证券代码：603257 证券简称：中国瑞林 公告编号：2025-033 中国瑞林工程技术股份有限公司 第三届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、会议召开情况 中国瑞林工程技术股份有限公司（以下简称"公司"）第三届董事会第九次 会议于2025年10月27日在江西省南昌市红角洲前湖大道888号公司会议室以现场 结合通讯方式召开，会议通知于2025年10月20日以邮件方式送达全体董事。 （一）审议通过《关于更换公司第三届董事会专门委员会委员的议案》 具体内容详见公司同日披露于上海证券交易所（以下简称"上交所"）网站 （http://www.sse.com.cn）的《关于更换公司第三届董事会专门委员会委员的 公告》。 表决结果：14票同意，0票反对，0票弃权。 回避表决情况：不涉及关联事项，不需回避表决。 （二）审议通过《关于公司2025年第三季度报告的议案》 本议案已经董事会审计委员会审议通过，具体内容详见公司同日披露于上交 所网站（http://www.sse.com.cn）的《2025年 ...

Financial Performance - The company's operating revenue for the third quarter was ¥317,195,412.79, a decrease of 37.01% compared to the same period last year[4]. - The total profit for the quarter was ¥8,612,818.51, down 44.41% year-on-year, primarily due to the decline in operating revenue[4][7]. - The net profit attributable to shareholders was ¥13,571,867.77, reflecting an 11.49% decrease compared to the previous year[4]. - The basic earnings per share for the quarter was ¥0.11, a decline of 35.29% year-on-year[5]. - The weighted average return on equity decreased by 34.12 percentage points to 0.56%[5][9]. - The net profit for the first three quarters of 2025 was CNY 89,033,889.17, an increase from CNY 71,775,173.42 in the same period of 2024, representing a growth of approximately 24%[19]. - Operating profit for the first three quarters of 2025 reached CNY 93,849,282.38, compared to CNY 72,933,113.60 in 2024, indicating a year-over-year increase of about 29%[19]. - The company reported a total comprehensive income of CNY 90,010,582.41 for the first three quarters of 2025, compared to CNY 71,501,662.23 in 2024, marking an increase of around 26%[20]. - The company achieved a basic and diluted earnings per share of CNY 0.83 for both 2025 and 2024, remaining stable year-over-year[20]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,344,534,049.03, an increase of 2.86% from the end of the previous year[5]. - Total assets as of September 30, 2025, reached CNY 5,344,534,049.03, compared to CNY 5,196,007,165.33 at the end of 2024, indicating a growth of 2.8%[15]. - Total liabilities decreased from CNY 3,304,099,809.19 in 2024 to CNY 2,888,076,383.05 in 2025, a reduction of 12.6%[15]. - Shareholders' equity increased to CNY 2,456,457,665.98 as of September 30, 2025, up from CNY 1,891,907,356.14 in 2024, representing a growth of 29.8%[16]. Cash Flow and Reserves - The company reported a net cash flow from operating activities of -¥11,960,563.68 for the year-to-date period[4]. - The cash flow from operating activities showed a net outflow of CNY 11,960,563.68 in 2025, an improvement from a net outflow of CNY 155,716,181.31 in 2024[22]. - Cash and cash equivalents as of September 30, 2025, amounted to CNY 2,083,141,067.88, an increase of 27.1% from CNY 1,637,806,845.97 at the end of 2024[13]. - The cash and cash equivalents at the end of the period increased to CNY 2,007,036,462.51 from CNY 1,262,646,950.52 in the previous year, showing a significant increase of approximately 59%[23]. - The company recorded a net cash inflow from financing activities of CNY 471,942,455.77 in 2025, a turnaround from a net outflow of CNY 61,082,729.41 in 2024[22]. Operating Costs and Expenses - Total operating revenue for the first three quarters of 2025 was CNY 1,238,403,762.44, a decrease of 11.6% compared to CNY 1,401,532,900.68 in the same period of 2024[18]. - Total operating costs for the first three quarters of 2025 were CNY 1,142,587,397.24, down 13.0% from CNY 1,312,409,291.23 in the previous year[18]. - Operating costs specifically decreased from CNY 1,129,978,983.82 in 2024 to CNY 942,479,082.73 in 2025, reflecting a reduction of 16.6%[18]. - The company is focusing on cost reduction strategies, as evidenced by the decrease in both total operating costs and operating costs[18]. - The company reported a decrease in management expenses to CNY 101,289,507.01 in 2025 from CNY 88,914,930.91 in 2024, reflecting an increase of about 14%[19]. - Research and development expenses for the first three quarters of 2025 were CNY 80,764,578.99, slightly up from CNY 77,291,900.27 in 2024, indicating a growth of about 6%[19]. Revenue and Business Performance - The decline in operating revenue was mainly due to slower growth in equipment integration business and a decrease in general contracting business revenue[7]. - Total revenue from operating activities for the first three quarters of 2025 was CNY 1,341,830,253.15, down from CNY 1,622,313,442.55 in 2024, reflecting a decrease of approximately 17%[21]. - The company reported a significant increase in cash reserves, which may support future investments and operational stability[13]. - Inventory as of September 30, 2025, was CNY 1,047,492,522.32, a decrease of 14.4% from CNY 1,223,325,337.38 in the previous year[14]. - Non-recurring gains and losses for the quarter amounted to ¥3,398,078.90, with government subsidies contributing significantly[6].

