Group 1: Company Announcements - Silan Microelectronics plans to jointly invest 20 billion yuan in the construction of a 12-inch high-end analog integrated circuit chip manufacturing production line project in Xiamen, with a planned capacity of 45,000 wafers per month and an annual production capacity of 540,000 wafers after completion [3][6] - China Life Insurance expects a net profit attributable to shareholders of the parent company to be approximately 156.79 billion to 177.69 billion yuan for the first three quarters of 2025, representing a year-on-year growth of about 50% to 70% [3][6] - Sany Heavy Industry announced a global issuance of approximately 580 million H shares, with an expected issue price not exceeding 21.30 HKD per share and not lower than 20.30 HKD per share [3][6] Group 2: Industry Insights - The 138th Canton Fair reported that approximately 157,900 overseas buyers attended the event, representing a 6.3% increase compared to the previous period [3] - The ice and snow industry in China is projected to exceed 1 trillion yuan by 2025, with a rapid increase in ice and snow consumption. The number of indoor ski resorts is expected to grow to 79 by April 2025, marking a 33.9% increase from the previous year [3] - Recent data indicates that small and medium-sized banks in China have entered a new round of interest rate cuts, with Shanghai Huari Bank reducing its three-year fixed deposit rate from 2.3% to 2.15% [3]

Core Viewpoint - The article highlights the performance of several companies in the third quarter of 2025, showcasing significant revenue and profit growth across various sectors, particularly in technology and insurance industries [2][5][6]. Company Performance Summaries - **Xingwang Yuda (002829)** reported a revenue of 266 million yuan for the first three quarters, a year-on-year increase of 14.97%, with a net profit of 38.37 million yuan, up 260%. In Q3 alone, revenue reached 118 million yuan, growing 27.84%, and net profit was 54.28 million yuan, soaring 816.08% [2]. - **Tongyou Technology (300302)** achieved a revenue of 154 million yuan in Q3, a remarkable increase of 197.06%, with a net profit of 27.67 million yuan, up 300.46%. The company also reported a year-to-date revenue of 327 million yuan, a 7.73% increase, with a gross margin of 52.34%, up 4.41 percentage points [3][2]. - **Yangjie Technology (300373)** posted a revenue of 5.348 billion yuan for the first three quarters, a 20.89% increase, and a net profit of 974 million yuan, up 45.51%. In Q3, revenue was 1.893 billion yuan, growing 21.47%, with a net profit of 372 million yuan, up 52.40% [4]. Industry Insights - The semiconductor industry is experiencing robust growth, driven by sectors such as automotive electronics, artificial intelligence, and consumer electronics. Yangjie Technology emphasized its commitment to product innovation and operational efficiency, which has contributed to its profit growth [4]. - **China Life (601628)** anticipates a net profit of approximately 156.79 billion to 177.69 billion yuan for the first three quarters, representing a year-on-year increase of about 50% to 70%. The company has focused on enhancing its investment strategies and supporting the real economy [5][6]. - **Zhuhai Guanyu (688772)** expects a net profit of 36.7 million to 41.7 million yuan for the first three quarters, reflecting a growth of 36.88% to 55.54% year-on-year, attributed to improved customer share and operational efficiency [6]. - **Changqing Group (002616)** forecasts a net profit of 19.1 million to 20.3 million yuan for the first three quarters, marking a growth of 55.25% to 65.00% year-on-year, driven by tax incentives and reduced fuel costs [6]. Market Trends - Recent reports indicate a recovery in industrial profits, supported by low base effects and domestic demand expansion. The third quarter is expected to see continued high growth in sectors such as mid-to-high-end manufacturing and the AI industry [7].

