证券代码：300986 证券简称：志特新材 公告编号：2025-142 江西志特新材料股份有限公司 关于部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 江西志特新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 10 日 召开第四届董事会第十五次会议，审议通过了《关于注销部分股票期权的议案》。 现将注销部分股票期权的情况公告如下： 根据《江西志特新材料股份有限公司 2024 年股票期权激励计划（草案）》 （以下简称"本激励计划"）的相关规定，鉴于本激励计划首次授予的 4 名激励 对象因离职不再具备激励对象资格，以及 86 名激励对象未达到本激励计划首次 授予部分第一个行权期个人层面全额行权条件，公司应当注销前述已授予但尚未 行权的合计 896,136 份股票期权。具体内容详见公司披露于巨潮资讯网的《关于 注销部分股票期权的公告》（公告编号：2025-133）。 经中国证券登记结算有限责任公司深圳分公司审核确认，公司已于 2025 年 11 月 12 日办理完成上述股票期权的注销事宜。 本次股票期权注销事宜符合《上市公司 ...

Group 1 - The company, Zhite New Materials, announced the completion of the stock option incentive plan registration for 2024, specifically for the reserved stock options [1] - The reserved stock options are referred to as "Zhite JLC2" with the code 036616 [1] - A total of 725,340 options have been granted, adjusted for the plan, to 37 individuals [1] - The completion date for the registration of the reserved stock options is set for November 10, 2025 [1]

证券代码：300986 证券简称：志特新材 公告编号：2025-141 江西志特新材料股份有限公司 关于 2024 年股票期权激励计划预留授予登记完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 根据中国证监会《上市公司股权激励管理办法》、深圳证券交易所、中国证 券登记结算有限责任公司深圳分公司有关规则的规定，江西志特新材料股份有限 公司（以下简称"公司"）完成了《江西志特新材料股份有限公司 2024 年股票 期权激励计划（草案）》（以下简称"本激励计划"）预留部分股票期权的授予 登记工作，现将具体情况公告如下： 一、本激励计划已履行的相关审批程序 （一）2024 年 9 月 26 日，公司召开第三届董事会第二十八次会议，审议通 过《关于〈江西志特新材料股份有限公司 2024 年股票期权激励计划（草案）〉 及其摘要的议案》《关于〈江西志特新材料股份有限公司 2024 年股票期权激励 计划实施考核管理办法〉的议案》《关于提请股东大会授权董事会办理股权激励 相关事宜的议案》等议案（公告编号：2024-088）。 （二）2024 年 9 月 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector [2] Core Views - The construction materials sector continues to show a trend of profit improvement in Q3 2025, with a year-on-year increase in net profit despite a decline in revenue [5][39] - The overall revenue for the construction materials sector in the first three quarters of 2025 was CNY 463.64 billion, a decrease of 4.98% year-on-year, while net profit attributable to shareholders was CNY 18.79 billion, an increase of 28.19% year-on-year [5][39] - The report identifies key factors for profit improvement, including a decrease in raw material costs and an improved supply-demand balance for certain construction materials [5][39] Summary by Sections 1. Construction Materials Sector Overview - The construction materials sector's revenue in Q3 2025 was CNY 162.16 billion, down 6.0% year-on-year, with a net profit of CNY 6.99 billion, up 9.2% year-on-year [5][39] - The sector's overall gross margin improved to 19.64%, up 1.58 percentage points year-on-year, and the net margin was 4.18%, up 1.19 percentage points year-on-year [44] 2. Cement Sector - The cement sector's revenue for the first three quarters of 2025 was CNY 269.04 billion, down 7.79% year-on-year, while net profit was CNY 7.82 billion, up 158.8% year-on-year [46][52] - Despite a decrease in cement prices, profit margins improved due to lower costs of coal and other key inputs [46] 3. Glass Sector - The glass sector faced price pressures, with revenue for the first three quarters of 2025 at CNY 34.41 billion, down 11.28% year-on-year, and a net profit of CNY 0.27 billion, down 84.22% year-on-year [55][59] - The average price of float glass continued to decline, impacting profitability [55] 4. Fiberglass Sector - The fiberglass sector saw a revenue increase of 23.54% year-on-year in the first three quarters of 2025, totaling CNY 49.21 billion, with a net profit of CNY 4.87 billion, up 121.37% year-on-year [5][39] - Price increases initiated in September contributed to the sector's profit recovery [5] 5. Consumer Building Materials Sector - The consumer building materials sector reported a revenue of CNY 110.76 billion in the first three quarters of 2025, down 5.56% year-on-year, with a net profit of CNY 5.84 billion, down 24.01% year-on-year [5][39] - The sector's cash collection ratio improved to 97.38%, indicating better cash flow management [5][39] 6. Investment Recommendations - The report recommends focusing on leading companies in the consumer building materials sector, such as "Three Trees" and "Oriental Yuhong," which have shown resilience and growth potential [9] - It also suggests looking at companies with strong dividend yields and those actively expanding overseas, such as "China National Building Material" and "Conch Cement" [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 2.023 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 12.09%. The net profit attributable to shareholders was 118 million yuan, a significant increase of 98.65% year-on-year. The net profit after deducting non-recurring items was 93 million yuan, up 181.98% year-on-year [3][4]. - In the third quarter alone, the company reported a revenue of 730 million yuan, an increase of 8.84% year-on-year. However, the net profit attributable to shareholders decreased by 19.51% year-on-year to 42 million yuan, and the net profit after deducting non-recurring items fell by 48.34% year-on-year to 24 million yuan [3][4]. - The company’s gross profit margin for the first three quarters was 28.72%, an increase of 2.34 percentage points year-on-year, while the gross profit margin for the third quarter was 28.83%, a decrease of 0.84 percentage points year-on-year. The increase in revenue is attributed to the gradual advancement of overseas business and the development of diversified operations [10][10]. - The company’s operating cash flow showed significant improvement, with a net inflow of 139 million yuan in the first three quarters, an increase of 138 million yuan year-on-year. The cash collection ratio was 98.39%, up 12.10 percentage points year-on-year [10][10]. - The company is experiencing a turning point in its main business, with explosive growth in overseas markets and a gradual bottoming out in the domestic market. The company is accelerating the development of new materials through its subsidiaries, which is expected to significantly contribute to revenue performance [10][10]. Summary by Sections Revenue and Profitability - The company reported a total revenue of 2.023 billion yuan for the first three quarters of 2025, with a year-on-year growth of 12.09%. The net profit attributable to shareholders reached 118 million yuan, marking a 98.65% increase year-on-year [3][4]. - The gross profit margin for the first three quarters was 28.72%, while the third quarter saw a gross profit margin of 28.83%, indicating a slight decline [10]. Cash Flow and Financial Health - The operating cash flow for the first three quarters was a net inflow of 139 million yuan, with a cash collection ratio of 98.39% [10]. - The company’s asset-liability ratio decreased by 6.58 percentage points to 61.80% year-on-year, indicating improved financial health [10]. Market Position and Future Outlook - The company is positioned for growth with a focus on overseas markets and new material development, which is expected to enhance revenue significantly in the coming years [10].

