1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints - For the rebar and hot - rolled coil sector, the market is in a seasonal de - stocking state with total output of five major steel products from 247 sample steel mills changing little, inventory declining and apparent demand rebounding. However, market expectations for the future are pessimistic. Rising crude oil prices support the futures price. Technically, the futures price is oscillating between the middle and upper tracks of the Bollinger Bands [2]. - For the iron ore sector, the market is entering the consumption peak season with a rebound in the output of five major steel products from 247 sample steel mills last week. Iron ore production cost has increased due to rising crude oil prices. Short - term port shipments are affected by Australian weather, but are expected to improve. The futures price shows resistance above after breaking through the upper Bollinger Band [4]. 3. Summary by Relevant Catalogs 3.1 Rebar and Hot - Rolled Coil - **Supply and Demand**: Total output changed little last week. Inventory decreased, and apparent demand continued to rebound, entering a seasonal de - stocking state. Market expectations for the future are pessimistic [2]. - **Cost**: Rising crude oil prices push up costs, supporting the futures price [2]. - **Technical Analysis**: The futures price is oscillating between the middle and upper tracks of the Bollinger Bands, and may stabilize and rebound after testing the lower support level [2]. - **Operation Suggestion**: Hold long positions lightly, be cautious about chasing up, and take profits in time when there is a rally, with an oscillatory mindset [2]. - **Data**: Rebar and hot - rolled coil futures and spot prices, basis, spreads, prices of related products like wire rods, medium - thick plates, and cold - rolled coils, steel billet and scrap steel prices, steel mill production, inventory, and apparent demand data are provided [2]. 3.2 Iron Ore - **Demand**: The market is entering the consumption peak season. The output of five major steel products from 247 sample steel mills rebounded last week, and iron water production is expected to gradually increase [4]. - **Cost**: Rising crude oil prices increase the production cost of iron ore [4]. - **Supply**: Short - term port shipments are affected by Australian weather, but are expected to improve rapidly as the weather in the Southern Hemisphere gets better. Recent arrivals have increased, and port inventory has decreased but remains at a historical high [4]. - **Technical Analysis**: The futures price shows resistance above after breaking through the upper Bollinger Band, but it may also be accumulating strength for a breakthrough [4]. - **Operation Suggestion**: Hold long positions lightly and be cautious about chasing up [4]. - **Data**: Iron ore futures and spot prices, basis, spreads, overseas shipments, sea freight, exchange rates, arrivals, port inventory, domestic mine production, and futures warehouse receipt data are provided [4]. 3.3 Industry News - Inner Mongolia Baite Metallurgical Building Materials Co., Ltd. reduced production of a 42000KVA ferrosilicon - manganese alloy submerged arc furnace from the night of March 31st, affecting the daily production of ferrosilicon - manganese by 300 tons [5]. - According to the coking coal long - term agreement coal - steel linkage plan, the floating value of coking coal long - term agreement in March 2026 decreased by 24 yuan/ton compared with February, a decline of 1.6% [6]. - From March 23rd - 29th, 2026, the total inventory of iron ore at seven major ports in Australia and Brazil was 1394.4 tons, a month - on - month increase of 81.8 tons. The current inventory is slightly higher than the average level since the beginning of the year [6]. - The PMI of the steel industry in March 2026 was 50.6%, a month - on - month increase of 3.9 percentage points, returning to the expansion range after running below 50% for 7 consecutive months, indicating the recovery of the steel industry [6].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The strategic importance of manganese ore resources is increasingly prominent, but the silicon - manganese industry is in a supply - demand dilemma. The supply disturbances of major manganese ore exporters, fluctuations in shipping costs, and geopolitical risks may drive up ore prices, providing rigid support for silicon - manganese from the cost side. However, the silicon - manganese industry has over - capacity and weak downstream demand, eroding industry profits. The resolution of the industrial chain contradictions requires proactive adjustments on the supply side and industry self - discipline [2][15]. - Manganese ore resources are highly concentrated, with low - grade ores in China. In 2025, the global manganese metal equivalent reserves are about 1.8 billion tons, mainly concentrated in South Africa, Australia, Brazil, and China. China's manganese ore has low overall quality and low grade [3][16][75]. - China has a high degree of dependence on manganese ore imports, and some countries are tightening export controls. In 2025, China's manganese ore imports reached 32.84 million tons, a 9.7% increase from 2024. South