Core Viewpoint - Wenkai Co., Ltd. is a competitive enterprise in the ecological engineering and landscape design industry, with a diverse business portfolio including ecological engineering construction, landscape design, and green plant sales [1] Group 1: Business Performance - In Q3 2025, Wenkai achieved a revenue of 410 million yuan, ranking 9th among 22 companies in the industry, with the industry leader Palm Co. generating 1.945 billion yuan [2] - The company's net profit for the same period was 12.87 million yuan, ranking 3rd in the industry, while the industry average was a loss of 108 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Wenkai's debt-to-asset ratio was 93.82%, higher than the industry average of 65.35% [3] - The company's gross profit margin was 17.81%, above the industry average of 11.95% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager Li Congwen in 2024 was 390,400 yuan, a decrease of 100,000 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 3.31% to 31,200 [5]

| 证券代码：002775 | 证券简称：文科股份 | | | --- | --- | --- | | 债券代码：128127 | 债券简称：文科转债 | 公告编号：2025-110 | 广东文科绿色科技股份有限公司 关于 2025 年第三季度经营情况的公告 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。 1 上刊登了《关于项目中标的自愿性信息披露公告（一）》（公告编号 2025-005）。 截至目前，该项目的土地手续已办理完成，公司将继续推进并及时披露该项目 后续进展。 三、风险提示 上述相关数据为阶段统计数据，且未经审计，因此上述经营指标和数据与 定期报告披露的数据可能存在差异，最终以定期报告披露数据为准。项目施工 进展可能受天气或其他自然灾害影响，造成完成工期、质量要求不能依约达成 带来不能及时验收的风险；合同的履行可能将占用公司一定的资金规模，如未 来公司资金紧张，可能存在施工项目无法正常执行的风险等诸多不确定因素。 敬请投资者理性投资，注意投资风险。 广东文科绿色科技股份有限公司（以下简称"公司"）根据《深圳证券交易 所上市公司自律监管指引第 3 号 ...

债券代码：128127 债券简称：文科转债 广东文科绿色科技股份有限公司 关于会计估计变更的公告 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。 重要内容提示： 1.本次会计估计变更自 2025 年 7 月 1 日起适用。 2.根据《企业会计准则第 22 号——金融工具确认和计量》《企业会计准则 28 号——会计政策、会计估计变更和差错更正》的相关规定，广东文科绿色科 技股份有限公司（以下简称"公司"）此次会计估计变更采用未来适用法，无需 对已披露的财务报告进行追溯调整，对公司以往各年度财务状况和经营成果不会 产生影响。 公司于2025年10月28日召开了第六届董事会第九次会议和第六届监事会第 六次会议，审议通过了《关于会计估计变更的议案》，同意对公司会计估计进行 变更。本次会计估计变更无需提交股东会审议。具体内容如下： 证券代码：002775 证券简称：文科股份 公告编号：2025-109 一、本次会计估计变更概述 （一）会计估计的变更原因及合理性 随着公司业务的发展和外部经济环境的变化，管理层综合评估了应收款项 （含应收账款、其他应收款、长期应收款）、合同 ...

广东文科绿色科技股份有限公司董事会 2025 年 10 月 29 日 1 董事会关于会计估计变更合理性的说明 经审议，董事会认为：公司本次会计估计变更是根据《企业会计准则第28 号——会计政策、会计估计变更和差错更正》等相关规定，并结合公司实际情况 和参考同行业企业的会计估计进行的合理变更，符合企业会计准则及深圳证券交 易所的相关规定。执行变更后的会计估计能够更加客观、公允地反映公司的财务 状况和经营成果，不涉及对已披露的财务数据的追溯调整，不存在损害公司及股 东、特别是中小股东利益的情况。 ...