Core Viewpoint - Multiple companies in the Shanghai and Shenzhen stock markets have announced significant developments, including investments in semiconductor manufacturing, clinical research advancements, and changes in corporate governance, which may present investment opportunities and insights for stakeholders [3]. Investment Announcements - Silan Microelectronics plans to invest 20 billion yuan to establish a 12-inch high-end analog integrated circuit chip manufacturing line, aiming for a production capacity of 54 million chips annually after completion [4]. - Xidilong intends to invest no more than 400 million yuan to purchase land use rights and build an innovation industrial base, adding chromatography and mass spectrometry production lines [8]. - Tianhe Magnetic Materials' subsidiary plans to invest 850 million yuan in high-performance rare earth permanent magnets and component manufacturing [9]. - New City plans to allocate 157 million yuan of remaining fundraising to a green energy and zero-carbon park planning project [10]. - Yanguang Nuohuo proposes to invest 15 million yuan to increase the registered capital of Yuanma Zhiyao, focusing on innovative CAR-T cell therapies [15]. Corporate Governance Changes - Xiling Information's controlling shareholder and general manager has had their detention lifted, allowing them to resume normal duties [5][6]. Regulatory Developments - Haizheng Pharmaceutical's Taizhou factory has had its GMP non-compliance status revoked by the EU, positively impacting its product sales in the EU market [7]. - Zhonghe Titanium White will change its stock name to "Titanium Energy Chemical" starting October 20, 2025, while retaining its stock code [14]. Performance Reports - China Life expects a net profit increase of approximately 50% to 70% for the first three quarters of 2025, estimating profits between 156.785 billion yuan and 177.689 billion yuan [20]. - Yangjie Technology reported a 52.4% increase in net profit for Q3 2025, driven by growth in the semiconductor sector [21]. - Xiangsheng Medical's Q3 net profit grew by 41.95%, despite a decline in revenue [22]. - Zhuhai Guanyu anticipates a net profit increase of 36.88% to 55.54% for the first three quarters of 2025 [23]. - Huiquan Beer reported a 23.7% increase in net profit for Q3 2025 [24]. - Darui Electronics' net profit grew by 26.84% in the first three quarters of 2025 [25]. - Xingwang Yuda turned a profit in Q3 2025, reporting a net profit of 38.3749 million yuan [27]. - Tongyou Technology reported a net profit of 27.6683 million yuan in Q3 2025, marking a turnaround from losses [28]. Shareholding Changes - Hongfuhan's shareholder, Hengmei International, plans to reduce its stake by up to 1.5% [30]. - Intelligent Control's controlling shareholder's associate plans to reduce its stake by up to 1% [31].

Core Insights - Yangjie Technology reported a revenue of 5.348 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 20.89%, and a net profit attributable to shareholders of 974 million yuan, up 45.51% year-on-year [1] - In Q3 alone, the company achieved a revenue of 1.893 billion yuan and a net profit of 372 million yuan, reflecting a year-on-year increase of 21.47% and 52.40% respectively [1] - The demand for power semiconductors is rising, particularly in the context of the smart transformation of the automotive sector, which is creating growth opportunities for companies like Yangjie Technology [1] Company Performance - The semiconductor industry is experiencing a sustained increase in demand, particularly in automotive electronics, artificial intelligence, and consumer electronics, which has significantly boosted Yangjie Technology's main business [2] - The company has increased its investment in high-value new product development and optimized its product structure, leading to improved operational efficiency and a gradual increase in gross margin throughout the year [2] - Yangjie Technology's performance aligns closely with the overall development trends in the industry, capitalizing on its technological advantages and product strengths [2]

Group 1: Company Performance - Xingwang Yuda reported a revenue of 266 million yuan for the first three quarters of 2025, a year-on-year increase of 14.97%, with a net profit of 38.37 million yuan, up 260% [1] - Tongyou Technology achieved a revenue of 154 million yuan in Q3 2025, a year-on-year increase of 197.06%, and a net profit of 27.67 million yuan, up 300.46% [1] - Yangjie Technology's revenue for the first three quarters reached 5.348 billion yuan, a year-on-year increase of 20.89%, with a net profit of 974 million yuan, up 45.51% [2][3] Group 2: Industry Trends - The semiconductor industry is experiencing strong growth in automotive electronics, artificial intelligence, and consumer electronics, driving significant revenue increases for