Market Overview - On November 6, the Chongqing state-owned enterprise reform sector rose by 2.47% compared to the previous trading day, with Chongqing Construction leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Chongqing Construction (600939) closed at 3.61, with a gain of 10.06% and a trading volume of 656,900 shares, amounting to a transaction value of 230 million [1] - Yudai Development (000514) closed at 5.81, gaining 10.04% with a trading volume of 914,800 shares, totaling 511 million [1] - Yusansha A (000565) closed at 8.75, up 5.42% with a trading volume of 452,400 shares, amounting to 387 million [1] - Qianli Technology (601777) closed at 12.08, gaining 4.32% with a trading volume of 1,604,200 shares, totaling 720 million [1] Capital Flow - The Chongqing state-owned enterprise reform sector saw a net inflow of 217 million from main funds, while retail investors experienced a net outflow of 1530 million [2][3] - Main funds showed significant net inflows in Yudai Development (9783.24 million) and Chongqing Construction (7499.73 million) [3] - Retail investors had notable outflows in Chongqing Construction (-5708.57 million) and Yudai Development (-7054.23 million) [3]

证券代码：002168 证券简称：*ST 惠程 公告编号：2025-090 公司于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）刊登了《2024 年年度报告》，公司 2024 年度经审计净资产为-5,482.35 万元。根据《深圳证券 交易所股票上市规则》的有关规定，公司及子公司连续十二个月累计新增的诉讼、 仲裁事项涉及金额已达到披露标准。截至本公告披露日，公司及子公司连续十二 个月累计新增的尚未披露的小额诉讼仲裁事项涉及金额合计为 1,098.06 万元， 涉案金额超过 1,000 万元，且占公司最近一期经审计净资产绝对值的 10%以上。 其中，公司及子公司作为原告涉及的诉讼仲裁金额合计为 0 元，公司及子公司作 为被告涉及的诉讼仲裁金额合计为 1,098.06 万元。 具体情况详见附件 1：新增诉讼仲裁情况统计表。 二、其他尚未披露的诉讼、仲裁事项 公司及子公司不存在应披露而未披露的其他诉讼、仲裁事项，公司前期已披 露的诉讼仲裁（不含重大诉讼）进展情况详见附件 2：前期已披露的小额诉讼、 仲裁进展情况统计表。 三、本次公告的诉讼、仲裁事项对公司本期利润或期后利润的可能影 ...

Core Insights - The Chongqing state-owned enterprise reform sector saw a rise of 0.52% on October 31, with Qianli Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance Summary - Qianli Technology (601777) closed at 11.91, up 2.67%, with a trading volume of 466,600 shares and a transaction value of 553 million [1] - Yushanxia A (000565) closed at 8.16, up 1.87%, with a trading volume of 105,200 shares and a transaction value of 86.01 million [1] - ST Huicheng (002168) closed at 4.08, up 1.75%, with a trading volume of 57,300 shares and a transaction value of 23.44 million [1] - Other notable stocks include Yukaifang (000514) at 5.23 (+1.16%), Chuan Yi Co. (603100) at 23.34 (+0.78%), and Jieling Pickles (002507) at 13.12 (+0.69%) [1] Capital Flow Analysis - The Chongqing state-owned enterprise reform sector experienced a net inflow of 26.71 million from institutional investors, while retail investors saw a net inflow of 11.87 million [2] - However, speculative funds recorded a net outflow of 38.58 million [2] Individual Stock Capital Flow - Qianli Technology (601777) had a net inflow of 35.02 million from institutional investors, while it faced a net outflow of 13.45 million from speculative funds [3] - Chuan Yi Co. (603100) saw a net inflow of 14.05 million from institutional investors, with a net outflow of 8.75 million from speculative funds [3] - Sanfeng Environment (601827) had a net inflow of 13.99 million from institutional investors, but a net outflow of 14.78 million from retail investors [3]

一、会议以5票同意、0票弃权、0票反对，审议通过《关于<惠程科技2025 年第三季度报告>的议案》。 本事项已经公司董事会审计委员会审议通过。 具体内容详见公司于 2025 年 10 月 31 日在巨潮资讯网（www.cninfo.com.cn） 披露的《2025 年第三季度报告》（公告编号：2025-089）。 证券代码：002168 证券简称：*ST惠程 公告编号：2025－088 第八届董事会第十五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏。 重庆惠程信息科技股份有限公司（以下简称"公司"）第八届董事会第十五 次会议于2025年10月29日以现场及通讯表决方式在公司会议室召开，本次会议通 知已于2025年10月24日以电子邮件和即时通讯工具的方式送达给全体董事、高级 管理人员。本次会议应出席董事5人，实际出席会议的董事5人。本次会议的召开 程序符合《中华人民共和国公司法》及《公司章程》的规定，合法有效。本次会 议由董事长艾远鹏先生主持，经全体董事认真审议后，采用记名投票表决的方式 审议通过了如下议案： 重庆惠程信息科技股份有限公司 董事会 ...

