Group 1 - Yonghe Co., Ltd. reported a net profit of 469 million yuan for the first three quarters, a year-on-year increase of 220.39% [1] - Jinli Permanent Magnet achieved a net profit of 515 million yuan, reflecting a year-on-year growth of 161.81% [1][2] - Sanhe Pharmaceutical Auxiliary's net profit increased by 8.28% year-on-year, reaching 133 million yuan [2] Group 2 - Jiahuan Technology experienced a net profit decline of 26.53%, totaling 55.35 million yuan [3] - Wuchan Huaneng reported a net profit decrease of 15.10%, amounting to 453 million yuan [3] - Chuan Investment Energy's net profit fell by 4.54%, totaling 4.22 billion yuan [4][5] Group 3 - Dayang Bio's net profit grew by 56.12%, reaching 80 million yuan [5] - Weili Medical reported a net profit increase of 14.94%, totaling 192 million yuan [6] - People's Tongtai's net profit decreased by 45.69%, amounting to 112 million yuan [7] Group 4 - Jiuhuan Bio received a medical device registration certificate for its NT-proBNP test kit [8] - Jincheng Pharmaceutical's subsidiary obtained a drug registration certificate for a specific injection [9] - Guangdian Yuntong's subsidiary acquired a money service operator license in Hong Kong [10] Group 5 - Dash Intelligent won a bid for a project worth 96 million yuan related to the Shijiazhuang subway [10] - Alloy Investment's net profit increased by 124.87%, reaching 7.26 million yuan [11] - Kaile Co., Ltd. reported a net profit growth of 159.14%, totaling 21.63 million yuan [12] Group 6 - Chuanjinno's net profit surged by 175.61%, reaching 304 million yuan [14] - Rijiu Optoelectronics reported a net profit increase of 36.54%, totaling 76.91 million yuan [15] - Dazhu CNC's net profit grew by 142.19%, amounting to 492 million yuan [15] Group 7 - Nairui Radar expects a net profit increase of 181% for the first three quarters [17] - Suzhou Tianmai successfully acquired land use rights for a new manufacturing project [19] - Aokai Pharmaceutical announced clinical research data for its innovative drug at a major conference [21][22] Group 8 - Jilin Aodong's subsidiary passed the consistency evaluation for a specific injection [24] - Qinxin Environment announced the resignation of a board member [25] - *ST Baoying is planning a change in control, leading to a stock suspension [26] Group 9 - Jianlang Hardware's director plans to reduce holdings by up to 500,000 shares [27] - Taihe Technology's director intends to reduce holdings by up to 606,000 shares [29] - Zhongyuan Securities announced a cash dividend of 0.008 yuan per share [31] Group 10 - Beijing-Shanghai High-Speed Railway plans to distribute a cash dividend of 0.0385 yuan per share [32] - Zhuhai Guanyu expects a net profit increase of 36.88%-55.54% for the first three quarters [34] - Shenglong Co., Ltd. reported a net loss of 72.95 million yuan for the first three quarters [36] Group 11 - Shuangyuan Technology plans to distribute a cash dividend of 0.125 yuan per share [38] - Shaanxi Guotou A reported a net profit increase of 6.6%, totaling 996 million yuan [40] - Sunshine Nuohua intends to invest 15 million yuan in a biotech company [41] Group 12 - Yangjie Technology's net profit increased by 45.51%, reaching 974 million yuan [42] - Xingwang Yuda reported a net profit growth of 260%, totaling 38.37 million yuan [43] - Tongyou Technology turned a profit with a net profit of 9.29 million yuan [44]

Core Insights - On October 20, a total of 8 companies released their Q3 2025 financial reports, with 4 companies reporting year-on-year profit growth and 4 reporting declines [1] - Among these companies, 6 reported year-on-year revenue growth, while 2 experienced declines [1] - Companies that saw simultaneous growth in both net profit and revenue include Xingwang Yuda and two others, while Xiangsheng Medical reported declines in both metrics [1] - The company with the highest profit growth rate was Xingwang Yuda, achieving a remarkable increase of 260.00% [1] Company Performance Summary - **Xingwang Yuda (002829)** - Earnings per share: 0.1800 CNY - Net profit: 38.37 million CNY - Net profit year-on-year growth: 260.00% - Revenue: 266.43 million CNY - Revenue year-on-year growth: 14.97% [1] - **Yangjie Technology (300373)** - Earnings per share: 1.8557 CNY - Net profit: 973.61 million CNY - Net profit year-on-year growth: 45.51% - Revenue: 5347.74 million CNY - Revenue year-on-year growth: 20.89% [1] - **Darui Electric (300976)** - Earnings per share: 1.7500 CNY - Net profit: 231.02 million CNY - Net profit year-on-year growth: 26.84% - Revenue: 2278.36 million CNY - Revenue year-on-year growth: 28.59% [1] - **Huiquan Brewery (600573)** - Earnings per share: 0.3940 CNY - Net profit: 98.56 million CNY - Net profit year-on-year growth: 23.70% - Revenue: 575.73 million CNY - Revenue year-on-year growth: -2.59% [1] - **Xiangsheng Medical (688358)** - Earnings per share: 0.8400 CNY - Net profit: 93.92 million CNY - Net profit year-on-year growth: -4.56% - Revenue: 343.17 million CNY - Revenue year-on-year growth: -5.27% [1] - **Xiangfenghua (300890)** - Earnings per share: 0.1676 CNY - Net profit: 19.95 million CNY - Net profit year-on-year growth: -64.64% - Revenue: 1130.90 million CNY - Revenue year-on-year growth: 8.16% [1] - **Tongyou Technology (300302)** - Earnings per share: 0.0194 CNY - Net profit: 0.93 million CNY - Net profit year-on-year growth: -70.37% - Revenue: 32.72 million CNY - Revenue year-on-year growth: 7.73% [1] - **Shenglong Shares (603178)** - Earnings per share: -0.3100 CNY - Net profit: -72.95 million CNY - Net profit year-on-year growth: -1163.12% - Revenue: 1253.80 million CNY - Revenue year-on-year growth: 10.35% [1]

Core Viewpoint - Shenglong Co., Ltd. reported a significant decline in net profit for the first three quarters of the year, transitioning from profit to loss, primarily due to increased costs associated with factory relocation and higher R&D investments in new energy projects [2]. Financial Performance - The company achieved a total revenue of approximately 1.254 billion yuan for the first three quarters, representing a year-on-year growth of 10.35% [2]. - In the third quarter, revenue was about 421 million yuan, showing a slight decline of 0.19% year-on-year [2]. - The net profit attributable to shareholders for the first three quarters was approximately -72.95 million yuan, indicating a shift from profit to loss [2]. - For the third quarter, the net profit was around -17.81 million yuan, a year-on-year decrease of 27.7% [2]. Business Overview - Shenglong Co., Ltd. is a primary supplier of automotive components to major domestic and international vehicle manufacturers, with products used in traditional and new energy vehicles [2]. - The company's product offerings include pump series, camshaft series, core components for transmissions, thermal management series, drive system series, and intelligent execution systems [2]. Reasons for Performance Decline - The decline in performance for the first three quarters is attributed to several factors: - Temporary inventory and additional relocation costs due to the relocation of the North American factory [2]. - Significant R&D investments in new energy projects, particularly in electronic pumps and high-pressure pumps [2]. - Rapid increase in the proportion of new energy products, leading to fluctuations in gross profit during the ramp-up phase of new product mass production [2]. - Investment income from the sale of overseas assets in the same period last year [2].

Core Insights - The company, Shenglong Co., Ltd. (603178.SH), reported a revenue of approximately 1.254 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10.35% [1] - The company experienced a net loss of approximately 72.95 million yuan during the same period [1] - In the third quarter, the revenue was about 421 million yuan, showing a slight decline of 0.19% year-on-year [1] - The net loss for the third quarter was approximately 17.81 million yuan [1]

Core Viewpoint - Shenglong Co., Ltd. (603178.SH) reported a revenue of 1.254 billion yuan for the first three quarters, reflecting a year-on-year growth of 10.35%. However, the company recorded a net loss attributable to shareholders of 72.9513 million yuan, with a basic earnings per share of -0.31 yuan [1]. Financial Performance - The company's revenue for the first three quarters reached 1.254 billion yuan, marking a 10.35% increase compared to the previous year [1]. - The net profit attributable to shareholders was -72.9513 million yuan, indicating a loss [1]. - The basic earnings per share stood at -0.31 yuan [1].

