Core Insights - The company reported a revenue of 729 million yuan for Q3 2025, representing a year-on-year growth of 28.98% [1] - The net profit for Q3 2025 was 22.8835 million yuan, showing a significant year-on-year increase of 215.97% [1] - For the first three quarters of 2025, the net profit reached 49.8379 million yuan, which is a year-on-year growth of 5.43% [1] Financial Performance - Q3 2025 revenue: 729 million yuan, up 28.98% year-on-year [1] - Q3 2025 net profit: 22.8835 million yuan, up 215.97% year-on-year [1] - Net profit for the first three quarters of 2025: 49.8379 million yuan, up 5.43% year-on-year [1]

证券代码：603728 证券简称：鸣志电器 公告编号：2025-043 上海鸣志电器股份有限公司 关于召开 2025 年第三季度网上业绩说明会的公告 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个别及连带责任。 重要内容提示： 上海鸣志电器股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召 开了公司第五届董事会第七次会议，审议通过了公司《关于审议<鸣志电器 2025 年第三季度报告>的议案》，并于同期披露了《上海鸣志电器股份有限公司 2025 年第三季度报告》。为便于广大投资者更加全面、深入地了解公司的经营情况、 财务状况，公司拟于 2025 年 11 月 4 日（星期二）上午 10:00—11:00 召开 2025 年第三季度网上业绩说明会，就投资者普遍关心的事项与广大投资者进行充分交 流。 一、 说明会类型 本次投资者说明会以网络互动方式召开，公司将针对 2025 年前三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时 ...

一、 审议通过《关于审议<鸣志电器 2025 年第三季度报告>的议案》 上海鸣志电器股份有限公司 公司董事会认为：公司《2025 年第三季度报告》的内容真实、准确、完整 地反映了公司本报告期内的经营管理和财务运营的实际情况，不存在任何虚假记 载、误导性陈述或者重大遗漏。 具体内容详见公司同日于指定信息披露媒体披露的《上海鸣志电器股份有限 公司 2025 年第三季度报告》 本议案已经公司董事会审计委员会审议通过。 第五届董事会第七次会议决议公告 证券代码：603728 证券简称：鸣志电器 公告编号：2025-041 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个别及连带责任。 上海鸣志电器股份有限公司（以下简称"公司"）第五届董事会第七次会议 于 2025 年 10 月 28 日以通讯和现场表决相结合的方式召开，会议通知于 2025 年 10 月 23 日以电子邮件方式向全体董事发出。会议应出席董事 9 名，实际出席 董事 9 名。会议由董事长常建鸣先生主持。会议的召开符合《中华人民共和国公 司法》等法律、行政法规、规范性文件及《上海鸣 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥728,541,848.32, representing a year-on-year increase of 28.98%[5] - Net profit attributable to shareholders for the same period was ¥22,883,468.77, a significant increase of 215.97% compared to the previous year[5] - The net profit after deducting non-recurring gains and losses was ¥20,719,141.94, reflecting a growth of 260.10% year-on-year[5] - Basic earnings per share for Q3 2025 were ¥0.0547, up 216.18% from the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥2,043,116,926.99, an increase of 11.7% compared to ¥1,829,804,833.94 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥50,455,426.93, compared to ¥47,964,744.66 in 2024, representing an increase of 3.1%[20] - The company reported a basic earnings per share of ¥0.1190 for the first three quarters of 2025, compared to ¥0.1129 in 2024, indicating an increase of 2.0%[20] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,422,449,631.86, an increase of 8.44% from the end of the previous year[5] - The company's current assets totaled RMB 2,384,067,279.00, up from RMB 2,218,259,550.84, indicating an increase of about 7.48%[15] - The company's total liabilities were RMB 1,301,329,360.70, compared to RMB 1,054,204,676.09, reflecting an increase of around 23.42%[16] - The total liabilities as of the reporting date amounted to ¥1,447,810,193.90, an increase of 25.2% from ¥1,156,442,968.02 in the previous year[17] - The total equity attributable to shareholders of the parent company was ¥2,964,445,562.11, up from ¥2,913,071,675.37, marking a growth of 1.8%[17] Cash Flow - The company reported a net cash flow from operating activities of ¥111,367,991.63 for the year-to-date, which decreased by 31.81% compared to the previous year[5] - The net cash flow from operating activities for the first three quarters of 2025 was ¥111,367,991.63, a decrease of 31.8% from ¥163,327,877.79 in 2024[23] - The company generated cash inflows from operating activities totaling ¥2,057,258,086.47, compared to ¥1,963,890,798.83 in the previous year, an increase of 4.8%[23] - The company's cash flow from financing activities generated a net cash inflow of ¥83,535,048.89, compared to ¥155,980,445.67 in the previous period[24] - The company reported a net cash flow from investment activities of CNY 58,716,053.88 in 2025, compared to a negative cash flow of CNY -5,271,324.98 in 2024[32] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 63,339[10] - There were no significant changes in the shareholder structure or any related party transactions reported during the period[12] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥192,661,509.03, compared to ¥180,503,680.38 in 2024, reflecting an increase of 6.7%[19] - Research and development expenses for the first three quarters of 2025 were ¥7,703,590.00, slightly higher than ¥7,210,068.65 in the same period of 2024[29] Government Subsidies - The company recognized government subsidies amounting to ¥2,735,126.96 during the reporting period, contributing positively to the financial results[8] Inventory and Receivables - Accounts receivable increased to RMB 588,242,458.28 from RMB 544,183,364.39, marking a rise of about 8.09%[15] - Inventory levels rose to RMB 611,659,299.30, up from RMB 572,219,131.25, which is an increase of approximately 6.89%[15]

