Financial Performance - The company's operating revenue for Q3 2025 was CNY 401,063,486.61, a decrease of 19.15% compared to the same period last year[4] - The total profit for the period was a loss of CNY 45,506,208.23, representing a decline of 17.43% year-on-year[4] - The net profit attributable to shareholders was a loss of CNY 46,392,774.67, down 21.26% from the previous year[4] - The basic earnings per share for the period was -CNY 0.1050, a decrease of 21.26% compared to the same period last year[4] - The total comprehensive income attributable to the parent company was -167,405,262.97 yuan, compared to -130,277,202.74 yuan in the same period last year, reflecting a decline of approximately 28.5%[20] - Basic and diluted earnings per share were both -0.3589 yuan, compared to -0.2699 yuan in the previous year, indicating a worsening in earnings performance[20] Revenue and Costs - The company experienced a 11.46% decline in revenue year-to-date, with a total revenue of CNY 1,094,829,376.02[4] - Total operating revenue for the first three quarters of 2025 was CNY 1,094,829,376.02, a decrease of 11.5% compared to CNY 1,236,512,502.98 in the same period of 2024[19] - Total operating costs for the first three quarters of 2025 were CNY 1,258,367,570.68, down 7.6% from CNY 1,361,818,707.16 in the previous year[19] - The company reported a decrease in sales revenue from goods and services received, totaling 873,676,260.04 yuan, down from 1,056,166,779.28 yuan year-over-year, a decline of approximately 17.3%[22] Cash Flow - The net cash flow from operating activities was -CNY 19,969,233.74, indicating a significant cash outflow[4] - The net cash flow from operating activities was -105,845,106.55 yuan, a significant decrease from 13,815,834.60 yuan in the previous year[23] - Cash inflow from operating activities totaled 1,061,673,054.78 yuan, down from 1,280,310,085.73 yuan year-over-year, indicating a decline of about 17.1%[23] - Cash outflow from operating activities was 1,167,518,161.33 yuan, compared to 1,266,494,251.13 yuan in the previous year, showing a decrease of approximately 7.8%[23] - The net cash flow from investing activities was -20,469,772.05 yuan, slightly worse than -20,227,419.94 yuan in the same period last year[24] - Cash inflow from financing activities was 1,441,299,111.94 yuan, down from 1,606,224,053.23 yuan year-over-year, representing a decline of about 10.3%[24] - The net cash flow from financing activities increased to 165,131,839.79 yuan, compared to 94,094,015.90 yuan in the previous year, marking an increase of approximately 75.5%[24] - The ending cash and cash equivalents balance was 287,660,467.80 yuan, up from 224,445,340.13 yuan in the same period last year, reflecting an increase of about 28.2%[24] Assets and Liabilities - Total assets at the end of the period were CNY 4,653,552,264.13, a slight decrease of 0.13% from the end of the previous year[5] - The company's total assets as of September 30, 2025, were CNY 4,653,552,264.13, slightly down from CNY 4,659,509,015.78 at the end of 2024[16] - Current liabilities increased to CNY 3,026,336,224.81 as of September 30, 2025, compared to CNY 2,819,561,010.84 at the end of 2024, reflecting a rise of 7.3%[17] - The company's total liabilities reached CNY 3,619,263,012.97, up from CNY 3,451,007,008.28 at the end of 2024, indicating an increase of 4.9%[17] - The equity attributable to shareholders decreased by 14.19% to CNY 1,014,048,516.21 compared to the end of the previous year[5] - The company’s equity attributable to shareholders decreased to CNY 1,014,048,516.21 as of September 30, 2025, down from CNY 1,181,707,422.65 at the end of 2024[17] Research and Development - The company reported a decrease in research and development expenses to CNY 56,989,269.33 in the first three quarters of 2025, down from CNY 60,753,888.51 in the same period of 2024[19] Inventory - The company’s inventory as of September 30, 2025, was CNY 1,083,366,644.04, an increase from CNY 1,040,851,143.17 at the end of 2024[16] Accounts Receivable - The company reported a decrease in accounts receivable financing by 66.61% due to a reduction in high-credit bank acceptance bills received[9]

Group 1 - The core point of the article indicates that Great Wall Electric reported a revenue of 401 million yuan in the third quarter, representing a year-on-year decline of 19.15% [1] - The net profit for the third quarter was a loss of 46.39 million yuan, which is a decrease of 21.26% compared to the previous year [1] - For the first three quarters, the total revenue was 1.095 billion yuan, showing a year-on-year decline of 11.46% [1] Group 2 - The net profit for the first three quarters was a loss of 159 million yuan, reflecting a decline of 32.97% year-on-year [1]

Group 1 - The company, Great Wall Electric (600192), has not exported any products to EU countries in the past two years [1]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][3]. Financial Data - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3][7]. - The report includes major accounting data and financial indicators, with all figures presented in Renminbi [3][7]. Non-Recurring Gains and Losses - The company has identified non-recurring gains and losses, but specific amounts and reasons for classification are not detailed in the report [4]. Shareholder Information - Information regarding the total number of ordinary shareholders and the top ten shareholders is included, but specific details are not provided in the report [5]. Other Important Information - There are no additional reminders or important information regarding the company's operational situation during the reporting period [6].

