11月26日，福龙马盘中上涨2.08%，截至10:54，报26.95元/股，成交8.50亿元，换手率7.78%，总市值 111.96亿元。 资金流向方面，主力资金净流入528.21万元，特大单买入4601.97万元，占比5.41%，卖出5542.43万元， 占比6.52%；大单买入1.65亿元，占比19.40%，卖出1.50亿元，占比17.68%。 福龙马今年以来股价涨163.13%，近5个交易日涨1.32%，近20日涨5.40%，近60日涨35.56%。 今年以来福龙马已经22次登上龙虎榜，最近一次登上龙虎榜为11月20日，当日龙虎榜净买入-4581.40万 元；买入总计1.87亿元 ，占总成交额比6.21%；卖出总计2.33亿元 ，占总成交额比7.73%。 资料显示，福龙马集团股份有限公司位于福建省龙岩市新罗区东肖镇东华社区龙腾南路42号，成立日期 2007年12月21日，上市日期2015年1月26日，公司主营业务涉及环卫清洁装备、垃圾收转装备、新能源 环卫装备等环卫装备的研发、生产与销售。主营业务收入构成为：环境产业生态运营77.01%，智能装 备20.70%，其他1.30%，其他(补充)0.99%。 ...

截至9月30日，福龙马股东户数10.00万，较上期增加33.02%；人均流通股4156股，较上期减少24.82%。 2025年1月-9月，福龙马实现营业收入35.99亿元，同比减少5.07%；归母净利润1.13亿元，同比减少 1.83%。 分红方面，福龙马A股上市后累计派现9.33亿元。近三年，累计派现2.73亿元。 责任编辑：小浪快报 11月20日，福龙马涨4.47%，成交额30.09亿元。两融数据显示，当日福龙马获融资买入额2.81亿元，融 资偿还2.27亿元，融资净买入5473.41万元。截至11月20日，福龙马融资融券余额合计7.84亿元。 融资方面，福龙马当日融资买入2.81亿元。当前融资余额7.84亿元，占流通市值的6.79%。 融券方面，福龙马11月20日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，福龙马集团股份有限公司位于福建省龙岩市新罗区东肖镇东华社区龙腾南路42号，成立日期 2007年12月21日，上市日期2015年1月26日，公司主营业务涉及环卫清洁装备、垃圾收转装备、新能源 环卫装备等环卫装备的研发 ...