Core Insights - The company reported a third-quarter revenue of 729 million yuan, representing a year-on-year increase of 28.98% [1] - The net profit for the third quarter was 22.88 million yuan, showing a significant year-on-year growth of 215.97% [1] - For the first three quarters, the total revenue reached 2.043 billion yuan, which is an 11.66% increase compared to the same period last year [1] - The net profit for the first three quarters amounted to 49.84 million yuan, reflecting a year-on-year growth of 5.43% [1]

Core Viewpoint - Mingzhi Electric has shown a significant stock price increase of 35.02% year-to-date, indicating strong market performance and investor interest [2]. Company Overview - Mingzhi Electric, established on July 7, 1998, and listed on May 9, 2017, is located in Shanghai and focuses on the development and operation of core technologies and system-level solutions in the fields of motion control and intelligent power [2]. - The company's main business revenue composition includes: 83.60% from control motors and their drive systems, 8.39% from trade products, 6.90% from power and lighting system control, 1.07% from equipment status management systems, and 0.03% from other sources [2]. Stock Performance - As of October 28, the stock price of Mingzhi Electric rose by 2.07% to 72.88 CNY per share, with a trading volume of 6.03 billion CNY and a total market capitalization of 30.528 billion CNY [1]. - The stock has experienced a 4.61% increase over the last five trading days, a 0.83% decrease over the last 20 days, and a 21.22% increase over the last 60 days [2]. Financial Performance - For the first half of 2025, Mingzhi Electric reported a revenue of 1.315 billion CNY, reflecting a year-on-year growth of 3.92%, while the net profit attributable to shareholders decreased by 32.66% to 26.9545 million CNY [2]. - The company has distributed a total of 170 million CNY in dividends since its A-share listing, with 56.2602 million CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 18.97% to 54,600, with an average of 7,678 circulating shares per person, a decrease of 15.94% [2]. - Notable shareholders include Hong Kong Central Clearing Limited and various ETFs, with changes in their holdings indicating shifts in institutional interest [3].

Group 1 - The core focus of several fund managers in Q3 has been on PCB leading stocks, particularly East Mountain Precision, with notable increases in holdings by prominent funds [2][3] - The fund "Yongying Technology Smart Select" has shown significant performance, with a year-to-date return exceeding 200%, and has heavily invested in the PCB sector and optical module leaders [3][5] - Fund managers have expressed confidence in the A-share market, highlighting the potential for further asset allocation towards equity due to favorable domestic fiscal and monetary policies [10][11] Group 2 - Fund managers have adjusted their portfolios, with some reducing holdings in optical module leaders while increasing investments in the robotics industry [6][7] - The "Yongying Technology Smart Select" fund has seen its net asset value growth rate approach 100%, leading to a substantial increase in fund size from 11.66 billion to 115.21 billion [12] - There is a growing interest in Hong Kong stocks, with funds increasing their positions in companies like Alibaba and various biotech firms, reflecting a dual focus on technology and recovery sectors [9]

