Hainan Jinpan Smart Technology (SH:688676) GOLDEN SUN SECURITIES·2025-11-12 00:07Group 1: Economic and Fiscal Overview - The report analyzes the economic and fiscal data from various regions for the first three quarters of 2025, highlighting different developmental characteristics across regions [2] - Heavy debt regions show weaker economic growth, industrial value-added, and fixed asset investment compared to non-heavy debt regions, indicating a significant disparity in performance [2] - Despite the challenges, heavy debt regions have managed to achieve a higher year-on-year growth rate in general budget revenue compared to non-key regions, while their budget expenditure growth rate is lower [2] Group 2: Company Performance - Jinpan Technology - Jinpan Technology (688676.SH) reported a revenue of 5.194 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 8.25% [3] - The company achieved a net profit attributable to shareholders of 486 million yuan, up 20.27% year-on-year, and a net profit excluding non-recurring items of 456 million yuan, increasing by 19.05% [3] - For Q3 2025, Jinpan Technology's revenue reached 2.04 billion yuan, representing an 8.38% year-on-year growth and a 12.61% quarter-on-quarter increase [3]