（记者 王晓波） 每经头条（nbdtoutiao）——展望"十五五"|专访贺铿：必须改变以往将资金过度集中于房屋建设和基础 设施建设的倾向，更加突出民生领域投入 每经AI快讯，大连重工10月21日晚间发布公告称，公司第六届第二十五次董事会会议于2025年10月21 日以通讯表决方式召开。会议审议了《2025年第三季度报告》等文件。 ...

大连重工公告，第三季度营收为35.26亿元，同比增长11.95%；净利润为1.78亿元，同比增长46.83%。 前三季度营收为109.79亿元，同比增长8.11%；净利润为4.9亿元，同比增长23.97%。 ...

Core Viewpoint - Dalian Heavy Industry reported strong financial performance in Q3, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - Q3 revenue reached 3.526 billion yuan, an increase of 11.95% year-on-year [1] - Q3 net profit was 178 million yuan, reflecting a growth of 46.83% compared to the same period last year [1] - Revenue for the first three quarters totaled 10.979 billion yuan, up 8.11% year-on-year [1] - Net profit for the first three quarters amounted to 490 million yuan, representing a year-on-year increase of 23.97% [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥3,526,250,650.11, representing an increase of 11.95% compared to ¥3,149,714,599.48 in the same period last year[4] - Net profit attributable to shareholders was ¥177,586,552.65, a significant increase of 46.83% from ¥120,949,472.34 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥109,580,913.94, up 124.36% from ¥48,841,239.86 in the previous year[4] - Basic earnings per share increased by 47.23% to ¥0.0929 from ¥0.0631 in the same period last year[5] - Operating profit rose by 30.21% to ¥566,049,111.78, driven by an increase in operating revenue[12] - The net profit for the current period is 489,769,271.34 CNY, an increase from 395,077,061.12 CNY in the previous period, representing a growth of approximately 23.9%[28] - The total comprehensive income for the current period is 493,681,855.23 CNY, compared to 397,851,821.34 CNY in the previous period, indicating an increase of about 24.1%[29] - The basic and diluted earnings per share for the current period are both 0.2561 CNY, up from 0.2060 CNY in the previous period, reflecting a rise of approximately 24.3%[29] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥26,675,700,852.22, reflecting a 1.33% increase from ¥26,326,228,649.29 at the end of the previous year[5] - Total assets as of September 30, 2025, were ¥26,675,700,852.22, up from ¥26,326,228,649.29, indicating a growth of 1.3%[24] - Total liabilities decreased slightly to ¥18,929,692,876.36 from ¥18,997,372,014.39, a reduction of 0.4%[25] - The company's total equity increased to ¥7,746,007,975.86 from ¥7,328,856,634.90, reflecting a growth of 5.7%[26] Cash Flow - Cash flow from operating activities showed a significant decline, with a net outflow of ¥90,971,572, compared to a net inflow of ¥126,818,584 in the same period last year, marking a decrease of 171.73%[4] - Net cash flow from operating activities decreased by 171.73% to -¥90,971,572.41, primarily due to increased production inputs[12] - Cash inflows from operating activities totaled 10,022,104,816.22 CNY, compared to 8,697,436,313.80 CNY in the previous period, marking an increase of about 15.2%[30] - The net cash flow from operating activities is -90,971,572.41 CNY, a decrease from 126,818,584.74 CNY in the previous period, indicating a decline of approximately 171.7%[30] - Cash inflows from investing activities amounted to 2,529,793,685.62 CNY, compared to 2,189,761,002.66 CNY in the previous period, representing an increase of about 15.6%[30] - The net cash flow from investing activities is 941,734,884.31 CNY, a significant improvement from -619,460,874.97 CNY in the previous period[30] - The ending cash and cash equivalents balance is 2,505,319,888.72 CNY, up from 1,483,195,954.73 CNY in the previous period, reflecting an increase of about 68.8%[31] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 91,257[15] - The largest shareholder, Dalian Heavy Industry Equipment Group Co., Ltd., holds 55.43% of shares, totaling 1,070,526,955 shares[15] - The company’s major shareholder, Dalian Heavy Industry Equipment Group Co., Ltd., holds 1,070,526,955 shares, representing a significant portion of the company's equity[16] - The top ten shareholders include various institutional and individual investors, with the largest institutional shareholder being Hong Kong Central Clearing Limited, holding 48,543,795 shares[16] - The company’s repurchased shares account for approximately 0.9999948% of the total share capital, ranking third among all shareholders[16] - The company has not disclosed any related party relationships among the top ten shareholders[16] Investment and Projects - The company plans to continue investing in new projects, including the large-scale wind power gearbox development, which has seen increased investment this period[11] - The company plans to publicly transfer the Dazhong Hotel asset with a starting price of RMB 60.3495 million, based on the asset evaluation value[17] - If the initial listing does not succeed, the company will reduce the price by 10% for a second listing, setting the new starting price at RMB 54.31455 million[18] - The Dazhong Hotel asset was successfully transferred to a consortium led by Dalian Medical University for RMB 54.31455 million, with the transaction completed on September 10, 2025[18] - The company received a total of RMB 54.70204339 million, including interest of RMB 387,493.39, from the asset transfer[18] Expenses and Costs - Total operating costs amounted to ¥10,453,666,045.06, up from ¥9,830,860,151.60, reflecting a year-over-year increase of 6.3%[27] - Research and development expenses increased to ¥710,036,803.77, compared to ¥651,165,295.54 in the previous period, indicating a growth of 9.0%[27] - The company recorded a 40.71% increase in income tax expenses to ¥81,429,454.05, driven by higher total profit[12] - Other income decreased by 55.95% to ¥50,584,514.38 due to reduced benefits from the advanced manufacturing VAT policy compared to the same period last year[12] Non-Recurring Items - Non-recurring gains and losses totaled ¥68,005,638.71 for the current period, down from ¥114,920,385.61 year-to-date[8] - The company has seen a 294.67% increase in special reserves, totaling ¥25,544,658.28, attributed to the new safety production fee provision based on revenue scale[11]

