Core Viewpoint - The company reported a revenue of 401 million yuan for Q3 2025, reflecting a year-on-year increase of 9.55%, but incurred a net loss of 11.85 million yuan [1] - For the first three quarters of 2025, the company achieved a revenue of 1.081 billion yuan, a decrease of 3.00% year-on-year, with a net loss of 27.61 million yuan [1] Revenue Performance - Q3 2025 revenue reached 401 million yuan, up 9.55% compared to the same period last year [1] - Year-to-date revenue for the first three quarters was 1.081 billion yuan, down 3.00% year-on-year [1] Profitability - The company reported a net loss of 11.85 million yuan for Q3 2025 [1] - Cumulative net loss for the first three quarters amounted to 27.61 million yuan [1] Business Challenges - The gas storage and transportation segment faced significant downward pressure on exports due to international trade frictions, leading to declines in both sales volume and profit for certain products [1] Investment in R&D - The company increased its investment in new product development and supply chain layout to enhance core competitiveness, resulting in a year-on-year rise in R&D expenses [1]

Financial Performance - Total revenue for Q3 2025 reached RMB 401,015,623.64, representing a year-on-year increase of 9.55%[7] - The net profit attributable to shareholders was a loss of RMB 11,854,518.21, with a total profit of RMB -4,562,540.32 for the quarter[7] - The basic and diluted earnings per share for the quarter were both -0.02 RMB[7] - The weighted average return on equity was -1.12% for the quarter, a decrease of 0.08% compared to the previous year[7] - Total operating revenue for the first three quarters of 2025 was CNY 1,081,359,385.64, a decrease of 2.1% compared to CNY 1,114,845,789.14 in the same period of 2024[28] - The net profit for the first three quarters of 2025 was a loss of CNY 26,455,880.13, compared to a loss of CNY 8,415,156.38 in the same period of 2024[29] - Basic and diluted earnings per share for the first three quarters of 2025 were both -0.05 RMB, compared to -0.03 RMB in the same period of 2024[31] - Total comprehensive income for the first three quarters of 2025 was -27,364,337.22 RMB, compared to -8,114,027.82 RMB in the same period of 2024, indicating a significant decline[31] Cash Flow and Assets - Cash flow from operating activities showed a significant increase, amounting to RMB 81,275,935.41, up 1,234.01% compared to the previous year[7] - As of September 30, 2025, the company's total current assets amount to RMB 1,751,793,984.15, an increase from RMB 1,470,064,248.64 as of December 31, 2024[23] - Cash and cash equivalents increased to RMB 736,363,672.13 from RMB 482,988,509.97[23] - Accounts receivable rose to RMB 520,918,618.93 compared to RMB 499,865,493.32 in the previous year[23] - The net cash flow from operating activities for the first three quarters of 2025 was -8,676,632.10 RMB, an improvement from -137,254,868.82 RMB in the same period of 2024[35] - Cash received from sales of goods and services increased to 755,035,363.98 RMB in the first three quarters of 2025, up from 707,372,287.52 RMB in 2024, reflecting a growth of approximately 6.7%[34] - The total net cash increase for the first three quarters of 2025 was 238,719,061.69 RMB, contrasting with a decrease of -119,451,319.54 RMB in the same period of 2024[36] - The cash outflow from operating activities totaled 862,706,808.90 RMB in the first three quarters of 2025, slightly lower than 870,588,579.75 RMB in 2024[35] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 41,171[14] - The largest shareholder, Beijing Jingcheng Machinery Holdings Co., Ltd., holds 44.88% of the shares, totaling 245,735,052 shares[15] - HKSCC Nominees Limited is the second-largest shareholder with 18.17%, holding 99,494,827 shares[15] Research and Development - Research and development expenses increased year-on-year as the company invested in enhancing core competitiveness and product development[13] - Research and development expenses increased to CNY 60,339,328.39 in the first three quarters of 2025, up from CNY 45,318,705.16 in 2024, reflecting a growth of 33.2%[28] Liabilities and Equity - Total assets at the end of the reporting period were RMB 3,332,242,347.54, reflecting a 7.96% increase from the previous year[8] - Equity attributable to shareholders decreased by 28.80%, totaling RMB 771,914,740.85 compared to RMB 1,084,156,625.22 at the end of the previous year[8] - Total liabilities as of September 30, 2025, amounted to CNY 1,940,280,183.15, an increase from CNY 1,674,456,080.34 at the end of 2024[26] - The total equity attributable to shareholders of the parent company decreased to CNY 771,914,740.85 as of September 30, 2025, from CNY 1,084,156,625.22 at the end of 2024[26] Corporate Actions and Events - The company plans to repurchase and cancel 180,000 restricted shares due to five individuals no longer meeting incentive criteria[18] - Tianhai Hydrogen Equipment Co., Ltd. will raise RMB 290 million through public offerings to diversify equity and enhance governance structure[19] - Tianhai Low Temperature Equipment Co., Ltd. is facing bankruptcy proceedings initiated by creditors due to inability to repay debts[21] - The company has established a dedicated account for the repurchase of restricted shares with the China Securities Depository and Clearing Corporation[18] - The company will continue to monitor the bankruptcy situation and comply with relevant disclosure obligations[21] - The company reported a significant increase in other income to CNY 14,907,449.23 in the first three quarters of 2025, compared to CNY 9,012,342.75 in 2024[29] - Long-term borrowings increased to CNY 152,337,500.00 as of September 30, 2025, up from CNY 133,350,000.00 at the end of 2024[26] - The company raised 290,000,000.00 RMB from investments in the first three quarters of 2025, with no corresponding figure reported for 2024[36]

