Core Viewpoint - Zhongchao Holdings (002471.SZ) reported a decline in revenue and a net loss for the first three quarters of 2025, indicating financial challenges faced by the company [1] Financial Performance - The company's operating revenue for the first three quarters was 3.846 billion yuan, a year-on-year decrease of 2.21% [1] - The net loss attributable to shareholders of the listed company was 24.9823 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 26.6446 million yuan [1] - Basic loss per share was 0.0191 yuan [1]

Core Viewpoint - Zhongchao Holdings, a significant player in the domestic wire and cable industry, is facing challenges in revenue and profitability despite its full industry chain advantages [1][2]. Group 1: Company Overview - Zhongchao Holdings was established on August 5, 1996, and listed on the Shenzhen Stock Exchange on September 10, 2010, with its registered and office address in Yixing, Jiangsu Province [1]. - The company specializes in the research, production, sales, and service of wire and cable, categorized under the power equipment industry [1]. Group 2: Financial Performance - For Q3 2025, Zhongchao Holdings reported revenue of 3.846 billion yuan, ranking 15th out of 40 in the industry, which is below the industry leader Baosheng's 37.65 billion yuan and the average of 5.823 billion yuan [2]. - The main business segment, power cables, generated 2.205 billion yuan, accounting for 84.45% of total revenue [2]. - The net profit for the same period was -26.9776 million yuan, placing the company 37th in the industry, significantly lower than the top performers [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 66.72%, down from 70.33% year-on-year but still above the industry average of 54.36%, indicating higher debt pressure [3]. - The gross profit margin was 10.18%, slightly down from 10.25% year-on-year and below the industry average of 13.49%, suggesting a need for improvement in profitability [3]. Group 4: Executive Compensation - The chairman, Li Bianfen, received a salary of 328,600 yuan in 2024, an increase of 110,000 yuan from 2023 [4]. - The general manager, Liu Guangzhong, earned 312,500 yuan in 2024, up by 20,100 yuan from the previous year [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.43% to 166,400, while the average number of circulating A-shares held per account decreased by 2.37% to 7,843 [5].

Financial Performance - The company's revenue for Q3 2025 was ¥1,235,210,331.47, a decrease of 21.11% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥31,616,250.28, representing a decline of 337.42% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥30,797,680.53, a decrease of 357.02% compared to the previous year[5]. - Total operating revenue for the current period was ¥3,846,276,208.75, a decrease of 2.2% from ¥3,933,394,975.95 in the previous period[24]. - Operating profit for the current period was -¥29,610,363.97, compared to -¥7,945,231.91 in the previous period, indicating a worsening performance[25]. - Net profit for the current period was -¥26,977,617.43, a significant decline from -¥7,419,475.66 in the previous period[25]. - The net profit attributable to the parent company was -24,982,266.60, compared to -6,818,317.04 in the previous period, indicating a significant increase in losses[26]. - The total comprehensive income amounted to 11,338,810.43, a recovery from a loss of -13,390,873.31 in the previous period[26]. - The basic earnings per share were -0.0191, worsening from -0.0054 in the previous period[26]. Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date was -¥143,535,578.87, an increase of 36.76% in outflow compared to the previous year[5]. - Cash and cash equivalents decreased to ¥598,267,166.13 from ¥973,198,690.37, a decline of 38.6%[22]. - The net cash flow from operating activities was -143,535,578.87, an improvement from -226,968,774.69 in the previous period[28]. - Cash inflow from operating activities totaled 4,901,121,274.17, slightly down from 4,903,203,051.76 in the previous period[28]. - Cash outflow from operating activities was 5,044,656,853.04, compared to 5,130,171,826.45 in the previous period[28]. - The ending cash and cash equivalents balance was 207,335,674.70, compared to 128,374,303.21 in the previous period[29]. Assets and Liabilities - The total assets at the end of the reporting period were ¥5,340,152,595.25, down 5.65% from the end of the previous year[5]. - Total liabilities decreased to ¥3,562,723,595.74 from ¥3,908,866,301.67, a reduction of 8.8%[22]. - Owner's equity increased to ¥1,777,428,999.51 from ¥1,750,921,644.71, an increase of 1.5%[22]. - The total number of common shareholders at the end of the reporting period is 166,390[13]. Investments and Projects - Long-term equity investments increased by 311.52%, attributed to the conversion of certain investments into long-term equity[9]. - The company plans to issue up to 380,400,000 shares to raise a total of no more than 1,210 million RMB for projects including high-temperature alloy precision casting[15]. - The investment amount for the high-end component manufacturing project has been adjusted to 100,000 million RMB, with a working capital of 4,900 million RMB[17]. - The total investment for the high-end component manufacturing project has been updated from 99,500 million RMB to 100,000 million RMB[17]. - The company’s high-temperature alloy precision casting intelligent manufacturing technology research project has been renamed to "Advanced High-Temperature Alloy Precision Forming Intelligent Manufacturing Technology R&D Project"[16]. Shareholding Structure - Jiangsu Zhongchao Investment Group Co., Ltd. holds 16.11% of shares, totaling 220,444,030 shares, with 206,400,000 shares pledged[13]. - The total number of preferred shareholders is not applicable, indicating no preferred shares issued[14]. - The company has not experienced any changes in the shareholding structure of the top 10 shareholders due to securities lending[13]. Operational Metrics - The weighted average return on net assets was -1.80%, a decrease of 2.61% compared to the same period last year[5]. - The company experienced a 38.53% decrease in cash and cash equivalents, primarily due to increased operational expenditures[8]. - The inventory balance increased by 34.59% to reflect rising copper prices and increased customer orders[8]. - The company reported a 145.45% increase in credit impairment losses, primarily due to an increase in bad debt provisions[11]. - Accounts receivable decreased to ¥1,923,063,729.03 from ¥2,155,384,155.68, a reduction of 10.8%[22]. - Inventory increased to ¥891,807,489.77, up 34.6% from ¥662,631,919.61, indicating potential overstocking[22]. - Total operating costs decreased to ¥3,877,934,026.56, down 3.6% from ¥4,023,257,809.22[25].

