Core Insights - The company Shanshui Technology (301190) experienced a net financing inflow of 1.0375 million yuan on October 29, 2025, following a series of net purchases over the past three trading days totaling 3.12 million yuan [1][2]. Financing Activity Summary - On October 29, 2025, the financing balance reached 12.4 million yuan, reflecting a 0.84% increase from the previous day [2][3]. - The net financing inflows for the preceding days were as follows: - October 28: 1.7416 million yuan - October 27: 341,000 yuan - October 24: -5.1856 million yuan - October 23: -933,200 yuan [2][3]. - The financing balance as a percentage of the circulating market value was 3.29% on October 29, 2025 [2]. Margin Trading Overview - The total margin trading balance on October 29, 2025, was 12.4 million yuan, with a daily increase of 1.0375 million yuan, indicating a positive trend in investor sentiment towards the stock [3]. - The margin trading balance showed fluctuations over the previous days, with notable declines on October 24 and October 23 [3]. Additional Information - Margin trading involves borrowing funds to purchase stocks (financing) or borrowing stocks to sell (securities lending), typically reflecting investor sentiment towards stock price movements [4].

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 499 million yuan, representing a year-on-year growth of 33.78% [1] - The net profit attributable to shareholders of the listed company was 84.1971 million yuan, showing a year-on-year increase of 25.13% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 83.4933 million yuan, reflecting a year-on-year growth of 26.67% [1] - The basic earnings per share stood at 0.4093 yuan [1]

Group 1 - The core point of the article is that Shanshui Technology (SZ 301190) announced the convening of its 18th meeting of the third board of directors on October 24, 2025, to review the proposal for the "2025 Third Quarter Report" [1] - For the year 2024, Shanshui Technology's revenue composition is entirely from the chemical industry, accounting for 100.0% [1] - As of the report date, Shanshui Technology has a market capitalization of 4.9 billion yuan [1]

证券代码：301190 证券简称：善水科技 公告编号：2025-048 议案内容：经董事会审议，董事会认为公司《2025 年第三季度报告》的编 制程序、内容、格式符合相关文件的规定；报告编制期间，未有泄密及其他违反 法律法规、《公司章程》或损害公司利益的行为发生；所载信息真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 九江善水科技股份有限公司（以下简称"公司"）第三届董事会第十八次会 议于 2025 年 10 月 24 日在公司会议室以现场及通讯表决方式召开。本次会议通 知于 2025 年 10 月 20 日以电子邮件、电话等方式发出，会议应出席董事 9 名， 实际出席董事 8 名，黄国荣先生缺席本次会议。本次会议由董事长吴新艳女士主 持，公司高级管理人员列席了会议。会议的召集、召开和表决符合《中华人民共 和国公司法》（以下简称"《公司法》"）等法律法规和《公司章程》的规定。 二、董事会会议审议情况 经全体董事认真审议，通过了以下议案： （一）审议通过《关于<2025 年第三季 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥193,477,478.47, representing a 55.05% increase year-over-year[5] - Net profit attributable to shareholders for the same period was ¥36,420,400.57, a significant increase of 177.20% compared to the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥35,782,548.92, up by 200.54% year-over-year[5] - Basic and diluted earnings per share for Q3 2025 were both ¥0.1773, reflecting an increase of 178.73% compared to the same period last year[5] - Total operating revenue for Q3 2025 reached ¥498,675,315.87, an increase of 33.7% compared to ¥372,756,838.23 in the same period last year[21] - Net profit for the period was ¥84,197,131.24, representing a 25.1% increase from ¥67,287,226.15 in the previous year[22] - The net profit attributable to the parent company's shareholders for the current period is ¥84,197,131.24, compared to ¥67,287,226.15 in the previous period, representing an increase of approximately 25.2%[23] - The total comprehensive income for the current period is ¥84,197,131.24, compared to ¥67,287,226.15 in the previous period, reflecting an increase of approximately 25.2%[23] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥2,333,180,612.58, which is a 5.18% increase from the end of the previous year[5] - The equity attributable to shareholders at the end of the reporting period was ¥1,955,370,626.30, showing a 1.43% increase from the previous year[5] - The company's total assets reached ¥2,333,180,612.58, up from ¥2,218,238,761.93, indicating a growth of 5.2%[19] - Total liabilities increased to ¥377,809,986.28 from ¥290,501,071.10, marking a rise of 30%[19] Cash Flow - The company reported a net cash flow from operating activities of -¥74,154,664.97 for the year-to-date, a decrease of 26.54% compared to the previous year[5] - Cash inflow from operating activities totaled ¥164,266,915.96, compared to ¥154,989,228.35 in the previous period, indicating an increase of approximately 6.5%[25] - The net cash flow from operating activities is -¥74,154,664.97, an improvement from -¥100,942,854.90 in the previous period[25] - Cash inflow from investment activities is ¥122,020,084.37, down from ¥584,342,764.12 in the previous period, a decrease of about 79.1%[25] - The net cash flow from investment activities is -¥148,405,145.20, compared to -¥141,584,694.42 in the previous period, showing a slight increase in outflow[25] - Cash inflow from financing activities is ¥32,000,000.00, down from ¥52,800,000.00 in the previous period, a decrease of approximately 39.5%[25] - The net cash flow from financing activities is -¥75,621,637.08, an improvement from -¥133,977,655.06 in the previous period[25] - The ending balance of cash and cash equivalents is ¥79,401,448.54, significantly down from ¥304,214,843.32 in the previous period, a decrease of about 73.9%[26] Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,563[10] - The top shareholder, Huang Guorong, holds 18.64% of the shares, amounting to 40,000,000 shares[10] Trust Products and Fair Value Loss - The company reported a total overdue amount of RMB 256 million from the trust products purchased from Zhongrong International Trust Co., Ltd. as of September 30, 2025[15] - The company has recognized a cumulative fair value loss of RMB 133.55 million based on the overdue situation of the trust products and market information[15] Operational Costs and Expenses - Total operating costs amounted to ¥404,861,031.97, up 37.9% from ¥293,778,741.58 year-on-year[22] - Research and development expenses increased to ¥22,563,378.59, compared to ¥19,591,053.59 in the prior year, reflecting a growth of 10.1%[22] - Accounts receivable rose to ¥21,996,087.16, compared to ¥7,285,155.00, reflecting a significant increase of 201.5%[19] - Inventory levels increased to ¥145,722,080.25 from ¥76,786,648.82, representing an increase of 90%[19] - The company reported a decrease in short-term borrowings to ¥20,012,602.74 from ¥50,039,178.08, a reduction of 60%[19]

