Market Overview - The diversified financial sector experienced a decline of 0.22% on November 17, with the electric power investment sector leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers in the diversified financial sector included: - *ST Rendo (002647): Closed at 7.66, up 3.65% with a trading volume of 207,700 shares and a turnover of 157 million [1] - Zhejiang Dongfang (600120): Closed at 6.95, up 2.36% with a trading volume of 1,106,100 shares and a turnover of 766 million [1] - Haide Co. (000567): Closed at 8.00, up 2.04% with a trading volume of 479,300 shares and a turnover of 379 million [1] - Major decliners included: - Electric Power Investment (000958): Closed at 7.08, down 3.01% with a trading volume of 1,942,200 shares and a turnover of 1.404 billion [2] - Xiangman Rongtong (600830): Closed at 10.14, down 2.22% with a trading volume of 108,100 shares and a turnover of 110 million [2] Capital Flow - The diversified financial sector saw a net outflow of 298 million from institutional investors, while retail investors experienced a net inflow of 200 million [2] - Specific stock capital flows included: - Zhejiang Dongfang (600120): Institutional net outflow of 48.03 million, retail net inflow of 80.69 million [3] - *ST Rendo (002647): Institutional net inflow of 16.53 million, retail net outflow of 8.36 million [3] - Electric Power Investment (000958): Significant institutional net outflow of 14.04 billion [2]

Core Viewpoint - Jiuding Investment (600053) has shown a recent increase in stock price, closing at 20.94 yuan on November 7, 2025, with a rise of 2.25% and a trading volume of 14.71 million shares, indicating active market participation [1] Financial Performance - For the first three quarters of 2025, Jiuding Investment reported a main business revenue of 132 million yuan, a year-on-year decline of 30.55% [5] - The net profit attributable to shareholders was -49.934 million yuan, down 812.93% year-on-year, indicating significant financial distress [5] - The third quarter of 2025 saw a single-quarter main business revenue of 51.9575 million yuan, a substantial increase of 400.03% year-on-year, although the net profit remained negative at -238.42 million yuan, a decline of 143.8% [5] Market Activity - On November 7, 2025, the net inflow of main funds was 40.0464 million yuan, accounting for 13.08% of the total trading volume, while retail investors experienced a net outflow of 38.896 million yuan, representing 12.71% of the total [1][2] - Over the past five days, Jiuding Investment has seen a total net inflow of 28.8266 million yuan in financing, with a financing balance of 191 million yuan as of November 7, 2025 [3][5] Industry Comparison - Jiuding Investment's total market capitalization is 9.078 billion yuan, significantly lower than the industry average of 23.94 billion yuan, ranking 17th out of 21 in the diversified financial sector [5] - The company has a negative net profit margin of -37.67%, compared to the industry average of 115.45%, indicating poor profitability [5] - Jiuding Investment's gross profit margin stands at 53.23%, which is notably higher than the industry average of 24.09%, ranking 4th in the sector [5]

Company Overview - Jiuding Investment's stock price increased by 2.00% on November 7, reaching 20.89 CNY per share, with a trading volume of 112 million CNY and a turnover rate of 1.26%, resulting in a total market capitalization of 9.057 billion CNY [1] - The company has seen a year-to-date stock price increase of 50.61%, with a 5-day increase of 11.00%, a 20-day increase of 22.74%, and a 60-day increase of 28.47% [1] Financial Performance - For the period from January to September 2025, Jiuding Investment reported operating revenue of 132 million CNY, a year-on-year decrease of 30.55%, and a net profit attributable to shareholders of -49.934 million CNY, a year-on-year decrease of 812.93% [2] - Cumulative cash dividends since the company's A-share listing amount to 762 million CNY, with 6.937 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Jiuding Investment had 27,500 shareholders, a decrease of 9.10% from the previous period, with an average of 15,765 circulating shares per shareholder, an increase of 10.01% [2] - The fifth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 2.783 million shares, a decrease of 2.144 million shares from the previous period [3] Business Segments - Jiuding Investment's main business segments include real estate development and management (65.58%), private equity investment management (24.06%), construction (8.02%), and other supplementary services (2.34%) [1]