Group 1 - The core point of the news is that Zhongchao Holdings has received formal acceptance from the Shenzhen Stock Exchange for its application to issue shares to specific investors, marking a significant step in its strategic layout in the aerospace high-end manufacturing sector [1] - The company plans to issue up to 380 million shares to no more than 35 specific investors, aiming to raise a total of no more than 1.21 billion yuan, which will be allocated to key projects in aerospace engine and gas turbine high-end component manufacturing, advanced high-temperature alloy precision forming technology research and development, and supplementing working capital [1] - This fundraising initiative aligns with the national "14th Five-Year Plan," which emphasizes "technological self-reliance" and includes "building a strong aerospace nation" as a key goal, highlighting the unprecedented strategic importance placed on the aerospace industry by the state [1] Group 2 - Jiangsu Precision Casting, a subsidiary of Zhongchao Holdings, has signed an agreement with Shanghai Jiao Tong University to participate in a national key technology research project focused on new materials, specifically responsible for the research on "high-temperature alloy large complex thin-walled castings," with results directly applicable to key components of aircraft engines [2] - Jiangsu Precision Casting's "high-temperature alloy overall liquid precision forming technology" won the National Technology Invention Award (Second Class) at the National Science and Technology Conference in June 2024, successfully overcoming industry challenges in the precision forming of large complex thin-walled components, and has been applied in major aerospace projects [2] - The aerospace industry chain is expected to encounter new development opportunities as the "14th Five-Year Plan" elevates the "strong aerospace nation" initiative, with Zhongchao Holdings expanding high-end capacity and deepening technological research and development, supported by its subsidiary's national project participation and recognition [2]

Core Points - The company has received a notification from the Shenzhen Stock Exchange regarding the acceptance of its application for a specific stock issuance [1] - The application documents submitted by the company were found to be complete, leading to the decision for acceptance by the exchange [1] - The issuance is subject to approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating uncertainty regarding the final approval and timeline [1] Company Actions - The company will fulfill its information disclosure obligations in accordance with relevant regulations and requirements as the situation progresses [1] - Investors are advised to pay attention to investment risks associated with this matter [1]

