Core Viewpoint - Ningbo Jialian Technology Co., Ltd. is focusing on biodegradable plastics, 3D printing, and cross-border e-commerce, benefiting from the depreciation of the RMB and the Belt and Road Initiative [2][3]. Company Overview - Ningbo Jialian Technology Co., Ltd. specializes in the research, production, and sales of plastic products, biodegradable products, and plant fiber products, with a revenue composition of 84.41% from plastic products, 14.25% from biodegradable products, and 1.34% from others [7]. - The company was established on August 7, 2009, and went public on December 9, 2021 [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.865 billion yuan, representing a year-on-year growth of 8.25%. However, the net profit attributable to the parent company was -73.8145 million yuan, a decrease of 209.95% year-on-year [8]. - As of September 30, 2025, the company had a total of 6,828 shareholders, an increase of 15.61% from the previous period, with an average of 20,195 circulating shares per person, a decrease of 11.47% [8]. Market Position and Strategy - The company is a leading player in the global plastic dining utensils manufacturing industry, with 70.47% of its sales coming from exports in 2021, primarily to developed regions such as North America, Europe, and Oceania [2][3]. - The company has also expanded its online market through cross-border e-commerce platforms [2]. Production Capacity - The company's Thai factory is a key overseas production capacity node, currently producing various products including 3D printing filaments, plastic dining utensils, and plant fiber products [3]. Stock Performance - On November 5, the company's stock price decreased by 0.16%, with a trading volume of 17.2581 million yuan and a turnover rate of 0.66%, resulting in a total market capitalization of 3.695 billion yuan [1].

Core Insights - JiaLian Technology, established in 2009 and listed in 2021, is a significant manufacturer in the global biodegradable plastic products industry, with a comprehensive product range including biodegradable materials and products, plastic products, and plant fiber products [1] Financial Performance - For Q3 2025, JiaLian Technology reported revenue of 1.865 billion yuan, ranking 7th in the industry out of 24 companies, while the industry leader, Bull Group, achieved revenue of 12.198 billion yuan [2] - The net profit for the same period was -87.406 million yuan, placing the company 23rd in the industry, with the top performer, Bull Group, reporting a net profit of 2.982 billion yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 65.99%, an increase from 56.43% in the previous year, significantly higher than the industry average of 35.61% [3] - The gross profit margin for Q3 2025 was 14.97%, down from 18.69% year-on-year, and below the industry average of 27.17% [3] Executive Compensation - The chairman, Wang Xiong, received a salary of 988,400 yuan in 2024, a decrease of 81,400 yuan from 2023 [4] - The general manager, Ma Henghui, earned 1.3378 million yuan in 2024 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 15.61% to 6,828, with an average holding of 20,200 shares, a decrease of 11.47% [5] Business Highlights - In Q2 2025, the company reported revenue of 600 million yuan, a year-on-year increase of 9%, with a net profit of -40 million yuan [6] - Domestic market demand expansion is a key driver for revenue growth, supported by "dual carbon" policies and recovery in the tea and fast-food sectors [6] - The company is focusing on biodegradable plastic products to replace traditional plastics, enhancing market opportunities [6] - A global production network is being established, with localized production bases in emerging markets like Southeast Asia [6]

Core Viewpoint - The company, Ningbo Jialian Technology Co., Ltd., is experiencing a decline in stock price while maintaining a significant portion of its revenue from overseas markets, benefiting from the depreciation of the RMB and its focus on biodegradable and 3D printing materials [1][3]. Company Overview - Ningbo Jialian Technology Co., Ltd. specializes in the research, production, and sales of plastic products, biodegradable products, and plant fiber products, with a revenue composition of 84.41% from plastic products, 14.25% from biodegradable products, and 1.34% from other sources [7]. - The company was established on August 7, 2009, and went public on December 9, 2021 [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.865 billion yuan, representing a year-on-year growth of 8.25%. However, the net profit attributable to the parent company was a loss of 73.8145 million yuan, a decrease of 209.95% year-on-year [8]. - As of September 30, 2025, the company had 6,828 shareholders, an increase of 15.61% from the previous period, with an average of 20,195 circulating shares per person, a decrease of 11.47% [8]. Market Position and Strategy - The company has a strong focus on PLA material research and application, particularly in the consumer-grade FDM materials and products sector, with a broad application potential in industrial design, education, toys, and medical fields [2][3]. - The company has established a significant overseas revenue share of 55.43%, primarily from exports to developed regions such as North America, Europe, and Oceania, with 70.47% of sales coming from exports in 2021 [3][8]. - The company is also expanding its online market presence through cross-border e-commerce platforms [3]. Production Capacity - The company's factory in Thailand serves as a key overseas production capacity node, with multiple production lines for 3D printing materials, plastic dining utensils, home products, and plant fiber products gradually entering production [3].

