Core Insights - The company, Jingyuntong, is a significant player in the photovoltaic equipment and new materials sector in China, with a comprehensive layout in high-end equipment manufacturing and the entire photovoltaic industry chain [1] Group 1: Business Performance - In Q3 2025, Jingyuntong reported revenue of 2.457 billion yuan, ranking 7th among 13 companies in the industry, with the industry leader, Solar Energy, generating 4.101 billion yuan [2] - The company's net profit for the same period was -244 million yuan, placing it 13th in the industry, while the top performer, Solar Energy, achieved a net profit of 1.129 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jingyuntong's debt-to-asset ratio was 52.93%, lower than the industry average of 62.14%, indicating good debt repayment capability [3] - The gross profit margin for Q3 2025 was 12.93%, a significant improvement from -13.10% in the previous year, but still below the industry average of 32.38% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.26% to 144,900, while the average number of circulating A-shares held per shareholder decreased by 10.12% to 16,700 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited was the third-largest, holding 18.3953 million shares, a decrease of 849,000 shares from the previous period [5]

（记者 贾运可） 截至发稿，京运通市值为100亿元。 每经头条（nbdtoutiao）——"十五五"规划建议的18个新提法，释放了哪些重要信号？ 每经AI快讯，京运通（SH 601908，收盘价：4.14元）10月29日晚间发布公告称，公司第六届第九次董 事会会议于2025年10月29日在公司302会议室以现场结合通讯方式召开。会议审议了《关于 <北京京运 通科技股份有限公司2025年第三季度报告> 的议案》等文件。 2025年1至6月份，京运通的营业收入构成为：新材料业务占比53.87%，新能源发电业务分部占比 36.0%，其他业务占比5.26%，节能环保业务占比4.84%，设备占比0.03%。 ...

Core Points - Beijing Jingyuntong Technology Co., Ltd. reported a revenue of 2.457 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 37.55% [1] - The company recorded a net loss attributable to shareholders of 227 million yuan [1] - The reasons for the performance changes include a reasonable adjustment of the new materials business operating rate, improvement in operational efficiency, and cost control, leading to a significant reduction in the loss amount compared to the previous year [1]