companies [3] - The performance of Tongyou Technology's self-controlled products has rapidly improved, with high-end new products contributing to substantial revenue growth [2] Group 3: Profit Forecasts - China Life Insurance expects a net profit of approximately 156.79 billion to 177.69 billion yuan for the first three quarters of 2025, an increase of about 50% to 70% compared to the same period in 2024 [4][5] - Zhuhai Gree anticipates a net profit of 367 million to 417 million yuan for the first three quarters of 2025, representing a growth of 36.88% to 55.54% year-on-year [5] - Changqing Group forecasts a net profit of 191 million to 203 million yuan for the first three quarters of 2025, an increase of 55.25% to 65.00% compared to the previous year [6]

Group 1: Company Performance - Xingwang Yuda reported a revenue of 266 million yuan for the first three quarters of 2025, a year-on-year increase of 14.97%, with a net profit of 38.37 million yuan, up 260% [1] - Tongyou Technology achieved a revenue of 154 million yuan in Q3 2025, a year-on-year increase of 197.06%, and a net profit of 27.67 million yuan, up 300.46% [1] - Yangjie Technology reported a revenue of 5.348 billion yuan for the first three quarters of 2025, a year-on-year increase of 20.89%, with a net profit of 974 million yuan, up 45.51% [2][3] Group 2: Industry Trends - The semiconductor industry is experiencing strong growth in automotive electronics, artificial intelligence, and consumer electronics, driving significant growth in Yangjie Technology's main business [3] - The performance of Tongyou Technology's self-controlled products has rapidly improved, with high-end new products significantly boosting revenue and validating the company's technological strength [2] Group 3: Earnings Forecasts - China Life expects a net profit of approximately 156.79 billion to 177.69 billion yuan for the first three quarters of 2025, an increase of about 50% to 70% compared to the same period in 2024 [4][5] - Zhuhai Gree anticipates a net profit of 367 million to 417 million yuan for the first three quarters of 2025, representing a growth of 36.88% to 55.54% year-on-year [5] - Changqing Group forecasts a net profit of 191 million to 203 million yuan for the first three quarters of 2025, an increase of 55.25% to 65.00% compared to the previous year [6]

Core Insights - Yangjie Technology (300373) reported a revenue of 1.893 billion yuan for Q3 2025, representing a year-on-year growth of 21.47% [1] - The company achieved a net profit of 372 million yuan in Q3 2025, reflecting a year-on-year increase of 52.40% [1] Financial Performance - Q3 2025 revenue: 1.893 billion yuan, up 21.47% year-on-year [1] - Q3 2025 net profit: 372 million yuan, up 52.40% year-on-year [1]

Core Viewpoint - Yangjie Technology (300373.SZ) reported significant growth in revenue and net profit for the third quarter of 2025, driven by the booming semiconductor industry and strong performance in automotive electronics, artificial intelligence, and consumer electronics sectors [1] Financial Performance - For the first three quarters, the company achieved a revenue of 5.348 billion yuan, representing a year-on-year increase of 20.89% [1] - The net profit attributable to shareholders for the same period was 974 million yuan, showing a year-on-year growth of 45.51% [1] - In the third quarter alone, the company recorded a revenue of 1.893 billion yuan, which is a year-on-year increase of 21.47% [1] - The net profit attributable to shareholders in the third quarter was 372 million yuan, reflecting a year-on-year growth of 52.40% [1] Industry Context - The semiconductor industry continues to experience rising demand, contributing to the company's robust performance [1] - Key growth areas include automotive electronics, artificial intelligence, and consumer electronics, which are driving the company's main business growth [1]

[Key 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) [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) Yangjie Technology achieved significant financial growth in Q3 2025 and year-to-date, with double-digit increases in operating revenue and net profit attributable to shareholders, alongside substantial improvements in EPS and ROE, indicating enhanced profitability and asset efficiency Key Accounting Data and Financial Indicators for Q3 2025 and Year-to-Date | Indicator | Current Period (Q3 2025) (CNY) | YoY Change | Year-to-Date (YTD 2025) (CNY) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,892,876,459.89 | 21.47% | 5,347,737,516.95 | 20.89% | | Net Profit Attributable to Shareholders (CNY) | 372,260,173.04 | 52.40% | 973,605,335.27 | 45.51% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (CNY) | 339,957,479.63 | 46.93% | 898,988,222.15 | 37.50% | | Net Cash Flow from Operating Activities (CNY) | -- | -- | 1,017,314,498.92 | 