XQL Slewing Bearing(SZ:300850) 中国基金报·2025-10-21 13:43Core Viewpoint - New Qianglian (300850.SZ) reported a significant increase in net profit, achieving a growth of over 19 times year-on-year, alongside a strong revenue increase in the third quarter of 2025 [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 3.618 billion yuan, representing a year-on-year growth of 84.1%. The net profit attributable to shareholders reached 664 million yuan, a staggering increase of 1939.5% [1][2]. - In the third quarter alone, operating revenue was 1.408 billion yuan, up 55.13% year-on-year, while net profit was 264 million yuan, reflecting a growth of 308.57% [1]. Convertible Bond Redemption - The company announced the early redemption of its "Qianglian Convertible Bonds" after meeting the conditions for redemption. The stock price was above 130% of the conversion price for at least 15 trading days [3][4]. - The bonds will stop trading on September 26, 2025, with the last conversion and redemption date set for September 30, 2025, and the redemption date on October 9, 2025, at a price of 100.99 yuan per bond [4]. Asset Impairment Provisions - New Qianglian conducted a comprehensive review and impairment testing of its assets, resulting in the recognition of impairment losses. For the first three quarters of 2025, the company recognized credit impairment losses of 57.9722 million yuan, contract asset impairment provisions of 3.0877 million yuan, and inventory write-downs of 331,500 yuan [5][6]. - The company also recognized bad debt provisions for accounts receivable amounting to 44.6667 million yuan, with significant amounts exceeding 30% of the previous year's audited net profit [6][7]. - Total asset impairment provisions amounted to 61.3915 million yuan, which reduced the company's consolidated profit for the first three quarters of 2025 by the same amount [7]. Market Position - As of October 21, 2025, New Qianglian's stock price closed at 44.4 yuan per share, giving it a total market capitalization of 18.385 billion yuan [7].