关于归还暂时补充流动资金的闲置募集资金的公告 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个别及连带责任。 证券代码：603178 证券简称：圣龙股份 公告编号：2025-041 宁波圣龙汽车动力系统股份有限公司 2025 年 10 月 16 日，公司将剩余的 9,000 万元暂时补充流动资金归还至募 集资金专户，至此，公司已将 10,000 万元暂时性补充流动资金全部归还。公司 已将归还情况通知了保荐机构及保荐代表人。 特此公告。 宁波圣龙汽车动力系统股份有限公司董事会 2025 年 10 月 20 日 宁波圣龙汽车动力系统股份有限公司（以下简称"公司"）于 2024 年 10 月 17 日召开第六届董事会第六次会议和第六届监事会第五次会议，审议通过了 《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司拟使用闲置 募集资金人民币合计不超过 10,000 万元向公司及公司全资子公司暂时补充流动 资金，使用期限自公司董事会审议通过之日起不超过 12 个月。保荐机构对该事 项发表了核查意见，具体内容详见公司披露的 2024-04 ...

证券代码：603178 证券简称：圣龙股份 公告编号：2025-042 宁波圣龙汽车动力系统股份有限公司 关于使用闲置募集资金进行现金管理到期赎回的公告 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个别及连带责任。 圣龙股份于 2024 年 10 月 17 日召开第六届董事会第六次会议，审议通过了 《关于使用闲置募集资金进行现金管理的议案》。同意对最高额度不超过人民币 8,000 万元的闲置募集资金进行现金管理，使用期限不超过 12 个月。在确保不 影响募集资金投资项目建设和募集资金使用的情况下滚动使用，用于购买安全性 高、流动性好、短期（不超过 1 年）、有保本约定的理财产品（包括但不限于结 构性存款、定期存款、大额存单、协定存款、收益凭证等），投资产品不得质押。 以上投资品种不涉及证券投资，不得用于股票及其衍生产品、证券投资基金和以 证券投资为目的及无担保债券为投资标的的银行理财或信托产品。具体内容详见 公司于 2024 年 10 月 18 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于使用闲置募集资金进行现 ...

证券代码：603178 证券简称：圣龙股份 公告编号：2025-043 宁波圣龙汽车动力系统股份有限公司（以下简称"公司"）已于 2025 年 10 月 20 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公 司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 10 月 28 日 （星 期二） 14:00-15:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进 行交流。 宁波圣龙汽车动力系统股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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个别及连带责任。 重要内容提示： 1、会议召开时间 ：2025 年 10 月 28 日 （星期二） 14:00-15:00 2、会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 3、会议召开方式 ：上证路演中心网络互动 4、投资者可在 2025 年 10 月 21 日(星期二) 至 10 月 27 日(星期一)16:00 前通 ...

