Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company faced pressure on its performance in Q3 2025, but successfully delivered high-speed wide-width dry electrode equipment and made progress in expanding into high polymer materials and other fields [5][7] - The company has achieved a significant breakthrough in solid-state battery manufacturing technology with the delivery of the first high-speed wide-width dry electrode coating equipment in China, indicating technological maturity and industrial adaptability [7] - The company is actively expanding into non-lithium battery sectors, enhancing business resilience and cross-industry collaboration [7] - The company has a current order backlog of 2.01 billion yuan, expected to gradually confirm revenue over the next 1-2 years, and has established a regional headquarters in Hainan to optimize global sales and service functions [7] Financial Summary - Revenue forecast for 2023 is 946 million yuan, with a projected decline of 10.16% in 2025, followed by a recovery with growth rates of 28.90% in 2026 and 27.02% in 2027 [6] - The net profit attributable to the parent company is expected to be 99 million yuan in 2025, reflecting a significant decrease of 38.95%, but is projected to rebound to 159 million yuan in 2026 and 230 million yuan in 2027 [6] - The company’s earnings per share (EPS) is forecasted to be 0.63 yuan in 2025, with a recovery to 1.01 yuan in 2026 and 1.47 yuan in 2027 [6] - The company maintains a leading position in the domestic lithium battery production equipment market while actively seeking expansion into multiple fields, particularly in solid-state battery technology [7]

证券代码：920522 证券简称：纳科诺尔 公告编号：2025-158 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 邢台纳科诺尔精轧科技股份有限公司 投资者关系活动记录表 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 11 月 11 日（周二）15:00-16:00 活动地点：中证网中证路演中心（https://www.cs.com.cn/roadshow） 参会单位及人员：通过网络方式参加公司 2025 年第三季度业绩说明会的投 资者 上市公司接待人员：公司副董事长、总经理付博昂先生，公司财务总监蔡军 志先生，公司董事会秘书吴民强先生 三、 投资者关系活动主要内容 本次投资者关系活动的主要问题及公司对问题的回复概要如下： 问题 1：公司固态设备的最新情况？预计什么时候会产生收入？ 回答：尊敬的投资者，您好！当前固态电池行业仍处于技术迭代与产业化准 备阶段，部分相关设备 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [5][6] Core Views - The company reported revenue of 695 million yuan for the first three quarters of 2025, a year-on-year decrease of 18.57%, and a net profit attributable to the parent company of 56.87 million yuan, down 62.25% year-on-year. Due to the overall slowdown in downstream customer procurement, profit forecasts have been revised downwards [5][6] - The company has sufficient orders on hand amounting to 2.01 billion yuan as of June 30, 2025, with exports exceeding 200 million yuan, indicating a gradual revenue recognition expected over the next 1-2 years. The establishment of a wholly-owned subsidiary in Hainan marks a significant step in the company's international expansion strategy [5][6] - The company has made key breakthroughs in solid-state battery manufacturing technology, evidenced by the successful delivery of the first high-speed wide-width dry electrode equipment to a leading domestic manufacturer [6] Financial Summary - For 2025, the company is expected to achieve a revenue of 931 million yuan, a year-on-year decrease of 11.6%, and a net profit of 97 million yuan, down 40% year-on-year. The projected EPS for 2025 is 0.62 yuan, with a P/E ratio of 93.8 times [7][10] - The company’s gross margin is projected to be 21.1% in 2025, with a net margin of 10.4% [11] - The company’s total assets are expected to reach 2.07 billion yuan in 2025, with total liabilities of 962 million yuan, resulting in a debt-to-equity ratio of 46.5% [10]

