Core Viewpoint - Xingyuan Zhuomei (301398.SZ) reported a slight increase in revenue for the first three quarters of 2025, but a significant decline in net profit compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters reached 292 million yuan, representing a year-on-year growth of 1.48% [1] - The net profit attributable to shareholders of the listed company was 45.0743 million yuan, showing a year-on-year decrease of 19.63% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 40.4614 million yuan, down 20.92% year-on-year [1] - Basic earnings per share stood at 0.4024 yuan [1]

Group 1 - The company's Q3 revenue reached 109 million, representing a year-on-year increase of 3.93% [1] - The net profit for Q3 was 13.73 million, showing a year-on-year decline of 28.18% [1] - For the first three quarters, the total revenue was 292 million, reflecting a year-on-year growth of 1.48% [1] Group 2 - The net profit for the first three quarters amounted to 45.07 million, which is a year-on-year decrease of 19.63% [1]

Financial Performance - Q3 2025 revenue reached ¥108,693,420.04, an increase of 3.93% year-over-year, while year-to-date revenue was ¥292,264,515.38, up 1.48%[5] - Net profit attributable to shareholders was ¥13,732,330.18, down 28.18% compared to the same period last year, and year-to-date net profit was ¥45,074,284.96, a decrease of 19.63%[5] - Basic and diluted earnings per share for the quarter were both ¥0.1226, reflecting a decline of 28.18% year-over-year, with year-to-date earnings per share at ¥0.4024, down 19.63%[5] - Total operating revenue for Q3 2025 reached CNY 292.26 million, a slight increase from CNY 287.99 million in the same period last year, representing a growth of approximately 0.9%[21] - Net profit for the period was CNY 45.07 million, down from CNY 56.08 million, reflecting a decrease of approximately 19.6%[22] - Total comprehensive income amounted to CNY 45,456,577.47, a decrease from CNY 56,707,597.32 in the previous period, reflecting a decline of approximately 20.0%[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,299,275,257.26, representing a 3.79% increase from the end of the previous year[5] - The total assets of the company amounted to CNY 1.30 billion, up from CNY 1.25 billion, showing a growth of approximately 3.9%[19] - The total liabilities increased to CNY 177.47 million from CNY 145.19 million, representing an increase of about 22.2%[19] Cash Flow - Cash flow from operating activities for the year-to-date was ¥54,781,954.78, showing a slight decrease of 0.61%[5] - Cash inflow from operating activities totaled CNY 294,054,463.77, slightly up from CNY 291,474,292.72, representing an increase of approximately 0.6%[24] - Net cash flow from operating activities was CNY 54,781,954.78, a minor decrease from CNY 55,117,050.54, showing a decline of about 0.6%[25] - The net cash flow from investment activities improved by 84.48%, with a net outflow of ¥71,167,114.73 compared to a much larger outflow in the previous period[14] - Cash inflow from investment activities was CNY 1,046,056,901.26, significantly higher than CNY 663,028,014.33, marking an increase of approximately 58.0%[25] - Net cash flow from investment activities was -CNY 71,167,114.73, an improvement from -CNY 458,601,713.24, indicating a reduction in cash outflow by about 84.5%[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 15,864, with no preferred shareholders having restored voting rights[15] - The largest shareholder, Ningbo Yuanxing Xiong Holdings Co., Ltd., holds 60.41% of shares, totaling 67,662,000 shares[15] - The top ten shareholders collectively hold a significant portion of the company's equity, with the top three shareholders alone accounting for 67.13%[15] - The total number of shares held by the top ten unrestricted shareholders is 1,000,000 shares, with the largest unrestricted shareholder holding 457,116 shares[15] Expenses - Total operating costs increased to CNY 245.53 million from CNY 229.51 million, marking an increase of about 7%[21] - Research and development expenses rose to CNY 18.04 million, compared to CNY 15.01 million, indicating an increase of about 20.1%[22] Government Support - The company received government subsidies amounting to ¥226,601.90 during the reporting period, contributing to its financial performance[7] Other Financial Metrics - The company’s weighted average return on equity was 1.23%, down 0.55% from the previous year[5] - The company's cash and cash equivalents decreased from ¥219,312,574.00 at the beginning of the period to ¥168,361,097.71 at the end[17] - The accounts receivable decreased from ¥188,938,332.16 to ¥166,188,715.81 during the reporting period[17] - The trading financial assets decreased from ¥225,450,095.90 to ¥175,254,039.94[17] - The company reported a financial income of CNY 4.37 million, down from CNY 5.24 million, reflecting a decrease of about 16.5%[22] - Deferred income tax assets increased to CNY 9.28 million from CNY 7.57 million, marking an increase of approximately 22.6%[19] - The company reported a cash outflow of CNY 30,076,461.04 from financing activities, slightly higher than CNY 28,000,000.00, indicating an increase of about 7.4%[25] - The company received CNY 6,150,756.95 in tax refunds, up from CNY 3,212,401.28, representing an increase of approximately 91.1%[24] - The company’s cash flow from sales of goods and services was CNY 269,669,409.26, down from CNY 279,992,853.63, reflecting a decrease of about 3.9%[24]