Group 1 - Company Shenglong Co., Ltd. reported a revenue of approximately 1.254 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.35% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 72.95 million yuan [1] - As of the report date, Shenglong Co., Ltd. had a market capitalization of 4.9 billion yuan [2]

[Important Notice](index=1&type=section&id=Important%20Notice) This report is an unaudited quarterly report, and the company's board of directors, senior management, and head of accounting department guarantee the truthfulness, accuracy, and completeness of its content, assuming legal responsibility - This quarter's financial statements are unaudited[3](index=3&type=chunk) [I. Key Financial Data](index=1&type=section&id=I.%20Key%20Financial%20Data) [1. Key Accounting Data and Financial Indicators](index=1&type=section&id=1.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first three quarters of 2025, the company's operating revenue increased by 10.35% to **CNY 1.254 billion**, but total profit and net profit attributable to shareholders were negative, at **-CNY 72.94 million** and **-CNY 72.95 million**, respectively. Net cash flow from operating activities in the current quarter (Q3) significantly increased by 326.62% to **CNY 74.48 million** Key Accounting Data and Financial Indicators for Q3 and YTD 2025 | Item | Current Period (Q3 2025) (CNY) | YoY Change (%) | Year-to-Date (YTD 2025) (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 420,799,029.30 | -0.19 | 1,253,799,233.62 | 10.35 | | Total Profit | -17,808,492.21 | -27.67 | -72,943,858.69 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | -17,810,142.19 | -27.70 | -72,951,323.48 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | -16,735,337.23 | -14.29 | -82,064,866.58 | -59.42 | | Net Cash Flow from Operating Activities | 74,481,675.86 | 326.62 | 67,139,479.22 | 8.70 | | Basic Earnings Per Share (CNY/share) | -0.08 | -27.70 | -0.31 | Not Applicable | | Total Assets (Period-end) | 2,259,058,043.50 | -4.24 (vs. prior year-end) | | | | Owners' Equity Attributable to Shareholders of Listed Company (Period-end) | 1,214,533,382.46 | -6.36 (vs. prior year-end) | | | [2. Non-recurring Gains and Losses Items and Amounts](index=2&type=section&id=2.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses were **-CNY 1.07 million**, and **CNY 9.11 million** year-to-date. Certain government grants and fee rebates were classified as recurring gains and losses due to their close relation to normal operations and continuous impact Non-recurring Gains and Losses Items and Amounts (YTD 2025) | Non-recurring Gains and Losses Item | Current Period Amount (CNY) | Year-to-Date Amount (CNY) | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | -3,573,443.55 | -3,580,089.11 | | Government grants recognized in current profit or loss | 2,688,914.68 | 10,448,233.70 | | Gains or losses from changes in fair value and disposal of financial assets | 100,917.54 | 620,180.39 | | Gains or losses from entrusted investment or asset management | - | 1,660,256.97 | | Other non-operating income and expenses | -169,659.20 | -915,137.48 | | Other items that meet the definition of non-recurring gains and losses | 153,989.11 | 2,501,209.97 | | Less: Income tax impact | 275,523.54 | 1,621,111.34 | | Total | -1,074,804.96 | 9,113,543.10 | - Value-added tax additional deductions (**CNY 2.52 million**) and fee rebates (**CNY 0.13 million**) were recognized as recurring gains and losses, as they comply with national policies and have a continuous impact on the company's profit and loss[8](index=8&type=chunk) [3. Changes and Reasons for Key Accounting Data and Financial Indicators](index=3&type=section&id=3.%20Changes%20and%20Reasons%20for%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The decline in total profit and net profit was primarily due to increased North American new factory relocation costs, higher R&D investment in new energy projects, gross profit fluctuations during new product ramp-up, and investment income from overseas asset sales in the prior year. The significant increase in net cash flow from operating activities was mainly due to increased sales collections - **Reasons for Decline in Total Profit and Net Profit**: * Increased temporary inventory and additional relocation costs due to the North American new factory relocation in the first half of the year * Significant investment in new energy project development, with increased R&D spending on key projects like electronic and high-pressure pumps * Rapid increase in the proportion of new energy products, impacting gross profit margins during new product ramp-up * Investment income from overseas asset sales in the prior year, with no such item in the current period[9](index=9&type=chunk) - **Reasons for Increase in Net Cash Flow from Operating Activities**: * Primarily due to increased sales collections[9](index=9&type=chunk) [II. Shareholder Information](index=3&type=section&id=II.