Core Viewpoint - The financial performance of Lian Technology in Q3 2025 shows a significant decline in net profit and revenue, while cash flow from operating activities has improved dramatically [2][4]. Financial Performance Summary - Q3 2025 revenue reached 196,480,008.62 CNY, a decrease of 11.36% year-on-year [3]. - Net profit attributable to shareholders was -214,166.64 CNY, down 100.97% compared to the same period last year [3]. - Net profit excluding non-recurring gains and losses was -1,217,928.71 CNY, a decline of 105.59% year-on-year [3]. - For the period from January to September 2025, total revenue was 572,177,325.53 CNY, an increase of 8.76% year-on-year [3]. - The net profit attributable to shareholders for the same period was -59,912,572.88 CNY, a significant drop of 1184.24% [3]. - The net profit excluding non-recurring gains and losses for the same period was -61,469,895.90 CNY, down 1146.27% year-on-year [3]. - Operating cash flow improved significantly, with a net cash flow of 41,728,973.57 CNY, an increase of 270.94% [3]. Asset and Equity Summary - As of September 30, 2025, total assets amounted to 2,172,498,228.48 CNY, reflecting a growth of 1.14% from the end of the previous year [3]. - Shareholder equity was 1,403,659,429.47 CNY, a decrease of 4.11% compared to the end of the previous year, primarily due to the loss in net profit [3]. Key Factors Affecting Financial Results - The increase in bad debt provisions was a key factor for the loss in net profit, as historical accounts receivable recovery decreased compared to the previous year, leading to a credit impairment loss that turned negative [4]. - The increase in depreciation expenses from the Lian Cloud Data (Chengdu Jianyang) project also pressured current profits as infrastructure was transferred to fixed assets [4]. Cash Flow Improvement Drivers - The receipt of tax refunds of 44.8 million CNY from the tax bureau directly increased cash inflow from operating activities [4]. - Although historical accounts receivable recovery decreased, cash received from new project sales increased by 22.81%, enhancing cash flow health [4]. Changes in Asset and Liability Items - Prepayments increased by 100.91% due to higher procurement payments [4]. - Inventory grew by 58.64% due to uncompleted project settlements [4]. - Other current assets decreased by 63.21% as a result of tax refunds received [4]. - Construction in progress increased by 35.47% due to investments in the Lian Cloud Data project [4]. - Intangible assets rose by 45.04% due to land purchases [4]. - Contract liabilities increased by 133.49% due to pre-received project payments [4]. - Employee compensation payable decreased by 32.2% due to payments made for previously unpaid salaries [4].

Core Viewpoint - The company emphasizes the accuracy and completeness of its quarterly financial report, with all board members and management taking legal responsibility for the information disclosed [2][3]. Financial Data - The third-quarter financial report has not been audited [7]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the reporting period [3]. Shareholder Information - As of the reporting period, the company holds 4,500,035 shares in its repurchase account, representing 0.97% of the total share capital [5]. - There are no changes in the borrowing or returning of shares by the top ten shareholders due to transfer and financing activities [6]. Other Important Matters - The company has not reported any significant changes in limited shares or other important matters during the quarter [6]. - The financial statements include the consolidated balance sheet, profit statement, and cash flow statement for the period [4].

Group 1 - Company announced a financing lease business with Haitong Hengxin International Leasing Co., Ltd., with a total financing amount not exceeding 100 million RMB and a lease term of no more than 3 years [1] - The company and its subsidiaries will not pay guarantee fees to the chairman and controlling shareholder Wang Gang and his spouse for the financing lease business [1] - As of October 17, 2025, the total guarantee amount for the company and its subsidiaries is approximately 299 million RMB, accounting for 20.46% of the audited net assets for 2024 [1] Group 2 - The company's market capitalization is 5 billion RMB [2]

Group 1 - The core point of the article is that Lian Technology (SZ 300603) held its fifth board meeting on October 23, 2025, to discuss the reappointment of the auditing firm for the fiscal year 2025 [1] - For the first half of 2025, Lian Technology's revenue composition is entirely from information technology services, accounting for 100.0% [1] - As of the report date, Lian Technology has a market capitalization of 5 billion yuan [1] Group 2 - A notable transaction involved a well-known brand spending 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1] - The Shanghai Stock Exchange expressed confusion regarding the rationale behind this acquisition due to the significant premium involved, which is nearly 100,000 times [1]

Core Viewpoint - Lian Technology announced the resignation of its risk control director, Xu Zhen, due to personal reasons, effective immediately, with no other positions held post-resignation [1] Company Summary - Lian Technology's revenue composition for the first half of 2025 is entirely from information technology services, accounting for 100.0% [1] - As of the report, Lian Technology has a market capitalization of 5 billion yuan [1] Additional Noteworthy Event - A well-known brand made a significant investment of 170 million yuan to acquire 2,000 shares in a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

Core Viewpoint - Lian Technology (300603.SZ) reported a revenue of 572 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 8.76% [1] Financial Performance - The net loss attributable to shareholders of the listed company was 59.91 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 61.47 million yuan [1] - The basic loss per share was 0.1289 yuan [1]

Core Viewpoint - Li'an Technology (300603.SZ) reported a decline in revenue and net profit for the third quarter of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the third quarter was 196 million yuan, representing a year-on-year decrease of 11.36% [1] - The net profit attributable to shareholders of the listed company was -214,200 yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -1.2179 million yuan [1]

Core Viewpoint - The announcement from Lian Technology indicates that the controlling shareholder, Wang Gang, has released a total of 5.69 million shares from pledge, which represents 6.25% of his holdings and 1.22% of the company's total share capital [1] Summary by Relevant Sections - **Share Pledge Release** - Wang Gang released 1.6 million shares on October 22, 2025, and 4.09 million shares on October 23, 2025, totaling 5.69 million shares released from pledge [1] - **Shareholding Status** - As of the announcement date, Wang Gang holds 91.02 million shares, which is 19.58% of the company's total share capital [1] - **Pledged Shares** - Wang Gang has a cumulative pledge of 57.8 million shares, accounting for 63.50% of his holdings and 12.44% of the company's total share capital [1]

Core Viewpoint - Li'an Technology (300603.SZ) reported a decline in revenue and net profit for the third quarter of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the third quarter was 196 million yuan, representing a year-on-year decrease of 11.36% [1] - The net profit attributable to shareholders of the listed company was -214,200 yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -1,217,900 yuan [1]

Core Viewpoint - Li'an Technology announced the resignation of independent director Liu Yuhui due to personal reasons, with the resignation report to take effect after the election of a new independent director at the shareholders' meeting [1] Summary by Sections - **Director Resignation** - Liu Yuhui will continue to fulfill his duties as an independent director and in various committees until the new director is elected [1] - **New Director Nomination** - The company has nominated Qian Xuaning as the candidate for the new independent director [1]