Major Announcements - Sanhua Intelligent Control denied rumors of receiving large robot orders, confirming no undisclosed significant matters [1] - Hongdou Co. plans to acquire online business assets of Hongdou Home for 485 million yuan, enhancing its product matrix and sales synergy [1] - Yuehai Feed announced the cancellation of its wholly-owned subsidiary, which will not significantly impact overall business and profitability [1] Company Listings - Soft Control's subsidiary, Soft Control Technology, has received approval to be listed on the New Third Board starting October 16, 2025 [2] New Initiatives - Tianwei Video has been authorized to establish the "State-owned Assets and Enterprises Online Supervision and Security Operation (Shenzhen) Sub-center," enhancing its capabilities in online supervision [3] - Xinbo Co. plans to invest 1.5 million USD to establish a subsidiary in Singapore for international market expansion [4] Management Changes - Guangfa Securities announced the resignation of Deputy General Manager Li Qian due to personal work changes [5] Capital Increases - Aidi Pharmaceutical plans to increase capital by 10 million yuan in its affiliate Aipu Medical, maintaining ownership ratios [6] - Nar Holdings intends to acquire at least 51% of Feilai Testing, with an estimated investment of 350 to 400 million yuan [7] Financial Performance - Guanghua Technology reported a 1233.7% increase in net profit for the first three quarters, reaching 90.39 million yuan [8] - Zangzi Island expects a net loss of 29 to 35 million yuan for the first three quarters, impacted by market changes and asset impairments [9] - Shuo Beid expects a net profit increase of 2836.86% to 3203.96% for the third quarter, with an estimated profit of 16 to 18 million yuan [10] - Haiguang Information reported a 13.04% increase in net profit for the third quarter, driven by significant revenue growth [11] - Meinian Health anticipates a net profit increase of 70.51% to 151.7% for the first three quarters, despite a slight decline in revenue [12] - Tailin Micro expects a 118% increase in net profit for the first three quarters, with revenue growth of approximately 30% [14] - Yatai Co. forecasts a net profit increase of 97.38% to 113.3% for the first three quarters, attributed to market expansion and cost management [15] - He Sheng New Materials expects a net profit increase of 60% to 80% for the first three quarters, benefiting from improved gross margins [16] - Jiabiyou reported a 53.77% increase in net profit for the first three quarters, driven by increased sales of specific products [17] - Jiuzhou Pharmaceutical reported a 42.3% increase in net profit for the third quarter, attributed to sales growth and improved margins [18] - Gao Neng Environment reported a 1.05% decrease in net profit for the third quarter, despite a 15.18% increase for the first three quarters [19] - Zongyi Co. reported a 22.47% decrease in net profit for the third quarter, despite overall growth for the first three quarters [20] - Yiwei Communication expects a net profit decrease of 50% to 55% for the first three quarters, due to increased expenses [21] - Guoguang Chain reported a loss of 841.23 thousand yuan for the third quarter, despite a profit increase for the first three quarters [22] Strategic Partnerships - Dangsheng Technology signed a strategic cooperation framework agreement with Boyuan Co. to collaborate on sulfide solid electrolyte systems [23] - Dong'an Power secured five new market agreements in the third quarter, with an estimated total sales volume of 1 million units [24] - Mingxin Xuteng received a notification from a leading new energy vehicle client for interior materials development, with total sales expected to reach approximately 650 million yuan [24] Shareholding Changes - Shuhua Sports' actual controller plans to reduce