Revenue and Profitability - The company's revenue for Q3 2025 reached ¥1,833,998,740.15, representing a 76.75% increase compared to the same period last year[4] - The net profit attributable to shareholders was -¥53,472,550.03, a significant decrease of 1,098.58% year-on-year[4] - The net profit after deducting non-recurring gains and losses was -¥59,328,164.39, down 1,103.19% from the previous year[4] - The basic earnings per share were -¥0.0482, a decrease of 1,105.00% compared to the same period last year[4] - Net profit for the current period was ¥111,417,237.92, compared to a net loss of ¥5,469,708.02 in the previous period, marking a turnaround in profitability[17] - Basic earnings per share (EPS) for the period is 0.0582, compared to 0.0008 in the previous period[18] Cash Flow - The net cash flow from operating activities was -¥946,338,928.29, reflecting a decline of 1,068.80% year-on-year[4] - Net cash flow from operating activities is -946,338,928.29 yuan, a decrease from 97,681,555.69 yuan in the previous period[18] - Cash inflow from operating activities totaled 3,441,990,281.27 yuan, up from 2,657,401,759.57 yuan year-over-year[18] - Cash outflow from operating activities increased to 4,388,329,209.56 yuan from 2,559,720,203.88 yuan in the previous period[19] - Net cash flow from investing activities is 41,670,053.58 yuan, compared to 9,251,214.49 yuan in the previous period[19] - Cash inflow from financing activities is 2,516,029,339.63 yuan, slightly down from 2,353,104,971.74 yuan in the previous period[19] - Net cash flow from financing activities increased to 1,181,328,573.64 yuan from 583,050,920.52 yuan in the previous period[19] - The ending balance of cash and cash equivalents is 1,557,521,864.26 yuan, up from 1,113,139,887.40 yuan in the previous period[19] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥15,494,199,471.02, an increase of 5.75% from the end of the previous year[4] - The company's total assets increased to ¥15,494,199,471.02 from ¥14,651,468,814.28, reflecting a growth of approximately 5.8%[15] - Total liabilities rose to ¥8,824,361,233.94, compared to ¥8,081,949,506.17, an increase of about 9.2%[15] - The company’s total liabilities increased, with long-term borrowings rising by 86.35% to ¥2,950,315,346.99, primarily due to new borrowings[7] - The company’s long-term borrowings increased to ¥2,950,315,346.99 from ¥1,583,223,692.05, reflecting a growth of approximately 86.3%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 54,637[10] - Tianjin Tianbao Holdings Co., Ltd. holds 51.45% of shares, totaling 570,995,896 shares, with 236,198,000 shares pledged[10] - The company has not reported any changes in the top 10 shareholders due to share lending or borrowing activities[12] Investment and Assets Growth - The company recorded a substantial increase in investment cash flow, which reached ¥41,670,053.58, a 350.43% increase compared to the previous year[8] - Accounts receivable increased to ¥118,476,131.34 from ¥31,888,742.29, indicating a significant rise in receivables[13] - Other receivables rose to ¥247,936,468.15 from ¥89,539,196.26, reflecting improved collection efforts[13] - Total current assets at the end of the period are ¥13,083,340,185.99, compared to ¥12,343,812,973.47 at the beginning[13] - Long-term equity investments increased to ¥371,215,300.51 from ¥357,895,981.27, showing growth in investment holdings[13] - Investment properties are valued at ¥814,933,127.59, up from ¥758,770,652.97, indicating expansion in real estate investments[13] - Fixed assets increased to ¥364,136,023.33 from ¥279,096,931.52, suggesting capital investment growth[13] Operational Performance - Total operating revenue for the current period reached ¥2,320,043,451.03, a significant increase from ¥1,567,701,442.00 in the previous period, representing a growth of approximately 47.9%[16] - Total operating costs amounted to ¥2,189,204,360.64, up from ¥1,466,493,697.81, indicating an increase of about 49.4%[16] - The operating profit for the current period was ¥108,036,428.73, up from ¥38,553,082.08, indicating a substantial improvement in operational efficiency[17] Audit and Compliance - The company has not undergone an audit for the third quarter financial report[20] - The financial report for the third quarter is not applicable for the new accounting standards effective from 2025[20]

证券代码：000965 证券简称：天保基建 公告编号：2025-49 天津天保基建股份有限公司 关于拟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。 特别提示： 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。 天津天保基建股份有限公司（以下简称"公司"）于2025 年10月23日召开公司第九届董事会第二十八次会议，以7票同意、 0票反对、0票弃权，审议通过了《关于续聘年度审计机构的议案》。 本议案尚需提交公司股东会审议，现就相关事项公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 （5）首席合伙人：王增明 （6）人员信息：2024 年末合伙人 93 人，注册会计师 482 人，其中：签署过证券服务业务审计报告的注册会计师 180 余人。 （7）审计收入：2024 年度经审计的收入总额 7.04 亿元， 审计业务收入 6.82 亿元，证券业务收入 3.01 亿元。 （8）业务情况：2024 年度上市公司审计客户 40 家 ...

