Core Viewpoint - Wuhan Holdings, established in 1998, operates in the environmental water services sector, focusing on wastewater treatment, water supply, and tunnel operations, showcasing a full industry chain advantage [1] Group 1: Business Performance - For Q3 2025, Wuhan Holdings reported revenue of 3.037 billion, ranking 10th among 51 companies in the industry, with the industry leader, Beijing Capital Eco-Environment Protection Group, generating 13.453 billion [2] - The net profit for the same period was 82.799 million, placing the company 25th in the industry, while the top performer reported a net profit of 1.908 billion [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio stood at 73.05%, down from 76.65% year-on-year, significantly higher than the industry average of 49.82% [3] - The gross profit margin for Q3 2025 was 20.53%, a decrease from 21.53% year-on-year, and below the industry average of 32.13% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.35% to 29,800, while the average number of circulating A-shares held per shareholder increased by 10.32% to 33,400 [5]

Quantitative Factors and Construction Methods - **Factor Name**: Large Buy Order Transaction Amount Ratio **Construction Idea**: This factor captures the buying behavior of large funds by analyzing the proportion of large buy orders in the total transaction amount for a given day[8] **Construction Process**: 1. Utilize tick-by-tick transaction data to identify buy and sell orders based on bid and ask sequence numbers[8] 2. Filter transactions by volume to identify large orders[8] 3. Calculate the proportion of large buy order transaction amounts to the total transaction amount for the day[8] **Evaluation**: This factor effectively reflects the behavior of large funds in the market[8] - **Factor Name**: Net Active Buy Transaction Amount Ratio **Construction Idea**: This factor measures the active buying behavior of investors by calculating the net active buy transaction amount as a proportion of the total transaction amount for a given day[8] **Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on the buy/sell flag[8] 2. Subtract the active sell transaction amount from the active buy transaction amount to obtain the net active buy transaction amount[8] 3. Calculate the proportion of net active buy transaction amount to the total transaction amount for the day[8] **Evaluation**: This factor effectively captures the active buying behavior of investors in the market[8] --- Factor Backtesting Results Large Buy Order Transaction Amount Ratio - **Top 10 Stocks (20251020-20251024)**: 1. Stone Machinery (000852.SZ): 88.4%, 99.2% time-series percentile[10] 2. ShenKai Shares (002278.SZ): 87.0%, 100.0% time-series percentile[10] 3. Oriental Garden (002310.SZ): 86.4%, 96.7% time-series percentile[10] 4. Wuhan Holdings (600168.SH): 86.1%, 97.1% time-series percentile[10] 5. Guangtian Group (002482.SZ): 85.5%, 91.4% time-series percentile[10] 6. Zhengbang Technology (002157.SZ): 85.4%, 99.2% time-series percentile[10] 7. Oriental Electric Heating (300217.SZ): 85.4%, 97.5% time-series percentile[10] 8. Nengte Technology (002102.SZ): 85.3%, 83.6% time-series percentile[10] 9. Xianfeng Holdings (002141.SZ): 85.3%, 97.5% time-series percentile[10] 10. Qingsong Jianhua (600425.SH): 85.1%, 93.4% time-series percentile[10] Net Active Buy Transaction Amount Ratio - **Top 10 Stocks (20251020-20251024)**: 1. Tangshan Port (601000.SH): 20.7%, 97.1% time-series percentile[11] 2. Changqing Shares (603768.SH): 17.0%, 100.0% time-series percentile[11] 3. Shuangyuan Technology (688623.SH): 16.3%, 99.6% time-series percentile[11] 4. Guotou Power (600886.SH): 16.3%, 98.0% time-series percentile[11] 5. Fenglong Shares (002931.SZ): 16.0%, 100.0% time-series percentile[11] 6. Gongdong Medical (605369.SH): 14.9%, 99.2% time-series percentile[11] 7. Zhaoxun Media (301102.SZ): 14.8%, 100.0% time-series percentile[11] 8. Fantuo Digital Creation (301313.SZ): 14.6%, 100.0% time-series percentile[11] 9. Huali Group (300979.SZ): 14.6%, 99.6% time-series percentile[11] --- Broad Index Backtesting Results - **Large Buy Order Transaction Amount Ratio (20251020-20251024)**: 1. Shanghai Composite Index: 75.2%, 61.5% time-series percentile[13] 2. SSE 50: 73.9%, 23.0% time-series percentile[13] 3. CSI 300: 75.5%, 77.9% time-series percentile[13] 4. CSI 500: 76.0%, 68.4% time-series percentile[13] 5. ChiNext Index: 75.2%, 76.6% time-series percentile[13] - **Net Active Buy Transaction Amount Ratio (20251020-20251024)**: 1. Shanghai Composite Index: -0.8%, 78.7% time-series percentile[13] 2. SSE 50: 3.3%, 96.3% time-series percentile[13] 3. CSI 300: 2.3%, 95.1% time-series percentile[13] 4. CSI 500: 0.8%, 86.9% time-series percentile[13] 5. ChiNext Index: 5.3%, 100.0% time-series percentile[13] --- Industry Backtesting Results - **Large Buy Order Transaction Amount Ratio (20251020-20251024)**: 1. Banking: 80.7%, 91.0% time-series percentile[14] 2. Steel: 79.5%, 3.3% time-series percentile[14] 3. Non-Banking Finance: 79.2%, 33.2% time-series percentile[14] 4. Comprehensive: 79.1%, 35.7% time-series percentile[14] 5. Real Estate: 78.7%, 34.0% time-series percentile[14] - **Net Active Buy Transaction Amount Ratio (20251020-20251024)**: 1. Electronics: 8.0%, 74.2% time-series percentile[14] 2. Communication: 7.4%, 96.3% time-series percentile[14] 3. National Defense and Military Industry: 3.5%, 35.7% time-series percentile[14] 4. Computers: 2.6%, 89.3% time-series percentile[14] 5. Automobiles: 2.6%, 60.2% time-series percentile[14] --- ETF Backtesting Results - **Large Buy Order Transaction Amount Ratio (20251020-20251024)**: 1. Bosera China Education ETF: 91.2%, 100.0% time-series percentile[16] 2. Huaxia Growth ETF: 90.5%, 97.1% time-series percentile[16] 3. Fortune Shanghai Composite ETF: 90.0%, 94.7% time-series percentile[16] 4. Fortune Tourism Theme ETF: 89.6%, 97.5% time-series percentile[16] 5. Guotai Shanghai Composite ETF: 89.3%, 92.2% time-series percentile[16] - **Net Active Buy Transaction Amount Ratio (20251020-20251024)**: 1. Bosera Chip ETF: 15.6%, 93.0% time-series percentile[17] 2. E Fund Dividend ETF: 15.2%, 94.3% time-series percentile[17] 3. Huatai-PineBridge 2000 ETF: 15.0%, 100.0% time-series percentile[17] 4. Tianhong Growth ETF: 13.7%, 82.4% time-series percentile[17] 5. Huaxia Sci-Tech ETF: 13.6%, 91.4% time-series percentile[17]

