Group 1 - The core point of the news is that Fujimiao Technology experienced a decline of 5.26% in its stock price, reaching 22.70 CNY per share, with a total market capitalization of 2.773 billion CNY [1] - Fujimiao Technology, established on December 16, 2010, and listed on January 28, 2021, is based in Zhangjiagang, Jiangsu Province, and specializes in the research, production, and sales of functional monomers, water-soluble polymers, water treatment membranes, and energy supply services [1] - The revenue composition of Fujimiao Technology is as follows: water-soluble polymers 45.33%, functional monomers 38.57%, energy supply 10.16%, water treatment membranes and applications 2.74%, and other products 3.2% [1] Group 2 - From the perspective of fund holdings, only one fund under Yinhua Fund has a significant position in Fujimiao Technology, specifically the Yinhua Huiyi One-Year Holding Mixed A Fund, which holds 1,640 shares, accounting for 0.05% of the fund's net value [2] - The Yinhua Huiyi One-Year Holding Mixed A Fund has a total scale of 74.6615 million CNY and has reported a year-to-date return of 2.97%, ranking 7,458 out of 8,213 in its category [2] - The fund manager, Feng Fan, has been in charge for 4 years and 325 days, with the fund's total asset scale at 8.436 billion CNY and the best return during his tenure being 20.22% [3]

Core Viewpoint - Fumiao Technology, established in December 2010 and listed on the Shanghai Stock Exchange in January 2021, is a leading company in the functional polymer materials sector in China, with a full industry chain advantage [1] Group 1: Business Performance - For Q3 2025, Fumiao Technology reported revenue of 1.091 billion yuan, ranking 33rd in the industry, significantly lower than the top competitor, Sinochem International, which had 35.716 billion yuan [2] - The company's net profit for the same period was 37.6192 million yuan, placing it 46th in the industry, again far below the leading competitors [2] - The revenue composition includes 327 million yuan from water-soluble polymers, accounting for 45.33%, and 278 million yuan from functional monomers, making up 38.57% [2] Group 2: Financial Ratios - As of Q3 2025, Fumiao Technology's debt-to-asset ratio was 45.01%, higher than the previous year's 39.73% and above the industry average of 34.74% [3] - The gross profit margin for the same period was 15.80%, an increase from 13.53% year-on-year, but still below the industry average of 19.93% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.02% to 4,681, while the average number of circulating A-shares held per shareholder decreased by 3.87% to 26,100 [5] Group 4: Leadership - The chairman of Fumiao Technology, Qian Xin, born in September 1981, has extensive experience in the financial sector and currently serves as the chairman and general manager of Shanghai Qianyu Equity Investment Fund Management Co., Ltd. [4]

Core Insights - The company reported a revenue of 1.091 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.94% [1] - The net profit attributable to shareholders was 35.58 million yuan, showing a year-on-year increase of 52.24% [1] - The basic earnings per share stood at 0.29 yuan [2] Financial Performance - The gross profit margin for the first three quarters was 15.80%, an increase of 2.27 percentage points year-on-year [2] - The net profit margin was 3.45%, up 1.93 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin reached 16.85%, a year-on-year increase of 4.99 percentage points [2] - The net profit margin for Q3 was 4.89%, reflecting a year-on-year increase of 5.86 percentage points [2] Cost Structure - Total operating expenses for the period were 140 million yuan, a decrease of 1.32 million yuan year-on-year [2] - The expense ratio was 12.79%, up 0.78 percentage points from the previous year [2] - Sales expenses decreased by 7.13%, management expenses decreased by 8.49%, and R&D expenses decreased by 1.23% [2] - Financial expenses increased significantly by 145.82% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 4,681, an increase of 181 from the end of the previous half-year, representing a growth of 4.02% [2] - The average market value per shareholder rose from 432,700 yuan to 590,000 yuan, an increase of 36.36% [2] Company Overview - Jiangsu Fumiao Technology Co., Ltd. was established on December 16, 2010, and went public on January 28, 2021 [3] - The company's main business includes the R&D, production, and sales of functional monomers, water-soluble polymers, water treatment membranes, and related applications [3] - The revenue composition is as follows: water-soluble polymers 45.33%, functional monomers 38.57%, energy supply 10.16%, water treatment membranes and applications 2.74%, and other products 3.20% [3]

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Fumiao Technology, indicating a mixed outlook with a decrease in revenue and profit [1][2] - On August 26, Fumiao Technology's stock rose by 1.53%, with a trading volume of 90.57 million yuan, while the net financing buy was negative at -3.39 million yuan [1] - As of August 26, the total margin balance for Fumiao Technology was 63.16 million yuan, accounting for 2.22% of its market capitalization, indicating a high level of margin activity compared to the past year [1] Group 2 - As of March 31, the number of shareholders for Fumiao Technology increased by 8.77% to 4,439, while the average circulating shares per person decreased by 8.06% to 27,517 shares [2] - For the first quarter of 2025, Fumiao Technology reported a revenue of 322 million yuan, a year-on-year decrease of 10.29%, and a net profit attributable to shareholders of 5.42 million yuan, down 60.54% year-on-year [2] Group 3 - Since its A-share listing, Fumiao Technology has distributed a total of 159 million yuan in dividends, with 59.53 million yuan distributed over the past three years [3]

Core Viewpoint - The company, Fumiao Technology, reported a decline in revenue and a net loss for the first time since its IPO, attributed to intensified competition and falling raw material prices [2][3]. Financial Performance - In 2024, Fumiao Technology achieved revenue of 1.566 billion yuan, a decrease of 4.54% year-on-year [2]. - The company recorded a net loss of 4.6545 million yuan, marking its first loss since going public in 2021 [2]. - The decline in revenue was primarily due to increased competition in the chemical industry and a drop in prices for key raw materials [2]. Business Segments - Revenue from water-soluble polymers was 714 million yuan, down 6.84% year-on-year, influenced by a slight increase in sales volume but a decrease in selling prices [3]. - Revenue from functional monomers was 607 million yuan, a decrease of 4.94%, attributed to a slight decline in sales volume and pricing pressures [3]. - Revenue from water treatment membranes and applications increased by 7.18% to 42.6475 million yuan, driven by higher sales of membrane components and equipment [3]. - Revenue from energy supply decreased by 3.49% to 163 million yuan, due to lower sales volumes and prices resulting from reduced operational rates in the park [3]. Strategic Initiatives - The company plans to integrate membrane products, services, and chemicals to create a comprehensive market offering, aiming for greater market share through specialized services and refined management [4]. - Fumiao Technology is focusing on expanding its overseas business, which saw a 7.4% increase, while domestic sales declined by 7.11% [6]. - The company is optimistic about long-term returns from recent investments, despite short-term profit sacrifices [7]. Management Insights - The chairman highlighted the need for operational adjustments, including staff reductions and business focus, to enhance clarity in operations [7]. - The company is positioned to benefit from trends in energy conservation and emission reduction, with ongoing investments aimed at improving future profitability [7]. - The new controlling shareholder, Yongzhu Holdings, is expected to provide support and strategic direction for the company's growth, particularly in the water treatment sector for the steel industry [7].