Summary of Key Points Core Viewpoint - A total of 168 stocks reported their latest shareholder numbers as of October 20, with 77 showing a decline compared to the previous period, indicating a trend of decreasing shareholder engagement in certain companies [1][3]. Group 1: Shareholder Changes - Among the 168 companies, 11 experienced a decline in shareholder numbers exceeding 5% [3]. - The largest decrease was observed in Taihe Co., with a drop of 22.36% to 12,899 shareholders, alongside a cumulative decline of 5.87% in stock price since the concentration of shares [3]. - Nepean Mining also saw a significant decrease of 21.54% in shareholder numbers, totaling 9,992, while its stock price increased by 6.70% during the same period [3]. Group 2: Market Performance - The average performance of concentrated stocks since October 1 showed a decline of 0.66%, underperforming the Shanghai Composite Index, which rose by 0.86% [2]. - Among the stocks with a decline in shareholder numbers over 5%, Jingquan Hua had the highest increase in stock price, rising by 33.66% since October 1 [2]. Group 3: Industry Insights - The concentrated stocks are primarily from the machinery, electronics, and basic chemicals sectors, with 13, 7, and 7 companies respectively [3]. - The latest concentrated stock performance indicates that the machinery sector is particularly active, with several companies showing notable stock price movements [4]. Group 4: Earnings Forecasts - Among the concentrated stocks, Huangsanghuan reported the highest net profit growth of 28.59% year-on-year [4]. - Three companies provided earnings forecasts, with Nanguang Energy expecting a net profit increase of 125.08% [4].

Group 1 - Dalian Heavy Industry experienced a 5.02% increase in stock price, reaching 6.91 CNY per share, with a trading volume of 668 million CNY and a turnover rate of 5.09%, resulting in a total market capitalization of 13.346 billion CNY [1] - Dalian Heavy Industry specializes in the development, research, and sales of large complete sets of equipment and core components in various fields, including material handling equipment, metallurgical equipment, new energy equipment, transmission and control systems, and marine equipment [1] - The company's main business revenue composition includes: material handling equipment (31.15%), metallurgical equipment (26.13%), new energy equipment (23.26%), core components (13.61%), engineering general contracting projects (3.96%), and others (1.89%) [1] Group 2 - Huaxia Fund's Huaxia CSI 1000 ETF (159845) entered the top ten circulating shareholders of Dalian Heavy Industry, holding 5.2549 million shares, which is 0.27% of the circulating shares, with an estimated floating profit of approximately 1.7341 million CNY [2] - The Huaxia CSI 1000 ETF was established on March 18, 2021, with a latest scale of 38.227 billion CNY, achieving a year-to-date return of 22.8% and a one-year return of 27.27% [2]

