Core Viewpoint - Western Venture (000557) expects a net profit attributable to shareholders of 295 million yuan for the first three quarters of 2025, representing a year-on-year increase of 31.43% [1] Financial Performance - The company’s full subsidiary, Ningxia Dagu Logistics Co., Ltd., was taken over by the bankruptcy administrator on June 30, 2025, resulting in the loss of control over this subsidiary [1] - The company will exclude Ningxia Dagu Logistics Co., Ltd. from its consolidated financial statements and recognize an investment income of 165 million yuan for this period [1]

Group 1 - The company, Western Entrepreneurship (000557.SZ), forecasts a net profit attributable to shareholders of 295 million yuan for the first three quarters of 2025, representing a year-on-year increase of 31.43% [1] - The net profit after deducting non-recurring gains and losses is expected to be 134 million yuan, showing a year-on-year decrease of 38.99% [1] - The decline in gross profit from railway transportation business is attributed to increased costs in vehicle maintenance, line maintenance, depreciation, and labor costs, resulting in a decrease of approximately 32.8 million yuan [1]

Core Viewpoint - Western Entrepreneur (000557.SZ) reported a net profit attributable to shareholders of 294.6 million yuan for the first three quarters, representing a year-on-year increase of 31.43%. However, the net profit after deducting non-recurring gains and losses was 134.1 million yuan, a year-on-year decrease of 38.99% [1] Financial Performance - The company expects a net profit of 294.6 million yuan for the first three quarters, up 31.43% year-on-year [1] - The net profit after excluding non-recurring items is projected at 134.1 million yuan, down 38.99% compared to the same period last year [1] Cost and Expense Analysis - The increase in safety production costs due to the implementation of the regional government's requirements for "roadway dismantling and elevation" led to an increase of approximately 49.6 million yuan [1] - The gross profit from railway transportation decreased by approximately 32.8 million yuan due to rising costs in vehicle maintenance, line repairs, depreciation, and labor [1] Non-Recurring Gains - The company lost control over its wholly-owned subsidiary, Ningxia Dagu Logistics Co., Ltd., which was taken over by a bankruptcy administrator on June 30, 2025. This resulted in a recognition of related investment income of 164.5 million yuan, categorized as a non-recurring gain [1]

Core Insights - The company expects a net profit of 295 million yuan for the first three quarters of 2025, representing a year-on-year increase of 31.43% [1] - Basic earnings per share are projected to be 0.2020 yuan per share [1] Financial Performance - The increase in safety production costs related to the "roadway demolition and elevation" requirements led to an increase of approximately 49.6 million yuan compared to the previous year [1] - The gross profit from railway transportation business decreased by approximately 32.8 million yuan due to the aforementioned costs [1] - Losses from the wholly-owned subsidiary Ningxia Dagu Logistics Co., Ltd. also impacted the gross profit of the railway transportation business [1]

