Core Viewpoint - Yantang Dairy, established in 2002 and listed in 2014, is one of the largest dairy producers in South China, focusing on the low-temperature milk market with a "fresh strategy" as its competitive advantage [1] Group 1: Business Performance - In Q3 2025, Yantang Dairy achieved a revenue of 1.179 billion yuan, ranking 11th among 19 companies in the industry, with the industry leader, Yili, generating 90.341 billion yuan [2] - The company's net profit for the same period was 53.7292 million yuan, placing it 9th in the industry, while Yili's net profit was 10.42 billion yuan [2] - The main business composition includes lactic acid bacteria beverages at 324 million yuan (42.34%), liquid milk at 281 million yuan (36.71%), flavored milk at 152 million yuan (19.86%), and others at 8.352 million yuan (1.09%) [2] Group 2: Financial Ratios - As of Q3 2025, Yantang Dairy's debt-to-asset ratio was 23.55%, lower than the industry average of 41.11% [3] - The gross profit margin for the same period was 25.32%, higher than the industry average of 24.79% [3] Group 3: Executive Compensation - The chairman and general manager, Feng Like, received a salary of 1.3879 million yuan in 2024, an increase of 611,200 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.79% to 17,000, while the average number of circulating A-shares held per shareholder increased by 6.15% to 9,196.62 [5]

Core Viewpoint - Fuhuang Steel Structure is a leading domestic steel structure enterprise, focusing on the design, manufacturing, and installation of steel structure products, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Fuhuang Steel's revenue was 2.348 billion, ranking 7th in the industry, significantly lower than the top competitor Honglu Steel's 15.917 billion and second-place Jinggong Steel's 14.557 billion [2] - The main business composition includes construction projects at 1.182 billion (61.57%), steel structure sales at 398 million (20.71%), other products at 183 million (9.52%), and doors and windows wood sales at 158 million (8.21%) [2] - The net profit for the same period was 42.807 million, ranking 8th in the industry, far below the leading competitors [2] Group 2: Financial Ratios - As of Q3 2025, Fuhuang Steel's debt-to-asset ratio was 66.50%, a decrease from 68.82% year-on-year but still above the industry average of 56.77% [3] - The gross profit margin for Q3 2025 was 14.51%, an increase from 13.89% year-on-year and above the industry average of 13.40% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.87% to 27,700, while the average number of circulating A-shares held per shareholder decreased by 1.84% to 15,700 [5] - Among the top ten circulating shareholders, Nuoan Multi-Strategy Mixed A entered as the eighth largest shareholder with 2.6519 million shares, while Jiaoyin Regular Payment Dual Interest Balanced Mixed exited the list [5] Group 4: Executive Compensation - The chairman, Yang Junbin, received a salary of 480,000, unchanged from the previous year [4] - The president, Zheng Maorong, received a salary of 360,000, also unchanged from the previous year [4]

Core Viewpoint - Guangyu Group, established in December 2000 and listed in April 2007, is a significant player in the real estate sector, focusing on property development and management with a stable customer base [1] Group 1: Business Performance - In Q3 2025, Guangyu Group reported revenue of 3.896 billion, ranking 21st out of 69 in the industry, significantly lower than the top player Poly Developments at 173.722 billion and second-ranked Vanke A at 161.388 billion, but above the industry average of 1.1727 billion and median of 193.8 million [2] - The main business composition includes real estate at 1.993 billion (67.76%), trade at 873 million (29.66%), and other revenues at 75.725 million (2.57%) [2] - The net profit for the same period was 81.0529 million, ranking 24th in the industry, far behind Poly Developments' 6.515 billion and *ST Zhongdi's 4.586 billion, but significantly above the industry average of -707 million and median of -9.3687 million [2] Group 2: Financial Ratios - As of Q3 2025, Guangyu Group's debt-to-asset ratio was 58.93%, down from 64.40% year-on-year and below the industry average of 60.51%, indicating improved debt repayment capability [3] - The gross profit margin for Q3 2025 was 9.29%, an increase from 3.29% year-on-year, yet still below the industry average of 19.19%, suggesting that while profitability has improved, it remains below industry standards [3] Group 3: Executive Compensation - Chairman Wang Yilei's compensation for 2024 was 1.02 million, a decrease of 164,500 from 2023 [4] - President Jiang Lixiong's compensation for 2024 was 1.276 million, down 366,100 from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Guangyu Group was 29,300, a decrease of 0.53% from the previous period, while the average number of circulating A-shares held per shareholder increased by 0.54% to 26,300 [5]

