Investment Rating - The report maintains a "Strong Buy" rating for Xiamen Xiangyu (600057) [1] Core Views - The company has shown a significant performance turnaround with a year-on-year increase of 443.17% in Q3 2025 and an 83.57% increase in the first three quarters of 2025, indicating a strong upward trend in performance [1][6] - Key highlights contributing to this performance include the consolidation of supply chain advantages in core products, a reduction in impairment losses through risk management measures, and an increase in the scale of bill settlements, which has improved financial efficiency [6] - The company has also seen a substantial improvement in cash flow, with net cash flow from operating activities reaching 71.24 billion yuan, a year-on-year increase of 1282.30% [6] Financial Summary - Total revenue for 2025 is projected at 406.71 billion yuan, with a year-on-year growth rate of 10.9% [2] - Net profit attributable to shareholders is expected to reach 2.06 billion yuan in 2025, reflecting a growth rate of 45.2% [2] - Earnings per share (EPS) is forecasted to be 0.59 yuan for 2025, with a price-to-earnings (P/E) ratio of 14 [2] - The company’s total market capitalization is approximately 225.54 billion yuan, with a circulating market value of 166.15 billion yuan [3] Performance Metrics - In Q3 2025, the company achieved a revenue of 1,129.16 billion yuan, up 19.85% year-on-year, and a net profit of 6.01 billion yuan, up 443.17% year-on-year [6] - The gross profit margin for Q3 2025 was 2.29%, an increase of 0.38 percentage points year-on-year, while the expense ratio decreased to 1.06% [6] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 284 million yuan, which is 22.47% of the net profit for the first three quarters of 2025 [6] Investment Recommendations - Based on the upward trend in profitability, the report suggests a target price of 9.85 yuan for 2026, representing a potential upside of approximately 24% from the current price of 7.94 yuan [2][6] - The report anticipates continued strong growth in 2026 and 2027, with projected net profits of 2.33 billion yuan and 2.77 billion yuan, respectively [2][6]

Investment Rating - The investment rating for Xiamen Xiangyu (600057) is "Accumulate" [1] Core Views - The report highlights that Xiamen Xiangyu has shown a significant recovery in profitability, with a net profit increase of 83.6% year-on-year for the first three quarters of 2025, reaching 1.633 billion yuan [2] - The company has improved its gross margin to 2.29%, benefiting from better margins in aluminum and agricultural products, while also reducing financial expenses [2] - Risk management has been optimized, with a notable decrease in impairment losses, indicating enhanced risk control measures [2] - The company is expected to maintain steady growth in net profit, with projections of 2.120 billion yuan, 2.462 billion yuan, and 2.762 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 49.4%, 16.1%, and 12.2% [2][3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 316.9 billion yuan, a year-on-year increase of 6.4% [2] - The quarterly revenue for Q1, Q2, and Q3 was 97.1 billion yuan, 106.8 billion yuan, and 112.9 billion yuan, with respective year-on-year changes of -7.11%, +7.99%, and +19.85% [2] - The net profit for Q1, Q2, and Q3 was 5.09 billion yuan, 5.23 billion yuan, and 6.01 billion yuan, with year-on-year changes of +24.88%, +40.83%, and +443.17% [2] Profitability Metrics - The gross margin for Q3 2025 was reported at 2.29%, an increase of 0.38 percentage points year-on-year [2] - The financial expense ratio decreased to 0.27%, reflecting a reduction in debt repayment [2] Future Projections - The company is projected to achieve net profits of 21.20 billion yuan in 2025, 24.62 billion yuan in 2026, and 27.62 billion yuan in 2027, with corresponding earnings per share of 0.75 yuan, 0.87 yuan, and 0.97 yuan [2][3] - The price-to-earnings ratio is expected to be 10.64, 9.16, and 8.17 for the years 2025, 2026, and 2027 respectively [3]

