Financial Performance - The company's revenue for the third quarter was CNY 250,528,697.34, a decrease of 16.44% compared to the previous quarter[5] - Total profit for the quarter was CNY 8,762,988.66, down 67.49% year-on-year[5] - The net profit attributable to shareholders was CNY -242,714.96, representing a decline of 101.04% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was CNY 1,429,966.48, a decrease of 92.85% year-on-year[5] - The basic and diluted earnings per share for the quarter were both CNY -0.00, reflecting a 100% decline[6] - Total operating revenue for the first three quarters of 2025 was ¥828,950,051.04, a decrease of 2.3% compared to ¥847,932,756.97 in the same period of 2024[24] - Net profit for the first three quarters of 2025 was ¥29,841,523.54, down 51.7% from ¥61,803,866.50 in the previous year[25] - Operating profit decreased to ¥52,211,872.69, a decline of 32.7% compared to ¥77,543,364.48 in the same period of 2024[24] - The company reported a basic earnings per share of ¥0.08, down from ¥0.16 in the same period last year[26] Assets and Liabilities - Total assets at the end of the quarter were CNY 2,278,214,499.11, down 4.83% from the end of the previous year[6] - The total assets decreased from 2,393,850,645.06 RMB to 2,278,214,499.11 RMB, a reduction of about 4.83%[19] - The total liabilities decreased from 1,156,000,000 RMB to 1,100,000,000 RMB, reflecting a reduction of about 4.83%[19] - Total liabilities decreased to ¥771,777,392.27 from ¥895,255,304.80, reflecting a reduction of 13.8%[20] - The equity attributable to shareholders increased slightly by 0.55% to CNY 1,503,505,692.75[6] - Total equity increased to ¥1,506,437,106.84, up from ¥1,498,595,340.26, indicating a growth of 0.6%[20] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 188,095,618.32, indicating a significant increase[6] - Cash flow from operating activities generated ¥188,095,618.32, significantly up from ¥26,244,240.29 in the previous year[27] - The net cash flow from investing activities was -$238.09 million, compared to -$198.19 million in the previous period, indicating a decline in investment performance[28] - Total cash inflow from financing activities was $586.19 million, down from $782.03 million year-over-year[28] - The net cash flow from financing activities was -$65.77 million, a significant decrease from a positive $68.83 million in the prior period[28] - The ending cash and cash equivalents balance was $426.71 million, down from $665.28 million at the end of the previous period[28] - Cash outflow for investment activities totaled $723.12 million, compared to $329.64 million in the previous period, reflecting increased investment spending[28] - Cash inflow from borrowing was $545.69 million, a decrease from $774 million year-over-year[28] - Cash outflow for debt repayment was $571.50 million, down from $688 million in the previous period[28] - The company received $500,000 from minority shareholders, a decrease from $2.80 million in the previous period[28] - The impact of exchange rate changes on cash and cash equivalents was -$20,322.91, contrasting with a positive impact of $1.66 million previously[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 24,124[13] - The largest shareholder, Ningbo Junhe Holdings Group Co., Ltd., holds 123,640,055 shares, accounting for 31.66% of total shares[14] - The company has not reported any changes in the top 10 shareholders due to securities lending activities[14] Operational Costs and Expenses - Total operating costs increased to ¥792,883,036.70, up 2.0% from ¥776,534,972.04 year-over-year[24] - Sales expenses rose sharply to ¥91,024,952.77, an increase of 132.5% compared to ¥39,138,037.68 in 2024[24] - Research and development expenses were ¥21,020,198.36, slightly up from ¥20,855,790.57 year-over-year[24] Tax and Regulatory Information - The company attributed the decline in profits primarily to tax payments and investments in cross-border e-commerce business expansion[10] - The company is required to pay a corporate income tax of 713.31 million RMB and late fees of 378.00 million RMB, impacting the net profit for 2025 by approximately 1,091.31 million RMB[15][16] Accounting Standards - The company will not apply new accounting standards starting from 2025[29]

