Core Viewpoint - Tianhao Energy holds a 4.8540% stake in Hubei State-owned Capital Operation Co., Ltd., indicating its involvement as a shareholder in the ongoing reforms of Hubei's state-owned capital [1][3]. Group 1 - The company confirmed its ownership of a 4.8540% equity stake in Hubei State-owned Capital Operation Co., Ltd. [1] - The company stated that any plans related to participation in reforms will be disclosed in accordance with relevant regulations if they meet the disclosure standards [1]. - There is significant attention on the recent news regarding the reform of Hubei's state-owned capital, highlighting potential opportunities for the company [3].

Core Viewpoint - Tianhao Energy reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to a decrease in gas sales volume [1] Financial Performance - For the period of January to September, the company achieved an operating income of 1.941 billion yuan and a net profit attributable to shareholders of 95.7375 million yuan [1] - The non-recurring net profit was 89.8424 million yuan, with basic earnings per share at 0.03 yuan [1] Business Strategy - The company has been actively seizing opportunities in deep coalbed methane exploration and extraction since its transformation, focusing on expanding in regions such as Shaanxi and Yulin [1] - Key projects include the successful completion of the Xinxian Dongmen Station project, which has expanded the coverage of the Shen'an pipeline beyond the Jin-Ji region [1] - The Chifeng Tongrui Yuanbaoshan industrial park gas supply project has made significant progress and is now operational, reducing energy costs for industrial enterprises and enhancing the company's performance [1]

Core Viewpoint - Tianhao Energy reported a significant decline in revenue and net profit for the first three quarters of 2025, primarily due to a decrease in gas sales volume [1] Financial Performance - The company achieved an operating income of 1.941 billion yuan, a decrease of 36.05% compared to the same period last year [1] - The net profit attributable to shareholders was 96 million yuan, reflecting a decline of 27.25% [1] - Total assets amounted to 8.017 billion yuan, down 3.01% from the end of the previous year [1] Business Development - The company completed the construction and commissioning of the Xingshan Dongmen Station project, establishing a strategic channel to reach new terminal users, expanding beyond the original coverage of the Shanxi and Hebei regions [1] - The gas supply project in the Chifeng Tongrui Yuanbao Mountain Industrial Park has made significant progress, officially supplying gas since September 1, which is expected to enhance the company's performance [1] Market Outlook - The company anticipates an increase in residential heating demand in the fourth quarter due to lower temperatures in most regions of China compared to previous years [1] - With the approach of the peak demand season for natural gas, market demand is expected to rise, leading to a continuous increase in upstream supply [1] - The joint construction of the Shen'an pipeline with CNOOC has optimized the natural gas supply chain, enhancing market competitiveness and establishing a more secure and reliable natural gas supply system [1]

Core Viewpoint - Tianhao Energy (300332.SZ) reported a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 1.941 billion yuan, a year-on-year decrease of 36.05% [1] - The net profit attributable to shareholders of the listed company was 95.7375 million yuan, down 27.25% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 89.8424 million yuan, reflecting a decrease of 27.45% year-on-year [1] - Basic earnings per share were 0.1107 yuan [1]