%20Shareholder%20Information) [1. Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings](index=3&type=section&id=1.%20Total%20Number%20of%20Common%20Shareholders%2C%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%2C%20and%20Top%20Ten%20Shareholders'%20Holdings) As of the end of the reporting period, the company had **33,478** common shareholders. Among the top ten shareholders, Ningbo Shenglong (Group) Co., Ltd. held **124.01 million** shares, accounting for **52.45%**, as the controlling shareholder. There are parent-subsidiary and concerted action relationships among the top ten shareholders - The total number of common shareholders at the end of the reporting period was **33,478**[11](index=11&type=chunk) Top 10 Shareholders' Holdings (September 30, 2025) | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | | Ningbo Shenglong (Group) Co., Ltd. | Domestic Non-state-owned Legal Person | 124,007,390 | 52.45 | | Ningbo Yushun Trading Co., Ltd. | Domestic Non-state-owned Legal Person | 10,294,100 | 4.35 | | Ningbo Shengdaer Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 5,720,000 | 2.42 | | Luo Licheng | Domestic Natural Person | 5,147,100 | 2.18 | | Chen Yaqing | Domestic Natural Person | 3,860,300 | 1.63 | | Chen Wu | Unknown | 987,300 | 0.42 | | Bai Nan | Unknown | 724,900 | 0.31 | | Chen Suguo | Unknown | 681,000 | 0.29 | | You Lianhua | Unknown | 651,200 | 0.28 | | Xiang Youfu | Unknown | 609,800 | 0.26 | - Chen Yaqing and Luo Licheng hold **25%** and **35%** equity in Ningbo Shenglong (Group) Co., Ltd., respectively; Ningbo Yushun Trading Co., Ltd. is a wholly-owned subsidiary of Ningbo Shenglong (Group) Co., Ltd.; Chen Yaqing is the appointed representative of the executive partner of Ningbo Shengdaer Investment Partnership (Limited Partnership); Chen Yaqing and Luo Licheng have a mother-son relationship[12](index=12&type=chunk) [III. Other Reminders](index=5&type=section&id=III.%20Other%20Reminders) There is no other significant information regarding the company's operating performance during the reporting period that requires special attention from investors - No other significant information regarding the company's operating performance during the reporting period requires investor attention[13](index=13&type=chunk) [IV. Quarterly Financial Statements](index=5&type=section&id=IV.%20Quarterly%20Financial%20Statements) [1. Type of Audit Opinion](index=5&type=section&id=1.%20Type%20of%20Audit%20Opinion) This quarter's financial statements are unaudited - Financial statements are unaudited[13](index=13&type=chunk) [2. Financial Statements](index=5&type=section&id=2.%20Financial%20Statements) This section details the company's unaudited consolidated balance sheet as of September 30, 2025, and consolidated income statement and cash flow statement for January-September 2025, providing financial data for investor reference [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2025, total assets were **CNY 2.259 billion**, a **4.24%** decrease from year-end 2024; owners' equity attributable to shareholders was **CNY 1.215 billion**, a **6.36%** decrease from year-end 2024. Total current liabilities were **CNY 933.13 million**, and total non-current liabilities were **CNY 111.39 million** Consolidated Balance Sheet Key Data (September 30, 2025 vs December 31, 2024) | Item | September 30, 2025 (CNY) | December 31, 2024 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 189,417,915.55 | 158,919,962.60 | 19.19 | | Trading Financial Assets | 10,000,000.00 | 70,000,000.00 | -85.71 | | Accounts Receivable | 443,486,829.71 | 484,008,979.42 | -8.37 | | Inventories | 245,754,648.51 | 273,895,240.27 | -10.27 | | Total Current Assets | 961,403,270.75 | 1,040,111,617.93 | -7.57 | | Fixed Assets | 618,481,192.28 | 671,210,108.73 | -7.86 | | Construction in Progress | 222,676,014.01 | 