Core Insights - The company reported a revenue growth of 40.19% year-on-year for the first three quarters of 2025, reaching 4.026 billion yuan, with a net profit increase of 13.13% to 399 million yuan [2] - In Q3 2025, the revenue growth slowed to 25.34%, totaling 1.453 billion yuan, while net profit grew by 8.35% to 183 million yuan [2] - The company's operating costs increased by 43.85% year-on-year, rising from approximately 2.034 billion yuan to 2.926 billion yuan [2] Financial Performance - For the first three quarters of 2025, the company's net profit after deducting non-recurring items increased by 14.76% to 384 million yuan [2] - In Q2 2025, the company experienced significant growth with revenue, net profit, and net profit after deducting non-recurring items increasing by 69.67%, 37.98%, and 37.13% respectively [2] - The net cash flow from operating activities was -319 million yuan, compared to 156 million yuan in the same period last year, primarily due to increased purchases and employee compensation [2] Contract Liabilities - As of the end of Q3 2025, the company's contract liabilities amounted to 326 million yuan, a year-on-year increase of 42.37% [2] - The contract liabilities at the end of the first half of 2025 were 404 million yuan, reflecting a significant year-on-year growth of 109.18% [2] Industry Position - The company is recognized as a leading provider of precision temperature control and energy-saving solutions, catering to various sectors including cloud computing data centers, communication networks, and electric vehicle charging stations [3] - The company also offers air conditioning and cooling products for vehicles such as buses and refrigerated trucks, as well as air quality solutions for residential environments [3] Stock Performance - The company's stock price has increased by 169.20% cumulatively in Q3 2025 [4]

Company Announcements - Northern Rare Earth received a warning letter from the Inner Mongolia Securities Regulatory Bureau due to undisclosed non-operating fund occupation by related parties, amounting to 8.9485 million yuan, which has been fully repaid [2] - Aosheng Electronics reported that revenue from controllable nuclear fusion-related products will account for less than 1% of its main business revenue in the first half of 2025 [2] - Yiyi Co. is planning to acquire a pet food company, leading to a stock suspension [3] - Sanmei Co. expects a net profit increase of 172%-193% year-on-year for the first three quarters, driven by a significant rise in the average price of fluorinated refrigerants [4] - Feirongda anticipates a net profit increase of 111%-130% year-on-year for the first three quarters, with growth in AI server cooling-related business revenue [4] - Zhongshi Technology expects a net profit increase of 74%-104% year-on-year for the first three quarters, benefiting from increased shipments of thermal materials and components [4] - Juxin Technology forecasts a net profit increase of 113% year-on-year for the first three quarters, with sales revenue from edge AI processor chips increasing significantly [4] - Chuangjiang New Materials expects a staggering net profit increase of 2058%-2243% year-on-year for the first three quarters [4] - New China Life Insurance anticipates a net profit increase of 45%-65% year-on-year for the first three quarters [4] Investment & Contracts - Fostda plans to invest 1 billion yuan in the construction of an intelligent manufacturing project for marine engineering and equipment [11] Shareholding Changes - Dongxin Co. has set an initial transfer price of 82.5 yuan per share for its inquiry transfer, which is a 16% discount from the closing price [11] - China Jushi has obtained a commitment letter for a stock repurchase loan of up to 630 million yuan [12] - Tianji Co. has reduced its holdings by 2.9996% of the company's shares and has terminated its reduction plan early [3] Performance & Operations - Yingweike reported a net profit of 183 million yuan for the third quarter, an increase of 8.35% year-on-year [13] - Chenguang Biological expects a net profit increase of 344%-402% year-on-year for the first three quarters [14] - Meili Ecology's subsidiary won a bid for a 2.375 billion yuan urban renewal project in Shenzhen [18] Stock Price Movements - Hezhu Intelligent has not generated any revenue related to nuclear fusion concepts [19] - Jinli Yongci confirmed that its recent stock price fluctuations are not due to undisclosed significant matters [20] Other Developments - Heng Rui Medicine's subsidiary received approval for clinical trials of SHR-1905 injection [24] - Renfu Medicine received a drug registration certificate for Dapoxetine Hydrochloride Tablets, which are expected to generate approximately 1.1 billion yuan in sales in 2024 [26]