Company Overview - Fengshan Group was established on September 12, 1996, and listed on the Shanghai Stock Exchange on September 17, 2018. The company is based in Yancheng, Jiangsu Province, and is a well-known player in the domestic pesticide sector, focusing on the research, production, and sales of efficient, low-toxicity, low-residue, and environmentally friendly pesticide products and intermediates, with strong technical research and development capabilities [1] Financial Performance - In Q3 2025, Fengshan Group reported a revenue of 914 million yuan, ranking 26th among 32 companies in the industry. The industry leader, ADAMA Agricultural Solutions, achieved a revenue of 21.678 billion yuan, while the second-ranked Xin'an Chemical had a revenue of 11.699 billion yuan. The industry average revenue was 3.784 billion yuan, with a median of 2.036 billion yuan [2] - The company's net profit for the same period was 39.4752 million yuan, placing it 19th in the industry. The top performer, Yangnong Chemical, reported a net profit of 1.056 billion yuan, and the second, Runfeng Holdings, had a net profit of 999.7 million yuan. The industry average net profit was 171 million yuan, with a median of 95.2356 million yuan [2] Financial Ratios - As of Q3 2025, Fengshan Group's debt-to-asset ratio was 41.16%, slightly down from 41.32% in the previous year and lower than the industry average of 46.06%. The company's gross profit margin was 15.22%, an increase from 8.03% year-on-year, but still below the industry average of 21.70% [3] Executive Compensation - The chairman, Yin Fengshan, received a salary of 1.1342 million yuan in 2024, unchanged from 2023. The president, Yin Ping, earned 1.2499 million yuan, an increase of 247,700 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders of Fengshan Group increased by 35.91% to 13,800, while the average number of circulating A-shares held per household decreased by 26.39% to 12,000 [5]

Core Viewpoint - Haixiang New Materials is a leading PVC flooring manufacturer in China, established in December 2013 and listed on the Shenzhen Stock Exchange in September 2020, with a full industry chain advantage and products sold both domestically and internationally [1] Group 1: Business Performance - In Q3 2025, Haixiang New Materials reported revenue of 928 million yuan, ranking 8th in the industry out of 13 companies, with the industry leader Marco Polo generating 4.938 billion yuan [2] - The revenue composition includes SPC products at 360 million yuan (59.59%), WPC products at 105 million yuan (17.44%), LVT products at 104 million yuan (17.19%), and other products at 34.86 million yuan (5.77%) [2] - The net profit for the same period was 90.38 million yuan, ranking 5th in the industry, with Marco Polo leading at 1.062 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Haixiang New Materials had a debt-to-asset ratio of 34.25%, down from 37.80% year-on-year, which is lower than the industry average of 39.52% [3] - The gross profit margin for Q3 2025 was 25.10%, down from 27.73% year-on-year, but still above the industry average of 23.08% [3] Group 3: Executive Compensation - The chairman, Wang Zhoulun, received a salary of 2.5618 million yuan in 2024, an increase of 15,300 yuan from 2023 [4] - The general manager, Wang Shufang, received a salary of 2.5445 million yuan in 2024, a decrease of 10,700 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.95% to 10,600 [5] - The average number of circulating A-shares held per shareholder increased by 7.46% to 7,368.95 [5] - Notable changes among the top ten circulating shareholders include the entry of new shareholders and the exit of others [5]

Core Viewpoint - Jidong Equipment is a leading cement equipment manufacturing company in China, providing comprehensive services across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Jidong Equipment reported revenue of 2.037 billion yuan, ranking 13th among 89 companies in the industry [2] - The company's net profit for the same period was 8.3827 million yuan, placing it 65th in the industry [2] - The main business segments include: - Machinery and spare parts: 650 million yuan (45.16%) - Civil engineering installation: 304 million yuan (21.12%) - Mining engineering and restoration: 216 million yuan (15.01%) - Maintenance engineering: 208 million yuan (14.46%) - Electrical equipment and spare parts: 60.29 million yuan (4.19%) - Others: 820,000 yuan (0.06%) [2] Group 2: Financial Ratios - As of Q3 2025, Jidong Equipment's debt-to-asset ratio was 80.49%, an increase from 79.38% year-on-year, significantly higher than the industry average of 42.80% [3] - The gross profit margin for Q3 2025 was 6.81%, down from 7.81% year-on-year, and below the industry average of 28.52% [3] Group 3: Executive Compensation - The chairman, Jiao Liujun, received a salary of 1.3153 million yuan in 2024, an increase of 467,700 yuan from 2023 [4] - The general manager, Li Hongbo, earned 1.1631 million yuan in 2024, up by 352,300 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.49% to 43,800 [5] - The average number of circulating A-shares held per shareholder increased by 9.28% to 5,182.18 [5]

Core Viewpoint - Fengzhu Textile is a well-known company in the domestic textile industry, with significant investment value due to its comprehensive business operations covering weaving, dyeing, and wastewater treatment [1] Group 1: Business Performance - In Q3 2025, Fengzhu Textile reported revenue of 688 million yuan, ranking 8th among 8 companies in the industry, with the industry leader Huafu Fashion generating 8.873 billion yuan [2] - The main business composition includes dyeing and finishing products at 293 million yuan (68.74%), printing at 52.86 million yuan (12.40%), dyeing processing at 43.85 million yuan (10.29%), and spinning at 28.07 million yuan (6.58%) [2] - The net profit for the same period was 15.7354 million yuan, also ranking 8th in the industry, with the top performer, Bailong Oriental, achieving 550 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Fengzhu Textile's debt-to-asset ratio was 36.92%, lower than the previous year's 38.16% and below the industry average of 37.75%, indicating good solvency [3] - The gross profit margin for the same period was 14.27%, an increase from 13.08% year-on-year, but still below the industry average of 17.04%, suggesting room for improvement in profitability [3] Group 3: Executive Compensation - The chairman, Chen Qiang, received a salary of 1.0755 million yuan in 2024, a decrease of 431,800 yuan from 2023 [4] - The general manager, Chen Chengqing, earned 1.1955 million yuan in 2024, down 49,000 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.05% to 16,200, while the average number of circulating A-shares held per shareholder increased by 12.42% to 16,800 [5] - Among the top ten circulating shareholders, Nuoan Multi-Strategy Mixed A (320016) is the ninth largest, holding 2.4619 million shares as a new shareholder [5]

