Core Viewpoint - The company has announced a change in accounting policy in accordance with the latest regulatory guidelines, which will not significantly impact its financial status, operating results, or cash flow [8][10]. Financial Data Summary - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with no false records or major omissions [2]. - The third-quarter financial statements have not been audited [2]. - The company has made retrospective adjustments to comparable financial statement data due to changes in accounting policy [10]. Accounting Policy Change - The change in accounting policy is based on the release of the "Guidance on Regulatory Rules Applicable to Accounting Class No. 5" by the China Securities Regulatory Commission on July 18, 2025 [8][9]. - The new policy requires the recognition of deferred tax liabilities related to temporary differences arising from the issuance of convertible bonds, which was previously subject to differing interpretations [9][10]. - The company will apply the new accounting policy from the date of the guidance's release and will continue to follow existing accounting standards for other areas [9][10]. Impact of Policy Change - The accounting policy change is deemed reasonable and will objectively reflect the company's financial status and operating results without causing significant impacts [10]. - The company has adopted a retrospective adjustment method for the financial statements of comparable periods [10]. Shareholder Information - As of the report date, the company has a total of 29,760,000 shares in its repurchase account, accounting for 0.76% of the total share capital [5].

Core Viewpoint - Xin Fengming is one of the largest polyester filament manufacturers in China, focusing on the research, production, and sales of civil polyester filament and its main raw material, PTA, benefiting from a complete industrial chain advantage [1] Group 1: Business Performance - In Q3 2025, Xin Fengming achieved an operating revenue of 51.542 billion yuan, ranking first among 10 companies in the industry, with the second company, Sanfangxiang, reporting 16.007 billion yuan [2] - The net profit for the same period was 869 million yuan, also leading the industry, while the second company, Hailide, reported a net profit of 417 million yuan [2] - The main business composition includes POY revenue of 14.963 billion yuan, accounting for 42.73%, and PTA revenue of 4.652 billion yuan, accounting for 13.29% [2] Group 2: Financial Ratios - As of Q3 2025, Xin Fengming's asset-liability ratio was 70.29%, higher than the previous year's 68.32% and above the industry average of 41.00% [3] - The gross profit margin for Q3 2025 was 5.91%, which, while an improvement from 5.61% year-on-year, remains below the industry average of 11.75% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.69% to 20,500, with an average holding of 73,700 circulating A-shares, a decrease of 2.62% [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which is a new shareholder holding 16.7314 million shares [5] Group 4: Future Outlook - The company is expected to benefit from a slowdown in new supply in the polyester filament industry, with a projected PTA production capacity exceeding 10 million tons by the end of 2025 [6] - Revenue forecasts for 2025 to 2027 are 70.991 billion, 75.971 billion, and 81.428 billion yuan, with net profits of 1.560 billion, 2.032 billion, and 2.518 billion yuan respectively [6]

Core Insights - Sanfangxiang (600370.SH) reported a revenue of 5.927 billion yuan for Q3 2025, representing a year-on-year decline of 9.85% [1] - The net profit attributable to shareholders of the listed company was -205 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -189 million yuan [1]

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-081 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况（不含税） | 主要产品 | 2025 年 月 | 1-9 | 2024 年 | 1-9 月 | 变动比例 | | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 平均售价（元/吨） | | （%） | | 瓶级聚酯切片 | | 5,568.83 | | 6,337.71 | -12.13 | | PTA | | 4,242.43 | | 5,122.74 | -17.18 | （二）主要原材料价格波动情况（不含税） | 主要原材料 | 年 月 2025 1-9 | | 年 月 2024 1-9 | | 变动比例 | | --- | --- | --- | --- | --- | --- | | | 平均采购价（元/吨） | | 平均采购价（元/吨） | | （%） | | PX | | 5,978.45 ...