Core Insights - The Chinese pump industry is experiencing a phase of structural differentiation and quality upgrades, with a projected market size of 236 billion yuan in 2024, increasing to 248 billion yuan in 2025 [1][10] - The circulation pump segment, focusing on fluid circulation, is expected to reach approximately 31.3 billion yuan in 2024, accounting for over 13% of the total pump market, with an anticipated annual growth rate of about 8% [1][11] - Key demand drivers include industrial energy-saving renovations, green building initiatives, and municipal infrastructure expansion, with industrial applications representing over 60% of the market share [1][12][13] Industry Overview - Circulation pumps are essential devices that maintain fluid circulation in closed piping systems, serving various sectors including industrial, construction, and energy [2][3] - The industry is characterized by a shift towards high-efficiency and intelligent products, driven by technological advancements and policy support [10][15] Market Dynamics - The circulation pump market is supported by stable demand from industrial, construction, and municipal sectors, with industrial applications leading the way [1][12] - Emerging markets such as data center liquid cooling are rapidly growing, with the liquid cooling server market expected to reach 16.8 billion yuan in 2024, a 46% year-on-year increase [1][13] Policy Environment - The development of the circulation pump industry is significantly influenced by national energy efficiency and environmental protection policies, which promote high-efficiency motors and wastewater treatment improvements [6][10] Industry Chain - The circulation pump industry chain includes upstream raw materials and components, midstream manufacturing, and downstream applications, with a focus on technological innovation and efficiency [8][10] Competitive Landscape - The industry features a competitive landscape where international brands dominate the high-end market, while domestic leaders and specialized companies focus on niche segments [14][15] Future Trends - The future of the circulation pump industry will be shaped by technological upgrades, market restructuring, and demand expansion, with a focus on energy efficiency and smart technologies [15][17] - The industry is expected to see a shift towards comprehensive service solutions, enhancing customer loyalty and market position [16][17]

Group 1 - The core point of the news is that Junhe Pump Industry Co., Ltd. experienced a 5.3% decline in stock price, closing at 7.51 yuan per share, with a total market value of 2.932 billion yuan [1] - The company, established on April 30, 2003, specializes in the research, design, manufacturing, and sales of household water pump products, including submersible pumps, garden pumps, deep well pumps, and fountain pumps [1] - The main revenue composition of the company includes submersible pumps at 72.51%, garden pumps at 15.38%, and other products such as accessories and cleaning machines contributing smaller percentages [1] Group 2 - Dongxing Fund has one fund heavily invested in Junhe shares, specifically the Dongxing Lianzhong One-Year Holding Period Mixed A Fund, which held 36,800 shares, accounting for 0.53% of the fund's net value [2] - The fund was established on July 18, 2023, with a current scale of 36.8952 million yuan, and has reported a year-to-date return of 11.57% [2] - The fund manager, Li Bingwei, has a tenure of 9 years and 125 days, with the best fund return during his tenure being 70.98% [3]

Group 1 - Several listed companies, including Junhe Co. and Shanghai Huguang, have announced tax payment corrections due to errors in the tax treatment of convertible bond interest expenses, resulting in underpayment of corporate income tax [2][5] - Convertible bonds are a hybrid financing tool that combines debt and equity characteristics, allowing bondholders to convert them into the company's common stock under certain conditions [2][3] - The issuance of convertible bonds typically offers lower interest rates compared to regular corporate bonds, providing companies with a relatively low-cost financing channel [2][3] Group 2 - The accounting treatment of convertible bonds involves splitting the total raised funds into debt and equity components based on the market interest rate of non-convertible bonds [3][4] - For example, a company issuing convertible bonds with a face value of 1 million yuan and a coupon rate of 1% would have a debt component valued at approximately 943,400 yuan and an equity component of about 56,600 yuan [3][4] - The actual interest expenses recognized under the effective interest method differ from the cash interest paid, leading to adjustments in the book value of the debt component and a reduction in the initially recognized equity component [4] Group 3 - Current corporate income tax law emphasizes the "actual occurrence" principle, which differs from accounting treatment, leading some companies to mistakenly deduct all recognized interest expenses for tax purposes [5][6] - Only the actual interest paid to convertible bondholders can be deducted from corporate income tax, which may require companies to adjust their taxable income accordingly [5][6] - Companies must also be cautious about the tax treatment of issuance costs related to convertible bonds, as these may not be deductible depending on whether they are classified as equity or debt financing expenses [6]

证券代码：603617 证券简称：君禾股份 公告编号：2025-050 君禾泵业股份有限公司 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。 君禾泵业股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开公司 第五届董事会第七次会议、第五届监事会第六次会议，审议通过了《关于使用闲 置募集资金暂时补充流动资金的议案》，同意公司使用闲置募集资金人民币合计 不超过 5,000 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。公司在使用闲置募集资金暂时补充流动 资金期间，不进行风险投资。到期后，公司将及时归还到募集资金专用账户。详 细内容见公司在上海证券交易所网站（www.sse.com.cn）及指定媒体披露的《君 禾股份关于使用闲置募集资金暂时补充流动资金的公告》（公告编号：2025-021）。 2025 年 6 月 24 日，公司将用于暂时补充流动资金的闲置募集资金人民币 500 万元提前归还至募集资金专用账户，详见公司于 2025 年 6 月 25 日在上海证券 ...

