（文章来源：证券日报） 证券日报网讯锡南科技11月13日在互动平台回答投资者提问时表示，公司的经营合法合规。 ...

Group 1 - The company, Xinan Technology (301170), has established a business relationship with Siemens, and the initial development is progressing steadily [1] - The company will fulfill its information disclosure obligations in a timely manner if the subsequent cooperation reaches the disclosure standards [1] - Investors are advised to refer to announcements published by designated media for further information [1]

Core Insights - Xinan Technology holds approximately 15% of the global market share for shell products [1] - The company's sales distribution is currently balanced, with domestic and international markets each accounting for about 50% [1] - Future adjustments to sales distribution will be made based on changes in client project production locations [1]

Core Viewpoint - Xinan Technology is advancing its market layout for products such as fuel cell stacks and is establishing business relationships with Siemens, anticipating mass production in a new factory next year [1] Group 1: Company Developments - The company is focusing on the development of the medium and low voltage power control and fuel cell energy storage market [1] - Xinan Technology has initiated a business relationship with Siemens, with steady progress in early development [1] - The company plans to continue expanding its customer base [1] Group 2: Future Outlook - The new factory is expected to enter mass production next year [1]

Group 1: Market Position and Strategy - The company holds approximately 15% of the global market share for turbocharger precision compressor shell components, with sales distribution evenly split between domestic and international markets [2] - The penetration rate of turbocharged fuel vehicles in the market has significant growth potential, especially as over half of China's automotive sales are now new energy vehicles [2] - The company is actively pursuing a global development strategy, with Thailand identified as a key hub for expanding its presence in Southeast Asia [2][3] Group 2: Product Development and Market Opportunities - The company is focusing on the development of products in the "power and energy storage" sector, capitalizing on the growth of mid-to-low voltage power control markets and the maturation of fuel cell storage markets [3] - A partnership with Siemens is underway, with plans for mass production to commence in a new factory next year [3] - The company is also developing components for hydrogen fuel cells and electric vehicle transmission shells, indicating a diversification of its product offerings [3] Group 3: Supply Chain and Risk Management - The primary raw material is aluminum ingots, and the company has established a price adjustment mechanism with major clients to mitigate the impact of raw material price fluctuations on production [3]

Group 1 - The core viewpoint of the news is that Xinan Technology's stock performance and financing activities indicate a relatively high level of market interest and engagement, despite a slight decline in stock price on October 30 [1][2]. - On October 30, Xinan Technology's stock price fell by 0.75%, with a trading volume of 33.33 million yuan. The financing buy amount was 3.79 million yuan, while the financing repayment was 3.79 million yuan, resulting in a net financing buy of -3482.00 yuan [1]. - As of October 30, the total financing and securities lending balance for Xinan Technology was 50.05 million yuan, accounting for 5.35% of its circulating market value, which is above the 50th percentile level over the past year, indicating a high financing balance [1]. Group 2 - As of October 20, the number of shareholders for Xinan Technology was 9,094, an increase of 2.28% from the previous period, while the average circulating shares per person decreased by 2.23% to 3,692 shares [2]. - For the period from January to September 2025, Xinan Technology achieved an operating income of 841 million yuan, representing a year-on-year growth of 5.12%, and a net profit attributable to the parent company of 80.04 million yuan, up 3.39% year-on-year [2]. - Since its A-share listing, Xinan Technology has distributed a total of 55 million yuan in dividends [2].

Core Viewpoint - The company has announced an extension of the share lock-up period for certain shareholders, indicating a response to stock price performance relative to the IPO price [1] Group 1 - The company released an announcement on December 29, 2023, regarding the extension of the share lock-up period for relevant shareholders [1] - Investors inquired whether the conditions for extending the lock-up period, related to the stock price falling below the issue price, have been triggered [1] - The company’s actual controller and relevant shareholders have not yet made a public announcement regarding this matter [1]

