Core Viewpoint - Jiu Li Special Materials experienced a stock price decline of 2.01% on November 14, with a current price of 25.85 CNY per share and a total market capitalization of 25.26 billion CNY [1] Financial Performance - For the period from January to September 2025, Jiu Li Special Materials achieved a revenue of 9.747 billion CNY, representing a year-on-year growth of 36.45% [2] - The net profit attributable to shareholders for the same period was 1.262 billion CNY, reflecting a year-on-year increase of 20.73% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 34.16% to 27,600, while the average circulating shares per person decreased by 25.46% to 34,604 shares [2] - The company has distributed a total of 3.468 billion CNY in dividends since its A-share listing, with 1.802 billion CNY distributed in the last three years [3] Stock Trading Activity - On November 14, the net outflow of main funds was 12.9762 million CNY, with large orders accounting for 23.00% of purchases and 28.87% of sales [1] - Year-to-date, the stock price has increased by 15.05%, with a recent decline of 1.07% over the last five trading days [1] Business Overview - Jiu Li Special Materials, established on January 8, 2004, and listed on December 11, 2009, specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials [1] - The revenue composition includes seamless pipes (37.97%), composite pipes (33.57%), welded pipes (13.44%), alloy materials (6.25%), and other products (5.54%) [1]

Core Viewpoint - Jiu Li Special Materials experienced a stock price decline of 2.03% on October 28, with a current price of 25.54 CNY per share and a market capitalization of 24.957 billion CNY. The company has seen a year-to-date stock price increase of 13.67% [1] Financial Performance - For the period from January to September 2025, Jiu Li Special Materials achieved a revenue of 9.747 billion CNY, representing a year-on-year growth of 36.45%. The net profit attributable to shareholders was 1.262 billion CNY, reflecting a year-on-year increase of 20.73% [2] - The company has distributed a total of 3.468 billion CNY in dividends since its A-share listing, with 1.802 billion CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 34.16% to 27,600, with an average of 34,604 circulating shares per shareholder, a decrease of 25.46% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 23.6468 million shares, a decrease of 20.9903 million shares from the previous period. New entrants among the top ten circulating shareholders include Southern CSI 500 ETF and Da Cheng Rui Xiang Mixed A [3] Stock Market Activity - On October 28, the stock saw a trading volume of 226 million CNY, with a turnover rate of 0.92%. The net outflow of main funds was 26.3194 million CNY, with significant selling pressure observed [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has shown continuous improvement in quarterly performance, with a year-on-year revenue growth of 36.45% and a net profit increase of 20.73% for the first three quarters of 2025 [1] - High-end products are contributing significantly to revenue, with a 15.42% increase in sales for high-value products, which accounted for approximately 20% of total revenue in the first half of 2025 [2] - The company is expected to achieve substantial sales growth in 2025, with a target of approximately 190,000 tons of industrial finished steel pipes, reflecting a 23.7% increase compared to 2024 [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 9.747 billion yuan and a net profit of 1.262 billion yuan, with basic earnings per share of 1.33 yuan [1] - The quarterly net profit for 2025Q3 was 433 million yuan, showing an 8.29% year-on-year increase [1] - The company’s revenue is projected to reach 11.424 billion yuan in 2025, with a year-on-year growth rate of 4.6% [4] Product Development - The revenue from high-value, high-tech products reached 1.22 billion yuan in the first half of 2025, with a significant growth in composite pipe products by 219.26% [2] - The company has ongoing projects that are expected to enhance production capacity, including a high-performance pipe project that will add 20,000 tons of capacity [3] Market Outlook - The company is focusing on high-end stainless steel pipe manufacturing, with an optimistic outlook for continued growth in production and sales driven by strong downstream demand [3] - The projected net profits for the company from 2025 to 2027 are estimated to be 1.73 billion yuan, 1.94 billion yuan, and 2.17 billion yuan, respectively, with corresponding P/E ratios decreasing from 14.8 to 11.8 [3]

Core Viewpoint - Jiu Li Special Materials has shown a positive stock performance with a year-to-date increase of 16.30% and a recent net inflow of funds, indicating strong investor interest and confidence in the company's growth potential [1][2]. Financial Performance - For the first half of 2025, Jiu Li Special Materials reported a revenue of 6.105 billion yuan, representing a year-on-year growth of 26.39% [2]. - The net profit attributable to shareholders for the same period was 828 million yuan, reflecting a year-on-year increase of 28.48% [2]. Stock Market Activity - As of October 27, the stock price of Jiu Li Special Materials was 26.13 yuan per share, with a trading volume of 1.67 billion yuan and a market capitalization of 25.533 billion yuan [1]. - The stock has experienced a 2.07% increase during the trading session on October 27, with significant buying activity from institutional investors [1]. Shareholder Information - As of June 30, the number of shareholders increased by 16.03% to 20,600, while the average number of circulating shares per person decreased by 13.80% to 46,427 shares [2][3]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 44.6371 million shares, an increase of 1.8334 million shares from the previous period [3]. Dividend Distribution - Since its A-share listing, Jiu Li Special Materials has distributed a total of 3.468 billion yuan in dividends, with 1.802 billion yuan distributed over the last three years [3]. Business Overview - Jiu Li Special Materials specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials, with a revenue composition of 37.97% from seamless pipes, 33.57% from composite pipes, and 13.44% from welded pipes [1].

