Group 1 - The core viewpoint of the news is that Tongling Co., Ltd. has experienced fluctuations in its stock performance and financial metrics, indicating potential investment opportunities and risks [1][2]. Group 2 - On November 11, Tongling's stock rose by 3.01%, with a trading volume of 167 million yuan. The margin trading data shows a financing buy amount of 14.89 million yuan and a financing repayment of 15.50 million yuan, resulting in a net financing buy of -0.60 million yuan [1]. - As of November 11, the total margin trading balance for Tongling is 148 million yuan, which accounts for 2.63% of its market capitalization. This financing balance is above the 80th percentile level over the past year, indicating a high level [1]. - In terms of securities lending, on November 11, there were no shares repaid or sold, with a lending balance of 0.00 shares, which is also above the 90th percentile level over the past year, indicating a high level [1]. Group 3 - As of September 30, the number of shareholders for Tongling was 8,744, a decrease of 12.11% from the previous period. The average circulating shares per person increased by 13.78% to 10,900 shares [2]. - For the period from January to September 2025, Tongling reported a revenue of 1.094 billion yuan, a year-on-year decrease of 9.91%. The net profit attributable to the parent company was 44.72 million yuan, down 36.87% year-on-year [2]. Group 4 - Since its A-share listing, Tongling has distributed a total of 57.64 million yuan in dividends, with 49.36 million yuan distributed over the past three years [3].

Core Insights - The company reported a significant decline in revenue for Q3 2025, with total revenue amounting to 305,842,291.31 yuan, representing a year-on-year decrease of 27.95% [1] - Despite the drop in revenue, the net profit attributable to shareholders increased substantially, reaching 13,414,212.15 yuan, which is an 80.77% year-on-year growth [1] Financial Performance - Revenue for Q3 2025: 305,842,291.31 yuan, down 27.95% year-on-year [1] - Net profit for Q3 2025: 13,414,212.15 yuan, up 80.77% year-on-year [1]

Company Performance - Tongling Co., Ltd. reported a revenue of approximately 1.094 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 9.91% [1] - The net profit attributable to shareholders was approximately 44.72 million yuan, down 36.87% year-on-year [1] - Basic earnings per share were 0.38 yuan, reflecting a decrease of 35.59% compared to the previous year [1] Market Context - As of the report, Tongling Co., Ltd. has a market capitalization of 5.4 billion yuan [2] - The A-share market has recently surpassed 4,000 points, indicating a significant market resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging [2]

公司2025年第三季度报告于2025年10月30日在中国证券监督管理委员会指定的 创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn）上披露，敬请投资者注 意查阅。 特此公告。 江苏通灵电器股份有限公司 关于2025年第三季度报告披露提示性公告 本公司及监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。 江苏通灵电器股份有限公司（以下简称"公司"）于2025年10月29日召开第五 届董事会第九次会议，审议通过了《关于<2025年第三季度报告>的议案》。 证券代码：301168 证券简称：通灵股份 公告编号：2025-056 江苏通灵电器股份有限公司 董事会 2025年10月30日 ...

