🏢 公司Newsroom01378Doubao · 实盘不做把握 7/10不做原因:无增量信息
北京时间·🕒 发布 10-22(香港日)仅日期·时区推断·⟳ 抓取 17:55:39回填·⚡ 决策 10-22 17:57:22·5.3 天前
中国宏桥自愿公告子公司宏桥控股2026年前三季业绩：营收1316.61亿元(+13.67%)、归母净利232.94亿元(+69.86%)，系已披露三季报的港股镜像
这是中国宏桥(1378.HK)对子公司宏桥控股(002379.SZ)当日已公开三季报的自愿性转发公告，全部数字摘自深交所已披露报告，无新增事实；同一事件在72小时内已被三个来源处理并判定双向不做。同比+69.86%由铝价驱动且中报时已兑现，边际新增信息是Q3净利环比-13%的减速，方向偏混合；母子公司股价均处于下行趋势，盘后明牌、隔夜不可成交且A股T+1无法当日止损，做多无干净surprise，累计与单季盈利强劲又不满足做空强空催化。
📄 原文01378↗ 原文
Voluntary announcement - key unaudited financial d...
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 中国宏桥集团有限公司（01378.HK）
自愿公告仅转发当日A股子公司已公开三季报、无新增事实，且明示非集团全貌；数据在港股盘后发布、下一交易日开盘时已被消化，无信息edge；同比高增已在中报兑现、Q3环比减速，不做
不做 山东宏桥铝业控股股份有限公司（002379.SZ）
同一三季报已被三源处理判不做；增长由铝价驱动且中报已兑现，Q3净利环比-13%方向混合，股价13周/20日下行，盘后明牌且A股T+1隔夜无法止损，做多无surprise；盈利强劲无暴雷，也不满足做空红线
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
港股自愿公告仅镜像当日A股子公司三季报(前三季净利232.94亿、+69.86%)，无增量事实且已被三源处理判不做；同比高增长已在中报兑现、Q3环比减速，盘后明牌叠加股价下行趋势，多空均无edge。
主要风险
- 同比+69.86%主要由铝价上涨与财务费用减少驱动，Q3单季净利环比Q2下降约13%，若铝价回落盈利减速可能被放大
- 公告仅为子公司口径且未审，不含集团内部交易抵销及其他子公司，无法代表中国宏桥整体业绩
反向证据
- 做多前查反向 · 来源 search_processed_events · 日期 2026-10-22 · 影响 weakens
已处理记录显示Q3净利环比Q2降约13%、股价13周单边下行(100→78)、近20日-18%、距52周高-57%，做多处于明显逆风且无干净surprise
检索:宏桥控股 中国宏桥 Q3 环比 减速 铝价 下行 风险 - 做空前查反向 · 来源 search_processed_events · 日期 2026-10-22 · 影响 invalidates
前三季与Q3单季盈利仍强劲(同比+69.86%/+55.60%)、扣非扭亏、经营现金流+43.26%，无指引下修、暴雷或监管事项，不满足做空强空催化
检索:宏桥控股 中国宏桥 指引下修 暴雷 利空
先例如何影响了这次决策
对本次决策的影响:重复事件且无增量，直接按已处理结论AVOID，不再展开先例研究
方向:无可供本标的使用的外部对齐先例；已处理的三条同事件内部决策(非外部先例)一致判定双向不做
涨幅量级:未以外部先例校准涨幅，不做交易故无需设定tp/sl
形态:不适用
工具执行结果 · 成功 1 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 2,763 ms
{"result": "search_processed_events:agent query=`hongqiao holdings third quarter 2026 net profit 69.86% | 中国宏桥 1378 山东宏桥 002379 三季度 业绩 | 山东宏桥铝业 2026年三季报 营收 净利润`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 72.0/72 小时、26233 条本臂决策(完整)，返回 3 条候选。\n• 10-22 08:02 UTC(北京 16:02) [bm25:55%] 不做 002379.SZ (cls) — 宏桥控股：前三季度净利润232.
原文全文
展开原文 · 7,487 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take
no responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness, and expressly disclaim any liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this announcement.