Core Viewpoint - Jiu Li Special Materials has shown a positive stock performance with a year-to-date increase of 15.63% and a recent market capitalization of 25.39 billion yuan [1] Financial Performance - For the first half of 2025, Jiu Li Special Materials reported a revenue of 6.105 billion yuan, representing a year-on-year growth of 26.39% [2] - The net profit attributable to shareholders for the same period was 828 million yuan, reflecting a year-on-year increase of 28.48% [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 16.03% to 20,600, while the average circulating shares per person decreased by 13.80% to 46,427 shares [2] - The company has distributed a total of 3.468 billion yuan in dividends since its A-share listing, with 1.802 billion yuan distributed in the last three years [3] Stock Market Activity - On October 22, Jiu Li Special Materials' stock price rose by 2.16% to 25.98 yuan per share, with a trading volume of 184 million yuan and a turnover rate of 0.75% [1] - The stock experienced a net inflow of 9.1018 million yuan from main funds, with significant buying activity from large orders [1] Business Overview - Jiu Li Special Materials, established on January 8, 2004, and listed on December 11, 2009, specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials [1] - The company's revenue composition includes seamless pipes (37.97%), composite pipes (33.57%), welded pipes (13.44%), alloy materials (6.25%), and other products (5.54%) [1]

Core Viewpoint - Jiu Li Special Materials has shown a positive stock performance with a year-to-date increase of 15.68% and a market capitalization of 25.397 billion yuan as of October 21 [1] Financial Performance - For the first half of 2025, Jiu Li Special Materials achieved a revenue of 6.105 billion yuan, representing a year-on-year growth of 26.39% [2] - The net profit attributable to shareholders for the same period was 828 million yuan, reflecting a year-on-year increase of 28.48% [2] Stock and Shareholder Information - As of June 30, 2025, the number of shareholders increased by 16.03% to 20,600, while the average circulating shares per person decreased by 13.80% to 46,427 shares [2] - The company has distributed a total of 3.468 billion yuan in dividends since its A-share listing, with 1.802 billion yuan distributed in the last three years [3] Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 44.6371 million shares, an increase of 1.8334 million shares from the previous period [3] - The eighth-largest circulating shareholder, Fu Guo Xing Yuan Preferred Mixed A, holds 15.2453 million shares, unchanged from the previous period [3] - The ninth-largest circulating shareholder, Guangfa Steady Growth Mixed A, holds 12.5 million shares, a decrease of 800,000 shares from the previous period [3] Business Overview - Jiu Li Special Materials, established on January 8, 2004, and listed on December 11, 2009, specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials [1] - The company's main revenue sources include seamless pipes (37.97%), composite pipes (33.57%), welded pipes (13.44%), alloy materials (6.25%), other products (5.54%), and pipe fittings (3.23%) [1]

Core Viewpoint - Jiu Li Special Materials has shown a positive stock performance with a year-to-date increase of 12.43%, despite a recent decline over the past five trading days [1] Group 1: Stock Performance - As of October 20, Jiu Li Special Materials' stock price increased by 2.02%, reaching 25.26 CNY per share, with a trading volume of 1.58 billion CNY and a turnover rate of 0.66% [1] - The company's total market capitalization is 24.683 billion CNY [1] - The stock has experienced a decline of 3.66% over the last five trading days, but has increased by 10.40% over the last 20 days and 8.60% over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Jiu Li Special Materials reported a revenue of 6.105 billion CNY, representing a year-on-year growth of 26.39% [2] - The net profit attributable to shareholders for the same period was 828 million CNY, reflecting a year-on-year increase of 28.48% [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Jiu Li Special Materials increased by 16.03% to 20,600 [2] - The average number of circulating shares per shareholder decreased by 13.80% to 46,427 shares [2] - The company has distributed a total of 3.468 billion CNY in dividends since its A-share listing, with 1.802 billion CNY distributed in the last three years [3] Group 4: Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 44.637 million shares, an increase of 1.8334 million shares from the previous period [3] - The eighth-largest circulating shareholder, Fu Guo Xing Yuan Preferred 12-Month Holding Mixed A, holds 15.2453 million shares, unchanged from the previous period [3] - The ninth-largest circulating shareholder, Guangfa Steady Growth Mixed A, holds 12.5 million shares, a decrease of 800,000 shares from the previous period [3]