Africa, Australia, Gabon, and Ghana are the main suppliers, but these countries are expected to introduce export restrictions [4][29][76]. - The production of major manganese mines shows differentiation, with a slight overall increase. From the fourth quarter of 2025 to early 2026, South32's Australian mine resumed production smoothly, Comilog was restricted by transportation bottlenecks, and Tshipi maintained stable operations [5][54][77]. - The manganese ore inventory at ports has increased, but the supply - demand contradiction of alloy enterprises still exists. In 2025, China's manganese ore imports increased significantly, leading to an increase in port inventory. However, alloy enterprises still face great pressure, with low silicon - manganese operating rates and low weekly output [6][62][78]. 3. Summary According to the Directory 3.1 Manganese Resource Concentration and Low - Grade Ores in China - In 2025, the global manganese metal equivalent reserves are about 1.8 billion tons, with 92% concentrated in South Africa (30%), Australia (32%), Brazil (16%), and China (14%). In terms of production, South Africa, Gabon, and Australia are the main producers, accounting for 68% of the global total in 2025. China's manganese ore has small - scale deposits, low overall quality, and an average manganese grade of only 14%, much lower than that of major exporting countries [16][27][75]. - Since 2016, the global manganese metal equivalent production has been rising steadily, stabilizing at around 20 million tons per year since 2019. In 2025, South Africa produced 7.6 million tons, Gabon 5 million tons, and Australia 1.6 million tons. China's manganese metal equivalent production has been declining since reaching a peak of 3 million tons in 2014, mainly due to low ore prices, low domestic ore grades, and strict environmental policies [21][27]. 3.2 High Dependence on Manganese Ore Imports and Tightening Export Controls in Some Countries - China's dependence on manganese ore imports exceeds 90%. In 2025, imports reached 32.84 million tons, a 9.7% increase from 2024. South Africa, Australia, Gabon, and Ghana are the main suppliers, accounting for 91.7% of the total imports [29][33]. - South Africa, Gabon, and Ghana are expected to introduce manganese ore export restrictions. South Africa plans to levy export tariffs, Gabon will ban raw ore exports from 2029, and Ghana plans to stop raw ore exports before 2030. These policies will intensify the supply - tightening expectation [50]. - Some manganese mines are facing resource depletion, such as the OMM manganese mine and the Groote Eylandt mine of South32 [51]. 3.3 Differentiated Production of Major Manganese Mines with a Slight Overall Increase - From the fourth quarter of 2025 to early 2026, South32's Australian mine resumed production smoothly, with a production of 1.363 million tons in the fourth quarter of 2025, a 21.26% year - on - year increase. The 2026 production target is 3.2 million tons. The South African mine's production in the first half of the 2026 fiscal year was 1.06 million tons, with an annual production guidance of 2 million tons [54]. - Jupiter - Tshipi produced about 830,000 tons of manganese ore in the first quarter of the 2026 fiscal year, with a total output of 1.7 million tons in the first half of the year. The FOB production cost has dropped to $2.25 - 2.27 per dry ton degree [56]. - Comilog produced 1.68 million tons of manganese ore in the fourth quarter of 2025, with an annual cumulative output of 7.103 million tons (a 4.4% year - on - year increase). However, transportation problems in Gabon restrict the shipping volume, and the 2026 transportation target is 6.4 - 6.8 million tons [60]. 3.4 Increased Manganese Ore Inventory at Ports and Persistent Supply - Demand Contradiction of Alloy Enterprises - In 2025, China's manganese ore imports increased significantly, leading to an increase in port inventory. As of late March, the total manganese ore inventory at ports was 4.745 million tons, 1 million tons higher than the same period in 2025, but still at a relatively low level in the same period of the past five years [62][65]. - The manganese ore inventory days of alloy plants have decreased, but the inventory is still relatively healthy. After the price increase in early March, the processing profit of alloy plants has improved, and the production willingness is increasing [66]. - The silicon - manganese industry has over - capacity and weak downstream demand. The supply - demand imbalance has led to high social inventory, price pressure, and squeezed industry profits. The silicon - manganese operating rate has been low, and the weekly output is at a five - year low [72]. 3.5 Conclusion - The conclusion reiterates the above - mentioned points, including high resource concentration, high import dependence, differentiated mine production, increased port inventory, and persistent supply - demand contradictions in the alloy industry [75][76][77][78]. - The strategy suggests continuously monitoring manganese ore shipments and inventory changes and being cautious about price fluctuations of manganese ore and silicon - manganese [7][79].