Core Viewpoint - The company is establishing a joint venture to accelerate its business development in the renewable energy sector [1] Group 1: Joint Venture Details - The wholly-owned subsidiary of the company, Shanghai Yashen Shuwei New Energy Development Co., Ltd., plans to establish a joint venture named Shanghai Yahang New Energy Co., Ltd. with Shanghai Hengsha Asset Management Co., Ltd. [1] - The registered capital of Yahang New Energy is set at 45 million yuan, with Yashen Shuwei contributing 36 million yuan, representing 80% of the registered capital [1] - Hengsha Asset Management will contribute 9 million yuan, accounting for 20% of the registered capital [1]

证券代码：600692 证券简称：亚通股份 公告编号：2025-031 上海亚通股份有限公司对外投资公告 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： 投资标的名称：上海亚横新能源有限公司（暂定名，最终以市场监管部 门登记的名称为准，以下简称"亚横能源"） 投资金额：上海亚横新能源有限公司注册资本 4500.00 万元，上海亚通 股份有限公司（以下简称"公司"）全资子公司上海亚申数维新能源发展有限公 司（以下简称"亚申数维"）拟以货币出资人民币 3600.00 万元，占该公司注册 资本的 80％；上海横沙资产经营有限公司（以下简称"横沙资产公司"）拟以货 币出资人民币 900.00 万元，占该公司注册资本的 20％。 交易实施尚需履行的审批及其他相关程序 本次交易已经公司第十一届董事会第 5 次会议审议通过，未达到股东会审议 标准，本次交易尚需取得国有资产监督管理部门的批准。 其它需要提醒投资者重点关注的风险事项 本次对外投资不涉及关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大资产重组情况。 ...

Core Viewpoint - The company is establishing a joint venture, Shanghai Yaxin New Energy Co., Ltd., to accelerate its business layout in the new energy sector [1] Group 1: Joint Venture Details - The joint venture will be formed between the company's wholly-owned subsidiary, Shanghai Yaxin Shuwei New Energy Development Co., Ltd., and Shanghai Hengsha Asset Management Co., Ltd. [1] - The registered capital of the joint venture is set at 45 million RMB, with Yaxin Shuwei contributing 36 million RMB, representing 80% of the capital, while Hengsha Asset will contribute 9 million RMB, representing 20% [1]

Core Viewpoint - The company is establishing a joint venture to accelerate its business layout in the renewable energy sector [1] Group 1: Joint Venture Details - The wholly-owned subsidiary of the company, Shanghai Yashen Shuwei New Energy Development Co., Ltd., plans to establish a joint venture with Shanghai Hengsha Asset Management Co., Ltd. [1] - The registered capital of the new company, Shanghai Yahang New Energy Co., Ltd., is set at 45 million yuan [1] - Yashen Shuwei will contribute 36 million yuan, holding an 80% stake, while Hengsha Asset will contribute 9 million yuan for a 20% stake [1]

Core Viewpoint - The announcement indicates that Yatong Co., Ltd. plans to establish a joint venture, Shanghai Yahang New Energy Co., Ltd., with Hengsha Asset Company, aiming to enhance its business layout in the new energy sector [1] Group 1: Joint Venture Details - Yashen Shuwei, a wholly-owned subsidiary of Yatong Co., Ltd., will contribute 36 million yuan, holding an 80% stake in the new company [1] - Hengsha Asset Company will invest 9 million yuan, acquiring a 20% stake [1] - The registered capital for the joint venture is set at 45 million yuan [1] Group 2: Approval and Impact - The transaction has been approved by the 5th meeting of the 11th Board of Directors of the company [1] - The establishment of the joint venture requires approval from the state-owned assets supervision and administration department [1] - The investment will be made using the company's own funds and is not expected to affect normal operations [1] Group 3: Strategic Implications - The new company may help accelerate the company's business layout in the new energy sector [1] - However, the joint venture could face market and policy risks [1]

南财智讯11月28日电，亚通股份公告，全资子公司上海亚申数维新能源发展有限公司拟与上海横沙资产 经营有限公司共同出资设立上海亚横新能源有限公司。亚横能源注册资本为4500.00万元，亚申数维以 货币资金出资3600.00万元，持股80.00%；横沙资产公司以货币资金出资900.00万元，持股20.00%。本 次投资资金来源为自有资金，不构成关联交易，亦不构成重大资产重组。本次交易已获公司董事会审议 通过，尚需取得国有资产监督管理部门批准。 ...

