Core Viewpoint - Baichuan Energy (600681.SH) reported its Q3 2025 results, highlighting a significant institutional ownership structure and changes in public fund disclosures [1] Institutional Ownership - As of October 30, 2025, five institutional investors hold a total of 586 million shares of Baichuan Energy, representing 43.71% of the company's total share capital [1] - The institutional ownership decreased by 0.43 percentage points compared to the previous quarter [1] Public Fund Disclosures - In this reporting period, 41 public funds were disclosed, which were not reported in the previous quarter [1] - Notable funds include Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund, Nan Hua Feng Li Quantitative Stock Selection Mixed A, Hongde Quality Governance Mixed Fund, and Yin Hua Xin Rui Flexible Allocation Mixed (LOF) A [1]

每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ （记者 贾运可） 每经AI快讯，百川能源（SH 600681，收盘价：4.42元）10月31日发布公告称，公司第十二届第三次董 事会会议于2025年10月30日在公司召开。会议审议了《关于修订、制定公司部分治理制度的议案》等文 件。 2024年1至12月份，百川能源的营业收入构成为：燃气行业占比96.72%，其他业务占比3.28%。 ...

Core Insights - Baichuan Energy reported a revenue of 3.688 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.80% [1] - The net profit attributable to shareholders was 189 million yuan, up 9.82% year-on-year, while the net profit excluding non-recurring items decreased by 11.23% to 131 million yuan [1] - The basic earnings per share stood at 0.14 yuan, with a weighted average return on equity of 5.17% [1] Financial Performance - The gross profit margin for the first three quarters was 11.93%, a decrease of 0.83 percentage points year-on-year, while the net profit margin was 5.33%, an increase of 0.01 percentage points [1] - In Q3 2025, the gross profit margin was 13.70%, down 2.54 percentage points year-on-year but up 0.13 percentage points quarter-on-quarter; the net profit margin was 3.41%, down 3.66 percentage points year-on-year and down 3.84 percentage points quarter-on-quarter [1] Expense Analysis - Total operating expenses for the period were 182 million yuan, a decrease of 6.03 million yuan year-on-year, with an expense ratio of 4.94%, down 0.46 percentage points [2] - Sales expenses decreased by 7.07% year-on-year, while management expenses increased by 1.40%, R&D expenses rose by 5.16%, and financial expenses decreased by 8.66% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 29,600, a decrease of 1,975 or 6.25% from the end of the previous half [2] - The average market value per shareholder increased from 149,000 yuan at the end of the previous half to 172,500 yuan, a growth of 15.78% [2] Company Overview - Baichuan Energy, established on March 18, 1992, and listed on October 18, 1993, is located in Beijing and primarily engages in urban gas business, including pipeline gas sales, gas engineering installation, and gas appliance sales [2] - The revenue composition is heavily weighted towards the gas segment, accounting for 98.93%, with the heating segment contributing 1.07% [2] - The company is classified under the public utility sector, specifically in gas, and is associated with concepts such as natural gas, low prices, and small-cap stocks [2]

证券代码:600681 证券简称:百川能源 公告编号:2025-042 1、 审议通过《2025 年第三季度报告》 本议案已经董事会审计委员会事先审议通过。《2025 年第三季度报告》详见 上海证券交易所网站（www.sse.com.cn）。 审议情况：7 票赞成 0 票反对 0 票弃权 0 票回避 表决通过 2、 逐项审议通过《关于修订、制定公司部分治理制度的议案》 百川能源股份有限公司 第十二届董事会第三次会议决议公告 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法律责任。 一、董事会会议召开情况 百川能源股份有限公司（以下简称"公司"）第十二届董事会第三次会议于 2025 年 10 月 30 日以现场结合通讯的会议方式在公司召开。本次会议通知于 2025 年 10 月 27 日以书面递交、邮件或微信方式送达董事，本次会议应到董事 7 人， 实到董事 7 人，董事长王东海先生主持会议，公司部分高级管理人员列席会议。 本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司 章程的规定。 二、董事会会议审议情况 （2） ...