[I. Performance Forecast for the Current Period](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company forecasts positive net profit and year-on-year growth for shareholders in the first three quarters of 2025 [(I) Performance Forecast Period](index=1&type=section&id=%28%E4%B8%80%29%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4) This section specifies the performance forecast period from January 1 to September 30, 2025 - The performance forecast period is from January 1, 2025, to September 30, 2025[2](index=2&type=chunk) [(II) Performance Forecast Details](index=1&type=section&id=%28%E4%BA%8C%29%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company expects profitability and increased net profit attributable to shareholders for the first three quarters of 2025 - Expected net profit is positive and shows a year-on-year increase[2](index=2&type=chunk) [II. Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company pre-communicated its 2025 Q3 performance forecast with Zhongxinghua, confirming no major discrepancies, but the forecast is unaudited 2025 First Three Quarters Key Financial Indicators Forecast | Item | Current Reporting Period (million yuan) | Prior Year Same Period (million yuan) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Net profit attributable to shareholders | 294.60 | 224.14 | 31.43% | | Net profit after deducting non-recurring gains and losses | 134.10 | 219.79 | -38.99% | | Basic Earnings Per Share (yuan/share) | 0.2020 | 0.1537 | - | - The company has pre-communicated with Zhongxinghua Certified Public Accountants regarding the performance forecast, with no significant discrepancies between parties[3](index=3&type=chunk)[4](index=4&type=chunk) - The 2025 first three quarters performance forecast has not been pre-audited by a certified public accountant[4](index=4&type=chunk) [(I) Communication Results](index=1&type=section&id=%28%E4%B8%80%29%20%E6%B2%9F%E9%80%9A%E7%BB%93%E6%9E%9C) The company pre-communicated its performance forecast with Zhongxinghua Certified Public Accountants, confirming no major discrepancies - The company has pre-communicated with Zhongxinghua Certified Public Accountants (Special General Partnership) regarding the performance forecast, with no significant discrepancies between parties[3](index=3&type=chunk)[4](index=4&type=chunk) [(II) Pre-audit Status](index=2&type=section&id=%28%E4%BA%8C%29%20%E9%A2%84%E5%AE%A1%E6%83%85%E5%86%B5) The 2025 first three quarters performance forecast has not yet undergone pre-audit by a certified public accountant - The company's 2025 first three quarters performance forecast has not been pre-audited by a certified public accountant[4](index=4&type=chunk) [III. Explanation of Performance Changes](index=2&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Performance changes are driven by increased safety costs, reduced railway gross profit, and non-recurring investment gains from a subsidiary disposal - Safety production fees increased by approximately **49.6 million yuan** year-on-year, primarily for fence installation and level crossing removal projects to enhance railway transportation safety[5](index=5&type=chunk) - Railway transportation business gross profit decreased by approximately **32.8 million yuan** year-on-year, mainly due to increased costs for vehicle maintenance, line maintenance, depreciation, and labor[5](index=5&type=chunk) - Non-recurring investment income of **164.5002 million yuan** was recognized, stemming from the full disposal of subsidiary Ningxia Dagu Logistics Co., Ltd. after being taken over by a bankruptcy administrator and removed from consolidated financial statements[5](index=5&type=chunk) [(I) Increase in Safety Production Fees](index=2&type=section&id=%28%E4%B8%80%29%20%E5%AE%89%E5%85%A8%E7%94%9F%E4%BA%A7%E8%B4%B9%E5%A2%9E%E5%8A%A0) Safety production fees increased by **49.6 million yuan** for government-mandated fence installation and level crossing removal projects - To implement the autonomous region government's requirements for "level crossing consolidation and grade separation," the company initiated fence installation and level crossing removal projects[5](index=5&type=chunk) - This resulted in a year-on-year increase of approximately **49.6 million yuan** in safety production fees[5](index=5&type=chunk) [(II) Decline in Railway Transportation Business Gross Profit](index=2&type=section&id=%28%E4%BA%8C%29%20%E9%93%81%E8%B7%AF%E8%BF%90%E8%BE%93%E4%B8%9A%E5%8A%A1%E6%AF%9B%E5%88%A9%E4%B8%8B%E9%99%8D) Railway transportation gross profit decreased by **32.8 million yuan** year-on-year, mainly due to increased maintenance, depreciation, and labor costs - Railway transportation business gross profit decreased by approximately **32.8 million yuan** year-on-year[5](index=5&type=chunk) - The decline is attributed to year-on-year increases in cost items such as vehicle maintenance, line maintenance, depreciation, and labor costs[5](index=5&type=chunk) [(III) Investment Income from Subsidiary Disposal](index=2&type=section&id=%28%E4%B8%89%29%20%E5%A4%84%E7%BD%AE%E5%AD%90%E5%85%AC%E5%8F%B8%E7%A1%AE%E8%AE%A4%E6%8A%95%E8%B5%84%E6%94%B6%E7%9B%8A) Non-recurring investment income of **164.5002 million yuan** was recognized from the disposal of subsidiary Ningxia Dagu Logistics, following its takeover by a bankruptcy administrator - Wholly-owned subsidiary Ningxia Dagu Logistics Co., Ltd. was taken over and transferred by a bankruptcy administrator on June 30, 2025[5](index=5&type=chunk) - The company lost control over Ningxia Dagu Logistics Co., Ltd. and removed it from the scope of consolidated financial statements[5](index=5&type=chunk) - Related investment income of **164.5002 million yuan** was recognized in the current period, classified as non-recurring gains and losses[5](index=5&type=chunk) [IV. Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company advises investors that this performance forecast is a preliminary financial estimate, with final data subject to the official 2025 Third Quarter Report, and designates Securities Times and Juchao Information Network as official disclosure media - This performance forecast is a preliminary estimate by the company's finance department; specific financial data will be based on the official '2025 Third Quarter Report'[6](index=6&type=chunk) - Investors are reminded to be aware of investment risks and make prudent decisions[6](index=6&type=chunk) - The company designates Securities Times and Juchao Information Network (www.cninfo.com.cn) as its official information disclosure media[6](index=6&type=chunk) [(I) Nature of Performance Forecast](index=2&type=section&id=%28%E4%B8%80%29%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E7%9A%84%E6%80%A7%E8%B4%A8) This section emphasizes that the performance forecast is a preliminary estimate by the company's finance department, with final financial data subject to the official 2025 Third Quarter Report - This performance forecast is a preliminary estimate by the company's finance department; specific financial data will be based on the official '2025 Third Quarter Report'[6](index=6&type=chunk) [(II) Information Disclosure Media](index=2&type=section&id=%28%E4%BA%8C%29%20%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B

