Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a slight decline in revenue for Q3 2025, attributed to fluctuations in downstream demand affecting the shipment of amorphous products [11]. - The gross margin for the first three quarters of 2025 was 28.52%, a decrease of 2.26 percentage points year-on-year, with Q3 2025 gross margin at 26.84%, down 4.96 percentage points year-on-year [11]. - The company is expected to achieve a net profit of 352 million yuan in 2025, corresponding to a PE ratio of approximately 36 times [11]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 1.46 billion yuan, a year-on-year increase of 5.0%, while net profit attributable to shareholders was 250 million yuan, a year-on-year decrease of 5.0% [2][4]. - In Q3 2025, the company’s revenue was 470 million yuan, down 1.2% year-on-year and 16.4% quarter-on-quarter, with net profit of 80 million yuan, down 16.2% year-on-year and 11.3% quarter-on-quarter [2][4]. - The company’s inventory at the end of Q3 2025 was 208 million yuan, an increase of 38.6% year-on-year, while contract liabilities were 18 million yuan, up 19.9% year-on-year [11]. Cost and Expense Management - The company maintained effective cost control, with total expense ratio for the first three quarters of 2025 at 9.81%, a decrease of 1.16 percentage points year-on-year [11]. - In Q3 2025, the total expense ratio was 10.38%, down 1.00 percentage points year-on-year but up 1.01 percentage points quarter-on-quarter [11].

Core Insights - Yunlu Co., Ltd. experienced a slight decline of 0.35% in stock price on November 11, with a trading volume of 99.43 million yuan [1] - The company reported a net financing outflow of 10.64 million yuan on the same day, with a total financing and securities balance of 96.32 million yuan [1][2] - For the first nine months of 2025, Yunlu Co., Ltd. achieved a revenue of 1.458 billion yuan, reflecting a year-on-year growth of 5.03%, while the net profit attributable to shareholders decreased by 4.96% to 250 million yuan [2] Financing and Securities - On November 11, the financing buy-in amount for Yunlu Co., Ltd. was 9.99 million yuan, with a financing balance of 94.37 million yuan, representing 0.68% of the circulating market value [1] - The company’s financing balance is above the 50th percentile level over the past year, indicating a relatively high position [1] - The securities lending data shows a remaining amount of 17,100 shares with a securities lending balance of 1.9588 million yuan, exceeding the 90th percentile level over the past year [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Yunlu Co., Ltd. was 4,484, a decrease of 8.17% from the previous period [2] - The average number of circulating shares per shareholder increased by 8.90% to 26,761 shares [2] - The company has distributed a total of 358 million yuan in dividends since its A-share listing, with 318 million yuan distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Invesco Great Wall New Energy Industry Fund, which increased its holdings by 334,000 shares to 2.6881 million shares [3] - New institutional shareholders include Invesco Great Wall Preferred Mixed Fund and Invesco Great Wall Environmental Advantage Fund, holding 820,900 shares and 807,200 shares respectively [3] - Invesco Great Wall Long-term Leading Mixed Fund has exited the top ten circulating shareholders list [3]

Core Insights - Yunlu Co., Ltd. experienced a slight decline of 0.42% in stock price on November 6, with a trading volume of 168 million yuan [1] - The company reported a financing buy-in of 20.07 million yuan and a net financing buy of 0.38 million yuan on the same day [1][2] - For the first nine months of 2025, Yunlu Co., Ltd. achieved a revenue of 1.458 billion yuan, reflecting a year-on-year growth of 5.03%, while the net profit attributable to shareholders decreased by 4.96% to 250 million yuan [2] Financing and Margin Trading - As of November 6, the total margin trading balance for Yunlu Co., Ltd. was 96.986 million yuan, with a financing balance of 94.488 million yuan, accounting for 0.67% of the circulating market value [1] - The company’s financing balance is above the 50th percentile level over the past year, indicating a relatively high position [1] - On the same day, the company had a short selling balance of 2.098 million yuan, which is above the 90th percentile level over the past year, also indicating a high position [1] Shareholder and Dividend Information - As of September 30, the number of shareholders for Yunlu Co., Ltd. was 4,484, a decrease of 8.17% from the previous period, while the average circulating shares per person increased by 8.90% to 26,761 shares [2] - The company has distributed a total of 358 million yuan in dividends since its A-share listing, with 318 million yuan distributed over the past three years [3] - Notable institutional holdings include Invesco Great Wall New Energy Industry Fund, which increased its holdings by 334,000 shares, and two new institutional shareholders, Invesco Great Wall Preferred Mixed Fund and Invesco Great Wall Environmental Advantage Fund [3]

