每经AI快讯，有投资者在投资者互动平台提问：祝贺公司碳纤维项目投产！目前公司生产技术水平在 该级别中是否属于先进或领先？生产出的产品有无意向订单或有实质销售？ （记者 王晓波） 华阳股份（600348.SH）12月16日在投资者互动平台表示，公司投资的碳纤维项目已实现T1000级高性 能碳纤维的稳定生产，该项技术目前处于国内领先水平，目前公司正与客户接洽，推动产品市场化应 用。 ...

以一束 1 米长的 T1000 级碳纤维为例， 0.5 克重可承载 200 公斤载荷。华阳集团 供图 T1000 级碳纤维项目在山西大同量产。华阳集团 供图 据介绍，华阳碳材T1000级碳纤维集高强度、轻量化、耐高低温、耐腐蚀、耐摩擦、导热导电性良 好等核心优势于一体，被广泛应用于国防军工、航空航天、轨道交通、低空经济等领域。 山西省政府副秘书长曹荣湘说，该项目不仅实现了高性能碳纤维核心技术的突破，更填补了该省产 业空白，"希望华阳集团打造国内领先的高性能碳纤维产业基地，吸引上下游配套企业向山西不断集 成，推动形成'研发——生产——应用'的全产业链。" 11月30日，T1000级碳纤维项目在山西省大同市云冈区竣工投产，成功实现12K小丝束T1000级碳纤 维国产化量产 ，这标志着国产高性能碳纤维规模化量产实现关键性突破。 中国科学院山西煤化所所长房倚天评价，该项目打破国外技术垄断，为提升国家关键材料供应链的 安全性和韧性提供保障。 作为航空航天、新能源汽车、高端装备等产业的关键基础材料，高性能碳纤维是世界各国发展高新 技术、国防尖端技术和改造传统产业的"血脉"和先导，是中国战略性新兴产业中主要的发展方向之一， ...

Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with revenue at 16.956 billion yuan, down 8.85% year-on-year, and net profit at 1.124 billion yuan, down 38.20% year-on-year [1][2] Financial Performance - For Q3 2025, the company achieved revenue of 5.716 billion yuan, a decrease of 10.72% year-on-year, and a net profit of 342 million yuan, down 34.33% year-on-year [2] - The net cash flow from operating activities was 715 million yuan, down 61.62% year-on-year, with basic earnings per share at 0.31 yuan, a decline of 38% [1] Coal Production and Sales - In the first three quarters of 2025, the company produced 31.15 million tons of raw coal, an increase of 8.38% year-on-year, and sold 30.80 million tons of commercial coal, up 15.87% year-on-year [3] - For Q3 2025, raw coal production was 10.39 million tons, up 3.05% year-on-year but down 4.01% quarter-on-quarter, while commercial coal sales reached 11.52 million tons, up 21.5% year-on-year and 9.44% quarter-on-quarter [3] Pricing and Cost Analysis - The average selling price of coal for the first three quarters was 445 yuan per ton, down 20.28% year-on-year, with unit sales costs at 288 yuan per ton, down 15.81% [3] - In Q3 2025, the average selling price was 431 yuan per ton, down 21.55% year-on-year but up 2.98% quarter-on-quarter, while unit sales costs were 285 yuan per ton, down 10.73% year-on-year and down 0.51% quarter-on-quarter [3] Growth Potential - The company is expected to enhance its production capacity to over 45 million tons per year with the commissioning of the Qiyuan and Bolin mines, indicating strong internal growth momentum [4] - The company secured exploration rights in the Yujiazhuang block, adding 630 million tons of resource reserves, with a planned construction scale of 5 million tons per year, laying a solid foundation for long-term development [4] New Energy and Materials Business - The company is advancing its sodium-ion battery and carbon fiber projects, with commercial deployment of sodium-ion emergency power systems and completion of equipment installation for the carbon fiber project [4] Profit Forecast - The company is projected to achieve net profits of 1.623 billion yuan, 1.784 billion yuan, and 2.068 billion yuan for 2025-2027, with EPS estimates of 0.45, 0.49, and 0.57 yuan per share respectively, indicating a positive outlook for profitability driven by production growth [5]