Group 1 - The core point of the article is that Ningbo Xingyuan Zhuomei Technology Co., Ltd. has received approval from the China Securities Regulatory Commission (CSRC) to issue convertible bonds to unspecified objects, which is a significant step for the company's financing strategy [2][3]. - On October 15, 2025, the stock price of Xingyuan Zhuomei closed at 49.04 yuan, reflecting an increase of 2.64% with a turnover rate of 4.97% and a trading volume of 16,600 shares, resulting in a transaction amount of 80.57 million yuan [1]. - The net inflow of funds on October 15 included 456,700 yuan from retail investors, while institutional funds saw a net inflow of 45,670 yuan and a net outflow of 506,140 yuan from speculative funds [2][3]. Group 2 - The CSRC's approval for the issuance of convertible bonds is valid for 12 months from the date of approval, and the company must adhere to the regulations and report any significant events to the Shenzhen Stock Exchange during this period [2]. - The company's board of directors will handle the issuance process in accordance with the approved documents and relevant laws, ensuring timely information disclosure [2].

Core Points - The stock of Xingyuan Zhuomei (301398) closed at 49.04 yuan on October 15, 2025, marking a 2.64% increase from the previous trading day, with a total market capitalization of 5.492 billion yuan [1] - The company announced that it received approval from the China Securities Regulatory Commission (CSRC) for the issuance of convertible bonds to unspecified investors, with the approval valid for 12 months from the date of consent [1] - The company is required to adhere to the submitted application documents and issuance plan, and must report any significant events to the Shenzhen Stock Exchange during the issuance process [1] Company Summary - Xingyuan Zhuomei's stock opened at 47.69 yuan, reached a high of 49.18 yuan, and a low of 47.5 yuan on the same day, with a trading volume of 80.5702 million yuan and a turnover rate of 4.97% [1] - The board of directors will handle the issuance matters within the specified timeframe and fulfill information disclosure obligations as per the approval documents and relevant regulations [1]

Group 1 - The core point of the article is that Xingyuan Zhuomei (301398) has changed the status of its application for issuing convertible bonds to "registration effective" [2] - The company plans to issue convertible bonds to unspecified objects, with an expected fundraising amount of 450 million yuan [2] - The underwriting institution for this issuance is Guotou Securities Co., Ltd. [2]

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds to unspecified investors, which is a significant step for its financing strategy [1] Group 1 - The approval allows the company to issue convertible bonds, which can enhance its capital structure and provide financial flexibility [1] - The registration approval is valid for 12 months from the date of issuance, indicating a time-sensitive opportunity for the company to proceed with the bond issuance [1] - The company is required to strictly follow the application documents and issuance plan submitted to the Shenzhen Stock Exchange during this process [1]

