Core Insights - The Tianjin state-owned enterprise reform sector saw a slight increase of 0.2% on October 31, with Haitai Development leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance Summary - Haitai Development (600082) closed at 4.72, up 6.07% with a trading volume of 399,300 shares and a turnover of 185 million yuan [1] - Guifaxiang (002820) closed at 12.80, up 3.90% with a trading volume of 137,100 shares and a turnover of 174 million yuan [1] - Tianbao Infrastructure (000965) closed at 4.38, up 2.10% with a trading volume of 861,500 shares and a turnover of 380 million yuan [1] - Other notable stocks include Jinmeng Technology (300334) at 7.50 (+1.90%), Bohai Chemical (600800) at 3.83 (+1.86%), and Jintou City Development (600322) at 2.51 (+1.21%) [1] Capital Flow Analysis - The Tianjin state-owned enterprise reform sector experienced a net inflow of 67.98 million yuan from institutional investors, while retail investors saw a net outflow of 84.03 million yuan [2][3] - The main capital inflow was observed in Tianbao Infrastructure (000965) with a net inflow of 49.38 million yuan, while Jin Kai New Energy (600821) faced a significant net outflow of 66.21 million yuan [3]

Core Viewpoint - The company has released its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information provided, and has appointed KPMG Huazhen as its auditor for the fiscal year 2025 [9][11][21]. Financial Data Summary - The financial statements for the third quarter of 2025 have not been audited [3]. - The company guarantees the authenticity and completeness of the quarterly report, with all responsible parties affirming the accuracy of the financial information [2][9]. - The report includes significant non-recurring gains and losses, although specific amounts are not detailed [4]. Shareholder Information - The company has provided details on its major shareholders, including the exclusion of certain accounts from the top ten shareholders list for clarity [6]. - Changes in the management of investment funds related to major shareholders have been noted [6]. Audit and Compliance - KPMG Huazhen has been proposed for reappointment as the auditing firm, with a detailed overview of its qualifications and past performance [12][13]. - The audit committee has reviewed and approved the appointment of KPMG Huazhen, which is pending approval from the shareholders' meeting [21][23]. Board Meeting Resolutions - The board of directors convened to discuss and approve the third-quarter report and the appointment of the auditing firm, with unanimous support from all attending members [25][30]. - The board also discussed revisions to certain management systems in accordance with legal requirements [31].

Group 1 - The company, Jinkai New Energy, announced its 11th board meeting held on October 30, 2025, in a non-physical format, where the Q3 2025 report and other documents were reviewed [1] - For the year 2024, the revenue composition of Jinkai New Energy is as follows: 94.88% from new energy generation and 5.12% from other businesses [1] Group 2 - The article discusses the phenomenon of "negative electricity prices" in multiple regions, questioning why power plants are reluctant to shut down despite not making profits from selling electricity [1]

Core Insights - Jin Kai New Energy (SH 600821) reported its Q3 performance, showing a revenue of approximately 2.841 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 0.39% [1] - The net profit attributable to shareholders decreased to about 561 million yuan, representing a year-on-year decline of 24.8% [1] - Basic earnings per share fell to 0.29 yuan, down 23.68% compared to the previous year [1] Financial Performance - Revenue for the first three quarters of 2025: approximately 28.41 billion yuan, up 0.39% year-on-year [1] - Net profit attributable to shareholders: approximately 5.61 billion yuan, down 24.8% year-on-year [1] - Basic earnings per share: 0.29 yuan, a decrease of 23.68% year-on-year [1]

证券代码：600821 证券简称：金开新能 公告编号：2025-077 金开新能源股份有限公司 第十一届董事会第十三次会议决议公告 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。 金开新能源股份有限公司（以下简称"公司"）第十一届董事会第十三次 会议通知于 2025 年 10 月 23 日以书面形式发出，会议于 2025 年 10 月 30 日以 非现场形式召开。应出席董事 9 人，实际出席董事 9 人。本次会议由董事长尤 明杨先生主持，公司高级管理人员列席。本次会议的召开符合《中华人民共和 国公司法》《上海证券交易所股票上市规则》等法律、法规和《金开新能源股 份有限公司章程》的规定。会议审议并通过以下议案： 一、关于审议公司《2025 年第三季度报告》的议案 本议案已经审计委员会审议通过，并同意提交董事会审议。董事会同意本 议案。具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披 露的《2025 年第三季度报告》。 表决结果：9 票同意、0 票反对、0 票弃权。 表决结果：9 票同意、0 票反对、0 ...