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The silicon manganese spot and futures prices are likely to fluctuate and strengthen due to the potential impact of the typhoon on manganese ore production and the increase in manganese ore costs [2][3] 3. Detailed Summaries Impact of Typhoon on Manganese Ore Production - The typhoon "Narelle" in northwest Australia has been upgraded to a Category 17 super typhoon, expected to hit Queensland on Friday with a maximum wind speed of 250 km/h. It is predicted to hit Groote Eylandt on the 21st and downgrade to a Category 12 hurricane, causing the manganese mine on the island to temporarily suspend shipments [2] - A large Australian open - pit manganese mine has a 2026 fiscal year production target of 3200000 tons, with over 80% (about 213300 tons per month) sold to China [2] - The market is worried about short - term shipment disruptions and potential mid - term impacts such as mine pit flooding. However, since there are no ships at the only export port on Groote Eylandt, the possibility of a long - term impact similar to that in 2024 is relatively small [2] Silicon Manganese Production and Price - Silicon manganese alloy can be obtained by adjusting the ratio of manganese ore in the furnace, and the substitutes for oxide ore are Ghanaian ore, rich manganese slag, and sinter [2] - The prices of port spot manganese ore have increased to varying degrees [2] - Based on yesterday's spot price, the warehouse receipt cost is about 6350 yuan/ton, and the trading volume shows a large premium. Considering the impact of the phased increase in manganese ore costs, the silicon manganese spot and futures prices are likely to fluctuate and strengthen, but the duration of the event needs to be observed, and caution is required when chasing high prices [3]

Investment Rating - The report indicates a positive outlook for the metal manganese industry, projecting a compound annual growth rate (CAGR) of 7.30% from 2025 to 2029, with market size expected to grow from 2,491.23 billion to 3,302.17 billion RMB [4][47]. Core Insights - The metal manganese industry is characterized by strong resource dependence, clear production process differentiation, increasing environmental constraints, and a high correlation of downstream demand with the steel and new energy industries [4][10]. - The market size fluctuated from 1,688.74 billion RMB in 2019 to 1,722.36 billion RMB in 2024, with a CAGR of 0.40% during this period, influenced by factors such as the pandemic, supply-demand dynamics, and costs [4][47]. - The demand for manganese is driven by both traditional steel production and the emerging new energy sector, particularly in battery materials, creating a dual-driven growth pattern [10][53]. Industry Definition - Metal manganese is a transition metal with the symbol Mn and atomic number 25, primarily found in nature in the form of oxides and carbonates, requiring specific smelting processes for extraction [5]. Industry Classification - Metal manganese is categorized into industrial-grade manganese, electrolytic manganese, and manganese alloys, each with distinct purity levels and applications [6][7][8]. Industry Characteristics - The industry is heavily reliant on manganese ore resources, with significant concentration in countries like South Africa, Australia, and Brazil, leading to high bargaining power for large mining enterprises over downstream smelting companies [8][9]. - Environmental regulations are tightening, particularly affecting the electrolytic manganese sector, which has high water and energy consumption [9][10]. Development History - The industry has evolved through several phases, from its nascent stage (1890-1949) to a high-speed development phase post-2000, where environmental concerns became central to structural optimization [11][12][14][16]. Industry Chain Analysis - The manganese industry chain includes upstream mining and ore selection, midstream smelting, and downstream applications in steel, batteries, and chemicals [17][39]. - The upstream segment faces challenges due to high dependence on low-grade ores, with 93.6% of China's manganese reserves classified as low-grade [18][28]. Midstream Analysis - The midstream manganese alloy sector is currently experiencing significant losses, prompting calls for production cuts and industry-wide self-rescue actions [20][22][35]. - The production capacity in the silicon-manganese sector remains oversupplied, with ongoing pressure on profit margins [22][35]. Downstream Analysis - Manganese is a critical additive in steelmaking, with approximately 85%-90% of manganese resources directed towards the steel industry, while only 5%-10% is utilized in battery and chemical sectors [42][43]. - The demand for electrolytic manganese is expected to rise significantly, driven by stable steel demand and the expansion of green manufacturing sectors [44][46]. Market Size and Forecast - The market size for the metal manganese industry is projected to increase significantly, driven by energy transition and technological advancements, with a forecasted growth from 2,491.23 billion RMB in 2025 to 3,302.17 billion RMB by 2029 [4][47][53]. - The report highlights that the global demand for manganese from lithium-ion batteries is expected to rise, indicating a shift in market dynamics [53][54].