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of China Ruilin, indicating a slight increase in stock price and notable changes in financing and shareholder structure [1][2]. - As of October 24, China Ruilin's stock price increased by 0.54%, with a trading volume of 160 million yuan. The net financing buy was negative at -9.24 million yuan, with a total financing balance of 166 million yuan, representing 9.63% of the market capitalization [1]. - The company reported a revenue of 921 million yuan for the first half of 2025, reflecting a year-on-year growth of 2.59%, while the net profit attributable to shareholders increased by 26.77% to 74.75 million yuan [2]. Group 2 - China Ruilin's main business segments include equipment integration (55.33%), engineering design and consulting (36.04%), and engineering general contracting (8.16%), with minor contributions from other services [1]. - The number of shareholders decreased by 50.47% to 22,600, while the average number of circulating shares per person increased by 101.89% to 1,081 shares [2]. - Since its A-share listing, China Ruilin has distributed a total of 60 million yuan in dividends [3].

Core Points - The engineering consulting services sector experienced a decline of 0.5% on October 17, with Tai Chi Industrial leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Sector Performance - Matrix Co. (301365) saw a significant increase in share price, closing at 26.03 with a rise of 11.53% and a trading volume of 231,400 shares, amounting to a transaction value of 582 million [1] - Other notable gainers included: - Zhongheng Design (603017) at 10.66, up 4.61% [1] - Youan Design (300983) at 24.51, up 3.77% [1] - Tai Chi Industrial (600667) led the declines, closing at 7.86, down 6.09% with a trading volume of 1,160,000 shares and a transaction value of 931 million [2] - Other significant decliners included: - China Ruilin (603257) at 70.39, down 5.86% [2] - Suzhou Planning (301505) at 21.89, down 5.77% [2] Capital Flow - The engineering consulting services sector saw a net outflow of 209 million from institutional investors, while retail investors contributed a net inflow of 212 million [2] - The capital flow for key stocks showed: - Matrix Co. had a net outflow of 35.93 million from institutional investors [3] - Zhongheng Design experienced a net inflow of 21.43 million from institutional investors [3] - Tongji Technology (600846) had a net inflow of 18.91 million from institutional investors [3]