证券代码：601908 证券简称：京运通 公告编号：临 2025-044 北京京运通科技股份有限公司 第六届董事会第九次会议决议公告 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。 北京京运通科技股份有限公司（以下简称"公司"）第六届董事会第九次会 议于 2025 年 10 月 29 日在公司 302 会议室以现场结合通讯方式召开。本次会议 通知已于 2025 年 10 月 17 日以电话、电子邮件等方式发出，会议应出席董事 9 人，实际出席董事 9 人。公司监事、高级管理人员列席会议。会议由董事长冯焕 培先生主持。会议召集及召开程序符合《中华人民共和国公司法》和《公司章程》 的有关规定。 《北京京运通科技股份有限公司 2025 年第三季度报告》刊载于指定信息披 露媒体《中国证券报》《证券日报》及上海证券交易所网站 http://www.sse.com.cn。 特此公告。 北京京运通科技股份有限公司董事会 2025 年 10 月 30 日 1 会议经审议，以现场投票与通讯表决相结合的方式通过了以下议案： 一、以 9 票同意，0 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥932,224,183.53, a decrease of 10.72% compared to the same period last year[3] - The total profit for the period was ¥8,626,817.07, while the net profit attributable to shareholders was a loss of ¥15,378,549.08[3] - Year-to-date revenue decreased by 37.55% to ¥2,457,353,701.22, with a net loss attributable to shareholders of ¥227,386,909.52[3] - The basic and diluted earnings per share for the current period were both -¥0.006, with year-to-date figures at -¥0.094[3] - Total revenue for the first three quarters of 2025 was CNY 2,457,353,701.22, a decrease from CNY 3,935,218,435.15 in the same period of 2024, representing a decline of approximately 37.5%[20] - The company's net profit for the first three quarters of 2025 was impacted by an investment loss of CNY 98,191,520.54, compared to a loss of CNY 73,315,380.85 in the same period of 2024[20] - The company reported a total comprehensive income of -243,757,086.18 CNY for the first three quarters of 2025, compared to -1,438,504,049.37 CNY in the same period of 2024[22] - The net profit for the first three quarters of 2025 was -243,757,086.18 CNY, compared to -1,438,504,049.37 CNY in the same period of 2024, indicating a significant reduction in losses[22] - Operating profit for the first three quarters of 2025 was -148,496,134.39 CNY, compared to -1,600,494,291.46 CNY in the previous year, showing an improvement in operational performance[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥18,545,935,241.27, a decrease of 4.29% from the end of the previous year[4] - The total assets of the company as of September 30, 2025, were CNY 18,545,935,241.27, down from CNY 19,376,801,794.29 at the end of 2024, indicating a decrease of about 4.3%[19] - Total liabilities decreased to CNY 9,817,120,360.15 as of September 30, 2025, from CNY 10,414,863,366.82 at the end of 2024, reflecting a reduction of approximately 5.7%[19] - Total current assets as of September 30, 2025, amounted to CNY 7,085,189,358.64, an increase from CNY 6,980,824,160.01 at the end of 2024[26] - Total non-current assets decreased to CNY 9,432,865,500.11 as of September 30, 2025, from CNY 9,545,187,352.78 at the end of 2024[27] - Total liabilities as of September 30, 2025, were CNY 5,877,306,661.76, compared to CNY 5,850,457,565.25 at the end of 2024[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 144,872[10] - The largest shareholder, Beijing Jingyuntong Daxing Technology Investment Co., Ltd., holds 28.99% of the shares, with 300,000,000 shares pledged[10] - The top ten unrestricted shareholders include Beijing JYTD Investment Co., Ltd. holding 700 million shares, accounting for a significant portion of the total shares[11] - The second largest shareholder, Feng Huanpei, holds approximately 409.99 million shares, representing a substantial stake in the company[11] - The total number of shares held by the top ten unrestricted shareholders amounts to over 1.1 billion shares, indicating strong institutional interest[11] - The shareholder structure indicates a concentration of ownership, which may impact corporate governance and decision-making processes[11] Legal and Regulatory Matters - The company has disclosed ongoing litigation cases with a total disputed amount of approximately RMB 5,499.73 million related to a supply and electricity contract dispute[13] - The company reported a significant number of ongoing legal cases, with amounts ranging from RMB 179.10 million to RMB 4,842.91 million across various disputes[15] Operational Insights - The company adjusted its new materials business operating rate, which contributed to a significant reduction in losses compared to the previous year[8] - The company has not disclosed any new product developments or technological advancements during the reporting period[12] - There is no indication of market expansion or mergers and acquisitions in the recent financial disclosures[12] - The company has not provided specific future guidance or performance outlook in the latest reports[12] - The company has not reported any changes in the participation of major shareholders in margin financing or securities lending activities[12] Cash Flow and Investments - Cash flow from operating activities for the first three quarters of 2025 was 763,757,088.85 CNY, a turnaround from -342,875,852.81 CNY in the same period of 2024[24] - Cash flow from investing activities showed a net outflow of -13,963.90 CNY in 2025, compared to -256,232,281.26 CNY in 2024, indicating reduced investment losses[24] - Cash flow from financing activities resulted in a net outflow of -699,327,565.73 CNY in 2025, compared to -412,327,195.54 CNY in the previous year, reflecting ongoing financing challenges[25] - The company reported interest expenses of CNY 91,351,580.56 for the first three quarters of 2025, down from CNY 132,171,304.79 in the same period of 2024[30] Accounting and Standards - The company has not adopted new accounting standards or interpretations for the year 2025[33]

证券代码：601908 证券简称：京运通 公告编号：临 2025-045 北京京运通科技股份有限公司 第六届监事会第六次会议决议公告 本公司监事会及全体监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。 北京京运通科技股份有限公司（以下简称"公司"）第六届监事会第六次会 议于 2025 年 10 月 29 日在公司 302 会议室召开。本次会议通知已于 2025 年 10 月 17 日以电话、电子邮件等方式发出，会议应到监事 3 人，实到监事 3 人，会 议由监事会主席王峰先生主持。会议召集及召开程序符合《中华人民共和国公司 法》和《公司章程》的有关规定。 会议经审议，以投票表决的方式通过了以下议案： 1、以 3 票同意、0 票反对、0 票弃权，一致通过《关于<北京京运通科技股 份有限公司 2025 年第三季度报告>的议案》。 公司监事会在全面了解和审核公司 2025 年第三季度报告后，发表书面审核 意见如下： （1）公司 2025 年第三季度报告的编制和审议程序符合法律、法规、《公司 章程》和公司内部管理制度的各项规定； （2）公司 2025 年 ...

