另一方面，康欣新材称，公司2025年的产能利用率较2024年度已经有明显的提高。"2025年公司将继续 通过设备技术改造、调整生产工艺流程、提升管理水平等方式进一步提升公司产能。此外，公司也将根 据市场行情动态调整公司产能，以适应市场需求。" 此外康欣新材指出，公司在积极探索并购重组机会。公司将根据市场和行业的变化，并结合公司实际在 优化形成的产业布局基础上，积极推进业务发展。 盘面显示，今年以来康欣新材股价涨幅约36%，截至11月25日收盘，报收2.83元/股，总市值38.05亿 元。 康欣新材进一步回应，受集装箱行业周期性波动影响，前三季度集装箱行业产销量以及售价较去年同期 出现明显下滑，公司通过原材料市场化采购等举措，采购成本较去年明显降低，受累集装箱地板售价大 幅下降，盈利能力未明显改善。后续将通过加大市场开拓、提升管理效能、强化成本管控等措施来提高 现有业务的盈利能力，同时推进集装箱地板产品新工艺技改、木结构建筑、林下经济等新业务布局，培 育未来增长点。 针对销售费用大幅增长的问题，康欣新材回应表示，本年度，截至目前公司集装箱板自产产量较去年全 年大幅提升约326%，同时自产销售与OEM销售的比例较 ...

证券日报网讯三元生物11月25日发布公告，在公司回答调研者提问时表示，今年以来，受市场利率下调 等因素影响，公司投资收益同比显著减少。为了提升经营业绩，公司在成本管控、生产优化及市场布局 等方面持续推进多项举措：通过丰富产品结构以摊薄固定成本，增加新的利润来源；通过光伏发电和设 备节能改造等方式降低能耗成本；持续提升生产线自动化水平，优化人员配置，确保技术人员能够更好 地支持新产品的产业化；在基础研发和工艺优化方面取得阶段性进展，赤藓糖醇的转化率进一步提升， 并围绕新产品形成系统的专利布局；同时，积极拓展国内市场及东南亚、印度、中东等新兴市场，部分 地区的增量需求对欧美市场波动形成一定对冲作用。 （文章来源：证券日报） ...

对于2026财年下半年度展望，管理层指，10-11月(第三财季)最新进度较去年同期略有滞后，尤其礼盒产 品受春节档期移至2月影响。预期新兴渠道与零食专卖店渠道在下半年度将持续强劲增长，而传统及现 代渠道压力可能持续。公司将推动米果与零食产品在下半年的增长动能，同时力求在乳制品及饮料领域 迎头赶上。管理层还预期下半年毛利率/营业支出比率趋势与上半年相近，原因包括现有约6个月进口奶 粉库存，近期成本管控效益将于下财年显现；下半年度将持续投入新业务单位的产品推广与广告宣传， 上半年业绩显示新产品贡献度提升，此举对其长期战略至关重要，管理层将持续监控并于后期评估广告 与促销投资效益，认为未来广告与促销投资效益存在提升空间。 富瑞认为，公司在截至今年9月底止半年度销售、一般及行政开支比率上升2.2个百分点至28.8%，其中 分销开支比率上升1.4个百分点，主因广告与促销投资增加，包括跨行业及联名合作项目；行政开支比 率上升0.9个百分点，源于组织架构优化(新增产品业务单位)导致员工成本上升。暂不派发中期股息以保 留营运弹性。 智通财经APP获悉，富瑞发布研报称，调低旺旺中国(00151)目标价4%，由5.71港元降至5 ...

Core Viewpoint - Leap Motor's Q3 sales reached 174,000 units, a year-on-year increase of 102%, driving revenue growth of 97.3% to 19.45 billion yuan [1][2] Group 1: Sales and Revenue Performance - Q3 revenue was 19.45 billion yuan, with a gross margin of 14.5%, up 6.4 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [1] - Q3 net profit attributable to shareholders was 150 million yuan, marking a return to profitability with a net profit margin of 0.8% [1] - The company aims for 1 million sales and 5 billion yuan profit by 2026, supported by strong new vehicle launches [1][2] Group 2: Product and Market Expansion - Q3 saw 17,400 vehicles sold, including 15,600 domestically and 17,397 exported, making Leap Motor the top new force in exports [2] - The company plans to launch four new models by 2026, including the Lafa 5, which is set to debut on November 27, with a pre-sale price of 105,800 to 131,800 yuan [1][2] - Leap Motor's international presence includes over 700 sales and service points across 30 international markets, with plans for local production in Malaysia and Europe [2] Group 3: Future Projections - The company expects to achieve overseas sales of 100,000 to 150,000 units by 2026, driven by strong overseas demand and new model launches [2] - Revenue projections for 2025-2027 are 67.5 billion, 113 billion, and 151 billion yuan, with net profits of 1 billion, 5.1 billion, and 11.3 billion yuan respectively [2] - Leap Motor maintains a target valuation of 110 billion HKD, corresponding to a P/E ratio of 20x for 2026 and a P/S ratio of 0.9x for 2026 [2]