Core Viewpoint - Zhonggong Gaoke is a leading provider of highway maintenance technology services in China, with a comprehensive service capability across the entire industry chain [1] Group 1: Business Overview - Zhonggong Gaoke was established on September 29, 2007, and listed on the Shanghai Stock Exchange on August 2, 2017, with its registered and office address in Beijing [1] - The main business includes highway maintenance decision consulting services, production and sales of road condition rapid detection equipment, and development and sales of highway maintenance information systems [1] Group 2: Financial Performance - For Q3 2025, Zhonggong Gaoke reported operating revenue of 88.72 million yuan, ranking 43rd out of 46 in the industry, significantly lower than the industry leader Taiji Industrial's 22.593 billion yuan and second-ranked China Communications Design's 6.116 billion yuan [2] - The revenue composition includes 32.76 million yuan from highway maintenance decision consulting, accounting for 56.22%, and 20.61 million yuan from road condition rapid detection system development and integration, accounting for 35.36% [2] - The net profit for the same period was 3.55 million yuan, ranking 33rd out of 46, with a substantial gap compared to the first-ranked China Communications Design's 768 million yuan and second-ranked Taiji Industrial's 538 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, Zhonggong Gaoke's debt-to-asset ratio was 12.62%, up from 11.40% the previous year, significantly lower than the industry average of 42.53%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 55.45%, slightly up from 55.33% year-on-year, which is higher than the industry average of 27.95%, reflecting strong profitability [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.02% to 7,930, while the average number of circulating A-shares held per account increased by 5.28% to 8,408.58 [5] - Among the top ten circulating shareholders, Noan Multi-Strategy Mixed A (320016) ranked sixth with 403,900 shares, an increase of 70,100 shares compared to the previous period [5]

Core Viewpoint - Huasheng Technology, a well-known pharmaceutical company in China, focuses on the research and development of traditional Chinese medicine and biopharmaceuticals, but its financial performance lags behind industry leaders [1][2]. Financial Performance - In Q3 2025, Huasheng Technology reported revenue of 457 million yuan, ranking 57th among 69 companies in the industry, significantly lower than the top performer, Baiyunshan, with 61.606 billion yuan, and Yunnan Baiyao at 30.654 billion yuan [2]. - The company's net profit for the same period was -97.1142 million yuan, placing it 64th in the industry, while Yunnan Baiyao and Baiyunshan reported net profits of 4.789 billion yuan and 3.398 billion yuan, respectively [2]. Financial Ratios - As of Q3 2025, Huasheng Technology's debt-to-asset ratio was 48.98%, slightly higher than the previous year's 48.94% and above the industry average of 32.81% [3]. - The gross profit margin for the same period was 45.48%, down from 47.92% year-on-year and below the industry average of 52.44% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.50% to 37,000, while the average number of circulating A-shares held per account increased by 5.82% to 16,800 [5]. - Among the top ten circulating shareholders, Huatai-PB Zhongzheng Chinese Medicine ETF ranked eighth with 3.886 million shares, an increase of 1.0127 million shares from the previous period [5]. Executive Compensation - The chairman of Huasheng Technology, Huang Mingliang, received a salary of 799,700 yuan in 2024, an increase of 210,800 yuan compared to 588,900 yuan in 2023 [4].

Core Viewpoint - 德恩精工 is a significant player in the domestic mechanical transmission components sector, with a full industrial chain production capability and leading product quality and technology levels in the industry [1] Group 1: Business Performance - In Q3 2025, 德恩精工 achieved a revenue of 452 million yuan, ranking 63rd among 82 companies in the industry [2] - The company's main business revenue composition includes 204 million yuan from mechanical transmission and coupling components, accounting for 68.07% of total revenue [2] - The net profit for the same period was -35.75 million yuan, placing the company 77th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, 德恩精工's asset-liability ratio was 44.16%, higher than the previous year's 43.57% and above the industry average of 39.81% [3] - The gross profit margin for the period was 9.66%, down from 14.36% year-on-year and significantly lower than the industry average of 22.64% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.34% to 22,200 [5] - The average number of circulating A-shares held per shareholder increased by 3.46% to 4,836.51 [5] - Notably, 诺安多策略混合A (320016) exited the list of the top ten circulating shareholders [5] Group 4: Executive Compensation - The chairman, 雷永志, received a salary of 792,400 yuan in 2024, a slight decrease from 793,800 yuan in 2023 [4]