Core Viewpoint - The silicon manganese futures market is experiencing volatility, with the main contract falling below the 5900 line, indicating instability at high levels [1][3]. Group 1: Silicon Manganese Market - The current spot market prices for silicon manganese remain stable compared to pre-holiday levels, with northern prices ranging from 5600 to 5700 CNY/ton and southern prices between 5750 and 5800 CNY/ton [1][3]. - There has been some trading activity before the holiday, with transactions occurring in the 5600-5650 CNY/ton range, while downstream steel procurement is reported to be above 5850 CNY/ton [1][3]. - The opening day saw a decline in prices, which has shaken the confidence of traders, particularly as the northern region's prices for the May contract have decreased by 350-400 CNY/ton [1][3]. Group 2: Manganese Ore Market - Manganese ore prices remain relatively stable, with various quotes reported for different types of ore at Tianjin Port, including CML Australian block at 44 CNY/ton and South32 Australian block at 42 CNY/ton [2][4]. - As of December 31, manganese ore inventory at Tianjin Port was 3.3888 million tons, reflecting a decrease of 117,600 tons from the previous period, while inventory at Qinzhou Port increased by 71,400 tons to 1.007 million tons [2][5]. - The total manganese ore inventory across ports reached 4.4108 million tons, down by 60,200 tons compared to the previous period [5]. Group 3: Steel Production and Procurement - The maintenance rate of steel mills' blast furnaces has slightly increased, contributing to a downward trend in national iron output, with an average daily production of 2.2761 million tons in December 2025, a decrease of 1.5% from November [2][5]. - Feedback from steel mills regarding silicon manganese procurement indicates a general slowdown, with large steel mills' purchasing volumes remaining unaffected, while smaller mills are experiencing longer procurement cycles [5].

News Summary Core Viewpoint - The overall market for silicon manganese is showing signs of slight recovery, with production rates and prices experiencing minor increases, while inventory levels remain a concern for manufacturers [1][4][5]. Group 1: Production and Operational Data - The operating rate of 187 independent silicon manganese enterprises nationwide was reported at 36.78%, an increase of 1.17% from the previous week [1]. - Daily average production reached 27,510 tons, reflecting a week-on-week increase of 620 tons [1]. - A silicon manganese alloy plant in Inner Mongolia has ignited a 66,000 KVA furnace, expected to produce approximately 400 tons per day in about two weeks [2]. Group 2: Market Trends and Inventory - The Zhengzhou Commodity Exchange recorded 23,277 manganese silicon futures warehouse receipts, a decrease of 187 from the previous trading day, with a total decline of 374 receipts over the past week, representing a 1.58% drop [2]. - Over the past month, manganese silicon futures warehouse receipts have increased by 2,088, marking a growth of 9.85% [2]. - The current market for silicon manganese is characterized by a slight upward trend in spot prices, with manufacturers showing a strong cost support but still facing inventory pressure [4]. Group 3: Price Dynamics and Demand - The manganese ore market is experiencing a structural inventory issue, leading to a fragile balance, while the demand for lower-cost semi-carbonate ore is expected to rise due to changes in the smelting process [5]. - Seasonal declines in pig iron production are noted, alongside a slight decrease in weekly silicon manganese output and inventory [5]. - The recommendation for market participants is to consider buying on dips, as the market shows potential for recovery [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The cost support for ferrosilicon - manganese alloy remains strong. Although the coke price has slightly declined, the price of manganese ore, the core raw material, has remained firm, especially the highly oxidized ore, effectively supporting the alloy price [2]. - In the futures market, the ferrosilicon - manganese futures have been in a volatile trend, often rising at the opening and falling at the end of the session, with limited upward space. In the spot market, factories are less willing to offer