证券代码：002775 证券简称：文科股份 公告编号：2025-107 债券代码：128127 债券简称：文科转债 广东文科绿色科技股份有限公司 第六届监事会第六次会议决议的公告 本公司及监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、监事会会议召开情况 经审核，监事会认为公司本次会计估计变更是根据公司实际情况做出的合 理变更，变更依据真实、可靠，符合公司的实际情况，符合《企业会计准则》 和相关法律法规的规定，不存在损害公司和全体股东利益的情况。 《关于会计估计变更的公告》详细内容请见公司指定信息披露媒体《中国 证券报》《证券时报》《上海证券报》及巨潮资讯网（http://www.cninfo.com. 1 cn）。 （一）审议通过了《关于<公司 2025 年第三季度报告>的议案》 经审核，监事会认为董事会编制和审核公司 2025 年第三季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 《公司 2025 年第三季度报告》详细内容请见公司指定信息披露媒体《中国 证券报 ...

| 证券代码：002775 | 证券简称：文科股份 | | --- | --- | | 债券代码：128127 | 公告编号：2025-106 债券简称：文科转债 | 广东文科绿色科技股份有限公司 广东文科绿色科技股份有限公司（以下简称"公司"）第六届董事会第九次 会议通知于2025年10月25日以邮件的形式发出，会议于2025年10月28日以现场 和通讯表决结合的方式在公司会议室召开。会议应出席的董事8人，实际出席的 董事8人,会议由董事长潘肇英先生主持。本次会议的召开符合《中华人民共和 国公司法》及相关法律、法规以及《广东文科绿色科技股份有限公司章程》的 规定。 二、董事会会议审议情况 （一）审议通过了《关于<公司 2025 年第三季度报告>的议案》 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 第六届董事会第九次会议决议的公告 《公司2025年第三季度报告》详细内容请见公司指定信息披露媒体《中国 证券报》《证券时报》《上海证券报》及巨潮资讯网（http://www.cninfo.com. cn）。 表决结果：赞成票8票，反对票0 ...

Revenue and Profit - Revenue for Q3 2025 was CNY 209,511,134.69, a decrease of 3.79% year-over-year, and total revenue for the year-to-date was CNY 409,942,356.83, down 18.34% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was CNY 1,746,656.89, an increase of 160.51% year-over-year, while year-to-date net profit reached CNY 12,943,639.15, up 113.07% compared to the previous year[5] - Basic earnings per share for Q3 2025 was CNY 0.0029, reflecting a 161.70% increase year-over-year, and year-to-date earnings per share was CNY 0.0215, up 115.00%[5] - Total operating revenue for the current period is CNY 409,942,356.83, a decrease of 18.3% from CNY 501,992,833.47 in the previous period[17] - Net profit for the current period is CNY 12,872,720.63, compared to CNY 3,305,400.89 in the previous period, representing a significant increase[17] - Basic and diluted earnings per share are both CNY 0.0215, up from CNY 0.01 in the previous period[18] Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 6,584,329,567.08, representing a 6.39% increase from the end of the previous year[5] - The company's total current assets at the end of the period amount to 2,938,788,026.28 RMB, slightly up from 2,921,754,146.37 RMB at the beginning of the period[15] - The total assets of the company are 6,584,329,567.08 RMB, compared to 6,188,923,983.53 RMB at the beginning of the period[15] - The total liabilities include short-term borrowings of 550,478,603.05 RMB, up from 523,720,773.58 RMB[15] - Total liabilities increased to CNY 6,177,599,289.52 from CNY 5,943,006,993.53, indicating a rise in financial obligations[16] - Long-term borrowings increased to CNY 569,702,580.45 from CNY 287,155,751.89, indicating potential expansion or investment activities[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 31,184[12] - The largest shareholder, Foshan Construction Development Group Co., Ltd., holds 36.15% of shares, totaling 230,002,970 shares[12] - Li Congwen, a natural person, holds 13.26% of shares, amounting to 84,344,000 shares, with 63,258,000 shares pledged[13] - The company has no preferred shareholders or significant changes in the top ten shareholders participating in margin financing[14] Cash Flow and Investments - Cash flow from operating activities showed a significant increase of 19465% from the disposal of fixed assets, primarily due to property sales[11] - Cash inflow from operating activities totaled CNY 652,587,346.70, slightly down from CNY 683,967,449.51 in the previous period[19] - Cash paid for purchasing goods and services was CNY 644,588,096.74, an increase from CNY 582,820,504.29 in the previous period[19] - Total cash inflow from investing activities was $47.79 million, up from $24.58 million, while cash outflow increased significantly to $418.36 million from $190.19 million, resulting in a net cash flow of -$370.57 million from investing activities[20] - Cash inflow from financing activities reached $2.29 billion, compared to $1.76 billion, with a net cash flow of $499.36 million, up from $444.61 million[20] - The company received $1.07 billion in borrowings, an increase from $547.24 million in the previous period, indicating a stronger reliance on debt financing[20] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was $375.13 million, significantly higher than $111.51 million previously, suggesting increased investment in capital expenditures[20] - The cash paid for debt repayment was $668.34 million, down from $1.16 billion, reflecting a reduction in debt servicing costs[20] Other Financial Metrics - Owner's equity attributable to shareholders increased by 74.66% to CNY 370,416,773.96 compared to the end of the previous year[5] - Other income increased by 198.79% due to higher government subsidies received[9] - Investment income surged by 5841.21% as a result of increased returns from joint ventures[9] - The company reported a significant increase in research and development expenses to CNY 15,943,605.72 from CNY 10,114,154.54, highlighting a focus on innovation[17] - The company experienced a 99.58% decrease in tax refunds received, attributed to pending income tax reconciliations[11] - The company reported a 918.37% increase in cash received from minority shareholders' capital contributions[11] Audit and Accounting Standards - The company did not undergo an audit for the third quarter financial report, which may affect the reliability of the reported figures[21] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[22]