Core Insights - The report emphasizes the importance of modernizing industry governance to achieve new industrialization during the "14th Five-Year Plan" period [5] - The report highlights significant growth in Shanghai's leading industries, with a GDP growth contribution from the artificial intelligence manufacturing sector reaching 12.8% year-on-year [5] Industry Dynamics - AI glasses shipments have surged, indicating a potentially hot market, with related stocks including Lingyi Technology (002600) and GoerTek (002241) [6] - Wind power-related equipment has seen explosive growth due to policy support and performance realization, with relevant stocks such as Daikin Heavy Industries (002487) and Shuangyi Technology (300690) [6] - Leju Robotics has completed a 1.5 billion yuan Pre-IPO financing round, with an IPO plan in progress, related stocks include Green Harmony (688017) and Mingzhi Electric (603728) [6] Company Focus - Baili Tianheng (688506) received clinical trial approval for its injectable BL-M24D1 (ADC) for treating hematologic malignancies and advanced solid tumors [7] - Keda Technology (002518) is developing several AIDC-related products, including solid-state transformers, as a new power electronics technology solution [7] - Zhaojin Gold (000506) reported a revenue of 340 million yuan for the first three quarters, a year-on-year increase of 119.51%, with a net profit of 82.16 million yuan, up 191.20% [7] - Tonghuashun (300033) experienced a 145% year-on-year increase in net profit in the third quarter, driven by demand for financial information services and increased R&D investment in AI [7] Market Overview - The market failed to maintain the previous day's rebound, with the Shanghai Composite Index closing down 0.07% at 3913 points, and trading volume in the Shanghai and Shenzhen markets decreased by 206 billion yuan compared to the previous trading day [8] - Sectors such as mining, wind power, real estate, engineering machinery, and oil saw gains, while the precious metals sector declined significantly due to a drop in international gold prices [8] - Overall, the market's performance during the adjustment period was stronger than expected, with trading volume gradually shrinking below 2 trillion yuan, indicating a strong wait-and-see atmosphere [8]

Market Overview - The electric motor sector increased by 0.75% compared to the previous trading day, with Dayang Electric leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Dayang Electric (002249) closed at 11.48, rising by 2.96% with a trading volume of 2.67 million shares and a transaction value of 3.037 billion [1] - Other notable performers include: - Kaizhong Precision (002823) at 16.74, up 2.07% [1] - Bafang Electric (603489) at 24.88, up 1.97% [1] - Huayang Intelligent (301502) at 47.77, up 1.90% [1] - Kangping Technology (300907) at 33.04, up 1.63% [1] Fund Flow Analysis - The electric motor sector experienced a net outflow of 252 million from institutional investors, while retail investors saw a net inflow of 103 million [2] - Notable stock fund flows include: - Jiangte Electric (002176) with a net inflow of 26.04 million from institutional investors [3] - Huayi Shares (300626) with a net inflow of 24.04 million from institutional investors [3] - Zhaowei Electromechanical (003021) with a net inflow of 13.15 million from institutional investors [3]

Core Points - The electric motor sector experienced a significant decline of 4.43% on the trading day, with Zhaowei Electric leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Electric Motor Sector Performance - Major stocks in the electric motor sector showed mixed results, with some stocks like Dayang Electric and Kaizhong Precision seeing slight gains, while others like Zhaowei Electric and Mingzhi Electric faced substantial losses [2] - Zhaowei Electric's stock price fell by 7.71% to 116.67, with a trading volume of 109,100 shares and a transaction value of 1.319 billion [2] - The overall net outflow of funds from the electric motor sector was 1.369 billion, while retail investors saw a net inflow of 1.184 billion [2][3] Fund Flow Analysis - The main funds showed a net inflow in stocks like Dayang Electric, while other stocks like Shenli Co. and Bafang Co. experienced net outflows from main funds [3] - Retail investors contributed positively to several stocks, indicating a potential interest in the sector despite the overall decline [3]