证券代码：688485 证券简称：九州一轨 公告编号：2026-007 1 （二）资产减值损失 本公司董事会及全体董事保证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。 一、2025 年年度计提减值准备情况概述 根据《企业会计准则》及北京九州一轨环境科技股份有限公司（以下简称"公 司"）的会计政策、会计估计的相关规定，为客观、公允地反映公司 2025 年度 的财务状况及经营成果，基于谨慎性原则，公司对截至 2025 年 12 月 31 日合并 报表范围内可能发生信用及资产减值损失的有关资产计提减值准备。2025 年度， 公司确认信用减值损失和资产减值损失共计 3,001.49 万元，具体情况如下表所 示： 单位：万元 | 序号 | 项目 | 2025 年年度 | 备注 | | --- | --- | --- | --- | | | | 计提金额 | | | 1 | 信用减值损失 | 2,278.19 | 应收票据坏账准备、应收账款坏账准备、 | | | | | 其他应收款坏账准备 | | 2 | 资产减值损失 | 723.30 | 合同资产、其他非流 ...

Financial Performance Forecast - The company expects a net loss attributable to shareholders for 2025 to be between -18 million and -12 million RMB, compared to a net profit of 11.15 million RMB in the previous year[5]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -19.5 million and -13.5 million RMB for 2025[5]. - The total profit for the previous year was 11.36 million RMB, with a net profit attributable to shareholders of 11.15 million RMB[7]. - The earnings per share for the previous year was 0.08 RMB[8]. Factors Affecting Performance - The decline in performance is attributed to market fluctuations, intensified industry competition, and slower project construction progress, leading to decreased revenue[9]. - The company has noted an increase in credit impairment losses compared to the previous year due to slower customer payment progress[9]. Research and Development - The company has increased its R&D expenses compared to the previous year to enhance core competitiveness[9]. Audit and Investment Risks - The preliminary financial data is subject to final audit and may differ from the officially disclosed figures in the 2025 annual report[11]. - The performance forecast has not been audited by registered accountants and is based on the company's internal estimates[10]. - The company advises investors to be aware of investment risks related to the preliminary nature of the forecast[11].

Core Viewpoint - The company expects a net loss attributable to shareholders of between 18 million to 12 million yuan for the fiscal year 2025, compared to a net profit of 11.152 million yuan in the same period last year [1] Group 1: Financial Performance - The anticipated net loss for 2025 represents a significant decline from the previous year's profit, indicating a challenging financial outlook [1] - Revenue is expected to decrease compared to the same period last year due to market fluctuations and intensified industry competition [1] Group 2: Operational Challenges - Project construction progress has slowed down, contributing to the decline in revenue [1] - Customer payment collection has not met expectations, leading to an increase in credit impairment losses compared to the previous year [1] Group 3: Strategic Investments - To enhance core competitiveness, the company is increasing its research and development expenditures, which have risen compared to the same period last year [1]

Group 1 - The core viewpoint of the news is that 九州一轨 has shown significant stock price growth since its listing, with a year-to-date increase of 20.52% and a recent 5-day increase of 14.91% [1] - 九州一轨's main business involves technology development, product research, engineering design, testing and evaluation, project services, and smart operation and maintenance related to vibration reduction and noise control [1] - The company's revenue composition includes: 52.32% from prefabricated steel spring floating slabs, 32.08% from steel spring floating track bed vibration reduction systems, 5.38% from isolation high-elasticity vibration pads, 5.36% from sound barriers, and 0.07% from heavy-duty frequency modulation steel rail energy consumption devices [1] Group 2 - As of September 30, 九州一轨 had 5,845 shareholders, a decrease of 7.47% from the previous period, while the average circulating shares per person increased by 8.08% to 15,082 shares [2] - For the period from January to September 2025, 九州一轨 reported operating revenue of 135 million yuan, a year-on-year decrease of 28.59%, and a net profit attributable to the parent company of -17.21 million yuan, an increase of 28.10% year-on-year [2] - Since its A-share listing, 九州一轨 has distributed a total of 29.97 million yuan in dividends [3]

Core Viewpoint - The new Noise Pollution Prevention Law in China, effective from June 5, 2022, establishes legal standards for noise pollution, emphasizing proactive control measures rather than just compliance with decibel limits. This shift is expected to drive the noise control industry towards more efficient and sustainable practices, with a projected market size of approximately 24.734 billion yuan in 2024, reflecting a year-on-year growth of 7.79% [1][4]. Industry Overview - Noise control, also known as noise pollution management, aims to reduce noise levels to meet national standards and protect individuals' quality of life. The law defines noise pollution as sounds that disrupt normal activities, covering industrial, construction, transportation, and social life sectors [2][3]. Industry Development History - The Chinese noise control industry has evolved over 70 years, transitioning from basic regulations to advanced smart management. Key milestones include the introduction of the first industrial noise prevention guidelines in 1956 and the establishment of a comprehensive legal framework by 1996. The current phase emphasizes intelligent monitoring and proactive measures [3][4]. Market Size - The noise control industry in China is projected to reach approximately 24.734 billion yuan in 2024, with a growth rate of 7.79%. The shift in regulatory focus from compliance to proactive prevention is expected to enhance market dynamics [1][8]. Key Enterprises - The market is characterized by low concentration, with companies leveraging technological advantages to dominate specific segments. For instance, Beijing Jiuzhou Yigui leads in rail transit noise reduction with patented technologies, while Guangzhou Sound Doctor has established a brand in building sound insulation [8][9]. Industry Development Trends 1. **Shift from Passive to Active Control**: The industry is moving towards proactive noise management, particularly in industrial sectors, driven by legal requirements for noise pollution control [12][13]. 2. **Technological Advancements**: Future competition will focus on precision and intelligence in noise control, utilizing IoT and AI for real-time monitoring and assessment of noise impact beyond just decibel levels [13][14]. 3. **Comprehensive Management Systems**: The industry is evolving towards a holistic management approach that includes planning, regulation, and community involvement in noise control efforts [14][15].