Core Insights - Jiangxi Tungsten Holding Group has established a mining fund with a scale of 5 billion yuan, focusing on overseas resource acquisitions and domestic mine integration [1] - The fund aims to prioritize resource-rich areas in Africa and Central Asia, facilitating a collaborative development model from resources to raw materials to materials [1] - Strategic cooperation agreements were signed with major financial institutions, marking a shift from "single-point cooperation" to "full-dimensional collaboration" [1] Group 1 - The mining fund is jointly funded by national financial institutions such as the Development Bank of China, Agricultural Bank of China, and Transportation Bank, along with provincial state-owned enterprises [1] - The Development Bank of China will leverage its developmental finance advantages to support Jiangxi Tungsten's overseas resource development and cross-border operations [1] - Agricultural Bank of China will enhance collaboration in fund cooperation, industrial park financing, cross-border settlement, and supply chain finance [1] Group 2 - Transportation Bank will provide customized financial services in supply chain finance, technology finance, and capital operations to empower Jiangxi Tungsten's high-quality development [1]

Group 1 - The engineering consulting services sector increased by 0.4% on October 16, with Huajian Group leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] - Huajian Group's stock price rose by 10.01% to 37.24, with a trading volume of 612,600 shares and a transaction value of 2.237 billion yuan [1] Group 2 - The main funds in the engineering consulting services sector experienced a net outflow of 34.065 million yuan, while retail funds saw a net outflow of 42.1138 million yuan [3] - Speculative funds had a net inflow of 76.1788 million yuan [3] - Huajian Group had a net inflow of 53.8663 million yuan from main funds, while retail funds saw a net outflow of 22.4588 million yuan [3]

Market Overview - The three major indices opened lower, with the Shanghai Composite Index at 3900.68 points, down 0.29%, the Shenzhen Component at 13064.26 points, down 0.42%, and the ChiNext Index at 3008.37 points, down 0.58% [1] Economic Indicators - As of the end of September, the broad money supply (M2) stood at 335.38 trillion yuan, reflecting a year-on-year growth of 8.4%. The cumulative increase in social financing scale for the first three quarters of 2025 reached 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year. Additionally, RMB loans increased by 14.75 trillion yuan in the first three quarters [1] Industry Developments - The Ministry of Industry and Information Technology's Minister Li Lecheng met with Apple CEO Tim Cook to discuss Apple's business development in China and strengthen cooperation in the electronic information sector [2] - The National Development and Reform Commission announced plans to establish 28 million charging facilities nationwide by the end of 2027, including 40,000 "super fast combined" charging guns in highway service areas [1] Company Announcements - Three Flowers Intelligent Control announced that it has noticed rumors regarding large robot orders, which have been confirmed as untrue [5] - Junpu Intelligent plans to raise no more than 1.161 billion yuan through a private placement for smart robot R&D and industrialization projects [5] - Chip Origin announced plans to acquire control of Zhudian Semiconductor, while Nair announced plans to acquire at least 51% of Feilai Testing [6] - Shuo Beid announced a projected net profit increase of 2837%-3204% year-on-year for the third quarter, while Guanghua Technology reported a 1234% increase in net profit for the first three quarters [6] Market Sentiment - Zhongyuan Securities noted that the A-share market experienced narrow fluctuations in the morning and a rebound in the afternoon, with sectors like chemical pharmaceuticals, consumer electronics, and automobiles performing well. The market sentiment is expected to improve due to policy expectations and potential earnings rebounds in the upcoming third-quarter reports [8] - Dongwu Securities observed a similar trend, with the A-share market showing positive movement, particularly in engineering machinery and communication equipment sectors, while cautioning about potential volatility in the ChiNext Index [8]