一、会计政策变更概述 | 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-082 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 关于会计政策变更的公告 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法律责任。 重要内容提示： 本次会计政策变更系根据近期发布的企业会计准则及其相关规定进行， 本次变更不会对江苏三房巷聚材股份有限公司（以下简称"公司"）的财务状况、 经营成果和现金流量产生重大影响，亦不存在损害公司及股东利益的情况。 （一）变更的原因及变更日期 2025年7月18日，中国证券监督管理委员会发布《监管规则适用指引——会 计类第5号》（以下简称"会计类5号"），对财政部发布的《企业会计准则第18号 ——所得税》等关于递延所得税初始确认豁免相关规定给予进一步的处理意见。 会计类5号指出，监管实践发现，部分发行可转换债券的公司对于是否应确认发 行可转换债券相关递延所得税负债，存在理解上的偏差和分歧。会计类5号就上 述问题明确了处 ...

Financial Performance - The company's operating revenue for the third quarter was approximately ¥5.93 billion, a decrease of 9.85% compared to the same period last year[4]. - The total profit for the period was a loss of approximately ¥276.69 million, with a year-to-date loss of approximately ¥616.40 million, indicating significant financial challenges[4]. - The net profit attributable to shareholders was approximately -¥204.96 million for the quarter, compared to -¥164.86 million in the same period last year, reflecting a worsening performance[4]. - Total operating revenue for the first three quarters of 2025 was CNY 16,006,784,567.11, a decrease of 12.5% compared to CNY 18,290,670,821.84 in the same period of 2024[19]. - Net profit for the first three quarters of 2025 was a loss of CNY 466,747,389.83, compared to a loss of CNY 291,348,063.32 in 2024, representing a 60.2% increase in losses[20]. Cash Flow - The net cash flow from operating activities for the year-to-date period was approximately ¥2.17 billion, a significant increase from ¥27.09 million in the previous year[4]. - Operating cash inflow totaled ¥18,069,556,018.04, a decrease from ¥20,389,197,409.52[24]. - Operating cash outflow amounted to ¥15,900,318,127.39, down from ¥20,362,104,407.13[24]. - Net cash flow from operating activities was ¥2,169,237,890.65, significantly higher than ¥27,093,002.39[24]. - Cash inflow from financing activities reached ¥8,884,310,018.39, slightly up from ¥8,613,830,616.47[25]. - Net cash flow from financing activities was negative at -¥1,120,723,181.65, contrasting with a positive flow of ¥1,478,245,505.97[25]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥19.52 billion, representing a 4.93% increase from the previous year-end[6]. - The total liabilities of the company were RMB 8.83 billion, an increase from RMB 7.80 billion, reflecting a growth of about 13.2%[16]. - The total liabilities increased to CNY 14,278,101,551.77 in 2025 from CNY 12,894,190,499.12 in 2024, marking an increase of 10.7%[18]. - The total non-current liabilities rose to CNY 5,452,113,765.07 in 2025, compared to CNY 5,097,143,829.60 in 2024, reflecting a growth of 6.9%[18]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 35,194, indicating a stable shareholder base[10]. - The largest shareholder, Sanfangxiang Group Co., Ltd., holds 76.15% of the shares, with a significant portion of shares pledged[11]. - The top ten shareholders hold a significant portion of the company's shares, with Sanfangxiang Group holding approximately 2.97 billion shares, representing a substantial majority[12]. Operational Challenges - The company is facing challenges due to declining sales prices of main products and increased exchange loss provisions, impacting overall profitability[9]. - The company reported a total non-operating loss of approximately -¥16.28 million for the quarter, influenced by various factors including asset disposals and government subsidies[9]. Inventory and Receivables - Accounts receivable decreased to RMB 3.82 billion from RMB 4.70 billion, showing a reduction of about 18.6%[15]. - Inventory levels rose to RMB 2.67 billion, compared to RMB 1.82 billion in the previous year, marking an increase of approximately 46.6%[15]. Financial Ratios - The weighted average return on net assets decreased to -3.83%, down 1.15 percentage points from the previous year[4]. - The company experienced a decrease in other comprehensive income, with a net amount of CNY -176,046.05 in 2025 compared to CNY -229,916.06 in 2024[21].