Group 1: Market Overview - The recent volatility in the US stock market has raised concerns about a potential new round of market correction, with the Nasdaq dropping by 2% on November 4 and significant declines in Japanese and Korean markets [2][11] - The tightening of dollar liquidity due to the US government shutdown has been identified as a catalyst for increased market fluctuations, with the Treasury General Account (TGA) rising by $200 billion since October [11] Group 2: North Exchange Market Analysis - The North Exchange's Q3 report shows a revenue growth of 5.3% year-on-year, but net profit decreased by 5.0%, indicating ongoing profitability challenges [10][12] - The return on equity (ROE) improved slightly to 6.1%, with asset turnover at 62.0% and net profit margin at 5.6% [10][12] Group 3: Investment Opportunities in Specific Sectors - The industrial automation sector is highlighted as a growth area, with the company achieving market share increases in low-voltage frequency converters and servo systems from 1.80% and 0.55% in 2019 to 3.02% and 2.30% by 2024 [19] - The human-shaped robot industry is also noted for its potential, with the company leveraging its automation technology to reduce R&D cycles and costs [19][20] Group 4: Pharmaceutical Sector Performance - The pharmaceutical sector reported a total revenue of 18,064 billion yuan in the first three quarters of 2025, with a slight year-on-year decline of 1.9% [21][24] - The innovative drug segment showed a significant revenue increase of 36% in Q3, indicating strong growth potential [21][24]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 66.65 [1][4]. Core Insights - The company, as a leading player in lithium battery equipment, reported a Q3 revenue of RMB 3.828 billion, representing a year-over-year increase of 13.95% and a quarter-over-quarter increase of 9.00%. The net profit attributable to shareholders for Q3 was RMB 446 million, showing a significant year-over-year increase of 198.92% [1]. - The company has successfully completed the delivery of core equipment for solid-state batteries and is committed to the industrialization of solid-state battery technology, having established a comprehensive technology matrix with 100% independent intellectual property rights [3]. - The company has entered the supply chain of leading battery manufacturers in various countries, including Japan, the US, and Europe, and has formed deep collaborations with several industry leaders [3]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of RMB 10.439 billion, a year-over-year increase of 14.56%, and a net profit of RMB 1.186 billion, reflecting a year-over-year increase of 94.97% [1]. - The gross margin for Q3 was 30.93%, down 5.7 percentage points year-over-year, primarily due to the inclusion of lower-margin orders from the previous year [2]. - The net profit margin for Q3 was 11.66%, an increase of 7.05 percentage points year-over-year [2]. Profit Forecast and Valuation - The profit forecast for 2025 is maintained, with an upward adjustment for 2026-2027 net profit estimates by 10.30% and 17.26% to RMB 2.421 billion and RMB 3.093 billion, respectively [4]. - The estimated EPS for 2025-2027 is projected to be RMB 1.12, RMB 1.55, and RMB 1.97, respectively [4]. - The company is assigned a PE valuation of 43 times for 2026, reflecting its leadership position in the lithium battery equipment sector and its unique capabilities in solid-state battery technology [4].

证券代码：920522 证券简称：纳科诺尔 公告编号：2025-157 邢台纳科诺尔精轧科技股份有限公司 2025 年第三季度报告业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 说明会类型 邢台纳科诺尔精轧科技股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日在北京证券交易所信息披露平台（www.bse.cn）披露了《2025 年第三季度 报告》（公告编号：2025-155），为方便广大投资者更深入了解公司 2025 年第三 季度经营业绩的具体情况，加强与投资者的互动交流，公司拟召开 2025 年第三 季度报告业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 11 日（星期二）15:00-16:00。 （二）会议召开地点 本次业绩说明会将采用网络方式召开，投资者可登录中证网"中证路演中心" （https://www.cs.com.cn/roadshow/）参与本次业绩说明会。 三、 参加人员 副董事长、总经理：付博昂先生 ...

