Group 1: Power Operations Performance - The company's power operations segment showed stable performance in the first three quarters, with a total power generation of 289 million kWh and an average electricity price of €0.099 per kWh, resulting in a significant year-on-year increase in revenue [1] - The Croatia Senj Wind Power Project's generation met expectations, while the Laos Nam Phak Hydropower Station saw accelerated loan principal repayment and reduced interest expenses due to declining USD interest rates, leading to a substantial profit increase compared to the same period last year [1] Group 2: Future Development Strategies - The company plans to continue expanding its overseas quality power asset portfolio and explore investments in energy storage projects, enhancing the efficiency and stability of its power operations [1] - The company is actively developing new revenue channels such as green certificate trading and virtual power plants to further enhance the profitability of its power segment [1] Group 3: Cash Flow and Operational Efficiency - The company's operating cash flow has shown steady growth, attributed to a focus on risk-controlled, timely payment projects and ongoing cost reduction efforts, leading to improved cash flow quality [2] - The company has enhanced inventory turnover efficiency, contributing to the overall improvement in cash flow [2] Group 4: Mining Project Development - The company is transitioning from a pure EPC contractor to a full-service provider in the mining industry, extending its business scope to mining operations and support services, thereby establishing closer, long-term relationships with clients [2] - Future strategies include maintaining an integrated development approach in the mining sector to strengthen and expand its core competitive advantages [2] Group 5: Coal Sales Performance - The company's coal sales in Mongolia improved significantly in Q3, achieving a sales volume of 1.54 million tons, a year-on-year increase of 75% and a quarter-on-quarter increase of 32%, with both sales volume and gross profit showing notable improvement compared to the first half of the year [2]

Core Viewpoint - As of October 31, 2025, Beifang International (000065) closed at 11.17 yuan, reflecting a 0.81% increase, with a trading volume of 175,900 hands and a turnover of 196 million yuan [1] Financial Performance - For the first three quarters of 2025, Beifang International reported a main operating revenue of 9.915 billion yuan, a year-on-year decrease of 29.79% [2] - The net profit attributable to shareholders was 485 million yuan, down 36.02% year-on-year, while the net profit after deducting non-recurring gains and losses was 481 million yuan, a decrease of 35.43% [2] - In Q3 2025, the company recorded a single-quarter main operating revenue of 3.181 billion yuan, a year-on-year decline of 14.2%, and a net profit of 176 million yuan, down 19.49% year-on-year [2] Market Position - Beifang International's total market capitalization is 11.967 billion yuan, ranking 23rd in the engineering construction industry, which has an average market cap of 22.371 billion yuan [2] - The company's price-to-earnings ratio (P/E) is 18.52, compared to the industry average of 13.67, placing it 18th in the industry [2] - The return on equity (ROE) stands at 4.96%, significantly higher than the industry average of 0.45%, ranking 19th [2] Investment Sentiment - Over the past 90 days, six institutions have rated the stock, with five giving a "buy" rating and one an "increase" rating, while the average target price set by institutions is 14.44 yuan [3]

Core Insights - Northern International (000065.SZ) reported a significant increase in operating income and net profit for the first three quarters of 2025, with operating income reaching 9.915 billion yuan and net profit attributable to shareholders at 485 million yuan, alongside a remarkable 296.6% year-on-year increase in net cash flow from operating activities to 899 million yuan [1][2] Financial Performance - For Q3 2025, the company achieved an operating income of 3.18 billion yuan and a net profit of 176 million yuan attributable to shareholders [1] - As of the end of Q3, the company's inventory decreased by 40.99% compared to the end of the previous year [1] Business Operations - Northern International Group is a major state-owned enterprise supported by the municipal government, focusing on foreign trade, engineering contracting, domestic trade, modern logistics, and capital operations [1] - The company signed two new engineering contracts in Q3 2025, totaling 64.2547 million USD, with the largest order being the Komika Source Network Storage project in the Democratic Republic of the Congo at 64.1607 million USD [1] Project Execution - As of September 30, the company had a total of 73 signed but uncompleted project contracts, amounting to 13.707 billion USD, with 48 active projects valued at 5.948 billion USD across various sectors including power, mining, and infrastructure [2] - Key projects include the successful reliability test of the first unit of the Bodou Akali coal-fired power station in Bangladesh and significant progress in the integrated mining project in Mongolia, which saw a mining volume of 29.1 million cubic meters and coal sales of 3.76 million tons from January to September [2] Strategic Positioning - Northern International is recognized as an important practitioner of the national "Belt and Road" initiative, possessing comprehensive capabilities in overseas project development, engineering construction, and localized operations [2] - The company aims to continue focusing on market expansion, closely monitoring market and policy environments, and actively assessing potential opportunities to contribute to regional development [2]