Core Viewpoint - The company reported a decline in revenue and a net loss for the third quarter and the first three quarters of the year [1] Financial Performance - The third quarter revenue was 5.927 billion, a year-on-year decrease of 9.85% [1] - The net loss for the third quarter was 205 million [1] - The revenue for the first three quarters was 16.007 billion, reflecting a year-on-year decline of 12.49% [1] - The net loss for the first three quarters amounted to 467 million [1]

Core Points - The company reported a revenue of 5.927 billion yuan for Q3 2025, representing a year-on-year decline of 9.85% [1] - The net profit attributable to shareholders was a loss of 205 million yuan, with a basic earnings per share of -0.0526 yuan [1] - For the first three quarters, the company achieved a revenue of 16.007 billion yuan, down 12.49% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was a loss of 467 million yuan, with a basic earnings per share of -0.1198 yuan [1]

Market Overview - The chemical fiber sector increased by 1.35% on October 29, with Jilin Carbon Valley leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Jilin Carbon Valley (920077) closed at 14.93, up 6.80% with a trading volume of 114,800 shares and a turnover of 168 million yuan [1] - Huafeng Chemical (002064) closed at 8.86, up 3.99% with a trading volume of 249,200 shares and a turnover of 218 million yuan [1] - New Fengming (603225) closed at 16.42, up 2.56% with a trading volume of 90,500 shares and a turnover of 148 million yuan [1] - Other notable stocks include Rukhasis (000936) at 7.58 (+2.02%), Wanwei High-tech (600063) at 6.19 (+1.64%), and Shenma Co. (600810) at 9.53 (+1.38%) [1] Capital Flow - The chemical fiber sector experienced a net outflow of 15.03 million yuan from institutional investors and 54.17 million yuan from speculative funds, while retail investors saw a net inflow of 69.21 million yuan [2] - The detailed capital flow for specific stocks indicates varying trends, with Sanfangxiang (600370) showing a net inflow of 28.21 million yuan from institutional investors [3] Individual Stock Capital Flow - Sanfangxiang (600370) had a net inflow of 28.21 million yuan from institutional investors, while it faced a net outflow of 1.17 million yuan from speculative funds [3] - Huafeng Chemical (002064) saw a net inflow of 14.89 million yuan from institutional investors, with a net outflow of 1.57 million yuan from speculative funds [3] - New Fengming (603225) had a net inflow of 7.28 million yuan from institutional investors, while it faced a net outflow of 2.17 million yuan from speculative funds [3]

Market Performance - The chemical fiber sector increased by 0.64% compared to the previous trading day, with Xin Fengming leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Key stocks in the chemical fiber sector showed the following closing prices and percentage changes: - Xin Fengming (603225): 16.17, +3.32%, volume 140,600, turnover 225 million [1] - Baolidi (300905): 35.28, +2.80%, volume 75,400, turnover 267 million [1] - Zhongfu Shenying (688295): 26.74, +2.65%, volume 43,100, turnover 116 million [1] - Sanfangxiang (600370): 2.31, +2.21%, volume 1,181,600, turnover 27.4 million [1] - Juheshun (605166): 11.19, +1.82%, volume 55,900, turnover 6.217 million [1] Capital Flow - The chemical fiber sector experienced a net outflow of 125 million from institutional investors, while retail investors saw a net inflow of 84.98 million [2] - The following stocks had notable capital flows: - Sanfangxiang (600370): net inflow of 31.98 million from institutional investors [3] - Huafeng Chemical (002064): net inflow of 19.98 million from institutional investors [3] - Xin Fengming (603225): net inflow of 15.22 million from institutional investors [3]