Core Viewpoint - The company has initiated the application process for equipment manufacturing licenses, with all procedures progressing as planned [2] Group 1 - The company responded to investor inquiries on November 18 regarding the status of its equipment manufacturing license application [2] - The application process is currently on schedule, indicating effective project management and planning [2]

股票代码：002615 股票简称：哈尔斯 编号：2025-004 | 投 资 | 者 | 关系 | 活 动 | 特定对象调研 □分析师会议 | | | --- | --- | --- | --- | --- | --- | | 类别 | | | ☑ | 媒体采访 业绩说明会 | | | | | | | □新闻发布会 路演活动 | | | | | | ☑ | 现场参观 其他 | | | 参与单位名称 | | | | 国金证券、信达证券、广发证券、财经无忌 | | | 时间 | | | 2025 | 年 月 日 17 | 11 | | 地点 | | | | 哈尔斯（泰国） | | | 上 市 | 公 | 司接 | 待 人 | 董事会秘书、投资与证券管理中心总经理：邵巧蓉女士 | | | 员姓名 | | | | 证券事务主管：潘诗然女士 | | | | 1、问题：想要了解一下公司在泰国基地的订单及生 | | --- | --- | | | 产状况如何？ | | | 回复：当前泰国基地订单符合预期，生产节奏稳步提 | | | 升，产能处于爬坡阶段。泰国基地以精益化、标准化、智 | | | 能化、数字化与绿色化 ...

Core Viewpoint - The company Spring兴精工 announced the convening of its 25th meeting of the 6th Board of Directors on November 18, 2025, to discuss various proposals including the agenda for the 6th extraordinary shareholders' meeting in 2025 [1] Group 1: Financial Performance - For the first half of 2025, Spring兴精工's revenue composition is as follows: automotive parts account for 44.79%, precision aluminum alloy structural parts for 25.2%, mobile communication RF devices for 21.87%, and others for 8.14% [1] - As of the report date, the market capitalization of Spring兴精工 is 5.8 billion yuan [1]

Core Viewpoint - The company announced that its wholly-owned subsidiary, Anhui Light Alloy, will relinquish its preemptive rights to increase capital in Jinzhai Magnesium Industry, allowing Blue Jing New Energy to invest 133.33 million yuan in Jinzhai Magnesium [1] Group 1 - The board of directors approved the proposal to abandon the preemptive rights for capital increase [1] - Blue Jing New Energy plans to invest 133.33 million yuan, with 33.33 million yuan allocated to registered capital and 100 million yuan to capital reserves [1] - Following the capital increase, Anhui Light Alloy's shareholding will decrease from 100% to 60%, but this will not affect the company's consolidated financial statements [1] Group 2 - The proposal will be submitted for approval at the company's upcoming shareholders' meeting [1] - The company plans to hold its sixth temporary shareholders' meeting on December 4, 2025 [1]

Core Viewpoint - The company plans to invest up to 300 million yuan in a project for the development and industrialization of deep-sea large floating mooring equipment and integrated systems, aligning with its industrial development direction [1] Group 1 - The sixth board of directors' fifth temporary meeting is scheduled for November 18, 2025, to review the participation in the bidding for a land parcel in Jingjiang [1] - The project investment is capped at 300 million yuan, utilizing the company's own funds [1] - There are uncertainties regarding the investment related to land bidding, funding, and progress, along with market and operational risks [1] Group 2 - The matter does not require approval from the shareholders' meeting and does not constitute a related party transaction or a major asset restructuring [1]

Group 1 - The core point of the news is that Tongrun Equipment's stock price dropped by 5.07% to 21.16 CNY per share, with a trading volume of 351 million CNY and a turnover rate of 4.52%, resulting in a total market capitalization of 7.686 billion CNY [1] - Tongrun Equipment, established on October 28, 2002, and listed on August 10, 2007, is based in Changshu, Jiangsu Province, and specializes in the research, production, and sales of metal tool cabinets and high/low voltage complete switchgear and components [1] - The company's main business revenue composition includes: 54.62% from photovoltaic storage inverters, 27.39% from tool cabinets, 9.27% from electromechanical sheet metal products, 7.03% from energy storage products, 1.16% from other products, and 0.53% from supplementary items [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Western Benefit holds a significant position in Tongrun Equipment, with 40,600 shares held, accounting for 0.42% of the fund's net value, ranking as the eighth largest heavy stock [2] - The Western Benefit 聚优一年持有期混合 fund (014593) was established on August 9, 2022, with a latest scale of 203 million CNY, yielding 9.1% this year, ranking 6040 out of 8140 in its category, and 8.94% over the past year, ranking 5977 out of 8057 [2]

