Core Viewpoint - Wanli Stone's stock price has shown fluctuations with a year-to-date increase of 7.05%, while recent financial performance indicates a slight revenue growth but a decline in net profit [1][2]. Financial Performance - As of September 30, 2025, Wanli Stone achieved a revenue of 936 million yuan, reflecting a year-on-year growth of 2.74% [2]. - The net profit attributable to shareholders was 2.01 million yuan, representing a year-on-year decrease of 17.41% [2]. Stock Market Activity - On October 28, Wanli Stone's stock price decreased by 2.07%, trading at 35.06 yuan per share with a total market capitalization of 7.945 billion yuan [1]. - The stock has seen a trading volume of 88.69 million yuan and a turnover rate of 1.29% [1]. - The stock has appeared on the "龙虎榜" three times this year, with the most recent occurrence on October 9 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 17,300, up by 4.21% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 4.04% to 11,158 shares [2]. - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 2.8139 million shares as a new shareholder [3]. Business Overview - Wanli Stone, established on December 18, 1996, and listed on December 23, 2015, specializes in the research, design, production, and sales of architectural decorative stone and landscape stone [1]. - The company's revenue composition includes 41.53% from architectural decorative materials, 28.21% from engineering construction, 15.25% from landscape stone, and 15.01% from other products [1]. - The company operates within the building materials sector, specifically in the renovation materials and other building materials category [1].

Group 1 - The stock price of Wanli Stone increased by 2.00% on September 26, reaching 31.06 CNY per share, with a trading volume of 1.44 billion CNY and a turnover rate of 2.44%, resulting in a total market capitalization of 70.39 billion CNY [1] - Year-to-date, Wanli Stone's stock price has decreased by 5.16%, with a 0.58% decline over the last five trading days, a 6.08% increase over the last 20 days, and an 8.45% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on September 25, where the net buying was -62.44 million CNY, with total buying of 105 million CNY (15.77% of total trading volume) and total selling of 167 million CNY (25.15% of total trading volume) [1] Group 2 - Wanli Stone operates in the building materials sector, specifically in the sub-sector of decorative materials and other building materials, and is associated with concepts such as the Belt and Road Initiative, share buybacks, lithium batteries, small-cap stocks, and lithium extraction from salt lakes [2] - As of June 30, the number of shareholders of Wanli Stone was 16,600, an increase of 13.20% from the previous period, with an average of 11,628 circulating shares per shareholder, up by 1.86% [2] - For the first half of 2025, Wanli Stone reported a revenue of 604 million CNY, a year-on-year decrease of 7.55%, while the net profit attributable to shareholders increased by 21.27% to 5.23 million CNY [2] Group 3 - Since its A-share listing, Wanli Stone has distributed a total of 7.20 million CNY in dividends, with no dividends paid in the last three years [3]

Company Overview - Wanli Stone Co., Ltd. is located in Xiamen, Fujian Province, and was established on December 18, 1996. It was listed on December 23, 2015. The company specializes in the research, design, production, and sales of architectural decorative stone and landscape stone [1][2] - The main business revenue composition includes: architectural decorative materials 41.53%, engineering construction 28.21%, landscape stone 15.25%, and other products 15.01% [1] Stock Performance - As of September 22, Wanli Stone's stock price increased by 2.05%, reaching 31.88 CNY per share, with a trading volume of 567 million CNY and a turnover rate of 9.36%. The total market capitalization is 7.225 billion CNY [1] - Year-to-date, Wanli Stone's stock price has decreased by 2.66%. In the last five trading days, the stock has risen by 7.38%, and over the last 20 days, it has increased by 0.98%. In the last 60 days, the stock price has risen by 8.32% [1] Capital Flow - In terms of capital flow, there was a net inflow of 12.38 million CNY from main funds, with large orders accounting for 29.58% of total purchases and 27.18% of total sales. Notably, a significant single purchase amounted to 54.80 million CNY, representing 9.66% of total transactions [1] Shareholder Information - As of June 30, the number of shareholders for Wanli Stone was 16,600, an increase of 13.20% from the previous period. The average number of circulating shares per person is 11,628, which is an increase of 1.86% [2] Financial Performance - For the period from January to June 2025, Wanli Stone achieved an operating income of 604 million CNY, a year-on-year decrease of 7.55%. However, the net profit attributable to shareholders increased by 21.27%, amounting to 5.23 million CNY [2] Dividend Information - Since its A-share listing, Wanli Stone has distributed a total of 7.20 million CNY in dividends. However, there have been no dividend distributions in the past three years [3]

Core Viewpoint - Xiamen Wanli Stone Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of 2025, indicating a shift towards higher profitability despite lower sales volume [1][4]. Financial Performance - Revenue for the reporting period was CNY 603.71 million, a decrease of 7.55% compared to CNY 653.03 million in the same period last year [4][13]. - Net profit attributable to shareholders was CNY 5.23 million, an increase of 21.27% from CNY 4.31 million year-on-year [4][8]. - The net cash flow from operating activities was CNY 7.35 million, a significant recovery from a negative CNY 34.98 million in the previous year, marking a 121% improvement [4][14]. - Basic earnings per share rose to CNY 0.0231, up 23.53% from CNY 0.0187 [4][8]. Business Overview - The company operates as a comprehensive service provider in the mid-to-high-end stone industry, focusing on design, processing, sales, and installation of architectural and landscape stone [5][6]. - The company is transitioning towards resource-oriented businesses, expanding into lithium and uranium resource development [5][6]. Industry Context - The decoration and renovation industry saw a production value of CNY 597.29 billion in the first half of 2025, growing by 4.27% year-on-year, while real estate development investment decreased by 11.2% [5][6]. - The stone industry is facing challenges such as technological innovation, management upgrades, and environmental regulations, but also opportunities from urban renewal and infrastructure investments [5][6]. Market Dynamics - Domestic revenue decreased by 11.97% to CNY 378.31 million, while international business revenue increased by 0.94% to CNY 225.40 million, indicating a shift in market focus [4][9]. - The company is enhancing its global strategy, particularly in Southeast Asia, to mitigate trade barriers and optimize its supply chain [4][9]. Strategic Initiatives - The company is focusing on high-quality projects and strategic partnerships with state-owned enterprises and major construction groups to capture growth in key infrastructure projects [5][10]. - A new lithium carbonate production line is in trial production, with plans for scale-up, reflecting the company's commitment to diversifying its resource portfolio [5][10]. Competitive Advantages - As the first stone company listed on A-shares, the company emphasizes brand building and quality service, which has led to numerous industry accolades [5][11]. - The company has developed a comprehensive service model that integrates design, manufacturing, construction, and after-sales service, enhancing its competitive edge [5][11].