Core Insights - The company reported a revenue of 705 million yuan for the first three quarters of 2025, representing a year-on-year increase of 54.30% [1] - The net profit attributable to shareholders was -254 million yuan, a year-on-year increase of 50.44% [1] - The basic earnings per share for the reporting period was -0.64 yuan [1] Financial Performance - The gross margin for the first three quarters was -0.34%, a decrease of 13.52 percentage points year-on-year [1] - The net margin was -36.10%, an increase of 76.28 percentage points compared to the same period last year [1] - In Q3 2025, the gross margin was 1.09%, an increase of 5.73 percentage points year-on-year but a decrease of 1.92 percentage points quarter-on-quarter [1] - The net margin for Q3 was -29.64%, an increase of 171.68% year-on-year but a decrease of 24.07 percentage points from the previous quarter [1] Expenses and Costs - Total operating expenses for the company were 319 million yuan, an increase of 54.08 million yuan year-on-year [2] - The expense ratio was 45.29%, a decrease of 12.75 percentage points year-on-year [2] - Sales expenses increased by 14.22% year-on-year, while management expenses decreased by 23.57% [2] - R&D expenses grew by 11.37% year-on-year, and financial expenses surged by 1236.97% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 5,720, an increase of 750 from the end of the previous half-year, representing a growth of 15.09% [2] - The average market value per shareholder decreased from 1.1702 million yuan to 1.1056 million yuan, a decline of 5.52% [2] Company Overview - The company, located in Changzhou, Jiangsu Province, was established on November 19, 2009, and went public on June 29, 2023 [2] - Its main business involves the R&D, production, and sales of photovoltaic wet process auxiliary materials, photovoltaic equipment, and photovoltaic cells [2] - The revenue composition includes photovoltaic cells (57.51%), photovoltaic wet process auxiliary materials (22.75%), photovoltaic equipment (10.13%), and others (9.61%) [2] - The company belongs to the power equipment industry, specifically in photovoltaic equipment and photovoltaic cell components [2]

证券代码：688429 证券简称：时创能源 公告编号：2025-053 常州时创能源股份有限公司 关于 2025 年第三季度报告的更正公告 更正前： | 前 10 | 名股东持股情况（不含通过转融通出借股份） | | | --- | --- | --- | | 股东名称 | 股东性质 | 持股数量 | | 张帆 | 境外自然人 | 32,440,032 | | …… | | | | 李雪林 | 境外自然人 | 2,896,000 | 特此公告。 常州时创能源股份有限公司董事会 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。 2025 年 11 月 1 日 常州时创能源股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日在 上海证券交易所网站（www.sse.com.cn）披露了《常州时创能源股份有限公司 2025 年第三季度报告》（以下简称"《2025 年第三季度报告》"）。经事后核查发 现，公司《2025 年第三季度报告》"二 股东信息 （一）普通股股东总数和表 决权恢复的优先股股东数量及前十名股东持股情况表 ...