Core Insights - In November, certain low-priced, high-recognition stocks have shown significant performance, with "Ma" stocks averaging a nearly 2% increase, surpassing the Shanghai Composite Index's performance during the same period, with multiple stocks rising over 10% [1] Group 1: Stock Characteristics - The analysis identifies 16 potential strong stocks for the year-end, focusing on those priced between 5 to 15 yuan per share and with a market capitalization below 5 billion yuan [1] - These stocks are predicted to have a net profit growth rate exceeding 30% for both 2025 and 2026, according to institutional consensus [1] - The companies involved are engaged in trending sectors such as quantum technology, AI, and lithium batteries [1] Group 2: Potential Stocks Summary - The table lists various stocks with their latest closing prices, market values, and projected net profit growth rates for 2025 and 2026, along with their associated hot concepts [2] - For instance, "Aoto Electronics" (002587) has a closing price of 6.42 yuan and a market value of 4.183 billion yuan, with a projected net profit growth of 193.43% for 2025 and 111.11% for 2026, focusing on Douyin Doubao [2] - "Liujin Technology" (920021) shows a closing price of 6.87 yuan and a market value of 2.123 billion yuan, with a projected net profit growth of 203.78% for 2025 and 96.00% for 2026, involved in 5G applications [2]

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][3]. Core Insights - The construction industry faced revenue and profit pressures in Q1-Q3 2025, with total revenue of 5.52 trillion, down 5.2% year-on-year, and net profit of 118.9 billion, down 9.0% year-on-year [2][3]. - The decline in revenue has narrowed, and cash flow has shown significant improvement, attributed to local government debt resolution policies and enhanced cash flow management by companies [2][5]. - The industry’s gross margin remained stable at 9.8%, with a net margin of 2.16%, indicating effective cost control despite external pressures [2][10]. Summary by Sections 1. Financial Overview of the Construction Industry - In Q1-Q3 2025, major listed companies in the construction sector reported a total revenue of 5.52 trillion, reflecting a year-on-year decrease of 5.2%, and a net profit of 118.9 billion, down 9.0% [3][9]. - Quarterly revenues were 1.84 trillion, 1.91 trillion, and 1.76 trillion, with respective year-on-year declines of 6.2%, 5.2%, and 4.3% [3][9]. 2. ROE Analysis - The overall Return on Equity (ROE) for the industry in Q1-Q3 2025 was 3.36%, a decrease of 0.53 percentage points year-on-year [17]. - The decline in ROE is attributed to reduced investment and increased cost pressures, impacting profitability [17][28]. 3. Cash Flow Improvement - The industry’s operating cash flow showed improvement, with a net outflow of 404.7 billion, which is 70.7 billion less than the previous year [4][14]. - The cash collection ratio improved to 103%, 87%, and 108% across the three quarters, indicating better cash management [4][14]. 4. Investment and Profitability Trends - The construction sector is experiencing a shift towards cash management and asset quality improvement, with companies focusing on reducing ineffective assets [5][26]. - Investment net income in Q3 2025 decreased by 39.4 billion year-on-year, reflecting the ongoing challenges in the sector [26]. 5. Market Perception and Opportunities - The report suggests that the market underestimates the potential for investment in the construction and real estate sectors, which remain crucial to the economy [6]. - The emphasis on quality over growth by state-owned enterprises is expected to create new opportunities for sustainable growth [6].