Group 1 - A new company, Shangrao Jingmei Precious Metals Co., Ltd., has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Hu Meixia [1] - The business scope includes various activities such as production waste metal recycling, sludge treatment equipment manufacturing, and professional cleaning services [1] Group 2 - The company is involved in the processing and handling of both metal and non-metal waste materials [1] - It also engages in the manufacturing and sales of metal chains and other metal products [1] - The company operates under the principle of conducting business activities independently with its business license, except for projects that require approval [1]

Group 1 - The core viewpoint of the news is that Minglida's stock performance and financial metrics indicate a mixed outlook, with a decline in stock price and fluctuating financing activities [1][2]. - As of November 17, Minglida's stock price dropped by 1.48%, with a trading volume of 38.76 million yuan. The net financing buy was -1.80 million yuan, indicating more repayments than new purchases [1]. - The total financing and margin trading balance for Minglida reached 67.55 million yuan, with the financing balance accounting for 0.81% of the circulating market value, which is below the 20th percentile of the past year [1]. Group 2 - As of November 10, the number of shareholders for Minglida was 11,800, a decrease of 0.72% from the previous period, while the average circulating shares per person increased by 0.73% to 29,485 shares [2]. - For the period from January to September 2025, Minglida reported a revenue of 2.366 billion yuan, reflecting a year-on-year growth of 25.50%. However, the net profit attributable to the parent company was -37.09 million yuan, which is a 61.40% increase compared to the previous year [2]. Group 3 - Since its A-share listing, Minglida has distributed a total of 240 million yuan in dividends, with 200 million yuan distributed over the past three years [3].

"这个锅的厂家，你还在吗？"在一段15秒的寻锅视频中，网友讲述家中30年前购买的浙江瑞安"汇 十方"牌不锈钢锅不锈不粘、耐用至今，引发全网共鸣。相关话题全网累计阅读量超过14亿次，网友纷 纷求购，让已停产这口锅十多年的瑞安市莘塍富强不锈钢制品厂意外"翻红"。 据当地媒体报道，这口被网友誉为"传家锅"的产品，由傅克萍兄弟俩手工捶打制成，每口锅至少需 要3小时制作，一天只能做6口。随着市场竞争加剧，不锈钢锅渐渐失了优势，兄弟俩决定关掉厂房，转 型做机械设备生产。 面对此次汹涌的复购需求，厂家决定重启生产，却并未急于搞简化工艺的"速成品"，反而坚持打磨 样锅、改进工艺，复刻经典手工款。当多数品牌沉迷于营销噱头时，这种对技术与匠心的执着，恰好击 中了当下消费者对"耐用主义"的渴求。 目前，厂家已经进入样锅烧制阶段，全网粉丝量突破350万，越来越多消费者涌进评论区"云排 队"。作为工厂负责人，傅克萍也多次表达对流量的谨慎态度："预订量火爆，一方面小厂应对经验不 足，另一方面也不知道停产后再卖的产品网友买不买账。" 政企各方对可持续发展市场生态的重视，启示着渴求流量机会的经营主体：流量只是东风，真心与 诚意才是续航的关键 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a slight decline in revenue for Q3 2025, attributed to fluctuations in downstream demand affecting the shipment of amorphous products [11]. - The gross margin for the first three quarters of 2025 was 28.52%, a decrease of 2.26 percentage points year-on-year, with Q3 2025 gross margin at 26.84%, down 4.96 percentage points year-on-year [11]. - The company is expected to achieve a net profit of 352 million yuan in 2025, corresponding to a PE ratio of approximately 36 times [11]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 1.46 billion yuan, a year-on-year increase of 5.0%, while net profit attributable to shareholders was 250 million yuan, a year-on-year decrease of 5.0% [2][4]. - In Q3 2025, the company’s revenue was 470 million yuan, down 1.2% year-on-year and 16.4% quarter-on-quarter, with net profit of 80 million yuan, down 16.2% year-on-year and 11.3% quarter-on-quarter [2][4]. - The company’s inventory at the end of Q3 2025 was 208 million yuan, an increase of 38.6% year-on-year, while contract liabilities were 18 million yuan, up 19.9% year-on-year [11]. Cost and Expense Management - The company maintained effective cost control, with total expense ratio for the first three quarters of 2025 at 9.81%, a decrease of 1.16 percentage points year-on-year [11]. - In Q3 2025, the total expense ratio was 10.38%, down 1.00 percentage points year-on-year but up 1.01 percentage points quarter-on-quarter [11].