锐新科技 2025 三季报解读：增收不增利背后的成本压力、回款风险与国资入主机遇

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

锐新科技 2025 三季报解读：增收不增利背后的成本压力、回款风险与国资入主机遇

2025-10-24 15:33:00 来源：北方有色网责任编辑：王欣悦

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锐新科技2025年前三季度呈现出显著的“增收不增利”特征，公司前三季度实现营业总收入4.37亿元，同比微增0.38%，其中单三季度营收1.48亿元，同比增长3.25%，这一数据表明公司业务基本盘仍在，但增长动力已明显乏力;与之形成鲜明对比的是利润端的大幅下滑，前三季度归母净利润为2794.06万元，同比下降26.14%，扣非净利润2635.36万元，同比下降26.26%，且单三季度净利润降幅进一步扩大至32.32%，核心盈利能力呈现加速下滑态势。

这种利润端的大幅下滑，主要由三方面因素共同推动。首先是毛利率的收缩，前三季度公司毛利率为17.04%，同比下降1.51个百分点，尽管单三季度毛利率回升至16.41%，环比提升1.93个百分点，但同比仍下降0.91个百分点，毛利率的承压源于成本端的持续压力——前三季度营业成本达3.63亿元，同比增长2.24%，增速远超营收增速，这背后既可能受到铝合金等原材料价格波动的影响，也可能反映出公司生产效率有所下降。其次是费用端的全面挤压，财务费用同比暴增245.99%，主要因美元汇兑损失扩大直接侵蚀利润，销售费用也同比增长21.69%，这一变化或与新控股股东(黄山市国资委旗下开投领盾)入主后推进市场拓展有关，受此影响，公司期间费用率升至10.37%，较上年同期提升0.68个百分点，费用的刚性增长进一步压缩了利润空间。最后是现金流与回款风险的加剧，前三季度经营活动现金流净额为4862万元，同比下降41.06%，与净利润的匹配度显著降低，盈利质量堪忧，同时应收账款规模达9316万元，同比增长9.85%，其占净利润的比例高达168.46%，这一数据提示公司回款周期可能有所拉长，存在潜在的坏账风险。

从资产结构来看，公司当前也呈现出喜忧参半的特点。货币资金方面，公司前三季度货币资金达1.5亿元，同比大幅增长155.67%，流动性得到明显改善，但这一改善在一定程度上依赖有息负债支撑，同期有息负债规模为7078万元，同比增长135.75%，债务压力陡增，未来财务费用或仍将维持高位;固定资产同比增长17.8%，表明公司产能扩张已落地，但新增产能的利用率仍有待后续观察;在建工程则同比下降81.95%，主要因前期建设项目完成转固，公司资本开支进入阶段性收缩阶段。

在控制权变更的背景下，公司未来发展存在几大看点，同时也需警惕潜在风险。一方面，新控股股东开投领盾背靠黄山市国资委，其入主后有望为公司带来资源整合优势，在订单获取、融资成本优化等方面或为公司带来增量;另一方面，作为精密铝合金部件供应商，公司业务与下游新能源、高端装备行业需求紧密相关，若未来这些下游行业需求回暖，公司毛利率有望得到修复。不过，仍需持续跟踪公司汇兑损失的收窄情况、应收账款的回款进度以及费用管控效果，这些因素将直接影响公司后续盈利水平的改善。

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锐新科技 2025 三季报解读：增收不增利背后的成本压力、回款风险与国资入主机遇

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