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8] Core Views - In the first three quarters of 2025, the company achieved operating revenue of 2.39 billion yuan, a year-on-year decline of 4.6%, while the net profit attributable to shareholders was 190 million yuan, an increase of 43.2% [2][6] - The sale of Aolande led to a slight decline in revenue, but the overall quality of vehicle operations improved year-on-year. The sanitation equipment industry is recovering, and the penetration rate of new energy continues to rise [2][14] - The company’s comprehensive gross margin slightly improved due to business structure adjustments, and cash flow continued to improve. The long-term outlook for the company remains positive, driven by its competitive advantages [2][14] Summary by Sections Financial Performance - In Q3 alone, the company achieved operating revenue of 730 million yuan, a year-on-year decrease of 28.6%, while the net profit attributable to shareholders was 70 million yuan, an increase of 44.2% [6] - Excluding the impact of Aolande and Zhengzhou Lvyuan, the company’s revenue for the first three quarters was 2.182 billion yuan, a year-on-year increase of 9.5%, with net profit attributable to shareholders approximately 111 million yuan, a year-on-year increase of 103.8% [14] Industry Insights - The sanitation equipment industry saw sales of 57,700 units in the first three quarters of 2025, a year-on-year increase of 10.0%. New energy sanitation equipment sales reached 10,300 units, a year-on-year increase of 68.6%, with a cumulative penetration rate of 17.8% [14] - The company sold 1,977 units in the first three quarters, a year-on-year increase of 3.4%, with new energy sales of 1,463 units, a year-on-year increase of 13.3% [14] Business Strategy - The company is focusing on the manufacturing sector of new energy sanitation equipment and new energy mining equipment, which are areas where it has competitive advantages. This strategy is expected to enhance cash flow further [14] - The company is one of the few in the industry with integrated manufacturing capabilities for chassis and superstructure, providing a cost advantage in production [14]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8]. Core Views - In the first three quarters of 2025, the company achieved operating revenue of 9.54 billion yuan, a year-on-year increase of 2.9%, while the net profit attributable to the parent company was 470 million yuan, a year-on-year decrease of 21.9%. The stable revenue was impacted by the payment of corporate income tax [2][6]. - The sanitation equipment industry is recovering, with a continuous increase in the penetration rate of new energy. The company’s gross profit margin remains under pressure, and the expense ratio has slightly increased. The initial results of new business layouts are evident, with expectations for growth in overseas orders to open up long-term opportunities [2][12]. - The company’s gross profit margin for the first three quarters of 2025 was 23.0%, a decrease of 0.9 percentage points year-on-year. The expense ratio was 14.3%, an increase of 0.3 percentage points year-on-year [12]. Summary by Sections Financial Performance - In Q3 2025, the company achieved operating revenue of 3.08 billion yuan, a year-on-year increase of 1.2%, while the net profit attributable to the parent company was 90 million yuan, a year-on-year decrease of 60.1% [6]. - The company paid 53 million yuan in corporate income tax and 5 million yuan in late fees, impacting the net profit by 58 million yuan. Excluding this impact, the net profit would have been 530 million yuan, a year-on-year decrease of 12.4% [12]. Industry Insights - The sanitation equipment industry saw sales of 57,700 units in the first three quarters of 2025, a year-on-year increase of 10.0%. New energy sanitation equipment sales reached 10,300 units, a year-on-year increase of 68.6%, with a cumulative penetration rate of 17.8% [12]. - The company sold 8,836 units in the first three quarters, a year-on-year increase of 4.2%, with new energy sales of 2,917 units, a year-on-year increase of 71.7% [12]. Future Outlook - The company is focusing on overseas market demand in the traditional fuel high machine sector, actively developing various overseas products, which is expected to enhance its global strategy [12]. - Profit forecasts for 2025-2027 are 590 million, 680 million, and 890 million yuan, corresponding to PE ratios of 38x, 33x, and 25x, respectively [12].

Core Viewpoint - Fulongma is a leading manufacturer of sanitation equipment in China, demonstrating strong research and development capabilities and a complete industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Fulongma achieved a revenue of 3.599 billion yuan, ranking first among 15 companies in the industry, surpassing the industry average of 926 million yuan and the median of 518 million yuan [2] - The net profit for the same period was 156 million yuan, also ranking first in the industry, exceeding the industry average of -27.6684 million yuan and the median of -7.2344 million yuan [2] Group 2: Financial Health - As of Q3 2025, Fulongma's debt-to-asset ratio was 44.15%, lower than the previous year's 44.93% and below the industry average of 55.85%, indicating good debt repayment capability [3] - The gross profit margin for Q3 2025 was 21.63%, an increase from 20.51% in the previous year, but slightly below the industry average of 22.98% [3] Group 3: Executive Compensation - Chairman Zhang Guifeng's compensation for 2024 was 1.8654 million yuan, an increase of 267,000 yuan from 2023 [4] - President Zhang Xiling's compensation for 2024 was 2.2168 million yuan, an increase of 686,200 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 33.02% to 100,000, while the average number of circulating A-shares held per account decreased by 24.82% to 4,156.3 [5] - In the first half of 2025, Fulongma reported a revenue of 2.423 billion yuan and a net profit of 93.7405 million yuan, with significant improvements in cash flow management [5] Group 5: Market Position and Future Outlook - Fulongma's market share in the sanitation equipment sector was 3.53%, ranking fifth, while its market share in new energy sanitation equipment was 8.27%, ranking third [5] - The company is actively promoting intelligent transformation in sanitation services, with approximately 40 cities implementing cleaning robots [5]