Core Viewpoint - Northern International (000065.SZ) reported a significant decline in both revenue and net profit for the first three quarters of the year, indicating potential challenges in its operational performance [1] Financial Performance - The company's operating revenue for the first three quarters was 9.915 billion yuan, representing a year-on-year decrease of 29.79% [1] - The net profit attributable to shareholders was 480 million yuan, down 36.02% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was also 480 million yuan, reflecting a year-on-year decline of 39.47% [1]

股票简称：北方国际 股票代码：000065 公告编号：2025-089 2025 年第三季度工程业务经营情况公告 北方国际合作股份有限公司 2025 年第三季度工程业务经营情况公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露》等相关规定，北方国际合作股份有限公司（以下 简称"公司"）将 2025 年第三季度经营情况披露如下： | 项 目 | 数量 | 金额(万美元) | | --- | --- | --- | | 2025年第三季度新签项目合同 | 2 | 6,425.47 | | 截至2025年9月30日累计已签约未完工项目合同 | 73 | 1,370,701.11 | | 其中： | | | | 已签约尚未生效项目合同 | 25 | 775,871.24 | | 已生效正在执行项目合同 | 48 | 594,820.47 | | 已中标尚未签约项目合同 | 0 | 0 | 一、公司合同总体情况 二、重大项目情况 1、2025 年第三季度新签重要工程项 ...

关于召开 2025 年第三季度业绩说明会的公告 （问题征集专题页面二维码） 欢迎广大投资者积极参与本次网上说明会。 特此公告。 北方国际合作股份有限公司董事会 证券简称：北方国际 证券代码：000065 公告编码：2025-088 北方国际合作股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，便于广大投资者全面深入了解公司 2025 年前三季度经营业绩和未来发展战略，北方国际合作股份有限公司（以下 简称"公司"）定于 2025 年 11 月 6 日（周四）15:00-17:00 在全景网举办 2025 年第三季度业绩说明会，本次年度业绩说明会将采用网络文字互动的方式举行， 投资者可登陆全景网"投资者关系互动平台"（http://ir.p5w.net）参与本次年度业 绩说明会。 出席本次业绩说明会的人员有：董事、总经理、党委副书记单钧先生，独立 董事宋东升先生，董事会秘书、财务总监、总法律顾问倪静女士。 为充分尊重投资者、提升交流的针对性，现就公司 2025 年第三季度 ...

关于续聘会计师事务所的公告 股票简称：北方国际 股票代码：000065 公告编号：2025-087 北方国际合作股份有限公司 关于续聘会计师事务所的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1、公司 2024 年度审计意见为标准无保留意见； 2、本次聘任不涉及变更会计师事务所； 3、公司董事会审计委员会、董事会对本次续聘会计师事务所事项不存在异 议。 4、本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国 有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 北方国际合作股份有限公司（以下简称"公司"或"北方国际"）于 2025 年 10 月 29 日召开九届十四次董事会，审议通过了《续聘会计师事务所》的议案， 同意续聘立信会计师事务所（特殊普通合伙）（以下简称"立信会计师事务所"） 为公司 2025 年度财务报告及内部控制审计机构。该议案尚需提交公司股东会审 议。现将此次拟续聘会计师事务所的基本情况公告如下： 一、续聘会计师事务所的情况说明 立信会计师事务所为公司 2024 年度审计机构，其具备证 ...

