BAOSHENG SCI(SH:600973) Huan Qiu Wang·2025-11-05 03:53Core Viewpoint - Baoshen Co., Ltd. has demonstrated strong performance in the electric wire and cable industry, achieving steady growth in scale and profitability, while optimizing its structure amidst a challenging market environment [2][10]. Financial Performance - The company reported total revenue of 37.65 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 6.22%, maintaining its leading position among 40 comparable companies in the industry [2][4]. - Net profit attributable to shareholders reached 59.49 million yuan, a significant increase of 138.08% year-on-year, while the net profit excluding non-recurring items surged by 312.28% to 46.72 million yuan [3][4]. - Key profitability indicators improved, with the weighted average return on equity (ROE) rising to 1.70%, up 1.04 percentage points year-on-year, and the return on invested capital (ROIC) increasing to 1.85%, up 1.02 percentage points [3][4]. Financial Structure - The balance sheet showed improvements, with inventory decreasing by 29.42% compared to the end of the previous year, and the proportion of inventory to total assets declining by 5.11 percentage points [4]. - The net cash flow from operating activities improved by 696 million yuan year-on-year, indicating enhanced cash flow management capabilities [4]. Technological Innovation - Baoshen Co., Ltd. holds over 560 patents and has achieved significant breakthroughs in specialized cable fields, establishing a competitive edge in high-tech applications [5][6]. - The company has adopted a closed-loop model of "R&D - Transformation - Revenue," with R&D investment reaching 748 million yuan in 2024, focusing on high-value sectors such as new energy and low-altitude economy [6]. Product Range and Market Position - The company produces over 1,000 varieties and more than 100,000 models of wire and cable products, covering all voltage levels and applications [7]. - Baoshen Co., Ltd. has secured major contracts in the power energy sector and is involved in high-speed rail and advanced transportation projects, reinforcing its position as a core supplier [7]. New Industry Layout - The company has strategically positioned itself in eight key sectors, including aerospace, new energy, and new infrastructure, with significant growth in the low-altitude economy and AI markets [9][10]. - Baoshen Co., Ltd. aims to capture 15% of the low-altitude economy market by 2030, with projected revenues from related sectors exceeding 1 billion yuan by 2025 [9][10].