（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司的产品中是否包含稀土原料？公司出口的产 品当中是否包含稀土原料？ 图南股份（300855.SZ）10月24日在投资者互动平台表示，稀土元素被称为"工业味精"，公司部分牌号 合金材料含有微量稀土元素，其微量添加主要用于提升合金材料的综合性能。 ...

Group 1: Wanchen Group / Leisure Food - The company reported a revenue of 36.562 billion yuan for the first three quarters of 2025, a year-on-year increase of 77.37%, with a net profit of 855 million yuan, up 917.04% [3] - In Q3 2025, revenue reached 13.98 billion yuan, a year-on-year increase of 44.15%, and net profit was 383 million yuan, up 361.22% [3][4] - The company is experiencing a strong growth trend, with a significant increase in store count to 15,400 by the end of H1 2025, contributing to improved performance [4][5] Group 2: Shengnong Development / Breeding Industry - Shengnong Development achieved a revenue of 14.706 billion yuan in the first three quarters of 2025, a year-on-year increase of 6.86%, with a net profit of 1.159 billion yuan, up 202.82% [7][8] - The company is optimizing its cost structure through self-developed breeds, leading to a decrease in comprehensive meat production costs [8][9] - The company is expanding its market share through a multi-channel strategy, with significant growth in retail and export channels [9] Group 3: Wens Foodstuff Group / Breeding Industry - Wens Foodstuff Group reported a revenue of 75.817 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.53%, but net profit decreased by 17.98% to 5.256 billion yuan [11][12] - The company is focusing on cost control, with significant reductions in breeding costs for both pigs and chickens, maintaining a stable production performance [12][13] - The company is expected to achieve steady growth, with projected revenues of 96.972 billion yuan in 2025, increasing to 111.212 billion yuan by 2027 [13] Group 4: Tunan Co., Ltd. / Metal New Materials - Tunan Co., Ltd. reported a revenue of 859 million yuan for the first three quarters of 2025, a year-on-year decrease of 20.46%, with a net profit of 123 million yuan, down 52.21% [14][15] - The company is in a phase of capacity ramp-up for its subsidiaries, which has led to higher operational costs and a temporary decline in profitability [15][16] - The company is managing its inventory effectively, with a significant increase in inventory levels to 750 million yuan, reflecting proactive production planning [15]

2025 年10 月18 日，图南股份发布2025 年三季报：2025 年前三季度实现营业收入8.59 亿元，同 比-20.46%；实现归母净利润1.23 亿元，同比-52.21%；实现扣非归母净利润1.20 亿元，同比-53.64%。 投资要点: 2025 年前三季度备货加速，中小零部件产线产能爬坡2025 年前三季度，公司实现营业收入8.59 亿元， 同比-20.46%；实现归母净利润1.23 亿元，同比-52.21%，主要系公司全资子公司图南部件、图南智能中 小零部件产线处于产能爬坡阶段，同时产品从生产交付到收入确认需要一定周期，期间较高的运营成本 导致全资子公司出现亏损。公司加权平均净资产收益率为6.23%，同比-7.30pct；销售毛利率28.05%，同 比-7.79pct；销售净利率14.36%，同比-9.54pct；经营活动现金流净额为1.73 亿元。 事件: 期间费用方面，2025Q3 公司销售费用率1.16%，同比+0.53pct，环比+0.06pct；管理费用率5.75%，同比 +2.10pct，环比+1.67pct；研发费用率5.21%，同比+0.24pct，环比+0.72pct；财务费 ...

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨图南股份（300855.SZ） [Table_Title] 产能扩张积极备产，中长期成长性无虞 报告要点 [Table_Summary] 公司发布 25 年三季报，25Q1-3 实现营收 8.59 亿元，同比减少 20.46%；归母净利润 1.23 亿 元，同比减少 52.21%；扣非归母净利润 1.2 亿元，同比减少 53.64%。其中 25Q3 实现营收 2.6 亿元，同比减少 25.28%，环比减少 16.83%；归母净利润 0.3 亿元，同比减少 54.49%，环比 减少 40.73%；扣非归母净利润 0.29 亿元，同比减少 55.57%，环比减少 42.59%。 分析师及联系人 [Table_Author] 王贺嘉 王鹤涛 易轰 杨继虎 SAC：S0490520110004 SAC：S0490512070002 SAC：S0490520080012 SAC：S0490525040001 SFC：BUX462 SFC：BQT626 SFC：BUZ394 请阅读最后评级说明和重要声明 %% %% %% %% research.9 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 12-month target price of 33.4 CNY [5][8]. Core Views - The company experienced a revenue decline of 20.46% year-on-year in the first three quarters of 2025, with a total revenue of 859 million CNY and a net profit of 123 million CNY, down 52.21% year-on-year [1]. - The company's gross margin for the first three quarters was 28.05%, a decrease of 7.78 percentage points year-on-year, while the net profit margin was 14.36%, down 9.55 percentage points year-on-year [2]. - The company is in a capacity ramp-up phase for its subsidiaries, which has led to temporary fluctuations in profitability due to high operational costs and the time required for revenue recognition [2][4]. - Significant growth in prepaid expenses indicates increased procurement of raw materials, with prepaid expenses rising to 43.76 million CNY, up 2079.75% from the beginning of the period [3]. - The company is deepening its layout in the aerospace industry chain, with the small and medium-sized components business expected to contribute positively to future performance as capacity ramps up [4]. Financial Summary - The company forecasts revenue growth rates of -12.5%, +47.3%, and +41.5% for 2025, 2026, and 2027, respectively, with net profit growth rates of -28.7%, +83.6%, and +52.1% for the same years [5]. - The projected earnings per share (EPS) for 2025 is 0.48 CNY, with a price-to-earnings (PE) ratio of 58.1 [6][13]. - The company’s total assets are expected to grow from 2.28 billion CNY in 2025 to 3.04 billion CNY in 2027, indicating a positive long-term outlook [13].