Group 1 - High-speed Electric achieved a revenue of 810 million yuan, a year-on-year increase of 30.33%, and a net profit of 36.33 million yuan, up 54.32% year-on-year for the first three quarters [1] - Huaguang Bio reported a revenue of 868 million yuan, a year-on-year increase of 17.98%, and a net profit of 16.33 million yuan, up 146.55% year-on-year for the first three quarters [2] - North Navigation turned a profit with a net profit of 125 million yuan for the first three quarters, compared to a loss in the previous year, with a revenue of 2.468 billion yuan, up 210.01% year-on-year [3] Group 2 - Wukuang New Energy reported a revenue of 5.054 billion yuan, a year-on-year increase of 33.96%, but a net loss of 20.1 million yuan for the first three quarters [4] - Century Rui Er achieved a revenue of 5.110 billion yuan, a year-on-year increase of 5.21%, and a net profit of 41.64 million yuan, up 27.23% year-on-year for the first three quarters [5] - Jiejie Micro reported a revenue of 2.502 billion yuan, a year-on-year increase of 24.70%, and a net profit of 34.7 million yuan, up 4.30% year-on-year for the first three quarters [6] Group 3 - Zhejiang Huaye achieved a revenue of 739 million yuan, a year-on-year increase of 11.08%, and a net profit of 181 million yuan, up 143.68% year-on-year for the first three quarters [7] - Lege Co. reported a revenue of 4.846 billion yuan, a year-on-year increase of 21.92%, but a net profit of 16.9 million yuan, down 36.33% year-on-year for the first three quarters [8] - Huichuan Technology achieved a revenue of 31.663 billion yuan, a year-on-year increase of 24.67%, and a net profit of 4.254 billion yuan, up 26.84% year-on-year for the first three quarters [9] Group 4 - Jieya Co. reported a revenue of 565 million yuan, a year-on-year increase of 38.44%, and a net profit of 67.9 million yuan, up 95.78% year-on-year for the first three quarters [10] - Hengtian Hailong reported a revenue of 829 million yuan, a year-on-year increase of 0.89%, but a net profit of 274,780 yuan, down 93% year-on-year for the first three quarters [11] - Baolidi achieved a revenue of 1.058 billion yuan, a year-on-year increase of 4.57%, and a net profit of 106 million yuan, up 31.25% year-on-year for the first three quarters [12] Group 5 - Feitian Chengxin reported a revenue of 520 million yuan, a year-on-year increase of 3.10%, and a net profit of 10.38 million yuan, up 146.05% year-on-year for the first three quarters [13] - Xiangqiang Co. reported a revenue of 1.237 billion yuan, a year-on-year increase of 9.19%, but a net profit of 171 million yuan, down 5.90% year-on-year for the first three quarters [14] - Guangzheng Eye Care reported a revenue of 663 million yuan, a year-on-year decrease of 5.05%, but a net profit of 17,340 yuan, turning from loss to profit for the first three quarters [15] Group 6 - Sand Technology achieved a revenue of 430 million yuan, a year-on-year increase of 26.94%, and a net profit of 115 million yuan, up 47.52% year-on-year for the first three quarters [16] - Tianhao Energy reported a revenue of 1.941 billion yuan, a year-on-year decrease of 36.05%, and a net profit of 95.74 million yuan, down 27.25% year-on-year for the first three quarters [17] - Yiyuan Communication achieved a revenue of 17.877 billion yuan, a year-on-year increase of 34.96%, and a net profit of 733 million yuan, up 105.65% year-on-year for the first three quarters [18] Group 7 - Zhenhai Co. reported a revenue of 295 million yuan, a year-on-year decrease of 9.96%, and a net profit of 51.69 million yuan, down 8% year-on-year for the first three quarters [19] - Xinda Securities received approval to issue up to 10 billion yuan in corporate bonds for technology innovation [20] - Jingong Steel Structure signed a contract worth 1.23 billion yuan for an overseas project [21] Group 8 - Chuanfa Longmang plans to invest 366 million yuan in a lithium dihydrogen phosphate project [22] - Ningbo Energy plans to invest 58.5 million yuan to establish a joint venture [23] - China Unicom plans to spin off its subsidiary for listing on the Growth Enterprise Market [24] Group 9 - China Unicom reported a revenue of 292.985 billion yuan, a year-on-year increase of 1%, and a net profit of 8.772 billion yuan, up 5.2% year-on-year for the first three quarters [25] - Haigang Co. announced a plan to reduce its shareholding by 0.9965% [26] - Jintongling's subsidiary is facing bankruptcy liquidation [27] Group 10 - Lanshi Heavy Industry plans to transfer 51.02% of its environmental company shares for 14.39 million yuan [28] - Lanshi Heavy Industry's shareholder plans to reduce its stake by 1% [29] - Dongtian Micro reported a revenue of 637 million yuan, a year-on-year increase of 53.91%, and a net profit of 80.03 million yuan, up 99.20% year-on-year for the first three quarters [30] Group 11 - Siling Co. reported a revenue of 581 million yuan, a year-on-year increase of 4.38%, and a net profit of 14 million yuan, up 2.17% year-on-year for the first three quarters [31] - Hanrui Cobalt achieved a revenue of 4.871 billion yuan, a year-on-year increase of 16.49%, and a net profit of 238 million yuan, up 42.57% year-on-year for the first three quarters [32] - Ganfeng Lithium's vice president plans to reduce his stake by 40,000 shares [33] Group 12 - Kaile Co. plans to acquire at least 50% of Kesheng Machinery [34] - Huace Navigation achieved a revenue of 2.618 billion yuan, a year-on-year increase of 15.47%, and a net profit of 493 million yuan, up 26.41% year-on-year for the first three quarters [35] - Jingbeifang reported a revenue of 3.613 billion yuan, a year-on-year increase of 5.14%, and a net profit of 243 million yuan, up 7.94% year-on-year for the first three quarters [36] Group 13 - Weiergao achieved a revenue of 1.122 billion yuan, a year-on-year increase of 51.93%, and a net profit of 69.79 million yuan, up 48.11% year-on-year for the first three quarters [37] - Hanyi Co. reported a revenue of 139 million yuan, a year-on-year increase of 1.10%, and a net profit of 904,470 yuan, up 78.52% year-on-year for the first three quarters [38] - Boya Precision achieved a revenue of 387 million yuan, a year-on-year increase of 47.27%, and a net profit of 66.11 million yuan, up 82.87% year-on-year for the first three quarters [39] Group 14 - Qianfang Technology achieved a revenue of 5.256 billion yuan, a year-on-year decrease of 2.82%, and a net profit of 189 million yuan, up 1098.97% year-on-year for the first three quarters [40] - Binhua Co. submitted an application for H-share listing [41] - Chengde Lulu reported a revenue of 1.956 billion yuan, a year-on-year decrease of 9.42%, and a net profit of 384 million yuan, down 8.47% year-on-year for the first three quarters [42] Group 15 - Beifang Changlong reported a revenue of 122 million yuan, a year-on-year increase of 159.21%, but a net profit of 11.29 million yuan, turning from profit to loss for the first three quarters [43]

