Group 1 - The core point of the news is that Suzhou Newray Alloy Tool Co., Ltd. has seen a stock price increase of 5.21%, reaching 39.18 CNY per share, with a total market capitalization of 9.889 billion CNY [1] - The company specializes in the research, production, and sales of hard alloy and tools, with its main business revenue composition being: rock drilling tools and supporting services 46.46%, hard alloys 26.79%, cutting tools 14.12%, oil service products 7.46%, and others 3.44% [1] Group 2 - From the perspective of fund holdings, Guoshou Anbao Fund has a significant position in Newray shares, with its fund holding 370,400 shares, accounting for 3.78% of the fund's net value [2] - The fund has reduced its holdings by 62,600 shares in the third quarter, and the estimated floating profit from this investment is approximately 718,500 CNY [2] - The fund, established on October 24, 2017, has a current scale of 136 million CNY, with a year-to-date return of 2.84% and a one-year return of 55.68% [2]

近年来mimatic刀具公司业绩呈现亏损状态。2023年及2024年，该公司分别实现营业收入1518.81万欧 元、1648.19万欧元；净利润分别亏损19.3万欧元、19.66万欧元。 12月29日晚间厦门钨业（600549）公告，为推进公司切削工具产品全球化战略布局，加速技术升级，补 充完善产品体系，增强解决方案能力，提升品牌国际影响力，增强盈利能力，公司控股子公司厦门金鹭 特种合金有限公司（下称"厦门金鹭"）拟对其全资子公司德国金鹭硬质合金有限公司（下称"德国金 鹭"）增资1490.11万欧元，并由德国金鹭以1000万欧元的基础价收购德国Mimatic GmbH公司（下 称"mimatic刀具公司"）100%股权。 据披露，本次交易中厦门金鹭拟向其全资子公司德国金鹭增资1490.11万欧元，用于德国金鹭支付收购 价款。同时，为保证mimatic刀具公司稳定经营，收购完成后，拟由德国金鹭向mimatic刀具公司增资 490.11万欧元。本次增资完成后，德国金鹭的注册资本将由25万欧元增加至1515.11万欧元，厦门金鹭仍 将持有德国金鹭100%的股权。本次交易资金来源为自有资金，不涉及募集资金。 公告显示 ...

格隆汇12月29日丨厦门钨业(600549.SH)公布，为推进公司切削工具产品全球化战略布局，加速技术升 级，补充完善产品体系，增强解决方案能力，提升品牌国际影响力，增强盈利能力，公司拟通过公司控 股子公司厦门金鹭的全资子公司德国金鹭收购 mimatic 刀具公司100%股权。最终购买价格以 1,000 万欧 元为基础，根据 mimatic 集团公司（指mimatic 刀具公司及其控股子公司，下同）在交割日经审计的合 并归母净资产，相较于评估基准日净资产的变动进行调整，净资产减少额将从前述基础价中等额扣减。 同时，公司控股子公司厦门金鹭拟向其全资子公司德国金鹭增资1,490.11 万欧元，用于德国金鹭支付收 购价款，并在收购完成后由德国金鹭对标的公司增资490.11万欧元。本次交易资金来源为自有资金，不 涉及募集资金。 ...

资料显示，苏州新锐合金工具股份有限公司位于江苏省苏州工业园区唯亭镇唯西路6号，成立日期2005 年8月25日，上市日期2021年10月27日，公司主营业务涉及硬质合金及工具的研发、生产和销售。主营 业务收入构成为：凿岩工具及配套服务46.46%，硬质合金26.79%，切削工具14.12%，油服类产品 7.46%，其他(补充)3.44%，其他1.72%。 融券方面，新锐股份12月23日融券偿还0.00股，融券卖出1000.00股，按当日收盘价计算，卖出金额3.17 万元；融券余量5700.00股，融券余额18.06万元，超过近一年90%分位水平，处于高位。 12月23日，新锐股份涨0.28%，成交额7987.26万元。两融数据显示，当日新锐股份获融资买入额 1133.29万元，融资偿还1419.83万元，融资净买入-286.55万元。截至12月23日，新锐股份融资融券余额 合计3.92亿元。 融资方面，新锐股份当日融资买入1133.29万元。当前融资余额3.92亿元，占流通市值的4.90%，融资余 额超过近一年90%分位水平，处于高位。 截至9月30日，新锐股份股东户数8295.00，较上期增加12.63%；人 ...

