11月25日，广大特材(688186)举行2025年第三季度业绩说明会，通过网络文字互动形式回应投资者提 问。证券时报.e公司记者注意到，上月曾被有关部门留置的董事长兼总经理徐卫明参加了这次业绩说明 会。 广大特材主要从事高端装备特钢材料和高端装备零部件的研发、生产、销售，公司产品主要应用于新能 源风电、能源装备、轨道交通、机械装备、军工核电、航空航天、核能电力、海洋石化等高端装备制造 业。今年前三季度，公司实现营业收入37.75亿元，同比增长27.56%；净利润2.49亿元，同比增长 213.65%。 在业绩说明会上，有投资者向徐卫明询问留置事项的后续风险，对此广大特材回应称，"目前公司生产 经营一切正常，董事长处于正常履职状态，各项工作正在有条不紊的开展中，且公司暂无应披露未披露 的公告，如有最新进展公司将及时进行进展公告披露。" 从10月14日以来，广大特材股价累计跌幅达到26.7%。有投资者在业绩说明会上直言公司股价与经营业 绩很不相称，并就此向董事长提问公司经营生产是否正常。对此广大特材方面回应称，目前公司生产经 营一切正常，各业务条线有序开展，核心产品产能利用率稳步提升。在手订单方面，公司在手订单 ...

Core Viewpoint - The sudden detention of Xu Weiming, the chairman and general manager of Guoda Special Materials, raises concerns about the company's governance and potential impacts on its operations and financial stability [2][4][5]. Company Overview - Guoda Special Materials, a private enterprise from Jiangsu, was established in 2006 and listed on the Sci-Tech Innovation Board in February 2020 [7]. - The company specializes in high-end steel materials and components for various industries, including renewable energy, rail transportation, and military applications [11]. Financial Performance - As of the end of the first half of 2025, Guoda Special Materials reported an asset-liability ratio of 66.33%, the highest since its listing [14]. - The company anticipates a revenue increase of approximately 25.04% year-on-year for the first three quarters of 2025, projecting around 3.7 billion yuan [12]. - The expected net profit for the same period is around 248 million yuan, reflecting a significant year-on-year increase of approximately 213.92% [12]. Debt Management - The company is actively working to enhance its profitability and improve debt recovery processes, including establishing a specialized organization for receivables [15]. - Guoda Special Materials is also seeking more policy support and financing assistance from government and financial institutions to mitigate debt risks [15]. Operational Status - Despite the recent developments regarding Xu Weiming, the company maintains that its operations are normal, with other executives managing daily activities [5][6].

Core Viewpoint - The chairman and general manager of Guoda Special Materials, Xu Weiming, has been placed under detention measures by the Suzhou Wu Zhong District Supervisory Committee, raising concerns about the company's governance and management stability [2]. Company Governance - Guoda Special Materials has a robust corporate governance structure and internal control system, ensuring that daily operations are managed by the executive team, while other directors and senior management continue to perform their duties normally [2]. - As of the announcement date, the company's control has not changed despite the chairman's situation [2]. Executive Profile - Xu Weiming, born in 1968, holds a bachelor's degree in business administration from China University of Geosciences and has served in various managerial roles since 1986, including positions in the refractory materials industry and as the general manager of Guoda Steel [3]. Financial Performance - Guoda Special Materials is a leading company in the industry with strong smelting capabilities and an integrated industrial chain, primarily engaged in the R&D, production, and sales of high-end special steel materials and components [6]. - The company expects to achieve approximately 3.7 billion yuan in revenue for the first three quarters of 2025, representing a year-on-year increase of about 25.04%, and a net profit of approximately 248 million yuan, reflecting a significant year-on-year increase of about 213.92% [6]. - The growth in performance is attributed to improved demand in downstream industries, effective customer order expansion, and successful cost-reduction measures, which have enhanced overall profitability [6]. Market Position - As of October 14, the stock price of Guoda Special Materials was 28.25 yuan per share, with a total market capitalization of 7.9 billion yuan [7].