Group 1 - Xi'an Yicai's IPO subscription code is 787783, with an issue price of 8.62 yuan per share and a subscription limit of 53,500 shares [1] - The Ministry of Commerce of China has filed a request for consultations with India at the WTO regarding India's electric vehicle and battery subsidy measures, claiming these measures violate multiple obligations and provide unfair competitive advantages to Indian industries [3] - The National Bureau of Statistics reported that in September, the Consumer Price Index (CPI) rose by 0.1% month-on-month but fell by 0.3% year-on-year, while the core CPI (excluding food and energy) increased by 1.0% year-on-year, marking the fifth consecutive month of growth [4] Group 2 - The People's Bank of China reported that as of the end of September, the broad money supply (M2) was 335.38 trillion yuan, growing by 8.4% year-on-year, while the narrow money supply (M1) was 113.15 trillion yuan, up by 7.2% year-on-year [5] - The National Development and Reform Commission has issued an action plan to double the service capacity of electric vehicle charging facilities by 2027, aiming to establish 28 million charging facilities nationwide [5] - The Ministry of Housing and Urban-Rural Development has released an action plan to promote the construction of smart road infrastructure to support intelligent connected vehicles and improve urban digital governance [6] Group 3 - Tianpu Co. will resume trading on October 16, and Zhonghao Xinying has initiated its IPO process after a significant stock price increase of 317.72% over 15 consecutive trading days [8] - *ST Zhengping's stock will also resume trading on October 16 after a trading suspension, with a cumulative increase of 101.86% during the previous month [8] - Ping An Life continues to increase its stake in China Merchants Bank's H-shares, surpassing 17% of the total H-shares [8] Group 4 - Changjiang Securities maintains a bullish outlook on the Chinese stock market, particularly favoring technology sectors and industries showing improving profitability [12] - Debon Securities notes that the market is experiencing a volatile upward trend, with a focus on policy support and sector rotation as the 20th Central Committee's Fourth Plenary Session approaches [12]

Group 1 - The People's Bank of China reported that the cumulative increase in social financing scale for the first three quarters of 2025 reached 30.09 trillion yuan, an increase of 4.42 trillion yuan compared to the same period last year [2] - The broad money (M2) balance at the end of September was 335.38 trillion yuan, with a year-on-year growth of 8.4% [2] - The increase in RMB loans for the first three quarters was 14.75 trillion yuan [2] Group 2 - The European Union is considering forcing Chinese companies to transfer technology to European firms, with China's Foreign Ministry opposing such measures as violations of WTO rules [3] - The National Development and Reform Commission announced plans to build 28 million charging facilities nationwide by the end of 2027, including 40,000 "super fast combined" charging guns in highway service areas [4] Group 3 - The Ministry of Industry and Information Technology met with Apple's CEO Tim Cook to discuss Apple's business development in China and cooperation in the electronic information sector [5] - The State Post Bureau emphasized the importance of the postal and express delivery industry in modern logistics during a recent inspection in Shanghai [6] Group 4 - The National Bureau of Statistics announced the establishment of seven national digital economy innovation development pilot zones, with 158 reform measures focusing on market-oriented data element allocation and deep integration of technology and industry [7] Group 5 - New Kai Lai's subsidiary Qi Yun Fang launched a domestically produced EDA industrial software at the Bay Area Semiconductor Industry Ecological Expo [8] - Wan Li Yan, a subsidiary of New Kai Lai, announced the release of a new generation of ultra-high-speed real-time oscilloscopes at the "2025 Bay Chip Exhibition" [9] Group 6 - Sanhua Intelligent Control announced that recent rumors regarding large robot orders were untrue [10] - Junpu Intelligent announced plans to raise no more than 1.161 billion yuan for smart robot R&D and industrialization projects [11] - Yangyuan Beverage announced a capital increase of 1 billion yuan to private equity fund Quan Hong Investment [11] Group 7 - Chip Origin announced plans to acquire control of Zhudian Semiconductor [12] - Nair announced plans to acquire at least 51% of Feilai Testing [12] Group 8 - Shuo Bei De announced a projected net profit increase of 2837%-3204% for the third quarter [13] - Guanghua Technology reported a 1234% year-on-year increase in net profit for the first three quarters [13] - Haiguang Information announced a third-quarter net profit of 760 million yuan, a 13% year-on-year increase [13] - Zhongke Shuguang reported a 24% year-on-year increase in net profit for the first three quarters [13] - Tailin Micro announced a projected net profit increase of 118% for the first three quarters [13] Group 9 - Dingsheng Technology signed a strategic cooperation framework agreement with Boyuan Co., aiming to collaborate on solid-state lithium battery material technology [14] - Tianpu Co. announced the completion of its suspension for verification and will resume trading on the 16th [15] - *ST Zhengping announced the completion of its suspension verification and will resume trading [15] Group 10 - Demingli announced that its second-largest shareholder plans to reduce holdings by no more than 1.32% [16] - Huizhiwei announced that its second-largest shareholder plans to reduce holdings by no more than 1% [16] - Huada Jiutian reported that its fourth-largest shareholder reduced holdings by 2.7147 million shares from September 15 to October 15 [16] - Western Gold announced that its second-largest shareholder plans to reduce holdings by no more than 18.22 million shares [16] Group 11 - Guoguang Chain reported a third-quarter net loss of 8.41 million yuan, marking a shift to a loss compared to the previous year [17] Group 12 - The three major U.S. stock indices closed mixed, with the Dow down 0.04%, the Nasdaq up 0.66%, and the S&P 500 up 0.4% [18] - The Nasdaq Golden Dragon China Index rose by 1.7%, with most popular Chinese concept stocks increasing [18] Group 13 - Federal Reserve Governor Milan stated that the divergence in policy views among colleagues is more about the pace of interest rate cuts rather than the final target [19] - U.S. Treasury Secretary Bessent emphasized the need for the Federal Reserve to use quantitative easing cautiously and not to reduce its balance sheet or abandon a robust reserve system [20] Group 14 - COMEX gold futures rose by 1.48% to $4224.9 per ounce, while COMEX silver futures increased by 3.76% to $52.525 per ounce, both reaching new closing highs [21]