holdings by up to 3% [25] - Nanling Technology's major shareholders plan to reduce holdings by up to 3.24% [26] - Xinhongze's controlling shareholder plans to reduce holdings by up to 3% [27] - Jintuo Co. plans to reduce holdings by up to 2.95% [28] - Neusoft Zai Bo's controlling shareholder plans to reduce holdings by up to 1.06% [29] Share Buybacks - Liou Co. plans to reduce repurchased shares by up to 135 million shares [30] - Kangchen Pharmaceutical plans to repurchase shares worth 50 to 100 million yuan [31] Fundraising Initiatives - Junpu Intelligent plans to raise up to 1.161 billion yuan through a private placement for various projects [32]

Summary of High Energy Environment Conference Call Company Overview - **Company**: High Energy Environment - **Reporting Period**: First three quarters of 2025 Key Financial Metrics - **Net Profit**: 600 million CNY, up 29.03% year-on-year [2][3] - **Operating Cash Flow**: 366 million CNY, up 67.29% year-on-year [2][3] - **Total Revenue**: 10.16 billion CNY, down 11.28% year-on-year [3] Segment Performance Resource Utilization Segment - **Revenue**: 7.993 billion CNY, down 8.55% year-on-year [4] - **Gross Margin**: Increased to 12.38%, up 3.8 percentage points [4] - **Market Share**: Jiangxi Xinke and Jingyuan High Energy have a global market share exceeding 20% [4] - **Profitability**: Jincang High Energy achieved a profit of 100 million CNY in the first half of 2025, with continued profitability in Q3 [4] Environmental Operation Segment - **Revenue**: 1.323 billion CNY, flat year-on-year [6] - **Gross Margin**: Increased to 50.19%, up 2.22 percentage points [6] - **Main Revenue Source**: Waste incineration power generation projects [6] Engineering Segment - **Revenue**: 483 million CNY, down 38.2% year-on-year [7] - **Gross Margin**: Increased to 17.15%, up 3.38 percentage points [7] - **Strategy**: Focus on project selection and strengthening receivables to ensure cash flow and reduce bad debt risk [7] Inventory and Cash Flow Management - **Inventory**: Increased from 5.16 billion CNY at the beginning of the year to 6 billion CNY by the end of September [10] - **Accounts Receivable**: Remained stable, increasing slightly from 2.17 billion CNY to 2.19 billion CNY [10] - **Q3 Cash Flow**: Only 20 million CNY, below expectations [10] Future Outlook and Strategies - **Q4 Focus**: Strengthening existing advantages, optimizing asset structure, and improving cash flow management [8] - **Production Capacity**: Jiangxi Xinke is expected to further increase production capacity in Q4, aiming for stable monthly profits of over 30 million CNY [12] - **International Expansion**: Continued focus on overseas projects in Southeast Asia, Latin America, Africa, and Central Asia [4][15] Market Conditions and Challenges - **Metal Prices**: Fluctuations in metal prices, particularly bismuth and titanium, impacted Jingyuan's performance [9][16] - **Non-Recurring Gains and Losses**: Fluctuations mainly due to operational adjustments and new business explorations [23] Conclusion High Energy Environment is navigating a challenging market with a focus on optimizing operations, enhancing profitability, and expanding internationally. The company is strategically managing its cash flow and inventory while preparing for future growth opportunities in resource recovery and environmental operations.

证券代码：603588 证券简称：高能环境 公告编号：2025-080 二、审议通过了《关于选举公司环境、社会及治理（ESG）委员会委员的议 案》。 北京高能时代环境技术股份有限公司 第六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个别及连带 责任。 北京高能时代环境技术股份有限公司（以下简称"公司"）第六届董事会第 三次会议于会议召开5日前以通讯方式发出会议通知，并于2025年10月15日以现 场结合通讯方式召开。会议由公司董事长李卫国先生主持，全体董事认真审阅了 会议议案，全部9名董事以记名投票的方式对会议议案进行了表决。会议的召集 召开符合《公司法》和《公司章程》的有关规定，所作决议合法有效。 会议就下述事项作出如下决议： 一、审议通过了《公司2025年第三季度报告》。 表决结果：同意9票，反对0票，弃权0票。 本议案已经公司董事会审计委员会审议通过并取得明确同意的意见：公司 2025年第三季度报告的编制符合法律法规、上海证券交易所相关规定的要求，能 够公允反映公司第三季度的财务状况和经营成果，公司2 ...