Core Viewpoint - Xiamen Xiangyu (600057.SH) reported a revenue of 316.865 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 6.44% [1] - The net profit attributable to shareholders reached 1.633 billion yuan, marking a significant year-on-year increase of 83.57% [1] - The company proposed a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders [1] Financial Performance - Total revenue for the first three quarters: 316.865 billion yuan, up 6.44% year-on-year [1] - Net profit attributable to shareholders: 1.633 billion yuan, up 83.57% year-on-year [1] - Basic earnings per share: 0.49 yuan [1] Dividend Announcement - Proposed cash dividend: 1 yuan per 10 shares (including tax) [1]

Core Insights - Xiamen Xiangyu reported a revenue of 11,291.65 million yuan for Q3 2025, representing a year-on-year growth of 19.85% [1] - The net profit attributable to shareholders reached 601.25 million yuan, showing a significant increase of 443.17% compared to the previous year [1] Financial Performance - Revenue for Q3 2025: 11,291.65 million yuan, up 19.85% year-on-year [1] - Net profit for Q3 2025: 601.25 million yuan, up 443.17% year-on-year [1]

Major Events - Shanghai Zhiyuan Hengyue Technology completed the tender offer for Shangwei New Materials, acquiring 58.6232% of the shares, with trading resuming on October 30, 2025 [4] - Peking University Pharmaceutical's chairman and president Xu Xiren has been detained for criminal investigation, but the company's control and operations remain normal [5] - China Unicom's chairman Chen Zhongyue resigned due to work adjustments, effective October 29, 2025 [6][7] - CITIC Financial Assets increased its stake in Hangyang Co., Ltd. to 5% through a block trade, reflecting confidence in the company's future [8] - Haoshi Electromechanical's subsidiary plans to invest 232 million yuan in a high-end equipment intelligent manufacturing project [9] - Zhejiang Xiantong's second shareholder Li Qifu plans to invest 130 million yuan in Qiteng Robotics to enhance production capacity [10] - Qianjiang Biochemical's subsidiary has completed a project for bio-pesticide production, with an annual capacity of 3,261 tons [11] - Dongni Electronics will face risk warnings and a one-day suspension due to an administrative penalty [12] - Jindao Technology signed a strategic cooperation agreement with Hangcha Group to develop robotic joint modules [14] Performance Overview - Kweichow Moutai reported Q3 net profit of 19.224 billion yuan, a 0.48% increase year-on-year, with total revenue of 39.064 billion yuan [15] - Huibai New Materials achieved a Q3 net profit of 27.1307 million yuan, a 3066.26% increase year-on-year, with revenue growth of 49.59% [16] - Zangzi Island reported a Q3 net loss of 42.5226 million yuan, with revenue down 19.92% [17] - OFILM reported a Q3 net profit of 40.8235 million yuan, a 411.91% increase year-on-year, with revenue growth of 21.15% [18] - China Rare Earth's Q3 net profit was 30.4752 million yuan, down 26.43% year-on-year, with revenue declining 22.4% [19] - Tianqi Lithium reported a Q3 net profit of 95.4855 million yuan, turning a profit after previous losses [20] - New Yisheng's Q3 net profit was 2.385 billion yuan, a 205.38% increase year-on-year, driven by AI-related sales growth [21] - Industrial Fulian's Q3 net profit increased by 49% year-on-year [22] - CICC's Q3 net profit grew by 130% year-on-year [23] - Tianpu Co., Ltd. reported a Q3 net profit increase of 33% [24] - BlueFocus reported a Q3 net profit of 99.2389 million yuan, a 265.47% increase year-on-year [25] - Ningshui Group's Q3 net profit was 21.7388 million yuan, a 347.57% increase year-on-year [26] - Shoukai Co. reported a Q3 net loss of 3.105 billion yuan [27] - Xiamen Xiangyu's Q3 net profit was 601 million yuan, a 443.17% increase year-on-year [29] - Huaneng Intelligent reported a Q3 net loss of 53.8408 million yuan, a significant decline [30] - Zhongjin Gold's Q3 net profit increased by 39.18% year-on-year [31] - Shandong Gold's Q3 net profit increased by 92% year-on-year [32] - Yahua Group's Q3 net profit was 198 million yuan, a 278.06% increase year-on-year [33] - Western Gold's Q3 net profit increased by 168% year-on-year [34] - Laobai Gan Liquor reported a 28% decline in net profit for the first three quarters [35] - Kaiying Network's Q3 net profit was 633 million yuan, a 34.51% increase year-on-year [36] - Tongchen Beijian reported a Q3 net profit of 171 million yuan, turning a profit from previous losses [37] - Nanshan Holdings' Q3 net profit increased by 203.51% year-on-year [38] - China Merchants Bank's Q3 net profit was 38.842 billion yuan, a 1.04% increase year-on-year [39] - Huahong Technology's Q3 net profit increased by 7111% year-on-year [40] - Fangda Special Steel's Q3 net profit increased by 1368.1% year-on-year [41] Shareholding Changes - WuXi AppTec's controlling shareholder plans to reduce its stake by up to 2% [43] - Hecai Technology's major shareholder Bosch China plans to reduce its stake by up to 3% [44] Major Contracts - China Electric Power Construction signed a contract worth 6.568 billion yuan for a hospital project in Peru [45] - Lanshi Heavy Industry signed a significant contract in the nuclear energy sector worth 581 million yuan [46] - Guoke Military Industry's subsidiary signed a major sales contract worth 466 million yuan [48]

