Core Viewpoint - The company, Shunfa Hengneng, is actively pursuing a transformation towards clean energy, aligning with national energy strategies and climate change initiatives [1] Group 1: Company Strategy - The company is investing in various clean energy sectors, including photovoltaic, energy storage, wind power, gas power, electricity sales, and comprehensive energy services [1] - The company is progressing steadily in its transformation according to the established direction of the "14th Five-Year Plan" for energy [1] Group 2: Operational Status - The company's production and operations are normal, with all business activities being carried out step by step [1] - There have been no significant changes in the internal and external operating environment [1]

证券代码：000631 证券简称：顺发恒能 公告编号：2025-60 4、经核实，公司、控股股东万向集团公司和实际控制人鲁伟鼎先生，截至目 前，不存在关于本公司应披露而未披露的重大事项，也不存在处于筹划阶段的重大 事项。 顺发恒能股份公司 股票交易异常波动公告 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、股票交易异常波动的情况介绍 顺发恒能股份公司（以下简称"公司"或"本公司"）股票交易价格连续两个交易 日（2025 年 11 月 11 日和 11 月 12 日）收盘价格涨幅偏离值累计超过 20%，根据《深 圳证券交易所交易规则》的有关规定，属于股票交易异常波动的情况。 二、公司关注、核实相关情况的说明 经董事会对公司控股股东、实际控制人及公司相关人员，就近期公司股票发生 异动进行了核实，现将有关情况说明如下： 1、经核实，公司前期披露的信息不存在需要更正、补充之处。 2、经核实，公司未发现近期公共传媒报道了可能或者已经对公司股票交易价 格产生较大影响的未公开重大信息。 3、经董事会自查，公司根据国家能源战略和气候变化峰会以及四中全会对十 五五能源规划 ...

Market Overview - On November 12, the real estate development sector declined by 0.51% compared to the previous trading day, with Yingxin Development leading the decline [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the real estate sector included: - Shouke Co., Ltd. (600376) with a closing price of 6.13, up 10.05% on a trading volume of 2.21 million shares and a transaction value of 1.32 billion [1] - Shunfa Hengneng (000631) closed at 3.95, up 10.03% with a trading volume of 1.58 million shares and a transaction value of 618 million [1] - Tianjian Group (000090) closed at 4.12, up 6.19% with a trading volume of 2.29 million shares and a transaction value of 963 million [1] - Conversely, Yingxin Development (000620) saw a significant drop of 5.92%, closing at 3.18 with a trading volume of 6.61 million shares and a transaction value of 2.13 billion [2] - Other notable decliners included: - Daming City (600094) down 5.70% to 5.46 [2] - Huachao City A (000069) down 4.10% to 2.81 [2] Capital Flow - The real estate development sector experienced a net outflow of 419 million from institutional investors, while retail investors saw a net inflow of 802 million [2] - The capital flow for key stocks showed: - Shouke Co., Ltd. had a net inflow of 49 million from institutional investors, while retail investors had a net outflow of 265 million [3] - Tianjian Group had a net inflow of 98.83 million from institutional investors, with retail investors experiencing a net outflow of 42.88 million [3] - Hezhan Energy (000809) had a net inflow of 71.39 million from institutional investors, while retail investors had a net outflow of 33.17 million [3]

Core Points - The company Shunfa Hengneng (000631) reported that as of November 10, 2025, the total number of shareholders is 25,624 [1] Summary by Category - **Company Information** - Shunfa Hengneng has a total of 25,624 shareholders as of the specified date [1]

