Core Viewpoint - JiaHua Technology is a leading provider of IoT and big data technology in China, with a focus on smart environmental protection, smart cities, and other related services [1] Group 1: Company Overview - JiaHua Technology was established on September 14, 2007, and was listed on the Shanghai Stock Exchange on March 20, 2020 [1] - The company is headquartered in Beijing and holds multiple proprietary intellectual properties and core technologies [1] - Main business areas include building intelligence, smart desulfurization operations, smart environmental protection, smart cities, and environmental monitoring and information technology [1] Group 2: Financial Performance - For Q3 2025, JiaHua Technology reported revenue of 166 million, ranking 112 out of 131 in the industry [2] - The leading company in the industry, Digital China, achieved revenue of 102.365 billion, while the second, Unisplendour, reached 77.322 billion, with the industry average at 2.833 billion [2] - The revenue composition includes smart environmental protection at 74.388 million (67.98%), smart cities at 21.881 million (20.00%), and smart dual carbon at 12.454 million (11.38%) [2] - The net profit for the same period was -70.8285 million, ranking 109 out of 131, with the industry leaders reporting net profits of 1.723 billion and 1.133 billion respectively [2] Group 3: Financial Ratios - As of Q3 2025, JiaHua Technology's debt-to-asset ratio was 31.54%, an increase from 28.34% year-on-year, and below the industry average of 38.93% [3] - The gross profit margin for the same period was 18.93%, down from 24.81% year-on-year, and also below the industry average of 29.96% [3] Group 4: Executive Compensation - The chairman, Li Wei, received a salary of 457,600 in 2024, a decrease of 45,000 from 2023 [4] - Li Wei is a senior engineer with over 80 patents and has led 12 national project teams [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 13.36% to 4,397, while the average number of circulating A-shares held per account increased by 15.42% to 17,600 [5]

Group 1 - The core viewpoint of the article is that Jiahua Technology (688051.SH) reported a decline in revenue and a significant net loss for the third quarter of 2025 [1] Group 2 - The company's operating revenue for the third quarter was 56.1568 million yuan, representing a year-on-year decrease of 6.21% [1] - The net profit attributable to shareholders of the listed company was -26.3561 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -28.0725 million yuan [1]

证券代码：688051 证券简称：佳华科技 公告编号：2025-028 罗克佳华科技集团股份有限公司 投资者可于 2025 年 11 月 21 日(星期五)至 11 月 27 日(星期四)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 rk@rockontrol.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 罗克佳华科技集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 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 11 月 28 日(星期五) 下 午 13:00-14:00 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。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 11 月 28 日(星期五) 下午 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 56.16 million, a decrease of 6.21% compared to the same period last year, and a year-to-date revenue of CNY 165.59 million, down 30.72% year-on-year[3]. - The total profit for Q3 2025 was CNY -27.90 million, with a year-to-date total profit of CNY -70.70 million, indicating significant losses[3]. - The net profit attributable to shareholders for Q3 2025 was CNY -26.36 million, with a year-to-date net profit of CNY -67.24 million, reflecting ongoing financial challenges[3]. - The basic earnings per share for Q3 2025 was CNY -0.34, with a year-to-date figure of CNY -0.87, indicating a decline in shareholder value[3]. - Net loss for the first three quarters of 2025 was CNY 70,828,474.05, compared to a net loss of CNY 30,497,656.29 in 2024, indicating a significant increase in losses[18]. - The company reported a basic earnings per share of -0.87 for the first three quarters of 2025, compared to -0.41 in the same period of 2024[19]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of CNY -40.98 million year-to-date, highlighting cash flow issues[3]. - The company's cash inflow from operating activities for the first three quarters of 2025 was CNY 172,632,764.88, down from CNY 232,346,936.45 in 2024, representing a decline of 25.7%[21]. - The net cash flow from operating activities was -$40,982,105.26, a decrease from -$12,038,925.00 in the previous period, indicating a worsening operational cash flow situation[22]. - The ending cash and cash equivalents balance was $50,357,150.72, down from $111,748,484.53, reflecting a significant decrease in liquidity[24]. Assets and Liabilities - The company's total assets at the end of Q3 2025 were CNY 950.60 million, a decrease of 7.38% from the end of the previous year[4]. - The total liabilities of the company as of the reporting date were CNY 299,831,418.80, compared to CNY 314,527,617.77 in the previous year, showing a reduction of 4.5%[15]. - The total equity attributable to shareholders of the parent company decreased to CNY 652,625,595.97 from CNY 719,863,453.46, reflecting a decline of 9.3%[15]. - Total current assets as of September 30, 2025, amount to ¥515,615,574.82, a decrease from ¥575,350,117.74 as of December 31, 2024[13]. - Non-current assets total ¥434,980,947.14, down from ¥450,971,077.24[13]. Research and Development - Research and development (R&D) expenses totaled CNY 12.15 million in Q3 2025, accounting for 21.64% of operating revenue, an increase of 1.34 percentage points year-on-year[4]. - Research and development expenses for the first three quarters of 2025 were CNY 28,479,158.25, a decrease of 21.4% from CNY 36,199,922.79 in 2024[17]. Market Conditions - The company faced intensified market competition and reduced customer budgets, leading to a cautious approach in business development and a decrease in overall demand[8]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 4,397[10]. - The largest shareholder, Shanghai Baiyu Information Technology Co., Ltd., holds 31.63% of shares[11]. - The second largest shareholder, Li Wei, holds 15.63% of shares[11]. - The company has not reported any significant changes in shareholder relationships or agreements[11]. Non-Recurring Items - Non-recurring gains and losses for the period totaled CNY 171.63 million, with significant contributions from government subsidies and other non-operating income[6].