Group 1: China's Economic Policy and Foreign Investment - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized expanding high-level opening-up and creating a win-win cooperation environment, with a focus on maintaining a multilateral trade system and promoting international circulation [1] - By mid-2023, China had attracted a cumulative actual use of foreign capital amounting to $708.73 billion during the 14th Five-Year Plan period, with a year-on-year increase of 11.7% in newly established foreign-invested enterprises in the first half of 2025 [1][2] - The Ministry of Commerce reported that by the end of 2024, over 1.239 million foreign-invested enterprises had been established in China, with a cumulative actual use of foreign capital reaching 20.6 trillion yuan [2][6] Group 2: Multinational Corporations' Investments - Airbus inaugurated a second A320 series aircraft assembly line in Tianjin, which is expected to be fully operational by early 2026, reflecting the growing demand in the Chinese aviation market, projected to require 9,500 aircraft over the next 20 years [2][7] - Coca-Cola's recent financial report indicated a 14% increase in global sales of its sugar-free products, with the Asia-Pacific market being a significant growth driver [3] - Hilton Group opened the Waldorf Astoria Hotel in Shanghai, marking a milestone of over 888 hotels in China, and plans to double its hotel count in the country [5] Group 3: Industry Trends and Innovations - The report from the Ministry of Commerce indicated that high-tech sectors accounted for 43.7% of foreign investment in manufacturing by 2024, with foreign enterprises contributing nearly 50% to China's high-tech product exports [6][7] - The newly established Coca-Cola factory in Zhengzhou features advanced automation technologies, including a "smart robot picking" system, enhancing operational efficiency [6] - Boston Scientific launched its first manufacturing base in China, aiming to provide innovative medical products and strengthen local supply chains [8]

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 918.87% and Ningde Times (03750) at -17.09% [1][2] Summary by Category Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 918.87% with a deviation value of 109.61% [2] - Hongye Futures (03678) follows with a premium rate of 246.28% and a deviation value of 16.95% [2] - Zhejiang Shibao (01057) ranks third with a premium rate of 241.04% and a deviation value of 19.03% [2] Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -17.09% with a deviation value of -2.80% [2] - Heng Rui Pharmaceutical (01276) has a premium rate of -1.38% and a deviation value of 1.69% [2] - China Merchants Bank (03968) has a premium rate of 0.51% with a deviation value of -4.32% [2] Top AH Share Deviation Values - Northeast Electric (00042) leads with a deviation value of 109.61% [2] - Changfei Optical Fiber (06869) has a deviation value of 31.51% [2] - Shandong Molong (00568) follows with a deviation value of 26.68% [2] Bottom AH Share Deviation Values - Shanghai Electric (02727) has the lowest deviation value at -25.42% [3] - China National Foreign Trade Transportation Group (00598) has a deviation value of -16.00% [3] - COSCO Shipping Energy Transportation (01138) has a deviation value of -14.18% [3]