Core Viewpoint - Wuhan Holdings (600168.SH) reported a decline in revenue and net profit for Q3 2025, indicating financial challenges faced by the company [1] Financial Performance - The company's operating revenue for Q3 2025 was 961 million yuan, representing a year-on-year decrease of 7.94% [1] - The net profit attributable to shareholders of the listed company was -5.84 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -13.30 million yuan [1]

证券代码：600168 证券简称：武汉控股 公告编号：临 2025—059 号 武汉三镇实业控股股份有限公司 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《关于做好主板上市公司 2025 年第三季度报告披露工 作的重要提醒》的要求，公司 2025 年第三季度主要经营数据（未经审计）如下： | | 污水处理 | 本期结算量（万 （2025 | m 3） 年 7-9 月） | | （2025 | 本年累计结算量（万 m 年 1-9 月） | 3） | | --- | --- | --- | --- | --- | --- | --- | --- | | 地区 | 服务单价 | | | | | | | | | （元/m 3） | 2025 年 | 2024 年 | 同比变化 | 2025 年 | 2024 年 | 同比变化 | | | | 7-9 月 | 7-9 月 | （%） | 1-9 月 | 1-9 月 | （%） | | 武汉市 | 1.96 | 29,030 ...

一、董事会会议召开情况 武汉三镇实业控股股份有限公司（以下简称"公司"）第九届董事会第四十 六次会议通知于 2025 年 10 月 17 日以书面方式通知各位董事，会议于 2025 年 10 月 28 日下午 14:40 在公司 24 楼会议室召开，会议应到董事 11 人，实到董事 11 人。本次会议的召开符合《公司法》和《公司章程》的规定。公司高级管理 人员列席了会议。 二、董事会会议审议情况 会议由董事长王静女士主持。会议通过认真审议，采取记名投票方式逐项表 决，通过了如下决议： （一）公司 2025 年第三季度报告 证券代码：600168 证券简称：武汉控股 公告编号：临 2025—058 号 武汉三镇实业控股股份有限公司 第九届董事会第四十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 1 该议案已经公司董事会审计委员会审议通过，并同意提交公司董事会审议。 公司 2025 年第三季度报告详见上海证券交易所网站 www.sse.com.cn。 （11 票同意，0 票反对，0 票弃权） （二）关于聘 ...

