Core Viewpoint - Xingye Technology is a leading domestic manufacturer of mid-to-high-end cowhide leather for shoes, with a full industry chain advantage and a focus on supplying various overseas brands [1] Group 1: Business Performance - In Q3 2025, Xingye Technology reported revenue of 2.014 billion yuan, ranking third in the industry, with the top competitor, Weixing Co., achieving 3.633 billion yuan [2] - The company's net profit for the same period was 826.674 million yuan, also ranking third, while Weixing Co. led with a net profit of 587 million yuan [2] - The main business segments include leather for bags and belts (855.2 million yuan, 63.62%), automotive interior leather (381 million yuan, 28.47%), and other leather products [2] Group 2: Financial Ratios - As of Q3 2025, Xingye Technology's debt-to-asset ratio was 42.96%, up from 39.92% year-on-year, exceeding the industry average of 35.48% [3] - The gross profit margin for Q3 2025 was 18.72%, down from 21.27% year-on-year, and below the industry average of 28.37% [3] Group 3: Executive Compensation - The chairman, Wu Huachun, received a salary of 1.4 million yuan in 2024, a decrease of 40,000 yuan from the previous year [4] - The president, Sun Huiyong, earned 1.4132 million yuan in 2024, down from 1.4505 million yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 28.28% to 16,600, while the average number of shares held per shareholder decreased by 22.04% [5] - The company reported a revenue of 700 million yuan in Q2 2025, a year-on-year increase of 7%, but a net profit decrease of 45% [5] Group 5: Strategic Developments - Xingye Technology signed a strategic cooperation agreement with Suzhou Nengsida to jointly develop flexible electronic skin based on natural leather and bio-based materials [6] - The company is expanding its overseas presence with factories in Indonesia and Vietnam, which will aid in market expansion [5][6] - Forecasted EPS for 2025-2027 is 0.41 yuan, 0.56 yuan, and 0.73 yuan respectively, maintaining a "buy" investment rating [6]

1、全体监事以 3 票赞成、0 票反对、0 票弃权，通过了《关于公司 2025 年 第三季度报告的议案》。 监事会认为：董事会编制和审议公司 2025 年第三季度报告的程序符合法律、 行政法规和中国证监会的规定，公司 2025 年第三季度报告的内容能够真实、准 确、完整地反映公司的实际情况。 《兴业皮革科技股份有限公司 2025 年第三季度报告全文》具体内容详见巨 潮资讯网（www.cninfo.com.cn）。 证券代码：002674 证券简称： 兴业科技 公告编号：2025-066 兴业皮革科技股份有限公司 第六届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 兴业皮革科技股份有限公司（以下简称"公司"）第六届监事会第十二次会议 的通知于 2025 年 10 月 17 日以直接送达、传真、电子邮件并电话确认等方式送 达公司全体监事。会议于 2025 年 10 月 27 日下午 2:00 在公司办公楼二楼会议室 以现场的方式召开。本次会议应出席监事 3 名，实际出席监事 3 名，由监事会主 席苏建忠先生主持 ...

证券代码：002674 证券简称：兴业科技 公告编号：2025-062 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 兴业皮革科技股份有限公司（以下简称"公司"）第六届董事会第十二次会 议书面通知于 2025 年 10 月 17 日以直接送达、传真、电子邮件并电话确认等方 式送达全体董事，本次会议于 2025 年 10 月 27 日上午 10:00 在福建省晋江市安 海第二工业区公司办公楼二楼会议室以现场会议的方式召开。本次会议应出席董 事 7 名，实际出席董事 7 名。本次会议的出席人数符合召开董事会会议的法定人 数。本次会议由董事吴华春先生主持，公司的监事、高管人员列席了本次会议。 本次会议的召集和召开符合《中华人民共和国公司法》《中华人民共和国证券法》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 有关法律、行政法规和中国证监会相关规范性文件及《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事审议表决，一致通过如下议案： 《兴业皮革科技股份有限公司 2025 年第三季度报告全文》具体内容详 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Xingye Technology, which reported a slight increase in revenue but a significant decrease in net profit for the third quarter of 2025 [1] - Xingye Technology's revenue for the first three quarters of 2025 was approximately 2.014 billion yuan, reflecting a year-on-year increase of 0.01% [1] - The net profit attributable to shareholders of the listed company was approximately 39.66 million yuan, showing a year-on-year decrease of 63.86% [1] Group 2 - As of the report, Xingye Technology's market capitalization stands at 4.5 billion yuan [1] - The article also notes a broader market trend, indicating that the A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology stocks leading the market [1]

