Core Points - Company Zhite New Materials announced the cancellation of stock options due to certain employees no longer qualifying as incentive targets and others not meeting the exercise conditions [2] Group 1 - The fourth board meeting of the company will be held on October 10, 2025, to review the proposal for the cancellation of stock options [2] - A total of 896,136 stock options will be canceled, which includes options granted to 4 employees who have left the company and 86 employees who did not meet the exercise conditions [2] - The cancellation process was completed on November 12, 2025, after verification by the Shenzhen branch of China Securities Depository and Clearing Co., Ltd [2]

证券代码：300986 证券简称：志特新材 公告编号：2025-143 江西志特新材料股份有限公司 关于公司 2024 年股票期权激励计划首次授予部分 第一个行权期第一次集中行权结果暨股份上市的公告 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： 1、本次行权股票来源为公司从二级市场回购的本公司 A 股普通股股票。行 权后公司总股本未发生变动，公司股份仍具备上市条件。 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 2024 年股票期权激励计划 首次授予部分第一个行权期行权条件成就的议案》。目前公司已办理完成 2024 年股票期权激励计划（以下简称"本激励计划"或"激励计划"）首次授予部分 第一个行权期第一次股票期权的集中行权事项，现将有关情况公告如下： 一、激励计划实施情况概要 （一）激励计划的主要内容 1、激励方式：股票期权。 2、股票期权的来源：公司向激励对象定向发行本公司 A 股普通股股票和/ 或从二级市场回购的本公司 A 股普通股股票。 3、股票期权数 ...

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]