Group 1 - The company has approved the use of its own funds to pay for part of the fundraising investment projects and will subsequently replace these with equivalent amounts from the raised funds [1][4][6] - The total amount raised from the initial public offering (IPO) was approximately RMB 812.66 million, with a net amount of RMB 730.34 million after deducting issuance costs [1][57] - The company has established a special account for the management of the raised funds, ensuring proper oversight and usage [2][57] Group 2 - The company plans to adjust the internal investment structure of the "Annual Production of 3,000 Tons of High-Performance Neodymium-Iron-Boron for New Energy Vehicles" project without changing the total investment amount [56][58] - The adjustment is aimed at optimizing resource allocation and improving the efficiency of fund usage in response to market changes and customer demands [59][61] - The company has conducted necessary meetings and obtained approvals from the board and independent directors regarding the adjustments, ensuring compliance with relevant regulations [62][64] Group 3 - The company intends to apply for a comprehensive credit limit of up to RMB 3 billion from banks and financial institutions, with the support of related parties providing guarantees [10][11] - The credit will be used for various purposes, including working capital loans and project financing, and will be available for a period of 12 months after shareholder approval [11][16] - The guarantees provided by related parties do not involve any fees or collateral, ensuring no financial burden on the company [15][16]

Group 1 - The company Tianhe Magnetic Materials announced on November 11 that it plans to adjust the internal investment structure of its fundraising project for the annual production of 3,000 tons of high-performance neodymium-iron-boron for electric vehicles, without changing the total amount of raised funds or the investment projects [2]

Core Viewpoint - Tianhe Magnetic Materials (603072) announced plans to apply for a total comprehensive credit limit of up to 3 billion RMB from banks and other financial institutions to meet the production and operational needs of the company and its subsidiaries [1] Group 1 - The company aims to secure funding to support its production and operational development [1]

Group 1 - The company has developed its own amorphous nanocrystalline powder, which has achieved industry-leading characteristics in high-frequency low-loss applications [2] - The product is currently in mass production and is experiencing rapid growth, enhancing the company's product portfolio in the high-end soft magnetic materials sector [2] - This development lays a solid foundation for the company's expansion into high-frequency application areas [2]

Core Viewpoint - Jinli Permanent Magnet's stock price has experienced fluctuations, with a year-to-date increase of 103.80%, but a recent decline in the last 20 days by 23.31% [1] Group 1: Stock Performance - As of November 10, Jinli Permanent Magnet's stock price was 35.83 CNY per share, with a market capitalization of 49.287 billion CNY [1] - The stock has seen a trading volume of 8.07 billion CNY, with a turnover rate of 1.96% [1] - Year-to-date, the stock has risen by 103.80%, but has decreased by 1.21% in the last 5 trading days and 23.31% in the last 20 trading days [1] Group 2: Financial Performance - For the period from January to September 2025, Jinli Permanent Magnet reported revenue of 5.373 billion CNY, representing a year-on-year growth of 7.16% [2] - The net profit attributable to shareholders for the same period was 515 million CNY, showing a significant year-on-year increase of 161.81% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Jinli Permanent Magnet increased to 134,000, a rise of 35.31% compared to the previous period [2] - The company has distributed a total of 1.471 billion CNY in dividends since its A-share listing, with 1.084 billion CNY distributed in the last three years [3] - The largest shareholder among the top ten circulating shareholders is Hong Kong Central Clearing Limited, holding 47.706 million shares, an increase of 41.402 million shares from the previous period [3]

Core Points - Longi Technology experienced a decline of 5.09% on November 10, with a stock price of 58.56 CNY per share and a trading volume of 1.56 billion CNY, resulting in a turnover rate of 3.17% and a total market capitalization of 6.983 billion CNY [1] Company Overview - Anhui Longi Technology Co., Ltd. is located at 3818 South Second Ring Road, Swan Lake Wanda Plaza, Hefei City, Anhui Province, and was established on January 19, 1998, with its listing date on May 25, 2020 [1] - The company's main business involves the research, production, and sales of new functional materials based on permanent magnetic ferrite, with revenue composition as follows: magnetic materials 85.54%, commutators and others 9.93%, micro-inverters and accessories 4.37%, and leasing 0.16% [1] Fund Holdings - According to data, one fund under Bosera Fund has a significant holding in Longi Technology. The Bosera CSI 2000 ETF (159533) held 1,200 shares in the third quarter, accounting for 0.61% of the fund's net value, ranking as the sixth-largest holding [2] - The Bosera CSI 2000 ETF (159533) was established on May 28, 2024, with a latest scale of 12.7816 million CNY. Year-to-date returns are 47.1%, ranking 747 out of 4,216 in its category; the one-year return is 43.56%, ranking 514 out of 3,917; and since inception, the return is 73.02% [2] - The fund manager of Bosera CSI 2000 ETF is Tang Yibing, who has been in the position for 3 years and 113 days, managing total assets of 11.187 billion CNY, with the best fund return during his tenure being 76.39% and the worst being -41.93% [2]