Core Insights - The company reported a significant decline in revenue and net profit for Q3 2025 compared to the same period last year, indicating financial distress [1][3] - The company's financial ratios, including asset-liability ratio and return on equity, show a deteriorating financial position [3][4] Financial Performance - Total revenue for Q3 2025 was 289 million yuan, a decrease of 164 million yuan or 36.16% year-on-year [1] - Net profit attributable to shareholders was -16.25 million yuan, down 20.74 million yuan or 461.89% year-on-year [1] - Operating cash flow showed a net inflow of 102 million yuan, down 189 million yuan or 64.90% year-on-year [1] Financial Ratios - The latest asset-liability ratio stands at 75.36%, an increase of 3.45 percentage points from the previous quarter and 9.11 percentage points from the same period last year [3] - Gross margin is reported at 11.95%, a decrease of 1.00 percentage point from the previous quarter but an increase of 8.34 percentage points year-on-year [3] - Return on equity (ROE) is -1.76%, a decrease of 2.24 percentage points compared to the same period last year [3] Earnings and Turnover - Diluted earnings per share are -0.05 yuan, a decrease of 0.02 yuan year-on-year [4] - Total asset turnover ratio is 0.05 times, down 0.07 times or 58.05% year-on-year [4] - Inventory turnover ratio is 0.09 times, down 0.13 times or 60.75% year-on-year [4] Shareholder Information - The number of shareholders is 21,700, with the top ten shareholders holding 129 million shares, accounting for 36.55% of total equity [4] - The largest shareholder is the Chongming County State-owned Assets Supervision and Administration Commission, holding 32.51% [4]

Company Performance - Yatong Co., Ltd. reported a revenue of approximately 289 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 36.16% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 16.25 million yuan [1] - The basic earnings per share showed a loss of 0.0462 yuan [1] Market Valuation - As of the report date, Yatong Co., Ltd. has a market capitalization of 2.9 billion yuan [1]

