Core Insights - As of October 16, 2023, 25 companies have released their Q3 2025 financial reports, with 23 reporting year-on-year profit growth and 18 showing revenue growth [1] - The company with the highest profit growth is Guanghua Technology, with a staggering increase of 1233.70% [1] Financial Performance Summary - **Profit Growth**: 23 companies reported profit growth, while 2 experienced declines [1] - **Revenue Growth**: 18 companies reported revenue growth, with 7 showing declines [1] - **Notable Performers**: Guanghua Technology leads with a profit of 90.39 million yuan and revenue of 2.04 billion yuan, marking a profit growth of 1233.70% and revenue growth of 11.50% [1] - **Other High Performers**: - Daoshi Technology: Profit of 415.44 million yuan, profit growth of 182.45%, revenue of 600.09 million yuan, revenue decline of 1.79% [1] - Sichuang Medical: Profit of -0.48 million yuan, profit growth of 98.32%, revenue of 60.38 million yuan, revenue growth of 6.95% [1] - Xiaogoods City: Profit of 3.46 billion yuan, profit growth of 48.45%, revenue of 13.06 billion yuan, revenue growth of 23.07% [1] Declining Performers - **Profit Declines**: Qin Chuan Technology reported a profit decline of 66.72% with a loss of 6.99 million yuan and revenue decline of 16.24% [2] - **Other Decliners**: - High Energy Environment: Profit growth of 15.18% with revenue decline of 11.28% [2] - Qifeng New Materials: Profit decline of 3.82% with revenue decline of 0.83% [2]

单看第三季度，思创医惠实现的营业收入约为5879.51万元，同比下降64.93%；对应实现的归属净利润 约为4706.93万元，同比增长177.42%。 北京商报讯（记者 丁宁）10月15日晚间，思创医惠（300078）发布2025年三季度报告显示，公司前三 季度实现的营业收入约为6.04亿元，同比增长6.95%；对应实现的归属净利润约为-476.22万元，同比增 长98.32%。 ...

Core Insights - The company reported a revenue of 604 million yuan for the first three quarters of 2025, representing a year-on-year growth of 6.95% [1] - The net loss attributable to shareholders of the listed company was 4.76 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 158 million yuan [1]

Core Insights - The company, 思创医惠, reported a significant decline in revenue for Q3 2025, with a total revenue of 58.79 million yuan, representing a year-on-year decrease of 64.93% [1] - The company achieved a net profit attributable to shareholders of 47.07 million yuan in Q3, marking a turnaround from previous losses [1] - For the first three quarters of 2025, the company recorded a net loss attributable to shareholders of 4.76 million yuan [1]

智通财经APP讯，思创医惠(300078.SZ)发布2025年三季度报告，该公司前三季度营业收入为6.04亿元， 同比增长6.95%。归属于上市公司股东的净亏损为476.22万元。归属于上市公司股东的扣除非经常性损 益的净亏损为1.58亿元。 ...

每经头条（nbdtoutiao）——出租白银的爆赚机会：年化利率飙升到35%，全球白银正空运往英国套 利，背后是一场史诗级逼空 （记者 曾健辉） 每经AI快讯，思创医惠10月15日晚间发布三季度业绩公告称，2025年前三季度营收约6.04亿元，同比增 加6.95%；归属于上市公司股东的净利润亏损约476万元。 ...

格隆汇10月15日｜思创医惠公告，第三季度营收为5879.51万元，同比下降64.93%；净利润为4706.93万 元，同比增长177.42%。前三季度营收为6.04亿元，同比增长6.95%；净利润亏损476.22万元，同比扭 亏，增长98.32%。 ...