Core Viewpoint - Jiahua Technology reported a decline in revenue and a net loss for the third quarter and the first three quarters of the year [1] Financial Performance - The revenue for the third quarter was 56.1568 million yuan, representing a year-on-year decrease of 6.21% [1] - The net loss for the third quarter was 26.3561 million yuan [1] - For the first three quarters, the total revenue was 166 million yuan, showing a year-on-year decline of 30.72% [1] - The net loss for the first three quarters amounted to 67.2379 million yuan [1]

Summary of Key Points Core Viewpoint - Jiahua Technology (688051) experienced a significant stock price increase of 16.64% on October 24, closing at 52.50 yuan, with a trading volume of 2.26 billion yuan and a turnover rate of 5.75% [2][3] Trading Activity - The stock was listed on the Sci-Tech Innovation Board due to a closing price increase of 15% [2] - The top five trading departments accounted for a total transaction amount of 1.17 billion yuan, with a net buying amount of 7.57 million yuan [2] - The largest buying department was Goldman Sachs (China) Securities, which purchased 18.28 million yuan worth of shares, followed by CITIC Securities with 17.43 million yuan [2][3] Fund Flow - The stock saw a net inflow of 8.01 million yuan from main funds throughout the day [3] - The selling department with the highest transaction amount was also Goldman Sachs (China) Securities, selling shares worth 13.66 million yuan [3]

Market Overview - On October 24, the IT services sector rose by 1.28%, with Jiahua Technology leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Top Performers in IT Services - Jiahua Technology (688051) closed at 52.50, up 16.64%, with a trading volume of 44,400 hands and a transaction value of 226 million [1] - Kaipu Cloud (688228) closed at 200.00, up 13.96%, with a trading volume of 59,000 hands and a transaction value of 1.129 billion [1] - Huina Technology (300609) closed at 39.90, up 6.74%, with a trading volume of 107,100 hands and a transaction value of 420 million [1] Underperformers in IT Services - Shiji Ruier (300150) closed at 5.48, down 6.32%, with a trading volume of 543,100 hands and a transaction value of 301 million [2] - Luqiao Information (920748) closed at 42.51, down 5.74%, with a trading volume of 32,800 hands and a transaction value of 142 million [2] - ST Diweixun (300167) closed at 6.34, down 2.91%, with a trading volume of 75,200 hands and a transaction value of 47.92 million [2] Capital Flow Analysis - The IT services sector experienced a net outflow of 185 million from institutional investors, while retail investors saw a net inflow of 195 million [2][3] - Notable net inflows from retail investors included Chuling Information (300250) with 110 million and Yanshan Technology (002195) with 24.9 million [3] - Institutional investors showed significant outflows in stocks like Ziguang Co. (000938) with 72.5 million and Chuangxin Technology (603859) with 58.12 million [3]

Group 1 - The core transaction of Jiahua Technology on October 22 involved a block trade of 58,000 shares, amounting to 2.0172 million yuan, with a transaction price of 34.78 yuan, representing a discount of 19.49% compared to the closing price of the day [2][3] - The closing price of Jiahua Technology on the same day was 43.20 yuan, with a turnover rate of 1.12% and a total trading volume of 36.7924 million yuan, indicating a net inflow of 2.2523 million yuan in main funds [2][3] - Over the past five days, the stock has seen a cumulative decline of 2.00%, with a total net inflow of funds amounting to 304,000 yuan [2][3] Group 2 - The latest margin financing balance for Jiahua Technology is 59.7741 million yuan, which has increased by 1.1437 million yuan, reflecting a growth rate of 1.95% over the past five days [3] - Jiahua Technology Group Co., Ltd. was established on September 14, 2007, with a registered capital of 77.334 million yuan [3]

Group 1 - The core point of the article highlights the trading activity of Jiahua Technology, which closed at 43.20 yuan on October 22, with a significant block trade occurring [1] - A total of 58,000 shares were traded in the block transaction, amounting to 2.0172 million yuan, with a transaction price of 34.78 yuan per share, reflecting a premium rate of -19.49% [1] - The buyer was JPMorgan Securities (China) Co., Ltd., and the seller was CITIC Securities Co., Ltd., indicating notable institutional involvement in the trade [1] Group 2 - Over the past three months, Jiahua Technology has recorded only one block trade, with a total transaction value of 2.0172 million yuan [1] - In the last five trading days, the stock has experienced a decline of 2.00%, with a net outflow of 2.0853 million yuan in principal funds [1]

Core Insights - JiaHua Technology (688051) reported a net financing purchase of 36,500 CNY on October 20, 2025, with a total financing balance of 60,860,600 CNY, indicating a positive investor sentiment towards the stock [1][3]. Financing Activity Summary - On October 20, 2025, the net financing purchase was 36,500 CNY, with a financing balance of 60,860,600 CNY, representing 1.86% of the circulating market value [2]. - Over the past three trading days, the cumulative net financing purchase reached 290,040 CNY, with 13 out of the last 20 trading days showing net financing purchases [1]. - The financing balance increased by 0.06% compared to the previous day [3]. Historical Financing Data - The financing balance on October 17, 2025, was 60,824,100 CNY, with a net financing purchase of 1,332,100 CNY, reflecting a 2.24% increase [4]. - On October 16, 2025, the financing balance was 59,492,000 CNY, with a net financing purchase of 1,531,900 CNY, marking a 2.64% increase [4]. - The financing balance on October 15, 2025, was 57,960,100 CNY, showing a decrease of 670,200 CNY, which was a -1.14% change [4].