15.00% | | Basic Earnings Per Share (CNY/share) | 0.7334 | 62.97% | 1.8557 | 50.63% | | Diluted Earnings Per Share (CNY/share) | 0.7334 | 62.97% | 1.8557 | 50.63% | | Weighted Average Return on Net Assets | 4.01% | 1.12% | 10.55% | 2.73% | | Indicator | End of Current Period (2025.09.30) (CNY) | End of Prior Year (2024.12.31) (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 16,320,064,809.98 | 14,271,620,366.91 | 14.35% | | Shareholders' Equity Attributable to Listed Company (CNY) | 9,244,357,475.25 | 8,764,548,513.12 | 5.47% | [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) During the reporting period, the company's total non-recurring gains and losses amounted to 32.30 million CNY, with a year-to-date cumulative of 74.62 million CNY, primarily from fair value changes in financial assets, government subsidies, and entrusted investment income Non-Recurring Gains and Losses Items and Amounts for Q3 2025 and Year-to-Date | Item | Amount for Current Period (CNY) | Amount Year-to-Date (CNY) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -2,286,244.16 | -2,937,450.08 | | Government Subsidies Included in Current Profit/Loss | 4,244,319.31 | 9,178,238.78 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 29,191,746.49 | 64,992,467.14 | | Gains/Losses from Entrusted Investments or Asset Management | 4,638,033.87 | 18,934,949.37 | | Other Non-Operating Income and Expenses Apart from the Above | 2,415,186.69 | -1,096,246.98 | | Less: Income Tax Impact | 5,701,483.36 | 13,947,503.86 | | Minority Interest Impact | 198,865.43 | 507,341.25 | | **Total** | **32,302,693.41** | **74,617,113.12** | [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) This section details significant changes and their specific reasons across the company's balance sheet, income statement, and cash flow statement for Q3 2025, summarizing macro and internal drivers of quarterly performance growth [Significant Changes and Reasons for Balance Sheet Items](index=3&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%A4%A7%E5%B9%85%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E4%B8%8E%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) As of September 30, 2025, several balance sheet items showed significant changes, with substantial increases in trading financial assets, notes receivable financing, contract assets, intangible assets, short-term borrowings, accounts payable, and contract liabilities, primarily due to investments in wealth management products, increased bank acceptance bills, subsidiary acquisition, and bank financing Key Balance Sheet Item Changes as of September 30, 2025 | Item | Sept 30, 2025 (CNY) | Jan 1, 2025 (CNY) | Change Rate | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 361,079,150.00 | 248,289,829.99 | 45.43% | Purchase of short-term, controllable risk wealth management products | | Notes Receivable Financing | 315,430,654.75 | 221,615,999.99 | 42.33% | Increase in bank acceptance bills held | | Contract Assets | 1,888,648.29 | 1,104,772.28 | 70.95% | Increase in quality assurance receivables | | Intangible Assets | 282,553,595.81 | 198,961,777.64 | 42.01% | Acquisition of subsidiary Changsha Bodian included in consolidated statements | | Short-Term Borrowings | 2,111,856,394.54 | 1,056,002,216.99 | 99.99% | Increase in bank financing within one year | | Accounts Payable | 2,048,412,401.59 | 1,567,952,586.19 | 30.64% | Increase in payables for equipment and engineering | | Contract Liabilities | 19,203,858.75 | 11,243,387.05 | 70.80% | Increase in customer prepayments for goods | | Treasury Stock | 131,512,027.80 | 90,528,153.80 | 45.27% | Company share repurchases | [Significant Changes and Reasons for Income Statement Items](index=4&type=section&id=2%E3%80%81%E5%88%A9%E6%B6%A6%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%A4%A7%E5%B9%85%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E4%B8%8E%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) From January to September 2025, several income statement items showed significant changes, with substantial increases in investment income and fair value change gains, primarily due to gains from disposing of trading financial assets, wealth management products, and stock price fluctuations. Concurrently, asset impairment losses and non-operating expenses also significantly increased, reflecting higher inventory write-downs and external donations Key Income Statement Item Changes for Jan-Sep 2025 | Item | Jan-Sep 2025 (CNY) | Jan-Sep 2024 (CNY) | Change Rate | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | -32,378,279.37 | -54,227,167.22 | 40.29% | Increase in interest expenses | | Investment Income | 14,323,205.58 | 595,495.39 | 2305.26% | Gains from disposal of trading financial assets and wealth management products | | Gains from Fair Value Changes | 64,992,467.13 | -3,569,835.35 | 