Company Overview - Xingye Technology (SZ 002674) announced its sixth board meeting on October 27, 2025, to review the third quarter report for 2025 [1] - For the first half of 2025, the company's revenue composition was 98.87% from the cowhide leather industry and 1.13% from other businesses [1] - As of the report, Xingye Technology has a market capitalization of 4.5 billion yuan [1] Industry Context - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation [1] - A new "slow bull" market pattern is emerging, indicating a shift in market dynamics [1]

Financial Performance - The company's operating revenue for the third quarter was ¥674,929,119.77, a decrease of 10.30% compared to the same period last year[3] - Net profit attributable to shareholders was ¥8,404,975.29, down 84.02% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥6,681,694.32, a decrease of 86.44%[3] - Basic earnings per share were ¥0.0284, reflecting an 84.22% decline compared to the previous year[4] - Net profit for the current period was ¥82,667,365.26, down from ¥155,116,257.12, indicating a decline of about 46.8%[28] - Earnings per share decreased to ¥0.1341 from ¥0.3760, representing a decline of approximately 64.3%[29] - The total comprehensive income for the current period was ¥75,907,257.38, down from ¥160,854,082.41, indicating a decrease of about 52.8%[29] Assets and Liabilities - Total assets increased by 6.29% to ¥4,770,564,595.15 compared to the end of the previous year[4] - Total assets reached ¥4,770,564,595.15, up from ¥4,488,448,415.51, indicating an increase of approximately 6.3%[23] - The company reported a significant increase in short-term borrowings, which rose by 33.07% to ¥938,917,476.40, attributed to increased bank loans[9] - Non-current liabilities include long-term borrowings of ¥338,843,256.90, significantly up from ¥74,661,050.23[24] - The company reported a total current liabilities of ¥1,638,358,855.52, slightly down from ¥1,659,252,714.90[24] - The total liabilities increased to ¥2,049,550,978.46 from ¥1,805,991,433.90, marking an increase of approximately 13.5%[25] Cash Flow - Cash flow from operating activities for the year-to-date was ¥272,561,651.31, up 60.64% year-on-year, primarily due to increased cash receipts from sales[14] - Cash flow from operating activities generated a net amount of ¥272,561,651.31, an increase from ¥169,667,887.16 in the previous period[32] - Cash inflow from investment activities totaled $1,833,727,361.60, a decrease from $1,997,082,774.38 in the previous period[33] - Cash outflow for investment activities was $1,883,885,637.21, compared to $1,955,821,462.21 last year, resulting in a net cash flow from investment activities of -$50,158,275.61, down from $41,261,312.17[33] - Cash inflow from financing activities reached $1,285,456,922.70, significantly higher than $779,193,694.16 in the prior period[33] - Cash outflow for financing activities was $1,203,346,162.02, compared to $770,018,174.82 last year, leading to a net cash flow from financing activities of $82,110,760.68, up from $9,175,519.34[33] - The net increase in cash and cash equivalents was $300,790,129.20, compared to $213,346,972.06 in the previous period[34] - The ending balance of cash and cash equivalents stood at $1,032,237,228.41, an increase from $742,404,147.76 last year[34] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,595[16] - The largest shareholder, Fujian Wanxing Equity Investment Partnership, holds 28.67% of shares, totaling 84,744,000 shares[16] Other Financial Metrics - Financial expenses rose by 85.70% to ¥31,463,484.36, mainly due to reduced interest income and increased exchange losses[12] - The company reported a 70.04% decrease in income tax expenses to ¥6,634,806.24, reflecting a decline in profits[12] - Research and development expenses rose to ¥58,000,363.78 from ¥47,260,413.80, reflecting an increase of about 22.7%[27] - Deferred income decreased to ¥31,970,444.63 from ¥33,371,936.54, a decline of approximately 4.2%[25] - The company experienced a negative impact of -$3,724,007.18 from foreign exchange rate changes on cash and cash equivalents[34] Inventory and Receivables - Accounts receivable decreased to ¥415,315,802.58 from ¥562,453,259.56, a decline of approximately 26%[22] - Inventory increased to ¥1,470,046,997.67 from ¥1,310,229,682.21, reflecting a rise of about 12%[22] Audit Status - The third quarter financial report remains unaudited as of October 27, 2025[36]