Core Viewpoint - Tianhao Energy (300332.SZ) reported a significant decline in both revenue and net profit for the first three quarters of the year, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 1.941 billion yuan, representing a year-on-year decrease of 36.05% [1] - The net profit attributable to shareholders of the listed company was 95.7375 million yuan, down 27.25% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 89.84 million yuan, reflecting a decline of 27.45% year-on-year [1]

Group 1 - The core viewpoint of the article highlights Tianhao Energy's significant decline in financial performance for the third quarter of 2025, with revenue and net profit both experiencing substantial year-on-year decreases [1] - For the first three quarters of 2025, the company's revenue was approximately 1.941 billion yuan, representing a year-on-year decrease of 36.05% [1] - The net profit attributable to shareholders was around 95.74 million yuan, down 27.25% compared to the previous year [1] - Basic earnings per share were reported at 0.1107 yuan, reflecting a decrease of 30.94% year-on-year [1] Group 2 - As of the report date, Tianhao Energy's market capitalization stood at 5.4 billion yuan [2]

Core Viewpoint - Tianhao Energy reported a significant decline in both revenue and net profit for the third quarter of 2025, indicating ongoing challenges in its financial performance [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 569 million yuan, a year-on-year decrease of 43.84% [1] - The net profit attributable to shareholders was 26.72 million yuan, down 10.86% year-on-year [1] - For the first three quarters of 2025, the total operating revenue was 1.941 billion yuan, reflecting a year-on-year decline of 36.05% [1] - The net profit attributable to shareholders for the first three quarters was 95.74 million yuan, which represents a decrease of 27.25% compared to the previous year [1]

Group 1 - The core point of the article is that Tianhao Energy reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year [1] Group 2 - For the third quarter, the company's revenue was 569 million yuan, a decrease of 43.84% compared to the previous period [1] - The net profit for the third quarter was 26.72 million yuan, down 10.86% [1] - For the first three quarters, the total revenue was 1.941 billion yuan, reflecting a decline of 36.05% [1] - The net profit for the first three quarters was 95.74 million yuan, which is a decrease of 27.25% [1]