Financial Performance - The company's operating revenue for the third quarter was ¥780,084,967.62, representing a year-on-year increase of 5.76%[5] - The total profit for the quarter was ¥48,922,067.68, showing a decrease of 29.82% compared to the same period last year[5] - The net profit attributable to shareholders was ¥24,595,092.84, down 46.90% year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥12,320,376.03, a decline of 65.31% compared to the previous year[5] - Basic and diluted earnings per share were both ¥0.0183, reflecting a decrease of 46.96% year-on-year[6] - Total operating revenue for the first three quarters of 2025 reached CNY 3,688,487,556.63, an increase of 5.8% compared to CNY 3,486,172,889.90 in the same period of 2024[21] - Net profit for the first three quarters of 2025 was CNY 196,592,412.39, compared to CNY 185,466,356.94 in 2024, representing a growth of 6.1%[22] - Earnings per share for the first three quarters of 2025 were CNY 0.1411, an increase from CNY 0.1284 in the same period of 2024[23] - The company's total equity decreased to 6,312,440,989.09 RMB from 6,476,196,991.20 RMB, reflecting a reduction in retained earnings[30] Assets and Liabilities - Total assets at the end of the quarter were ¥7,864,823,033.08, an increase of 2.03% from the end of the previous year[6] - Current assets totaled RMB 1,350,345,450.43, up from RMB 1,292,366,834.84, indicating an increase of about 4.49%[17] - The company's cash and cash equivalents were RMB 562,615,319.27, down from RMB 643,399,782.72, representing a decrease of approximately 12.55%[16] - Short-term borrowings increased significantly to RMB 1,162,170,000.00 from RMB 434,580,000.00, marking a rise of about 167.56%[18] - Total liabilities rose to RMB 4,212,071,132.72 from RMB 3,886,289,242.18, which is an increase of approximately 8.36%[18] - The company's long-term borrowings increased to RMB 735,160,187.00 from RMB 477,900,000.00, reflecting a growth of about 54.00%[18] - The total non-current assets were RMB 6,514,477,582.65, slightly up from RMB 6,415,623,860.19, indicating a growth of approximately 1.54%[18] - The company's inventory stood at RMB 311,759,051.10, an increase from RMB 262,138,242.88, representing a growth of about 19.00%[17] - The total liabilities increased to 598,633,462.97 RMB from 454,096,663.91 RMB, indicating a rise in financial obligations[30] Cash Flow - The cash flow from operating activities showed a net outflow of ¥94,220,471.54, a significant decrease of 392.65% compared to the previous period[6] - The company experienced a decrease in cash flow from operating activities, with CNY 3,701,531,180.95 received from sales in 2025, down from CNY 3,729,375,129.40 in 2024[25] - The net cash flow from operating activities was -94,220,471.54 RMB, a decrease from 32,195,205.52 RMB in the previous period, indicating a decline in operational performance[26] - The net cash flow from operating activities for the first three quarters of 2025 was -CNY 1,991,448.80, an improvement from -CNY 2,261,960.18 in the first three quarters of 2024[36] - The total cash inflow from financing activities was 1,741,326,182.36 RMB, up from 1,420,532,578.19 RMB, reflecting increased borrowing and investment activities[27] - The net cash flow from investing activities was -264,902,331.24 RMB, worsening from -190,259,682.02 RMB, suggesting higher capital expenditures or investments[26] Non-Recurring Gains and Losses - Non-recurring gains and losses for the quarter amounted to ¥12,274,716.81, significantly impacted by government subsidies and other factors[8] - The company attributed the decline in net profit to increased natural gas procurement costs and changes in sales structure, which led to a decrease in gross profit from natural gas[10] - Investment income for the first three quarters of 2025 was 155,000,000.00 RMB, an increase from 132,940,000.00 RMB in the previous year, suggesting improved returns on investments[33] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 2,489,506.40, slightly up from CNY 2,367,287.82 in 2024[22]