证券代码：300078 证券简称：思创医惠 公告编号：2025-100 思创医惠科技股份有限公司 第六届董事会第十一次会议决议公告 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。 二、董事会会议审议情况 1、审议通过了《关于<2025 年第三季度报告>的议案》 经与会董事审议，一致认为公司《2025 年第三季度报告》包含的信息公允、 全面、真实地反映了本报告期的财务状况和经营成果等事项，所披露的信息真实、 准确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏。 本议案已经公司董事会审计委员会审议通过。 一、董事会会议召开情况 思创医惠科技股份有限公司（以下简称"公司"）第六届董事会第十一次会 议于 2025 年 10 月 14 日在温州市苍南县灵溪镇春晖路 433-505 号公投大楼会议 室以现场表决和通讯表决相结合的方式召开。会议通知于 2025 年 10 月 11 日通 过电子邮件、电话方式送达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人。会议由董事长许益冉先生召集并主持，公司高级管理人员列席了会议。本 次会议的召集、召开和表决程序符合《中 ...

思创医惠公告，第三季度营收为5879.51万元，同比下降64.93%；净利润为4706.93万元，同比增长 177.42%。前三季度营收为6.04亿元，同比增长6.95%；净利润亏损476.22万元，同比扭亏，增长 98.32%。 ...

[Report Statement and Disclaimer](index=1&type=section&id=Report%20Statement%20and%20Disclaimer) This section outlines the company's commitment to the accuracy and completeness of its quarterly report and confirms the unaudited status of the financial statements - The Board of Directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3](index=3&type=chunk) - The company's principal, head of accounting, and head of accounting department declare and guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3](index=3&type=chunk) - The financial report for this period is unaudited[4](index=4&type=chunk)[26](index=26&type=chunk) [Major Financial Data](index=2&type=section&id=Major%20Financial%20Data) This section presents key financial data, including accounting figures, financial indicators, and non-recurring gains and losses, along with explanations for significant changes [Major Accounting Data and Financial Indicators](index=2&type=section&id=Major%20Accounting%20Data%20and%20Financial%20Indicators) The company's Q3 operating revenue significantly decreased by **64.93%** year-on-year, while net profit attributable to shareholders increased by **177.42%**; year-to-date operating revenue grew by **6.95%**, and net profit attributable to shareholders significantly increased by **98.32%** but remained negative, with total assets and equity attributable to shareholders both declining Key Accounting Data and Financial Indicators (Current Reporting Period) | Item | Current Reporting Period (RMB) | Change from Prior Year (%) | | :--- | :--- | :--- | | Operating Revenue | 58,795,121.13 | -64.93% | | Net Profit Attributable to Shareholders of the Listed Company | 47,069,312.46 | 177.42% | | Net Profit Attributable to Shareholders of the Listed Company, Excluding Non-Recurring Gains and Losses | -95,132,022.26 | -51.46% | | Basic Earnings Per Share (RMB/share) | 0.05 | 183.33% | | Diluted Earnings Per Share (RMB/share) | 0.05 | 183.33% | | Weighted Average Return on Net Assets | -73.00% | -65.85% | Key Accounting Data and Financial Indicators (Year-to-Date) | Item | Year-to-Date (RMB) | Change from Prior Year (%) | | :--- | :--- | :--- | | Operating Revenue | 603,818,696.74 | 6.95% | | Net Profit Attributable to Shareholders of the Listed Company | -4,762,164.09 | 98.32% | | Net Profit Attributable to Shareholders of the Listed Company, Excluding Non-Recurring Gains and Losses | -157,687,268.14 | 45.03% | | Net Cash Flow from Operating Activities | 34,036,713.51 | 2,570.50% | | Basic Earnings Per Share (RMB/share) | 0.00 | 100.00% | | Diluted Earnings Per Share (RMB/share) | 0.00 | 100.00% | | Weighted Average Return on Net Assets | -82.28% | -25.76% | Key Accounting Data and Financial Indicators (End of Reporting Period) | Item | End of Current Reporting Period (RMB) | End of Prior Year (RMB) | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,008,557,511.94 | 2,189,795,268.31 | -53.94% | | Total Equity Attributable to Shareholders of the Listed Company | 577,757,734.32 | 579,788,934.61 | -0.35% | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses amounted to **RMB 142,201,334.72** for the current period and **RMB 152,925,104.05** year-to-date, primarily driven by gains from the disposal of non-current assets, including