Financial Performance - The company's operating revenue for the third quarter was ¥961,390,474.08, a decrease of 7.94% compared to the same period last year[4] - The total profit for the period was -¥7,681,458.29, while the profit for the year-to-date was ¥93,780,035.93, an increase of 24.37% year-on-year[4] - The net profit attributable to shareholders was -¥5,839,956.99 for the quarter, with a year-to-date net profit of ¥82,929,040.34, reflecting a 14.10% increase year-on-year[4] - The net profit for the third quarter of 2025 was CNY 82,799,011.63, an increase of 14.5% compared to CNY 72,209,785.68 in the same period of 2024[22] - The total profit for the third quarter of 2025 reached CNY 93,780,035.93, up from CNY 75,401,285.74 in the previous year, reflecting a growth of 24.3%[22] - Operating profit for the third quarter of 2025 was CNY 72,702,659.74, compared to CNY 53,716,004.53 in 2024, marking an increase of 35.3%[22] - Total revenue for the first three quarters of 2025 was CNY 188,219,835.76, a decrease of 8.9% compared to CNY 205,040,613.31 in the same period of 2024[30] - Operating profit for the first three quarters of 2025 was CNY -63,093,623.18, compared to CNY -44,437,415.13 in the first three quarters of 2024, indicating a worsening performance[30] - Net profit for the first three quarters of 2025 was CNY -37,136,492.32, compared to CNY -21,012,988.58 in the same period of 2024, reflecting a significant increase in losses[30] Cash Flow - The cash flow from operating activities showed a net outflow of -¥382,705,590.99 for the year-to-date, indicating a significant increase in cash payments for goods and services[5] - The cash flow from operating activities for the first three quarters of 2025 was negative at CNY -382,705,590.99, worsening from CNY -288,734,842.57 in the same period of 2024[24] - Cash flow from operating activities for the first three quarters of 2025 was CNY 22,314,181.69, a recovery from a negative cash flow of CNY -99,818,567.82 in the same period of 2024[32] - Cash flow from investing activities for the first three quarters of 2025 was CNY -258,871,999.56, compared to a positive cash flow of CNY 63,656,717.17 in the same period of 2024, indicating increased investment outflows[32] - Cash flow from financing activities for the first three quarters of 2025 was CNY 366,210,311.32, compared to CNY 2,373,624.05 in the same period of 2024, showing a significant increase in cash inflows from financing[32] - The company reported cash inflows from financing activities of CNY 8,380,245,630.80 in the first three quarters of 2025, compared to CNY 5,447,249,709.39 in 2024, representing a growth of 53.4%[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥24,438,758,459.14, a slight increase of 0.26% from the end of the previous year[5] - The total assets of the company amounted to CNY 24,438,758,459.14 as of September 30, 2025, slightly up from CNY 24,374,191,361.21 at the end of 2024[18] - The total liabilities decreased to CNY 17,852,750,633.70 as of September 30, 2025, down from CNY 18,842,660,813.04 at the end of 2024, a reduction of 5.2%[18] - Total liabilities decreased to CNY 2,949,926,786.39 from CNY 3,524,776,688.05, indicating improved financial leverage[28] - The total comprehensive income attributable to the parent company for the third quarter of 2025 was CNY 82,929,040.34, an increase from CNY 72,679,227.82 in the previous year[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 29,759[11] - The largest shareholder, Wuhan Water Group Co., Ltd., holds 40.18% of the shares, totaling 399,140,764 shares[11] - The equity attributable to shareholders increased by 19.86% year-on-year, reaching ¥6,365,197,881.70[5] - Shareholders' equity increased to CNY 4,158,758,514.43 from CNY 3,224,216,741.11, reflecting a stronger equity position[28] Investment and Expenses - The company optimized its debt structure, which contributed to a reduction in financial costs and improved profit margins[9] - The company reported a significant increase in research and development expenses, totaling CNY 74,920,317.86 for the first three quarters of 2025, compared to CNY 70,118,243.20 in 2024[19] - The company’s long-term equity investments increased to CNY 511,229,298.31 as of September 30, 2025, from CNY 483,240,156.93 at the end of 2024, reflecting a growth of 5.8%[16] - The company’s long-term equity investments increased slightly to CNY 4,284,685,666.43 as of September 30, 2025, compared to CNY 4,257,049,520.65 at the end of 2024[26] - The company reported a significant increase in financial expenses, with interest expenses rising to CNY 62,143,607.75 from CNY 83,160,277.98 in the previous year[30] Cash and Cash Equivalents - The company's cash and cash equivalents decreased to CNY 839,608,764.20 as of September 30, 2025, down from CNY 1,592,391,460.08 at the end of 2024, representing a decline of 47.3%[16] - Cash and cash equivalents at the end of September 2025 totaled CNY 835,866,029.28, down from CNY 1,188,037,411.56 at the end of 2024[25] - The net cash flow from financing activities amounted to $366.21 million, an increase from $2.37 million[34] - The net increase in cash and cash equivalents was $129.65 million, compared to a decrease of $33.79 million in the previous period[34] - The beginning balance of cash and cash equivalents was $178.18 million, down from $455.01 million[34] - The ending balance of cash and cash equivalents stood at $307.84 million, compared to $421.23 million previously[34]