Core Insights - The company, Invec (002837), reported a revenue of 1.453 billion yuan for the third quarter of 2025, marking a year-on-year increase of 25.34% [1] - The net profit attributable to shareholders for the third quarter was 183 million yuan, reflecting a year-on-year growth of 8.35% [1] - For the first three quarters of 2025, the net profit attributable to shareholders reached 399 million yuan, which is a year-on-year increase of 13.13% [1] Financial Performance - Third quarter revenue: 1.453 billion yuan, up 25.34% year-on-year [1] - Third quarter net profit: 183 million yuan, up 8.35% year-on-year [1] - Year-to-date net profit for the first three quarters: 399 million yuan, up 13.13% year-on-year [1]

Group 1 - The core point of the article is that Yingweike (SZ 002837) held its fifth second board meeting on October 13, 2025, to review the proposal for the third quarter report of 2025 [1] - Yingweike's revenue composition for the first half of 2025 is entirely from precision temperature control energy-saving equipment, accounting for 100.0% [1] - As of the report, Yingweike's market capitalization is 76.2 billion yuan [1] Group 2 - The meeting was conducted in a hybrid format, combining in-person and communication methods [1] - The meeting took place at the company's conference room located in Hongxin Industrial Park, Longhua District, Shenzhen [1]

英维克：第三季度净利润1.83亿元 同比增长8.35%。 ...

（一）审议通过《关于 2025 年第三季度报告的议案》 经董事会全体董事审议后认为：公司《2025 年第三季度报告》的编制和审核符 合法律法规的要求，报告内容真实、准确、完整的反映了公司的实际情况，不存在 虚假记载、误导性陈述或者重大遗漏。公司董事会同意报出公司《2025 年第三季度 报告》。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 证券代码：002837 证券简称：英维克 公告编号：2025-054 深圳市英维克科技股份有限公司 第五届董事会第二次会议决议公告 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。 一、董事会会议召开情况 深圳市英维克科技股份有限公司（以下简称"公司"）第五届董事会第二次会 议通知于 2025 年 10 月 9 日以电子邮件等形式送达全体董事，会议于 2025 年 10 月 13 日在深圳市龙华区观澜街道观光路 1303 号鸿信工业园 9 号厂房 3 楼公司会议室 以现场与通讯相结合的方式召开。本次会议应出席董事 9 人，实际出席董事 9 人（其 中朱晓鸥女士、韦立川先生、田志伟先生、陈麒百先生以通讯表决方式出席）。本 ...

[Main Financial Data](index=2&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) This section details the company's financial performance, key indicators, and changes in financial statements [Key Accounting Data and Financial Indicators](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company achieved significant revenue growth during the reporting period, but net profit attributable to shareholders grew slower, and net cash flow from operating activities turned negative, indicating capital pressure from business expansion; total assets and shareholder equity showed steady growth Overview of Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Q3) | YoY Change (Q3) | Year-to-Date (YTD) | YoY Change (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,452,891,317.45 | 25.34% | 4,026,030,778.35 | 40.19% | | Net Profit Attributable to Listed Company Shareholders (Yuan) | 183,429,234.55 | 8.35% | 399,069,661.11 | 13.13% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Gains and Losses (Yuan) | 181,317,017.33 | 11.29% | 383,536,652.02 | 14.76% | | Net Cash Flow from Operating Activities (Yuan) | — | — | -319,034,472.29 | -304.20% | | Basic Earnings Per Share (Yuan/share) | 0.19 | 5.56% | 0.41 | 10.81% | | Diluted Earnings Per Share (Yuan/share) | 0.19 | 5.56% | 0.41 | 10.81% | | Weighted Average Return on Net Assets | 5.89% | -0.44% | 12.97% | -0.42% | | **Balance Sheet (Period-end):** | | | | | | Total Assets (Yuan) | 7,210,891,358.49 | 19.89% (vs. prior year-end) | | | | Owners' Equity Attributable to Listed Company Shareholders (Yuan) | 3,313,055,700.50 | 13.62% (vs. prior year-end) | | | - Share-based payment expenses from the beginning of the year to the end of the reporting period were **12.17 million Yuan**, impacting net profit attributable to shareholders by **10.34 million Yuan**[5](index=5&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company's non-recurring gains and losses totaled **15.53 million Yuan** from the beginning of the year to the end of the reporting period, primarily from government subsidies, non-operating income, and fair value changes in financial assets, while non-current asset disposal losses were negative Non-recurring Gains and Losses Items