1920.60% | Fluctuations in stock prices held | | Asset Impairment Losses | -40,780,702.24 | -4,813,903.27 | -747.14% | Increase in provision for inventory write-downs | | Non-Operating Expenses | 14,672,774.67 | 6,092,883.15 | 140.82% | Increase in external donation expenses and losses from disposal of non-current assets | | Income Tax Expense | 161,273,857.78 | 112,901,611.09 | 42.84% | Increase in taxable income | | Minority Interest Income/Loss | -8,344,391.01 | 23,087.22 | -36242.90% | Decrease in profit of controlled subsidiaries | [Significant Changes and Reasons for Cash Flow Statement Items](index=4&type=section&id=3%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%A4%A7%E5%B9%85%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E4%B8%8E%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) From January to September 2025, net cash flow from investing activities showed a significant outflow, primarily due to increased cash payments for the acquisition of fixed assets, intangible assets, and other long-term assets. Concurrently, net cash flow from financing activities significantly increased, mainly driven by higher short-term borrowings Key Cash Flow Statement Item Changes for Jan-Sep 2025 | Item | Jan-Sep 2025 (CNY) | Jan-Sep 2024 (CNY) | Change Rate | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Investing Activities | -902,609,136.71 | -524,317,812.95 | -72.15% | Increase in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets | | Net Cash Flow from Financing Activities | 546,563,601.95 | 115,414,857.21 | 373.56% | Increase in short-term borrowings | | Net Increase in Cash and Cash Equivalents | 631,753,722.75 | 446,375,804.82 | 41.53% | Increase in short-term borrowings | [Explanation of Q3 Performance Changes](index=5&type=section&id=4%E3%80%81%E4%B8%89%E5%AD%A3%E5%BA%A6%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company's Q3 performance growth was primarily driven by an upturn in the semiconductor industry, particularly strong growth in automotive electronics, artificial intelligence, and consumer electronics. The company enhanced operational efficiency and gross margin through continuous R&D investment in high-value-added new products, optimized product structure, and deepened lean production management - The semiconductor industry's prosperity continued to rise, with strong growth in automotive electronics, artificial intelligence, and consumer electronics, driving significant growth in the company's main business[12](index=12&type=chunk) - The company adheres to a product-leading technology strategy, continuously increasing R&D investment in high-value-added new products, and optimizing its product structure[12](index=12&type=chunk) - The company deeply integrates lean production concepts into the entire power semiconductor manufacturing process, comprehensively improving operational efficiency and achieving quarter-over-quarter gross margin increases through production process optimization, strengthened quality control, and refined cost management[12](index=12&type=chunk) [Shareholder Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) [Total Number of Common Shareholders, Number of Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings](index=5&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 59,086 common shareholders. Among the top ten shareholders, Jiangsu Yangjie Investment Co., Ltd. and Jianshui Jie Jie Enterprise Management Co., Ltd. are parties acting in concert, holding over **47%** combined, indicating concentrated control by the actual controller - As of the end of the reporting period, the total number of common shareholders was **59,086**, with no preferred shareholders having restored voting rights[14](index=14&type=chunk) Top 10 Shareholders' Holdings (Excluding Shares Lent via Securities Refinancing) | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Yangjie Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 36.10% | 196,151,100.00 | 0 | N/A | 0 | | Jianshui Jie Jie Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 11.73% | 63,723,520.00 | 0 | Pledged | 2,250,000.00 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.53% | 8,312,018.00 | 0 | N/A | 0 | | Industrial and Commercial Bank of China Co., Ltd. - E Fund ChiNext ETF | Other | 1.13% | 6,165,405.00 | 0 | N/A | 0 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Other | 0.87% | 4,743,459.00 | 0 | N/A | 0 | | Shanghai Ruijun Asset Management Co., Ltd. - Ruijun Youfu No. 1 Private Securities Investment Fund | Other | 0.84% | 4,557,872.00 | 0 | N/A | 0 | | Shanghai Ruijun Asset Management Co., Ltd. - Ruijun Youfu No. 3 Private Securities Investment Fund | Other | 0.69% | 3,771,100.00 | 0 | N/A | 0 | | Wang Yan | Domestic Natural Person | 0.69% | 3,766,000.00 | 0 | N/A | 0 | | Yangzhou Yangjie Electronic Technology Co., Ltd. - "Striver Plan (Phase VI)" Employee