Core Viewpoint - The actual controller and chairman of Shan Shui Technology, Huang Guorong, has been subjected to criminal coercive measures due to personal reasons, leading to a significant drop in the company's stock price by 17.04% to 22.88 yuan per share on October 20 [1]. Group 1 - Shan Shui Technology held an emergency board meeting on October 20 to ensure operational stability, where board member Wu Xinyan was appointed to act as chairman and legal representative in Huang Guorong's absence [3]. - Wu Xinyan, who is the spouse of Huang Guorong, currently serves as a director and head of the comprehensive center at Shan Shui Technology [4]. - The market is concerned about whether Huang Guorong's legal issues will impact the progress of a 6 billion yuan new materials expansion project, but the company asserts that it has a stable management system and mature governance structure in place [4].

Core Viewpoint - The actual controller and chairman of Shanshui Technology, Huang Guorong, has been subjected to criminal coercive measures, leading to a significant drop in the company's stock price by 17.04% to 22.88 yuan per share on October 20 [2] Company Management - Following Huang Guorong's absence, the board of directors held an emergency meeting and appointed director Wu Xinyan to act as chairman and legal representative, ensuring the stability of company operations [2][3] - The company claims to have a stable management system and mature governance structure, with ongoing normal production and operations [3] Company Background - Shanshui Technology specializes in the dye, pharmaceutical, and pesticide intermediate sectors, with a history of fluctuating performance over the past three and a half years [3] - Huang Guorong has nearly 30 years of experience in the chemical industry, having held various positions in different companies before leading Shanshui Technology since May 2012 [3] Financial Performance - In 2022, the company faced a downturn with revenues of 400 million yuan, a decrease of 27.50% from 552 million yuan in 2021, and a net profit drop of 29.47% to 100 million yuan [3] - In 2023, revenues increased to 495 million yuan, a growth of 23.64%, but net profit fell sharply by 79.03% to 21 million yuan [4] - For 2024, the company is projected to achieve revenues of 505 million yuan and a net profit recovery to 53 million yuan [4] - In the first half of 2025, Shanshui Technology reported revenues of 305 million yuan, a year-on-year increase of 23.08%, while net profit decreased by 11.77% to 48 million yuan [5]