Market Overview - The diversified financial sector increased by 0.13% on November 6, with State Grid Yingda leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - State Grid Yingda (600517) closed at 7.04, up 3.68% with a trading volume of 1.4731 million shares and a transaction value of 1.038 billion [1] - Jiuding Investment (600053) closed at 20.48, up 3.49% with a trading volume of 143,100 shares and a transaction value of 29.062 million [1] - Other notable performers include ST Nengmao (665009) up 2.00%, Ruida Futures (002961) up 1.18%, and Yuexiu Capital (000987) up 1.00% [1] Capital Flow - The diversified financial sector experienced a net outflow of 286 million from institutional investors, while retail investors saw a net inflow of 370 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Individual Stock Capital Flow - State Grid Yingda had a net inflow of 90.6264 million from institutional investors, but a net outflow of 78.9733 million from retail investors [3] - Jiuding Investment saw a net inflow of 28.4576 million from institutional investors, with retail investors experiencing a net outflow of 2.4573 million [3] - Ruida Futures had a net inflow of 28.3838 million from institutional investors, while retail investors faced a net outflow of 28.8201 million [3]

Core Insights - A total of 77 stocks in the Shanghai and Shenzhen markets have experienced net inflows of main funds for five consecutive days or more as of November 5, with Cambricon Technologies (寒武纪-U) leading with 50 days of continuous inflow [1] - The total net inflow of main funds for Cambricon Technologies reached 6.325 billion yuan, followed by Shanghai Pudong Development Bank with a net inflow of 777 million yuan over five days [1] - In terms of the proportion of net inflow to trading volume, *ST Baoying ranks first, with a 47.72% increase over the past eight days [1] Summary by Category Stocks with Continuous Net Inflows - Cambricon Technologies (688256) has seen net inflows for 50 days totaling 6.325 billion yuan, with a price increase of 44.33% [1] - Shanghai Pudong Development Bank (600000) recorded net inflows of 777 million yuan over five days, with a price increase of 0.42% [1] - CITIC Bank (601998) had net inflows of 439 million yuan over six days, with a price increase of 3.85% [1] Notable Performers - *ST Baoying had the highest net inflow ratio, with a significant price increase of 47.72% over the last eight days [1] - Other notable stocks include Jiangsu Bank (600919) with a net inflow of 342 million yuan and a price increase of 5.70%, and Yaxing Anchor Chain (601890) with a net inflow of 331 million yuan and a price increase of 10.16% [1] Additional Stocks with Inflows - Other stocks with notable net inflows include: - China Shenhua (601088) with 314 million yuan and a 3.42% increase [1] - Haotian Co., Ltd. (603759) with 166 million yuan and a 64.35% increase over 11 days [1] - Microelectronic Physiology (688351) with 140 million yuan and a 12.94% increase [1]

Core Insights - The diversified financial sector experienced a slight increase of 0.39% on November 3, with *ST Xiongmao leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance Summary - *ST Nengmao saw a closing price of 9.93, with a rise of 4.97% and a trading volume of 64,400 shares, totaling a transaction value of 62.95 million yuan [1] - Haide Co. closed at 7.86, up 4.80%, with a trading volume of 946,100 shares and a transaction value of 730 million yuan [1] - Jiuding Investment closed at 19.64, increasing by 4.36%, with a trading volume of 182,400 shares and a transaction value of 356 million yuan [1] - Sichuan Shuangma closed at 21.18, up 4.13%, with a trading volume of 167,000 shares and a transaction value of 350 million yuan [1] - Zhejiang Dongfang closed at 7.36, increasing by 2.79%, with a trading volume of 3,129,800 shares and a transaction value of 2.277 billion yuan [1] Capital Flow Analysis - The diversified financial sector saw a net outflow of 13.69 million yuan from institutional investors and 17.34 million yuan from retail investors, while retail investors had a net inflow of 31.03 million yuan [2] - Haide Co. had a net inflow of 81.16 million yuan from institutional investors, while experiencing a net outflow of 82.36 million yuan from retail investors [3] - Sichuan Shuangma recorded a net inflow of 44.44 million yuan from institutional investors, with net outflows from both retail and speculative investors [3]