Core Insights - Jia Lian Technology (301193.SZ) reported its Q3 2025 results on October 29, 2025, highlighting a total of 5 institutional investors holding shares, amounting to 26.45 million shares, which represents 13.55% of the total share capital [1] Institutional Holdings - The total institutional holding percentage decreased by 0.49 percentage points compared to the previous quarter [1] - The institutional investors include Ningbo Zhenhai Jin Su Equity Investment Management Partnership (Limited Partnership), Ningbo Zhenhai Jin Mo Equity Investment Management Partnership (Limited Partnership), Ningbo Shimao Energy Co., Ltd., and others [1] Public Fund Disclosures - Two new public funds were disclosed this quarter, namely the China Merchants Balanced Preferred Mixed A and Great Wall Anxin Return Mixed A [1] - Eight public funds were not disclosed this quarter compared to the previous quarter, including funds such as China Europe Growth Enterprise Board Two-Year Mixed A and others [1]

Group 1 - Company Halian Technology (SZ 301193) announced on October 29 that its 23rd meeting of the 3rd board of directors was held on October 28, 2025, to review the proposal for the "2025 Q3 Report" [1] - For the year 2024, the revenue composition of Halian Technology is 100.0% from the rubber and plastic products manufacturing industry [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after ten years of stagnation, with a new "slow bull" market pattern emerging driven by technology [1]

Core Viewpoint - JiaLian Technology (301193.SZ) reported a revenue of 1.865 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 8.25% [1] Financial Performance - The net loss attributable to shareholders of the listed company was 73.8145 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 80.7993 million yuan [1] - The basic loss per share was 0.3832 yuan [1]

| 证券代码：301193 | 证券简称：家联科技 | 公告编号：2025-080 | | --- | --- | --- | | 债券代码：123236 | 债券简称：家联转债 | | 宁波家联科技股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 宁波家联科技股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开 了第三届董事会第二十三次会议，审议通过了《关于使用部分闲置募集资金暂时 补充流动资金的议案》，同意公司在不影响募投项目建设资金需求和募投项目正 常进行的前提下，使用不超过人民币 18,000.00 万元（含本数）闲置募集资金暂 时补充流动资金，用于主营业务相关的生产经营，使用期限自本次董事会审议批 准该议案之日起不超过 12 个月，到期将归还至公司募集资金专户。现将具体情 况公告如下： 一、募集资金基本情况 截至 2025 年 9 月 30 日，公司募投项目投入金额为人民币 54,595.05 万元。 三、本次使用闲置募集资金暂时补充流动资金的情况 （一）闲置的情况及原因 ...

| 证券代码：301193 | 证券简称：家联科技 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：123236 | 债券简称：家联转债 | | 宁波家联科技股份有限公司 第三届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 宁波家联科技股份有限公司（以下简称"公司"）第三届董事会第二十三次会 议于 2025 年 10 月 28 日上午 10:00 时在公司会议室以现场及通讯表决相结合的 方式召开。本次会议通知于 2025 年 10 月 17 日以电子邮件方式发出，会议应出 席董事 7 人，实际出席董事 7 人。会议由董事长王熊先生召集并主持，公司高级 管理人员列席本次会议。本次会议的召集、召开符合《中华人民共和国公司法》 和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 经与会董事认真审议，一致通过以下决议： （一）审议通过《关于公司<2025 年第三季度报告>的议案》 表决结果：7 票赞成，0 票弃权，0 票反对。 三、备查文件 1、第三届董事会 ...