Group 1 - The core viewpoint of the article highlights *ST Huicheng's significant revenue growth in Q3 2023, with a year-on-year increase of 93.13% to approximately 284 million yuan, despite reporting a net loss of about 43.22 million yuan [1] - The basic earnings per share for the company is reported as a loss of 0.0551 yuan [1] - As of the report date, *ST Huicheng's market capitalization stands at 3.1 billion yuan [2]

Revenue and Profitability - Revenue for Q3 2025 reached ¥104,462,682.39, a significant increase of 191.12% compared to the same period last year[4] - Net profit attributable to shareholders was -¥11,550,145.18, representing a decrease of 15.75% year-on-year[4] - The company reported a 93.13% increase in year-to-date revenue, totaling ¥284,255,362.94, primarily due to the addition of new pharmaceutical business segments[12] - The company’s basic earnings per share for Q3 2025 was -¥0.0147, a 16.00% improvement compared to the same period last year[4] - The net loss for the current period was ¥29,564,631.77, compared to a net loss of ¥84,621,133.38 in the previous period, indicating an improvement in financial performance[36] - The net profit attributable to shareholders of the parent company was a loss of ¥43,216,718.63, compared to a loss of ¥83,094,773.02 in the previous period, showing a reduction in losses[37] - The company reported a total comprehensive loss of ¥38,861,381.97 for the current period, compared to a loss of ¥88,385,794.44 in the previous period, indicating a narrowing of overall losses[37] - The basic and diluted earnings per share for the current period were both -0.0551, an improvement from -0.1060 in the previous period, reflecting better performance on a per-share basis[37] Cash Flow and Financial Position - The net cash flow from operating activities for the year-to-date period was ¥27,699,626.97, an increase of 128.69% compared to the previous year[14] - Cash flow from operating activities was ¥284,607,722.88, compared to ¥168,168,819.86 in the previous period, reflecting a strong increase in cash generation from operations[38] - Total cash inflow from operating activities amounted to $315,122,569.25, while cash outflow was $287,422,942.28, resulting in a positive cash flow[39] - The ending balance of cash and cash equivalents was $14,343,729.69, down from $46,407,656.08 in the previous period[40] - The company’s cash and cash equivalents decreased from 38,728,312.77 CNY to 37,848,986.78 CNY[31] - The company received tax refunds amounting to $514,534.27, an increase from $472,652.60 in the prior period[39] - Cash received from other operating activities was $30,000,312.10, compared to $27,800,722.48 previously[39] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ¥926,696,447.84, reflecting a growth of 17.12% from the end of the previous year[4] - The company’s total liabilities increased by 36.46% to ¥177,576,955.01 due to new short-term borrowings[10] - The total liabilities increased to ¥867,899,865.42 from ¥830,085,133.93, marking a rise of approximately 4.2%[36] - The company’s current liabilities include short-term loans of 177,576,955.01 CNY and accounts payable of 307,108,756.69 CNY[31] - The company’s net assets at the end of 2024 were negative, leading to a continued delisting risk warning despite the removal of other risk warnings[27] Shareholder Information - The total number of common shareholders at the end of the reporting period is 30,499[15] - The largest shareholder, Chongqing Green Development Urban Construction Co., Ltd., holds 12.15% of shares, totaling 95,303,911 shares[15] - The second-largest shareholder, Zhongchi Huicheng Enterprise Management Co., Ltd., holds 5.90% of shares, totaling 46,278,466 shares, which are pledged and frozen[15] - The total equity attributable to shareholders of the parent company improved to ¥22,663,025.18 from a negative equity of ¥54,823,505.99, indicating a recovery in shareholder equity[36] Research and Development - Research and development expenses rose by 108.26% to ¥16,049,011.45, driven by the expansion of the pharmaceutical segment[12] - Research and development expenses rose to ¥16,049,011.45 from ¥7,706,371.33, representing an increase of approximately 108.7%, highlighting a focus on innovation[36] Restructuring and Debt Management - The company is undergoing a pre-restructuring process initiated by creditors due to inability to repay debts and lack of repayment capacity[17] - A total of 3 potential investors submitted applications for restructuring investment, with one investor, Zhi'en Biotechnology Co., Ltd., selected as the final investor[19] - The restructuring plan includes a capital increase of approximately 373,471,302 shares, raising the total share capital to 1,157,634,670 shares[20] - The restructuring investor will acquire 232,000,000 shares at a price of 1.735 RMB per share, resulting in a 20.04% ownership stake[20] - The company plans to hold the first creditors' meeting for the pre-restructuring process on September 29, 2025[21] - The company signed a financial restructuring investment agreement with investors, planning to issue 57 million shares at a price of 1.835 CNY per share, totaling 104,595,000 CNY[22] - The total confirmed debt amount of the company is 760 million CNY, with 75.55 million CNY temporarily unconfirmed and 147,000 CNY not confirmed[23] - The company received a debt waiver of 130 million CNY from creditor Green Development Assets, which will increase the company's capital reserve by the same amount[29] Asset Management - The company’s investment property value increased by 49.40% to ¥185,124,600.00, attributed to the conversion of fixed assets to investment properties[9] - The company transferred 30% equity of its subsidiary, Peak Extreme Intelligent Technology Research Institute, for 5.1 million CNY, with the assessed value of the subsidiary at 14.1917 million CNY[24][25] - The company disposed of fixed assets and received cash of $123,340.00, compared to $32,455,114.00 in the previous period[39] Operating Performance - Total operating revenue for the current period reached ¥284,255,362.94, a significant increase from ¥147,181,487.50 in the previous period, representing an increase of approximately 93.3%[35] - Total operating costs increased to ¥287,027,332.48 from ¥243,077,617.88, reflecting a rise of about 18.1%[36] - Cash paid for taxes was $26,754,351.13, significantly higher than $3,922,515.68 in the prior period[39] - The company paid $37,407,953.95 in employee compensation, a decrease from $61,847,860.27 in the previous period[39]