证券代码：000965 证券简称：天保基建 公告编号：2025-50 天津天保基建股份有限公司 关于计提资产减值准备的公告 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。 天津天保基建股份有限公司（以下简称"公司"）第九届董 事会第二十八次会议，审议通过了《2025年第三季度报告》。根 据《深圳证券交易所股票上市规则》及《深圳证券交易所上市公 司自律监管指南第1号——业务办理》有关规定，公司对本次计 提资产减值准备具体情况公告如下： | 资产名称 | 减值期末余额 | 资产可收回 | 本期计提减 | 本期转销减值 | 期末账面价值 | | --- | --- | --- | --- | --- | --- | | | | 净额 | 值金额 | 金额 | | | 开发产品 | | | | | | | 天津南开区 天拖二期地 | 327,639,180. | 839,124,246. | 21,568,778. | 116,727,585. | 839,124,246. | | 块项目 | 71 | 56 | 94 | 04 | 56 | | 合计 | 327,6 ...

Group 1 - The urban village renovation index experienced a decline of 1.95% during the trading session [1] - Among the constituent stocks, Hefei Urban Construction fell by 8.90%, Yunnan Urban Investment decreased by 6.35%, Youan Design dropped by 4.87%, Tianbao Infrastructure declined by 4.36%, and Jingtou Development fell by 4.21% [1]

Group 1 - Tianbao Infrastructure experienced a decline of 5.19%, trading at 4.57 CNY per share, with a total transaction volume of 485 million CNY and a turnover rate of 9.31%, resulting in a total market capitalization of 5.072 billion CNY [1] - The company, established on September 30, 1998, and listed on April 6, 2000, is primarily engaged in real estate development, property leasing, and property management, with revenue composition as follows: 85.93% from real estate sales, 6.21% from property leasing, 6.20% from property management, 1.47% from hotel income, and 0.20% from pharmaceutical sales [1] Group 2 - Among the top ten circulating shareholders of Tianbao Infrastructure, a fund under Southern Fund holds a position. The Southern CSI Real Estate ETF Initiated Link A (004642) increased its holdings by 52,100 shares in the second quarter, totaling 7.0786 million shares, which accounts for 0.64% of the circulating shares [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) was established on August 24, 2017, with a current scale of 173 million CNY. Year-to-date returns are 12.04%, ranking 3417 out of 4218 in its category, while the one-year return is 8.2%, ranking 3340 out of 3875. Since inception, it has incurred a loss of 37.56% [2]

Core Viewpoint - The Chinese stock market experienced slight declines, with the Shanghai Composite Index down by 0.07% and the Shenzhen Component Index down by 0.62%, indicating a mixed market sentiment amid varying sector performances [1]. Market Performance - The Shanghai Composite Index closed at 3913.76 points with a trading volume of 741.525 billion [1]. - The Shenzhen Component Index closed at 12996.61 points with a trading volume of 926.332 billion [1]. - The ChiNext Index closed at 3059.32 points with a trading volume of 412.990 billion [1]. Sector Highlights - The oil and gas extraction sector saw significant gains, with companies like Beiken Energy, Sinopec Oilfield Service, and Zhun Oil Co. hitting the daily limit [1]. - The real estate sector also performed strongly, with firms such as Yingxin Development, Guangming Real Estate, and Tianbao Infrastructure reaching the daily limit [1]. - The gold sector faced weakness throughout the day, with Western Gold and Hunan Gold dropping over 4% [1]. Other Notable Concepts - Concepts such as combustible ice, Tianjin Free Trade Zone, lab-grown meat, wind power equipment, and engineering machinery showed strong performance [1]. - Conversely, sectors like coal mining and processing, gas, and port shipping experienced notable declines [1].

