北方长龙新材料技术股份有限公司 2025 年第三季度报告 证券代码：301357 证券简称：北方长龙 公告编号：2025-081 北方长龙新材料技术股份有限公司 2025 年第三季度报告 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 北方长龙新材料技术股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 会计政策变更 | | | 上年同期 | | 本报告 期比上 | | | | 年初至报 告期末比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本报告期 ...

Market Overview - The ground armament sector increased by 0.6% compared to the previous trading day, with GanHua Science and Technology leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Notable stock performances in the ground armament sector include: - MuHua Science and Technology (000576) closed at 10.50, up 1.84% with a trading volume of 56,600 shares [1] - GuoKe Military Industry (688543) closed at 48.01, up 1.37% with a trading volume of 27,000 shares [1] - ChangCheng Military Industry (601606) closed at 48.88, up 1.18% with a trading volume of 400,100 shares [1] - ZhongBing HongJian (000519) closed at 19.42, up 0.26% with a trading volume of 758,900 shares [1] Capital Flow - The ground armament sector experienced a net outflow of 330 million yuan from institutional investors, while retail investors saw a net inflow of 344 million yuan [2] - The capital flow for specific stocks shows: - Galaxy Electronics (002519) had a net inflow of 5.63 million yuan from institutional investors [3] - TianZou Equipment (300922) had a net outflow of 2.94 million yuan from institutional investors [3] - Inner Mongolia First Machinery (600967) had a significant net outflow of 51.67 million yuan from institutional investors [3]

Market Overview - As of October 20, the Shanghai Composite Index closed at 3863.89 points, up 24.14 points, with a gain of 0.63% [1] - The Shenzhen Component Index closed at 12813.21 points, up 124.27 points, with a gain of 0.98% [1] - The ChiNext Index closed at 2993.45 points, up 58.09 points, with a gain of 1.98% [1] Stock Performance - A total of 53 A-shares had a turnover rate exceeding 20%, with C Dao Sheng reaching over 50% [1] - C Dao Sheng's closing price was 25.96 yuan, with a turnover rate of 57.83% and a decline of 12.53% [1] - Matrix Co. closed at 26.65 yuan, with a turnover rate of 43.42% and an increase of 2.38% [1] - Yunhan Chip City closed at 164.31 yuan, with a turnover rate of 39.89% and a decrease of 1.02% [1] - Other notable stocks include: - Haichuang Ruitong: 54.38 yuan, 37.40% turnover, 0.15% increase [1] - Jianfa Zhixin: 29.30 yuan, 36.97% turnover, 4.46% increase [1] - Feiwo Technology: 45.78 yuan, 34.92% turnover, 20.00% increase [1] Additional Notable Stocks - Chuling Information: 25.98 yuan, 33.92% turnover, 12.42% increase [1] - Changjiang Nengke: 17.56 yuan, 32.65% turnover, 5.03% decrease [1] - Huifeng Diamond: 39.32 yuan, 32.03% turnover, 29.98% increase [1] - Lanfeng Biochemical: 8.05 yuan, 31.49% turnover, 4.62% decrease [1] - Shandong Molong: 7.04 yuan, 30.78% turnover, 3.83% increase [1]

Core Insights - The defense and military industry index experienced a decline of -4.70% over the past week, ranking 23rd out of 31 in the Shenwan primary industry [7][41] - The current PE-TTM for the defense and military industry is 83.33, which is at the 76.67 percentile compared to the past decade, indicating a relatively high valuation level [12][15] - The report highlights significant individual stock performances, with North China Long Dragon leading with an increase of 8.71% over the past week, while Guorui Technology saw a decline of -14.00% [17][41] Industry and Stock Market Review - The defense and military industry index has shown a decline of -1.92% over the past month, ranking 11th out of 31 [9][41] - Over the past year, the industry index has increased by 16.91%, ranking 19th out of 31 [3][41] - The trading volume for the defense and military industry reached 310.8 billion yuan this week, a year-on-year decrease of -8.63% but a week-on-week increase of +128.08% [31][34] Important Company Announcements - The report includes various significant announcements from companies in the defense sector, such as strategic cooperation agreements and stock repurchase plans [38] Industry News - Indonesia confirmed its plan to purchase Chinese-made J-10 fighter jets, with a defense budget of at least 9 billion USD approved [40][41] - Successful launches of low-orbit satellite internet groups and the sixth batch of the Qianfan constellation were reported, indicating advancements in commercial aerospace [40][42] Investment Recommendations - The report suggests focusing on key investment themes such as military trade, commercial aerospace, unmanned equipment, military AI, and low-altitude economy [43]