China Hongqiao Group Limited
中國宏橋集團有限公司
(Incorporated under the laws of Cayman Islands with limited liability)
(Stock Code: 1378)
VOLUNTARY ANNOUNCEMENT
KEY UNAUDITED FINANCIAL DATA FOR THE THIRD QUARTER OF 2026 OF
SHANDONG HONGQIAO ALUMINUM INDUSTRY HOLDING COMPANY LIMITED
Shandong Hongqiao Aluminum Industry Holding Company Limited (山東宏橋鋁業控股股份有限公司)
(“Hongqiao Holdings”) (listed on the Main Board of the Shenzhen Stock Exchange (stock code: 002379.
SZ)) is a subsidiary of China Hongqiao Group Limited (the “Company”). The Company indirectly holds
approximately 88.99% equity interest in Hongqiao Holdings, and the results of Hongqiao Holdings are
consolidated into the Company’s financial statements.
On 22 October 2026, the report of Hongqiao Holdings for the third quarter of 2026 (the “2026 Third
Quarter Report of Hongqiao Holdings”) was made available on the website of Shenzhen Stock
Exchange (http://www.szse.cn/). The board of directors of the Company (the “Board”) hereby draws
the attention of its shareholders and the public investors to the following key unaudited accounting
data and financial indicators of Hongqiao Holdings for the nine months ended 30 September 2026 (the
“Reporting Period”), as extracted from the 2026 Third Quarter Report of Hongqiao Holdings.
1
Key Unaudited Accounting Data and Financial Indicators of Hongqiao Holdings
Unit: RMB
Whether Hongqiao Holdings needs to make retroactive adjustments or restate the accounting data for
previous years or not
✓ Yes □ No
Increase/
decrease as
compared
The same period of last year
The Reporting with the same
Period period of last
year (%)
Before After After
adjustment adjustment adjustment
Revenue from operation 131,661,226,374.80 115,736,156,843.73 115,831,686,855.94 13.67%
Net profit attributable to shareholders of
Hongqiao Holdings 23,293,937,771.99 13,848,259,066.49 13,714,011,037.77 69.86%
Net profit attributable to shareholders of
Hongqiao Holdings, after deduction of
non-recurring gains and losses 23,108,907,388.57 -178,145,784.67 -178,145,784.67 N/A
Net cash flow from operating activities 26,357,109,278.98 18,167,924,656.85 18,397,840,244.68 43.26%
Basic earnings per share (RMB/share) 1.7876 1.0627 1.0524 69.86%
Diluted earnings per share (RMB/share) 1.7876 1.0627 1.0524 69.86%
Weighted average return on equity (%) Increased by
15.97
percentage
43.41 27.90 27.44 points
Increase/
decrease as
compared
At the end of At the end of last year
with the end
the Reporting of last year
Period (%)
Before After After
adjustment adjustment adjustment
Total assets 117,158,445,941.13 111,287,772,033.62 122,665,072,966.56 -4.49%
Owners’ equity attributable to 65,303,815,769.12 45,571,106,863.72 45,721,020,894.21 42.83%
shareholders of Hongqiao Holdings
2
Shareholders and investors are reminded that the financial information of Hongqiao Holdings above
was prepared in accordance with the PRC accounting standards and is limited solely to the operation
of Hongqiao Holdings and is unrelated to the other subsidiaries of the Company. Such information
is unaudited, and does not (a) exclude intra-group transactions, (b) include all the business of the
Company, and (c) represent or provide a full picture of the operation or status of the Company.
Shareholders and potential investors of the Company are reminded to exercise caution when
dealing in the securities of the Company.
By order of the Board
China Hongqiao Group Limited
Zhang Bo
Chairman
Shandong, the PRC
22 October 2026
As at the date of this announcement, the Board comprises eleven directors, namely Mr. Zhang Bo,
Mr. Zhang Jinglei, Ms. Zhang Ruilian and Ms. Wong Yuting as executive directors, Mr. Yang Congsen,
Mr. Tu Yikai (Mr. Zhang Hao as his alternate) and Ms. Sun Dongdong as non-executive directors, and
Mr. Meng Xianzhong, Mr. Wen Xianjun, Ms. Fu Yulin and Mr. Ma Jin as independent non-executive
directors.
3
no responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness, and expressly disclaim any liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this announcement.