Core Insights - High Energy Environment (603588.SH) reported a strong performance in Q3 2023, with a net profit of 646 million yuan, a year-on-year increase of 15.18% [1] - The company's revenue for the first three quarters reached 10.16 billion yuan, driven by increased capacity in hazardous waste resource utilization and rising prices of commodities like copper and precious metals [1] - The company’s strategy focuses on key metals such as copper, lead, and nickel, benefiting from structural growth in demand due to advancements in AI and renewable energy sectors [1] Financial Performance - For the first three quarters, the company achieved a net cash flow from operating activities of 367 million yuan, reflecting a significant year-on-year increase of 67.29% [1] - In Q3 alone, the company recorded a non-net profit of 145 million yuan, marking a substantial year-on-year growth of 177.01% [1] Business Strategy and Operations - The company is enhancing its resource utilization capabilities, particularly in the hazardous waste sector, which is central to its strategic development [1] - Subsidiaries are optimizing operations and enhancing product value, with Jingyuan High Energy being the largest global producer of bismuth, holding over 20% market share [2] - The company is also focusing on the comprehensive recycling of platinum group metals, ensuring stable raw material supply and increasing production capacity [2] Environmental Operations - The environmental operations segment is leveraging AI technology to improve project efficiency, achieving over 90% automatic input rate in waste incineration [3] - The company is diversifying its environmental services by integrating industrial heating and steam supply, optimizing waste incineration processes to enhance efficiency and reduce energy consumption [3] Industry Position - High Energy Environment is the only company in the industry to achieve 100% full-load operation for all projects in 2024, leading in waste incineration capacity utilization [4] - The company is continuously improving cash flow and reducing bad debt risks through strategic adjustments and enhanced credit policies [4] - The company aims to strengthen its competitive advantage in the environmental resource utilization sector through innovation in technology, management, and business practices [4]

Group 1: Monetary and Financing Data - As of the end of September, the broad money supply (M2) reached 335.38 trillion yuan, with a year-on-year growth of 8.4% [1] - The total social financing scale increased by 30.09 trillion yuan in the first three quarters, which is 4.42 trillion yuan more than the same period last year [2] - The net cash injection in the first three quarters was 761.9 billion yuan [1] Group 2: Gold Prices and Market Trends - The price of domestic gold jewelry has surged over 100 yuan per gram, exceeding 1235 yuan per gram as of October 15 [3] - Private equity funds have distributed over 14 billion yuan in dividends this year, with a total of 1,038 products participating in dividend payouts [3] Group 3: Technology and Manufacturing Developments - A subsidiary of New Kai Lai launched a new generation of ultra-high-speed real-time oscilloscopes, supporting advanced 3nm and 5nm process development [4] - The global PC display panel shipment is expected to grow by 4% in 2025, driven by strong demand for AI products and new releases [5][6] Group 4: Corporate Performance and Announcements - High Energy Environment reported a net profit increase of 15.18% year-on-year for the first three quarters, with revenue of 10.16 billion yuan [9] - Sichuan Road and Bridge announced a 25.16% increase in the total amount of projects won in the first three quarters, reaching 97.173 billion yuan [14] - Tai Ling Microelectronics expects a net profit increase of 118% year-on-year for the first three quarters, with projected revenue of approximately 766 million yuan [15] Group 5: Market Reactions and Stock Performance - The Shanghai Composite Index rose by 1.22%, returning to the 3900-point mark, with over 4300 stocks in the market experiencing gains [18] - Robotics and aviation sectors saw significant stock price increases, with several companies reaching their daily limit [18]