Core Viewpoint - The recent criminal measures taken against Huang Guorong, the actual controller and chairman of Jiujiang Shanshui Technology Co., Ltd., have led to a significant decline in the company's stock price, which dropped 17.04% on the announcement day and further decreased the following day, reflecting investor concerns about leadership stability and company performance [1]. Company Overview - Jiujiang Shanshui Technology operates in the chemical raw materials and chemical products manufacturing industry, focusing on the research, production, and sales of dye intermediates, pesticides, and pharmaceutical intermediates, with applications in textiles, agriculture, and daily chemicals [4]. Financial Performance - In 2023, the company reported a 23.69% increase in revenue to 495 million yuan, but net profit fell by 79.03% to 21.05 million yuan due to losses from overdue financial assets [4]. - For 2024, revenue slightly increased by 1.88% to 505 million yuan, and net profit rose by 151.51% to 52.95 million yuan [4]. - In the first half of 2025, net profit declined by 11.77% to 47.78 million yuan, indicating a downward trend in profitability [4][5]. Cost Structure and Investment - The decline in net profit in the first half of 2025 is attributed to increased costs, including a 77.66% rise in sales expenses and a 45.58% increase in management expenses, alongside a 42.97% increase in R&D expenses [5]. - The company is investing in a new chemical materials project in Pengze County, with a total investment of approximately 6 billion yuan, expected to generate an annual output value of 8 billion yuan upon completion [5]. Leadership Changes - Following the announcement of Huang Guorong's legal issues, the board of directors appointed Wu Xinyan, his spouse, to assume his responsibilities, indicating a potential continuity in leadership despite the challenges [1][2].

Core Viewpoint - The announcement of criminal coercive measures against Huang Guorong, the actual controller and chairman of Shanshui Technology, led to a significant drop in the company's stock price by 17.04% to 22.88 yuan per share [2] Company Management - In response to Huang Guorong's absence, the board of directors held an emergency meeting and appointed Wu Xinyan to act as chairman and legal representative, ensuring the stability of company operations [2][3] - Wu Xinyan is the spouse of Huang Guorong and currently serves as a director and head of the comprehensive center at Shanshui Technology [3] Company Performance - Shanshui Technology has shown a trend of "revenue recovery and profit volatility" over the past three and a half years [3] - In 2022, the company faced a downturn with total revenue of 400 million yuan, a decrease of 27.50% from 552 million yuan in 2021, and a net profit drop of 29.47% to 100 million yuan [3] - In 2023, the company experienced a revenue increase to 495 million yuan, a growth of 23.64% compared to 2022, but net profit fell by 79.03% to 21 million yuan [4] - For 2024, Shanshui Technology's revenue is projected to reach 505 million yuan, with net profit recovering to 53 million yuan [4] - In the first half of 2025, the company reported revenue of 305 million yuan, a year-on-year increase of 23.08% from 248 million yuan in the same period of 2024, while net profit decreased by 11.77% to 48 million yuan [4]

Core Viewpoint - The stock price of Shan Shui Technology (301190) dropped significantly by 17.04% to 22.88 CNY per share, with a total market value of 4.9 billion CNY, following the announcement that the actual controller and chairman Huang Guorong was subjected to criminal coercive measures [2][6]. Company Management Changes - Following the incident, the board of directors appointed Wu Xinyan to assume the responsibilities of chairman and legal representative, as well as the roles of relevant committee members and general manager [2][6]. Company Performance - In the first half of 2025, Shan Shui Technology reported a revenue of 305 million CNY, representing a year-on-year increase of 23.08%. However, the net profit attributable to shareholders decreased by 11.77% to 47.77 million CNY [6][7]. - The company indicated that the production capacity of chlorinated pyridine series products is being steadily released, leading to improved gross margins due to economies of scale and reduced unit costs [6][7]. R&D and Cost Management - Shan Shui Technology has increased its R&D expenses compared to the previous year, focusing on new product development and process improvements to enhance core competitiveness [7]. - Despite rising costs in personnel and benefits due to team expansion, the company has managed to achieve stable growth through effective cost control and efficiency enhancement measures [7].