Group 1 - The core point of the article indicates that Wuhan Holdings reported a revenue of 961 million yuan in the third quarter, representing a year-on-year decline of 7.94% [1] - The net profit for the third quarter was a loss of 5.84 million yuan [1] - For the first three quarters, the total revenue reached 3.037 billion yuan, showing a year-on-year growth of 6.45% [1] - The net profit for the first three quarters was 82.929 million yuan, reflecting a year-on-year increase of 14.10% [1]

Core Viewpoint - Wuhan Holdings experienced a stock price decline of 2.01% on October 28, with a current price of 5.35 CNY per share and a total market capitalization of 5.315 billion CNY [1]. Financial Performance - For the first half of 2025, Wuhan Holdings reported a revenue of 2.076 billion CNY, representing a year-on-year growth of 14.76%. The net profit attributable to shareholders was 88.769 million CNY, reflecting a 9.22% increase compared to the previous year [2]. - The company has cumulatively distributed 1.606 billion CNY in dividends since its A-share listing, with 70.815 million CNY distributed over the last three years [3]. Stock Market Activity - As of October 28, the trading volume was 191 million CNY, with a turnover rate of 3.57%. The stock has increased by 21.51% year-to-date, but has seen a decline of 4.80% over the last five trading days [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on October 22 [1]. Shareholder Information - As of June 30, the number of shareholders for Wuhan Holdings was 32,800, a decrease of 5.83% from the previous period. The average number of circulating shares per shareholder increased by 6.19% to 30,258 shares [2]. Business Overview - Wuhan Holdings, established on April 17, 1998, operates in the environmental sector, focusing on wastewater treatment, water supply, and tunnel operations. The revenue breakdown includes 48.48% from wastewater treatment, 43.90% from engineering construction, 4.01% from water supply, and 0.06% from leachate treatment [1]. - The company is categorized under the environmental governance sector, specifically in water management, and is associated with concepts such as new urbanization and green energy [1].

Core Insights - The environmental governance sector experienced a decline of 0.58% on October 24, with Wuhan Holdings leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Environmental Governance Sector Performance - Notable gainers included: - Mihuisi (688480) with a closing price of 54.09, up 4.30% on a trading volume of 19,500 [1] - ST Xindong (300152) at 2.28, up 4.11% with a volume of 574,400 [1] - Fulongma (603686) at 24.22, up 3.95% with a volume of 804,700 [1] - Major decliners included: - Wuhan Holdings (600168) at 5.57, down 9.58% with a trading volume of 1,301,500 [2] - Feima International (002210) at 3.76, down 8.29% with a volume of 3,306,400 [2] - Dongjiang Environmental (002672) at 4.99, down 5.67% with a volume of 613,700 [2] Capital Flow Analysis - The environmental governance sector saw a net outflow of 202 million yuan from institutional investors, while retail investors contributed a net inflow of 47.51 million yuan [2] - Key stocks with significant capital flow included: - Fulongma (603686) with a net inflow of 155 million yuan from institutional investors, but a net outflow of 122 million yuan from retail investors [3] - Beijete (300774) with a net inflow of 52.72 million yuan from institutional investors, but a net outflow of 59.73 million yuan from retail investors [3] - Dongjiang Environmental (002672) with a net inflow of 28.49 million yuan from institutional investors, but a net outflow of 73.08 million yuan from retail investors [3]

Core Viewpoint - Wuhan Three Towns Industrial Holdings Co., Ltd. experienced a significant stock price fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days, indicating abnormal trading activity [2][4]. Group 1: Stock Trading Abnormalities - The company's stock closed with a cumulative price increase of over 20% on October 20, 21, and 22, 2025, qualifying as an abnormal trading situation according to the Shanghai Stock Exchange rules [2][4]. - As of October 22, 2025, the company's rolling price-to-earnings (P/E) ratio stood at 64.14, significantly higher than the industry average P/E ratio of 14.47 for the water production and supply sector [2][8]. Group 2: Company Operations and Major Events - The company confirmed that its production and operational conditions remain normal, with no significant changes in daily operations or external environment [5]. - The company plans to acquire 100% equity of Wuhan Municipal Engineering Design and Research Institute Co., Ltd. from its actual controller through a combination of issuing shares and cash payments, which has been approved by the board and shareholders [6]. Group 3: Market Sentiment and Information Disclosure - The company has not identified any media reports or market rumors that could impact its stock price, nor has it been involved in any trending concepts [7]. - The board of directors confirmed that there are no undisclosed significant matters related to the company, ensuring compliance with disclosure regulations [10].