land, buildings, and equity of Yihui Technology Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (RMB) | Amount Year-to-Date (RMB) | Notes | | :--- | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 141,896,892.28 | 149,983,086.27 | Includes sale of Yihui Technology's land, buildings, and equity | | Government Grants Recognized in Current Profit or Loss | 596,650.74 | 3,732,253.61 | | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities | 0 | -1,327,669.66 | | | Gains and Losses from Entrusted Investments or Asset Management | 0 | 1,422,599.28 | | | Other Non-Operating Income and Expenses | -267,089.52 | -858,861.01 | | | Less: Income Tax Impact | 25,118.99 | 25,677.28 | | | Impact on Minority Interests (After Tax) | -0.21 | 627.16 | | | Total | 142,201,334.72 | 152,925,104.05 | -- | - Gains and losses from disposal of non-current assets primarily resulted from the net proceeds of **RMB 8,348,898.01** from the sale of Yihui Technology's land, buildings, and facilities in Binjiang District, and **RMB 141,284,624.17** from the sale of Yihui Technology equity[6](index=6&type=chunk) [Changes and Reasons for Major Accounting Data and Financial Indicators](index=3&type=section&id=Changes%20and%20Reasons%20for%20Major%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, multiple balance sheet, income statement, and cash flow statement items experienced significant changes, with asset and liability items largely decreasing due to the deconsolidation of Yihui Technology, while investment income and asset disposal gains substantially increased, and net cash flow from operating activities rose significantly due to reduced personnel costs - Multiple balance sheet items (e.g., notes receivable, accounts receivable, prepayments, inventories, contract assets, long-term receivables, investment properties, fixed assets, intangible assets) significantly decreased, primarily due to Yihui Technology no longer being consolidated[9](index=9&type=chunk) - Multiple liability items (e.g., accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities) significantly decreased, primarily due to Yihui Technology no longer being consolidated, with some items also involving repayment of borrowed funds[9](index=9&type=chunk)[10](index=10&type=chunk) - Long-term payables increased by **51.05%**, primarily due to the receipt of asset disposal proceeds[10](index=10&type=chunk) - Taxes and surcharges decreased by **75.41%** year-on-year, primarily due to taxes paid on property disposal in the prior period[10](index=10&type=chunk) - Selling expenses, R&D expenses, and financial expenses decreased by **35.39%**, **51.29%**, and **50.26%** respectively, primarily due to reduced operating scale, decreased R&D investment in the medical sector, and accrued convertible bond interest in the prior year[10](index=10&type=chunk) - Investment income significantly increased by **11,881.02%** year-on-year, primarily due to gains from the disposal of subsidiary Yihui Technology in the current period[10](index=10&type=chunk) - Net cash flow from operating activities increased by **2,570.50%** year-on-year, primarily due to reduced personnel costs[10](index=10&type=chunk) [Shareholder Information](index=4&type=section&id=Shareholder%20Information) This section details the company's shareholder structure, including the total number of common shareholders, top ten shareholders' holdings, and changes in restricted shares [Total Number of Common Shareholders and Top Ten Shareholders' Shareholdings](index=5&type=section&id=Total%20Number%20of%20Common%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Shareholdings) As of the end of the reporting period, Cangnan Sijia IoT Smart Partnership (Limited Partnership), Lu Nan, and Yunhailian Holdings Co., Ltd. were the top three shareholders, holding **5.72%**, **5.61%**, and **5.44%** respectively, with all shares of Yunhailian Holdings Co., Ltd. pledged, and some shares of Zhang Lizhong pledged