证券代码：002674 证券简称：兴业科技 公告编号：2025-065 兴业皮革科技股份有限公司 关于增加 2025 年日常关联交易预计的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、日常关联交易的基本情况 1、日常关联交易概述 兴业皮革科技股份有限公司（以下简称 "公司"）于 2025 年 4 月 24 日召开 第六届董事会第十次会议，审议通过了《关于 2025 年度日常关联交易预计的议 案》，该事项于 2025 年 5 月 19 日经公司 2024 年度股东大会审议通过。公司及子 公司，2025 年度根据生产经营需要将与关联方发生日常关联交易金额预计为 21933 万元。具体内容详见公司于 2025 年 4 月 26 日披露的《兴业皮革科技股份 有限公司关于 2025 年度日常关联交易预计的公告》（公告编号 2025-020）。 公司于 2025 年 10 月 27 日召开第六届董事会第十二次会议，审议通过了《关 于增加 2025 年日常关联交易预计的议案》，关联董事吴华春先生回避表决。同意 增加公司及子公司 2025 年日常关联交易预计 60 ...

证券代码：002674 证券简称：兴业科技 公告编号：2025-064 公司向中国工商银行股份有限公司晋江分行（以下简称"工商银行晋江分 行"）申请 39,500 万元的综合授信，自工商银行晋江分行批准之日起，授信期 间一年，由董事长吴华春先生及其配偶孙婉玉女士为该笔授信中的 30,000 万元 提供个人连带责任担保。 公司向中国农业银行股份有限公司晋江市支行（以下简称"农业银行晋江支 行"）申请 15,000 万元的综合授信，自农业银行晋江支行批准之日起，授信期间 一年，由董事长吴华春先生及其配偶孙婉玉女士共同为该笔授信提供个人连带责 任担保。 2、关联关系 兴业皮革科技股份有限公司 关于公司向银行申请授信并由关联方提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 兴业皮革科技股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开 第六届董事会第十二次会议，会议审议通过了《关于公司向银行申请授信并由关 联方提供担保的议案》。现将相关事项公告如下： 一、关联交易情况概述 1、关联交易 吴华春先生为公司董事长,是公司董事、总裁孙辉 ...

Core Points - The Shanghai Composite Index closed at 3988.22 points, slightly below the five-day moving average with a change of -0.22% [1] - The total trading volume of A-shares reached 216.53 billion yuan, with 468 A-shares breaking above the five-day moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation from the five-day moving average include: - China Shipbuilding Industry Corporation (中船特气) with a deviation rate of 10.63% and a daily increase of 15.71% [1] - Haitong Development (海通发展) with a deviation rate of 8.36% and a daily increase of 10.04% [1] - Tietuo Machinery (铁拓机械) with a deviation rate of 8.15% and a daily increase of 11.69% [1] Trading Activity - The trading turnover rate for the top stocks breaking the five-day moving average varied, with: - Haitong Development showing a turnover rate of 19.72% [1] - Tietuo Machinery at 34.60% [1] - Other stocks like Tax Friend (税友股份) and Chengxing Shares (澄星股份) also showed notable trading activity [1] Market Trends - The overall market trend indicates a mixed performance with some stocks significantly outperforming the market average, while others are just above the five-day moving average [1]

Core Points - The Shanghai Composite Index is at 3990.98 points, slightly down by 0.15%, and remains above the five-day moving average [1] - The total trading volume of A-shares today is 17965.50 billion yuan, with 436 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation from the five-day moving average include: - Tietuo Machinery (铁拓机械) with a deviation rate of 10.47% and a daily increase of 14.76% [1] - Haitong Development (海通发展) with a deviation rate of 8.36% and a daily increase of 10.04% [1] - Tax Friend Co. (税友股份) with a deviation rate of 8.10% and a daily increase of 10.00% [1] Trading Activity - The trading turnover rates for the top stocks with significant deviations are as follows: - Tietuo Machinery at 29.80% [1] - Haitong Development at 19.42% [1] - Tax Friend Co. at 1.78% [1] Additional Stocks - Other stocks with notable performance include: - Chengxing Co. (澄星股份) with a 10.06% increase and a deviation rate of 8.08% [1] - Helitai (合力泰) with a 10.16% increase and a deviation rate of 7.83% [1] - Zhejiang Meida (浙江美大) with a 9.99% increase and a deviation rate of 7.72% [1]