Group 1 - The core viewpoint of the article highlights a significant decline in China's metal smelting equipment production, with a year-on-year decrease of 17.4% in August 2025 and a cumulative decline of 14.9% from January to August 2025 [1][1][1] Group 2 - The article mentions specific listed companies in the metal smelting sector, including China Steel International (000928), CITIC Heavy Industries (601608), Dalian Heavy Industry (002204), Taiyuan Heavy Industry (600169), China First Heavy Industries (601106), Shanghai Electric (601727), and Dongfang Electric (600875) [1][1][1] - According to the National Bureau of Statistics, the production of metal smelting equipment in China reached 57,000 tons in August 2025, indicating a downward trend in the industry [1][1][1] - Cumulative production of metal smelting equipment from January to August 2025 totaled 451,000 tons, reflecting a significant reduction in output compared to previous years [1][1][1]

Group 1 - The company, Dalian Heavy Industry, reported that as of September 30, 2025, the number of holders in its combined ordinary account and margin trading credit account is 91,257 [2]

Core Insights - The report highlights the performance forecasts of 26 A-share listed companies for the third quarter of 2025, with 11 companies disclosing profit figures for the first three quarters [1] Group 1: Company Performance - Luxshare Precision anticipates a net profit exceeding 10 billion yuan for the first three quarters, representing a year-on-year growth of 20%-25% [1] - Changchuan Technology expects a net profit of over 800 million yuan, with a significant year-on-year increase of 131.39%-145.38% [1] - Dalian Heavy Industry projects a net profit between 474 million and 508 million yuan, reflecting a year-on-year growth of 19.91%-28.52% [1] Group 2: Revenue and Profit Drivers - Changchuan Technology attributes its profit growth to the increasing market demand in the semiconductor industry, leading to a substantial rise in sales revenue [5] - Dalian Heavy Industry's performance growth is primarily driven by a steady increase in operating revenue, expected to reach around 10.9 billion yuan, a 7.6% increase from the previous year [5] - Yinglian Co., Brother Technology, and Changchuan Technology reported net profit increases of 1602.05%, 230.37%, and 138.39% respectively, driven by various operational efficiencies and market conditions [5] Group 3: New Listings Performance - Among newly listed companies, C United Movement, C Jianfa, and C Ruili reported net profits exceeding 100 million yuan, with C United Movement, C Yunhan, and C Jianfa showing year-on-year growth rates above 30% [6]

Core Insights - As of the end of September, 26 A-share listed companies have released their earnings forecasts for the third quarter of 2025, with 10 from the Beijing Stock Exchange not providing specific profit figures [1] - Among the companies, 11 provided clear predictions for their net profit ranges for the first three quarters, while 5 were newly listed companies [1] Group 1: Company Performance - Luxshare Precision's net profit for the first three quarters exceeded 10 billion yuan, reaching 11.117 billion yuan [1] - Other companies with net profits exceeding 300 million yuan include Changchuan Technology (850 million yuan), Dalian Heavy Industry (491 million yuan), Wanhua Chemical (380 million yuan), YouSheng Co. (354 million yuan), and Zhongtai Co. (340 million yuan) [1][2] - Significant net profit growth was observed in companies such as Yinglian Co. (1602.05% increase), Brother Technology (230.37% increase), and Changchuan Technology (138.39% increase) [1][2] Group 2: Industry Overview - The electronic industry is represented by Luxshare Precision and Changchuan Technology, both showing strong performance [2] - The machinery equipment sector includes Dalian Heavy Industry, which has also reported positive growth [2] - The basic chemical industry is represented by Wanhua Chemical and Brother Technology, both of which have shown substantial year-on-year profit increases [2]