Market Overview - The grid equipment sector increased by 1.52% compared to the previous trading day, with Changcheng Electric leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Performers - Changcheng Electric (600192) closed at 68.6, up 10.01% with a trading volume of 204,500 shares and a transaction value of 201 million [1] - Riyun Electric (603861) closed at 13.44, up 9.98% with a trading volume of 437,000 shares and a transaction value of 561 million [1] - Songsheng Co. (301002) closed at 37.26, up 9.07% with a trading volume of 67,700 shares and a transaction value of 24.5 million [1] - Siyuan Electric (002028) closed at 114.47, up 7.69% with a trading volume of 142,400 shares and a transaction value of 1.641 billion [1] Underperformers - Weiteng Electric (688226) closed at 43.67, down 3.98% with a trading volume of 58,700 shares and a transaction value of 262 million [2] - Kelu Electronics (002121) closed at 8.45, down 3.54% with a trading volume of 931,000 shares and a transaction value of 790 million [2] - Zhiguang Electric (002169) closed at 7.38, down 3.15% with a trading volume of 690,800 shares and a transaction value of 511 million [2] Capital Flow - The grid equipment sector experienced a net outflow of 5.2093 million from institutional investors, while retail investors saw a net inflow of 6.32 billion [2][3] - The main capital inflow was observed in Changcheng Electric, with a net inflow of 123 million, accounting for 61.20% of its trading volume [3] - Riyun Electric had a net outflow of 53.4384 million from speculative funds, indicating a negative sentiment among short-term traders [3]

Market Overview - The Shanghai Composite Index closed at 3863.89 points, above the six-month moving average, with an increase of 0.63% [1] - The total trading volume of A-shares reached 175.13 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 281 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Huari Co., Ltd. with a deviation rate of 17.89% and a daily increase of 20.00% [1] - Wangcheng Technology with a deviation rate of 9.86% and a daily increase of 14.80% [1] - Great Wall Electric with a deviation rate of 8.82% and a daily increase of 10.01% [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Huari Co., Ltd. (300626): Latest price 12.66 yuan, half-year line 10.74 yuan, turnover rate 16.72% [1] - Wangcheng Technology (920896): Latest price 23.19 yuan, half-year line 21.11 yuan, turnover rate 17.21% [1] - Great Wall Electric (600192): Latest price 9.89 yuan, half-year line 9.09 yuan, turnover rate 4.63% [1] - Other stocks with smaller deviation rates include: - Boshi Co., Ltd. and Gangdi Technology, which have just crossed the six-month line [1]

Core Insights - The Shanghai Composite Index closed at 3859.80 points, above the six-month moving average, with a gain of 0.52% [1] - A total of 224 A-shares have surpassed the six-month moving average today, indicating a positive market trend [1] Summary by Category Market Performance - The total trading volume of A-shares reached 1,429.725 billion yuan [1] - Notable stocks with significant deviations from the six-month moving average include Huari Co., Wangcheng Technology, and Great Wall Electric, with deviations of 17.89%, 10.00%, and 8.82% respectively [1] Individual Stock Highlights - Huari Co. (300626) saw a price increase of 20.00% with a turnover rate of 15.96%, latest price at 12.66 yuan [1] - Wangcheng Technology (920896) increased by 14.95%, with a turnover rate of 14.34%, latest price at 23.22 yuan [1] - Great Wall Electric (600192) rose by 10.01%, with a turnover rate of 4.55%, latest price at 9.89 yuan [1] Additional Notable Stocks - Changguang Huaxin (688048) increased by 9.62%, with a turnover rate of 6.05%, latest price at 69.83 yuan [1] - Yongtaiyun (001228) and Yingxin Development (000620) both saw increases of 10.00% and 9.76% respectively, with latest prices at 26.18 yuan and 1.80 yuan [1]

Market Overview - The Shanghai Composite Index is at 3866.08 points, above the six-month moving average, with a gain of 0.69% [1] - The total trading volume of A-shares is 899.46 billion yuan [1] Stocks Performance - A total of 227 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Huari Co., Ltd. with a deviation rate of 17.89% and a daily increase of 20.00% [1] - Wangcheng Technology with a deviation rate of 9.44% and a daily increase of 14.36% [1] - Changguang Huaxin with a deviation rate of 8.89% and a daily increase of 10.09% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the six-month moving average are: - Huari Co., Ltd. (17.89%) [1] - Wangcheng Technology (9.44%) [1] - Changguang Huaxin (8.89%) [1] - Other notable stocks include: - Changcheng Electric with a deviation rate of 8.82% [1] - Chenguang New Materials with a deviation rate of 7.53% [1] Additional Stocks with Positive Movement - Tian'ao Electronics with a deviation rate of 7.12% and a daily increase of 10.00% [1] - Yongtai Transportation with a deviation rate of 6.51% and a daily increase of 8.15% [1] - Yingxin Development with a deviation rate of 5.87% and a daily increase of 7.93% [1]

Group 1 - The A-share commercial aerospace concept stocks showed strong performance in early trading on October 20, with notable stocks such as Great Wall Electric, Tianao Electronics, and Xingwang Yuda hitting the daily limit up [1] - Other companies like Xiceng Testing, China Satellite, Aerospace Zhizhuang, and Highhua Technology also experienced significant gains [1]

Group 1 - The company will hold its second extraordinary general meeting of shareholders in 2025 on October 31 at 15:00 in the company's conference room on the 13th floor [1][4] - The voting method for the meeting will combine on-site voting and online voting through the Shanghai Stock Exchange's shareholder meeting network voting system [1][2] - The online voting will be available on the day of the meeting from 9:15 to 15:00, with specific trading time slots for the voting platform [2] Group 2 - The meeting will review proposals that have been approved by the company's eighth board of directors during its 23rd meeting [5][20] - There are no special resolutions or proposals requiring separate counting for minority investors [6] - The meeting will allow shareholders registered by the close of trading on the registration date to attend and vote, with provisions for proxy representation [9][11] Group 3 - The company has established procedures for shareholders with multiple accounts to exercise their voting rights, ensuring that votes are counted based on the first submission [6][7] - Shareholders must complete voting for all proposals before submission [8] - The company will provide contact information for inquiries related to the meeting [13]