Group 1 - High Energy Environment reported a net profit of 646 million yuan for the first three quarters, a year-on-year increase of 15.18% [1] - Tianzhun Technology received approval from the China Securities Regulatory Commission for issuing convertible bonds to unspecified objects [1] - Energy Conservation Wind Power achieved a cumulative power generation of 9.349 billion kWh, a year-on-year increase of 1.72% [1][2] Group 2 - Sichuan Road and Bridge's total amount of projects won in the first three quarters reached 97.173 billion yuan, a year-on-year increase of 25.16% [3] - Shaanxi Energy's power generation in the third quarter decreased by 1% year-on-year, while its coal sales increased by 136.98% [3][4] Group 3 - Jintuo Co. announced that four shareholders plan to reduce their holdings by up to 2.95% of the company's shares [5] - Tailin Microelectronics expects a net profit increase of 118% year-on-year for the first three quarters, with revenue of approximately 766 million yuan [6] - Asia-Pacific Co. anticipates a net profit of 310 million to 335 million yuan for the first three quarters, a year-on-year increase of 97.38% to 113.30% [8] Group 4 - He Sheng New Materials expects a net profit increase of 60% to 80% for the first three quarters, with a projected profit of 137 million to 154 million yuan [9] - Spring Airlines reported a passenger turnover of 4.835 billion person-kilometers in September, a year-on-year increase of 22.87% [10][11] Group 5 - Mingxin Xuteng received a notification from a leading new energy vehicle company for a project worth approximately 650 million yuan [12] - Acolyte's subsidiary received a government subsidy of 47.13 million yuan for fixed asset investment [13] Group 6 - Fangsheng Pharmaceutical's subsidiary received approval for clinical trials of a new drug for treating advanced prostate cancer [14] - Aofu Technology plans to sell idle factory assets for a total price of 23.852 million yuan [16] Group 7 - Ganyue Expressway reported a service income of 313 million yuan in September [18] - Dong'an Power secured five new market agreements in the third quarter, with a total projected sales volume of approximately 1 million units [20] Group 8 - Zhongmin Energy achieved a cumulative power generation of 1.922 billion kWh, a year-on-year increase of 1.25% [21] - Pan-Asia Micro-Pore's application for issuing shares to specific objects has been accepted by the Shanghai Stock Exchange [23] Group 9 - Shenghui Integration reported an order balance of 2.214 billion yuan as of September 30, a year-on-year increase of 21.21% [24] - Jineng Technology's vice president resigned for personal reasons [25] Group 10 - Ruixin Microelectronics expects a net profit increase of 116% to 127% for the first three quarters, with a projected profit of 760 million to 800 million yuan [33] - Shanghai Pharmaceuticals received FDA approval for a new drug application for doxycycline capsules [34] Group 11 - Ruima Precision's subsidiary received a project notification for air suspension systems from a domestic automaker, with a total sales forecast of approximately 265 million yuan [36] - Galaxy Magnetics anticipates some impact on its export business due to the Ministry of Commerce's announcement on export controls for certain rare earth items [37] Group 12 - Ba Tian Co. expects a net profit increase of 230.79% to 260.15% for the first three quarters, with a projected profit of 676 million to 736 million yuan [43] - Donglai Technology plans to reduce its repurchased shares by up to 1% of the total share capital [45] Group 13 - Guangkang Biochemical announced that shareholders plan to reduce their holdings by up to 2.68% of the company's shares [46] - Nanwang Energy reported a net profit increase of 37.13% for the first three quarters, with a total revenue of 5.32 billion yuan [48] Group 14 - Yahua Group expects a net profit increase of 106.97% to 132.84% for the first three quarters, with a projected profit of 320 million to 360 million yuan [49] - Hualitai's annual production project for 20,000 tons of benzidine has been successfully completed and is now in full production [51]

证券代码：603588 证券简称：高能环境 公告编号：2025-080 北京高能时代环境技术股份有限公司 第六届董事会第三次会议决议公告 本议案已经公司董事会审计委员会审议通过并取得明确同意的意见：公司 2025年第三季度报告的编制符合法律法规、上海证券交易所相关规定的要求，能 够公允反映公司第三季度的财务状况和经营成果，公司2025年第三季度报告所披 露的信息真实、准确、完整，我们同意本议案并提交至公司董事会审议。 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 北京高能时代环境技术股份有限公司（以下简称"公司"）第六届董事会第 三次会议于会议召开5日前以通讯方式发出会议通知，并于2025年10月15日以现 场结合通讯方式召开。会议由公司董事长李卫国先生主持，全体董事认真审阅了 会议议案，全部9名董事以记名投票的方式对会议议案进行了表决。会议的召集 召开符合《公司法》和《公司章程》的有关规定，所作决议合法有效。 详情请见公司于2025年10月16日在《上海证券报》《中国证券报》及上海证 券交易所网站（www.sse.com. ...

