证券日报网讯 1月9日，宝光股份在互动平台回答投资者提问时表示，公司2025年半年度及2025年三季 度存货较年初增长。其中：公司2025年半年度原材料、在产品、库存商品分别增长的主要原因有：一是 年中存货数额较年初增长，符合公司正常经营周期（年中投入生产物资及在途产品较年初多）；二是 2025年半年度起将控股子公司成都凯赛尔科技新纳入合并报表范围内，导致存货增长；三是2025年公司 生产用主要原材料铜、银贵金属价格持续上涨，致使生产投入原材料成本较去年增加。公司2025年根据 市场情况和业务需求积极合理平衡调整存货水平，以优化资产结构和提高资金使用效率。 （文章来源：证券日报） ...

紫光股份（000938.SZ）1月8日在投资者互动平台表示，公司存货主要为ICT产品及相关原材料、备件 等，公司存货增长主要来自以下几个方面：一是根据市场环境加大了关键零部件储备；二是服务器需求 上升，带动原材料及备货增加；三是直签客户的业务验收周期长，发出商品随业务增长而增加。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：公司的存货一直在增加，增加的都是什么？其中存储 类的占比是多少？存货有无涨价？ ...

证券日报网讯 12月29日，科华生物在互动平台回答投资者提问时表示，公司根据实际生产经营情况进 行存货管理，不断创新营销手段、优化内部管理，提升存货管理水平。 （文章来源：证券日报） ...

中审众环会计师事务所近日就深圳市中金岭南有色金属股份有限公司（以下简称"中金岭南"）向特定对 象发行股票的审核问询函出具回复报告，对公司报告期内毛利率波动、关联交易、存货管理、境外子公 司管控等多项问题进行了详细说明。 回复报告指出，关联交易均基于正常商业需求，定价公允。以向华日轻金销售铝型材为例，关联交易价 格与第三方价格差异率为3.70%，毛利率15.22%，与第三方销售毛利率13.26%基本一致。在广晟财务公 司的存款利率略高于同期其他银行，贷款利率略低于同期其他银行，符合《关于规范上市公司与企业集 团财务公司业务往来的通知》要求，不存在损害上市公司利益的情形。 存货规模增长系业务扩张所致 跌价准备计提充分 2022年末至2025年6月末，公司存货账面价值从34.89亿元增长至129.87亿元，占总资产比重从10.68%上 升至26.79%；存货周转率从17.81下降至4.93。 回复报告解释，存货增长主要因2023年合并中金铜业后，铜冶炼业务规模扩大，原材料及在产品储备增 加。2024年末铜冶炼业务原材料及在产品账面价值较2023年分别增加18.83亿元和7.34亿元。存货库龄以 1年以内为主，占比超 ...

证券日报网讯12月11日，东阿阿胶（000423）在互动平台回答投资者提问时表示，目前，公司存货结构 处于合理水平，公司将持续通过精细化管理与精准市场研判，不断优化存货规模与结构，推动经营质量 与效率持续提升。 ...

Core Viewpoint - The company, Huahai Qingke, has provided insights into its inventory structure, which is aligned with the characteristics of the semiconductor equipment industry and the company's business development stage [1] Group 1: Inventory Structure - The company's inventory mainly consists of raw materials, work-in-progress products, finished goods, and goods dispatched, with a relatively high proportion of raw materials and dispatched goods [1] - The inventory structure is closely related to the company's core product competitiveness and the rapid growth of orders [1] Group 2: Order Management and Delivery - The company has proactively stocked key components based on order demand and industry cycle forecasts, which has contributed to the increase in orders [1] - Equipment that has been delivered but not yet accepted is recorded as "dispatched goods" in inventory, extending the inventory turnover cycle until verification and revenue recognition conditions are met [1] Group 3: Inventory Turnover and Future Plans - The current inventory scale is in line with the volume of orders on hand, and the inventory turnover days are within a reasonable range for the industry [1] - The company plans to enhance lean production management, optimize production planning and inventory control systems, and improve supply chain collaboration to boost inventory turnover efficiency and overall profitability [1]