格隆汇10月16日丨京城机电股份(00187.HK)公布，本公司将于2025年10月30日（星期四）上午十时正召 开董事会会议，藉以考虑及批准（其中包括）本公司及其附属公司截至2025年9月30日止的九个月期间 的第三季度报告及其发布。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 公司秘書 中國•北京 董事會會議通知 北京京城機電股份有限公司（「本公司」）董事會(「董事會」) 謹此公佈，本公司將於二零二五年十月三十日（星期四）上午十時正 召開董事會會議，藉以考慮及批准（其中包括）本公司及其附屬公司 截至二零二五年九月三十日止的九個月期間的第三季度報告及其發 佈。 承董事會命 北京京城機電股份有限公司 欒 杰 於本公告日期，董事會包括執行董事張繼恒先生，非執行董事李俊杰先生、王凱 先生、周永軍先生、趙細華先生、滿會勇先生及李春枝女士，以及獨立非執行董 事陳均平女士、趙旭光先生、劉景泰先生及欒大龍先生。 二零二五年十月十六日 ...

10月14日晚间，京城股份（600860.SH）发布提示性公告，称其控股附属公司北京天海低温设备有限公 司（以下简称"天海低温"）被债权人北京朗汇科技有限公司（以下简称"朗汇科技"）申请破产清算。 据悉，自2022年起，朗汇科技与天海低温先后签订多份采购合同，其中约45.05万元货款未能按期支 付。经催缴后，天海低温仍未能清偿。鉴于天海低温不能清偿到期债务，资产不足以清偿全部债务且明 显缺乏清偿能力，朗汇科技作为债权人，向法院申请对天海低温进行破产清算。 根据京城股份披露的信息，截至2024年12月31日，天海低温经审计资产总额约为4053.31万元，净资产 约为-2.18亿元。当期，天海低温营收约为3178.68万元，净利润约为-3322.90万元。 "公司董事会正积极与相关债权人及法院进行沟通，对该事项进行核实及了解。截至本公告披露日，公 司尚未收到法院裁定书，天海低温是否进入破产程序尚存在不确定性。"京城股份方面表示，目前公司 通过全资子公司北京天海工业有限公司持有天海低温75%股权。如天海低温进入破产程序，将由法院指 定管理人接管，不再纳入公司合并报表范围。 此外，京城股份方面明确，天海低温破产清算不 ...