Core Viewpoint - The Tianjin Free Trade Zone concept has shown a positive performance with a 2.03% increase, ranking third among concept sectors, driven by significant gains in several stocks [1][2]. Stock Performance - Among the stocks in the Tianjin Free Trade Zone concept, Tianbao Construction and Saixiang Technology reached the daily limit increase, while Jintai City Development, Tianjin Prin, and Youfa Group also saw notable gains of 3.82%, 2.60%, and 2.57% respectively [1]. - Conversely, stocks such as Jinkai New Energy, Hengyin Technology, and HNA Technology experienced declines of 0.87%, 0.79%, and 0.65% respectively [1]. Capital Flow - The Tianjin Free Trade Zone concept attracted a net inflow of 259 million yuan from main funds, with Tianbao Construction leading the inflow at 156 million yuan, followed by Saixiang Technology, Youfa Group, and Tianjin Prin with inflows of 114 million yuan, 28.89 million yuan, and 11.96 million yuan respectively [2][3]. - The net inflow ratios for Saixiang Technology, Tianbao Construction, and Tianjin Prin were 36.22%, 30.21%, and 6.55% respectively, indicating strong investor interest in these stocks [3]. Trading Activity - The trading activity for Tianbao Construction showed a daily increase of 10.05% with a turnover rate of 9.90%, while Saixiang Technology also increased by 10.00% with a turnover rate of 8.61% [3]. - Other stocks in the sector, such as Youfa Group and Tianjin Prin, recorded increases of 2.57% and 2.60% respectively, with turnover rates of 5.16% and 3.69% [3].

Market Overview - On October 22, the three major A-share indices collectively adjusted, with the Shanghai Composite Index down 0.07%, the Shenzhen Component Index down 0.62%, and the ChiNext Index down 0.79%. The total market turnover was 1.69 trillion yuan, a decrease of 202.4 billion yuan compared to the previous trading day [1]. Energy Sector Performance - The energy-related sectors continued to show strength, with deep-sea and deep-earth economy concepts experiencing significant growth. The combustible ice and oil and gas extraction sectors led the gains, with multiple stocks hitting the daily limit [3][4]. - Huanghe Xuanfeng's stock price increased by over 85% year-to-date and surged over 52% in October alone. The company specializes in superhard materials and products, which are widely used in various industries including diamond tool manufacturing and electronics [3]. Deep-Sea and Deep-Earth Developments - During the "14th Five-Year Plan" period, China has made significant advancements in deep-sea and deep-earth exploration. The country's first self-operated deep-water oil field, the Liuhua Oilfield, has achieved record high oil and gas production. Domestic crude oil production from China National Offshore Oil Corporation (CNOOC) has increased to 58.61 million tons, with offshore crude oil production accounting for over 70% of the total increase in the country [6]. - The deep-earth economy is also evolving rapidly, with advancements in drilling technology reducing the time required to reach deeper depths. The successful drilling of the Deep Earth T1 well to 10,910 meters marks a significant milestone [6]. Real Estate Sector Activity - The real estate sector showed active performance, with several stocks such as Yingxin Development achieving a "three consecutive limit" and others like Guangming Real Estate and Tianbao Infrastructure also hitting the daily limit [7]. - According to Zhongtai Securities, the continuous optimization of housing policies in core cities is expected to boost market confidence, leading to a potential stabilization of the industry as policies aimed at stabilizing sales and funding continue to be implemented [9].

Core Viewpoint - The Airbus concept sector is experiencing a strong performance, with notable gains in Tianbao Infrastructure and Saixiang Technology, which have reached their daily limit up [1] Group 1 - The Airbus concept sector is showing strength as of October 22 [1] - Tianbao Infrastructure and Saixiang Technology have both hit the daily limit up, indicating significant investor interest [1]

Core Insights - In September, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline, while the year-on-year decline continued to narrow [1] - Shanghai's real estate development investment from January to September 2025 increased by 2.2% compared to the same period last year [1] - The Real Estate ETF fund rose by 1.41% today, with stocks such as Yinxin Development, Zhuhai Free Trade Group, Guangming Real Estate, and Tianbao Infrastructure hitting the daily limit [1] Real Estate Market Trends - The month-on-month decline in residential property prices indicates ongoing challenges in the real estate market [1] - The narrowing year-on-year decline suggests a potential stabilization in the market [1] Investment Insights - The Real Estate ETF fund closely tracks the CSI All Share Real Estate Index, which includes major companies such as Poly Developments, Vanke A, and Zhangjiang Hi-Tech [1] - The top ten weighted stocks in the index reflect significant players in the real estate sector, indicating where investment focus may lie [1]