Group 1: Financial Management and Risk Control - The significant increase in accounts payable is primarily due to the investment in the "Fujilai (Shandong) Specialty API and Intermediate CMO/CDMO Construction Project" [2] - The company aims to ensure project funding needs while controlling debt scale and financial risks through coordinated project construction and financial management [2] - The company has implemented measures such as credit assessment and collection tracking to optimize accounts receivable management and reduce bad debt risk [3] Group 2: Investment Strategies and Returns - The company utilizes idle funds for entrusted financial management to enhance the efficiency of fund usage and improve returns, without affecting normal operations [3] - The increase in income tax expenses is mainly due to a significant rise in investment income during the current period [3] Group 3: Inventory and Supply Chain Management - The company plans to continuously optimize inventory structure and strengthen market trend analysis to adapt to changes in market demand [3] - The reduction in inventory balance since the beginning of the year has positively impacted profits due to the reversal of inventory impairment provisions [3] Group 4: Project Development and Future Outlook - The "Fujilai (Shandong) Specialty API and Intermediate CMO/CDMO Construction Project" is progressing as per the scheduled timeline, with expected contributions to revenue and profit post-production [5] - The company is focused on enhancing its core competitiveness in the specialty API and intermediate sector to inject new momentum into sustainable development [5] Group 5: Shareholder Communication and Governance - The company emphasizes compliance with legal regulations regarding shareholder reduction plans and will ensure timely information disclosure [2] - The sustainability of government subsidies remains uncertain, and the company is monitoring potential new support projects or policies [3]

Summary of Key Points Core Viewpoint - The company held a performance briefing for Q3 2025 to discuss its operational results and financial status with investors, addressing various concerns raised during the session [1]. Group 1: Inventory and Receivables - The company reported a significant increase in inventory, with a notable rise in stock levels due to unsold finished products and materials for new overseas projects, indicating no impairment risks [2]. - Accounts receivable increased by 12.29% year-on-year to 2.57 billion, while prepayments surged by 103% to 288 million, primarily driven by increased main business revenue and new resource projects [2]. Group 2: Long-term Borrowings and Financial Strategy - Long-term borrowings rose from 730 million at the end of 2024 to 1.57 billion by Q3 2025, marking a 94.27% increase, mainly for financing infrastructure projects in Colombia and other areas [3]. - The company aims to maintain a reasonable debt structure while optimizing its financial costs through operational efficiency in mining services and resource projects [3]. Group 3: Market Performance and Investor Relations - The company acknowledged fluctuations in its stock price compared to peers, emphasizing its commitment to protecting investor interests and focusing on stable operational management [4]. - Concerns regarding the controlling shareholder's past share reductions were addressed, clarifying that the reductions were primarily for personal financial needs and not indicative of the company's financial health [5][6]. Group 4: Project Updates and Future Strategy - The company is progressing with the Lubambe copper mine's operational management and is negotiating the transfer of a 10% stake, with overall progress aligning with technical improvement plans [8]. - The slowdown in the mining service segment is attributed to internal management changes and external factors affecting operations, with a strategic focus on developing both mining services and resource development as core business areas [7].

Core Viewpoint - The company reported a sequential decline in revenue for the third quarter, primarily due to adjustments in the delivery schedule of certain models and a temporary contraction in industry demand [1] Group 1: Financial Performance - The company's third-quarter revenue decreased compared to the previous quarter [1] - The decline in revenue is attributed to the adjustment in delivery schedules and a phase of reduced industry demand [1] Group 2: Strategic Actions - The company is enhancing inventory management and accounts receivable collection [1] - The company is actively pursuing new order acquisitions to meet its annual targets [1]

Core Insights - The company reported an increase in inventory from 890 million yuan at the beginning of the period to 1 billion yuan in the current period, raising questions about the reasons behind this increase and potential risks associated with inventory depreciation [2]. Inventory Management - The company's inventory primarily consists of raw materials, entrusted processing materials, and finished goods [2]. - The procurement plan is based on the company's inventory situation, customer demand, and market forecasts [2]. - The current inventory structure is mainly focused on wafers, with storage being a general product, indicating that the company believes inventory risks remain within a controllable range [2].