Market Performance - The rail transit equipment sector increased by 1.48% on January 19, with Jiuzhou Yitui leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Individual Stock Performance - Jiuzhou Yitui (688485) closed at 19.98, up 6.79% with a trading volume of 48,700 shares and a transaction value of 96.19 million [1] - Zhonghe Technology (000925) closed at 9.37, up 6.72% with a trading volume of 1.2818 million shares [1] - Times Electric (688187) closed at 56.56, up 5.52% with a trading volume of 126,700 shares [1] - Railway Technology (301016) closed at 27.45, up 5.41% with a trading volume of 116,000 shares [1] - Times New Materials (600458) closed at 14.55, up 4.53% with a trading volume of 280,000 shares [1] Capital Flow - The rail transit equipment sector saw a net inflow of 252 million yuan from institutional investors, while retail investors experienced a net outflow of 45.99 million yuan [2][3] - Major stocks like Zhonghe Technology and Shenzhou High-speed Railway had significant net inflows from institutional investors, indicating strong interest [3]

Core Viewpoint - On January 19, a total of 17 listed companies had their restricted shares unlocked, with a total market value of approximately 8.181 billion yuan [1]. Summary by Category Restricted Share Unlocking - The following companies had restricted shares unlocked: - Vanadium Titanium Co., Ltd. (Stock Code: 000629) - 4.0126 million shares from equity incentive [1] - Guodian NARI Technology Co., Ltd. (Stock Code: 600406) - 11.883 million shares from equity incentive [1] - Huayi Group Co., Ltd. (Stock Code: 600623) - 356,100 shares from equity incentive [1] - Western Securities Co., Ltd. (Stock Code: 002673) - 360 million shares from A-share issuance to original shareholders [1] - Chang Aluminum Co., Ltd. (Stock Code: 002160) - 237 million shares from A-share issuance to legal persons [1] - Hikvision Digital Technology Co., Ltd. (Stock Code: 002415) - 29.2208 million shares from equity incentive [1] - Jieshun Technology Co., Ltd. (Stock Code: 002609) - 258,100 shares from equity incentive [1] - Yaoji Technology Co., Ltd. (Stock Code: 002605) - 975,000 shares from equity incentive [1] - Subote Co., Ltd. (Stock Code: 603916) - 629,000 shares from equity incentive [1] - Yipin Hong Co., Ltd. (Stock Code: 300723) - 150,000 shares from equity incentive [1] - Shandong Fiberglass Group Co., Ltd. (Stock Code: 605006) - 112,200 shares from equity incentive [1] - Keta Bio-Pharmaceutical Co., Ltd. (Stock Code: 300858) - 2.0053 million shares from A-share issuance to legal persons [1] - Xinlei Co., Ltd. (Stock Code: 301317) - 112 million shares from pre-issuance restrictions [1] - Zhiwei Intelligent Co., Ltd. (Stock Code: 001339) - 293,500 shares from equity incentive [1] - Demingli Co., Ltd. (Stock Code: 001309) - 247,500 shares from equity incentive [1] - Jiuzhou Yigui Co., Ltd. (Stock Code: 688485) - 600,000 shares [1] - Yingfang Software Co., Ltd. (Stock Code: 688435) - 36.3174 million shares [1]

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2026 on February 2 at 14:00 [2] - The voting will be conducted through the Shanghai Stock Exchange's online voting system, with specific time slots for both trading and internet voting [2][4] - The meeting will be held at the company's office in Beijing, and shareholders can attend in person or via proxy [9][12] Group 2 - The company plans to apply for a comprehensive credit limit of up to RMB 2 billion from financial institutions to support its operational and business development needs [17] - The credit limit will be valid for 12 months from the date of approval by the shareholders' meeting and can be used in a revolving manner [17][19] - The board of directors has approved this proposal, which will not require further shareholder approval [19][36] Group 3 - The company has announced a delay in several fundraising projects, extending the expected completion dates for specific projects to 2028 [21][26] - The delay is attributed to changes in property acquisition methods and the need for further development and construction [26][30] - The company has reassessed the feasibility and necessity of these projects, confirming their alignment with strategic goals [30][34] Group 4 - The company intends to use temporarily idle fundraising and self-owned funds for cash management, with a maximum investment of RMB 30 million for each category [40][42] - The investment will focus on safe and liquid bank products, ensuring that it does not affect ongoing projects or operational cash flow [42][59] - The board has approved this cash management strategy, which is expected to enhance the efficiency of fund utilization [55][60]

证券日报网讯 1月16日，九州一轨发布公告称，公司于2026年1月16日召开了第三届董事会第二次会 议，审议通过了《关于使用部分暂时闲置募集资金及自有资金进行现金管理的议案》。公司拟使用额度 不超过人民币30，000万元（含本数）的部分暂时闲置募集资金、额度不超过人民币30，000万元（含本 数）的闲置自有资金分别进行现金管理。本事项无需提交股东会审议。 （编辑 任世碧） ...

证券日报网讯1月16日，九州一轨发布公告称，公司将于2026年2月2日14：00召开2026年第一次临时股 东会。 ...