Market Overview - The real estate development sector increased by 0.92% on November 11, with China Overseas Land & Investment leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Top Gainers in Real Estate Sector - China Overseas Land & Investment (000069) closed at 2.93, up 10.15% with a trading volume of 3.37 million shares and a transaction value of 973 million [1] - Shunfa Hengneng (000631) closed at 3.59, up 10.12% with a trading volume of 484,300 shares and a transaction value of 166 million [1] - Daming City (600094) closed at 5.79, up 10.08% with a trading volume of 1.38 million shares and a transaction value of 781 million [1] Top Losers in Real Estate Sector - Hefei Urban Construction (002208) closed at 11.63, down 6.44% with a trading volume of 1.25 million shares and a transaction value of 153.1 million [2] - Chongqing Development (000514) closed at 6.21, down 5.34% with a trading volume of 1.09 million shares and a transaction value of 681 million [2] - Shanghai Shimao (600748) closed at 6.47, down 4.43% with a trading volume of 469,900 shares and a transaction value of 310 million [2] Capital Flow Analysis - The real estate development sector experienced a net outflow of 690 million from institutional investors and 225 million from speculative funds, while retail investors saw a net inflow of 917 million [2] - China Overseas Land & Investment had a net inflow of 14.42 million from institutional investors, while it faced a net outflow of 84.97 million from speculative funds [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the real estate sector [2][3]

Group 1 - The core point of the article is that Shunfa Hengneng (000631) has announced a share repurchase plan, which aims to use its own funds and special loan funds for stock repurchase to reduce registered capital [1] - As of November 4, 2025, the stock price of Shunfa Hengneng closed at 3.14 yuan, with a market capitalization of 7.521 billion yuan [1] - The company plans to repurchase shares with a total amount not less than 250 million yuan and not exceeding 500 million yuan, with a repurchase price cap of 4.95 yuan per share [1] Group 2 - The repurchase period is set for 12 months following the approval of the shareholders' meeting [1] - As of October 31, 2025, the company has not yet implemented the share repurchase [1] - The company is required to disclose the progress of the repurchase plan within the first three trading days of each month [1]

具体内容详见公司于 2025 年 1 月 11 日和 2025 年 2 月 22 日刊登在《证券时 报》及巨潮资讯网（www.cninfo.com.cn）的《关于回购公司股份方案暨取得金融 机构股票回购专项贷款承诺书的公告》（公告编号：2025-2）和《回购报告书》 （公告编号：2025-13）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等有关规定，公司应当在每个月的前三个交易日内披露截至 上月末的回购进展情况。现将有关情况公告如下： 截至 2025 年 10 月 31 日，公司尚未实施股份回购。 公司后续将根据市场情况择机实施本次回购计划，并将在回购期间根据相关 法律、法规和规范性文件的规定及时履行信息披露义务。敬请广大投资者注意投 资风险。 证券代码：000631 证券简称：顺发恒能 公告编号：2025-59 顺发恒能股份公司 关于股份回购进展情况的公告 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 导性陈述或重大遗漏。 顺发恒能股份公司 （以下简称"公司"）于2025年1月10日召开第十届董事会 第五次会议、于2025年2月1 ...

Core Viewpoint - Shunfa Hengneng announced on November 3 that as of October 31, 2025, the total number of shareholders will reach 25,548 households [2] Company Summary - Shunfa Hengneng is actively engaging with investors through interactive platforms [2] - The company is projecting a significant increase in its shareholder base by the end of October 2025, indicating potential growth and interest in the company [2]

Core Insights - Shunfa Hengneng (000631.SZ) reported its Q3 2025 results on October 30, 2025, highlighting significant institutional investor holdings and changes in share ownership [1] Institutional Holdings - As of October 29, 2025, six institutional investors disclosed holdings in Shunfa Hengneng A-shares, totaling 1.754 billion shares, which represents 73.23% of the company's total share capital [1] - The institutional holding percentage increased by 2.55 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 20 public funds were disclosed, including notable funds such as Guotai Guozheng Real Estate Industry Index A and Huatai-PineBridge CSI 2000 Index Enhanced A [1] Foreign Investment Trends - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings in the company, contributing an increase of 0.30% in share ownership compared to the previous period [1]