and frozen - As of the end of the reporting period, the total number of common shareholders was **58,359**[12](index=12&type=chunk) Top 10 Shareholders' Shareholdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Cangnan Sijia IoT Smart Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.72% | 63,890,185 | N/A | | Lu Nan | Domestic Natural Person | 5.61% | 62,739,500 | N/A | | Yunhailian Holdings Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.44% | 60,858,803 | Pledged 60,858,803 | | Fang Zhenchun | Domestic Natural Person | 2.11% | 23,546,600 | N/A | | Zhang Lizhong | Domestic Natural Person | 1.65% | 18,450,902 | Pledged 14,415,027, Frozen 18,450,902 | | Cangnan Xinchuang Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.56% | 6,266,866 | N/A | | Hangzhou Botai Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.54% | 6,006,776 | N/A | | Liao Yannan | Domestic Natural Person | 0.45% | 5,000,000 | N/A | | Duan Liping | Domestic Natural Person | 0.45% | 5,000,000 | N/A | | Hongtu Innovation Fund - Jiaxing Jingmei Zhonghe Investment Partnership (Limited Partnership) - Hongtu Innovation Hongren No. 86 Single Asset Management Plan | Other | 0.40% | 4,484,304 | N/A | - Mr. Lu Nan, a natural person shareholder of the company, holds **59.02%** equity in Hangzhou Botai Investment Management Co., Ltd., a legal person shareholder[12](index=12&type=chunk) - Shareholder Duan Liping holds **5,000,000 shares** through a margin trading and securities lending account, and Xia Zongshui holds **3,617,100 shares** through a margin trading and securities lending account[13](index=13&type=chunk) [Total Number of Preferred Shareholders and Top Ten Preferred Shareholders' Shareholdings](index=6&type=section&id=Total%20Number%20of%20Preferred%20Shareholders%20and%20Top%20Ten%20Preferred%20Shareholders%27%20Shareholdings) The company has no preferred shareholders - The company has no preferred shareholders[13](index=13&type=chunk) [Changes in Restricted Shares](index=6&type=section&id=Changes%20in%20Restricted%20Shares) During the reporting period, executive restricted shares held by Zhang Lizhong, Peng Jun, and Hu Kaiyan were released on February 17, 2025, while Hangzhou Botai Investment Management Co., Ltd. still holds **4,505,082** IPO restricted shares, with **25%** of its company shares unlocked annually Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Lizhong | 13,838,176 | 13,838,176 | 0 | 0 | Executive Restricted Shares | Released on February 17, 2025 | | Peng Jun | 3,750 | 3,750 | 0 | 0 | Executive Restricted Shares | Released on February 17, 2025 | | Hu Kaiyan | 1,500 | 1,500 | 0 | 0 | Executive Restricted Shares | Released on February 17, 2025 | | Hangzhou Botai Investment Management Co., Ltd. | 4,505,082 | 0 | 0 | 4,505,082 | IPO Restricted Shares | 25% of its shares in the company are unlocked annually | | Total | 18,348,508 | 13,843,426 | 0 | 4,505,082 | -- | -- | [Other Important Matters](index=6&type=section&id=Other%20Important%20Matters) This section covers significant corporate events, including the completion of a major asset sale, termination of fundraising projects, and progress on the proposed change of controlling shareholder [Completion of Major Asset Sale and Related Party Transaction](index=6&type=section&id=Completion%20of%20Major%20Asset%20Sale%20and%20Related%20Party%20Transaction) The company completed the sale of **100%** equity in Yihui Technology to Cangnan Shanhai Digital Technology Co., Ltd. on August 5, 2025, with the target assets transferred and registered, and industrial and commercial change procedures finalized - The company completed the sale of **100%** equity in Yihui Technology to Cangnan Shanhai Digital Technology Co., Ltd. on August 5, 2025[15](index=15&type=chunk) - The target assets have been transferred and registered under Shanhai Digital, and Yihui Technology has completed the industrial and commercial change registration procedures[15](index=15&type=chunk) [Termination