and Amounts | Item | Amount for Current Reporting Period (Yuan) | Amount from Year-to-Date (Yuan) | Explanation | | :--- | :--- | :--- | :--- | | Non-current asset disposal gains and losses | -30,222.17 | 64,189.88 | | | Government subsidies recognized in current profit/loss | 1,686,571.59 | 11,611,268.60 | Primarily due to government subsidies received | | Gains/losses from changes in fair value and disposal of financial assets and liabilities | 134,166.67 | 468,581.73 | | | Other non-operating income and expenses | 750,519.69 | 5,976,850.25 | | | Other gains and losses defined as non-recurring | 1,636.25 | 894,745.86 | | | Less: Income tax impact | 424,190.10 | 3,289,072.81 | | | Minority interest impact (after tax) | 6,264.71 | 193,554.42 | | | **Total** | **2,112,217.22** | **15,533,009.09** | -- | - The company does not classify non-recurring gains and losses as recurring items[8](index=8&type=chunk) [Changes and Reasons for Key Accounting Data and Financial Indicators](index=3&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) During the reporting period, several items in the company's balance sheet, income statement, and cash flow statement showed significant changes, reflecting business expansion, increased investment, active financing, and rising costs and expenses [Changes in Consolidated Balance Sheet Items](index=3&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E9%A1%B9%E7%9B%AE) On the asset side, notes receivable, prepayments, inventories, contract assets, construction in progress, right-of-use assets, and deferred income tax assets all significantly increased, reflecting higher business volume, project investments, and lease expansion; on the liability side, short-term borrowings, taxes payable, non-current liabilities due within one year, and long-term borrowings substantially increased, indicating strong financing demand Major Changes in Consolidated Balance Sheet Items (Period-end vs. Prior Year-end) | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Notes Receivable | 197.62% | Commercial acceptance bills not yet due for collection | | Prepayments | 63.44% | Increase in prepaid material costs | | Inventories | 39.32% | Increase in goods shipped but not yet accepted for projects and contract performance costs | | Contract Assets | 60.97% | Increase in final acceptance payments and quality assurance deposits not yet due | | Construction in Progress | 62.86% | Increased investment in the construction of the Central Plains Headquarters Base | | Right-of-Use Assets | 104.49% | Renewal of factory leases and new leased premises | | Deferred Income Tax Assets | 116.73% | Increase in deductible temporary differences due to tax losses carried forward | | Short-term Borrowings | 157.05% | Increase in short-term bank loans | | Taxes Payable | 304.27% | Individual income tax from equity incentive exercise not yet paid | | Non-current Liabilities Due Within One Year | 229.47% | Increase in bank borrowings and lease payments due within one year | | Long-term Borrowings | 53.01% | Increase in bank credit borrowings and special loans for fixed assets | | Lease Liabilities | 147.70% | Renewal of factory leases and new leased premises | | Share Capital | 31.19% | Capital reserve capitalization and stock option exercise | | Minority Interests | 523.58% | Increased profitability of non-wholly owned subsidiaries | [Changes in Consolidated Income Statement Items (Year-to-Date)](index=4&type=section&id=2%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%88%A9%E6%B6%A6%E8%A1%A8%E9%A1%B9%E7%9B%AE) The company's operating revenue and cost of sales both significantly increased, primarily due to higher income from data center and cabinet temperature control energy-saving products; selling and R&D expenses also rose with business expansion and personnel compensation growth; finance expenses substantially increased due to reduced exchange gains, while credit impairment losses and asset impairment losses significantly rose, reflecting increased provisions for doubtful accounts and inventory obsolescence Major Changes in Consolidated Income Statement Items (Year-to-Date) | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 40.19% | Increase in revenue from data center and cabinet temperature control energy-saving products | | Cost of Sales | 43.85% | Operating revenue increased, and cost of sales increased accordingly | | Selling Expenses | 38.66% | Increase in sales personnel and their compensation, market expansion, and