Financial Performance - The company's operating revenue for Q3 2025 was ¥76,909,050.03, a decrease of 58.33% compared to ¥184,586,381.36 in the same period last year[5] - The total profit for the period was -¥4,879,918.32, showing an improvement from -¥8,351,978.20 year-on-year[5] - The net profit attributable to shareholders was -¥5,936,661.07, compared to -¥8,611,168.26 in the previous year, indicating a significant reduction in losses[5] - Operating revenue decreased by 58.33% in the current reporting period due to a significant reduction in steel sales from Ximeng Trading[10] - Net profit attributable to shareholders of the listed company decreased by 461.89% year-to-date, mainly due to a reduction in non-recurring gains and losses[10] - Basic and diluted earnings per share both decreased by 460.94% year-to-date, attributed to the decline in net profit attributable to shareholders[10] - The company reported a basic earnings per share of -¥0.0169, compared to -¥0.0245 in the same period last year, indicating a reduction in losses per share[5] - The total comprehensive income attributable to the parent company was -16,252,069.66 CNY, compared to 4,490,855.20 CNY in the previous period[23] - The net profit for the first three quarters of 2025 was a loss of CNY 14,151,199.47, compared to a profit of CNY 2,548,813.30 in the same period of 2024[22] - The net profit for the first three quarters of 2025 is a loss of CNY 11,572,043.11, compared to a profit of CNY 19,528,687.29 in the same period of 2024[34] Cash Flow - The net cash flow from operating activities was ¥102,214,061.88, a substantial recovery from -¥127,938,282.94 in the same period last year[5] - Net cash flow from operating activities decreased by 64.90% year-to-date, primarily due to a decrease of 372 million CNY in project repurchase funds received[11] - The net cash flow from operating activities for the first three quarters of 2025 was 102,214,061.88 CNY, down from 291,206,123.84 CNY in the same period of 2024, representing a decrease of approximately 65%[25] - Cash inflow from operating activities totaled 1,241,402,819.29 CNY, while cash outflow was 1,139,188,757.41 CNY, resulting in a net cash flow of 102,214,061.88 CNY[25] - The company reported a net cash flow from investing activities of -100,630,957.26 CNY, compared to 11,397,799.50 CNY in the previous year, indicating a significant decline[26] - The net cash flow from financing activities was -241,960,657.26 CNY, worsening from -38,985,965.60 CNY in the same period last year[27] - The net cash flow from operating activities for the first three quarters of 2025 is CNY 189,783,742.66, a significant improvement from a negative cash flow of CNY 38,312,236.64 in 2024[37] - The company received CNY 376,381,514.41 in cash related to operating activities, a substantial increase from CNY 171,111,290.58 in the previous year[37] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,740,191,324.43, reflecting a 10.65% increase from ¥5,187,620,143.09 at the end of the previous year[6] - The company's total assets as of September 30, 2025, amounted to CNY 5,740,191,324.43, an increase from CNY 5,187,486,713.09 at the end of 2024[19] - Current assets totaled CNY 4,919,634,544.96 as of September 30, 2025, compared to CNY 4,443,111,829.98 at the end of 2024, reflecting a growth of 10.7%[19] - Current liabilities increased to CNY 4,162,914,122.15 as of September 30, 2025, from CNY 3,673,388,389.89 at the end of 2024, representing a rise of 13.3%[19] - The company's long-term liabilities increased to CNY 163,024,373.90 as of September 30, 2025, from CNY 88,991,420.35 at the end of 2024, reflecting an increase of 83.3%[19] - The total liabilities amount to CNY 335,557,666.37, a decrease from CNY 542,564,362.06 in the previous year[31] - The company's total liabilities amounted to 326,678,143.96 CNY, a decrease from 534,842,749.70 CNY in the previous year[30] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 21,739[13] - The largest shareholder, Chongming County State-owned Assets Supervision and Administration Commission, holds 32.51% of shares[13] Regulatory Compliance - The company is undergoing rectification measures following a regulatory decision regarding revenue recognition practices, which may impact future financial reporting[7] - The company has committed to improving its financial reporting practices in response to regulatory feedback, ensuring compliance with accounting standards[7] Inventory and Investments - Inventory increased by 18.83% due to investments in the Longxing Island 38 housing project[10] - Investment income decreased by 100.80% compared to the same period last year, primarily due to the sale of subsidiary equity and stocks[11] Earnings and Costs - Total operating revenue for the first three quarters of 2025 was CNY 289,011,697.84, a decrease of 36.2% compared to CNY 452,732,382.77 in the same period of 2024[21] - Total operating costs for the first three quarters of 2025 were CNY 303,110,099.10, down 37.9% from CNY 487,618,012.60 in 2024[21] - The cost of goods sold for the first three quarters of 2025 is CNY 5,764,637.88, down 29.5% from CNY 8,186,559.12 in 2024[33] - The financial expenses for the first three quarters of 2025 are CNY 1,204,669.89, significantly reduced from CNY 6,083,200.91 in 2024[33]

Core Insights - The real estate development sector experienced a decline of 1.34% on October 9, with Shen Shen Fang A leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Notable gainers in the real estate sector included: - Daming City (600094) with a closing price of 4.86, up 8.48% on a trading volume of 757,500 shares and a turnover of 368 million [1] - Hefei Urban Construction (002208) closed at 8.37, up 7.31% with a trading volume of 1,394,600 shares and a turnover of 1.173 billion [1] - Wolong New Energy (600173) closed at 9.45, up 5.94% with a trading volume of 897,200 shares and a turnover of 828 million [1] - Major decliners included: - Shen Shen Fang A (000029) with a closing price of 30.22, down 10.01% on a trading volume of 112,700 shares and a turnover of 348 million [2] - Zhangjiang Changke (600895) closed at 49.46, down 9.99% with a trading volume of 1,475,800 shares and a turnover of 741.5 million [2] - New Town Holdings (601155) closed at 15.32, down 5.72% with a trading volume of 357,200 shares and a turnover of 54.9 million [2] Capital Flow - The real estate development sector saw a net outflow of 882 million from institutional investors, while retail investors contributed a net inflow of 49.1 million [2] - Key stocks with significant capital flow included: - Wolong New Energy (600173) with a net inflow of 1.19 billion from institutional investors, but a net outflow of 1.05 billion from retail investors [3] - Wanfang Development (600246) had a net inflow of 89.19 million from institutional investors, but a net outflow of 75.61 million from retail investors [3] - Hefei Urban Construction (002208) saw a net inflow of 82.03 million from institutional investors, with a net outflow of 16.89 million from retail investors [3]