一、本次权益变动的基本情况 （一）信息披露义务人基本情况 1、基本情况 信息披露义务人 京津冀产业协同发展投资基金（有限合伙） 持股变动时间 2025年11月3日 股票简称 纳科诺尔 证券代码 920522 变动类型 增加□ 减少√ 是否为公司第一大股东、 实际控制人或股东、实际 控制人或其一致行动人 是□ 否√ 2、本次权益变动情况 股东名称 变动方式 减持股份（股） 减持比例 京津冀产业协同 集中竞价 8,900 0.0057% 证券代码：920522 证券简称：纳科诺尔 公告编号：2025-156 邢台纳科诺尔精轧科技股份有限公司 持股 5%以上股东权益变动达到 1%的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 邢台纳科诺尔精轧科技股份有限公司（以下简称"公司"）于2025年11月3 日收到持股5%以上股东京津冀产业协同发展投资基金（有限合伙）出具的《股份 减持进展告知函》，上述股东于2025年11月3日通过集中竞价累计减持公司股份 8,900股，持有公司股份比例从8.0056%减 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - In Q3 2025, the total holdings of public - offering funds in the Beijing Stock Exchange (BSE) increased steadily, with expanding market breadth and deepening participation. The allocation style shifted from high concentration to diversification, focusing on high - end manufacturing and emerging industries. Theme funds saw growth in both scale and returns, and passive products contributed stable increments [3]. Group 3: Summary According to the Table of Contents 1. Fund Third - Quarter Report Summary - In Q3 2025, 71 BSE companies entered the top ten heavy - holding lists of various funds, and the market value of public - offering heavy - holdings in the BSE reached 1.031 billion yuan. Over 30 funds heavily held shares of 10 companies, with the number of funds holding Nacanoor and Jinbo Biology ranking first at 54 each. 49 companies were increased in holdings, 19 were reduced, and 18 exited the heavy - holding list. 30 new companies entered the list compared to Q2 2025 [6]. - A total of 142 funds included BSE companies in their top ten holdings, with 103 non - BSE theme funds accounting for 72.5%, indicating growing market attention [8]. - From Q3 2023 to Q3 2025, the total market value of BSE public - offering heavy - holding stocks showed an upward trend, breaking through 1 billion yuan in Q3 2025 (qoq + 4%). The proportion of public - offering heavy - holdings in the BSE in the total public - offering heavy - holding market value reached 0.26% in Q3 2025, a slight decline [11][14]. - The number of funds heavy - holding the BSE increased rapidly from 49 in Q3 2023 to 142 in Q3 2025. The increase was mainly contributed by non - BSE active equity funds and index funds. The heavy - holding market value of non - BSE active equity funds decreased slightly to 263 million yuan, while that of index funds exceeded 500 million yuan [18]. 2. Active Equity 2.1 Active Equity Overall - In Q3 2025, active equity funds showed a more diversified allocation trend, with the CR5 ratio dropping from 61% to 54%. Jinbo Biology's allocation ratio decreased by nearly 10 percentage points, while Nacanoor's increased to 14.9% and ranked second, and Kait Co., Ltd. was also significantly increased in holdings [3][20]. - The proportion of active equity funds' holdings in the outstanding shares of individual stocks changed. Kait Co., Ltd. ranked first with a 9.8% ratio, and Nacanoor ranked second with 9.2%. Newly listed companies such as Guangxin Technology and Haidaer entered the list with a ratio exceeding 5%, indicating a shift of funds towards small - and medium - cap stocks with growth potential [25]. - Active equity institutions showed a differentiated adjustment in positions. Guangxin Technology led the increase in holdings, while Tongli Co., Ltd. was significantly reduced. In terms of industry allocation, the proportion of the power equipment industry increased by 12 percentage points to 27.0%, becoming the largest heavy - holding industry, while beauty care and machinery industries were reduced [27][28]. 2.2 North - Exchange Active Theme Funds - As of October 29, 2025, the total scale of 11 BSE active theme funds reached 579.4 million yuan, and the average quarterly return was 9.7%, outperforming the BSE 50 Index [30]. 2.2.1 Structural Changes - In Q3 2025, Nacanoor rose to the top of the heavy - holding list of BSE theme funds, Kait Co., Ltd. rose to the second place, and Minshida remained third. Ten new companies entered the top ten heavy - holding list, such as Gobica, Guangxin Technology, etc. [33][34]. 2.2.2 Changes in Each Fund - In Q3 2025, most funds maintained high positions or moderately increased positions, focusing on sub - leading companies with stable performance and reasonable valuations. Some funds increased the layout of emerging fields such as innovative drugs, AI computing power, and energy storage. The 11 BSE active theme funds generally increased their holdings in companies like Gobica, Nacanoor, and Kait Co., Ltd. [37][38]. 3. North - Exchange Passive Theme Funds - The scale of BSE passive theme funds continued to grow steadily to 1.208 billion yuan in Q3 2025, with an increase of 96 million yuan compared to the previous period. The BSE Specialized and Sophisticated New Index products are expected to be launched soon, which may bring considerable incremental funds to the market [3].