Core Viewpoint - The stock of Jiu Li Special Materials experienced a decline of 2.14% on October 16, with a trading volume of 263 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing and Margin Trading - On October 16, Jiu Li Special Materials had a financing buy-in amount of 22.23 million yuan and a financing repayment of 24.28 million yuan, resulting in a net financing outflow of 204.95 thousand yuan [1] - The total margin trading balance for Jiu Li Special Materials as of October 16 is 271 million yuan, with the current financing balance at 268 million yuan, accounting for 1.07% of the circulating market value, which is above the 90th percentile of the past year [1] - The company repaid 1,600 shares in margin trading and sold 8,100 shares on the same day, with a selling amount of 207.5 thousand yuan, while the margin balance is 2.49 million yuan, indicating a lower position compared to the 50th percentile of the past year [1] Company Overview - Jiu Li Special Materials, established on January 8, 2004, and listed on December 11, 2009, is located in Huzhou, Zhejiang Province, specializing in the research, production, and sales of industrial stainless steel pipes and special alloy materials [1] - The company's main revenue sources include seamless pipes (37.97%), composite pipes (33.57%), welded pipes (13.44%), alloy materials (6.25%), other products (5.54%), and pipe fittings (3.23%) [1] Financial Performance - As of June 30, the number of shareholders for Jiu Li Special Materials reached 20,600, an increase of 16.03%, while the average circulating shares per person decreased by 13.80% to 46,427 shares [2] - For the first half of 2025, the company achieved a revenue of 6.105 billion yuan, representing a year-on-year growth of 26.39%, and a net profit attributable to shareholders of 828 million yuan, up 28.48% year-on-year [2] Dividend Distribution - Since its A-share listing, Jiu Li Special Materials has distributed a total of 3.468 billion yuan in dividends, with 1.802 billion yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 44.6371 million shares, an increase of 1.8334 million shares from the previous period [3] - The eighth-largest circulating shareholder, Fortune Xingyuan Preferred 12-Month Holding Period Mixed A, maintained its holding at 15.2453 million shares, while the ninth-largest shareholder, Guangfa Steady Growth Mixed A, reduced its holdings by 800 thousand shares to 12.5 million shares [3]

Core Viewpoint - Jiu Li Special Materials has shown a positive stock performance with a year-to-date increase of 5.66% and a recent trading surge, indicating strong market interest and potential growth opportunities [1][2]. Financial Performance - For the first half of 2025, Jiu Li Special Materials reported a revenue of 6.105 billion yuan, representing a year-on-year growth of 26.39% [2]. - The net profit attributable to shareholders for the same period was 828 million yuan, reflecting a year-on-year increase of 28.48% [2]. Stock Market Activity - As of September 29, the stock price reached 23.74 yuan per share, with a trading volume of 1.78 billion yuan and a market capitalization of 23.198 billion yuan [1]. - The stock has experienced a net inflow of 5.2477 million yuan from main funds, with significant buying activity from large orders [1]. Shareholder Information - As of June 30, the number of shareholders increased by 16.03% to 20,600, while the average number of circulating shares per person decreased by 13.80% to 46,427 shares [2][3]. - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 44.6371 million shares, an increase of 1.8334 million shares from the previous period [3]. Dividend Distribution - Since its A-share listing, Jiu Li Special Materials has distributed a total of 3.468 billion yuan in dividends, with 1.802 billion yuan distributed over the last three years [3].

Company Overview - Jiu Li Special Materials Co., Ltd. is located in Huzhou, Zhejiang Province, established on January 8, 2004, and listed on December 11, 2009. The company specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials, including pipes, fittings, flanges, bars, and prefabricated components [1]. Financial Performance - As of June 30, 2025, Jiu Li Special Materials achieved operating revenue of 6.105 billion yuan, representing a year-on-year growth of 26.39%. The net profit attributable to shareholders was 828 million yuan, with a year-on-year increase of 28.48% [2]. - The company has distributed a total of 3.468 billion yuan in dividends since its A-share listing, with 1.802 billion yuan distributed over the past three years [3]. Stock Performance - On September 24, Jiu Li Special Materials' stock price increased by 2.02%, reaching 22.68 yuan per share, with a trading volume of 64.94 million yuan and a turnover rate of 0.30%. The total market capitalization is 22.162 billion yuan [1]. - Year-to-date, the stock price has risen by 0.94%, with a 5-day increase of 2.21%, a 20-day increase of 1.39%, and a 60-day decline of 5.22% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 16.03% to 20,600, while the average number of tradable shares per person decreased by 13.80% to 46,427 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder, holding 44.6371 million shares, an increase of 1.8334 million shares from the previous period [3].