Core Viewpoint - The company reported a revenue of 2.391 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.58%, while the net profit attributable to shareholders reached 187 million yuan, an increase of 43.16% [2] Revenue and Profit Analysis - For the first three quarters of 2025, the company achieved a revenue of 2.391 billion yuan and a net profit of 187 million yuan, with a non-recurring net profit of 111 million yuan, reflecting a year-on-year growth of 14.15% [2] - In Q3 alone, the company reported a revenue of 731 million yuan, a year-on-year decline of 28.65%, while the net profit attributable to shareholders was 68 million yuan, up 44.23% [2] - Excluding the impact of the divested sanitation service business, the core business revenue for the first three quarters was 2.182 billion yuan, a year-on-year increase of 9.5%, with net profit approximately 111 million yuan, a growth of 103.8% [2] Business Segment Performance - The company's new energy equipment business is experiencing rapid growth, particularly in the mining equipment sector, which achieved a revenue of 641 million yuan in the first half of the year, a year-on-year increase of 111.25% [3] - The sanitation equipment segment generated 798 million yuan in revenue in the first half, with new energy product sales growing by 18.25% [3] - The company has strategically focused on core urban areas and key regional markets, enhancing its brand influence through partnerships with governments and sanitation operators [3] Strategic Focus and Product Development - The company has divested its sanitation service subsidiary to concentrate on new energy equipment manufacturing [3] - New products such as pure electric port tire cranes and range-extended electric fracturing vehicles are being introduced to create new growth opportunities [3] - The company is advancing product intelligence and collaborating with leading firms in the autonomous driving sector to promote commercialization [3] Profit Forecast - The company is projected to achieve revenues of 3.882 billion yuan, 4.480 billion yuan, and 5.295 billion yuan for 2025-2027, with year-on-year growth rates of 2.19%, 15.42%, and 18.19% respectively [4] - The net profit attributable to shareholders is expected to be 263 million yuan, 312 million yuan, and 373 million yuan for the same period, with growth rates of 15.72%, 18.75%, and 19.43% respectively [4] - Based on the closing price on October 30, 2025, the corresponding PE ratios are projected to be 23.46, 19.76, and 16.54, with EPS of 0.49, 0.59, and 0.70 yuan [4]

Core Insights - The company reported a total cash collection of 9.92 billion yuan, a year-on-year increase of 21.44%, and an operating revenue of 9.54 billion yuan, up 2.87% year-on-year, indicating stable growth in operational performance [1] - The company has established itself as a leader in the global sanitation equipment industry by setting international standards and driving innovation, showcasing the value of "Chinese manufacturing" [1][2] Financial Performance - Cumulative cash collection reached 9.92 billion yuan, reflecting a 21.44% increase year-on-year [1] - Operating revenue amounted to 9.54 billion yuan, representing a 2.87% year-on-year growth [1] Industry Leadership - The company led the development of the ISO international standard for garbage trucks, marking a significant shift from following technology to leading global industry standards [2] - The standard addresses terminology confusion and establishes a universal technical language system, facilitating the company's international expansion [2] Technological Innovation - The company has a robust R&D framework, with over 1,300 patents and 168 software copyrights, creating a comprehensive technology system covering intelligent control, new energy applications, and unmanned operations [3] - The third-generation AI cleaning robot, "Little Bee," can replace 4-6 sanitation workers and has improved operational efficiency by 50% compared to traditional methods [3] Product Portfolio - The company has developed a comprehensive product matrix with over 500 models, maintaining a leading position in the environmental equipment sector for 24 consecutive years [4] - The market share for the company's products reached 18.8% in the first half of 2025, highlighting its competitive strength [4] Global Expansion - The company has established a localized manufacturing network in Thailand and Italy, exporting products to over 60 countries and regions [5] - Recent successful deliveries include electric fog cannon vehicles in Thailand and smart equipment in Vietnam, showcasing the company's adaptability to local markets [5] Service and Support - The company has built a global service network with over 400 service points and 739 professional engineers, ensuring comprehensive lifecycle support for its products [7] - The "Service Thousand Miles" initiative has covered 167 cities, enhancing customer trust through proactive maintenance and training [7] Employee Engagement - The company approved a third employee stock ownership plan covering 165 core employees, amounting to 400 million yuan, to strengthen talent retention and align employee interests with corporate growth [8] - This plan is part of a broader incentive mechanism aimed at fostering a collaborative corporate culture and ensuring long-term strategic success [8]