Core Viewpoint - Yunlu Co., Ltd. experienced a 5.09% increase in stock price, reaching 108.92 CNY per share, with a total market capitalization of 13.07 billion CNY as of November 4 [1]. Company Overview - Qingdao Yunlu Advanced Materials Technology Co., Ltd. was established on December 21, 2015, and went public on November 26, 2021. The company specializes in the design, research and development, production, and sales of advanced magnetic metal materials [1]. - The revenue composition of the company includes: 74.71% from amorphous alloy strips and their products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and their products, and 1.77% from other supplementary products [1]. Fund Holdings - Jin Ying Fund has a significant holding in Yunlu Co., Ltd., with the Jin Ying Yuan An Mixed A Fund (000110) holding 891 shares, accounting for 0.59% of the fund's net value, making it the ninth largest holding [2]. - The Jin Ying Yuan An Mixed A Fund was established on May 20, 2013, with a current scale of 14.09 million CNY. The fund has achieved a year-to-date return of 10.18% and a one-year return of 13.81% [2]. Fund Manager Performance - The fund managers of Jin Ying Yuan An Mixed A Fund are Wang Huaizhen and Yang Xiaobin. Wang has a tenure of 14 years and 341 days, managing assets totaling 7.59 billion CNY, with the best return during his tenure being 30.35% [3]. - Yang has a tenure of 7 years and 218 days, managing assets of 1.33 billion CNY, with the best return during his tenure being 163.99% [3].

Core Viewpoint - Yunlu Co., Ltd. experienced a decline of 5.06% on November 3, with a stock price of 102.52 CNY per share and a total market capitalization of 12.302 billion CNY [1] Company Overview - Qingdao Yunlu Advanced Materials Technology Co., Ltd. was established on December 21, 2015, and went public on November 26, 2021. The company specializes in the design, research and development, production, and sales of advanced magnetic metal materials [1] - The revenue composition of the company includes: 74.71% from amorphous alloy strips and their products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and their products, and 1.77% from other supplementary products [1] Fund Holdings - Jin Ying Fund has one fund heavily invested in Yunlu Co., Ltd. The Jin Ying Yuan An Mixed A Fund (000110) held 891 shares in the third quarter, accounting for 0.59% of the fund's net value, ranking as the ninth largest holding. The estimated floating loss today is approximately 4,864.86 CNY [2] - The Jin Ying Yuan An Mixed A Fund was established on May 20, 2013, with a latest scale of 14.0895 million CNY. Year-to-date returns are 10.12%, ranking 5893 out of 8223 in its category; the one-year return is 13.71%, ranking 5228 out of 8115; and since inception, the return is 107.28% [2] Fund Manager Information - The fund managers of Jin Ying Yuan An Mixed A Fund are Wang Huaizhen and Yang Xiaobin. Wang has a cumulative tenure of 14 years and 340 days, with total fund assets of 7.592 billion CNY, achieving a best return of 30.35% and a worst return of 1.4% during his tenure [3] - Yang has a cumulative tenure of 7 years and 217 days, managing total fund assets of 1.331 billion CNY, with a best return of 163.99% and a worst return of -13.21% during his tenure [3]

Core Viewpoint - Yunlu Co., Ltd. is a leading enterprise in the field of advanced magnetic metal materials in China, with unique technological advantages and a complete industry chain layout [1] Group 1: Business Performance - In Q3 2025, Yunlu achieved operating revenue of 1.458 billion yuan, ranking 10th in the industry, significantly lower than the top competitor, Bowei Alloy, at 15.474 billion yuan [2] - The main business composition includes amorphous alloy strips and products at 1.42 billion yuan (74.71%), nano-crystal products at 305 million yuan (16.07%), and magnetic powders and products at 142 million yuan (7.45%) [2] - The net profit for the same period was 250 million yuan, ranking 3rd in the industry, well above the industry average of 127 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Yunlu's debt-to-asset ratio was 22.26%, an increase from 20.16% year-on-year, but still significantly lower than the industry average of 43.99% [3] - The gross profit margin for the period was 28.52%, down from 30.78% year-on-year, yet still higher than the industry average of 15.62% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.17% to 4,484, while the average number of circulating A-shares held per household increased by 8.90% to 26,800 [5] - Notable changes among the top ten circulating shareholders include an increase in holdings by Invesco Great Wall New Energy Industry Fund and the entry of new shareholders [5] Group 4: Future Outlook - Longjiang Securities reported that Yunlu's operating revenue for the first half of 2025 was 990 million yuan, a year-on-year increase of 8.3%, with a net profit of 170 million yuan, up 1.5% year-on-year [6] - The company achieved a significant milestone by realizing batch production of 300mm wide amorphous strips, which supports applications in high-power distribution transformers and new energy vehicle drive motors [6] - The projected net profit for 2025 is expected to reach 420 million yuan, corresponding to a PE ratio of approximately 31 times [6]

Group 1 - The core viewpoint of the news is that Yunlu Co., Ltd. has seen a significant increase in its stock price, rising by 5.27% to 114.25 CNY per share, with a total market capitalization of 13.71 billion CNY [1] - Yunlu Co., Ltd. specializes in the design, research and development, production, and sales of advanced magnetic metal materials, with its main revenue sources being amorphous alloy strips and products (74.71%), nanocrystalline products (16.07%), magnetic powders and products (7.45%), and others (1.77%) [1] - The company is located in Qingdao, Shandong Province, and was established on December 21, 2015, with its listing date on November 26, 2021 [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Yunlu Co., Ltd., specifically the China Merchants SSE STAR 50 ETF Linked A (023739), which held 80 shares as of the second quarter, making it the third-largest holding [2] - The fund has a current scale of 211 million CNY and has achieved a return of 45.6% since its inception on April 8, 2025 [2] Group 3 - The fund manager of the China Merchants SSE STAR 50 ETF Linked A is Hou Hao, who has been in the position for 8 years and 52 days, managing assets totaling 55.459 billion CNY, with the best fund return during his tenure being 758.66% [3] - Another fund manager, Fang Junyi, has been in the role for 350 days, managing assets of 6.286 billion CNY, with a best return of 62% during his tenure [3]