Core Insights - High Energy Environment (603588) reported a decline in revenue and net profit for the third quarter of 2023, indicating potential challenges in the company's performance [1] Financial Performance - The company's third-quarter revenue was 3.46 billion yuan, a year-on-year decrease of 11.41% [1] - For the first three quarters, the total revenue reached 10.16 billion yuan, reflecting a year-on-year decline of 11.28% [1] - The net profit attributable to shareholders for the third quarter was 144 million yuan, down 1.05% year-on-year [1] - In contrast, the net profit for the first three quarters was 646 million yuan, showing a year-on-year increase of 15.18% [1]

（记者 曾健辉） 每经头条（nbdtoutiao）——出租白银的爆赚机会：年化利率飙升到35%，全球白银正空运往英国套 利，背后是一场史诗级逼空 每经AI快讯，高能环境10月15日晚间发布公告称，公司第六届第三次董事会会议于2025年10月15日以 现场结合通讯方式召开。会议审议了《关于选举公司环境、社会及治理（ESG）委员会委员的议案》等 文件。 ...

[Report Overview](index=1&type=section&id=Report%20Overview) [Important Notice](index=1&type=section&id=Important%20Notice) The company's board, senior management, and accounting department guarantee the report's accuracy and completeness; quarterly financial statements are unaudited - The company's board of directors, directors, and senior management guarantee the **truthfulness, accuracy, and completeness** of the quarterly report, free from false records, misleading statements, or major omissions[2](index=2&type=chunk) - The quarterly financial statements are **unaudited**[3](index=3&type=chunk) [Key Financial Data](index=1&type=section&id=Key%20Financial%20Data) [Key Accounting Data and Financial Indicators](index=1&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Q3 2025 revenue decreased **11.41%**; year-to-date, net profit attributable to shareholders grew **15.18%**, and operating cash flow increased **67.29%** Key Financial Indicators for the Current Period and Year-to-Date | Item | Current Period (2025 Q3) (CNY) | YoY Change (%) | Year-to-Date (2025 YTD) (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,459,664,749.30 | -11.41 | 10,159,689,969.92 | -11.28 | | Total Profit | 212,692,900.55 | -3.89 | 801,435,998.11 | 14.91 | | Net Profit Attributable to Shareholders | 143,689,798.57 | -1.05 | 646,110,281.18 | 15.18 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 145,093,322.84 | 177.01 | 599,582,818.74 | 29.03 | | Net Cash Flow from Operating Activities | 20,379,888.95 | N/A | 366,964,953.24 | 67.29 | | Basic EPS (CNY/share) | 0.095 | -3.06 | 0.424 | 15.22 | | Diluted EPS (CNY/share) | 0.095 | -3.06 | 0.424 | 15.22 | | Weighted Average ROE (%) | 1.492 | Increased by 0.01 percentage points | 6.896 | Increased by 1.04 percentage points | | Item | End of Current Period (Sep 30, 2025) (CNY) | End of Prior Year (Dec 31, 2024) (CNY) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 27,160,911,522.69 | 27,267,773,417.21 | -0.39 | | Total Equity Attributable to Shareholders | 9,578,180,606.50 | 9,046,113,014.92 | 5.88 | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Q3 2025 non-recurring gains and losses were **negative 1.40 million CNY**; year-to-date, they were **positive 46.53 million CNY**, primarily from financial asset fair value changes and government subsidies Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Current Period Amount (2025 Q3) (CNY) | Year-to-Date Amount (2025 YTD) (CNY) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -31,272,377.52 | -48,087,692.93 | | Government Subsidies Included in Current Profit/Loss | 12,397,808.72 | 31,821,422.63 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 21,423,986.59 | 86,707,537.18 | | Other Non-Operating Income and Expenses | -5,656,785.14 | -24,005,219.20 | | Less: Income Tax