Market Overview - The professional engineering sector experienced a decline of 0.48% on November 4, with Shanghai Port 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] Stock Performance - Notable gainers in the professional engineering sector included: - Yaxiang Integration (603929) with a closing price of 50.30, up 7.69% and a trading volume of 159,900 shares [1] - Yongfu Co., Ltd. (300712) closed at 29.12, up 5.78% with a trading volume of 231,300 shares [1] - Shikong Technology (605178) closed at 66.49, up 4.13% with a trading volume of 208,300 shares [1] - Other stocks with positive performance included: - Rishang Group (002593) up 2.27% [1] - Huadian Technology (601226) up 1.34% [1] Decliners - Major decliners included: - Fei Gui Yu Shan (605598) down 3.13% with a trading volume of 91,600 shares [2] - Honglu Steel Structure (002541) down 3.10% with a trading volume of 66,100 shares [2] - Shenghui Integration (603163) down 2.46% with a trading volume of 70,300 shares [2] Capital Flow - The professional engineering sector saw a net outflow of 395 million yuan from institutional investors, while retail investors contributed a net inflow of 310 million yuan [2][3] - Notable capital flows included: - Yongfu Co., Ltd. (300712) with a net inflow of 71.39 million yuan from institutional investors [3] - Rishang Group (002593) with a net inflow of 26.38 million yuan from institutional investors [3] - Shikong Technology (603098) with a net inflow of 15.01 million yuan from institutional investors [3]

证券代码：300986 证券简称：志特新材 公告编号：2025-140 公司与交通银行股份有限公司甘肃省分行（以下简称"交通银行"）签订《保 证合同》，公司为控股子公司甘肃志特新材料科技有限公司（以下简称"甘肃志 特"）向交通银行申请 1,000 万元的流动资金借款提供连带责任保证。甘肃志特 的少数股东甘肃晟赫源企业管理咨询有限公司将按持股比例为本次事项提供反 担保，承担相应的连带赔偿责任。 三、担保协议主要内容 江西志特新材料股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 江西志特新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 19 日召 开第四届董事会第十次会议、2025 年 5 月 13 日召开 2024 年年度股东大会，审 议通过了《关于 2025 年度担保额度预计的议案》，同意公司及其控股子公司在 2025 年度为公司控股子公司提供不超过 331,470 万元的预计担保额度（含前期已 审尚未失效的担保额度），其中为资产负债率大于等于 70%的子公司提供担保额 度不超过人民 ...

Investment Rating - The report suggests a cautious outlook on the construction industry, recommending state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, while also highlighting private companies like Zhizhi New Materials and Honglu Steel Structure as potential investment opportunities [3][12][14]. Core Insights - The construction industry is currently experiencing weak overall demand, but regional investments may gain momentum as national strategies are implemented [3][12]. - The report emphasizes the importance of modernizing infrastructure and upgrading key industries to enhance global competitiveness [3][10]. - Significant growth has been observed in specific sub-sectors, particularly in private infrastructure companies, which have shown substantial year-to-date gains [3][6]. Industry Performance - The SW Construction Decoration Index decreased by 1.49%, underperforming compared to major indices such as the Shanghai Composite Index, which increased by 0.11% [4][6]. - The best-performing sub-sectors for the week included Professional Engineering (+2.08%) and Decorative Curtain Walls (+1.39%) [4][6]. - Year-to-date, the private infrastructure sector has seen a remarkable increase of 67.91%, with individual companies like Chengbang Co. and Dongyi Risheng achieving gains of 182.55% and 182.38%, respectively [3][6]. Key Company Updates - Sichuan Road and Bridge reported a revenue increase of 1.95% and a net profit increase of 11.04% for the first three quarters of 2025 [12][14]. - Jianfa Hecheng experienced a revenue growth of 10.55% and a net profit increase of 21.2% during the same period [13][14]. - Notable changes in other companies include Xinjiang Jiaojian with a revenue increase of 38.58% and a net profit increase of 147.73% [14]. Market Trends - The report highlights the government's focus on constructing a modern industrial system and enhancing the competitiveness of key industries, including construction [10][11]. - The Ministry of Housing and Urban-Rural Development reported that 24,300 urban old residential communities were newly started or renovated from January to September 2025 [11][12]. - The report notes that the construction sector's fixed asset investment reached 2.6 trillion yuan in the first three quarters of 2025, reflecting a year-on-year decline of 4.17% [11].