Financial Performance - The company's operating revenue for Q3 2025 was ¥127,720,025, a decrease of 23.63% compared to ¥167,231,600 in the same period last year[5] - Net profit attributable to shareholders was ¥9,842,740, down 51.03% from ¥20,098,410 in the previous year[5] - The company experienced a 17.26% decline in total operating income from the beginning of the year to the reporting period, totaling ¥368,887,857.99 compared to ¥445,815,863.84[12] - Total operating revenue for the current period is ¥368,887,857.99, a decrease of 17.3% from ¥445,815,863.84 in the previous period[24] - Operating profit for the current period is ¥98,032,203.36, compared to ¥112,176,556.94 in the previous period, reflecting a decrease of 12.6%[25] - Net profit for the current period is ¥76,768,752.69, down 6.4% from ¥82,087,581.51 in the previous period[25] - The net profit attributable to the parent company shareholders was ¥60,219,391.14, compared to ¥64,179,491.52 in the previous period, indicating a decrease of approximately 6.1%[26] - The total comprehensive income amounted to ¥76,768,752.69, down from ¥82,087,581.51, reflecting a decline of about 6.5%[26] Cash Flow - The net cash flow from operating activities decreased by 11.31% to ¥73,721,314.62 from ¥83,126,232.36 in the previous year[13] - Cash flow from operating activities generated a net cash inflow of ¥73,721,314.62, compared to ¥83,126,232.36 in the previous period, representing a decrease of approximately 11.5%[28] - Cash flow from investing activities showed a net inflow of ¥2,366,894,108.76, significantly up from ¥307,476,738.60, indicating a substantial increase[28] - Cash flow from financing activities resulted in a net outflow of ¥28,672,504.69, contrasting with a net inflow of ¥65,991,572.51 in the previous period[29] Assets and Liabilities - The total assets at the end of the reporting period were ¥7,682,649,337.60, reflecting a slight increase of 0.06% compared to the previous year[5] - Total assets at the end of the period amount to ¥7,682,649,337.60, slightly up from ¥7,678,387,947.08 at the beginning of the period[22] - Total liabilities increased to ¥1,663,556,649.49 from ¥1,572,345,695.72, representing a rise of 5.8%[22] - The company's total liabilities decreased by 54.90% in the tax payable category, from ¥51,248,664.82 to ¥23,112,528.91[11] Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,416[15] - The largest shareholder, Wanxiang Group, holds 62.28% of the shares, totaling 1,491,831,780 shares[16] - The top ten shareholders do not have any associated relationships with each other[16] - The company has not disclosed any information regarding the existence of associated relationships among other shareholders[16] - The total number of preferred shareholders is zero, indicating no preferred shares are currently held[17] Stock and Capital Management - The company plans to repurchase shares with a total amount not less than RMB 25 million and not exceeding RMB 50 million, with a repurchase price not exceeding RMB 4.95 per share[17] - The company will use 55,311,694 shares (2.31% of total share capital) for the 2025 employee stock ownership plan, with a transfer price of RMB 2.12 per share[18] - The registered capital of the subsidiary Shunfa Nengcheng has been increased from RMB 2.3 billion to RMB 3.75 billion before a subsequent reduction of RMB 2.25 billion, resulting in a new registered capital of RMB 1.5 billion[19] - The company has not yet implemented the share repurchase as of the end of the reporting period[17] Inventory and Expenses - The inventory decreased by 34.43% to ¥326,648,045.68 from ¥498,130,204.50, primarily due to the delivery of properties[10] - The company reported a decrease in financial expenses by 17.18%, from -¥10,388,878.47 to -¥12,173,631.24, mainly due to reduced interest expenses[12] - Total operating costs for the current period are ¥332,727,536.53, down 14.4% from ¥388,404,422.86 in the previous period[25] Business Operations - The company’s clean energy business has become its main source of revenue, leading to a name change from "Shunfa Hengye" to "Shunfa Hengneng"[17] - The company received cash from sales of goods and services totaling ¥357,429,012.04, down from ¥397,110,845.84, reflecting a decrease of about 10%[27] - The cash received from other operating activities was ¥107,162,988.72, compared to ¥147,303,413.62 in the previous period, indicating a decline of approximately 27.2%[28] - The company reported a net profit of ¥13,697,914.35 from the merged entity prior to consolidation, down from ¥21,210,436.86 in the previous period[26]