Revenue and Profit - The company's operating revenue for Q3 2025 reached ¥253,787,720.34, representing a year-on-year increase of 34.47%[3] - Year-to-date revenue until the report period amounted to ¥704,750,026.54, reflecting a 54.30% increase compared to the same period last year[3] - The total profit for the period was a loss of ¥94,569,209.11, with a year-to-date loss of ¥316,868,839.63[3] - The net profit attributable to shareholders for Q3 was a loss of ¥75,177,210.96, and the year-to-date loss was ¥254,393,496.16[3] - Total operating revenue for the first three quarters of 2025 reached ¥704,750,026.54, a significant increase of 54.3% compared to ¥456,727,522.48 in the same period of 2024[20] - The net loss for the first three quarters of 2025 was ¥254,443,147.50, an improvement from a net loss of ¥513,294,666.77 in the same period of 2024[22] - The net profit for the first three quarters of 2025 was a loss of ¥251.81 million, an improvement from a loss of ¥509.87 million in the first three quarters of 2024, indicating a reduction in losses by 50.7%[32] - The total profit (loss) for the first three quarters of 2025 was a loss of ¥315.16 million, an improvement from a loss of ¥562.49 million in 2024, showing a reduction in overall losses by 44.0%[32] Research and Development - Research and development expenses totaled ¥58,829,661.61 for the quarter, accounting for 23.18% of operating revenue, a decrease of 9.91 percentage points year-on-year[4] - Research and development expenses increased to ¥174,805,010.58 in the first three quarters of 2025, compared to ¥156,961,254.38 in the previous year, reflecting a focus on innovation[21] - Research and development expenses increased to ¥166.42 million in 2025, up 9.9% from ¥152.52 million in 2024, reflecting the company's commitment to innovation[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,637,616,280.19, down 5.92% from the end of the previous year[4] - The company's total assets decreased to ¥4,637,616,280.19 from ¥4,929,616,758.84 year-over-year, indicating a reduction in asset base[17] - Total liabilities decreased to ¥3,189,644,865.51 from ¥3,246,050,681.41, showing a slight improvement in the company's leverage[17] - Total liabilities as of September 30, 2025, were CNY 3,168,611,035.64, a decrease from CNY 3,220,852,409.34 as of December 31, 2024[30] Shareholder Information - The total number of common shareholders at the end of the reporting period is 5,720[12] - The largest shareholder, Nanjing Shichuang Venture Capital Co., Ltd., holds 142,941,654 shares, representing 35.74% of total shares[12] - The second-largest shareholder, Nanjing Sicheng Venture Capital Partnership, holds 137,231,879 shares, accounting for 34.31%[12] - The company has no significant changes in the top 10 shareholders or their shareholding due to securities lending activities[13] - The total number of shares held by the top 10 unrestricted shareholders includes 32,440,032 shares held by Zhang Fan[13] Cash Flow - The company reported a negative cash flow from operating activities of ¥30,648,991.25 for the quarter[3] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 567,013,104.06, an increase of 14.2% compared to CNY 496,526,853.02 in the same period of 2024[25] - Net cash flow from operating activities for the first three quarters of 2025 was -CNY 94,226,594.34, an improvement from -CNY 334,061,130.64 in the first three quarters of 2024[25] - Cash inflow from investment activities for the first three quarters of 2025 was CNY 1,373,480,111.35, a decrease of 22.7% compared to CNY 1,776,518,112.75 in the same period of 2024[25] - Net cash flow from investment activities for the first three quarters of 2025 was -CNY 39,182,909.52, compared to -CNY 180,811,633.20 in the first three quarters of 2024[25] - Cash inflow from financing activities for the first three quarters of 2025 was CNY 333,932,327.77, an increase from CNY 218,326,466.13 in the same period of 2024[26] - Net cash flow from financing activities for the first three quarters of 2025 was -CNY 24,328,834.14, a decrease from CNY 155,092,887.16 in the first three quarters of 2024[26] Financial Performance - The weighted average return on equity was -5.10% for the quarter, compared to -16.27% for the year-to-date[4] - Basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.64, an improvement from -¥1.29 in the same period of 2024[22] - The company reported a significant increase in financial expenses, totaling ¥53,320,515.15 in 2025, compared to a negative financial expense of -¥4,689,722.07 in 2024[21] - The company incurred financial expenses of ¥52.71 million in 2025, a significant increase from a financial income of ¥4.28 million in 2024, primarily due to increased interest expenses[31] Cash and Equivalents - The company's cash and cash equivalents as of September 30, 2025, amount to ¥310,905,185.13, down from ¥504,492,493.70 as of December 31, 2024[15] - The total current assets decreased to ¥1,506,590,818.63 from ¥1,637,101,477.37[15] - The company's total cash and cash equivalents at the end of the third quarter of 2025 stood at ¥202.19 million, compared to ¥167.07 million at the end of the same period in 2024, indicating a year-over-year increase[34]

Core Viewpoint - Shichuang Energy, established in November 2009 and listed on the Shanghai Stock Exchange in June 2023, is a leading enterprise in the photovoltaic wet process sector, possessing a full industry chain advantage and high product cost-performance ratio [1] Group 1: Business Performance - In Q3 2025, Shichuang Energy achieved operating revenue of 705 million yuan, ranking 18th among 23 companies in the industry, significantly lower than the top two competitors, Longi Green Energy at 50.915 billion yuan and Trina Solar at 49.97 billion yuan, as well as below the industry average of 12.627 billion yuan and median of 3.01 billion yuan [2] - The main revenue components include photovoltaic cell revenue of 259 million yuan (57.51%), wet process auxiliary products revenue of 103 million yuan (22.75%), photovoltaic equipment revenue of 45.668 million yuan (10.13%), and other revenue of 43.3597 million yuan (9.61%) [2] - The net profit for the period was -254 million yuan, ranking 11th in the industry, with a significant gap compared to the top performers, Hongdian Dongci at 1.808 billion yuan and Canadian Solar at 1.011 billion yuan, although slightly better than the industry average of -744 million yuan and median of -272 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Shichuang Energy's debt-to-asset ratio was 68.78%, an increase from 44.99% in the previous year, but still below the industry average of 70.17% [3] - The gross profit margin for the period was -0.34%, a significant decline from 13.18% in the previous year and lower than the industry average of 1.80% [3] Group 3: Executive Compensation - The chairman, Fu Liming, received a salary of 1.1152 million yuan in 2024, a decrease of 14,800 yuan from 2023 [4] - The general manager, Fang Min, received a salary of 1.151 million yuan in 2024, an increase of 86,200 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Shichuang Energy increased by 15.09% to 5,720 households, while the average number of circulating A-shares held per household decreased by 13.11% to 20,900 shares [5]