Stock Ownership Plan | Other | 0.63% | 3,421,105.00 | 0 | N/A | 0 | | Shanghai Ruijun Asset Management Co., Ltd. - Ruijun Youfu No. 2 Private Securities Investment Fund | Other | 0.48% | 2,630,778.00 | 0 | N/A | 0 | - The actual controller of Jiangsu Yangjie Investment Co., Ltd. and Jianshui Jie Jie Enterprise Management Co., Ltd. is Ms. Liang Qin, who are parties acting in concert; Ms. Wang Yan is the sister of Ms. Liang Qin's spouse[15](index=15&type=chunk) [Total Number of Company Preferred Shareholders and Top 10 Preferred Shareholders' Holdings](index=6&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) During the reporting period, the company had no preferred shareholders - The company has no preferred shareholders[16](index=16&type=chunk) [Changes in Restricted Shares](index=7&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's restricted shares primarily consisted of executive restricted shares, with **4,500** new restricted shares added this period, bringing the total restricted shares at period-end to **4,500**, held by Qin Nan Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released This Period (shares) | Restricted Shares Increased This Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Qin Nan | 0.00 | 0.00 | 4,500.00 | 4,500.00 | Executive Restricted Shares | | **Total** | **0.00** | **0.00** | **4,500.00** | **4,500.00** | N/A | [Other Significant Matters](index=7&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) During the reporting period, the company approved the acquisition of 100% equity in Dongguan Better Electronic Technology Co., Ltd. for **2.218 billion CNY** in cash, making Better Electronic a wholly-owned subsidiary. The transaction includes performance commitments, with Better Electronic shareholders purchasing and pledging Yangjie Technology shares through a holding platform as performance guarantee - The company has approved the acquisition of 100% equity in Dongguan Better Electronic Technology Co., Ltd. for **2.218 billion CNY** in cash, making Better Electronic a wholly-owned subsidiary[18](index=18&type=chunk) - The transaction includes performance commitments, with Better Electronic shareholders purchasing no less than **716 million CNY** worth of Yangjie Technology shares through a holding platform and pledging them until June 30, 2028, as performance guarantee[18](index=18&type=chunk) [Quarterly Financial Statements](index=7&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) [Financial Statements](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated balance sheet, consolidated income statement, and consolidated cash flow statement for Q3 2025 and year-to-date, providing detailed financial data reflecting assets, liabilities, equity, revenue, expenses, and cash flows during the reporting period [Consolidated Balance Sheet](index=7&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 **16.32 billion CNY**, a **14.35%** increase from the beginning of the period. Both current and non-current assets grew, with significant increases in monetary funds, trading financial assets, accounts receivable, inventories, fixed assets, and construction in progress. On the liabilities side, short-term borrowings substantially increased, leading to a significant rise in total current liabilities Key Consolidated Balance Sheet Data as of September 30, 2025 | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Monetary Funds | 4,756,393,969.70 | 3,942,231,888.63 | | Trading Financial Assets | 361,079,150.00 | 248,289,829.99 | | Accounts Receivable | 2,110,994,795.65 | 1,875,353,558.04 | | Inventories | 1,478,102,331.29 | 1,227,175,102.44 | | Total Current Assets | 9,188,048,309.55 | 7,746,484,092.35 | | Fixed Assets | 3,694,953,257.69 | 3,467,212,945.22 | | Construction in Progress | 1,679,621,013.58 | 1,359,312,665.99 | | Total Non-Current Assets | 7,132,016,500.43 | 6,525,136,274.56 | | **Total Assets** | **16,320,064,809.98** | **14,271,620,366.91** | | Short-Term Borrowings | 2,111,856,394.54 | 1,056,002,216.99 | | Accounts Payable | 2,048,412,401.59 | 1,567,952,586.19 | | Total Current Liabilities | 5,406,123,567.70 | 3,862,201,020.55 | | **Total Liabilities** | **6,721,089,417.47** | **5,108,749,598.41** | | Total Equity Attributable to Parent Company Shareholders | 9,244,357,475.25 | 8,764,548,513.12 | | **Total Shareholders' Equity** | **9,598,975,392.51** | **9,162,870,768.50** | [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 September 30, 2025, the company achieved total operating revenue of **5.348 billion CNY**, a **20.89%** year-over-year increase; net profit attributable to parent company shareholders was **974 million CNY**, up **45.51%** year-over-year. Investment income and fair value change gains significantly increased, while asset impairment losses and non-operating expenses also rose Key Consolidated Income