travel expenses | | Research and Development Expenses | 31.36% | Increase in R&D personnel and their compensation, and R&D material consumption | | Finance Expenses | 675.79% | Decrease in exchange gains | | Other Income | -32.61% | Decrease in VAT immediate refund | | Credit Impairment Losses | -798.37% | Increase in bad debt provisions for accounts receivable and notes receivable financing | | Asset Impairment Losses | -140.45% | Increase in inventory obsolescence provisions | [Changes in Consolidated Cash Flow Statement Items (Year-to-Date)](index=4&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E9%A1%B9%E7%9B%AE) Net cash flow from operating activities turned negative, primarily due to significant increases in payments for goods, services, and employee compensation; net cash flow from financing activities grew substantially, driven by increased net cash inflows from bank borrowings, leading to a positive net increase in cash and cash equivalents Major Changes in Consolidated Cash Flow Statement Items (Year-to-Date) | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -304.20% | Increase in payments for goods, services, and employee compensation | | Net Cash Flow from Financing Activities | 2,530.37% | Increase in net cash inflow from bank borrowings | | Net Increase in Cash and Cash Equivalents | 233.28% | Increase in net cash flow from financing activities | [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) This section provides an overview of the company's common shareholders, including the total count and top ten holders [Total Common Shareholders and Top Ten Shareholders' Holdings](index=4&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the company had **164,255** common shareholders; among the top ten shareholders, Shenzhen Envicool Investment Co., Ltd. is the controlling shareholder with a **25.09%** stake, with a portion of its shares pledged; several individual shareholders hold significant stakes, with Qi Yong identified as the actual controller and having related party relationships with other shareholders - Total common shareholders at the end of the reporting period: **164,255**[14](index=14&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Envicool Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 25.09% | 245,019,503 | 0 | Pledged: 26,419,393 | | Qi Yong | Domestic Natural Person | 5.64% | 55,120,891 | 41,340,667 | Pledged: 4,514,640 | | HKSCC Nominees Limited | Overseas Legal Person | 3.79% | 37,059,970 | 0 | Not applicable | | Wei Lichuan | Domestic Natural Person | 2.78% | 27,141,491 | 20,356,118 | Not applicable | | Liu Jun | Domestic Natural Person | 2.14% | 20,900,125 | 20,900,125 | Not applicable | | Wang Tiewang | Domestic Natural Person | 1.93% | 18,855,122 | 14,141,341 | Not applicable | | Zhou Wei | Domestic Natural Person | 1.79% | 17,500,000 | 0 | Not applicable | | You Guobo | Domestic Natural Person | 1.69% | 16,523,525 | 12,392,644 | Not applicable | | Jiangsu Bank Co., Ltd. - AVIC Opportunity Leading Mixed Initiated Securities Investment Fund | Other | 1.65% | 16,126,737 | 0 | Not applicable | | Chen Chuan | Domestic Natural Person | 1.56% | 15,254,080 | 11,440,560 | Not applicable | - Qi Yong is the actual controller of Shenzhen Envicool Investment Co., Ltd.; Qi Yong, Wei Lichuan, Liu Jun, and You Guobo are also shareholders of Shenzhen Envicool Investment Co., Ltd[15](index=15&type=chunk) - The company's controlling shareholder, Shenzhen Envicool Investment Co., Ltd., holds a total of **245,019,503 shares** through ordinary securities accounts and margin trading and securities lending accounts[15](index=15&type=chunk) [Total Preferred Shareholders and Top 10 Preferred Shareholders' Holdings](index=5&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E5%85%AC%E5%8F%B8%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%8F%8A%E5%89%8D%2010%20%E5%90%8D%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company has no preferred shareholders - The company has no preferred shareholders[16](index=16&type=chunk) [Other Significant Matters](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) On September 11, 2025, the company completed the re-election of its fifth board of directors, including the appointment of non-independent directors, independent directors, and employee representative directors, and hired senior management personnel - On September 11, 2025, the company held a general meeting of shareholders to complete the re-election of the fifth