Performance - In the first three quarters of 2025, the company's operating revenue reached 5.373 billion, a year-on-year increase of 7.16% [1] - The net profit attributable to shareholders was 515 million, reflecting a significant year-on-year increase of 161.81% [1] - The net profit after deducting non-recurring gains and losses was 430 million, showing a remarkable year-on-year growth of 381.94% [1] - For Q3 2025, the single-quarter operating revenue was 1.866 billion, up 12.91% year-on-year and 6.45% quarter-on-quarter [1] - The net profit attributable to shareholders for Q3 was 211 million, with a year-on-year increase of 172.65% and a quarter-on-quarter increase of 45.75% [1] - The net profit after deducting non-recurring gains and losses for Q3 was 196 million, reflecting a year-on-year increase of 254.98% and a quarter-on-quarter increase of 53.04% [1] Capacity and Business Optimization - The company steadily released new production capacity in the first three quarters of 2025, with sufficient capacity utilization [1] - Sales revenue in the new energy vehicles and auto parts sector reached 2.615 billion, with a corresponding sales volume growth of 23.46% year-on-year [1] - Sales revenue in the energy-saving variable frequency air conditioning sector was 1.446 billion, with a corresponding sales volume growth of 18.48% year-on-year [1] - The company continues to expand its products in multiple high-growth areas, optimizing its business structure [1] Strategic Partnerships and International Expansion - The company has established long-term stable partnerships with leading domestic and international enterprises across various fields, including new energy vehicles, energy-saving variable frequency air conditioning, wind power generation, robotics, industrial servo motors, 3C, and energy-saving elevators [1] - The quality of the company's products, technical strength, and delivery capabilities have received high recognition from customers [1] - The company has become a key enterprise partner for the Hong Kong SAR government's introduction of key enterprises, further expanding its international cooperation network [1]

Core Viewpoint - Jinli Permanent Magnet's net profit attributable to shareholders reached 515 million yuan in the first three quarters of 2025, representing a year-on-year increase of 161.81% [1] - The company reported a single-quarter net profit of 211 million yuan in Q3 2025, showing a year-on-year growth of 172.65% and a quarter-on-quarter increase of 45.75% [1] Business Performance - The company is actively expanding into emerging sectors, with a continuous optimization of its business structure [1] - Jinli Permanent Magnet has established long-term stable partnerships with leading domestic and international companies across various high-growth fields, including new energy vehicles, energy-efficient variable frequency air conditioning, wind power generation, robotics, industrial servo motors, 3C, and energy-saving elevators [1] Product and Market Recognition - The quality of the company's products, technical strength, and delivery capability have received high recognition from customers [1] - Jinli Permanent Magnet has become a key enterprise partner in the Hong Kong Special Administrative Region government's initiative to attract important enterprises, further expanding its international market cooperation network [1] Investment Rating - The company maintains a "Buy" rating based on its strong performance and growth prospects [1]

Core Viewpoint - Jinli Permanent Magnet's stock price has shown significant volatility, with a year-to-date increase of 111.31%, but a recent decline in the last five and twenty trading days [1][2]. Financial Performance - For the period from January to September 2025, Jinli Permanent Magnet achieved a revenue of 5.373 billion yuan, representing a year-on-year growth of 7.16% [2]. - The net profit attributable to shareholders for the same period was 515 million yuan, marking a substantial year-on-year increase of 161.81% [2]. Stock Market Activity - As of November 7, the stock price was 37.15 yuan per share, with a market capitalization of 51.103 billion yuan [1]. - The stock has experienced a trading volume of 663 million yuan on the same day, with a turnover rate of 1.62% [1]. - Jinli Permanent Magnet has appeared on the "Dragon and Tiger List" three times this year, with the most recent occurrence on October 13 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 134,000, a rise of 35.31% from the previous period [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 41.4024 million shares [3]. Dividend Distribution - Since its A-share listing, Jinli Permanent Magnet has distributed a total of 1.471 billion yuan in dividends, with 1.084 billion yuan distributed over the past three years [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year increase in performance, with a revenue of 5.373 billion yuan for the first three quarters of 2025, representing a 7.16% increase year-on-year. The net profit attributable to shareholders reached 515 million yuan, up 161.81% year-on-year, and the non-recurring net profit was 430 million yuan, a 381.94% increase year-on-year [4][5] - The company is actively expanding into emerging business areas and enhancing overseas cooperation, establishing long-term stable partnerships with leading domestic and international companies in various sectors, including new energy vehicles and energy-efficient variable frequency air conditioning [6] Financial Performance - For Q3 2025, the company achieved a single-quarter revenue of 1.866 billion yuan, a 12.91% increase year-on-year and a 6.45% increase quarter-on-quarter. The net profit attributable to shareholders for Q3 was 211 million yuan, reflecting a year-on-year increase of 172.65% and a quarter-on-quarter increase of 45.75% [4][5] - The company’s new capacity is steadily being released, with sufficient capacity utilization. Sales revenue from the new energy vehicle and auto parts sector reached 2.615 billion yuan, with a year-on-year sales volume increase of 23.46%. The energy-efficient variable frequency air conditioning sector generated 1.446 billion yuan in sales revenue, with a year-on-year sales volume increase of 18.48% [5] Future Projections - The company is projected to achieve net profits attributable to shareholders of 755 million yuan, 1.216 billion yuan, and 1.437 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 71, 44, and 37 [7]