Revenue and Profit - The company's revenue for Q3 2025 was ¥632,947,358.75, representing a 9.79% increase year-over-year, but a 14.66% decrease for the year-to-date period[5] - Net profit attributable to shareholders for Q3 2025 was ¥22,881,787.45, down 73.72% year-over-year, and down 47.57% year-to-date[5] - The basic and diluted earnings per share for Q3 2025 were both ¥0.06, reflecting a 73.91% decrease compared to the same period last year[5] - Total operating revenue for the current period is ¥1,745,719,809, a decrease of 14.6% from ¥2,045,698,394 in the previous period[22] - Net profit for the current period is ¥114,106,900.86, a decline of 47.5% compared to ¥217,648,474.44 in the previous period[23] - Basic and diluted earnings per share are both ¥0.29, down from ¥0.59 in the previous period[24] - The total comprehensive income for the current period is ¥114,868,875.48, a decrease from ¥217,779,890.61 in the previous period[24] Assets and Liabilities - Total assets at the end of Q3 2025 reached ¥4,904,987,615.57, an increase of 10.84% from the end of the previous year[5] - The total current assets increased to CNY 3,888,924,446.02 from CNY 3,409,810,371.85, reflecting a growth of approximately 14.1%[19] - The total assets reached CNY 4,904,987,615.57, up from CNY 4,425,315,332.28, indicating an increase of about 10.8%[21] - The total liabilities decreased slightly to CNY 1,745,912,055.41 from CNY 1,774,769,798.00, showing a reduction of approximately 1.6%[20] - The company reported a decrease in short-term borrowings to CNY 269,870,429.58 from CNY 371,739,198.23, a reduction of about 27.5%[20] - The non-current liabilities decreased to CNY 22,517,882.49 from CNY 28,289,036.99, showing a decline of approximately 20.5%[20] Cash Flow - The cash flow from operating activities showed a net outflow of ¥15,475,213.34 year-to-date, a significant decline of 123.36%[5] - Net cash flow from operating activities decreased by 123.36% to -$15,475,213.34, primarily due to a larger decrease in cash inflows compared to cash outflows[12] - Cash inflow from investing activities increased by 3934.53% to $68,269,040.39, mainly due to an increase in interest received from large certificates of deposit[12] - Cash outflow from investing activities decreased by 41.94% to $131,251,230.17, primarily due to reduced cash payments for fixed asset purchases[12] - Net cash flow from investing activities improved by 71.93% to -$62,982,189.78, attributed to increased interest received and decreased cash payments for fixed assets[12] - Cash inflow from financing activities rose by 77.28% to $856,543,976.66, mainly due to increased IPO fundraising and note discounting[12] - Cash outflow from financing activities surged by 262.62% to $802,534,551.05, primarily due to increased repayments of loans and note discounting[12] - Net cash flow from financing activities decreased by 79.37% to $54,009,425.61, reflecting increased IPO funds and higher repayments of loans and notes[12] - The impact of exchange rate fluctuations on cash and cash equivalents increased by 295.70% to $53,415,527.93, primarily due to exchange rate volatility[12] Shareholder Information - The total number of common shareholders at the end of the reporting period was 20,671, with no preferred shareholders having restored voting rights[14] - The largest shareholder, Xu Tao, holds 41.96% of shares, totaling 173,037,202 shares[14] Inventory and Receivables - The company experienced a 41.56% increase in accounts receivable, totaling ¥1,419,538,285.88, due to an increase in unreceived futures payments[9] - The inventory balance grew to CNY 975,510,493.94 from CNY 879,213,454.56, reflecting an increase of about 10.9%[19] Financial Expenses and Investment Income - Financial expenses for Q3 2025 were reported at -¥153,893,912.14, a drastic increase of 940.53% compared to the previous year, mainly due to increased foreign exchange gains[11] - The company recorded a significant loss in investment income of -¥23,216,720.81, attributed to losses from foreign exchange hedging derivatives and fees from expired options[11] Accounting Standards - The new accounting standards will be implemented starting from 2025, affecting the financial statements from the beginning of that year[27] Audit Status - The third quarter financial report of Shenzhen Shihang New Energy Co., Ltd. has not been audited[27]