证券代码：688429 证券简称：时创能源 公告编号：2025-052 常州时创能源股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 13 日（星期四）上午 10:00-11:00 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/） 会议召开方式：上证路演中心网络文字互动问答 投资者问题征集：投资者可于 2025 年 11 月 6 日（星期四）至 11 月 12 日 （星期三）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 zqb@shichuang.cc 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。 常州时创能源股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日在上海 证券交易所网站（www.sse.com.cn）披露《常州时创能源股份有限公司 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥253,787,720.34, representing a year-on-year increase of 34.47%[3] - Year-to-date operating revenue reached ¥704,750,026.54, reflecting a 54.30% increase compared to the same period last year[3] - The total profit for the period was -¥94,569,209.11, with a year-to-date total profit of -¥316,868,839.63, indicating significant losses[3] - The net profit attributable to shareholders for Q3 was -¥75,177,210.96, and year-to-date net profit was -¥254,393,496.16[3] - The net loss for the first three quarters of 2025 was ¥254,443,147.50, compared to a net loss of ¥513,294,666.77 in the same period of 2024, showing an improvement of approximately 50.5%[22] - The operating profit for the first three quarters of 2025 was reported at -¥317,900,984.54, an improvement from -¥564,783,439.14 in 2024[21] - The company recorded a total profit loss of ¥315.16 million for the first three quarters of 2025, an improvement from a loss of ¥562.49 million in the same period of 2024[32] Research and Development - Research and development expenses totaled ¥58,829,661.61 for the quarter, accounting for 23.18% of operating revenue, a decrease of 9.91 percentage points year-on-year[4] - Research and development expenses for the first three quarters of 2025 were ¥174,805,010.58, compared to ¥156,961,254.38 in 2024, reflecting an increase of about 11.4%[21] - Research and development expenses increased to ¥166.42 million, up 9.9% from ¥152.52 million in the first three quarters of 2024[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,637,616,280.19, down 5.92% from the end of the previous year[4] - The total liabilities decreased from ¥3,246,050,681.41 in the previous year to ¥3,189,644,865.51 in 2025, a reduction of approximately 1.7%[17] - The total assets decreased from ¥4,929,616,758.84 in the previous year to ¥4,637,616,280.19 in 2025, a decline of about 5.9%[17] - The company's equity attributable to shareholders decreased from ¥1,680,415,196.46 in 2024 to ¥1,443,470,185.05 in 2025, a decrease of approximately 14.1%[17] - Total current assets decreased to ¥1,506,590,818.63 from ¥1,637,101,477.37[15] - The total assets as of September 30, 2025, were CNY 4,619,859,440.79, down from CNY 4,906,464,162.20 at the end of 2024[30] - Current assets decreased to CNY 1,474,118,851.28 in 2025 from CNY 1,607,674,343.44 in 2024[28] - Total liabilities decreased to CNY 3,168,611,035.64 in 2025 from CNY 3,220,852,409.34 in 2024[30] Cash Flow - The company reported a negative cash flow from operating activities of -¥30,648,991.25 for the quarter[3] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 567,013,104.06, an increase of 14.2% compared to CNY 496,526,853.02 in the same period of 2024[25] - Net cash flow from operating activities was negative CNY 94,226,594.34 in 2025, an improvement from negative CNY 334,061,130.64 in 2024[25] - Cash inflow from investment activities totaled CNY 1,373,480,111.35 in 2025, a decrease of 22.7% from CNY 1,776,518,112.75 in 2024[25] - Cash inflow from financing activities was CNY 333,932,327.77 in 2025, up from CNY 218,326,466.13 in 2024[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 5,720[12] - The largest shareholder, Nanjing Shichuang Venture Capital Co., Ltd., holds 142,941,654 shares, representing 35.74% of total shares[12] - The second-largest shareholder, Nanjing Sicheng Venture Capital Partnership, holds 137,231,879 shares, accounting for 34.31%[12] - The total number of shares held by the top ten shareholders includes significant stakes from both domestic and foreign investors[13] - The company has not reported any changes in the participation of major shareholders in securities lending activities[13] Other Financial Metrics - The weighted average return on equity was -5.10% for the quarter, compared to -16.27% year-to-date[4] - The basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.64, compared to -¥1.29 in the same period of 2024, indicating an improvement in loss per share[22] - Deferred income tax assets increased from ¥150,911,735.56 in the previous year to ¥214,236,421.30 in 2025, an increase of approximately 42%[17] - The company's retained earnings showed a significant decline, with a loss of CNY 267,117,925.67 in 2025 compared to a loss of CNY 15,306,093.21 in 2024[30] - Financial expenses increased significantly to ¥52.71 million, compared to a financial income of ¥4.28 million in the same period of 2024[31]