Group 1 - The core viewpoint of the articles highlights the resurgence of the low-altitude economy with Didi's entry, indicating that the industry is maturing as policies become more detailed, and companies involved in the related supply chain will benefit first, showcasing significant investment value [1] - The eVTOL (electric Vertical Take-Off and Landing) sector is gaining traction as a new carrier for the low-altitude economy, with numerous listed companies increasing their investments in this area. As of October 10, 2025, 33 listed companies have seen their stock prices double this year, with notable increases from companies like Beifang Changlong (301357.SZ) and Shanghai Xiba (603200.SH) [2][3] - The A-share low-altitude economy concept includes 434 listed companies, categorized into four core segments: complete machine manufacturing, core components, operational services, and air traffic management and support [3] Group 2 - In the complete machine manufacturing sector, leading companies like Wanfeng Aowei have over 260 aircraft orders, including a significant order of 100 units from Puyin Jinzu. The company plans to achieve mass production of flying cars by 2025 [4] - The core components of eVTOL are crucial for performance and safety, including power systems, avionics, and fuselage components. Companies like Zongshen Power are making strides with their CA500 aviation piston engine, which is set to be the first domestic aviation power product to gain airworthiness approval [5] - The battery sector is highly active, with companies like EVE Energy and CATL making significant advancements in battery technology for eVTOL applications. EVE Energy has showcased high-performance battery systems for electric airships and is developing solid-state batteries with a target energy density of 400Wh/kg by 2028 [7][12] Group 3 - The air traffic management system is dominated by companies like Lais Information, which holds a 90% market share and has secured over 2 billion in orders for air traffic information systems by 2025 [6] - The solid-state battery market is projected to grow significantly, with eVTOL expected to drive a demand increase of 30GWh for lithium batteries by 2030, creating a billion-dollar market for solid-state batteries [12][13] - The industry is supported by government policies aimed at promoting the production of high-performance aviation lithium batteries, with plans to achieve mass production of 400Wh/kg batteries by 2026 [12][13]

Core Points - The Shanghai Composite Index fell by 1.47% this week, with 43 stocks having a turnover rate exceeding 100% [1] - The average increase for stocks with a turnover rate over 100% was 3.16%, with 26 stocks rising and 17 stocks declining [2] Turnover Rate Analysis - A total of 43 stocks had a turnover rate above 100%, while 226 stocks had a turnover rate between 50% and 100%, and 2673 stocks had a turnover rate between 10% and 50% [1] - The mechanical equipment sector had the highest number of stocks with a turnover rate over 100%, totaling 9 stocks, followed by the power equipment and electronics sectors with 6 and 5 stocks, respectively [1] Notable Stocks - Yunhan Chip City had the highest turnover rate at 261.23%, with a weekly price increase of 16.68% and a net inflow of 0.62 billion yuan [1] - Beifang Changlong followed with a turnover rate of 222.15% and a price increase of 8.71%, but experienced a net outflow of 1.61 billion yuan [1] - Lanfeng Biochemical ranked third with a turnover rate of 213.40% and a slight price increase of 0.24%, along with a net inflow of 0.29 billion yuan [2] Performance Summary - The stocks with the highest weekly gains included Matrix Co. with a 39.20% increase, Yachuang Electronics with 24.47%, and Sunflower with 22.87% [2] - The stocks with the largest declines included Aomeisen with an 18.11% drop, Chuling Information with a 17.49% drop, and Zhuangyuan Pasture with a 14.06% drop [2] Earnings Forecasts - Among the stocks with a turnover rate over 100%, four companies released third-quarter earnings forecasts, with Yunhan Chip City expected to have a net profit of 78.50 million yuan, reflecting a year-on-year increase of 41.41% [2]

Market Overview - The ground weaponry sector experienced a decline of 4.25% on October 17, with Changcheng Military Industry leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Changcheng Military Industry (601606) closed at 49.57, down 6.65% with a trading volume of 673,700 shares and a transaction value of 3.399 billion [1] - Inner Mongolia First Machinery (600967) closed at 18.59, down 5.68% with a trading volume of 562,400 shares and a transaction value of 1.068 billion [1] - Optoelectronic Co. (600184) closed at 17.06, down 3.89% with a trading volume of 92,500 shares and a transaction value of 160 million [1] - International Main Industry (688543) closed at 47.35, down 3.09% with a trading volume of 39,100 shares and a transaction value of 187 million [1] - Other notable declines include Zhongbing Hongjian (000519) down 3.08% and Jieqiang Equipment (300875) down 2.77% [1] Capital Flow Analysis - The ground weaponry sector saw a net outflow of 687 million from institutional investors and 154 million from retail investors, while retail investors had a net inflow of 840 million [1] - Specific stock capital flows indicate that Ganhuakegong (000576) had a net inflow of 16.55 million from retail investors, despite a net outflow of 3.26 million from institutional investors [2] - North Navigation (600435) experienced a significant net outflow of 49.58 million from institutional investors, but a net inflow of 53.40 million from retail investors [2]