of Fundraising Projects and Replenishment of Working Capital](index=7&type=section&id=Termination%20of%20Fundraising%20Projects%20and%20Replenishment%20of%20Working%20Capital) The company terminated three fundraising projects, including the "IoT Smart Healthcare Traceability Management Project" and "Medical Big Data Application R&D Center" from its 2018 non-public offering, and the "Internet + AI Medical Innovation Operation Service Project" from its 2020 convertible bond project, with all remaining funds used to permanently replenish working capital and all special accounts closed - The company terminated the "IoT Smart Healthcare Traceability Management Project" and "Medical Big Data Application R&D Center" from its 2018 non-public offering of shares project[16](index=16&type=chunk) - The company terminated the "Internet + AI Medical Innovation Operation Service Project", "Marketing System Expansion Project", and "New Generation Smart Healthcare Application R&D Project Based on AI and Microservice Cloud Architecture" from its 2020 convertible bond project[16](index=16&type=chunk) - All remaining raised funds were transferred to the company's own capital account on August 15, 2025, and all special accounts for raised funds have been closed[16](index=16&type=chunk) [Progress on Proposed Change of Controlling Shareholder and Actual Controller](index=7&type=section&id=Progress%20on%20Proposed%20Change%20of%20Controlling%20Shareholder%20and%20Actual%20Controller) Mr. Lu Nan, the company's largest shareholder, signed a share transfer agreement with Cangnan County Industrial Construction Investment Co., Ltd. on April 26, 2025, to transfer **5.61%** of his shares, with a supplemental agreement signed on September 1, 2025, which is expected to change the company's controlling shareholder and actual controller - Mr. Lu Nan, the company's largest shareholder, intends to transfer **62,739,500 shares** (representing **5.61%** of the total share capital) to Cangnan County Industrial Construction Investment Co., Ltd. via agreement transfer[17](index=17&type=chunk) - Mr. Lu Nan and Cangnan Jiantou signed a "Supplemental Agreement to the Share Transfer Agreement" on September 1, 2025[17](index=17&type=chunk) - This share transfer is expected to result in a change of the company's controlling shareholder and actual controller[17](index=17&type=chunk) [Quarterly Financial Statements](index=7&type=section&id=Quarterly%20Financial%20Statements) This section presents the company's unaudited quarterly financial statements, including the consolidated balance sheet, income statement, and cash flow statement, along with notes on the first-time adoption of new accounting standards [Financial Statements](index=7&type=section&id=Financial%20Statements) This section includes the company's consolidated balance sheet as of September 30, 2025, and the consolidated income statement and cash flow statement for the period from the beginning of 2025 to the end of the reporting period, reflecting the company's assets, liabilities, equity, income, expenses, and cash flows during the reporting period [Consolidated Balance Sheet](index=7&type=section&id=Consolidated%20Balance%20Sheet) This table provides a detailed overview of the company's financial position, presenting assets, liabilities, and equity as of September 30, 2025 Key Data from Consolidated Balance Sheet (September 30, 2025) | Item | Balance at Period End (RMB) | Balance at Period Beginning (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 492,649,508.87 | 415,200,644.88 | | Financial Assets Held for Trading | 53,602,850.48 | 205,704,709.66 | | Accounts Receivable | 82,076,433.03 | 395,319,679.02 | | Inventories | 59,361,030.18 | 176,396,663.36 | | Total Current Assets | 703,188,705.15 | 1,290,839,328.94 | | Long-Term Equity Investments | 72,252,216.49 | 104,540,469.97 | | Investment Properties | 13,998,884.70 | 292,351,288.60 | | Fixed Assets | 99,685,323.27 | 346,767,620.14 | | Total Non-Current Assets | 305,368,806.79 | 898,955,939.37 | | Total Assets | 1,008,557,511.94 | 2,189,795,268.31 | | Accounts Payable | 40,449,311.42 | 319,186,637.94 | | Contract Liabilities | 9,033,144.98 | 56,886,458.05 | | Other Payables | 73,411,309.26 | 631,253,933.93 | | Total Current Liabilities | 143,815,057.28 | 1,402,583,357.34 | | Long-Term Payables | 232,211,857.80 | 153,736,323.48 | | Total Liabilities | 417,703,743.44 | 1,600,932,000.91 | | Total Equity Attributable to Parent Company Shareholders | 577,757,734.32 | 579,788,934.61 | | Total Equity | 590,853,768.50 | 588,863,267.40 | | Total Liabilities and Equity | 1,008,557,511.94 | 2,189,795,268.31 | [Consolidated Income Statement from Year Beginning to End of Reporting Period](index=10&type=section&id=Consolidated%20Income%20Statement%20from%20Year%20Beginning%20to%20End%20of%20Reporting%20Period) This table summarizes the company's financial performance, detailing revenues, costs, and profits for the period from January to September 2025 Key Data from Consolidated Income Statement (January-September 2025) | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 603,818,696.74 | 564,563,042.63 | | Total Operating Costs | 711,900,612.78 | 747,741,398.44 | | Selling Expenses | 33,787,538.12 | 52,290,919.15 | | Administrative Expenses | 72,585,253.61 | 82,581,715.07 | | Research and Development Expenses | 42,152,641.88 | 86,530,617.16 | | Financial Expenses | 19,899,543.47 | 40,006,082.67 | | Other Income | 7,417,902.30 | -880,360.81 | | Investment Income | 144,803,779.80 | -1,229,128.03 | | Operating Profit | -3,050,240.86 | -283,283,593.21 | | Total Profit | -3,909,101.87 | -282,852,044.95 | | Net Profit | -6,485,797.26 | -285,718,834.44 | | Net Profit Attributable to Parent Company Shareholders | -4,762,164.09 | -283,640,006.17 | | Basic Earnings Per Share | 0.00 | -0.31 | | Diluted Earnings Per Share | 0.00 | -0.31 | [Consolidated Cash Flow Statement from Year Beginning to End of Reporting Period](index=12&type=section&id=Consolidated%20Cash%20Flow%20Statement%20from%20Year%20Beginning%20to%20End%20of%20Reporting%20Period) This table presents the company's cash inflows and outflows from operating, investing, and financing activities for the period from January to September 2025 Key Data from Consolidated Cash Flow Statement (January-September 2025) | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 34,036,713.51 | 1,274,545.97 | | Net Cash Flow from Investing Activities | 482,422,914.64 | 470,688,133.32 | | Net Cash Flow from Financing Activities | -336,463,972.37 | -476,415,935.60 | | Net Increase in Cash and Cash Equivalents | 181,136,253.08 | -1,697,391.05 | | Cash and Cash Equivalents at Period End | 492,649,508.87 | 351,567,537.33 | - Net cash flow from operating activities significantly increased by **2,570.50%**, primarily due to reduced personnel costs[10](index=10&type=chunk)[24](index=24&type=chunk) - Within cash inflows from investing activities, net cash received from disposal of subsidiaries and other business units was **RMB 230,196,018.20**[24](index=24&type=chunk) - Within cash inflows from financing activities, other cash received related to financing activities was **RMB 630,000,000.00**[25](index=25&type=chunk) [First-Time Adoption of New Accounting Standards](index=13&type=section&id=First-Time%20Adoption%20of%20New%20Accounting%20Standards) The company adopted new accounting standards for the first time in 2025 but did not adjust relevant items in the financial statements at the beginning of the first adoption year - The company adopted new accounting standards for the first time in 2025 but did not adjust relevant items in the financial statements at the beginning of the first adoption year[26](index=26&type=chunk) [Audit Report](index=13&type=section&id=Audit%20Report) The company's Q3 financial report is unaudited - The company's Q3 financial report is unaudited[26](index=26&type=chunk)