据周波介绍，研究发现，磷酸铁锂材料成本结构呈现"主材占比最高、能耗与直接费用并重"特征，主材 成本占比35%—40%(核心波动因素)，耗能成本、直接费用各占约19%，期间费用占16%，辅料成本仅 5%—6%，清晰勾勒成本构成脉络。 但是，产业发展面临的结构性矛盾不容忽视，自2022年以来，磷酸铁锂材料行业深陷产能过剩、同质化 竞争泥潭，成本与价格矛盾突出，已成为锂电产业链利润承压最为严重的环节。 针对这些痛点，汤雁发出协同行动倡议：以成本指数为"度量衡"，重建市场定价逻辑，遏制"内卷式"恶 性竞争；以创新升级为"突破口"，开辟价值增长新赛道，推动行业从"规模竞争"向"质量竞争"跨越；以 供需平衡为"着力点"，构建协同发展生态，引导产能有序释放。 在研讨会上，中国化学与物理电源行业协会磷酸铁锂材料分会秘书长周波发布《磷酸铁锂材料行业成本 研究》并作解读。据悉，《磷酸铁锂材料行业成本研究》基于2025年1月份至9月份一次烧结工艺(二次 烧结成本会更高)、压实密度2.4—2.55g/cm(主流应用规格)的磷酸铁锂材料，选用平均法与市场份额加权 法得出15714.8元/吨—16439.3元/吨(未税价格)为行业平均成 ...

陕西煤业 20251118 摘要 2025 年全年煤炭总产量预计略高于去年的 1.7 亿吨，10 月份产量接近 1,500 万吨，预计 11 月和 12 月保持此水平。成本方面，前三季度吨煤 完全成本约为 280 元，预计全年维持在 280 元出头，得益于对非生产 性经营支出的严格控制。 2025 年煤炭价格呈现波动，一季度坑口不含税价格为 400-450 元/吨， 二季度降至 383 元/吨，三季度回升至 414 元/吨，10 月份均价达到 455 元/吨，中下旬基本已达到 520 元/吨，目前坑口价格普遍高于 520 元/吨的长协价格，恢复正常结算机制。 公司通过集中减持金利永磁股票，实现约 8 亿元的投资收益，增厚归母 净利润。逐步退出涉及二级市场公允价值波动的产品及股票投资，预计 本月底清算最后一支资管计划，未来归母净利润与扣非归母净利润将趋 于一致。 2025 年前三季度电力业务贡献利润约 9 亿多元，全年预计在 12 亿到 13 亿元之间，与收购电力资产时预期相符。电厂售电端度电价格仅下降 7~8 厘钱，好于行业平均水平，电力业务盈利相对稳定。 Q&A 请介绍一下陕西煤业在 2025 年的产量和成 ...

Core Viewpoint - Zeyu Intelligent acknowledges that rising raw material prices may exert short-term pressure on profitability, but the company has established a multi-dimensional, normalized cost control and risk mitigation mechanism to address this challenge [1] Group 1: Cost Control Measures - The company aims to enhance cost control capabilities through optimized internal operations and centralized procurement to improve bargaining power and effectively reduce unit procurement costs [1] - Zeyu Intelligent is advancing product structure upgrades to increase the revenue share of high value-added and high-tech barrier products, using product premiums to offset the impact of rising raw material prices [1] - The company is optimizing supply chain management by expanding diversified and stable supply channels, and reducing raw material price volatility risks through long-term agreements and price locking [1] Group 2: Future Focus - Moving forward, the company will continue to focus on core business upgrades, leveraging technological barriers, product competitiveness, and efficient operational management to enhance resilience against market fluctuations and ensure long-term stable development [1]