我们保证公司《2025 年第三季度报告》所披露的信息真实、准确、完整， 承诺其中不存在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确 性和完整性承担法律责任。 昆吾九鼎投资控股股份有限公司 董事及高级管理人员关于 2025 年第三季度报告的 书面确认意见 根据《证券法》、中国证监会《上海证券交易所上市公司公告格式第五十二 号——上市公司季度报告》和《上海证券交易所股票上市规则》等法律、法规及 规章的规定，昆吾九鼎投资控股股份有限公司（以下简称"公司"）董事及高级 管理人员在全面了解和审阅公司《2025 年第三季度报告》后，认为： 公司严格按照上市公司财务制度规范运作，公司《2025 年第三季度报告》 公允地反映了公司报告期末财务状况以及报告期的经营成果和现金流量。 董事： 王亮 王欣 赵根 刘玉杰 易凌杰 李晟 徐爽 张宝林 鲜文铎 高级管理人员： 王欣 易凌杰 昆吾九鼎投资控股股份有限公司 2025 年 10 月 30 日 ...

Financial Performance - The company's operating revenue for the third quarter was ¥51,957,455.64, an increase of 400.03% compared to the same period last year[4]. - The total profit for the third quarter was -¥8,939,342.77, a decrease of 225.92% year-on-year[4]. - The net profit attributable to shareholders was -¥2,384,240.92, representing a year-on-year decrease of 812.93%[4]. - Year-to-date operating revenue reached ¥132,329,513.85, down 30.55% compared to the same period last year[5]. - The net profit attributable to shareholders for the year-to-date period was -¥49,934,038.30, a decrease of 812.93% year-on-year[5]. - Total operating revenue for the first three quarters of 2025 was CNY 132,329,513.85, a decrease of 30.6% compared to CNY 190,550,723.79 in the same period of 2024[23]. - Net profit for the first three quarters of 2025 was a loss of CNY 49,845,840.11, compared to a profit of CNY 6,703,919.85 in 2024[24]. - The total comprehensive income attributable to the parent company was -52,982,199.33 RMB, compared to 3,259,392.67 RMB in the previous year[25]. - Basic and diluted earnings per share were both -0.1152 RMB, compared to 0.0162 RMB in the previous year[25]. Revenue Breakdown - The private equity investment management business generated operating revenue of ¥5,600,000, down 42.55% year-on-year, with a net profit of -¥3,100,000, a decrease of 331.32%[6]. - The real estate business reported operating revenue of ¥6,400,000, down 31.63%, with a net profit loss of -¥1,000,000, an increase in loss of 61.37%[6]. - The construction business achieved operating revenue of ¥1,300,000, with a net profit loss of -¥900,000 due to high initial operating costs[6]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,818,172,197.38, a decrease of 3.01% from the previous year[5]. - The company's total assets decreased to CNY 2,818,172,197.38 from CNY 2,905,682,203.17 year-over-year[20]. - Total liabilities decreased to CNY 227,871,943.45 from CNY 256,066,550.73 year-over-year[21]. - Current assets totaled CNY 1,892,600,098.37, down from CNY 2,003,529,359.76[20]. - Non-current assets increased to CNY 925,572,099.01 from CNY 902,152,843.41 year-over-year[20]. - The company reported a significant increase in other receivables, rising to CNY 102,428,735.53 from CNY 34,062,035.25[19]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 27,499[13]. - Jiangxi Zhongjiang Group Co., Ltd. holds 29.80% of shares, totaling 129,195,158 shares, with 99,000,000 shares pledged[13]. - Jiangxi Zixing Enterprise Management Co., Ltd. holds 21.37% of shares, totaling 92,631,501 shares, with 92,400,000 shares pledged[13]. - Jiangxi Zixing Commercial Development Co., Ltd. holds 21.20% of shares, totaling 91,910,650 shares[13]. - The top three shareholders collectively hold 72.37% of the company's shares[16]. - The company has no significant changes in the shareholding structure due to the transfer of shares[16]. Cash Flow - Total cash and cash equivalents as of September 30, 2025, is 57,304,779.28 