board of directors and appoint senior management personnel[17](index=17&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated balance sheet, income statement, and cash flow statement for the quarter [Consolidated Balance Sheet](index=6&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2025, the company's total assets reached **7.21 billion Yuan**, a **19.89%** increase from the beginning of the period; both current and non-current assets grew, with significant increases in monetary funds, notes receivable, inventories, contract assets, construction in progress, and right-of-use assets; on the liability side, short-term borrowings, long-term borrowings, and lease liabilities substantially increased, reflecting business expansion and financing needs Key Data from Consolidated Balance Sheet (As of September 30, 2025) | Item | Period-end Balance (Yuan) | Beginning-of-period Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 808,048,269.88 | 728,186,242.96 | | Notes Receivable | 129,715,971.03 | 43,584,576.46 | | Inventories | 1,232,103,430.49 | 884,357,243.24 | | Contract Assets | 210,286,726.03 | 130,634,753.31 | | Construction in Progress | 267,493,759.39 | 164,244,648.99 | | Right-of-Use Assets | 94,215,621.08 | 46,072,731.32 | | Deferred Income Tax Assets | 159,393,434.90 | 73,544,505.07 | | Short-term Borrowings | 802,000,000.00 | 312,000,000.00 | | Contract Liabilities | 326,496,891.72 | 229,326,812.37 | | Taxes Payable | 189,026,677.50 | 46,757,435.01 | | Non-current Liabilities Due Within One Year | 99,402,366.03 | 30,170,361.43 | | Long-term Borrowings | 446,282,250.80 | 291,677,069.98 | | Lease Liabilities | 59,682,922.24 | 24,094,424.13 | | Share Capital | 976,555,867.00 | 744,358,659.00 | | Minority Interests | 10,906,124.94 | -2,574,739.16 | [Consolidated Income Statement Year-to-Date](index=9&type=section&id=2%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%88%A9%E6%B6%A6%E8%A1%A8) As of the end of the reporting period, the company's total operating revenue reached **4.03 billion Yuan**, a **40.19%** year-over-year increase; both operating profit and net profit grew, while income tax expenses decreased; minority interest income turned from loss to profit, indicating improved profitability of non-wholly owned subsidiaries Key Data from Consolidated Income Statement (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 4,026,030,778.35 | 2,871,742,557.75 | | Total Operating Costs | 3,571,860,559.23 | 2,518,205,367.71 | | Operating Profit | 437,938,359.53 | 388,843,307.09 | | Total Profit | 443,915,209.78 | 393,785,892.21 | | Income Tax Expense | 30,264,684.57 | 41,930,486.20 | | Net Profit | 413,650,525.21 | 351,855,406.01 | | Net Profit Attributable to Parent Company Shareholders | 399,069,661.11 | 352,755,913.70 | | Minority Interest Income/Loss | 14,580,864.10 | -900,507.69 | | Total Comprehensive Income | 413,249,798.76 | 351,740,564.08 | | Basic Earnings Per Share (Yuan/share) | 0.41 | 0.37 | | Diluted Earnings Per Share (Yuan/share) | 0.41 | 0.37 | [Consolidated Cash Flow Statement Year-to-Date](index=10&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) As of the end of the reporting period, net cash flow from operating activities was **-319.03 million Yuan**, a significant decrease from the prior period, mainly due to increased payments for goods, services, and employee compensation; net cash flow from investing activities was **-240 million Yuan**, largely consistent with the prior period; net cash flow from financing activities substantially increased to **742.28 million Yuan**, primarily due to increased borrowings, leading to a positive net increase in cash and cash equivalents Key Data from Consolidated Cash Flow Statement (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -319,034,472.29 | 156,233,696.34 | | Net Cash Flow from Investing Activities | -239,670,177.10 | -247,709,045.00 | | Net Cash Flow from Financing Activities | 742,277,270.35 | -30,541,681.23 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -17,327,564.99 | -2,717,157.28 | | Net Increase in Cash and Cash Equivalents | 166,245,055.97 | -124,734,187.17 | | Cash and Cash Equivalents at End of Period | 721,855,693.86 | 690,274,883.53 | [Adjustments for First-time Adoption of New Accounting Standards from 2025](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%202025%20%E5%B9%B4%E8%B5%B7%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E6%96%B0%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E8%B0%83%E6%95%B4%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E5%BD%93%E5%B9%B4%E5%B9%B4%E5%88%9D%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The