Group 1: Company Insights - iFlytek has accumulated over 50TB of industry corpus and over 1 billion daily user interactions, enhancing its data quality and multi-modal capabilities with the upgrade of its "Xunfei Spark Model" to version 4.0, which competes with GPT-4 Turbo [1] - Baiya Co. has seen over 100% revenue growth in the first three quarters, with a significant contribution from its health product series, which accounts for over 50% of revenue, and is expanding its product scale and upgrades [2] - Tunan Co. reported a decrease in net profit due to increased production but delayed revenue recognition, with a current order backlog corresponding to approximately 1.75 billion yuan [3] - Jiao Cheng Ultrasonic is advancing in the power semiconductor field with a range of welding machines and is developing equipment for solid-state batteries, benefiting from the electric and intelligent development trends [4] - Ben Gang Steel is focusing on high-value product development and efficiency improvements, with its automotive steel recognized as a benchmark in the industry [5] Group 2: Fund Insights - Quan Guo Fund, established in 2022, has an asset management scale of 22.384 billion yuan, ranking 119th among 210 public funds, with its best-performing product showing a 35.14% growth over the past year [5]

Group 1: Company Insights - Keda Xunfei has accumulated over 50TB of industry corpus and over 1 billion daily user interactions, enhancing its data collection and cleaning capabilities [1] - The "Xunfei Spark Model" has been upgraded to version 4.0, which significantly improves its multimodal and intelligent capabilities, comparable to GPT-4 Turbo [1] - Tunan Co. reported a decline in net profit for Q3 2025 due to increased production but delayed revenue recognition, leading to higher operational costs [2] - Tunan's inventory increased by 48% since the beginning of the year due to order-based stocking, with a backlog of orders corresponding to approximately 1.75 billion yuan [2] - Jiao Cheng Ultrasonic provides comprehensive solutions in power semiconductor fields and has begun mass shipments, focusing on advanced packaging and defect detection [3] - The company is developing ultrasonic bonding machines and has received orders for its ultrasonic solid-state bonding machines, which offer low-temperature and high-efficiency advantages [3] Group 2: Industry Trends - The semiconductor industry is seeing advancements in ultrasonic detection methods, which complement traditional X-ray detection in identifying defects [3] - The demand for automation in manufacturing, particularly in the aerospace and energy sectors, is driving growth for companies like Tunan and Jiao Cheng [2][3] - The electric vehicle and energy storage sectors are benefiting from innovations in welding equipment and battery technology, indicating a trend towards electrification and smart technology [3] Group 3: Fund Management Insights - Zhongyin Fund has an asset management scale of 676.016 billion yuan, ranking 18th among 210 firms, with a focus on public funds [4] - The fund's best-performing product in the past year is the Zhongyin Hong Kong Stock Connect Medical Mixed Fund A, which has grown by 72.27% [4] - The latest fund launched by Zhongyin is the Zhongyin CSI Robot Index C, which is an index-type stock fund with a subscription period from October 13 to October 24, 2025 [4]

证券日报网讯 图南股份（300855）10月22日在互动平台回答投资者提问时表示，截至2025年10月20 日，公司在册股东人数约1.41万户。 ...

证券日报网讯图南股份10月22日发布公告，在公司回答调研者提问时表示，根据公司披露的《2025年半 年度报告》，截至2025年6月30日，公司已签订合同、但尚未履行或尚未履行完毕的履约义务所对应的 收入金额为174，978.14万元，其中，55，479.86万元预计将于2025年度确认收入，52，998.27万元预计 将于2026年度确认收入，66，500.01万元预计将于2027年度确认收入。目前，上述披露的在手订单及收 入确认预计情况未发生重大变化，公司正在根据在手订单有序推进生产交付、收入确认等各项工作，合 同履行正常，各关键节点按计划推进。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯图南股份10月22日发布公告，在公司回答调研者提问时表示，2025年第三季度公司实现归 属于上市公司股东的净利润为3039.28万元，较2025年第二季度环比下降，主要原因为：2025年第三季 度，公司全资子公司沈阳图南精密部件制造有限公司（以下简称"图南部件"）、沈阳图南智能制造有限 公司（以下简称"图南智能"）中小零部件产量已有较大提升，产品从生产交付到收入确认仍需一定周 期，期间较高的运营成本导致全资子公司亏损增加，对公司第三季度整体盈利水平造成阶段性影响。 ...