China Hongqiao Group Limited
中國宏橋集團有限公司
(Incorporated under the laws of Cayman Islands with limited liability)
(Stock Code: 1378)
VOLUNTARY ANNOUNCEMENT
KEY UNAUDITED FINANCIAL DATA FOR THE THIRD QUARTER OF 2026 OF
SHANDONG HONGQIAO ALUMINUM INDUSTRY HOLDING COMPANY LIMITED
Shandong Hongqiao Aluminum Industry Holding Company Limited (山東宏橋鋁業控股股份有限公司)
(“Hongqiao Holdings”) (listed on the Main Board of the Shenzhen Stock Exchange (stock code: 002379.
SZ)) is a subsidiary of China Hongqiao Group Limited (the “Company”). The Company indirectly holds
approximately 88.99% equity interest in Hongqiao Holdings, and the results of Hongqiao Holdings are
consolidated into the Company’s financial statements.
On 22 October 2026, the report of Hongqiao Holdings for the third quarter of 2026 (the “2026 Third
Quarter Report of Hongqiao Holdings”) was made available on the website of Shenzhen Stock
Exchange (http://www.szse.cn/). The board of directors of the Company (the “Board”) hereby draws
the attention of its shareholders and the public investors to the following key unaudited accounting
data and financial indicators of Hongqiao Holdings for the nine months ended 30 September 2026 (the
“Reporting Period”), as extracted from the 2026 Third Quarter Report of Hongqiao Holdings.
1
Key Unaudited Accounting Data and Financial Indicators of Hongqiao Holdings
Unit: RMB
Whether Hongqiao Holdings needs to make retroactive adjustments or restate the accounting data for
previous years or not
✓ Yes □ No
Increase/
decrease as
compared
The same period of last year
The Reporting with the same
Period period of last
year (%)
Before After After
adjustment adjustment adjustment
Revenue from operation 131,661,226,374.80 115,736,156,843.73 115,831,686,855.94 13.67%
Net profit attributable to shareholders of
Hongqiao Holdings 23,293,937,771.99 13,848,259,066.49 13,714,011,037.77 69.86%
Net profit attributable to shareholders of
Hongqiao Holdings, after deduction of
non-recurring gains and losses 23,108,907,388.57 -178,145,784.67 -178,145,784.67 N/A
Net cash flow from operating activities 26,357,109,278.98 18,167,924,656.85 18,397,840,244.68 43.26%
Basic earnings per share (RMB/share) 1.7876 1.0627 1.0524 69.86%
Diluted earnings per share (RMB/share) 1.7876 1.0627 1.0524 69.86%
Weighted average return on equity (%) Increased by
15.97
percentage
43.41 27.90 27.44 points
Increase/
decrease as
compared
At the end of At the end of last year
with the end
the Reporting of last year
Period (%)
Before After After
adjustment adjustment adjustment
Total assets 117,158,445,941.13 111,287,772,033.62 122,665,072,966.56 -4.49%
Owners’ equity attributable to 65,303,815,769.12 45,571,106,863.72 45,721,020,894.21 42.83%
shareholders of Hongqiao Holdings
2
Shareholders and investors are reminded that the financial information of Hongqiao Holdings above
was prepared in accordance with the PRC accounting standards and is limited solely to the operation
of Hongqiao Holdings and is unrelated to the other subsidiaries of the Company. Such information
is unaudited, and does not (a) exclude intra-group transactions, (b) include all the business of the
Company, and (c) represent or provide a full picture of the operation or status of the Company.
Shareholders and potential investors of the Company are reminded to exercise caution when
dealing in the securities of the Company.
By order of the Board
China Hongqiao Group Limited
Zhang Bo
Chairman
Shandong, the PRC
22 October 2026
As at the date of this announcement, the Board comprises eleven directors, namely Mr. Zhang Bo,
Mr. Zhang Jinglei, Ms. Zhang Ruilian and Ms. Wong Yuting as executive directors, Mr. Yang Congsen,
Mr. Tu Yikai (Mr. Zhang Hao as his alternate) and Ms. Sun Dongdong as non-executive directors, and
Mr. Meng Xianzhong, Mr. Wen Xianjun, Ms. Fu Yulin and Mr. Ma Jin as independent non-executive
directors.
3
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