Group 1: Macroeconomic Trends - China has implemented new export restrictions on rare earths, prompting EU officials to call for stronger measures against China, which the Chinese Foreign Ministry responded to by emphasizing the need for dialogue to maintain global supply chain stability [1] - China has filed a complaint with the WTO regarding India's electric vehicle and battery subsidy measures, claiming these measures violate multiple obligations and provide unfair competitive advantages to Indian industries, urging India to correct its practices [1] Group 2: Electric Vehicle Infrastructure - The National Development and Reform Commission has launched a three-year action plan to double the service capacity of electric vehicle charging facilities by 2027, aiming to establish 28 million charging facilities nationwide and provide over 300 million kilowatts of public charging capacity to meet the needs of over 80 million electric vehicles [2] Group 3: Financial Statistics - The People's Bank of China reported that the total RMB deposits increased by 22.71 trillion yuan in the first three quarters of 2023, with household deposits rising by 12.73 trillion yuan and non-financial enterprise deposits increasing by 1.53 trillion yuan [3] - As of the end of September, the total balance of foreign currency deposits reached 1.02 trillion USD, reflecting a year-on-year growth of 20% [3] Group 4: Digital Economy Initiatives - Seven national digital economy innovation development pilot zones will introduce 158 reform measures focusing on market-oriented data allocation, technological innovation, and deep integration of industry innovation, aiming to cultivate innovative digital economy enterprises and enhance regional economic growth [4] Group 5: Company Updates - Kaimeteqi has clarified that its products are not currently used in nuclear fusion applications [5] - Yunnan Copper expects to produce 16 tons of gold and 680 tons of silver this year [5] - Meinian Health anticipates a year-on-year net profit increase of 70.51% to 151.7% for the first three quarters [5] - Gold Solid's net profit for the first three quarters is expected to increase by 23.57% to 85.35% year-on-year [5]