Financial Performance - In the first three quarters of 2025, the company achieved an operating revenue of 9.544 billion yuan, a year-on-year increase of 2.87% [1] - Cash receipts totaled 9.920 billion yuan, up 21.44% year-on-year, indicating improved accounts receivable management and cash flow quality [1] - Net profit attributable to shareholders was 471 million yuan, a decrease of 21.92% year-on-year, primarily due to one-time tax payments and increased financial costs [1][2] Industry Position and Market Share - The company sold 9,255 sanitation vehicles in 2025, a year-on-year increase of 7.13%, with 2,831 of these being new energy vehicles, which saw a 66.63% increase [2] - The market share for new energy sanitation vehicles reached 31.16%, maintaining the company's leading position in the industry [2] - The company has maintained the top sales position in sanitation equipment for 24 consecutive years [2] International Expansion - Overseas revenue grew by 122% year-on-year in the first three quarters of 2025, with significant progress in global layout and localized delivery [3] - The company has established manufacturing bases in Thailand and Italy, enhancing regional manufacturing and local delivery capabilities [3][4] - Products have been exported to over 60 countries and regions, with more than 230,000 units in operation globally [4] Technological Innovation - The company launched the "Little Bee" smart cleaning robot, which utilizes AI, 5G, and machine vision technologies for autonomous operation [5][6] - The "Beehive Smart Central Platform" manages the robot fleet, ensuring stable and safe operations [5] - The company has led the development of the ISO international standard for sanitation vehicles, marking a shift from "technology follower" to "rule leader" in the industry [7][8] Employee Engagement - The third employee stock ownership plan was approved, covering 165 core employees with a total amount of approximately 400 million yuan [10] - This plan reflects management's confidence in the company's long-term value and aims to strengthen the alignment of employee and company interests [10]

Core Insights - Fulongma's stock declined by 1.99% on October 22, with a trading volume of 1.866 billion yuan [1] - The company recorded a net financing purchase of 2.5527 million yuan on the same day, with a total financing and margin balance of 630 million yuan [1][2] Financing Overview - On October 22, Fulongma had a financing purchase of 139 million yuan, representing 6.16% of its circulating market value [2] - The company had no short selling activity on that day, with zero shares sold or repaid [2] Company Profile - Fulongma Group Co., Ltd. is located in Longyan City, Fujian Province, and was established on December 21, 2007, with its stock listed on January 26, 2015 [2] - The company's main business includes the research, production, and sales of sanitation cleaning equipment, garbage collection equipment, and new energy sanitation equipment [2] - The revenue composition is as follows: 77.01% from environmental industry ecological operations, 20.70% from intelligent equipment, and 1.30% from other sources [2] Financial Performance - For the first half of 2025, Fulongma achieved a revenue of 2.423 billion yuan, a year-on-year decrease of 1.55%, and a net profit attributable to shareholders of 93.7405 million yuan, down 0.93% year-on-year [2] - The number of shareholders increased by 37.83% to 75,100, while the average circulating shares per person decreased by 27.45% to 5,528 shares [2] Dividend Information - Since its A-share listing, Fulongma has distributed a total of 933 million yuan in dividends, with 273 million yuan distributed over the past three years [3]

Group 1 - The core viewpoint of the news is that Fulongma's stock has experienced significant fluctuations, with a year-to-date increase of 140.19% but a recent decline in trading performance [1] - As of October 22, Fulongma's stock price was 24.60 CNY per share, with a total market capitalization of 10.22 billion CNY and a trading volume of 1.31 billion CNY [1] - The company has seen a net outflow of 149 million CNY in principal funds, with large orders showing mixed buying and selling activity [1] Group 2 - Fulongma's main business involves the research, production, and sales of environmental sanitation equipment, with revenue composition being 77.01% from environmental industry ecological operations, 20.70% from intelligent equipment, and 1.30% from other sources [1] - The company belongs to the environmental protection sector, specifically in comprehensive environmental governance, and is associated with concepts such as machinery, new energy vehicles, waste classification, battery recycling, and robotics [2] - As of June 30, the number of Fulongma's shareholders increased by 37.83% to 75,100, while the average circulating shares per person decreased by 27.45% to 5,528 shares [2] Group 3 - Fulongma has distributed a total of 933 million CNY in dividends since its A-share listing, with 273 million CNY distributed in the last three years [3]