RMB, down from 258,913,725.30 RMB as of December 31, 2024[18]. - The net cash flow from operating activities was -106,915,485.65 RMB, a decline from -56,395,103.63 RMB year-over-year[26]. - Cash inflow from operating activities totaled 127,605,015.47 RMB, down from 154,349,177.46 RMB in the same period last year[26]. - Cash outflow from operating activities increased to 234,520,501.12 RMB, compared to 210,744,281.09 RMB in the previous year[26]. - The net cash flow from investing activities was -107,576,896.11 RMB, a significant decrease from 56,224,367.11 RMB in the prior year[26]. - Cash and cash equivalents at the end of the period were 55,885,990.76 RMB, down from 238,528,221.26 RMB year-over-year[26]. - The company received cash from investment activities totaling 16,481,303.89 RMB, a decrease from 59,027,094.95 RMB in the previous year[26]. - The company paid 62,000,893.58 RMB in employee compensation, down from 82,092,219.99 RMB in the previous year[26]. - The company reported a cash inflow from financing activities of 17,698,564.01 RMB, compared to -6,767.28 RMB in the previous year[26]. Operational Insights - The company has not reported any significant operational issues during the reporting period[17]. - The company has not issued any new products or technologies during the reporting period[17]. - There are no plans for market expansion or mergers and acquisitions mentioned in the report[17]. - The company is focusing on improving operational efficiency to address the decline in net profit and revenue[24]. - Research and development expenses were not specified but are critical for future product development and market expansion strategies[24].

Core Viewpoint - The company reported a significant increase in third-quarter revenue but continued to face net losses, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - The third-quarter revenue reached 51.95 million yuan, representing a year-on-year increase of 400.03% [1] - The net profit for the third quarter was a loss of 2.3842 million yuan [1] - For the first three quarters, the total revenue was 132 million yuan, which reflects a year-on-year decrease of 30.55% [1] - The net profit for the first three quarters showed a loss of 49.934 million yuan [1]

Market Overview - The diversified financial sector experienced a decline of 1.49% on October 30, with Ruida Futures leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers included: - Zhejiang Dongfang (600120) with a closing price of 7.12, up 6.27% [1] - State Grid Yingda (600517) at 6.50, up 3.17% [1] - Significant losers included: - Ruida Futures (002961) at 23.43, down 7.39% [2] - Jiuding Investment (600053) at 18.91, down 5.17% [2] Trading Volume and Value - The trading volume and value for key stocks in the diversified financial sector showed varied performance, with Zhejiang Dongfang achieving a trading volume of 5.21 million hands and a transaction value of 371.8 million yuan [1] - Ruida Futures had a trading volume of 214,100 hands and a transaction value of 507 million yuan [2] Capital Flow Analysis - The diversified financial sector saw a net outflow of 345 million yuan from institutional investors, while retail investors contributed a net inflow of 513 million yuan [2][3] - Key stocks with significant capital flow included: - Zhejiang Dongfang with a net inflow of 3.49 billion yuan from institutional investors [3] - Jiuding Investment with a net inflow of 29.93 million yuan from retail investors [3]