Financial Performance - In the first three quarters of 2025, the company achieved revenue of 5.593 billion yuan, a year-on-year increase of 20.27% [2] - The net profit attributable to shareholders reached 314 million yuan, up 19.58% year-on-year; in Q3 2025, net profit was 92 million yuan, showing a significant growth of 252.87% [2] Strategies for Profitability Improvement - Focus on high-value customers and orders, optimizing sales structure by managing loss-making orders and increasing high-value orders [3] - Strengthen the sales team by expanding and optimizing the overseas sales force, implementing performance evaluation mechanisms [3] - Enhance cost management through standardized cost management practices to reduce unit product costs [4] - Improve order delivery and customer service by enhancing internal communication and optimizing production scheduling [4] Raw Material Cost Management - The company is facing rising raw material costs, particularly for copper and other key materials, which have seen significant price increases since June 2024 [5] - Measures to mitigate cost pressures include dynamic monitoring of costs, improving material utilization, and implementing price adjustment strategies [6] Capacity Utilization and Expansion Plans - Current overall capacity utilization is approximately 85% [7] - The company is accelerating capacity expansion in various plants to meet market demand, including the construction of a new HDI factory [7] Subsidiary Performance - The subsidiary, San De Guan, has turned profitable in Q3 2025, despite challenges in the flexible printed circuit board (FPC) sector [8] Future Growth Drivers - Anticipated growth in 2026 will be driven by increased demand in mobile, server, and communication sectors, with a focus on high-layer boards and IC substrates [9][10] - The company plans to enhance its competitive advantages in product quality, cost control, and pricing strategies while developing new key customers [10]

Core Viewpoint - Baogang Group's Baiyun Mining Company (Baoshan Mining) is focusing on high-quality development by stabilizing operations and adjusting structures, enhancing safety, innovation, and management to achieve annual goals [1] Group 1: Production and Operational Improvements - In the first three quarters, Baiyun Mining has optimized processes, resource allocation, and equipment upgrades, leading to simultaneous improvements in the capacity and quality of iron concentrate, rare earth concentrate, and niobium concentrate [3] - The production of iron concentrate has set new records through the establishment of a collaborative mechanism for ore, dynamic adjustments to raw ore structure, and innovative blending methods, along with the renovation of washing machines and process optimization [3] - For rare earth concentrate, enhancements in the water system, steam pipeline modifications, and adjustments in process layout have significantly increased raw ore processing capacity, achieving the best production levels for the same period historically [3] Group 2: Cost Control and Efficiency - Baiyun Mining has implemented a "cost accounting" approach, enhancing cost control across all production and operational stages, resulting in the completion of 42 cost-reduction projects by September, saving nearly 120 million yuan [3] - The effectiveness of cost management has provided sustained momentum for achieving high-quality completion of annual targets [3] Group 3: Innovation and Research - Innovation is identified as the core driving force for development, with Baiyun Mining actively promoting collaboration with research institutions for resource utilization studies and key research projects like tailings recovery and niobium mineral selection [3] - The company is advancing the industrialization of hydrogen-based mineral transformation and the construction of pilot lines for comprehensive utilization of niobium ore, fostering a culture of innovation among employees through various skill competitions and self-improvement activities [3] Group 4: Strategic Focus for Year-End Goals - As the company approaches the critical period for achieving annual targets, it emphasizes early deployment, action, and results, optimizing production organization and enhancing process management to ensure the successful completion of all objectives [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a total revenue of 3.957 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.09%. The net profit attributable to shareholders was 176 million yuan, up 106.88% year-on-year, while the net profit excluding non-recurring items was 120 million yuan, an increase of 92.44% year-on-year [2][4] - In Q3 2025, the company achieved a revenue of 1.39 billion yuan, reflecting a year-on-year growth of 14.22%. The net profit attributable to shareholders reached 42.97 million yuan, a significant increase of 214.67% year-on-year, and the net profit excluding non-recurring items was 17.27 million yuan, up 224.22% year-on-year [2][4] Revenue Breakdown - The revenue from cheese products for the first three quarters was 3.302 billion yuan, showing a year-on-year increase of 17.42%, while in Q3 2025, it grew by 22.44% year-on-year. Trade revenue was 360 million yuan, down 0.56% year-on-year, and liquid milk revenue was 274 million yuan, down 2.48% year-on-year [5] - From a channel perspective, distribution revenue was 2.895 billion yuan, up 5.86% year-on-year, while direct sales revenue surged to 681 million yuan, marking an increase of 89.99% year-on-year [5] - Regionally, the North region generated 1.437 billion yuan, up 3.83% year-on-year, the Central region 1.677 billion yuan, up 24.36%, and the South region 822 million yuan, up 13.73% year-on-year [5] Profitability Improvement - The company's net profit margin for the first three quarters improved by 2.08 percentage points to 4.45%, with a gross margin increase of 0.95 percentage points to 29.88%. The expense ratio decreased by 1.34 percentage points to 25.36% [6] - In Q3 2025, the net profit margin rose by 1.97 percentage points to 3.09%, and the gross margin increased by 1.14 percentage points to 28.18%, while the expense ratio decreased by 0.6 percentage points to 25.77% [6] Future Outlook - The company is expected to continue benefiting from the integration with Mengniu's cheese business, enhancing the cost advantages of domestic raw milk and improving profitability. The projected net profits for 2025 and 2026 are 234 million yuan and 364 million yuan, respectively, corresponding to PE ratios of 56 and 36 times [7]