Core Viewpoint - The company emphasizes that its overseas business is a significant component, with exports to EU countries involving products such as hard alloy products, rock drilling tools, and cutting tools [1] Group 1 - The overseas business is an important part of the company's operations [1] - The company exports to EU countries [1] - The product range includes hard alloy products, rock drilling tools, and cutting tools [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - In Q3 2025, the company achieved operating revenue of 12.823 billion yuan, a quarter-on-quarter increase of 18.71% and a year-on-year increase of 39.27%. The net profit attributable to shareholders was 810 million yuan, with a quarter-on-quarter increase of 39.3% and a year-on-year increase of 109.85%. The net profit after deducting non-recurring gains and losses was 792 million yuan, with a quarter-on-quarter increase of 42.67% and a year-on-year increase of 114.05%. The strong performance reflects the company's resource profitability elasticity and competitive positioning in the downstream industry chain [2][4] Summary by Sections Revenue and Profitability - The company reported operating revenue of 12.823 billion yuan in Q3 2025, with a quarter-on-quarter growth of 18.71% and a year-on-year growth of 39.27% [2][4] - The net profit attributable to shareholders reached 810 million yuan, marking a quarter-on-quarter increase of 39.3% and a year-on-year increase of 109.85% [2][4] - The net profit after deducting non-recurring items was 792 million yuan, with a quarter-on-quarter increase of 42.67% and a year-on-year increase of 114.05% [2][4] Segment Performance - The tungsten and molybdenum segment generated revenue of 5.7 billion yuan in Q3 2025, with a quarter-on-quarter increase of 19% and a profit of 1.058 billion yuan, reflecting a quarter-on-quarter increase of 43% [11] - The energy new materials segment achieved revenue of 5.525 billion yuan, with a quarter-on-quarter increase of 21% and a profit of 273 million yuan, marking a quarter-on-quarter increase of 27% [11] - The rare earth magnetic materials segment reported revenue of 1.579 billion yuan, with a quarter-on-quarter increase of 11% and a profit of 60 million yuan, reflecting a quarter-on-quarter increase of 2% [11]

Core Viewpoint - On November 11, Xinyi Co., Ltd. experienced a slight decline of 0.43% in stock price, with a trading volume of 242 million yuan, indicating a mixed market sentiment towards the company [1]. Financing Summary - On November 11, Xinyi Co. recorded a financing purchase amount of 47.08 million yuan, while the financing repayment was 53.67 million yuan, resulting in a net financing outflow of 6.58 million yuan [1]. - The total financing and securities balance for Xinyi Co. reached 295 million yuan, accounting for 4.24% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1]. - There were no shares sold or repaid in the securities lending market on the same day, with a total securities lending balance of 0 yuan, also reflecting a high level compared to the past year [1]. Business Performance - As of September 30, Xinyi Co. had 8,295 shareholders, an increase of 12.63% from the previous period, while the average circulating shares per person decreased by 11.21% to 30,428 shares [2]. - For the period from January to September 2025, Xinyi Co. achieved a revenue of 1.789 billion yuan, representing a year-on-year growth of 32.11%, and a net profit attributable to shareholders of 165 million yuan, up 22.68% year-on-year [2]. Dividend and Shareholding Structure - Since its A-share listing, Xinyi Co. has distributed a total of 218 million yuan in dividends, with 172 million yuan distributed over the past three years [3]. - As of September 30, 2025, among the top ten circulating shareholders, Huaxia Stable Growth Mixed Fund held 3.2985 million shares, a decrease of 375,200 shares from the previous period, while Nuoan Pioneer Mixed A Fund has exited the top ten list [3].