retail prices and tend to hold back goods, waiting for the futures price to rise before selling, which has increased the inventory pressure on manufacturers. New ferrosilicon - manganese production capacity in northern alloy plants is operating stably and will gradually produce iron, increasing supply pressure. In southern regions, due to the increase in electricity costs during the dry season, most manufacturers have chosen to reduce production during peak - load periods. Other regions' alloy plants have maintained low - level operations and reduced production during the traditional off - season [2]. - In December, HeSteel Group reduced both the purchase volume and price of ferrosilicon - manganese. The purchase price was set at 5,770 yuan/ton (the first - round inquiry price was 5,700 yuan/ton), down from 5,820 yuan/ton in November. The purchase volume was 14,700 tons, a reduction from 16,000 tons in November [2]. - Currently, the ferrosilicon - manganese market continues to be in a stalemate of "strong cost and weak demand", with a strong sense of pessimism and a wait - and - see attitude. In the short term, the market will continue to operate at a low level. It is expected that the market will continue to fluctuate in the short term [2]. 3. Summary by Directory I. Manganese - Silicon Supply - **Capacity**: A chart shows the monthly ferrosilicon - manganese production capacity in China [6][7] - **Annual Production**: A chart presents the annual ferrosilicon - manganese production in Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, other regions, and the whole of China [8][9] - **Weekly, Monthly Production and开工率**: A chart shows the weekly and monthly ferrosilicon - manganese production in China and the weekly operating rate of ferrosilicon - manganese enterprises in China [10][11] - **Regional Production**: Charts display the monthly production in Inner Mongolia, Ningxia, and Guizhou, as well as the daily average production in Inner Mongolia, Ningxia, Guizhou, and Guangxi [12][13] II. Manganese - Silicon Demand - **Steel Tender Purchase Price**: A chart shows the monthly purchase prices of ferrosilicon - manganese by Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron & Steel, Jilin Jianlong, and Nanjing Iron & Steel Co., Ltd. [15][16] - **Daily Average Hot Metal and Profit**: A chart shows the weekly daily average hot metal production and the weekly profitability rate of 247 steel enterprises in China [17][18] III. Manganese - Silicon Import and Export - A chart shows the monthly import and export volumes of ferrosilicon - manganese in China [19][20] IV. Manganese - Silicon Inventory - A chart shows the weekly inventory of 63 sample ferrosilicon - manganese enterprises in China, the monthly average available days of inventory in China, the northern region, and the eastern region [21][22] V. Manganese - Silicon Cost - **Manganese Ore Import Volume**: A chart shows the monthly import volume of manganese ore in different trade methods, from Gabon, southern Africa, and Australia to China [23][24] - **Manganese Ore Port Inventory and Available Days**: A chart shows the weekly port inventory of manganese ore in China, Qinzhou Port, and Tianjin Port, as well as the weekly average available days of inventory in China [25][26] - **High - Grade Manganese Ore Port Inventory**: A chart shows the weekly port inventory of Australian, Gabonese, and Brazilian high - grade manganese ore in Qinzhou Port and Tianjin Port [27][28] - **Tianjin Port Manganese Ore Price**: A chart shows the daily price of South African semi - carbonate manganese ore, Australian manganese ore, and Gabonese manganese ore in Tianjin Port [29] - **Regional Cost**: A chart shows the daily cost of ferrosilicon - manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi [30][31] VI. Manganese - Silicon Profit - A chart shows the daily profit of ferrosilicon - manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi [32][33]