Revenue and Profitability - The company's revenue for Q3 2025 was ¥305,842,291.31, a decrease of 27.95% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥13,414,212.15, an increase of 80.77% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥187,810.37, a decline of 105.76% compared to the previous year[5] - Total operating revenue for the current period was ¥1,093,873,651.93, a decrease of 9.9% from ¥1,214,136,418.29 in the previous period[17] - Net profit for the current period was ¥58,824,153.56, a decline of 32.6% compared to ¥87,272,527.89 in the previous period[19] Earnings Per Share - Basic and diluted earnings per share for Q3 2025 were both ¥0.11, an increase of 87.87% year-on-year[5] - Basic earnings per share for the current period was ¥0.38, down from ¥0.59 in the previous period[19] - The diluted earnings per share for the current period is 0.38, compared to 0.59 in the previous period[20] Cash Flow - The operating cash flow net amount for the year-to-date period reached ¥206,751,560.94, a significant increase of 796.38%[5] - The net cash flow from operating activities for the first nine months of 2025 was significantly improved, rising from ¥23,065,087.79 to ¥206,751,560.94[8] - Cash inflow from operating activities totaled ¥1,526,507,831.65, an increase of 37.4% from ¥1,110,538,853.79 in the previous period[20] - The net cash flow from operating activities is ¥206,751,560.94, significantly up from ¥23,065,087.79 in the previous period[20] - Cash outflow from investment activities reached ¥2,538,798,875.08, compared to ¥1,944,148,050.89 in the previous period, resulting in a net cash flow from investment activities of -¥556,260,092.62[21] - Cash inflow from financing activities was ¥707,100,913.26, an increase from ¥672,465,520.70 in the previous period[21] - The net cash flow from financing activities improved to ¥286,998,545.55 from ¥82,248,861.49 in the previous period[21] Assets and Liabilities - Total assets at the end of Q3 2025 were ¥3,494,554,578.48, reflecting a 0.99% increase from the end of the previous year[5] - The company's equity attributable to shareholders increased by 1.86% to ¥2,161,545,266.30 compared to the end of the previous year[5] - The company's total assets increased to ¥3,494,554,578.48, up from ¥3,460,279,665.56, reflecting a growth of 1.0%[17] - Total liabilities decreased to ¥1,234,422,840.80 from ¥1,252,432,403.36, a reduction of 1.4%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period was 8,744, with no preferred shareholders having restored voting rights[9] - Jiangsu Shangkun Biological Equipment Co., Ltd. held 29.08% of shares, amounting to 34,890,248 shares, making it the largest shareholder[9] - The company reported a total of 70,347,000 restricted shares at the beginning of the period, with 24,342,564 shares released during the period[12] Investment and Expenses - The company experienced a 23.46% increase in fixed assets, amounting to ¥742,945,709.09 as of September 30, 2025[8] - The fixed assets increased to 742,945,709.09 from 601,782,026.25, reflecting ongoing investments in property and equipment[15] - The company’s long-term equity investments were reported at 40,000,000.00, indicating a strategic focus on long-term growth[15] - Research and development expenses were ¥51,065,297.06, a decrease of 11.3% from ¥57,588,177.15[17] - The company reported an investment income of ¥14,180,211.34, an increase from ¥8,007,368.21 in the previous period[19] Cash and Equivalents - The cash and cash equivalents at the end of the period were 709,614,994.19, down from 880,380,086.42 at the beginning of the period[15] - The total current assets decreased to 2,341,881,763.87 from 2,517,288,396.14, indicating a decline in liquidity[15] - The ending balance of cash and cash equivalents is ¥543,986,703.65, slightly up from ¥543,223,872.96 in the previous period[21] - The company received ¥17,268,358.56 in tax refunds, up from ¥8,469,096.83 in the previous period[20] - The company reported cash received from sales of goods and services of ¥1,224,286,913.99, an increase from ¥1,063,079,018.45 in the previous period[20] Comprehensive Income - Other comprehensive income after tax was -¥45,091.69, compared to -¥792,488.54 in the previous period[19]

江苏通灵电器股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 证券代码：301168 证券简称：通灵股份 公告编号：2025-055 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。 江苏通灵电器股份有限公司（以下简称"公司"或"通灵股份"）于2024年12 月20日召开第五届董事会第四次会议、第五届监事会第四次会议，于2025年1月8 日召开2025年第一次临时股东大会，分别审议通过了《关于使用部分闲置募集资金 及自有资金进行现金管理的议案》，同意公司在确保不影响募集资金投资项目建设 进度，并有效控制风险的前提下，使用不超过人民币20,000.00万元闲置募集资金（含 本数、含超募资金）进行现金管理，用于安全性高、流动性好、风险低、期限不超 过12个月或可转让可提前支取的产品，有效期自2025年第一次临时股东大会审议通 过之日起12个月内有效，在前述额度及期限有效期内，资金可循环滚动使用。保荐 人出具了专项核查意见。具体内容详见公司2024年12月21日、2025年1月9日披露于 巨潮资讯网（http://www.cninfo.com.cn）的相关 ...