Core Viewpoint - Xiamen Xiangyu announced a significant increase in both revenue and net profit for the third quarter of 2025, indicating strong financial performance and growth potential in the market [1] Financial Performance - The company achieved an operating revenue of 112.916 billion yuan, representing a year-on-year growth of 19.85% [1] - The net profit attributable to shareholders reached 600 million yuan, showing a remarkable year-on-year increase of 443.17% [1] - Basic earnings per share were reported at 0.18 yuan [1]

Report for Third Quarter of 2025 Xiangyu I. Key financial data (1) Key accounting data and financial indicators | | Item | | Current | reporting period | Changes YoY basis | on a (%) | From year to | beginning the end | of the of | Changes | on a (%) | YoY basis | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | reporting | period | | | | | | Operating | revenue | | | 112,916.46 | | 19.85 | | | 316,864.72 | | | 6.44 | | Total | profit | | | 1,043.51 | | 239.01 ...

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2025-087 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | 厦门象屿股份有限公司 第九届监事会第二十五次会议决议公告 本公司监事会及全体监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法律责任。 一、监事会会议召开情况 厦门象屿股份有限公司（以下简称"公司"）第九届监事会第二十五次会议 于 2025 年 10 月 24 日通过电子邮件的方式发出会议通知，于 2025 年 10 月 29 日以通讯方式召开。会议应到监事三名，实到三名。本次会议的召开符合有关法 律法规及《公司章程》的规定。 ...

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2025-086 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | 表决结果为：9 票同意，0 票反对，0 票弃权。 公司《2025 年第三季度报告》详见上海证券交易所网站。 厦门象屿股份有限公司 第九届董事会第三十七次会议决议公告 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法律责任。 一、董事会会议召开情况 厦门象屿股份有限公司（以下简称"公司"）第九届董事会第三十七次会议 于 2025 年 10 月 24 日通过电子邮件的方式发出会议通知，于 2025 年 10 月 ...

厦门象屿股份有限公司 关于 2025 年中期利润分配方案的公告 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法律责任。 | 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2025-088 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。如在实施权益分派的股权登记日前公司总股本 发生变动，公司拟维持每股分配金额不变，库存股不派发现金红利，相应调整分 配总额，剩余未分配利润结转至下一年度。 一、2025 年中期利润分配方案内容 公 ...