兴业证券股份有限公司关于 宁波家联科技股份有限公司使用部分闲置募集资金暂时 补充流动资金的核查意见 一、募集资金基本情况 根据中国证券监督管理委员会于 2023 年 11 月 17 日出具《关于同意宁波家联科 技股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕 2602 号），并经深圳证券交易所同意，宁波家联科技股份有限公司于 2023 年 12 月 22 日向不特定对象发行 7,500,000 张可转换公司债券，发行价格为每张 100.00 元， 募集资金总额 750,000,000.00 元，扣除相关发行费用（不含税）6,143,886.79 元，实 际募集资金净额为人民币 743,856,113.21 元。天职国际会计师事务所（特殊普通合伙） 对公司本次募集资金到位情况进行了审验，并于 2023 年 12 月 28 日出具了天职业字 [2023]54463 号《验资报告》。 公司已将上述募集资金存放于募集资金专项账户管理，并与保荐人、存放募集 资金的开户银行签署了《募集资金三方监管协议》《募集资金四方监管协议》。 二、募集资金投资项目情况 根据《宁波家联科技股份有限公司向不特 ...

Revenue and Profitability - Revenue for Q3 2025 reached ¥741,659,816.68, an increase of 13.12% year-over-year, while year-to-date revenue was ¥1,864,717,792.24, up 8.25% compared to the same period last year[5] - The net profit attributable to shareholders was a loss of ¥9,144,702.64 for Q3 2025, representing a decline of 268.27% year-over-year, and a year-to-date loss of ¥73,814,485.05, down 209.95%[5] - Basic and diluted earnings per share for Q3 2025 were both -¥0.0464, reflecting a decrease of 263.96% compared to the same quarter last year[5] - The company reported a total loss of ¥87,406,004.27 for the year-to-date, a decline of 245.99% compared to the same period last year[10] - Net profit for the current period was a loss of ¥87,406,004.27, compared to a profit of ¥59,871,716.25 in the previous period[23] - The total comprehensive income for the current period was a loss of ¥72,207,336.77, compared to a gain of ¥88,421,126.57 in the previous period[24] Assets and Liabilities - Total assets increased by 17.11% to ¥5,327,674,235.17 compared to the end of the previous year[5] - The company's total assets increased to ¥5,327,674,235.17, up from ¥4,549,477,495.64 in the previous period[19] - Total liabilities rose to ¥3,515,565,060.09, compared to ¥2,720,831,770.13 in the previous period, reflecting an increase of 29.2%[19] - The company's equity attributable to shareholders decreased to ¥1,674,521,785.52 from ¥1,690,825,428.18, a decline of 0.92%[19] Cash Flow - Cash flow from operating activities showed a net outflow of ¥88,974,409.22, a decline of 132.20% compared to the same period last year, primarily due to increased employee compensation payments[10] - Operating cash inflow for the current period was CNY 2,443,664,256.60, an increase of 17.2% from CNY 2,085,578,866.83 in the previous period[26] - Net cash flow from operating activities was negative CNY 88,974,409.22, compared to a positive CNY 276,287,645.41 in the previous period[27] - Cash inflow from financing activities was CNY 935,595,988.74, significantly higher than CNY 517,415,355.69 in the previous period, marking an increase of 80.6%[27] - Net cash flow from financing activities was CNY 593,643,159.69, compared to CNY 27,256,874.96 in the previous period[27] - The ending cash and cash equivalents balance was CNY 307,156,310.32, down from CNY 372,048,138.79 in the previous period[27] Inventory and Prepayments - The company reported a significant increase in inventory, which rose by 58.32% to ¥709,105,929.44, attributed to increased operations in its Thailand subsidiary[9] - The company recorded a significant increase in prepayments, which rose by 202.47% to ¥104,040,693.08, mainly due to increased procurement payments[9] - Inventory increased significantly from 447,886,783.85 yuan to 709,105,929.44 yuan, representing a growth of about 58.2%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 6,828[11] - The largest shareholder, Wang Xiong, holds 37.54% of the shares, totaling 73,264,800 shares[11] - The number of shares held by the top ten shareholders includes significant stakes from Zhang Sanyun (13.70%) and Zhao Jianguang (5.53%)[11] - The total number of restricted shares at the end of the period is 54,948,600, down from 73,264,800 at the beginning[15] - The company has no preferred shareholders as of the reporting period[14] Expenses - The company’s management expenses increased by 35.16% to ¥155,554,075.20, reflecting the expansion of the company's scale[9] - Research and development expenses for the current period were ¥51,672,882.07, slightly up from ¥50,251,743.07 in the previous period[22] - Total operating costs increased to ¥1,970,354,223.00, up 15.43% from ¥1,706,916,069.60 in the previous period[22] Other Financial Information - The company reported a total of ¥20,747,949.94 in other income, down from ¥21,326,754.66 in the previous period[23] - The company did not execute any new accounting standards adjustments for the current reporting period[28] - The third quarter financial report was not audited[29]