Core Viewpoint - Jingyuntong's stock price has shown a significant increase of 35.41% year-to-date, indicating strong market performance and investor interest [2] Group 1: Stock Performance - As of October 29, Jingyuntong's stock price rose by 2.23% to 4.13 CNY per share, with a trading volume of 1.54 billion CNY and a turnover rate of 1.57%, resulting in a total market capitalization of 9.972 billion CNY [1] - Year-to-date, Jingyuntong's stock has increased by 35.41%, with a slight rise of 0.49% over the last five trading days, 0.73% over the last 20 days, and 6.99% over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, Jingyuntong reported a revenue of 1.525 billion CNY, a year-on-year decrease of 47.25%, while the net profit attributable to shareholders was -212 million CNY, reflecting an 80.46% year-on-year increase [2] - Since its A-share listing, Jingyuntong has distributed a total of 810 million CNY in dividends, with 31.39 million CNY distributed over the past three years [3] Group 3: Shareholder Structure - As of June 30, 2025, Jingyuntong had 130,200 shareholders, an increase of 22.47% from the previous period, with an average of 18,543 circulating shares per shareholder, down 18.35% [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 19.2443 million shares, an increase of 9.5089 million shares from the previous period [3]

Core Viewpoint - The company, Shuidafengye Energy, has agreed to acquire 100% equity of Guizhou Xingye Green Energy Technology Co., Ltd. for a total consideration of RMB 600 million, which includes cash payment and debt assumption, as a resolution to ongoing litigation [1][3]. Group 1: Acquisition Details - The acquisition involves a cash payment of RMB 216 million and the assumption of debts totaling RMB 384 million owed by the target company to the seller [1]. - The total consideration for the acquisition amounts to RMB 600 million [1]. Group 2: Target Company and Business Operations - Guizhou Xingye Green Energy Technology Co., Ltd. is primarily engaged in the maintenance management of photovoltaic power stations and electricity sales [1]. - The company has faced legal issues related to land use violations, resulting in the dismantling of a 100MW photovoltaic power station, which now operates at a reduced capacity of 65MW [2]. Group 3: Legal Context and Financial Implications - The litigation involves claims of approximately RMB 361 million from the seller, including losses from dismantling the power station and delayed electricity sales [2]. - The company anticipates significant compensation liabilities due to the litigation, particularly related to the dismantling losses of about RMB 253 million [3]. - The acquisition is viewed as a means to mitigate potential damages from the lawsuit and improve the company's credit rating by releasing assets currently under preservation orders [3]. Group 4: Strategic Benefits - The board believes that the acquisition will complement the company's existing business and enhance productivity and revenue sources [3]. - The company expects to achieve a pre-tax profit of approximately RMB 163 million upon completion of the acquisition, considering the debt waiver and the discounted acquisition price [3].

Core Insights - On October 20, Jingyuntong's stock rose by 1.21%, with a trading volume of 273 million yuan [1] - As of October 20, the total margin balance for Jingyuntong was 284 million yuan, indicating a high level of margin activity [1] Financial Performance - For the first half of 2025, Jingyuntong reported a revenue of 1.525 billion yuan, a year-on-year decrease of 47.25% [2] - The net profit attributable to shareholders was -212 million yuan, showing an 80.46% year-on-year increase in losses [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Jingyuntong increased by 22.47% to 130,200 [2] - The average number of circulating shares per shareholder decreased by 18.35% to 18,543 shares [2] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 19.2443 million shares, an increase of 9.5089 million shares from the previous period [2] - Several ETFs, including Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, also increased their holdings in Jingyuntong [2]

Core Insights - On October 15, Jingyuntong's stock rose by 1.59%, with a trading volume of 866 million yuan [1] - As of October 15, the total margin balance for Jingyuntong was 319 million yuan, indicating a high level of margin activity [1][2] - For the first half of 2025, Jingyuntong reported a revenue of 1.525 billion yuan, a year-on-year decrease of 47.25%, while the net profit attributable to shareholders was -212 million yuan, showing an 80.46% increase compared to the previous period [2] Financing and Margin Activity - On October 15, Jingyuntong had a financing buy-in amount of 74.34 million yuan and a net financing buy of 18.56 million yuan [1] - The current financing balance of 317 million yuan accounts for 2.93% of the circulating market value, which is above the 90th percentile level over the past year [1] - In terms of securities lending, Jingyuntong had no shares repaid on October 15, with 3,200 shares sold short, amounting to 14,300 yuan at the closing price [1] Shareholder and Institutional Holdings - As of June 30, 2025, Jingyuntong had 130,200 shareholders, an increase of 22.47%, while the average circulating shares per person decreased by 18.35% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 9.51 million shares to 19.24 million shares [2] - Other notable institutional shareholders include Southern CSI 1000 ETF, Huaxia CSI 1000 ETF, and others, all of which increased their holdings compared to the previous period [2] Business Overview - Jingyuntong, established on August 8, 2002, and listed on September 8, 2011, operates in high-end equipment manufacturing, photovoltaic power generation, new materials, and energy conservation and environmental protection [1] - The main revenue sources for Jingyuntong include silicon wafers (36.93%), electricity (36.00%), silicon rods (16.94%), and other segments [1]