（文章来源：证券日报） 证券日报网讯华星创业11月3日在互动平台回答投资者提问时表示，公司目前业务竞争激烈，在原有业 务基础上，公司会积极谋划新业务布局，开拓市场，努力改善公司经营业绩。 ...

证券日报网讯华星创业（300025）11月3日在互动平台回答投资者提问时表示，公司的应收账款较大与 行业特性、业务模式、结算周期等多因素相关。管理层会积极维护公司的利益，加强应收款的管理，公 司整体回款情况正常。如有需求，公司也会使用法律方式维护自身的权益。 ...

证券日报网讯华星创业（300025）11月3日在互动平台回答投资者提问时表示，公司将努力做好生产经 营，促进公司内在价值和市场价值的协同发展。 ...

华星创业成立于2003年6月5日，于2009年10月30日在深圳证券交易所上市，注册地址和办公地址均为浙江 省杭州市。该公司是通信工程及服务领域企业，专注于移动通信技术服务及相关产品研产销，具备专业技 术与服务优势。 公司主营业务为提供移动通信技术服务和相关产品的研发、生产和销售，所属申万行业为通信-通信服务- 通信工程及服务，所属概念板块有IP概念（谷子经济）、虚拟数字人、小盘核聚变、超导概念、核电。 经营业绩：营收行业第十四，净利润第十六 2025年三季度，华星创业营业收入4.39亿元，行业排名14/20，行业第一名润建股份72.71亿元，第二名三维 通信72.52亿元，行业平均数16.85亿元，行业中位数9.29亿元；净利润-4182.66万元，行业排名16/20，行业 第一名中贝通信8050.3万元，第二名超讯通信（维权）6088.47万元，行业平均数-885.01万元，行业中位数 687.9万元。 资产负债率低于同业平均，毛利率低于同业平均 偿债能力方面，2025年三季度华星创业资产负债率为39.88%，去年同期为33.62%，低于行业平均的 52.90%，显示出较好的偿债能力。从盈利能力看，202 ...

Core Insights - The company Huaxing Chuangye (300025.SZ) reported a total revenue of 439 million yuan for Q3 2025, a decrease of 63.01 million yuan or 12.54% compared to the same period last year [1] - The net profit attributable to shareholders was -39.90 million yuan, indicating a loss [1] - The net cash flow from operating activities was -37.32 million yuan [1] Financial Metrics - The latest debt-to-asset ratio is 39.88%, which is an increase of 1.67 percentage points from the previous quarter and an increase of 6.26 percentage points from the same period last year [3] - The latest gross profit margin is 10.85%, down by 0.47 percentage points from the previous quarter [3] - The latest return on equity (ROE) is -7.40%, a decrease of 1.05 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is -0.08 yuan [3] - The total asset turnover ratio is 0.47 times, a decrease of 0.04 times or 7.86% year-on-year [3] - The inventory turnover ratio is 7.72 times, down by 0.02 times or 0.32% year-on-year [3] Shareholder Information - The number of shareholders is 24,500, with the top ten shareholders holding a total of 148 million shares, accounting for 29.09% of the total share capital [3] - The top shareholder is Shanghai Wanrui Chuangxiang Network Technology Co., Ltd. with 15.80% [3]

Core Insights - Huaxing Chuangye (300025.SZ) reported a revenue of 439 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 12.54% [1] - The net loss attributable to shareholders of the listed company was 39.90 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 39.42 million yuan [1] - The basic loss per share was 0.0784 yuan [1]

证券代码：300025 证券简称：华星创业 公告编号：2025-046 杭州华星创业通信技术股份有限公司 关于提供财务资助的公告 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、本次资助对象为HXCY (THAILAND) CO.,LTD.（以下简称"华星泰国公司"）， 资助金额为不超过1,000万元人民币，在上述额度范围内可循环使用，期限不超 过3年，利率不低于5%。公司将根据华星泰国公司业务需求分次提供资助。 2、本次财务资助事项经杭州华星创业通信技术股份有限公司（以下简称"公 司"）第七届董事会第十二次会议审议通过，无需提交公司股东会审议。 3、公司将密切关注华星泰国公司的经营情况及财务状况，持续做好风险管 控工作，积极采取措施收回借款。本次资助对象为境外公司，除公司日常经营风 险外，还存在汇率波动的风险。 为开拓泰国当地的通信技术服务业务，公司于2024年8月26日召开董事会审议通 过《关于向子公司提供财务资助的议案》，公司董事会同意向华星泰国公司提供合 计不超过1,000万元额度的财务资助，期限不超过1年，以实际提款日起计算，利率 ...