Core Insights - The photovoltaic junction box is a critical component of solar photovoltaic systems, responsible for power output and circuit protection, acting as the "control center" for current in photovoltaic modules [1][10] - The Chinese photovoltaic junction box market is projected to grow from 1.758 billion yuan in 2019 to 3.862 billion yuan in 2024, with a compound annual growth rate (CAGR) of 17.05% [1][13] - The demand for photovoltaic junction boxes is primarily driven by large solar power plant constructions, with an expected surge in demand from residential and small commercial users due to the growth of distributed photovoltaics [1][13] Industry Overview - The photovoltaic junction box industry is experiencing significant growth, with China's photovoltaic module production capacity expected to reach 1,156.5 GW and output 627.5 GW in 2024, representing year-on-year increases of 25.7% and 21.1% respectively [1][10] - The global photovoltaic junction box market is also expanding, with demand projected to rise from 418 million units in 2022 to 821 million units in 2024, reflecting a CAGR of 40.15% [11][12] Industry Development Stages - The industry has undergone multiple iterations, improving in sealing performance, size, and automation, transitioning from complex sealing ring junction boxes to more efficient encapsulated types [8][9] - The industry chain includes upstream raw materials and components, midstream manufacturing, and downstream applications primarily in the photovoltaic sector [8][9] Market Dynamics - The rapid growth of the photovoltaic industry, driven by carbon neutrality strategies and supportive policies, has led to a record increase in solar power installations, making photovoltaic junction boxes essential for system efficiency and safety [10][11] - The Chinese photovoltaic junction box market is expected to reach 4.389 billion yuan by 2025, indicating continued growth and innovation in the industry [1][13] Key Companies - Major companies in the photovoltaic junction box sector include Tongling Co., Ltd., Kuake Electronics, and Zairun New Energy, among others, with a significant presence in the Yangtze River Delta region [2][14] - These companies are increasingly focusing on technological advancements and quality certifications to compete with international players [14][16] Industry Trends - The industry is moving towards smart technology integration, enhancing monitoring and control capabilities through advanced components [17] - Efficiency improvements are being prioritized, focusing on reducing energy transmission losses and enhancing performance under high current conditions [18] - Environmental sustainability is becoming a core focus, with efforts to use eco-friendly materials and manufacturing processes [19]

Core Insights - Tongling Co., Ltd. experienced a 1.50% decline in stock price on October 9, with a trading volume of 72.783 million yuan [1] - The company reported a financing buy-in of 10.4515 million yuan and a financing repayment of 11.5984 million yuan on the same day, resulting in a net financing outflow of 1.1469 million yuan [1] - As of October 9, the total margin balance for Tongling Co., Ltd. was 160 million yuan, representing 3.18% of its circulating market value, which is above the 90th percentile of the past year [1] Financing and Margin Data - On October 9, the financing buy-in was 10.4515 million yuan, with a current financing balance of 160 million yuan [1] - The margin trading data indicates that there were no shares repaid or sold on that day, with a margin balance of 0.00 yuan, also above the 80th percentile of the past year [1] Company Overview - Tongling Co., Ltd. is located in Yangzhong City, Jiangsu Province, and was established on July 9, 1984, with its listing date on December 10, 2021 [1] - The company's main business includes the research, production, sales, and service of solar photovoltaic module junction boxes and other related products [1] - The revenue composition includes: diode junction boxes (48.55%), automotive exterior parts (20.96%), photovoltaic interconnection wire harnesses (11.00%), others (10.04%), and chip junction boxes (9.45%) [1] Shareholder and Financial Performance - As of June 30, the number of shareholders for Tongling Co., Ltd. was 9,949, a decrease of 19.47% from the previous period [2] - The average circulating shares per person increased by 138.36% to 9,580 shares [2] - For the first half of 2025, the company reported a revenue of 788 million yuan, a slight decrease of 0.21% year-on-year, and a net profit attributable to shareholders of 31.308 million yuan, down 50.63% year-on-year [2] Dividend and Institutional Holdings - Since its A-share listing, Tongling Co., Ltd. has distributed a total of 57.646 million yuan in dividends, with 49.366 million yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders saw the exit of the fund "Fuguo Hong Kong and Shanghai Performance-Driven Mixed A" from the list [3]

Core Viewpoint - Tongling Co., Ltd. has indicated that its PPS solid-state separators are currently being tested by multiple clients, but no bulk purchases have been established yet [1] Company Summary - The company is actively engaging with several clients who are in the testing phase of its PPS solid-state separators [1] - There is currently no indication of bulk purchasing agreements being formed, suggesting that the product is still in the evaluation stage [1] Industry Summary - The development of solid-state separators is a significant focus within the industry, reflecting ongoing advancements in battery technology [1] - The testing phase by multiple clients indicates a potential interest in the product, which could lead to future market opportunities if successful [1]

Group 1 - The photovoltaic equipment sector experienced a rebound on September 18, with Tongling Co., Ltd. rising over 10% [1] - Maiwei Co., Ltd. saw an increase of over 3% [1] - Other companies such as Dike Co., Ltd., Aotewei, and Deye Co., Ltd. also experienced gains [1]