Core Viewpoint - The company emphasizes its commitment to being an original technology platform supplier in the photovoltaic industry, focusing on R&D and innovation to enhance long-term competitiveness [1] Group 1 - The company adheres to a "blue ocean strategy" to continuously iterate and launch innovative products and technologies [1] - Capital operations and market value management are identified as key tools and catalysts for achieving the company's goals [1] - The company will continue to focus on its main business, increase R&D investment, and appropriately utilize capital tools to enhance company value [1]

Core Insights - The company reported a significant increase in revenue for the first half of 2025, achieving 451 million CNY, a year-on-year growth of 68.27% [1][2] - Despite the revenue growth, the company faced a net loss attributable to shareholders of 179 million CNY, worsening from a loss of 133 million CNY in the same period last year [1][2] - The company also reported a negative cash flow from operating activities of 63.58 million CNY, an improvement from a cash outflow of 243 million CNY in the previous year [1][2] Financial Performance - For the first half of 2025, the total revenue was 451 million CNY, compared to 268 million CNY in the same period last year, marking a 68.27% increase [2] - The net profit attributable to shareholders was -179 million CNY, compared to -133 million CNY in the previous year, indicating a worsening financial position [2] - The net profit after deducting non-recurring gains and losses was -194 million CNY, compared to -138 million CNY in the same period last year [1][2] - The net cash flow from operating activities was -63.58 million CNY, an improvement from -243 million CNY in the previous year [1][2] Historical Context - In 2024, the company reported a revenue of 711 million CNY, a decline of 58.93% compared to the previous year [3] - The net profit attributable to shareholders in 2024 was -649 million CNY, a significant drop of 466.85% year-on-year [3] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 29, 2023, issuing 40,000,800 shares at a price of 19.20 CNY per share [3] Fundraising Activities - The company raised a total of 768 million CNY from its IPO, with a net amount of 700 million CNY after deducting issuance costs [4] - The funds were intended for projects including the expansion of efficient solar cell equipment and automation upgrades [4] - The company plans to issue additional shares to raise up to 285 million CNY for a 1GW bifacial module manufacturing project and to supplement working capital [5][6]

Core Insights - The photovoltaic equipment sector experienced a 2.24% increase on September 29, with Yicheng New Energy leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Summary of Key Points Stock Performance - Yicheng New Energy (300080) saw a closing price of 5.88, with a significant increase of 20.00% and a trading volume of 1.29 million shares, amounting to a transaction value of 724 million yuan [1] - Airo Energy (688717) closed at 82.90, up 10.53%, with a trading volume of 109,400 shares [1] - Shangneng Electric (300827) closed at 35.33, up 8.94%, with a trading volume of 777,500 shares [1] - Other notable performers include Weidao Nano (688147) at 56.28 (+7.10%), Aishuo Co. (600732) at 16.41 (+6.08%), and Hengdian East Magnetic (002056) at 20.49 (+6.06%) [1] Capital Flow - The photovoltaic equipment sector saw a net inflow of 936 million yuan from main funds, while retail funds experienced a net outflow of 302 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors showing interest while retail investors withdrew [2]

Group 1 - The core viewpoint of the news is that Shichuang Energy's stock experienced a decline of 3.61% on September 23, with a trading volume of 47.10 million yuan, indicating market volatility [1] - As of September 23, Shichuang Energy's financing balance reached 85.39 million yuan, accounting for 4.85% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1] - The company reported a revenue of 451 million yuan for the first half of 2025, representing a year-on-year growth of 68.27%, while the net profit attributable to shareholders was -179 million yuan, a decrease of 34.43% year-on-year [2] Group 2 - Shichuang Energy has distributed a total of 17.90 million yuan in dividends since its A-share listing [3] - The company specializes in the research, production, and sales of photovoltaic wet process auxiliary materials, photovoltaic equipment, and photovoltaic cells, with its main business revenue composition being 57.51% from photovoltaic cells, 22.75% from wet process auxiliary materials, 10.13% from equipment, and 9.61% from other sources [1]