证券代码：300025 证券简称：华星创业 公告编号：2025-044 《2025 年第三季度报告》的具体内容详见同日披露在巨潮资讯网的相关公 告。 《2025 年第三季度报告》的财务信息已经公司第七届董事会审计委员会审 议通过。 此项议案以 7 票同意、0 票反对、0 票弃权获得通过。 二、《关于向子公司提供财务资助的议案》 杭州华星创业通信技术股份有限公司 第七届董事会第十二次会议决议公告 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。 杭州华星创业通信技术股份有限公司（以下简称"公司"）第七届董事会第 十二次会议于 2025 年 10 月 22 日以邮件、传真或专人送达方式发出会议通知， 决定于 2025 年 10 月 27 日以通讯表决方式召开。会议应参与表决董事 7 名，实 际参与表决董事 7 名。本次会议的召开与表决程序符合《公司法》和《公司章程》 等的有关规定，会议由董事长朱东成先生主持。 经与会董事表决，通过如下决议： 一、《2025 年第三季度报告》 为开拓泰国当地的通信技术服务业务，公司向华星泰国公司提供不超过人民 币 1,000 万元的财 ...

Financial Performance - The company's revenue for Q3 2025 was ¥146,459,036.34, a decrease of 7.58% compared to the same period last year[5] - The net profit attributable to shareholders was -¥13,585,390.38, representing a 23.30% increase in losses year-over-year[5] - The basic earnings per share for the period was -¥0.0267, a 23.28% increase in losses compared to the previous year[5] - Total operating revenue for the period was ¥439,295,754.70, a decrease of 12.55% from ¥502,310,567.57 in the previous period[22] - The net profit for the current period is -41,826,632.78, compared to -42,050,957.70 in the previous period, indicating a slight improvement[23] - Total comprehensive income for the current period is -43,088,039.46, compared to -42,666,380.09 in the previous period[24] - Basic and diluted earnings per share are both -0.0784, slightly better than -0.0795 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥897,486,118.86, down 7.50% from the end of the previous year[5] - Total assets decreased to ¥897,486,118.86 from ¥970,217,287.74, a decline of 7.49%[20] - Total liabilities decreased to ¥357,874,976.93 from ¥387,838,106.35, a reduction of 7.73%[20] - The company's total equity decreased to ¥539,611,141.93 from ¥582,379,181.39, a decline of 7.35%[20] - The company reported a net loss of ¥280,206,917.08 in retained earnings, worsening from a loss of ¥240,303,364.10 in the previous period[20] Cash Flow - Cash flow from operating activities showed a net increase of 22.89%, primarily due to reduced operating expenses[11] - Operating cash flow for the current period is -37,316,866.69, an improvement from -48,393,511.31 in the previous period[26] - Cash flow from investment activities shows a net inflow of 46,366,226.94, compared to a net outflow of -2,741,275.80 in the previous period[26] - Cash and cash equivalents at the end of the period were ¥95,013,405.93, a decrease of 28.06% from ¥132,001,528.20 at the beginning of the period[18] - The cash and cash equivalents at the end of the period are 92,087,149.84, compared to 110,990,179.26 at the end of the previous period[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 24,470, with the largest shareholder holding 15.82% of the shares[14] - The company plans to lift restrictions on 75,120,000 shares on July 28, 2025, related to a specific share issuance[16] Other Income and Expenses - Other income increased by 76.91%, mainly due to higher government subsidies received during the period[8] - The company experienced a significant 8670.04% increase in asset disposal gains, attributed to increased fixed asset disposals[8] - The company reported a 58.18% decrease in receivables financing, reflecting a reduction in commercial acceptance bills[8] - Total operating costs amounted to ¥479,248,385.18, down 12.66% from ¥548,662,201.92 in the previous period[22] - The total operating expenses for the current period amount to 83,000,000.00, a decrease from 92,000,000.00 in the previous period[23] - The company incurred interest expenses of 4,136,466.99, down from 4,711,349.25 in the previous period[23] Inventory and Receivables - Accounts receivable decreased to ¥432,640,821.80 from ¥444,850,443.20, reflecting a reduction of 2.93%[18] - Inventory increased to ¥52,950,121.29, up 9.01% from ¥48,498,255.92[19] Audit Status - The company has not undergone an audit for the third quarter financial report[28]

Core Viewpoint - The company, Huaxing Chuangye, addresses investor concerns regarding its large accounts receivable, attributing it to industry characteristics, revenue structure, and payment cycle practices [1] Group 1: Accounts Receivable - The company's accounts receivable is significant, primarily due to the nature of the industry and its revenue structure [1] - Major clients include telecom operators and main equipment manufacturers, which are large state-owned enterprises with good credit and stable operations [1] - The quality of accounts receivable is considered high, with a low risk of bad debts [1] Group 2: Cash Flow Management - The company plans to enhance cash flow management through business adjustments and collection of receivables [1]