Core Insights - The stock of Shihang New Energy experienced a slight increase of 0.09% on October 14, with a trading volume of 182 million yuan [1] - The company reported a net financing outflow of 8.36 million yuan on the same day, with a total financing balance of 98.45 million yuan, representing 7.18% of its market capitalization [1] - Shihang New Energy specializes in the research, production, sales, and service of renewable energy power equipment, focusing on solar energy conversion, storage, and management [1] Financial Performance - For the first half of 2025, Shihang New Energy achieved a revenue of 1.113 billion yuan, a year-on-year decrease of 24.26% [2] - The net profit attributable to the parent company for the same period was 91.225 million yuan, reflecting a year-on-year decline of 30.14% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Shihang New Energy was 22,900, a decrease of 39.02% from the previous period [2] - The average number of circulating shares per shareholder increased by 63.99% to 1,693 shares [2] - The company has distributed a total of 51.9588 million yuan in dividends since its A-share listing [3]

Core Viewpoint - Company disclosed that it follows regulations to report shareholder data in its periodic reports, urging investors to pay attention to these disclosures [1] Group 1 - Company responded to investor inquiries on its interactive platform regarding shareholder data [1] - Company emphasized the importance of reviewing its periodic reports for accurate information [1]

Group 1 - The company Shouhang New Energy (SZ 301658) announced that approximately 2.5091 million restricted shares will be unlocked and listed for trading on October 9, 2025, accounting for 0.61% of the total share capital [1] - For the first half of 2025, the company's revenue composition shows that the photovoltaic industry accounts for 99.66%, while other businesses account for 0.34% [1] - As of the report date, the market capitalization of Shouhang New Energy is 13.8 billion yuan [2]

证券代码：301658 证券简称：首航新能 公告编号：2025-035 深圳市首航新能源股份有限公司 关于首次公开发行网下配售限售股上市流通的提示性公告 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。 特别提示： 1、本次上市流通的限售股份为深圳市首航新能源股份有限公司（以下简称 "公司"、"发行人"）首次公开发行网下配售限售股份。 2、本次解除限售的股东户数共计 6,256 户，解除限售的股份数量合计为 2,509,105 股，占公司总股本的 0.61%，限售期为自公司股票首次公开发行并在深 圳证券交易所上市之日起 6 个月。 3、本次解除限售股份上市流通日期为 2025 年 10 月 9 日（星期四）（原定上 市流通日 2025 年 10 月 2 日为非交易日，故顺延至下一交易日）。 一、首次公开发行网下配售股份概况 经中国证券监督管理委员会《关于同意深圳市首航新能源股份有限公司首次 公开发行股票注册的批复》（证监许可〔2025〕273 号）同意，并经深圳证券交 易所同意，公司首次公开发行人民币普通股（A 股）4,123.7114 万股，并于 2025 年 ...

国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 深圳市首航新能源股份有限公司（以下简称"首航新能"或"公司"）首次公开 发行股票并在创业板上市及持续督导的保荐机构，根据《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所上市公司自 律监管指引第 13 号——保荐业务》等法律法规的相关规定，对首航新能首次公 开发行部分限售股上市流通事项进行了核查，核查情况及核查意见如下： 国泰海通证券股份有限公司 关于深圳市首航新能源股份有限公司 首次公开发行部分限售股上市流通的核查意见 本次上市流通的限售股属于公司首次公开发行形成的限售股，自公司首次公 开发行股票限售股形成后至本核查意见出具日，公司未发生因分配、公积金转增 等导致股本数量发生变化的情形。 一、本次上市流通的限售股类型 三、本次上市流通的限售股的有关承诺 根据公司《首次公开发行股票并在创业板上市之上市公告书》，本次申请解 除限售的网下发行投资者均受限于如下限售安排："网下发行部分采用比例限售 方式，网下投资者应当承诺其获配股票数量的 ...