196,546,601.57 | 13.30 | | Total Non-current Assets | 1,297,654,772.75 | 1,319,070,974.84 | -1.62 | | **Total Assets** | **2,259,058,043.50** | **2,359,182,592.77** | **-4.24** | | Short-term Borrowings | 142,081,987.50 | 152,042,138.89 | -6.55 | | Notes Payable | 213,897,110.47 | 168,596,491.10 | 26.87 | | Accounts Payable | 421,324,399.79 | 470,325,754.17 | -10.39 | | Non-current Liabilities Due Within One Year | 105,150,603.18 | 63,307,971.75 | 66.09 | | Total Current Liabilities | 933,129,668.10 | 905,120,731.08 | 3.10 | | Long-term Borrowings | 39,955,954.50 | 88,024,860.01 | -54.61 | | Total Non-current Liabilities | 111,394,992.94 | 157,034,648.84 | -29.07 | | **Total Liabilities** | **1,044,524,661.04** | **1,062,155,379.92** | **-1.66** | | Retained Earnings | 167,730,917.78 | 250,134,323.00 | -32.94 | | **Total Owners' Equity** | **1,214,533,382.46** | **1,297,027,212.85** | **-6.36** | [Consolidated Income Statement](index=7&type=section&id=Consolidated%20Income%20Statement) In the first three quarters of 2025, the company achieved total operating revenue of **CNY 1.254 billion**, a **10.35%** year-over-year increase. However, operating profit, total profit, and net profit all turned from profit to loss, with a net loss of **CNY 72.95 million** and basic earnings per share of **-CNY 0.31/share** Consolidated Income Statement Key Data (YTD 2025 vs YTD 2024) | Item | YTD 2025 (CNY) | YTD 2024 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,253,799,233.62 | 1,136,210,800.66 | 10.35 | | Operating Costs | 1,184,520,662.98 | 1,028,541,534.74 | 15.17 | | Selling Expenses | 12,852,944.38 | 16,075,037.67 | -20.04 | | Administrative Expenses | 60,286,054.52 | 59,464,434.16 | 1.38 | | Research and Development Expenses | 81,883,496.24 | 83,524,572.56 | -1.96 | | Financial Expenses | 7,165,419.03 | 3,773,615.59 | 89.88 | | Investment Income | 16,815,090.75 | 63,922,393.55 | -73.70 | | Operating Profit | -72,028,721.21 | 7,918,187.30 | Turned from profit to loss | | Total Profit | -72,943,858.69 | 7,519,646.75 | Turned from profit to loss | | Net Profit | -72,951,323.48 | 6,861,995.71 | Turned from profit to loss | | Net Profit Attributable to Parent Company Shareholders | -72,951,323.48 | 6,861,995.71 | Turned from profit to loss | | Basic Earnings Per Share (CNY/share) | -0.31 | 0.03 | Turned from profit to loss | - Effective January 1, 2024, the company implemented the provisions of Interpretation No. 18 of Accounting Standards for Business Enterprises, retrospectively adjusting comparable period information, resulting in a **CNY 5.66 million** increase in operating costs and a **CNY 5.66 million** decrease in selling expenses in the consolidated income statement for the same period in 2024[22](index=22&type=chunk) [Consolidated Cash Flow Statement](index=10&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2025, net cash flow from operating activities was **CNY 67.14 million**, an **8.70%** year-over-year increase. Net cash flows from investing and financing activities were both negative, at **-CNY 12.06 million** and **-CNY 13.80 million**, respectively Consolidated Cash Flow Statement Key Data (YTD 2025 vs YTD 2024) | Item | YTD 2025 (CNY) | YTD 2024 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 1,342,650,562.70 | 1,196,581,452.67 | 12.21 | | Subtotal of Cash Inflows from Operating Activities | 1,376,298,543.26 | 1,223,628,576.88 | 12.48 | | Cash Paid for Goods and Services | 1,021,478,190.75 | 880,527,835.84 | 16.01 | | Subtotal of Cash Outflows from Operating Activities | 1,309,159,064.04 | 1,161,862,189.15 | 12.68 | | **Net Cash Flow from Operating Activities** | **67,139,479.22** | **61,766,387.73** | **8.70** | | Subtotal of Cash Inflows from Investing Activities | 129,070,922.93 | 314,188,990.26 | -58.92 | | Subtotal of Cash Outflows from Investing Activities | 141,129,298.12 | 381,763,199.01 | -63.04 | | **Net Cash Flow from Investing Activities** | **-12,058,375.19** | **-67,574,208.75** | **82.16 (Loss narrowed)** | | Subtotal of Cash Inflows from Financing Activities | 143,000,000.00 | 323,678,696.67 | -55.84 | | Subtotal of Cash Outflows from Financing Activities | 156,801,957.11 | 239,399,797.91 | -34.59 | | **Net Cash Flow from Financing Activities** | **-13,801,957.11** | **84,278,898.76** | **Turned from profit to loss** | | Net Increase in Cash and Cash Equivalents | 40,439,188.98 | 75,964,953.27 | -46.77 |