[Xinrui Shares: Net profit is expected to increase by 318%-355% year-on-year in the first three quarters of 2026] On October 16, Xinrui Shares (688257.SH) announced that the net profit attributable to the owners of the parent company in the first three quarters of 2026 is expected to be 690 million yuan-750 million yuan, a year-on-year increase of 318%-355%. The change in performance is mainly due to the rise in prices of raw materials such as tungsten concentrate and tungsten carbide. The company relies on the vertical integration advantage of "materials + tools" to achieve relative cost lock-in and smooth selling price transmission mechanism, which promotes the improvement of comprehensive gross profit margin; the revenue and gross profit margin of mid-to-high-end products have both increased; at the same time, M&A targets have been consolidated one after another, contributing to revenue and profit increases. Xiaocai Note: The company’s Q3 net profit is expected to be 125 million to 185 million, and Q2 net profit is 253 million. Based on this calculation, Q3 net profit is expected to drop by 26% to 50% month-on-month.