Financial Performance - The company's operating revenue for the third quarter was CNY 1,830,760,493.11, a decrease of 2.79% compared to the same period last year[4] - The total profit for the period was a loss of CNY 69,526,294.92, with a year-to-date loss of CNY 161,685,259.58, representing a significant decline of 637.96%[4] - The net profit attributable to shareholders was a loss of CNY 36,398,636.15 for the quarter, and a year-to-date loss of CNY 94,323,947.79, down 234.78% year-on-year[4] - The basic earnings per share for the quarter was -CNY 0.02, and -CNY 0.05 year-to-date, reflecting a decrease of 236.35%[5] - Operating profit for the first three quarters of 2025 was a loss of CNY 163,080,856.37, compared to a profit of CNY 29,162,720.65 in 2024[18][19] - Net profit for the first three quarters of 2025 was a loss of CNY 160,318,876.39, compared to a profit of CNY 8,047,532.00 in 2024[19] - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY -0.05, compared to CNY 0.04 in 2024[20] Assets and Liabilities - Total assets increased to CNY 11,862,509,550.21, up 5.66% from the end of the previous year[5] - As of September 30, 2025, the company's total assets amounted to approximately CNY 11.86 billion, an increase from CNY 11.23 billion at the end of 2024[14][15] - Current assets totaled CNY 4.87 billion, up from CNY 4.62 billion at the end of 2024, with cash and cash equivalents at CNY 943.94 million[14] - Total liabilities increased, with current liabilities at CNY 3.73 billion, reflecting a need for careful cash flow management[15] - Total liabilities as of the reporting date were CNY 5,852,359,302.15, an increase from CNY 4,958,280,444.19 in the previous year[18] - Total equity as of the reporting date was CNY 6,010,150,248.06, a decrease from CNY 6,268,409,015.58 in the previous year[18] Cash Flow - The company's cash flow from operating activities showed a negative net amount of CNY -3,632,411.65 for the quarter[4] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 4,739,373,343.11, an increase of 3.7% compared to CNY 4,569,872,109.95 in the same period of 2024[21] - The net cash flow from operating activities was -CNY 925,495,642.03, worsening from -CNY 258,408,492.31 year-over-year[21] - Cash inflow from investment activities totaled CNY 177,976,247.67, down 21.4% from CNY 226,475,562.75 in the previous year[22] - The net cash flow from investment activities was -CNY 462,939,919.59, compared to -CNY 236,714,949.38 in the same period of 2024[22] - Cash inflow from financing activities was CNY 3,387,674,991.96, slightly down from CNY 3,394,459,406.42 year-over-year[22] - The net cash flow from financing activities improved to CNY 1,137,621,977.10, up from CNY 695,468,719.24 in the previous year[22] - The ending balance of cash and cash equivalents was CNY 943,943,536.23, compared to CNY 715,603,045.02 at the end of the same period in 2024[22] - The total cash outflow from operating activities was CNY 5,664,868,985.14, an increase of 17.4% from CNY 4,828,280,602.26 in the same period of 2024[21] Operational Challenges - The company reported a significant loss during the reporting period due to intensified industry competition and a decline in product prices[13] - The company is actively integrating its business segments to mitigate the adverse effects of declining sales prices[13] - The management highlighted uncertainties regarding the impact of business integration and industry downturn risks on future performance[13] Investments and Expenses - The company reported a significant increase in prepayments by 109.46%, attributed to increased project payments[8] - Short-term borrowings rose by 33.82%, indicating an increase in liquidity needs[9] - The company experienced a 51.86% increase in financial expenses due to higher interest expenses from increased loan scales[9] - Research and development expenses for the first three quarters of 2025 were CNY 240,423,437.66, a decrease of 25.52% from CNY 322,756,751.31 in 2024[18] - Other income for the first three quarters of 2025 was CNY 21,900,798.86, a decrease of 65.94% from CNY 64,385,810.35 in 2024[18] - Investment income for the first three quarters of 2025 was CNY 14,089,860.45, compared to a loss of CNY 12,317,784.10 in 2024[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 46,518[11] - The company did not apply new accounting standards for the year 2025[23]

证券代码：600433 证券简称：冠豪高新 公告编号：2025-042 广东冠豪高新技术股份有限公司 关于续聘 2025 年度会计师事务所的公告 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。 重点内容提示： 拟续聘的会计师事务所名称：利安达会计师事务所（特殊普通合伙） 2025 年 10 月 30 日，广东冠豪高新技术股份有限公司（以下简称"公司"） 第九届董事会第九次会议以 8 票同意、0 票反对、0 票弃权审议通过《关于续聘 会计师事务所的议案》，同意续聘利安达会计师事务所（特殊普通合伙）为公司 2025 年度财务审计机构和内控审计机构。 一、拟聘任会计师事务所基本情况 （一）机构信息 1.基本信息 （1）机构名称：利安达会计师事务所（特殊普通合伙） （2）机构性质：特殊普通合伙企业 （3）统一社会信用代码：911101050805090096 （4）注册地址：北京市朝阳区慈云寺北里 210 号楼 1101 室 际会计网络（Reanda International）。 （10）承办业务分支机构信息 1）机构名称：利安达会 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 二〇二五年十月 法律意见书 北京市康达律师事务所 关于广东冠豪高新技术股份有限公司 拟修订公司章程相关事项的 法律意见书 北京市康达律师事务所 关于广东冠豪高新技术股份有限公司 拟修订公司章程相关事项的法律意见书 致：广东冠豪高新技术股份有限公司 北京市康达律师事务所（以下称"本所"）接受广东冠豪高新技术股份有限公司（以 下称"公司"）的委托，就公司经其 2025 年 10 月 30 日召开的第九届董事会第九次会议 审议的《关于变更公司注册资本、修订公司章 ...