Statement Data Year-to-Date 2025 | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 5,347,737,516.95 | 4,423,617,833.34 | | Total Operating Costs | 4,315,776,104.69 | 3,727,516,232.46 | | Operating Profit | 1,131,627,914.34 | 781,170,261.27 | | Total Profit | 1,126,534,802.04 | 782,034,783.85 | | Net Profit | 965,260,944.26 | 669,133,172.76 | | Net Profit Attributable to Parent Company Shareholders | 973,605,335.27 | 669,110,085.54 | | Minority Interest Income/Loss | -8,344,391.01 | 23,087.22 | | Basic Earnings Per Share | 1.8557 | 1.2320 | | Diluted Earnings Per Share | 1.8557 | 1.2320 | [Consolidated Cash Flow Statement Year-to-Date](index=11&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 September 30, 2025, net cash flow from operating activities was **1.017 billion CNY**, a **15.00%** year-over-year increase. Cash outflow from investing activities significantly rose, primarily for acquiring fixed and intangible assets. Cash inflow from financing activities grew substantially, mainly due to increased short-term borrowings Key Consolidated Cash Flow Statement Data Year-to-Date 2025 | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,017,314,498.92 | 884,592,553.08 | | Net Cash Flow from Investing Activities | -902,609,136.71 | -524,317,812.95 | | Net Cash Flow from Financing Activities | 546,563,601.95 | 115,414,857.21 | | Net Increase in Cash and Cash Equivalents | 631,753,722.75 | 446,375,804.82 | | Cash and Cash Equivalents at Period-End | 4,486,608,645.75 | 3,921,212,752.01 | [Adjustments to Financial Statement Items at the Beginning of the First Year of New Accounting Standards Adoption 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 began adopting new accounting standards in 2025, but there were no adjustments required for financial statement items at the beginning of the first year of adoption during this reporting period - The company has no adjustments to financial statement items at the beginning of the first year of new accounting standards adoption from 2025[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 Q3 financial accounting report is unaudited[28](index=28&type=chunk)[29](index=29&type=chunk)

Core Insights - The rise of unicorn companies in Yangzhou, such as Yangzhou Nali New Materials Technology Co., Ltd. and Jiangsu Aerospace Lithium Battery Co., Ltd., highlights the city's robust growth in the high-tech sector and its ambition to become a significant player in the new quality productivity development [1][3] - Yangzhou's industrial economy is supported by the "613" industrial system, contributing approximately 90% to the city's industrial output, with a focus on nurturing innovation-driven enterprises [3][4] - The city is actively enhancing its innovation ecosystem through policies, talent attraction, and financial support, aiming to foster a conducive environment for technological advancements and industrial growth [4][5] Industry Developments - Yangzhou's shipbuilding industry is experiencing a transformation, with an annual growth rate of 15%, driven by technological advancements in high-end ship manufacturing [2] - The aviation sector is also making strides, with the establishment of the Jiangsu Aerospace Advanced Structures and High-end Equipment Technology Innovation Center, marking a significant achievement in provincial-level technology innovation [2] - The machine tool industry is witnessing a "precision revolution," exemplified by the development of five-axis CNC punching machines with precision levels reaching 0.005 mm [2] Policy and Financial Support - The city has implemented a comprehensive service system to support enterprises, significantly reducing the time from establishment to production [4] - Financial initiatives like the "High-tech Loan" program have provided over 2 billion yuan in credit to technology companies, facilitating their expansion and innovation [5] - Government-led funds are strategically invested in core technology projects, contributing to the growth of microelectronics and semiconductor industries [5] Innovation Ecosystem - Yangzhou is enhancing its innovation capacity by establishing provincial-level high-tech zones and fostering collaboration with universities and research institutions [6][8] - The city aims to create a full-chain service model for innovation, from source innovation to incubation and industrialization [6] - Continuous optimization of the innovation ecosystem is being pursued through policy support and the establishment of innovation centers [7] Regional Collaboration - Yangzhou High-tech Zone is collaborating with Yangzhou University to develop new sectors such as low-altitude economy and tilt-rotor aircraft [8] - The city is deepening its technological cooperation with institutions in Hong Kong and Nanjing University, focusing on advanced materials and energy storage technologies [8]