Group 1 - The core point of the article highlights the recent performance of Yunlu Co., Ltd., which saw a stock price increase of 5.04%, reaching 112.98 CNY per share, with a total market capitalization of 13.558 billion CNY [1] - Yunlu Co., Ltd. specializes in the design, research and development, production, and sales of advanced magnetic metal materials, with its main revenue sources being amorphous alloy thin strips and products (74.71%), nanocrystalline products (16.07%), magnetic powders and products (7.45%), and others (1.77%) [1] - The company was established on December 21, 2015, and went public on November 26, 2021 [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Yunlu Co., Ltd., specifically the China Merchants SSE STAR 50 ETF Linked A (023739), which held 80 shares as of the second quarter, making it the third-largest holding [2] - The fund has a current scale of 211 million CNY and has achieved a return of 37.86% since its inception on April 8, 2025 [2] Group 3 - The fund managers of the China Merchants SSE STAR 50 ETF Linked A are Hou Hao and Fang Jun, with Hou having a tenure of 8 years and 36 days and a total fund asset scale of 55.459 billion CNY, achieving a best return of 758.66% during his tenure [3] - Fang Jun has been in his position for 334 days, managing assets totaling 6.286 billion CNY, with a best return of 55.55% during his tenure [3]

Core Viewpoint - Yunlu Co., Ltd. has shown a mixed performance in terms of stock trading and financial results, with a slight increase in stock price but a net outflow in financing activities [1][2]. Financing Activities - On September 15, Yunlu Co., Ltd. experienced a stock price increase of 2.52%, with a trading volume of 140 million yuan [1]. - The financing buy-in amount for the day was 11.21 million yuan, while the financing repayment was 12.96 million yuan, resulting in a net financing outflow of 1.75 million yuan [1]. - As of September 15, the total financing and securities balance for Yunlu Co., Ltd. was 85.29 million yuan, with the financing balance at 83.45 million yuan, accounting for 0.59% of the circulating market value, which is below the 50th percentile level over the past year [1]. Securities Lending - On the same day, Yunlu Co., Ltd. had a securities lending repayment of 400 shares and a securities lending sell-out of 400 shares, with a sell-out amount of 47,100 yuan based on the closing price [1]. - The remaining securities lending volume was 15,600 shares, with a securities lending balance of 1.84 million yuan, which is above the 90th percentile level over the past year, indicating a high level of securities lending [1]. Company Overview - Yunlu Co., Ltd. is located in Jimo City, Qingdao, Shandong Province, and was established on December 21, 2015, with its listing date on November 26, 2021 [1]. - The company's main business involves the design, research and development, production, and sales of advanced magnetic metal materials [1]. - The revenue composition of the main business includes 74.71% from amorphous alloy thin strips and their products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and their products, and 1.77% from other supplementary products [1]. Financial Performance - As of June 30, the number of shareholders for Yunlu Co., Ltd. was 4,883, a decrease of 12.66% from the previous period, while the average circulating shares per person increased by 14.50% to 24,575 shares [2]. - For the first half of 2025, Yunlu Co., Ltd. achieved an operating income of 986 million yuan, representing a year-on-year growth of 8.28%, and a net profit attributable to the parent company of 169 million yuan, with a year-on-year increase of 1.51% [2]. Dividend Distribution - Since its A-share listing, Yunlu Co., Ltd. has distributed a total of 322 million yuan in dividends, with 282 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Yunlu Co., Ltd., Invesco Great Wall New Energy Industry Stock A (011328) ranked as the sixth largest shareholder, holding 2.3541 million shares, an increase of 442,300 shares from the previous period [3]. - Invesco Great Wall Long-term Growth Mixed A (011058) ranked as the tenth largest circulating shareholder, holding 878,300 shares, marking its entry as a new shareholder [3].

Group 1 - The core viewpoint of the news is that Yunlu Co., Ltd. has seen a stock price increase of 5.11%, reaching 116.66 CNY per share, with a total market capitalization of 13.999 billion CNY [1] - Yunlu Co., Ltd. specializes in the design, research and development, production, and sales of advanced magnetic metal materials, with its main business revenue composition being: 74.71% from amorphous alloy thin strips and products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and products, and 1.77% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Yunlu Co., Ltd., specifically the China Merchants SSE STAR 50 ETF Linked A (023739), which held 80 shares as of the second quarter, making it the third-largest holding [2] - The China Merchants SSE STAR 50 ETF Linked A (023739) has a total scale of 211 million CNY and has achieved a return of 33.88% since its inception on April 8, 2025 [2]