company did not adjust relevant items in its opening financial statements for the current year due to the first-time adoption of new accounting standards - The company did not adjust relevant items in its opening financial statements for the current year due to the first-time adoption of new accounting standards[28](index=28&type=chunk) [Audit Report](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This quarterly financial accounting report is unaudited - The company's third-quarter financial accounting report is unaudited[28](index=28&type=chunk)

Group 1 - The company has confirmed that the South China headquarters base project for precision temperature control energy-saving equipment has been put into operation, and any future expansion will depend on the company's business situation [1] - As of June 30, 2025, the progress of the Central China headquarters base project for precision temperature control energy-saving equipment has reached 70.95% [1]

Core Insights - In the upcoming week, 66 companies listed on the A-share and B-share markets, including Zhongchong Co., Ltd. and Invech, are set to disclose their performance results [1] Company Performance - Zhongchong Co., Ltd. and Invech are among the notable companies that will report their earnings [1] - A total of 66 companies will be involved in this earnings disclosure, indicating a significant period for investors to assess market performance [1]

Investment Rating - The industry investment rating is "Positive" [4][19] Core Views - The telecommunications industry is benefiting from the ongoing Digital China strategy, leading to stable growth in overall business for operators, with innovative services experiencing higher growth rates and increasing proportions [2] - The AI computing power sector continues to thrive globally, with significant investments from major companies, indicating a rapid growth period for domestic computing power targets [4] - New growth drivers such as satellite internet are injecting new momentum into the industry, providing additional performance elasticity [4] Summary by Relevant Sections Telecom Operators - China Mobile is expected to report Q3 revenue of CNY 245.1 billion to CNY 246 billion, a year-on-year growth of 0.2% to 0.5%, with net profit of CNY 32.1 billion to CNY 32.4 billion, a growth of 4.6% to 5.6% [2][16] - China Telecom is projected to achieve Q3 revenue of CNY 127.2 billion to CNY 128.5 billion, a growth of 1% to 2%, with net profit of CNY 7.75 billion to CNY 8.05 billion, a growth of 3.5% to 7.5% [2][16] - China Unicom's Q3 revenue is expected to be CNY 93.7 billion to CNY 94.6 billion, with a growth of 1% to 2%, and net profit of CNY 2.41 billion to CNY 2.49 billion, a growth of 4.8% to 8.3% [3][16] - China Tower is anticipated to report Q3 revenue of CNY 24.9 billion to CNY 25.2 billion, a growth of 2.9% to 4.1%, with net profit of CNY 2.97 billion to CNY 3.05 billion, a growth of 5.2% to 8% [3][16] AI and Network Connectivity - The AI optical module sector is experiencing significant growth, with companies like Zhongji Xuchuang expected to report Q3 revenue of CNY 8.9 billion to CNY 9.6 billion, a growth of 37% to 47%, and net profit of CNY 2.9 billion to CNY 3.2 billion, a growth of 108% to 130% [4][16] - Tianfu Communication is projected to achieve Q3 revenue of CNY 1.8 billion to CNY 2.1 billion, a growth of 115% to 150%, with net profit of CNY 650 million to CNY 750 million, a growth of 102% to 133% [5][16] AI Applications and Data Centers - AI server demand is rapidly increasing, with ZTE expected to report Q3 revenue of CNY 31 billion to CNY 32 billion, a growth of 12% to 16%, and net profit of CNY 1.95 billion to CNY 2.1 billion, a decrease of 3% to 10% [7][16] - The AIDC sector is also growing, with Keda Data expected to report Q3 revenue of CNY 24 billion to CNY 27 billion, a growth of 44% to 62%, and net profit of CNY 180 million to CNY 230 million, a growth of 1347% to 1748% [8][16] Satellite Internet and Military Communication - The military communication sector is expected to see increased investment due to regional tensions, with companies like Zhenlei Technology projected to report Q3 revenue of CNY 150 million to CNY 160 million, a growth of 125% to 141%, and net profit of CNY 45 million to CNY 50 million, a growth of 409% to 466% [10][16]