Company News - China Metallurgical Group Corporation (01618.HK) reported a new contract amount of 760.67 billion yuan for the first nine months, a year-on-year decrease of 14.7%. The overseas contract amount was 66.9 billion yuan, showing a year-on-year increase of 10.1% [1] - China General Nuclear Power Corporation (01816.HK) achieved a total power generation of approximately 182.822 billion kWh in the first nine months, representing a year-on-year growth of 2.67% [1] - "Jiao Ge Peng You" Holdings (01450.HK) recorded a cumulative GMV of approximately 9.53 billion yuan for the first three quarters, a year-on-year increase of 7.56%. However, the GMV for the third quarter was about 2.55 billion yuan, reflecting a year-on-year decline of approximately 12.07% [1] - China Resources Land (01109.HK) reported a cumulative contract sales amount of approximately 154.4 billion yuan for the first nine months, a year-on-year decrease of 10.4% [1] - Times China Holdings (01233.HK) reported cumulative contract sales of 3.933 billion yuan for the first nine months, a year-on-year decline of 37.1% [1] - ZhongAn Online P&C Insurance (06060.HK) achieved cumulative original insurance premium income of 26.934 billion yuan in the first nine months, a year-on-year increase of 5.64% [1] - COFCO Joycome (01610.HK) reported a pig slaughter volume of 468,000 heads in September, a month-on-month decrease of 6.02% [1] - Kingsoft Cloud Holdings (01548.HK) received a new payment under a licensing agreement related to PD-1 monoclonal antibodies, which will enhance cash reserves for new molecular discovery and development [2] - China National Building Material Group (03323.HK) expects a net profit of 2.95 billion yuan for the first three quarters, turning from loss to profit, mainly due to a decrease in sales costs of cement and ready-mixed concrete [2] - Lifen Holdings (01125.HK) issued a profit warning, expecting a year-on-year increase of no less than 50% in annual losses attributable to owners [2] - China Property Investment (00736.HK) signed a cooperation framework agreement to tokenize high-quality photovoltaic new energy assets [2] - Dali Pu Holdings (01921.HK) established a direct sales warehouse and sales office in Oman to strengthen its strategic layout in the Middle East [2] - Beijing Machinery Electric Co., Ltd. (00187.HK) faced bankruptcy liquidation application from creditors for its subsidiary Tianhai Cryogenic [2] Financing and Buyback Activities - Jihai Resources (02489.HK) successfully placed 400 million shares at 1.18 HKD per share, raising approximately 466 million HKD for potential gold mine acquisitions and general working capital [2] - China Galaxy Securities (06881.HK) was approved to issue short-term corporate bonds not exceeding 15 billion yuan [3] - Kuaishou Technology (01024.HK) repurchased 1.3146 million shares for approximately 98.4067 million HKD at prices ranging from 74.55 to 75.1 HKD [3] - Xiaomi Group (01810.HK) repurchased 4 million shares for approximately 19.5 million HKD at prices ranging from 48.44 to 49 HKD [4]

Core Points - Beijing Tianhai Low Temperature Equipment Co., Ltd. (Tianhai Low Temperature), a subsidiary of Jingcheng Shares (600860), is facing bankruptcy proceedings initiated by creditor Beijing Langhui Technology Co., Ltd. due to inability to repay debts totaling RMB 450,500 [1] - Tianhai Low Temperature has a registered capital of RMB 40 million and reported a revenue of RMB 31.7868 million with a net loss of RMB 33.229 million for 2024 [1] - Jingcheng Shares holds a 75% stake in Tianhai Low Temperature through its wholly-owned subsidiary, and if bankruptcy is confirmed, Tianhai will no longer be included in Jingcheng's consolidated financial statements [2] Financial Performance - In the first half of 2025, Jingcheng Shares reported a revenue of RMB 680 million, a year-on-year decrease of 9.14%, and a net loss of RMB 15.7557 million compared to a loss of RMB 3.3749 million in the same period last year [3] - The increase in net loss is attributed to pressures in the gas storage and transportation sector due to international trade frictions, leading to a decline in sales and profits [3] - Despite some business segments showing growth, intensified market competition and increased investment in R&D have impacted overall profitability [3]

于公告日期，公司通过全资子公司北京天海工业有限公司持有天海低温75%股权。如天海低温进入破产 程序，将由法院指定管理人接管，不再纳入公司合并报表范围。本次天海低温的潜在破产清算不会影响 公司现有业务的生产经营。天海低温破产对公司本期利润或期後利润的影响存在不确定性，最终实际影 响以破产执行结果和会计师审计为准。公司将依法行使其股东权利，积极主动配合法院及管理人的工 作，同时将积极争取有关方面的支持，最大限度保障公司及其全体股东的利益。 格隆汇10月14日丨京城机电股份(00187.HK)公布，公司近日收到其附属公司北京天海低温设备有限公司 ("天海低温"或"被申请人")转发的《北京市第一中级人民法院通知书》。根据该通知书，债权人北京朗 汇科技有限公司("朗汇科技"或"申请人")以天海低温不能清偿到期债务且明显缺乏清偿能力为由，向北 京市第一中级人民法院申请对天海低温进行破产清算。 公司董事会正积极与相关债权人及法院进行沟通，对该事项进行核实及了解。于公告日期，公司尚未收 到法院裁定书，天海低温是否进入破产程序尚存在不确定性。 ...