Core Viewpoint - On October 16, the Shanghai Composite Index rose by 0.10%, with institutional investors appearing on the trading lists of 19 stocks, net buying 7 and net selling 12 [1][3]. Institutional Trading Summary - The stock with the highest net buying by institutional seats was Yunhan Chip City, which closed at the daily limit with a trading volume of 1.045 billion yuan and a turnover rate of 52.20%. The net buying amounted to 95.6081 million yuan [2][5]. - Zhongdian Xindong saw a decline of 2.76% with a turnover rate of 29.55% and a trading volume of 2.620 billion yuan, resulting in a net buying of 47.8485 million yuan [2][5]. - Xiling Information also closed at the daily limit with a turnover rate of 17.94% and a trading volume of 740 million yuan, leading to a net buying of 19.2833 million yuan [2][5]. Market Performance - The average increase of stocks with net institutional buying was 7.07%, outperforming the Shanghai Composite Index. Stocks like Xiling Information and Yunhan Chip City showed strong performance, closing at the daily limit [3]. - Historical data indicates that stocks with net institutional buying have a 49.54% probability of rising the next day and a 50.00% chance of outperforming the Shanghai Composite Index [3]. Earnings Forecast - Among the stocks with net institutional buying, only one stock, Yunhan Chip City, provided a third-quarter earnings forecast, expecting a net profit of 78.50 million yuan, representing a year-on-year increase of 41.41% [3]. Net Selling Summary - The stock with the highest net selling was Tianji Shares, with a net selling amount of 216.5949 million yuan and a turnover rate of 33.65% [3][6]. - Hubei Yihua was also notable for a net selling of 152.5059 million yuan, with a daily decline of 9.46% [4][6]. Deep and Hong Kong Stock Connect - On October 16, 15 stocks on the trading list had appearances from the Deep and Hong Kong Stock Connect, with net buying in stocks like Xiangnan Chip Creation and Haixia Shares, amounting to 166.608 million yuan and 69.137 million yuan respectively [7][8]. - Stocks like Hubei Yihua and Haima Automobile experienced net selling, with amounts of 63.3661 million yuan and 56.2523 million yuan respectively [9].

Core Insights - On October 16, a total of 23 stocks were involved with institutional investors, with 8 showing net buying and 15 showing net selling [1] Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Xiangrikui: Net buying amount of 129.68 million yuan, representing a 16.68% increase [2] - Yunhan Xincheng: Net buying amount of 95.61 million yuan, representing a 10.00% increase [2] - Zhongdian Xindong: Net buying amount of 47.85 million yuan, representing a 20.00% increase [2] Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - Tianji Shares: Net selling amount of 216.59 million yuan, representing a 1.88% decrease [3] - Hubei Yihua: Net selling amount of 152.51 million yuan, representing a 10.02% decrease [3] - Beifang Changlong: Net selling amount of 137.57 million yuan, representing a 19.97% decrease [3]

Market Performance - The ChiNext Index rose by 0.38%, closing at 3037.44 points, with a total trading volume of 477.56 billion yuan, a decrease of 14.21 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 269 stocks closed higher, with 9 stocks rising over 10%, including Yunhan Chip City and Xiling Information, which hit the daily limit [1] - The average turnover rate for the ChiNext today was 3.39%, with 28 stocks having a turnover rate exceeding 20% [1] High Turnover Stocks - In the high turnover stocks, 17 stocks increased, with Yunhan Chip City, Boyuan Shares, and Xiangyuan New Materials leading the gains at 20.00%, 15.91%, and 12.80% respectively [2] - The power equipment sector had the most stocks with a turnover rate exceeding 20%, totaling 10 stocks, followed by machinery and electronics sectors with 5 and 3 stocks respectively [2] Institutional Activity - Six high turnover ChiNext stocks appeared on the Dragon and Tiger list, with institutional participation noted in six stocks [3] - Institutions net bought a total of 130 million yuan in Sunflower, 95.61 million yuan in Yunhan Chip City, and 10.51 million yuan in Matrix Shares [3] - The stocks with the highest net buying from brokerage firms included Beifang Changlong, Boyuan Shares, and Yunhan Chip City, with net buying amounts of 79.91 million yuan, 74.47 million yuan, and 20.05 million yuan respectively [3] Earnings Forecasts - Among the high turnover stocks, two companies released earnings forecasts for the first three quarters, both expecting profit increases [4] - Yunhan Chip City is projected to have a median net profit of 78.50 million yuan, representing a year-on-year increase of 41.41% [4]