Core Insights - The report highlights an increase in public fund holdings in the North Exchange, with a market value of 10.307 billion yuan as of Q3 2025, reflecting a quarter-on-quarter growth of 4.19% [2][13] - The proportion of public fund holdings in the North Exchange relative to the entire A-share market decreased slightly to 0.31%, down by 0.07 percentage points [2][3] - Despite a slight decline in the proportion of public fund holdings, the number of public fund products focusing on the North Exchange has increased, with 142 products reported as of Q3 2025, an increase of 24 products from the previous quarter [2][12] Public Fund Holdings in North Exchange - The market value of public fund holdings in the North Exchange reached 10.307 billion yuan, with a quarter-on-quarter increase of 4.19% [2][13] - The number of public funds focusing on the North Exchange has increased, with 142 products reported, including 5 active equity products and 3 North Exchange 50 index products [2][12] - The active equity public funds have a median scale of approximately 300 million yuan, with over 52% of active equity products in the market having a scale of less than 300 million yuan [14][16] Investment Trends - There is a focus on increasing allocations in technology growth sectors, particularly in power equipment, electronics, and computers, with notable increases in holdings of companies like NaKonoer and KaiTe [2][31] - The report indicates a significant reduction in holdings of Jinbo Biological and Tongli Co., with declines of 10.7% and 7.7% respectively, attributed to market concerns regarding industry conditions [2][31] - The average net value growth rate of thematic funds since Q3 2025 is 14.4%, outperforming the North Exchange 50 index's growth of 8.7% [21][22] Future Outlook - The North Exchange 50 index products have seen net subscriptions, with a total scale of 12.083 billion yuan as of Q3 2025, indicating a positive trend in index investment [2][22] - Upcoming thematic products are expected to contribute approximately 50 billion yuan in incremental funds, with 8-10 new products anticipated to launch [2][21] - The report emphasizes the importance of monitoring the performance of thematic funds and the potential for increased public fund participation in the North Exchange [2][21]

Core Insights - The article provides an overview of the performance of various funds, highlighting the top and bottom performers in terms of net asset value updates as of October 29, 2025 [3][4]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. 永赢新兴产业智选混合发起A with a net value of 1.0001, up from 0.9028 [3] 2. 永赢新兴产业智选混合发起C with a net value of 0.9993, up from 0.9021 [3] 3. 汇添富北交所创新精选两年定开混合A with a net value of 2.1742, up from 2.0057 [3] 4. 汇添富北交所创新精选两年定开混合C with a net value of 2.1390, up from 1.9733 [3] 5. 景顺长城北交所精选两年定开混合C with a net value of 2.0755, up from 1.9175 [3] 6. 景顺长城北交所精选两年定开混合A with a net value of 2.1097, up from 1.9491 [3] 7. 鹏扬北证50成份指数A with a net value of 1.5445, up from 1.4297 [3] 8. 鹏扬北证50成份指数C with a net value of 1.5290, up from 1.4154 [3] 9. 天弘北证50成份指数发起C with a net value of 1.3287, up from 1.2300 [3] 10. 天弘北证50成份指数发起A with a net value of 1.3314, up from 1.2325 [3] - The bottom 10 funds with the lowest net value growth include: 1. 南方中证银行ETF with a net value of 1.6412, down from 1.6760 [4] 2. 富国中证800银行ETF with a net value of 1.3213, down from 1.3493 [4] 3. 天弘中证银行ETF with a net value of 1.4558, down from 1.4866 [4] 4. 华夏中证银行ETF with a net value of 1.7225, down from 1.7588 [4] 5. 中证银行ETF with a net value of 1.4246, down from 1.4546 [4] 6. 易方达中证银行ETF with a net value of 1.3396, down from 1.3678 [4] 7. 华宝中证银行ETF with a net value of 0.8124, down from 0.8294 [4] 8. 东财中证银行指数E with a net value of 1.3164, down from 1.3439 [4] 9. 东财中证银行指数A with a net value of 1.3217, down from 1.3493 [4] 10. 华安中证银行ETF with a net value of 1.3816, down from 1.4104 [4] Market Analysis - The Shanghai Composite Index showed a slight upward trend, with a trading volume of 2.29 trillion, and a market breadth of 2672 gainers to 2621 losers [6]. - Leading sectors included electrical equipment and non-ferrous metals, both rising over 4% [6]. - The fund 永赢新兴产业智选混合发起A demonstrated significant net value growth, indicating strong performance in the market [6].