Core Viewpoint - The chairman and general manager of Guoda Special Materials, Xu Weiming, has been placed under detention measures, raising concerns about the company's governance and operational continuity [4][8]. Company Governance - Guoda Special Materials announced that the company has a robust corporate governance structure and internal control system, ensuring that daily operations are managed by the executive team, while other board members and senior management continue to perform their duties normally [4][8]. - As of the announcement date, the company's control has not changed, and its subsidiaries are operating normally [4]. Executive Profile - Xu Weiming, born in 1968, holds a bachelor's degree in business administration from China University of Geosciences and has served in various managerial roles since 1986, including his current position as chairman and general manager of Guoda Special Materials [5][8]. - Xu's annual salary for 2024 is reported to be 2.1048 million yuan, with a direct shareholding of 12.65 million shares, accounting for 5.6% of the company [5][6]. Financial Performance - Guoda Special Materials is a leading company in the industry with strong smelting capabilities and an integrated industrial chain, primarily focusing on high-end steel materials and components for various sectors, including renewable energy and military equipment [8]. - The company expects to achieve approximately 3.7 billion yuan in revenue for the first three quarters of 2025, representing a year-on-year increase of about 25.04%. The net profit attributable to shareholders is projected to be around 248 million yuan, reflecting a significant year-on-year increase of approximately 213.92% [8]. - The growth in revenue and profit is attributed to improved demand in downstream industries, effective customer order expansion, and successful cost-reduction measures [8]. Market Position - As of October 14, 2023, Guoda Special Materials' stock price is reported at 28.25 yuan per share, with a total market capitalization of 7.9 billion yuan [9][10].

Core Viewpoint - The company, Guangda Special Materials, has recently faced a significant event involving the detention of its chairman and general manager, Xu Weiming, which raises concerns about corporate governance and potential impacts on operations [1][3]. Group 1: Company Governance and Management - The company has a well-established corporate governance structure and internal control system, ensuring that daily operations are managed by the executive team, with other directors and senior management continuing their duties normally [3]. - As of the announcement date, the company's control has not changed, and it remains unaware of the developments and conclusions regarding the detention of Xu Weiming [3]. Group 2: Business Operations and Financial Performance - Guangda Special Materials specializes in the R&D, production, and sales of high-end steel materials and components, with key products including gear steel, tool steel, high-temperature alloys, and special stainless steel [5]. - The company has reported a positive trend in its business operations, with a focus on enhancing profitability and optimizing product structure through vertical and horizontal integration of its supply chain [5]. - The company is actively responding to national debt reduction policies by improving receivables collection and establishing a dedicated team to ensure efficient financial processes [5]. Group 3: Project Involvement and Future Prospects - The company is involved in significant projects such as the Yaxia Hydropower Station and controlled nuclear fusion projects, which are expected to positively contribute to its performance growth [6].

Core Viewpoint - The company, Guangda Special Materials, is actively repurchasing shares to boost market confidence, with a total of 17.77 million shares repurchased for 390 million yuan, nearing the upper limit of its repurchase plan of 400 million yuan [1][3][4]. Group 1: Share Repurchase - Guangda Special Materials has initiated a new round of share repurchase, with a total repurchase amount not less than 200 million yuan and not exceeding 400 million yuan [2][4]. - The company’s share price has significantly increased, rising over 80% from 14.99 yuan per share at the beginning of the year to 27.11 yuan per share by June 18 [2][4]. - The repurchase is based on the confidence in the company's future development and aims to protect the interests of investors, especially small and medium-sized investors [4]. Group 2: Financial Performance - The company has shown a remarkable improvement in profitability, with a year-on-year increase in net profit and non-recurring net profit exceeding 20 times for two consecutive quarters [3][6]. - In the fourth quarter of 2024, the company reported a net profit of 35.33 million yuan and a non-recurring net profit of 30.98 million yuan, representing year-on-year growth of 7348.26% and 2424.28%, respectively [6]. - The company’s revenue for the first quarter of this year reached 1.12 billion yuan, a year-on-year increase of 25.75%, with a net profit of 74.25 million yuan, up 1488.76% [6]. Group 3: Business Operations - Guangda Special Materials focuses on high-end steel materials and components for industries such as renewable energy and rail transportation, with revenue steadily increasing from 1.81 billion yuan in 2020 to 4.003 billion yuan in 2024 [5]. - The company’s revenue from the renewable energy wind power business accounted for 54.86% of total revenue in 2024, with energy equipment and mechanical equipment contributing 19.8% and 9.32%, respectively [6]. - The company is also exploring strategic emerging industries such as military nuclear power, aerospace, and marine engineering, with R&D expenses exceeding 200 million yuan in 2024 [7].