九届十四次董事会决议公告 股票简称：北方国际 股票代码：000065 公告编号：2025-085 北方国际合作股份有限公司 九届十四次董事会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 北方国际合作股份有限公司（以下简称"公司"或"北方国际"）九届十四次董 事会会议通知已于2025年10月20日以电子邮件和传真方式送达公司全体董事。本 次会议于2025年10月29日以现场会议表决的形式召开。会议应到会董事9名，实 际到会董事9名。会议由董事长纪巍主持。会议召开程序符合《公司法》及《公 司章程》的有关规定，会议合法有效。经全体参会董事审议： 二、会议审议通过了《续聘会计师事务所》的议案。 表决结果：同意9票，反对0票，弃权0票。 本议案已经董事会审计委员会2025年第三次会议审议通过。具体内容详见同 日刊登于《中国证券报》、《证券时报》和巨潮资讯网《关于续聘会计师事务所的 公告》（2025-087）。 此议案尚需提交股东会审议批准，股东会时间另行通知。 备查文件 （1） 九届十四次董事会决议 北方国际合作股份有限公司董事会 二〇二五年十月三十一日 一、 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥3,180,562,085.34, a decrease of 14.20% compared to the same period last year[5]. - The net profit attributable to shareholders was ¥175,724,009.53, down 19.49% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥174,399,613.16, a decrease of 19.32%[5]. - The basic earnings per share decreased to ¥0.17, down 22.73% from the previous year, and diluted earnings per share were also ¥0.17, a decrease of 19.05%[5]. - Total operating revenue for the current period is ¥9,915,075,670.68, a decrease of 29.4% compared to ¥14,121,636,179.14 in the previous period[17]. - Net profit for the current period is ¥485,006,756.07, a decline of 38.6% from ¥789,556,779.38 in the previous period[18]. - Total comprehensive income amounted to ¥519,347,881.97, a decrease from ¥699,362,426.05 in the previous period[19]. - Basic earnings per share decreased to ¥0.46 from ¥0.76, while diluted earnings per share fell to ¥0.45 from ¥0.73[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥25,279,563,333.27, an increase of 3.39% compared to the end of the previous year[5]. - The company's total assets amount to ¥25,279,563,333.27, an increase from ¥24,451,332,685.01 in the previous period[15]. - Total liabilities are reported at ¥14,377,238,691.27, compared to ¥14,233,308,387.00 in the previous period[15]. - The company's expected liabilities decreased by 47.77% compared to the beginning of the year, mainly due to the reversal of certain expected liabilities[9]. - The company's total equity attributable to shareholders increased by 7.61% compared to the end of the previous year, reaching ¥10,178,953,461.76[5]. - The company's equity attributable to shareholders is ¥10,178,953,461.76, up from ¥9,458,689,738.39 in the previous period[15]. Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥897,875,262.02, a significant increase of 296.57%[5]. - Net cash flow from operating activities was ¥897,875,262.02, a significant improvement from a negative cash flow of ¥456,760,712.24 in the previous period[20]. - Cash inflow from operating activities totaled ¥11,335,099,658.66, down from ¥15,028,080,697.68[20]. - Cash outflow from operating activities decreased to ¥10,437,224,396.64 from ¥15,484,841,409.92[20]. - Net cash flow from investing activities was negative at -¥783,011,605.67, worsening from -¥523,552,755.57[21]. - Cash inflow from financing activities increased to ¥3,133,673,245.84 from ¥2,242,855,986.22[21]. - Net cash flow from financing activities improved to ¥232,483,498.06 from ¥199,531,916.06[21]. - The ending balance of cash and cash equivalents was ¥4,816,801,409.80, up from ¥3,070,580,079.94[21]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 50,189, with no preferred shareholders having restored voting rights[11]. - The largest shareholder, China North Industries Group Corporation, holds 40.31% of shares, totaling 431,872,107 shares[11]. - The top ten shareholders collectively hold a significant portion of the company's equity, with the top three alone accounting for over 56%[11]. - Jiangsu Yueda Group, another major shareholder, has pledged 6,500,000 shares[11]. - The company has 27,689,073 shares involved in margin trading by major shareholders[12]. - The company has not reported any changes in the participation of major shareholders in securities lending or borrowing activities[12]. Inventory and Expenses - The company's inventory decreased by 40.99% compared to the beginning of the year, mainly due to a reduction in coking coal inventory[8]. - Inventory decreased significantly from ¥1,564,263,208.20 to ¥923,083,904.69, a reduction of approximately 41%[13]. - Research and development expenses for the current period are ¥54,421,213.22, slightly up from ¥50,052,709.10 in the previous period[17]. - The company's financial expenses increased by 40.24% year-on-year, primarily due to exchange rate fluctuations during the reporting period[10]. - The company's investment income increased by 113.16% year-on-year, primarily due to the liquidation of an associated company and forward foreign exchange contracts[10]. - The company reported an investment income of ¥599,429.23, recovering from a loss of ¥4,554,996.65 in the previous period[18]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters[15]. - The company did not undergo an audit for the third quarter financial report[22].

Core Viewpoint - As of October 29, 2025, Beifang International (000065) closed at 11.31 yuan, with a slight increase of 0.18%, indicating a mixed performance in trading activity and capital flow [1][2]. Group 1: Stock Performance and Trading Data - On October 29, 2025, the stock had a turnover rate of 1.6%, with a trading volume of 155,800 hands and a total transaction amount of 175 million yuan [1]. - The capital flow data showed a net outflow of 30.49 million yuan from main funds, accounting for 17.42% of the total transaction amount, while retail investors saw a net inflow of 27.92 million yuan, representing 15.96% of the total [1][2]. - Over the past five days, the stock experienced fluctuations, with a notable drop of 1.05% on October 28, 2025, and a significant net outflow of 43.24 million yuan from main funds [2]. Group 2: Financial Performance and Industry Comparison - Beifang International reported a total market value of 12.12 billion yuan, which is significantly lower than the industry average of 22.78 billion yuan, ranking 23rd out of 68 in the engineering construction sector [3]. - The company’s net profit for the first half of 2025 was 309 million yuan, reflecting a year-on-year decline of 42.71%, with a gross margin of 13.09%, slightly below the industry average of 13.37% [3]. - The company’s debt ratio stands at 56.24%, with financial expenses amounting to 17.37 million yuan, indicating a challenging financial environment [3]. Group 3: Analyst Ratings and Market Sentiment - In the last 90 days, six institutions provided ratings for Beifang International, with five recommending a buy and one suggesting an increase in holdings, while the average target price set by analysts is 14.44 yuan [4].