Impact | -3,258,018.92 | 3,234,918.33 | | Minority Interest Impact (After Tax) | 1,554,175.84 | -3,326,333.09 | | **Total** | **-1,403,524.27** | **46,527,462.44** | [Changes and Reasons for Key Accounting Data and Financial Indicators](index=3&type=section&id=Changes%20and%20Reasons%20for%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Year-to-date, net profit attributable to shareholders (excluding non-recurring items) and operating cash flow both grew significantly, driven by resource recovery capacity, metal prices, and optimized operations - Net profit attributable to shareholders (excluding non-recurring items) increased by **177.01%** year-to-date, primarily due to sustained increases in metal prices, enhanced capacity in the resource recovery segment, and continuous optimization of operating strategies[9](index=9&type=chunk) - Net cash flow from operating activities increased by **67.29%** year-to-date, mainly due to improved operating conditions during the reporting period, optimized credit policies, and strengthened collection efforts[9](index=9&type=chunk) [Shareholder Information](index=3&type=section&id=Shareholder%20Information) [Total Number of Common Shareholders and Top Ten Shareholders' Holdings](index=3&type=section&id=Total%20Number%20of%20Common%20Shareholders%20and%20Top%20Ten%20Shareholders'%20Holdings) As of the reporting period end, the company had **40,760** common shareholders; among the top ten, Li Weiguo held **17.30%** (partially pledged), and is related to Li Xingguo - The total number of common shareholders at the end of the reporting period was **40,760**[11](index=11&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Holding Ratio (%) | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | | Li Weiguo | Domestic Natural Person | 263,452,149 | 17.30 | 124,140,000 | | Liu Zejun | Domestic Natural Person | 48,131,953 | 3.16 | 20,090,000 | | Hong Kong Securities Clearing Company Limited | Other | 46,945,575 | 3.08 | 0 | | Xu Limin | Domestic Natural Person | 44,740,721 | 2.94 | 0 | | Xiang Jinming | Domestic Natural Person | 35,848,551 | 2.35 | 35,130,000 | | Ke Peng | Domestic Natural Person | 26,285,149 | 1.73 | 0 | | Li Xingguo | Domestic Natural Person | 25,262,586 | 1.66 | 25,262,586 | | Monetary Authority of Macao - Own Funds | Other | 19,821,700 | 1.30 | 0 | | Ye Zaojun | Domestic Natural Person | 15,010,000 | 0.99 | 0 | | Huaan Fund - Industrial Bank - Qingdao Urban Construction Investment Financial Holdings Group Co., Ltd. | Other | 13,392,857 | 0.88 | 0 | - Among the company's top 10 shareholders and top 10 unrestricted tradable shareholders, Li Weiguo and Li Xingguo are **brothers**[12](index=12&type=chunk) [Quarterly Financial Statements](index=4&type=section&id=Quarterly%20Financial%20Statements) [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of Sep 30, 2025, total assets were **27.16 billion CNY**, down **0.39%**; current assets increased **3.62%**, liabilities decreased **3.73%**, and total equity increased **5.47%** Consolidated Balance Sheet Key Data Comparison (Sep 30, 2025 vs Dec 31, 2024) | Item | Sep 30, 2025 (CNY) | Dec 31, 2024 (CNY) | Change Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Current Assets | 14,389,863,004.80 | 13,887,598,987.51 | 502,264,017.29 | 3.62 | | Total Non-Current Assets | 12,771,048,517.89 | 13,380,174,429.70 | -609,125,911.81 | -4.55 | | **Total Assets** | **27,160,911,522.69** | **27,267,773,417.21** | **-106,861,894.52** | **-0.39** | | Total Current Liabilities | 10,925,695,867.32 | 11,317,152,372.58 | -391,456,505.26 | -3.46 | | Total Non-Current Liabilities | 5,798,083,643.91 | 6,054,642,466.31 | -256,558,822.40 | -4.24 | | **Total Liabilities** | **16,723,779,511.23** | **17,371,794,838.89** | **-648,015,327.66** | **-3.73** | | Total Equity Attributable to Parent Company Shareholders | 9,578,180,606.50 | 9,046,113,014.92 | 532,067,591.58 | 5.88 | | Minority Interests | 858,951,404.96 | 849,865,563.40 | 9,085,841.56 | 1.07 | | **Total Equity** | **10,437,132,011.46** | **9,895,978,578.32** | **541,153,433.14** | **5.47** | [Consolidated Income Statement](index=7&type=section&id=Consolidated%20Income%20Statement) For Q1-Q3 2025, total operating revenue decreased **11.28%**, but operating profit, total profit, and net profit all increased, with parent company net profit up **15.18%** Consolidated Income Statement Key Data Comparison (Q1-Q3 2025 vs Q1-Q3 2024) | Item | Q1-Q3 2025 (CNY) | Q1-Q3 2024 (CNY) | Change Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 10,159,689,969.92 | 11,450,874,193.36 | -1,291,184,223.44 | -11.28 | | Total Operating Costs | 9,500,384,285.44 | 10,927,933,086.65 | -1,427,548,801.21 | -13.06 | | Operating Profit | 828,636,774.35 | 700,246,703.48 | 128,390,070.87 | 18.34 | | Total Profit | 801,435,998.11 | 697,459,129.01 | 103,976,869.10 | 14.91 | | Net Profit | 777,463,454.04 | 647,896,419.64 | 129,567,034.40 | 20.00 | | Net Profit Attributable to Parent Company Shareholders | 646,110,281.18 | 560,963,138.00 | 85,147,143.18 | 15.18 | | Minority Interest Income/Loss | 131,353,172.86 | 86,933,281.64 | 44,419,891.22 | 51.10 | | Basic EPS (CNY/share) | 0.424 | 0.368 | 0.056 | 15.22 | [Consolidated Cash Flow Statement](index=9&type=section&id=Consolidated%20Cash%20Flow%20Statement) For Q1-Q3 2025, net cash flow from operating activities increased **67.29%** to **367 million CNY**; investing activities turned positive, and financing activities resulted in a net outflow of **686 million CNY** Consolidated Cash Flow Statement Key Data Comparison (Q1-Q3 2025 vs Q1-Q3 2024) | Item | Q1-Q3 2025 (CNY) | Q1-Q3 2024 (CNY) | Change Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 366,964,953.24 | 219,357,620.71 | 147,607,332.53 | 67.29 | | Net Cash Flow from Investing Activities | 162,087,233.98 | -745,386,538.98 | 907,473,772.96 | -121.75 | | Net Cash Flow from Financing Activities | -686,120,806.01 | 480,457,127.50 | -1,166,577,933.51 | -242.81 | | Net Increase in Cash and Cash Equivalents | -157,349,630.62 | -45,306,672.38 | -112,042,958.24 | -247.29 | | Cash and Cash Equivalents at Period End | 1,273,179,499.40 | 1,248,144,505.84 | 25,034,993.56 | 2.01 | [Other Matters](index=4&type=section&id=Other%20Matters) [Other Important Information for Investors](index=4&type=section&id=Other%20Important%20Information%20for%20Investors) The company has no other significant operating information requiring special investor attention during the reporting period - The company has **no other important operating information** requiring investor attention during the reporting period[13](index=13&type=chunk) [Type of Audit Opinion](index=4&type=section&id=Type%20of%20Audit%20Opinion) The quarterly financial statements are unaudited - The quarterly financial statements are **unaudited**[13](index=13&type=chunk) [Implementation of New Accounting Standards](index=11&type=section&id=Implementation%20of%20New%20Accounting%20Standards) Starting from 2025, the company has not adopted new accounting standards or interpretations requiring adjustments to the opening financial statements of the first year of implementation - Starting from 2025, the company has **not adopted new accounting standards** or interpretations requiring adjustments to the opening financial statements of the first year of implementation[24](index=24&type=chunk)