证券代码：600433 证券简称：冠豪高新 公告编号：2025-044 广东冠豪高新技术股份有限公司 关于召开2025年第四次临时股东会的通知 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。 股东会召开日期：2025年11月18日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第四次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 18 日 15 点 00 分 召开地点：广东省广州市海珠区海洲路 18 号 TCL 大厦 26 层公司会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票起止时间：自2025 年 11 月 18 日 至2025 年 11 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召 ...

Core Insights - The company reported a decline in revenue and a net loss for the third quarter compared to the previous year [1] Financial Performance - In Q3, the company achieved a revenue of 1.831 billion yuan, a year-on-year decrease of 2.79% [1] - The net loss attributable to shareholders for Q3 was 36.3986 million yuan, contrasting with a profit in the same period last year [1] - For the first three quarters, the company recorded a total revenue of 5.234 billion yuan, down 1.94% year-on-year [1] - The net loss attributable to shareholders for the first three quarters was 94.4239 million yuan, representing a significant decline of 234.78% compared to the previous year [1]

Core Viewpoint - Guanhao High-tech (600433) announced the election of Mr. Li Haibin as the employee representative director of the company's ninth board of directors [1] Company Summary - The company has made a significant governance change by electing a new employee representative director [1]

Core Insights - The paper sector experienced a slight increase of 0.01% on October 29, with Minshida 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 Summary - Minshida (920394) closed at 41.63, with a rise of 6.99% and a trading volume of 29,200 lots, amounting to a transaction value of 117 million [1] - Xianhe Co. (603733) closed at 22.90, up 2.92%, with a trading volume of 34,900 lots and a transaction value of approximately 78.84 million [1] - Wuzhou Special Paper (605007) closed at 12.01, increasing by 2.56%, with a trading volume of 36,900 lots and a transaction value of around 43.68 million [1] - Other notable stocks include Songyang Resources (603863) at 20.93 (+2.30%), Huatai Co. (600308) at 3.79 (+1.88%), and Sun Paper (002078) at 14.24 (+0.49%) [1] Capital Flow Analysis - The paper sector saw a net outflow of 198 million from institutional investors, while retail investors contributed a net inflow of 182 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Huatai Co. (600308) had a net inflow of 16.33 million from institutional investors, but a net outflow of 15.51 million from retail investors [3] - Xianhe Co. (603733) experienced a net inflow of 2.16 million from retail investors, despite a net outflow from institutional investors [3] - Wuzhou Special Paper (605007) saw a net inflow of 1.77 million from institutional investors and a net inflow of 3.26 million from retail investors [3]

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。 证券代码：600433 证券简称：冠豪高新 公告编号：2025- 040 广东冠豪高新技术股份有限公司 关于公司非独立董事辞职暨选举第九届董事会 职工董事的公告 根据《中华人民共和国公司法》（2023 年修订）（以下简称"《公司法》"）《上 市公司章程指引》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等法律法规、规范性文件及《广东冠豪高新技术股份有限公司章程》的相关规定， 并结合公司董事变动情况，公司于 2025 年 10 月 28 日召开职工代表大会，选举 李海滨先生为公司第九届董事会职工代表董事。 一、董事离任情况 (一) 提前离任的基本情况 2025 年 10 月 28 日，公司董事会收到公司非独立董事李海滨先生提交的书 面辞职报告。因公司治理结构调整，李海滨先生申请辞去公司第九届董事会非独 立董事职务，具体如下： 根据《公司法》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等法律法规、规范性文件及《广东冠豪高新技术股份有限公司章程》的相关 ...

Market Overview - The paper sector increased by 0.04% on October 27, with Qingshan Paper 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] Individual Stock Performance - Qingshan Paper (600103) closed at 3.71, up 2.20%, with a trading volume of 2.19 million shares and a turnover of 810 million yuan [1] - Hengda New Material (301469) closed at 29.26, up 2.13%, with a trading volume of 14,300 shares and a turnover of 41.68 million yuan [1] - Songwu Resources (603863) closed at 20.51, up 1.28%, with a trading volume of 100,400 shares and a turnover of 205 million yuan [1] - Other notable stocks include Huatai Co. (600308) at 3.73 (+0.54%) and Xianhe Co. (603733) at 22.45 (+0.54%) [1] Capital Flow Analysis - The paper sector experienced a net outflow of 49.9 million yuan from institutional investors, while retail investors saw a net outflow of 56.9 million yuan [2] - Conversely, speculative funds recorded a net inflow of 106 million yuan [2] Detailed Capital Flow for Selected Stocks - Sun Paper (002078) had a net outflow of 23.42 million yuan from institutional investors, with a net inflow of 13.19 million yuan from speculative funds [3] - Yueyang Forest Paper (600963) saw a net inflow of 22.82 million yuan from institutional investors, but a net outflow of 34.79 million yuan from retail investors [3] - Qingshan Paper (600103) had a net inflow of 16.87 million yuan from institutional investors, while retail investors experienced a net outflow of 69.10 million yuan [3]

Core Viewpoint - The paper industry sector experienced a decline of 0.83% on October 24, with Bohui Paper leading the drop, while the overall stock market showed positive performance with the Shanghai Composite Index rising by 0.71% and the Shenzhen Component Index increasing by 2.02% [1] Industry Summary - The paper sector's performance on October 24 showed a mixed trend, with individual stocks experiencing varying degrees of decline, as detailed in the table provided [1] - The main stocks in the paper sector, such as Bohui Paper, Guanmeng Shangxin, and Huawang Technology, reported declines of 2.36%, 2.34%, and 2.26% respectively [1] - The total net outflow of main funds from the paper sector was 140 million yuan, while retail investors contributed a net inflow of 107 million yuan [1]