Core Viewpoint - The company, Jiusheng Electric (301082.SZ), confirmed that it is not participating in the liquid fuel thorium molten salt experimental reactor (TMSR-LF1) project, and its products for nuclear power are mainly specialized cables designed for high temperature and radiation resistance, with uncertain future application prospects [2]. Group 1 - The company has no involvement in the TMSR-LF1 project [2]. - The company's nuclear power products are primarily specialized cables for power transmission and signal detection [2]. - There is significant uncertainty regarding the future application prospects of the company's products in the nuclear sector [2].

Core Viewpoint - The company, Jiusheng Electric (301082.SZ), has confirmed that it is not involved in the liquid fuel thorium-based experimental reactor project, indicating a clear stance on its current project engagements [1] Company Overview - Jiusheng Electric specializes in high-temperature and radiation-resistant specialty cable products used for power transmission and signal detection [1] - The future application prospects of the company's products in the nuclear power sector are characterized by significant uncertainty [1]

Core Viewpoint - The company, Jiusheng Electric (301082.SZ), has confirmed that it is not involved in the liquid fuel thorium-based experimental reactor project, indicating a focus on its core products and potential uncertainties in future applications [1] Company Summary - Jiusheng Electric specializes in high-temperature and radiation-resistant specialty cable products used for power transmission and signal detection [1] - The future application prospects of the company's products are noted to have significant uncertainties [1]

Core Viewpoint - Jiusong Electric, established in 2004 and listed in 2021, is a significant player in the domestic special cable sector, focusing on fire-resistant cables and holding multiple technology patents [1] Financial Performance - In Q3 2025, Jiusong Electric reported revenue of 1.833 billion, ranking 29th in the industry, significantly lower than the top competitor Baoshen Co. at 37.65 billion and the second competitor Far East Co. at 20.209 billion [2] - The company's net profit for the same period was 32.5855 million, also ranking 29th, far below the industry leader Dongfang Cable at 914 million and second place Jinbei Electric at 536 million [2] Financial Ratios - As of Q3 2025, Jiusong Electric's debt-to-asset ratio was 73.09%, an increase from 67.44% year-on-year, and above the industry average of 54.36% [3] - The gross profit margin for Q3 2025 was 12.04%, down from 12.55% year-on-year and below the industry average of 13.49% [3] Executive Compensation - The chairman and general manager, Zhang Jianhua, received a salary of 1.2093 million in 2024, a slight decrease from 1.214 million in 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 23.80% to 22,900, while the average number of circulating A-shares held per shareholder increased by 31.24% to 9,149.13 [5]

Core Insights - The nuclear power cable industry is crucial for the safe and stable operation of nuclear power plants, designed to meet extreme performance requirements such as high temperature resistance, radiation resistance, and low smoke halogen-free flame retardancy [1][6][3] - China's nuclear power sector is a key support for energy structure transformation and achieving carbon neutrality goals, with a national strategy focused on the "active, safe, and orderly development of nuclear power" [1][6] - The industry is entering a high prosperity cycle driven by policies, market demand, and technological advancements, with a significant market expansion expected [1][9] Industry Overview - Nuclear power cables are specifically designed for the unique environments of nuclear power plants, requiring high insulation, temperature, radiation, and corrosion resistance [2][3] - The cables play a core role in power transmission, signal control, and system safety, making them essential components for stable power system operation [2][6] Policy Environment - The Chinese government has set ambitious targets for nuclear power capacity, aiming for 70 million kilowatts by 2025 and 131 million kilowatts by 2030, with ongoing approvals for advanced reactor projects [6][9] - Recent policies have been introduced to support the nuclear industry across various dimensions, including development planning, safety assurance, and market access [6][9] Industry Chain - The upstream of the nuclear power cable industry includes suppliers of metals and insulation materials, with domestic companies like Jiangxi Copper and China Aluminum being significant players [7] - The midstream consists of cable manufacturing, dominated by companies such as Jiangsu Shangshang Cable and Far East Group, indicating a high market concentration [7] - The downstream includes nuclear power plant construction units and equipment manufacturers, driving continuous demand for cable products [7] Current Development Status - China's nuclear power sector has seen rapid growth, with 58 operational nuclear reactors and a total installed capacity of 60.88 million kilowatts as of 2024, ranking third globally [8][9] - The industry is expected to see a market scale exceeding 3 billion yuan in 2024, with projections of reaching 3.44 billion yuan by 2025, reflecting a robust annual growth rate of approximately 12% [9][10] Competitive Landscape - The industry is characterized by a few leading domestic companies that dominate the market, such as Anhui Cable and Jiangsu Shangshang Cable, which have achieved breakthroughs in high-end product localization [10] - Other notable companies include Baosheng Co., Shangwei Co., and Hualing Cable, which contribute to the competitive landscape with their specialized cable products [10] Future Development Trends - The industry is expected to evolve through technological innovation, market expansion, and global positioning, focusing on high-end materials and smart monitoring technologies [11][12] - New application scenarios are emerging, including small modular reactors and nuclear hydrogen production, which will drive demand for specialized cables [12] - Chinese companies are anticipated to accelerate their global presence, leveraging the Belt and Road Initiative to enhance their international competitiveness [13]

Core Viewpoint - The company, Jiusheng Electric, emphasizes the accuracy and completeness of its quarterly report, with all board members and management taking legal responsibility for the information disclosed [2][3]. Financial Data - The third-quarter financial report has not been audited [3][8]. - There are no adjustments or restatements required for previous accounting data [3]. - The company does not have any non-recurring gains or losses to report [3]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the top ten shareholders, but there are no changes in the shareholding structure due to securities lending activities [5]. Other Important Matters - There are no other significant matters to disclose in this report [5].

Core Viewpoint - Jiusong Electric (301082.SZ) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong business performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 1.833 billion yuan, representing a year-on-year growth of 32.89% [1] - The net profit attributable to shareholders of the listed company was 32.5855 million yuan, showing a year-on-year increase of 61.10% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 31.4375 million yuan, reflecting a year-on-year growth of 57.67% [1] - Basic earnings per share were reported at 0.14 yuan [1]

Core Viewpoint - Jiusong Electric (301082.SZ) reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and financial health [1] Financial Performance - The company achieved a revenue of 1.833 billion yuan, representing a year-on-year increase of 32.89% [1] - The net profit attributable to shareholders reached 32.5855 million yuan, marking a year-on-year increase of 61.10% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 31.4375 million yuan, reflecting a year-on-year increase of 57.67% [1] - Basic earnings per share stood at 0.14 yuan [1]

Core Viewpoint - Jiusong Electric (301082.SZ) reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential in the market [1]. Financial Performance - The company achieved an operating revenue of 1.833 billion yuan, representing a year-on-year increase of 32.89% [1]. - The net profit attributable to shareholders reached 32.5855 million yuan, which is a year-on-year increase of 61.10% [1]. - The net profit after deducting non-recurring gains and losses was 31.4375 million yuan, reflecting a year-on-year increase of 57.67% [1]. - Basic earnings per share stood at 0.14 yuan [1].

Core Insights - The company reported a third-quarter revenue of 628 million yuan, representing a year-on-year increase of 27.39% [1] - The net profit for the third quarter was 21.43 million yuan, showing a significant year-on-year growth of 356.47% [1] - For the first three quarters, the company achieved a revenue of 1.833 billion yuan, which is a year-on-year increase of 32.89% [1] - The net profit for the first three quarters reached 32.59 million yuan, reflecting a year-on-year growth of 61.10% [1]