Market Performance - The Chongqing state-owned enterprise reform sector rose by 0.89% compared to the previous trading day, with Qianli Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up by 0.7%, while the Shenzhen Component Index closed at 13691.38, up by 1.95% [1] Stock Performance - Qianli Technology (601777) closed at 11.65, with a gain of 2.10% and a trading volume of 381,600 shares, amounting to a transaction value of 441 million yuan [1] - Southwest Securities (600369) closed at 4.87, up by 1.67%, with a trading volume of 635,200 shares and a transaction value of 307 million yuan [1] - Chongqing Water (601158) closed at 4.79, with a slight increase of 0.63% [1] - Chongqing Port (600279) and Sanfeng Environment (601827) had minimal gains of 0.18% and 0.12%, respectively [1] Capital Flow - The Chongqing state-owned enterprise reform sector saw a net inflow of 50.26 million yuan from institutional investors, while retail investors contributed a net inflow of 5.73 million yuan [2] - Speculative funds experienced a net outflow of 55.98 million yuan [2] Individual Stock Capital Flow - Qianli Technology had a net inflow of 24.34 million yuan from institutional investors, but a net outflow of 31.32 million yuan from speculative funds [3] - Southwest Securities also saw a net inflow of 23.01 million yuan from institutional investors, with a net outflow of 16.22 million yuan from speculative funds [3] - Chongqing Water had a net inflow of 2.68 million yuan from institutional investors, while speculative funds recorded a net outflow of 2.99 million yuan [3]

Core Viewpoint - *ST Huicheng (002168.SZ) has received a debt waiver notification from creditor Chongqing Lvfa Asset Management Co., Ltd., which waives the company's principal debt of 130 million yuan to support its sustainable and orderly development [1] Group 1 - The debt waiver amounts to 130 million yuan, which is a significant relief for the company [1] - The waiver is unilateral, unconditional, irrevocable, and will not require the company to assume any responsibilities or obligations related to the waived debt [1]

Core Viewpoint - *ST Huicheng (002168.SZ) has received a debt waiver notification from creditor Chongqing Lvfa Asset Management Co., Ltd., which waives the company's principal debt of 130 million yuan to support its sustainable and orderly development [1] Group 1 - The debt waiver is unilateral, unconditional, irrevocable, and will not require the company to assume or fulfill any responsibilities or obligations related to the waived debt [1]

Group 1 - *ST Huicheng held its 14th meeting of the 8th board of directors on September 29, 2025, to review documents including the proposal for debt waiver and related transactions [1] - For the first half of 2025, the revenue composition of *ST Huicheng was as follows: 57.41% from the pharmaceutical industry, 22.28% from the new energy sector, 18.96% from electrical equipment, and 1.35% from other businesses [1] - As of the report date, *ST Huicheng's market capitalization was 3.2 billion yuan [1]