董事和高级管理人员所持本公司股份及其变动管理制度 第一章 总则 第一条 为加强对百川能源股份有限公司(以下简称"公司"或"本公 司")董事和高级管理人员所持公司股份及其变动的管理，根据《中华人民共 和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以下简 称"《证券法》")、《上市公司股东减持股份管理暂行办法》《上市公司董事 和高级管理人员所持本公司股份及其变动管理规则》《上海证券交易所上市公 司自律监管指引第 8 号——股份变动管理》《上海证券交易所上市公司自律监 管指引第 15 号——股东及董事、高级管理人员减持股份》等有关法律、法规、 规范性文件以及《百川能源股份有限公司章程》(以下简称"《公司章程》") 的规定，结合公司实际情况，制定本制度。 百川能源股份有限公司 第七条 公司董事和高级管理人员应当在下列时点或者期间内委托公司向 上海证券交易所申报其姓名、职务、身份证号、证券账户、离任职时间等个人 信息： （一）新上市公司的董事和高级管理人员在公司申请股票初始登记时； （二）新任董事在股东会（或者职工代表大会）通过其任职事项、新任高 级管理人员在董事会通过其任职事项后 2 个交易日内； ...

百川能源股份有限公司 信息披露暂缓与豁免管理制度 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后实施。 暂缓、豁免事项的范围原则上应当与公司股票首次在上海证券交易所上市时 保持一致，在上市后拟增加暂缓、豁免披露事项的，应当有确实充分的证据。 第二章 暂缓、豁免信息的范围 第五条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息 涉及国家秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项（以 下统称"国家秘密"），依法豁免披露。 第六条 公司和其他信息披露义务人应当切实履行保守国家秘密的义务，不 得通过信息披露、投资者互动问答、新闻发布、接受采访等任何形式泄露国家秘 1 / 4 第一章 总则 第一条 为规范百川能源股份有限公司（以下简称"公司"）信息披露暂缓、 豁免行为，保护投资者的合法权益，根据《中华人民共和国证券法》《上市公司 信息披露管理办法》《上海证券交易所股票上市规则》《上市公司信息披露暂缓与 豁免管理规定》《中华人民共和国保守国家秘密法》等有关法律、法规、规章以 及《百川能源股份有限公司信息披露事务管理制度》等有关规定，结合公司实际 情况，制 ...

Group 1 - The core transaction involved Baichuan Energy, with a total of 4 million shares traded on October 30, amounting to 17.44 million yuan, which represented 3.88% of the total trading volume for that day [1][2] - The transaction price was 4.36 yuan per share, reflecting a discount of 1.36% compared to the market closing price of 4.42 yuan [1][2]

| 交易日期 证券简称 | | 证券代码 | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-10-29 | 百川能源 | 600681 | 1 - 1 - 4 - 1 | 1708 400 | 机构专用 | 委書書資醫院課題 | | Ka | 10月29日，百川能源大宗交易成交400万股，成交额1708万元，占当日总成交额的5.99%，成交价4.27 元，较市场收盘价4.33元折价1.39%。 ...

Group 1 - Baichuan Energy's stock closed down 2.50% at 4.29 yuan on October 28, with a significant block trade of 4 million shares totaling 16.92 million yuan [1] - The first transaction occurred at a price of 4.23 yuan for 4 million shares, resulting in a transaction amount of 16.92 million yuan, with a premium rate of -1.40% [1] - The buying party was an institutional special account, while the selling party was Huatai Securities Co., Ltd. [1] Group 2 - Over the past three months, Baichuan Energy has recorded three block trades with a total transaction amount of 49.27 million yuan [1] - In the last five trading days, the stock has declined by 14.71%, with a total net outflow of 168 million yuan from main funds [1]