证券代码：301398 证券简称：星源卓镁 公告编号：2025-044 宁波星源卓镁技术股份有限公司 关于向不特定对象发行可转换公司债券申请 获得中国证券监督管理委员会同意注册批复的公告 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。 宁波星源卓镁技术股份有限公司（以下简称"公司"）于近日收到中国证券 监督管理委员会出具的《关于同意宁波星源卓镁技术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〔2025〕2265号）（以下简称"批 复"），现将批复文件内容公告如下： 1 一、同意你公司向不特定对象发行可转换公司债券的注册申请。 二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方 案实施。 三、本批复自同意注册之日起12个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告深圳证券交易所并按有关规定处理。 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东大会 的授权，在规定期限内办理本次向不特定对象发行可转换公司债券的相关事项， 并及时履行信息披露义务，敬请广大投资者注意投资风险。 特 ...

Core Viewpoint - Xingyuan Zhuomei experienced a decline of 1.76% in stock price on October 10, with a trading volume of 126 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On October 10, the financing buy-in for Xingyuan Zhuomei was 9.3287 million yuan, while the financing repayment was 14.2334 million yuan, resulting in a net financing outflow of 4.9047 million yuan [1] - The total financing and securities lending balance for Xingyuan Zhuomei reached 136 million yuan, accounting for 8.12% of its circulating market value, which is above the 70th percentile of the past year [1] - There were no shares sold or repaid in the securities lending segment on October 10, with the securities lending balance also at zero, indicating a high level of inactivity in this area [1] Company Overview - Xingyuan Zhuomei, established on July 16, 2003, and listed on December 15, 2022, is located in Ningbo, Zhejiang Province, specializing in the research, production, and sales of magnesium and aluminum alloy precision die-casting products and supporting die-casting molds [1] - The company's revenue composition includes magnesium alloy die-casting parts (68.00%), aluminum alloy die-casting parts (21.43%), molds (9.46%), and other products (1.11%) [1] Shareholder and Financial Performance - As of June 30, the number of shareholders for Xingyuan Zhuomei increased to 13,300, a rise of 61.96%, while the average circulating shares per person decreased by 13.56% to 2,508 shares [2] - For the first half of 2025, Xingyuan Zhuomei reported a revenue of 184 million yuan, reflecting a year-on-year growth of 0.09%, while the net profit attributable to shareholders was 31.342 million yuan, down 15.20% year-on-year [2] - Since its A-share listing, Xingyuan Zhuomei has distributed a total of 83.2 million yuan in dividends [3] Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, Ping An Advanced Manufacturing Theme Stock Fund (019457) became the second-largest shareholder with 806,400 shares, an increase of 450,800 shares from the previous period [3] - New institutional shareholders include Huazhang Cultural Health Flexible Allocation Mixed A (001532) and Huazhang Industry Selection Mixed A (014207), holding 314,600 shares and 230,200 shares respectively [3]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Since August, the pace of changes in the supply - demand structure of the convertible bond market has accelerated. On the demand side, insurance funds have rapidly and significantly reduced their holdings of convertible bonds, while the demand from public funds has remained stable. On the supply side, although the number of forced redemptions has increased significantly since August, the enthusiasm for new convertible bond proposals has been high, and the review speed has marginally accelerated [1][10][14]. - The A - share market fluctuated sharply this week. The current A - share market valuation has significantly recovered. Large - scale equipment renewal and consumer product trade - in measures are expected to boost domestic demand, and the export growth rate may decline. The Fed has re - entered the interest rate cut cycle, and the weak resonance between the domestic economic fundamentals and the capital side is expected to gradually start [27]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is expected to be low. The risk of a correction in convertible bond valuations has been temporarily alleviated. However, in the context of stock market volatility and the strong "taking - profits" sentiment of institutions in the fourth quarter, the short - term profit - making effect of the convertible bond market may be weak. Attention should be paid to the band - trading opportunities of convertible bonds in a volatile market [28]. 