8月27日，云路股份跌0.36%，成交额1.38亿元。两融数据显示，当日云路股份获融资买入额2018.32万 元，融资偿还2555.10万元，融资净买入-536.78万元。截至8月27日，云路股份融资融券余额合计 9969.12万元。 融资方面，云路股份当日融资买入2018.32万元。当前融资余额9819.56万元，占流通市值的0.78%，融 资余额超过近一年60%分位水平，处于较高位。 融券方面，云路股份8月27日融券偿还0.00股，融券卖出200.00股，按当日收盘价计算，卖出金额2.09万 元；融券余量1.43万股，融券余额149.56万元，超过近一年80%分位水平，处于高位。 机构持仓方面，截止2025年3月31日，云路股份十大流通股东中，景顺长城新能源产业股票A类 （011328）位居第六大流通股东，持股191.18万股，相比上期减少63.32万股。广发多因子混合 （002943）退出十大流通股东之列。 资料显示，青岛云路先进材料技术股份有限公司位于山东省青岛市即墨市蓝村镇鑫源东路7号，成立日 期2015年12月21日，上市日期2021年11月26日，公司主营业务涉及先进磁性金属材料的设计、研发、生 ...

融券方面，云路股份8月25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1.41万股，融券余额145.78万元，超过近一年80%分位水平，处于高位。 资料显示，青岛云路先进材料技术股份有限公司位于山东省青岛市即墨市蓝村镇鑫源东路7号，成立日 期2015年12月21日，上市日期2021年11月26日，公司主营业务涉及先进磁性金属材料的设计、研发、生 产和销售。主营业务收入构成为：非晶合金薄带及其制品74.71%，纳米晶产品16.07%，磁性粉末及其 制品7.45%，其他(补充)1.77%。 截至3月31日，云路股份股东户数5591.00，较上期增加28.71%；人均流通股21463股，较上期减少 22.30%。2025年1月-3月，云路股份实现营业收入4.21亿元，同比减少4.87%；归母净利润7890.91万元， 同比增长4.34%。 8月25日，云路股份涨1.38%，成交额1.26亿元。两融数据显示，当日云路股份获融资买入额2546.91万 元，融资偿还1514.56万元，融资净买入1032.35万元。截至8月25日，云路股份融资融券余额合计1.08亿 元。 融资 ...

Core Viewpoint - Yunlu Co., Ltd. (688190.SH) experienced a significant stock price increase of over 9% before announcing that its chairman and general manager, Li Xiaoyu, was detained by the Jilin Provincial Supervisory Committee [1][2]. Company Information - Yunlu Co., Ltd. was listed on the Sci-Tech Innovation Board in November 2021, with its actual controller being China Aviation Engine Group Co., Ltd. The company specializes in the research, production, and sales of amorphous alloys, nanocrystalline alloys, magnetic powders, and their products, which are primarily used in power distribution, photovoltaics, rail transportation, data centers, home appliances, and new energy vehicles [4]. Management Changes - Following the detention of Li Xiaoyu, Yunlu Co., Ltd. announced that during his inability to perform his duties, the vice chairman, Lei Rigan, would temporarily assume the role of chairman, while board member and deputy general manager, Pang Jing, would act as general manager and legal representative [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve a total revenue of 1.9 billion yuan in 2024, representing a year-on-year increase of 7.2%. The net profit attributable to the parent company is projected to be 361 million yuan, up 8.7% year-on-year, while the net profit after deducting non-recurring gains and losses is estimated at 344 million yuan, reflecting a 12.6% increase year-on-year [2][4]. Financial Performance Summary - Revenue Breakdown: - The revenue from amorphous alloy strips and related products is expected to be 1.42 billion yuan, a year-on-year increase of 3.8%, with a shipment of 96,000 tons, up 10% year-on-year. This growth is primarily driven by the new production line launched in Q3, contributing an additional 15,000 tons of annual capacity [10]. - Revenue from nanocrystalline products is projected at 305 million yuan, a significant year-on-year increase of 34.7%, with shipments of 7,000 tons, up 36% year-on-year [10]. - Revenue from magnetic powder and related products is expected to be 142 million yuan, remaining stable year-on-year, with shipments of 88,000 tons, up 21% year-on-year [10]. - Profitability Metrics: - The overall gross margin for 2024 is expected to reach 30.58%, a slight increase of 0.09 percentage points year-on-year. The gross margin for Q4 2024 is projected at 30.01%, down 2.00 percentage points year-on-year and 1.79 percentage points quarter-on-quarter [10]. - The gross margin for amorphous alloy strips and related products is expected to be 35.68%, up 1.48 percentage points year-on-year [10]. - Expense Management: - The total expense ratio for 2024 is projected to be 9.92%, a decrease of 0.09 percentage points year-on-year. The sales expense ratio is expected to be 2.37%, down 0.60 percentage points year-on-year [10]. - Financial Health: - The company's asset-liability ratio at the end of 2024 is expected to be 20.26%, an increase of 2.01 percentage points year-on-year [10]. Future Outlook - The company is anticipated to maintain a strong growth trajectory due to the gradual ramp-up of amorphous transformers and the promising application space for amorphous motors. The net profit attributable to the parent company is projected to reach 420 million yuan in 2025, corresponding to a price-to-earnings (PE) ratio of approximately 27 times [10].

Core Viewpoint - Yunlu Co., Ltd. (688190) reported a decline in total operating revenue for Q1 2025, while net profit showed a slight increase, indicating mixed financial performance [2][4]. Financial Performance - Total operating revenue for Q1 2025 was 421.06 million yuan, a decrease of 4.87% year-on-year [2][4]. - Net profit attributable to shareholders was 78.91 million yuan, an increase of 4.34% year-on-year [2][4]. - Deducted non-recurring profit and loss net profit was 77.45 million yuan, up 13.05% year-on-year [2][4]. - Basic earnings per share were 0.66 yuan, compared to 0.63 yuan in the same period last year [2][4]. - The weighted average return on equity was 3.10%, down 0.16 percentage points year-on-year [21]. Cash Flow and Assets - Net cash flow from operating activities was -116.89 million yuan, a decrease of 130 million yuan year-on-year [25]. - Total assets at the end of Q1 2025 were approximately 3.25 billion yuan, an increase from the previous year [4][33]. - Significant changes in assets included a 69.82% decrease in other non-current assets and an 88.22% increase in receivables financing [33][36]. Shareholder Structure - As of the end of Q1 2025, the top ten shareholders included a new shareholder, Ruizhong Life Insurance Co., Ltd., replacing a previous fund [43][44]. - The largest shareholder, China Aviation Power Asset Management Co., Ltd., held 28.5% of the shares, unchanged from the previous period [44]. Valuation Metrics - As of April 29, 2025, the price-to-earnings (P/E) ratio was approximately 30.06 times, the price-to-book (P/B) ratio was about 4.24 times, and the price-to-sales (P/S) ratio was around 5.83 times [4].