北京盈科(杭州)律师事务所 关于 君禾泵业股份有限公司 2025 年第一次临时股东会的 法律意见书 地址:浙江省杭州市新业路 228 号来福士广场 T2 楼 12 层 传真: 0571-86799606 电话:0571-81965656 北京盈科(杭州)律师事务所 法律意见书 致:君禾泵业股份有限公司; 北京盈科(杭州)律师事务所(以下简称"本所")接受君禾泵业股份有限 公司(以下简称"公司")的委托,指派律师(以下简称"本所律师")出席公司 2025年第一次临时股东会(以下简称"本次会议"),并依据《中华人民共和国 公司法》、《中华人民共和国证券法》、《上市公司股东会规则》等法律、法规、规 范性文件以及《君禾泵业股份有限公司章程》(以下简称"《公司章程》")的规定, 对本次会议进行见证并出具本法律意见。 本所律师依据相关法律、法规、规范性文件及《公司章程》的规定,按照律 师行业公认的业务标准、道德规范和勤勉尽责精神,就本次会议有关事项出具法 律意见如下: 1 北京盈科(杭州)律师事务所 法律意见书 一、股东会的召集程序 经本所律师查验,本次会议的召集人为公司董事会,其于 2025年8月20 日召开第五届董事 ...

证券代码：603617 证券简称：君禾股份 公告编号：2025-051 君禾泵业股份有限公司 2025年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 8 日 (二)股东会召开的地点：浙江省宁波市奉化区君禾智能产业园行政楼三楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 246 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 154,527,124 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 39.5745 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由君禾泵业股份有限公司（以下简称"公司"）董事会召集，由 董事长张阿华先生主持。本次会议的召集、召开及表决方式符合《公司法》及《公 ...

Group 1 - The core point of the article highlights that Junhe Co., Ltd. experienced a decline in stock price, closing at 9.40 yuan on August 26, down 0.42 yuan or 4.28% from the previous trading day [1] - The trading volume on that day was 310,896 hands, with a total transaction amount of 296 million yuan [1] - Junhe Co., Ltd. is primarily engaged in the research, development, production, and sales of water pumps and related accessories, with applications in agricultural irrigation, domestic water supply, and industrial water use [1] Group 2 - The company is classified under the general equipment manufacturing industry and is registered in Ningbo, Zhejiang Province [1] - The announcement revealed that the company’s board secretary, Chen Jiawei, and financial director, Fan Chaochun, have completed their share reduction plans, with Chen reducing 275,000 shares for a total of 2.6614 million yuan and Fan reducing 262,500 shares for a total of 2.5487 million yuan [1] - On August 26, the net outflow of main funds was 54.1951 million yuan, accounting for 1.5% of the circulating market value, with a cumulative net outflow of 96.6199 million yuan over the past five trading days, representing 2.68% of the circulating market value [1]

Core Viewpoint - The announcement details the completion of share reduction by senior management at Junhe Pump Industry Co., Ltd, confirming that the planned reductions were executed as intended [1][2]. Group 1: Shareholding Information - Before the reduction plan, the company’s board secretary, Mr. Chen Jiawei, held 1,100,000 shares, accounting for 0.2817% of the total share capital. The financial director, Mr. Fan Chaochun, held 1,050,000 shares, representing 0.2689% of the total share capital [1]. Group 2: Reduction Plan Implementation - The reduction plan was disclosed on July 30, 2025, with Mr. Chen Jiawei intending to reduce up to 275,000 shares (0.0704% of total share capital, 25% of his holdings) and Mr. Fan Chaochun planning to reduce up to 262,500 shares (0.0672% of total share capital, 25% of his holdings) through centralized bidding [1][2]. - As of the announcement date, both Mr. Chen and Mr. Fan successfully reduced their shares as planned, with Mr. Chen reducing 275,000 shares and Mr. Fan reducing 262,500 shares, confirming that the actual reductions matched the previously disclosed plans [2].

Summary of Key Points Core Viewpoint - The announcement details the completion of share reduction by senior management of Junhe Pump Industry Co., Ltd, specifically by the Secretary of the Board and the Chief Financial Officer, indicating a strategic move in their shareholding structure [1][2][3]. Group 1: Shareholding Information - Before the reduction plan, the Secretary of the Board, Mr. Chen Jiawei, held 1,100,000 shares, accounting for 0.2817% of the total share capital [1]. - The Chief Financial Officer, Mr. Fan Chaochun, held 1,050,000 shares, representing 0.2689% of the total share capital [1]. Group 2: Reduction Plan Implementation - The reduction plan was first disclosed on July 30, 2025, with Mr. Chen Jiawei intending to reduce up to 275,000 shares, which is 0.0704% of the total share capital and 25% of his holdings [1][2]. - Mr. Chen Jiawei successfully reduced 262,500 shares between August 21 and August 25, 2025, at a price range of 9.54 to 9.88 CNY per share, totaling 2,661,390 CNY [2][3]. - Mr. Fan Chaochun completed his reduction of 262,500 shares during the same period, with a price range of 9.55 to 9.95 CNY per share, amounting to 2,548,710 CNY [3]. Group 3: Current Shareholding Status - After the reductions, Mr. Chen Jiawei now holds 825,000 shares, which is 0.2113% of the total share capital [3]. - Mr. Fan Chaochun's current holding is 787,500 shares, representing 0.2017% of the total share capital [3].