Core Insights - The company reported a third-quarter revenue of 210 million yuan, a year-on-year decrease of 3.79% [1] - The net profit for the third quarter was 1.7467 million yuan, showing a significant year-on-year increase of 160.51% [1] - For the first three quarters, the total revenue was 410 million yuan, reflecting a year-on-year decline of 18.34% [1] - The net profit for the first three quarters reached 12.9436 million yuan, which is a year-on-year increase of 113.07% [1]

Group 1 - The core point of the article is that Wenkai Co., Ltd. (SZ 002775) held its eighth meeting of the sixth board of directors on October 24, 2025, to review the proposal for amending the company's articles of association [1] - For the first half of 2025, Wenkai Co., Ltd.'s revenue composition was as follows: landscaping accounted for 73.53%, green energy 18.06%, and education and cultural tourism 8.41% [1] - As of the report date, Wenkai Co., Ltd. had a market capitalization of 3 billion yuan [1] Group 2 - A notable transaction involved a well-known brand spending 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

广东文科绿色科技股份有限公司 资产损失确认与核销管理制度 第一章 总则 第一条 为加强广东文科绿色科技股份有限公司（以下简称"公司"）各项 资产管理，进一步完善公司的财务管理制度，促进公司的规范运作，有效防范化 解资产损失风险，使相应的财务报告能更全面、准确地反映公司财务状况和经营 成果。根据财政部颁布的《企业会计准则》及其应用指南等有关规定，结合公司 的实际情况，特制定本制度。 第二条 资产损失是指有确凿和合法证据表明该项资产的使用价值和转让 价值发生了实质性且不可恢复的灭失，已不能给公司带来未来经济利益流入。 第三条 本制度所指的各项资产是指应收款项（包括应收账款、其他应收款、 合同资产、长期应收款）、长期股权投资、持有至到期投资、存货、固定资产、 投资性房地产、在建工程、无形资产、其他非流动资产等。公司的资产发生损失 需要确认并核销的，应当按照本制度进行审批和处理。 第四条 本制度适用于公司总部、各分子公司。 第二章 资产损失的确认 第五条 公司进行资产损失的处置，应当在对资产损失组织认真清理调查的 基础上，取得合法证据，具体包括：具有法律效力的相关证据，重大资产损失必 要时还需要有社会中介机构的法律鉴 ...