Core Points - On October 23, 2025, Zhongchao Holdings announced that it received a notice from the Shenzhen Stock Exchange regarding the acceptance of its application for a specific stock issuance [2] Group 1 - The Shenzhen Stock Exchange has verified that the application documents submitted by Zhongchao Holdings for the issuance of stocks to specific objects are complete and has decided to accept the application [2]

Core Viewpoint - The company has received notification from the Shenzhen Stock Exchange regarding the acceptance of its application for a specific stock issuance, indicating a step forward in its capital-raising efforts [1] Group 1: Company Actions - The company submitted an application for a specific stock issuance to the Shenzhen Stock Exchange on October 23, 2025 [1] - The Shenzhen Stock Exchange has verified that the application documents are complete and has decided to accept the application [1] Group 2: Regulatory Process - The stock issuance is subject to approval by the Shenzhen Stock Exchange and requires registration consent from the China Securities Regulatory Commission before implementation [1] - There is uncertainty regarding the timing and outcome of the approval process from both the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1]

证券简称：中超控股 证券代码：002471 江苏中超控股股份有限公司 2023年度向特定对象发行股票 募集说明书 （申报稿） 保荐机构（主承销商） 二〇二五年九月 江苏中超控股股份有限公司 募集说明书（申报稿） 声 明 本公司及全体董事、董事会审计委员会成员、高级管理人员承诺本募集说明 书内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信 原则履行承诺，并承担相应的法律责任。 本公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证本募集说明书中财务会计资料真实、完整。 1-1-1 江苏中超控股股份有限公司 募集说明书（申报稿） 重大事项提示 本公司特别提醒投资者注意，在作出投资决策之前，务必仔细阅读本募集说 明书正文内容，并特别关注以下重要事项。 一、本次向特定对象发行股票情况 1、本次向特定对象发行股票相关事项已经公司第五届董事会第四十次会议、 2023 年第三次临时股东大会、第五届董事会第四十二次会议、第五届董事会第 四十六次会议、2023 年第五次临时股东大会、第六届董事会第九次会议、2024 年第五次临时股东大会、第六届董事会第二十二次会议、2025 年第三次临时股 ...

证券代码：002471 证券简称：中超控股 公告编号：2025-084 关于 2023 年度向特定对象发行股票申请获得深圳证券交易所受理的公告 江苏中超控股股份有限公司 公司将根据该事项进展情况，按照相关规定和要求及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 江苏中超控股股份有限公司董事会 二〇二五年十月二十三日 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 江苏中超控股股份有限公司（以下简称"公司"）于 2025 年 10 月 23 日收 到深圳证券交易所（以下简称"深交所"）出具的《关于受理江苏中超控股股份 有限公司向特定对象发行股票申请文件的通知》（深证上审〔2025〕198 号）。 深交所对公司报送的向特定对象发行股票的申请文件进行了核对，认为申请文件 齐备，决定予以受理。 公司本次向特定对象发行股票事项尚需深交所审核通过，并获得中国证券监 督管理委员会（以下简称"中国证监会"）同意注册后方可实施，最终能否通过 深交所审核并获得中国证监会同意注册的决定及其时间尚存在不确定性。 ...

6-1-1 地 址：南京市泰山路 159 号正太中心 A 座 14-16 层 邮 编：210009 传 真：025-83235046 电 话：025-83235002 网 址：www.syjc.com 电子信箱：info@syjc.com 江苏中超控股股份有限公司 审计报告 苏亚审 〔2025〕 91 号 审计机构：苏亚金诚会计师事务所（特殊普通合伙） 苏亚金诚会计师事务所( 特 殊 普通合伙) 苏 亚 审 〔2025〕 91 号 审 计 报 告 江苏中超控股股份有限公司全体股东： 一、审计意见 三、关键审计事项 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要的事项。 这些事项的应对以对财务报表整体进行审计并形成审计意见为背景，我们不对这些 事项单独发表意见。 我们审计了江苏中超控股股份有限公司（以下简称中超控股）财务报表，包括 2024 年 12 月 31 日的合并资产负债表及资产负债表，2024 年度的合并利润表及利 润表、合并现金流量表及现金流量表、合并所有者权益变动表及所有者权益变动表 以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 允反映 ...