金开新能源股份有限公司 对外投资管理制度 第五条 公司的对外投资一般为持有时间超过一年、不 能随时变现或不准备随时变现的长期投资，主要包括： （一）独资或与他人合资新设企业的股权投资； （二）部分或全部收购境内外与公司业务关联的经济 实体； 第一章 总则 第一条 为了进一步规范金开新能源股份有限公司（以 下简称"公司"）的投资行为，提高投资效益，降低投资风 险，保障公司投资的保值、增值，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》、《上海证券交易所股票上市规则》（以下简称"《上 市规则》"）等法律、法规、规范性文件以及《金开新能源 股份有限公司章程》（以下简称"《公司章程》"）等相关 规定，并结合公司的实际情况，制定本制度。 第二条 公司的重大投资应遵循的基本原则：遵守国家 法律、法规，符合国家产业政策；符合公司发展战略和中长 期发展规划，合理配置公司资源，创造良好经济效益；注重 风险防范，保证资金的安全运行。 第三条 本制度适用于公司及其所属的全资子公司、控 股子公司（以下统称"子公司"）的一切对外投资行为。 第四条 本制度所称的对外投资是指公司为获取未来收 益而将一 ...

金开新能源股份有限公司 会计师事务所选聘制度 第一章 总 则 第一条 为规范金开新能源股份有限公司（以下简称"金开 新能"或"公司"）选聘（含续聘、改聘，下同）会计师事务 所的行为，切实维护股东利益，提高审计工作和财务信息质量， 根据《中华人民共和国公司法》、《中华人民共和国会计法》、 《上市公司治理准则》、《国有企业、上市公司选聘会计师事 务所管理办法》、《上海证券交易所股票上市规则》等有关法 律法规、规范性文件和《金开新能源股份有限公司章程》（以 下简称"《公司章程》"）等有关规定，结合公司实际情况， 制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关 法律法规要求，聘任会计师事务所对年度财务会计报告发表审 计意见、出具年度审计报告的行为。 第三条 公司选聘会计师事务所应当由公司董事会审计委 员会（以下简称"审计委员会"）审议同意后，提交董事会审 议，并由股东会决定。公司不得在董事会、股东会审议通过前 聘请会计师事务所开展审计业务。 第四条 公司主要股东、实际控制人或者董事和高级管理人 1 员不得在公司董事会、股东会审议前，向公司指定会计师事务 所，也不得干预审计委员会独立履行审核职责。 ...

