539 million shares, an increase of 538,200 shares from the previous period [3].

Market Overview - The professional services sector increased by 0.83% on the previous trading day, with Anche Detection leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up by 1.18%, while the Shenzhen Component Index closed at 13489.4, up by 1.51% [1] Top Performers - Anche Detection (300572) closed at 32.72, with a rise of 7.45% and a trading volume of 181,700 shares, totaling a transaction value of 591 million yuan [1] - Shengke Nano (688757) closed at 31.05, up by 6.70%, with a trading volume of 51,100 shares and a transaction value of 158 million yuan [1] - Gangyan Nake (300797) closed at 18.36, increasing by 6.62%, with a trading volume of 209,300 shares and a transaction value of 379 million yuan [1] Underperformers - Shishi Testing (300416) closed at 16.02, down by 3.73%, with a trading volume of 330,800 shares and a transaction value of 532 million yuan [2] - Guangdong Jianke (301632) closed at 29.59, decreasing by 2.08%, with a trading volume of 75,100 shares and a transaction value of 222 million yuan [2] - Xince Standard (300938) closed at 26.55, down by 1.96%, with a trading volume of 143,300 shares and a transaction value of 389 million yuan [2] Capital Flow - The professional services sector experienced a net outflow of 202 million yuan from institutional investors, while retail investors saw a net inflow of 122 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Anche Detection (301289) had a net inflow of 25.6 million yuan from institutional investors, while it faced a net outflow of 21.6 million yuan from retail investors [3] - Gangyan Nake (300797) saw a net inflow of 13.6 million yuan from institutional investors and a net inflow of 15.1 million yuan from speculative investors [3] - Zhonggang Tianyuan (002057) had a net inflow of 7.4 million yuan from institutional investors, while retail investors experienced a net outflow of 11.3 million yuan [3]

Group 1 - The company announced that former Vice Presidents Mr. Bao Lei and Mr. Han Bing will no longer hold their positions due to age-related adjustments [1] - Both individuals will continue to support the company's development in the capacity of technical experts [1]

（编辑 姚尧） 证券日报网讯 10月23日晚间，钢研纳克发布公告称，公司董事会近日收到公司副总经理鲍磊先生、韩 冰先生的书面辞职报告，鲍磊先生、韩冰先生因工作调整申请辞去公司副总经理职务，辞职后仍在公司 工作。 ...

智通财经APP讯，钢研纳克(300797.SZ)发布2025年三季度报告，该公司前三季度营业收入为8.06亿元， 同比增长11.64%。归属于上市公司股东的净利润为9969.58万元，同比增长15.08%。归属于上市公司股 东的扣除非经常性损益的净利润为7347.79万元，同比增长11.61%。基本每股收益为0.2637元。 ...

Group 1 - The company Steel Research Nake announced the resignation of two vice presidents, Mr. Bao Lei and Mr. Han Bing, due to work adjustments [1] - As of the latest report, Steel Research Nake has a market capitalization of 6.6 billion yuan [3] Group 2 - For the year 2024, the company's revenue will be entirely derived from material testing services, accounting for 100% of its income [2]

Core Viewpoint - Steel Research Nack (300797.SZ) reported a positive financial performance for the third quarter, indicating growth in both revenue and net profit compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters reached 800 million, representing a year-on-year increase of 11.64% [1] - The net profit attributable to shareholders of the listed company was approximately 99.7 million, showing a year-on-year growth of 15.08% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was about 73.5 million, with a year-on-year increase of 11.61% [1]