Group 1 - The core viewpoint of the report indicates that 2024-2025 may represent a bottoming period for profitability in the solar energy storage industry, with performance differentiation among companies signaling potential investment opportunities [1] - The demand for solar energy installations globally is driven by grid parity and energy transition, while the supply side is experiencing losses from old capacities and delays in new projects due to intense competition [1] - The report highlights that each round of demand-driven production increases serves as a critical validation point for the evolution of the industry cycle, with inverters leading the recovery due to higher competitive barriers [1] Group 2 - In August 2025, China's total export value of solar cell modules reached $2.921 billion, a year-on-year increase of 19.8% and a month-on-month increase of 31.4%, with an estimated export volume of 40.42 GW [1] - The export of solar battery modules to Europe in August was 11.61 GW, showing a year-on-year increase of 39.41% and a month-on-month increase of 23.84%, marking two consecutive months of positive growth [1] - Emerging markets are flourishing, with exports of battery modules outside Europe reaching 28.81 GW, a year-on-year increase of 67.77% and a month-on-month increase of 36.54% [1] Group 3 - In August 2025, the total export value of inverters from China was $878 million, with a year-on-year increase of 1.93% but a month-on-month decrease of 3.63% [2] - The export scale of inverters reached 3.8461 million units in August, reflecting a year-on-year decrease of 27.26% and a month-on-month decrease of 16.39% [2] - The report notes that while overseas distribution channels are adjusting, high-priced household and commercial energy storage products remain in demand, particularly in provinces like Zhejiang and Jiangsu [2]

Group 1 - The core viewpoint of the news is that Shihang New Energy has experienced a decline in stock price and trading volume, with significant changes in financing and shareholder structure [1][2] - On September 18, Shihang New Energy's stock fell by 2.41%, with a trading volume of 315 million yuan, and a net financing outflow of 705.78 million yuan [1] - As of September 18, the total balance of margin trading for Shihang New Energy was 109 million yuan, accounting for 7.73% of its market capitalization [1] Group 2 - As of June 30, the number of shareholders for Shihang New Energy was 22,900, a decrease of 39.02% compared to the previous period, while the average circulating shares per person increased by 63.99% to 1,693 shares [2] - For the first half of 2025, Shihang New Energy reported a revenue of 1.113 billion yuan, a year-on-year decrease of 24.26%, and a net profit attributable to shareholders of 91.225 million yuan, down 30.14% year-on-year [2] - Since its A-share listing, Shihang New Energy has distributed a total of 51.9588 million yuan in dividends [3]

Group 1 - The core viewpoint of the news is that Shihang New Energy has shown a significant increase in stock price and trading volume, indicating positive market sentiment towards the company [1] - On September 17, Shihang New Energy's stock rose by 4.48%, with a trading volume of 425 million yuan, and a net financing purchase of 5.11 million yuan [1] - As of September 17, the total balance of margin trading for Shihang New Energy was 116 million yuan, accounting for 8.03% of its market capitalization [1] Group 2 - As of June 30, the number of shareholders for Shihang New Energy was 22,900, a decrease of 39.02% from the previous period, while the average circulating shares per person increased by 63.99% to 1,693 shares [2] - For the first half of 2025, Shihang New Energy reported a revenue of 1.113 billion yuan, a year-on-year decrease of 24.26%, and a net profit attributable to shareholders of 91.23 million yuan, down 30.14% year-on-year [2] - Since its A-share listing, Shihang New Energy has distributed a total of 51.96 million yuan in dividends [3] Group 3 - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder of Shihang New Energy, holding 339,400 shares as a new shareholder [3]

Group 1 - The core viewpoint of the news is that Shihang New Energy has seen a significant increase in its stock price, rising by 5.3% to 37.58 CNY per share, with a trading volume of 200 million CNY and a turnover rate of 14.20%, resulting in a total market capitalization of 15.497 billion CNY [1] - Shihang New Energy, established on June 7, 2013, is located in Bao'an District, Shenzhen, Guangdong Province, and focuses on the research, production, sales, and service of new energy power equipment, particularly in solar energy conversion, storage, and management [1] - The company's main business revenue composition includes: grid-connected inverters (57.98%), energy storage batteries (23.11%), energy storage inverters (13.72%), accessories and others (4.85%), and other (supplementary) (0.34%) [1] Group 2 - From the perspective of fund holdings, one fund under Guotai Fund has Shihang New Energy as a significant holding, specifically the Guotai Jinfu Three-Month Regular Open Mixed Fund (010446), which held 4,369 shares, accounting for 0.04% of the fund's net value, ranking as the seventh largest holding [2] - The Guotai Jinfu Three-Month Regular Open Mixed Fund (010446) was established on January 7, 2021, with a latest scale of 118 million CNY, and has achieved a year-to-date return of 13.64%, ranking 846 out of 8,247 in its category, and a one-year return of 25.46%, ranking 760 out of 7,907 [2]