Core Viewpoint - Xinan Technology (301170.SZ) reported its Q3 2025 results, highlighting a decrease in institutional ownership and changes in public fund holdings [1] Institutional Holdings - As of October 27, 2025, five institutional investors disclosed holdings in Xinan Technology, totaling 3.9024 million shares, which represents 3.90% of the company's total share capital [1] - The institutional ownership decreased by 1.69 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Zhongjia Specialized New Quantitative Stock Mixed Initiation A, increased its holdings by 0.27% compared to the previous period [1] - One new public fund, Nuoan Multi-Strategy Mixed A, was disclosed this quarter [1] - A total of 50 public funds were not disclosed this quarter, including notable funds such as Huaxia Zhisheng New Sharp Stock A and GF Baifa Big Data Growth Mixed A [1] Foreign Investment - One foreign institution, BARCLAYS BANK PLC, was not disclosed in this quarter compared to the previous quarter [1]

Core Insights - Xinan Technology (301170.SZ) reported a revenue of 841 million yuan for the first three quarters of 2025, representing a year-on-year growth of 5.12% [1] - The net profit attributable to shareholders of the listed company was 80.0379 million yuan, an increase of 3.39% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 73.4659 million yuan, showing a year-on-year growth of 18.77% [1] - The basic earnings per share stood at 0.8004 yuan [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥300,310,951.86, representing a year-on-year increase of 16.85%[5] - The net profit attributable to shareholders for the same period was ¥26,877,469.17, up by 9.29% compared to the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥26,278,694.69, reflecting a significant increase of 43.27% year-on-year[9] - The basic and diluted earnings per share for Q3 2025 were both ¥0.2688, marking a 9.31% increase from the same period last year[5] - Operating profit increased to ¥90,790,626.44 from ¥85,981,761.92, representing a growth of approximately 9.5% year-over-year[16] - Net profit rose to ¥80,037,889.74 compared to ¥77,412,789.87, marking an increase of about 3.3% year-over-year[17] - Total comprehensive income increased to ¥82,613,448.84 from ¥77,412,789.87, showing an increase of approximately 6.7%[17] - Basic and diluted earnings per share improved to ¥0.8004 from ¥0.7741, reflecting an increase of about 3.4%[17] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥1,948,421,586.55, which is a 3.51% increase from the end of the previous year[5] - The total assets as of September 30, 2025, were CNY 1,948,421,586.55, up from CNY 1,882,341,195.75 at the beginning of the period, representing an increase of about 3.5%[15] - The total liabilities increased to CNY 182,020,042.70 from CNY 169,928,340.74, reflecting a rise of approximately 7.3%[15] - The total equity attributable to the parent company reached CNY 1,766,401,543.85, compared to CNY 1,712,412,855.01 in the previous period, indicating an increase of about 3.2%[15] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥52,603,279.98, showing a decrease of 27.47%[5] - Cash flow from operating activities decreased to ¥52,603,279.98 from ¥72,524,454.45, a decline of approximately 27.5%[20] - Investment activities generated a net cash flow of -¥142,956,921.53, compared to a positive cash flow of ¥50,016,852.28 in the previous period[20] - The ending balance of cash and cash equivalents is $266,502,486.97 as of the reporting period[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,998[10] - The largest shareholder, Li Zhongliang, holds 51.15% of the company's shares, totaling 51,146,925 shares[10] Operating Costs and Expenses - The total operating costs amounted to CNY 756,383,927.97, compared to CNY 733,639,430.20 in the prior period, indicating an increase of about 3.1%[15] - Research and development expenses increased to ¥37,659,185.87 from ¥36,447,957.14, reflecting a growth of approximately 3.3%[16] - Tax expenses rose to ¥9,543,670.60 from ¥7,562,190.69, an increase of approximately 26.2%[16] - Other income decreased to ¥3,644,410.44 from ¥6,798,098.47, a decline of about 46.3%[16] Inventory and Receivables - The accounts receivable increased to CNY 339,638,513.42 from CNY 305,587,129.31, showing a growth of approximately 11.1%[14] - The inventory decreased slightly to CNY 260,017,541.14 from CNY 264,408,737.05, showing a decline of approximately 1.7%[14] Accounting Changes - The company will implement new accounting standards starting January 1, 2024, affecting the income statement items for the first nine months of 2024[21] - The adjustment will increase operating costs by $2,820,181.15 and decrease selling expenses by the same amount for the first nine months of 2024[21] Audit Status - The third quarter financial report has not been audited[22]