Core Insights - The company has over 40 years of experience in the special steel industry and has successfully transformed from a cutting tool manufacturer to a leading international high-end materials enterprise covering four major segments: high-speed steel, tool steel, cutting tools, and titanium alloys [1] - The company exhibits strong profitability and effective cost management, with stable gross and net profit margins, and maintains high R&D investment to support long-term growth [1] - The tool steel segment is a cornerstone for the company, holding the largest global market share in tool steel and high-speed steel, providing stable cash flow and strong risk resistance [1] - The titanium alloy business is positioned to capture emerging demand in high-value sectors, particularly in consumer electronics, which is expected to drive future revenue growth despite short-term demand fluctuations [2] - Powder metallurgy technology is identified as a foundational capability for entering strategic new materials and high-end manufacturing sectors, potentially enhancing both performance and valuation [3] - The company is expected to achieve significant revenue and profit growth in the coming years, with projections of revenues reaching 49.41 billion, 56.99 billion, and 65.45 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 4.31 billion, 6.20 billion, and 8.50 billion yuan [4] Financial Performance - The company is projected to achieve revenue growth rates of 2.2%, 15.3%, and 14.8% for the years 2025, 2026, and 2027 respectively [4] - The expected net profit growth rates are 20.0%, 43.9%, and 37.2% for the same years [4] - The company’s 2026 price-to-earnings (PE) ratio is estimated at 12X, which is below the industry average PE of 37X, indicating potential undervaluation [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][9]. Core Insights - The company is a leading player in the global tool steel sector, with a solid foundation for sustainable profitability. It has made breakthroughs in powder metallurgy and titanium alloy technologies, positioning itself in high-growth sectors such as integrated die-casting for electric vehicles, consumer electronics, and aerospace, establishing a clear second growth curve [6][9]. - Revenue projections for 2025, 2026, and 2027 are estimated at 49.41 billion, 56.99 billion, and 65.45 billion RMB, respectively, with year-on-year growth rates of 2.2%, 15.3%, and 14.8%. Corresponding net profits are projected at 4.31 billion, 6.20 billion, and 8.50 billion RMB, with growth rates of 20.0%, 43.9%, and 37.2% [6][9]. Summary by Sections Market Performance - As of October 28, 2025, the closing price is 3.05 HKD, with a market capitalization of 8,311.25 million HKD. The stock has seen a one-year high of 3.28 HKD and a low of 1.65 HKD [3]. Business Overview - The company has been in the special steel industry for over 40 years, evolving from a cutting tool manufacturer to a leader in high-end materials, covering high-speed steel, tool steel, cutting tools, and titanium alloys [8][18]. - The company has a concentrated and stable shareholding structure, with the Zhu family as the actual controllers, ensuring strategic execution continuity [8][17]. Financial Performance - The company reported a revenue of 5,163.31 million RMB in 2023, with a projected decline in 2024 followed by a recovery in subsequent years. The gross profit margin and net profit margin have remained stable, supported by high R&D investment [7][31]. - The first half of 2025 saw a revenue decline of 7.1% year-on-year, attributed to reduced exports and lower demand from consumer electronics. However, net profit increased by 10.4% due to favorable currency exchange rates and improved gross margins in tool steel [22][23]. Growth Drivers - The company’s core business in tool steel is expected to enter an upward cycle, driven by domestic demand recovery and import substitution in high-end materials [8][22]. - The titanium alloy business is positioned to benefit from expanding demand in consumer electronics and aerospace, with significant growth potential as the market evolves [8][37]. Technological Advancements - The company has successfully established a powder metallurgy production line, filling a domestic gap in the large-scale production of tool steel, and is expected to lead in domestic substitution efforts [15][18]. - Ongoing R&D efforts have resulted in numerous innovations, including high-nitrogen alloy materials and advanced titanium products, enhancing the company's competitive edge in high-end manufacturing [31][34].

Core Viewpoint - The recent trading activity and financial performance of Xinrui Co., Ltd. indicate a strong position in the market, with significant financing activity and positive revenue growth. Financing Activity - On October 24, Xinrui Co., Ltd. saw a financing buy-in amount of 22.96 million yuan, with a net financing buy of 9.86 million yuan, leading to a total financing balance of 311 million yuan, which accounts for 5.43% of its market capitalization [1] - The financing balance is above the 90th percentile level over the past year, indicating a high level of investor interest [1] Shareholder Information - As of June 30, the number of shareholders for Xinrui Co., Ltd. increased by 5.47% to 7,365, with an average of 34,271 circulating shares per person, reflecting an increase of 80.31% [2] - The company has distributed a total of 218 million yuan in dividends since its A-share listing, with 172 million yuan distributed over the past three years [3] Financial Performance - For the first half of 2025, Xinrui Co., Ltd. reported a revenue of 1.14 billion yuan, representing a year-on-year growth of 28.97%, and a net profit attributable to shareholders of 101 million yuan, up 2.88% year-on-year [2] Institutional Holdings - As of June 30, 2025, notable institutional shareholders include Nuoan Pioneer Mixed A, which increased its holdings by 1.82 million shares, and Huaxia Stable Growth Mixed, which added 823,800 shares [3]