3. Summary According to the Directory 1. Convertible Bond Weekly Special Topic and Outlook 1.1 What are the Highlights of New Convertible Bond Issues? - Since August, the demand - side of the convertible bond market has seen insurance funds significantly reducing their holdings, while public funds have increased their positions. On the supply - side, new convertible bond proposals have been actively submitted, and the review speed has accelerated. For example, in August, 18 new convertible bond proposals passed the board of directors, reaching the level of March 2023. In September, 17 proposals passed the general meeting of shareholders, and 7 passed the listing committee review, reaching the level of January 2024 [1][10][14]. - As of October 10, there are 4 convertible bond proposals awaiting issuance after obtaining the CSRC's approval for registration, and 8 public convertible bond proposals have passed the listing committee review, with a total scale of 530.5 million yuan. The industry distribution of these convertible bonds is mainly in TMT, advanced manufacturing, and cyclical industries [15][20]. 1.2 Weekly Review and Market Outlook - This week, the A - share market fluctuated sharply. Before the holiday, the A - share market rose, with the new energy industry chain and semiconductors leading the gains. After the holiday, the market first rose and then fell. The current A - share market valuation has recovered, and domestic demand is expected to be boosted, but the export growth rate may decline [27]. - In the convertible bond market, the subsequent issuance pressure is expected to be low. The short - term profit - making effect may be weak, and attention should be paid to band - trading opportunities. Industries to focus on include popular themes such as semiconductors and AI, domestic - demand - oriented sectors, and central state - owned enterprises under the China - specific valuation system [28][29]. 2. Weekly Tracking of the Convertible Bond Market 2.1 The Equity Market Style is Differentiated, and Pro - cyclical Sectors are Strengthening - From September 29 to October 10, the equity market showed mixed performance. The market style was more inclined to large - cap growth stocks. 26 Shenwan industry indices rose, and 5 declined. The non - ferrous metals, steel, and basic chemical industries led the gains [32][34]. 2.2 The Convertible Bond Market Rose Narrowly, and the Premium Rate for 100 - yuan Par Value Rebounded - From September 29 to October 10, the convertible bond market rose. The average daily trading volume decreased. Most individual bonds rose. The non - ferrous metals, beauty care, and non - bank financial industries led the gains in the convertible bond market, while the communication industry declined [38][39]. - The weighted conversion value of the entire market increased, and the premium rate rose. The median price of convertible bonds increased, and the number of medium - and low - priced convertible bonds decreased [45][49]. 2.3 High - frequency Tracking of Different Types of Convertible Bonds 2.3.1 Classification Valuation Changes - This week, the valuations of equity - biased and balanced convertible bonds increased. Among different par - value convertible bonds, the valuation of 80 - 90 yuan par - value convertible bonds increased more significantly. The valuations of AA + and AA - rated convertible bonds decreased, while those of other ratings increased. The valuations of large - cap and small - cap convertible bonds increased significantly, while those of other scales decreased [60]. - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom [60]. 2.3.2 Market Index Performance - This week, convertible bonds of all ratings and scales rose. Since 2023, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker anti - decline ability and greater rebound strength [71]. 3. Tracking of Convertible Bond Supply and Terms 3.1 This Week's Primary Proposals Issuance - This week, there were no newly listed convertible bonds, and there were 3 convertible bonds awaiting listing, with a total scale of 730.2 million yuan. The number of primary approvals was 10 [76]. - From the beginning of 2023 to October 10, 2025, there were 103 convertible bond proposals in total, with a total scale of 15.8329 billion yuan. The number and scale of proposals at different stages vary [77]. 3.2 Downward Revision & Redemption Clauses - This week, 9 convertible bonds were expected to trigger downward revisions, 4 announced no downward revisions, 0 proposed downward revisions, and 1 actually carried out a downward revision. Six convertible bonds were expected to trigger redemptions, 0 announced no redemptemptempt 0 announced no redemptions, and 5 announced early redemptions [5][83][84]. - As of the end of this week, there were 0 convertible bonds in the put - option declaration period and 9 in the company's capital - reduction repayment declaration period [88].