Revenue and Profit - Revenue for the third quarter was CNY 918,587,745.80, a decrease of 2.94% compared to the same period last year[4] - Total profit for the quarter was CNY 170,724,808.74, down 45.23% year-on-year[4] - Net profit attributable to shareholders was CNY 121,868,297.69, a decline of 52.99% compared to the previous year[4] - Basic earnings per share decreased by 53.85% to CNY 0.06 for the quarter[5] - Operating profit for the first three quarters of 2025 was ¥694,153,182.99, compared to ¥885,317,080.75 in 2024, indicating a decrease of about 21.6%[20] - Net profit for the first three quarters of 2025 was ¥593,094,705.19, down from ¥792,721,576.08 in 2024, reflecting a decline of approximately 25.1%[20] - Basic earnings per share for the first three quarters of 2025 were ¥0.29, down from ¥0.38 in 2024, a decrease of approximately 23.7%[21] - For the first three quarters of 2025, the company reported a net profit of ¥187,066,411.20, compared to ¥294,696,034.22 in the same period of 2024, indicating a decrease of approximately 36.4%[32] Cash Flow - The company reported a net cash flow from operating activities of CNY 1,974,824,876.22, an increase of 41.14% year-to-date[4] - The net cash inflow from operating activities was CNY 1,974,824,876.22, an increase from CNY 1,399,204,358.71 year-over-year[25] - Cash generated from operating activities increased significantly to ¥5,197,834,835.60 in 2025, compared to ¥3,321,702,131.30 in 2024, marking an increase of approximately 56.5%[24] - The net cash flow from operating activities for the first three quarters of 2025 was -¥11,701,242.29, compared to -¥7,605,341.01 in 2024, indicating a worsening cash flow situation[35] - The net cash outflow from investment activities was CNY -1,937,161,537.81, worsening from CNY -975,212,967.68 year-over-year[25] - The net cash flow from financing activities for the first three quarters of 2025 was ¥732,538,457.12, compared to ¥519,380,363.07 in 2024, indicating an increase of approximately 40.9%[35] Assets and Liabilities - Total assets increased by 1.34% to CNY 40,608,619,010.02 compared to the end of the previous year[5] - Total current assets as of September 30, 2025, amount to ¥9,332,586,613.21, a decrease from ¥10,256,220,772.92 at the end of 2024[15] - Total non-current assets increased to ¥31,276,032,396.81 from ¥29,814,230,469.87 year-over-year[16] - The company's total liabilities decreased to ¥29,030,235,421.53 in 2025 from ¥30,080,889,108.42 in 2024, a reduction of about 3.5%[20] - Total liabilities were CNY 2,537,220,676.15, compared to CNY 1,568,342,530.99 in the previous period[29] - The total equity was CNY 8,290,775,211.12, slightly decreasing from CNY 8,300,441,295.22[29] Shareholder Information - Total number of common shareholders at the end of the reporting period is 62,831[12] - The largest shareholder, Tianjin Jinkai Enterprise Management Co., Ltd., holds 251,902,157 shares, accounting for 12.61% of total shares[13] - The company has no pledged or frozen shares among the top ten shareholders[13] Research and Development - The company’s research and development expenses decreased by 37.33% due to the phased progress of R&D projects[10] - Research and development expenses for the first three quarters of 2025 were ¥8,138,010.62, down from ¥12,986,219.03 in 2024, indicating a decrease of approximately 37.1%[20] Investment Performance - The company reported an investment loss of ¥49,305,966.89 in 2025, compared to a profit of ¥80,908,691.15 in 2024, reflecting a significant negative shift[20] - Investment income for the first three quarters of 2025 was reported at ¥200,000,000.00, down from ¥300,000,000.00 in 2024, showing a decrease of 33.3%[32] Management and Operational Changes - The management has changed the fund manager for Tianjin Jincheng No. 2 Equity Investment Fund Partnership[14] - The company incurred management expenses of ¥11,583,359.18 in the first three quarters of 2025, significantly higher than ¥5,413,276.45 in 2024, representing an increase of approximately 114.8%[32] - Financial expenses for the first three quarters of 2025 were ¥1,349,024.16, compared to a gain of ¥47,190.43 in 2024, indicating a substantial shift in financial performance[32]

证券代码：600821 证券简称：金开新能 公告编号：2025-079 金开新能源股份有限公司 关于公司 2025 年第三度主要经营数据的公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第九号 ——光伏》的相关规定，鉴于公司从事光伏电站运营业务，现将公司 2025 年第 三季度并表范围内新能源电站的主要经营数据情况公告如下： | | 电站 | 装机容量 | 1-9 月发电 量 | 1-9 月上网 电量 | 1-9 月度结 算电量 | 上网电价 加权均价 | 第三季度发 电量 | 第三季度上 网电量 | 第三季度结 算电量 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 区域 | | | | | | （含补贴） | | | | | | | 类型 | （兆瓦） | （万千瓦 | （万千瓦 | （万千瓦 | （含税元/ | （万千瓦 | （万千瓦 | （万千瓦 | ...

证券代码：600821 证券简称：金开新能 公告编号：2025-078 金开新能源股份有限公司 关于续聘会计师事务所的公告 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制企业，更名为毕马威华振会计师 事务所（特殊普通合伙）（以下简称"毕马威华振"），2012 年 7 月 10 日取得工 商营业执照，并于 2012 年 8 月 1 日正式运营。毕马威华振总所位于北京，注册 地址为北京市东城区东长安街 1 号东方广场东 2 座办公楼 8 层。 毕马威华振 2024 年经审计的业务收入总额超过人民币 41 亿元，其中审计业 务收入超过人民币 40 亿元（包括境内法定证券业务收入超过人民币 9 亿元，其 他证券业务收入超过人民币 10 亿元，证券业务收入共计超过人民币 19 亿元）。 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： 拟聘任的会计师事务所名称：毕马威华 ...