Industry Overview - The domestic electrolytic manganese market has seen a significant price surge, with prices ranging from 15,600 to 15,800 CNY/ton, an increase of 300 CNY from the previous trading day [1] - Retail spot prices are reported between 15,800 and 16,000 CNY/ton, with some traders quoting prices above 16,000 CNY/ton, marking a cumulative increase of 1,800 CNY/ton over the past month [1] - The recent bidding prices for spherical electrolytic manganese and low-carbon metal manganese spheres have reached 16,600 CNY/ton, reflecting a week-on-week increase of 2,102 to 2,420 CNY/ton, indicating strong market sentiment [1] Supply and Demand Dynamics - The current market is characterized by a significant reduction in the circulation of electrolytic manganese, leading to a supply-demand imbalance where demand exceeds supply [1] - Factors contributing to this situation include rising raw material costs, supply contraction, seasonal demand increases, and rigid procurement by steel mills [1] - The industry is expected to maintain a tight supply-demand balance in the short term, with prices likely to continue their upward trend due to positive market sentiment and low inventory levels [1] Company Insights - Western Gold has a complete industrial chain involving manganese mining, electrolytic manganese, and silicon-manganese alloy production, utilizing its own manganese ore as the primary raw material for electrolytic manganese production [2] - The company plans to extract 450,000 tons of manganese ore and produce 80,000 tons of electrolytic manganese by 2025 [2] - Three Gorges Water Conservancy operates an electrolytic manganese processing plant with a designed capacity of approximately 80,000 tons per year, utilizing manganese ore from its Li Jia Wan manganese mine for its electrolytic manganese products [2]

Market Overview - As of November 6, the number of manganese silicon futures warehouse receipts recorded 12,758, remaining stable compared to the previous trading day. However, there was a cumulative increase of 4,658 receipts over the past week, representing a growth rate of 57.51%. In contrast, there was a cumulative decrease of 42,103 receipts over the past month, indicating a decline of 76.74% [1]. Supply and Demand Dynamics - In the Yunnan production area, the official entry into the dry season has led to a significant increase in electricity costs from 0.37 yuan/kWh during the wet season to 0.5 yuan/kWh. Additionally, six silicon manganese thermal furnaces have been shut down for maintenance since October 31, while three furnaces are operating at reduced capacity, collectively affecting daily output by 880 tons [1]. - According to recent data, the latest bidding price for silicon manganese alloy from a steel mill in East China is 5,798 yuan/ton, including tax and discounts [2]. Institutional Insights - According to Everbright Futures, despite a reduction in production in the main manganese silicon production areas last week, overall output remains relatively stable. The demand from sample steel mills is still at a relatively low level, with limited willingness to sell at low prices. The cost side remains firm, with a slight decrease in manganese ore shipments, and miners are showing a strong willingness to maintain prices. Inventory pressure is evident, with 63 sample enterprises accumulating stock exceeding 300,000 tons, reaching a peak not seen since April 2024. Overall, market sentiment has been somewhat boosted, but the fundamental driving force remains limited, necessitating ongoing attention to market sentiment changes, with expectations of a predominantly volatile market in the short term [3]. - Guoxin Futures notes that the manganese silicon industry chain is characterized by overall overcapacity and the introduction of new production capacity, alongside relatively loose manganese ore supply and low steel demand, leading to a predominantly weak supply-demand dynamic. However, with manganese silicon prices at low levels and production profits being poor, there is limited room for further market decline. The recent rise in coal prices suggests a potential for a moderate bullish outlook on manganese silicon [4].

2025 年第三季度经营数据公告 证券代码：601069 证券简称：西部黄金 公告编号：2025-074 西部黄金股份有限公司 公司报告期内黄金产品销售量较上年同期增加，外购合质金生产的标准金 11.44 吨，销 售 11.42 吨。锰矿石销售量 34.67 万吨，均销售至科邦锰业。 三、2025 年第三季度（1-9 月）矿石原材料的成本情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行 业信息披露》《关于做好主板上市公司 2025 年第三季度报告披露工作的重要提 醒》要求，现将西部黄金股份有限公司（以下简称"公司"）2025 年第三季度 （1-9 月）主要有色金属品种产销量及盈利情况披露如下（财务数据未经审计）： 一、2025 年第三季度（1-9 月）主营业务分行业、分产品、分地区、分销售模式情况 单位：元 币种：人民币 | | | | 主营业务分行业情况 | | | | | --- | --- | --- | --- | --- | --- | ...