营收端，25 年前三季度实现营收 14.58 亿元，yoy+5.03%，Q3 单季度实现 4.72 亿元，yoy-1.2%，环比-16.4%。盈利端，公司 25Q3 毛利率 26.84%，同 环比-4.96/-2.01pct；期间费用率 10.4%，环比+1.0pct，主要系研发费用率 上升；最终录得净利率 17.01%，同环比-3.06/+0.97pct。全球电气化进程带 动软磁材料市场需求扩大、行业景气度不断攀升，但向好态势也吸引众多 参与者入局，导致行业市场竞争日趋激烈，公司依托产能释放实现营收增 长，但因竞争加剧下毛利率下降，导致利润增幅低于收入增幅。 非晶电机打开成长空间，纳米晶&磁粉培育新增长极 非晶板块：非晶变压器较硅钢变压器空载节能 60%-80%，替代空间广阔。 公司国际化战略成效显著，非晶产品已远销印度、韩国等 30 余个国家，非 晶合金产品境外销量和规模快速增长。在工业、建筑、轨道交通、数据中 心等领域，公司实现非晶规模化应用突破，非晶干式变压器市场销售量同 比+50%以上。新应用领域方面，广汽昊铂 HL 搭载非晶电机，据非晶中国 大数据中心显示，这是全球第一款量产上路的非晶驱动电机，有 ...

Core Insights - The report on the high-quality development index of small and medium-sized cities in China for 2025 highlights the significant achievements of Xinzheng, which ranks 35th among the top 100 counties and cities nationwide, maintaining its position as the top county in the province for 15 consecutive years [1][2] Group 1: Economic Development - Xinzheng's comprehensive strength is attributed to various dimensions beyond economic indicators, including innovation, ecological environment, urban-rural development, and social harmony [1] - The city has established a "1136" work layout, aiming to integrate into the Greater Zhengzhou area and achieve a top 30 ranking nationally, with a projected GDP of 95.36 billion yuan for 2024, positioning itself as a "thousand billion county" [1][3] Group 2: Investment Attraction - Xinzheng focuses on attracting significant investments as a key strategy for economic growth, emphasizing the need to draw in more social capital [3][4] - The city has implemented various targeted investment strategies, including specialized carrier investment and industry ecosystem development, to enhance its economic capabilities [3][4] Group 3: Industrial Development - Xinzheng is reshaping its industrial structure with a focus on modern food, equipment manufacturing, and biomedicine, fostering new productive forces and creating industrial clusters [12][16] - The automotive parts industry is rapidly developing in Xinzheng, with local companies supplying major automotive manufacturers, showcasing the city's industrial capabilities [13][14][15] Group 4: Business Environment - The city is committed to optimizing its business environment, making it more conducive for enterprises to thrive, which is reflected in the positive feedback from both local and national investors [20][21] - Xinzheng has established various initiatives to support businesses, including the creation of an enterprise service center and innovative service programs to facilitate smoother operations for companies [22][23]