Core Insights - The Chinese wine industry is experiencing a significant decline in production, with a reported 37.5% year-on-year decrease in April 2025 [1] - Cumulative wine production from January to April 2025 has also dropped by 27.5%, totaling 29,000 kiloliters [1] Company Insights - Key listed companies in the Chinese wine sector include Zhangyu A (000869), Weilang Co., Ltd. (603779), Zhongpu Co., Ltd. (600084), ST Tongpu (600365), Xibu Chuangye (000557), and Huangtai Wine Industry (000995) [1] Industry Reports - The report titled "2026-2032 China Wine Industry Market Panorama Survey and Investment Potential Research Report" by Zhiyan Consulting provides insights into the market trends and investment opportunities within the industry [1][2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive solutions for investment decisions [2]

Market Overview - On September 29, the railway and highway sector rose by 0.41% compared to the previous trading day, with Fulin Transportation 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] Stock Performance - Notable gainers in the railway and highway sector included: - Fulin Transportation (002357) with a closing price of 10.00, up 2.35% on a trading volume of 83,100 shares and a turnover of 82.01 million yuan [1] - Anhui Expressway (600012) closed at 13.57, up 1.95% with a trading volume of 151,300 shares and a turnover of 204 million yuan [1] - Dongguan Holdings (000828) closed at 11.33, up 1.80% with a trading volume of 84,900 shares and a turnover of 95.34 million yuan [1] Fund Flow Analysis - The railway and highway sector experienced a net outflow of 274 million yuan from institutional investors, while retail investors saw a net inflow of 178 million yuan [2] - The sector's overall fund flow indicated that retail investors were more active compared to institutional investors on that day [2] Individual Stock Fund Flow - Key stocks with significant fund flow included: - Haikou Group (603069) with a net inflow of 20.84 million yuan from institutional investors, but a net outflow of 19.49 million yuan from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 7.74 million yuan from institutional investors, while retail investors saw a net outflow of 612.25 million yuan [3] - Hainan Expressway (000886) recorded a net inflow of 11.83 million yuan from institutional investors, but retail investors had a net outflow of 660.90 million yuan [3]

第十届董事会第十九次会议（临时会议）决议公告 证券代码：000557 证券简称：西部创业 公告编号：2025-32 审议通过了《关于调整 2025 年度固定资产投资计划的提案》。 同意公司对《2025 年度投资计划》中固定资产投资计划进 行调整。本次新增投资项目 11 项、调整 23 项、取消 6 项，共 — 1 — 第十届董事会第十九次会议（临时会议）决议公告 核减年内投资 31,158 万元。调整后，2025 年度固定资产投资项 目共 61 项，年内计划投资 91,250 万元。 宁夏西部创业实业股份有限公司 第十届董事会第十九次会议 （临时会议）决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 2025 年 9 月 23 日，宁夏西部创业实业股份有限公司第十届 董事会第十九次会议（临时会议）以通讯表决方式召开。关于召 开本次会议的通知于 2025 年 9 月 10 日以书面、电子邮件和电话 形式发出。董事陈存兵、巫斌伟、吴清亮、韩鹏飞、王勇、刘建 平、许志平、张文君、王玉荣、杨玉明出席会议，公司监事及高 级管理人员列席会议 ...

Core Viewpoint - The company has approved adjustments to its fixed asset investment plan for 2025, reflecting a strategic shift in its investment priorities [1] Group 1: Meeting Details - The 19th meeting of the 10th Board of Directors was held on September 23, 2025, via telecommunication, with all 10 directors present, ensuring compliance with meeting protocols [1] - The meeting notification was issued on September 10, 2025, and included attendance from supervisors and senior management [1] Group 2: Investment Plan Adjustments - The proposal to adjust the 2025 fixed asset investment plan was approved, which includes the addition of 11 new projects, adjustments to 23 existing projects, and the cancellation of 6 projects [1] - The total reduction in investment for the year amounts to 31.158 million yuan, resulting in a revised total of 61 investment projects for 2025, with a planned investment of 91.25 million yuan [1]

Core Viewpoint - The company primarily engages in railway transportation, focusing on coal logistics, with a significant revenue contribution from this core business [2]. Revenue Composition - In the first half of 2025, the company's railway transportation and logistics business generated a revenue of 63,726.92 million yuan, accounting for 99.42% of total revenue [2]. - Revenue from wine and other businesses was only 370.20 million yuan, representing 0.58% of total revenue [2]. Business Focus - The railway transportation sector, specifically the Ningdong Railway Company, is the main profit contributor for the company, showcasing superior revenue scale, proportion, and gross margin compared to other business segments [2]. - The company plans to continue focusing on its core business development while adhering to information disclosure regulations [2].