（来源：齐鲁资本通） 青岛上市公司汇金通（603577）近期股价频繁异动，不时出现冲高表现。这一现象值得关注。 上市以来，营收不断增长，但净利润相对疲软，2024年创下历史新高；股价表现也是疲软，长久以来处 于低位震荡状态。 上市公司主营业务单一且规模小、盈利能力及整体抗风险能力有待提升，因此正优化业务结构，推进转 型升级。 管理层调整，本月初汇金通变更了总经理人员，新任总经理出生于1986年，不满40岁。 01 营收、净利不断增长 汇金通于2016年底登陆A股。 02 正在推进业务转型升级 汇金通披露，公司正在优化调整现有业务结构。 目前，其主要产品为角钢塔、钢管塔、变电站构架等，主要业务包括输电线路铁塔、紧固件、通讯塔等 设备的研发、生产和销售，以及电力项目总承包、检验检测服务等。 汇金通正在拓展电力工程总包领域，不过，虽然公司已具备输电设备制造领域的运营管理经验，但尚缺 乏电力工程总包项目的运营管理经验。 2024年业绩显示，工程项目营收占比较低，当年该类业务营收仅为7,319.9万元，同比下降48.01%。 此外，汇金通持续加码智能制造板块受到市场关注。 从股价前复权走势来看，一定程度上是"上市即巅峰 ...

Group 1 - The core business of Qingdao Huijintong Electric Equipment Co., Ltd. includes the research, design, manufacturing, and sales of power transmission equipment such as angle steel towers, steel pipe towers, and substation structures [2] - The revenue composition of the company is as follows: angle steel towers 74.45%, steel pipe towers 11.27%, other (supplementary) 6.11%, steel structures and contact network supports 5.66%, engineering projects 1.58%, and fasteners 0.93% [2] - As of November 10, the number of shareholders of Huijintong increased by 23.35% to 23,500, with an average of 14,445 circulating shares per person, a decrease of 18.93% [2] Group 2 - For the period from January to September 2025, Huijintong achieved operating revenue of 2.902 billion yuan, a year-on-year decrease of 10.31%, and a net profit attributable to the parent company of 82.2755 million yuan, a year-on-year decrease of 21.55% [2] - The company has cumulatively distributed cash dividends of 172 million yuan since its A-share listing, with 58.6032 million yuan distributed in the past three years [3] Group 3 - As of November 20, Huijintong's stock price decreased by 2.02% to 9.69 yuan per share, with a total market capitalization of 3.286 billion yuan [1] - The stock has seen a year-to-date increase of 22.61%, but has dropped 9.61% in the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on June 6, where it recorded a net purchase of 1.4011 million yuan [1]

Core Viewpoint - Huijintong is a significant player in the domestic transmission line tower sector, with strong product R&D and manufacturing capabilities, and has been publicly listed since December 2016 [1] Group 1: Business Performance - In Q3 2025, Huijintong reported revenue of 2.902 billion yuan, ranking 21st in the industry, significantly lower than the top company Baosheng's 37.65 billion yuan and the industry average of 5.823 billion yuan [2] - The main business segments include angle steel towers generating 3.438 billion yuan (74.45% of revenue) and steel pipe towers contributing 521 million yuan (11.27%) [2] - The net profit for the same period was 86.3476 million yuan, ranking 19th in the industry, below the top performer Dongfang Cable's 914 million yuan but above the industry median of 81.9522 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huijintong's debt-to-asset ratio was 68.66%, higher than the previous year's 67.88% and the industry average of 54.36%, indicating significant debt pressure [3] - The gross profit margin for Q3 2025 was 14.15%, an increase from 13.65% year-on-year and above the industry average of 13.49%, suggesting a competitive edge in profitability [3] Group 3: Leadership - The chairman, Li Mingdong, has a rich background, including a master's degree from Tsinghua University and previous roles in Hebei Jinxin Steel Group [4] - The general manager, Zhang Chunhui, has also held multiple positions within the same group and saw a salary increase to 1.0152 million yuan in 2024, up from 573,700 yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.80% to 19,700, while the average number of shares held per shareholder increased by 0.80% to 17,200 [5]

Summary of Key Points Core Viewpoint - Fengfan Co., Ltd. is experiencing a decline in stock price and has engaged in share repurchase activities while also increasing capital in a related company [1]. Group 1: Stock Performance - As of July 31, 2025, Fengfan's stock price closed at 4.64 yuan, down by 0.09 yuan, representing a decline of 1.90% from the previous trading day [1]. - The trading volume on that day was 118,398 hands, with a total transaction amount of 55 million yuan [1]. Group 2: Business Operations - Fengfan Co., Ltd. primarily focuses on the research, design, production, and sales of transmission line towers, including angle steel towers, steel pipe towers, and substation frameworks [1]. - In 2024, the company's revenue composition shows that industrial operations accounted for 89.3%, while other businesses contributed 8.9% [1]. Group 3: Financial Activities - As of July 31, the company has repurchased a total of 26.81 million shares, which is 2.35% of the total share capital, with a repurchase amount of 115 million yuan [1]. - The company's wholly-owned subsidiary, Fengfan Jingying, along with related parties, has increased capital in Kangda Jinrui by a total of 117 million yuan [1]. - On July 31, the net outflow of main funds was 13.77 million yuan, accounting for 0.26% of the circulating market value [1].