Financial Performance - The company's operating revenue for Q3 2025 was ¥569,092,503.87, a decrease of 43.84% compared to the same period last year[6] - The net profit attributable to shareholders was ¥26,723,640.11, down 10.86% year-on-year, while the net profit after deducting non-recurring gains and losses increased by 69.70% to ¥30,362,093.79[6] - The company experienced a 36.05% decline in total operating income for the first nine months of 2025, totaling ¥1,941,042,069.85[12] - Total operating revenue for the current period was ¥1,941,042,069.85, a decrease of 36.1% compared to ¥3,035,354,440.17 in the previous period[25] - Net profit for the current period was ¥95,838,866.94, a decline of 27.2% from ¥131,644,649.86 in the previous period[26] - Total comprehensive income for the period was CNY 95,321,600.97, a decrease from CNY 131,957,066.91 in the previous period[27] - Basic and diluted earnings per share were both CNY 0.1107, down from CNY 0.1603 in the previous period[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥8,016,927,617.09, a decrease of 3.01% from the end of the previous year[6] - The company's total assets decreased to ¥8,016,927,617.09 from ¥8,266,070,256.57, reflecting a reduction of 3.0%[24] - Current liabilities totaled ¥2,600,636,241.49, down 9.7% from ¥2,878,837,437.20 in the previous period[24] - Non-current liabilities decreased to ¥868,674,554.83 from ¥948,519,163.24, a decline of 8.4%[24] Cash Flow - The net cash flow from operating activities was -¥106,717,840.22, a decline of 173.27% compared to the same period last year[15] - Cash inflow from operating activities totaled CNY 3,656,123,023.19, compared to CNY 4,802,134,293.96 in the previous period, reflecting a decline of approximately 23.9%[29] - Net cash flow from operating activities was negative at CNY -106,717,840.22, contrasting with a positive CNY 145,651,534.38 in the previous period[29] - Cash inflow from investing activities was CNY 61,033,687.04, significantly lower than CNY 3,432,040.00 in the previous period[29] - Net cash flow from investing activities was CNY -210,873,983.06, slightly worse than CNY -208,844,162.89 in the previous period[29] - Cash inflow from financing activities was CNY 1,573,506,576.43, up from CNY 946,320,000.00 in the previous period[29] - Net cash flow from financing activities improved to CNY 242,953,578.13, compared to a negative CNY -65,179,377.25 in the previous period[29] - The ending cash and cash equivalents balance was CNY 288,774,318.96, down from CNY 327,263,983.24 in the previous period[29] Shareholder Information - Total number of common shareholders at the end of the reporting period is 28,914[17] - Tianhao Investment Group holds 15.14% of shares, totaling 130,951,823 shares[17] - Chen Zuotao, a natural person, holds 5.13% of shares, totaling 44,362,867 shares, with 33,272,150 shares under lock-up[17] - The company has not disclosed any changes in the top 10 shareholders due to securities lending[18] - The company has not identified any related party relationships among the top 10 shareholders[18] Governance and Management - The company has revised its articles of association and related governance documents on September 12, 2025[20] - The company’s board received a resignation from Vice General Manager Li Yulong due to retirement age[19] Expenses - Research and development expenses for the current period were ¥11,374,013.52, down 26.0% from ¥15,365,868.72 in the previous period[26] - The company reported a decrease in management expenses to ¥98,798,020.73 from ¥122,306,085.69, a reduction of 19.2%[26] Investment Income - The company reported a 2268.85% decrease in investment income, resulting in a loss of ¥32,220,128.34 for the first nine months of 2025[12] Earnings Per Share - The company's basic earnings per share decreased by 15.34% to ¥0.0309[6] Financing Activities - The company reported a significant increase in receivables financing, which rose by 259.10% to ¥21,051,521.24[11] - The company reported an increase in receivables financing to ¥21,051,521.24 from ¥5,862,288.76[22] Audit Status - The financial report for the third quarter was not audited[30]