中芯国际集成电路制造有限公司 2025 年第三季度报告 证券代码：688981 证券简称：中芯国际 中芯国际集成电路制造有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 除非另有说明，本报告财务数据按中国企业会计准则编制并呈列。 前瞻性陈述的风险声明 本报告可能载有（除历史数据外）前瞻性陈述。该等前瞻性陈述乃根据中芯国际对未来事件 或绩效的现行假设、期望、信念、计划、目标及预测而作出。中芯国际使用包括（但不限于）"相 信"、"预期"、"打算"、"估计"、"预计"、"预测"、"指标"、"展望"、"继续"、 "应该"、"或许"、"寻求"、"应当"、"计划"、"可能"、"愿景"、"目标"、"旨 在"、 ...

诺诚健华医药有限公司 2025 年第三季度报告 证券代码：688428 证券简称：诺诚健华 诺诚健华医药有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 截至 2025 年 9 月 30 日，公司持有现金及相关账户结余（包括货币资金、交易性金融资产及 其他流动资产，一年内到期的非流动资产和其他非流动资产中的金融资产）约 77.59 亿元，基于 充足的现金保障，公司将继续加速推进各管线项目的开发，致力于为中国乃至全球患者提供更多 更好的治疗选择。" 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是√否 管理层业绩评述 诺诚健华医药有限公司（以下简称"公司"）管理层评论说："公司是一家以卓越的自主研 发能力为核心驱动力的高科技创新生物医药企业，拥有全面的 ...

Financial Performance - Total revenue for Q3 2025 reached CNY 10,076,964 thousand, representing a 41.1% increase compared to the same period last year[4] - Net profit attributable to shareholders for the year-to-date period was CNY 1,138,596 thousand, with a significant increase driven by product revenue growth and improved operational efficiency[12] - Adjusted operating profit for the first three quarters of 2025 was CNY 5,543 million, a substantial increase from CNY 520 million in the same period last year[14] - Total revenue for the first three quarters of 2025 reached RMB 27,595,233 thousand, a 44.2% increase from RMB 19,135,857 thousand in the same period of 2024[23] - Operating profit for the first three quarters of 2025 was RMB 1,544,645 thousand, compared to a loss of RMB 3,410,742 thousand in the first three quarters of 2024[24] - Net profit for the first three quarters of 2025 was RMB 1,138,596 thousand, a significant recovery from a net loss of RMB 3,686,694 thousand in the same period of 2024[24] Earnings Per Share - The company reported a basic earnings per share of CNY 0.48 for Q3 2025, with a year-to-date basic earnings per share of CNY 0.81[4] - The diluted earnings per share for Q3 2025 was CNY 0.46, with a year-to-date diluted earnings per share of CNY 0.77[5] - The company reported a basic earnings per share of RMB 0.81 for the first three quarters of 2025, recovering from a loss of RMB 2.71 in the same period of 2024[24] Research and Development - Research and development expenses totaled CNY 3,881,607 thousand for the quarter, accounting for 38.5% of total revenue, a decrease of 1.9 percentage points from the previous year[5] - Research and development expenses for the first three quarters of 2025 were RMB 11,159,244 thousand, compared to RMB 10,165,926 thousand in the same period of 2024[23] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 4,281,906 thousand, reflecting increased cash inflow due to higher product revenue[12] - In the first three quarters of 2025, the cash inflow from operating activities reached CNY 29,314,279 thousand, a 48.5% increase compared to CNY 19,749,714 thousand in the same period of 2024[26] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 4,281,906 thousand, a significant recovery from a net outflow of CNY -1,841,136 thousand in 2024[26] - Cash received from sales of goods and services was CNY 28,964,747 thousand in 2025, compared to CNY 19,425,796 thousand in 2024, marking a 49.2% increase[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 54,075,712 thousand, a 26.2% increase from the end of the previous year[5] - Total assets as of September 30, 2025, amounted to RMB 54,075,712 thousand, up from RMB 42,834,708 thousand at the end of 2024[22] - Total liabilities increased to RMB 24,740,766 thousand as of September 30, 2025, compared to RMB 18,659,486 thousand at the end of 2024[22] - The company’s total current assets reached RMB 40,103,859 thousand, up from RMB 28,906,961 thousand at the end of 2024[22] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 36,172, with no preferred shareholders having restored voting rights[16] - The total number of circulating shares was 1,438,083,590, with 92% (1,323,028,330 shares) being foreign circulating shares and 8% (115,055,260 shares) being domestic RMB shares[15] - The largest shareholder, Amgen, held 246,269,426 shares, representing 17.12% of total shares[16] - Baker Brothers Life Sciences, L.P. and its affiliates held 115,666,055 shares, accounting for 8.04% of total shares[16] - Capital Research and Management Company and its affiliates owned 77,379,268 shares, which is 5.38% of total shares[16] - The top ten shareholders did not participate in margin financing or securities lending activities[20] - The company has not disclosed any related party relationships among the top shareholders[18] Risks and Challenges - The company emphasizes the high risks associated with the biopharmaceutical industry, including long R&D cycles and regulatory uncertainties[20] - The company’s ability to achieve commercial success for its drug candidates is contingent on various factors, including regulatory approvals and clinical trial outcomes[20] - The company warns investors about potential risks that could significantly impact its future business plans and financial performance[20] Investment Activities - Cash outflow for investment activities totaled CNY 10,625,977 thousand in 2025, compared to CNY 2,975,746 thousand in 2024, indicating a substantial increase in investment expenditures[26] - The company received CNY 1,310,443 thousand from investment in 2025, a significant increase from CNY 303,069 thousand in 2024[26] Financing Activities - The net cash flow from financing activities was CNY 6,400,313 thousand in 2025, up from CNY 1,192,649 thousand in 2024, reflecting increased financing efforts[26] - The company reported a cash inflow of CNY 6,288,368 thousand from other financing activities in 2025, indicating new financing sources[26] Cash and Cash Equivalents - Cash and cash equivalents rose to RMB 13,933,606 thousand from RMB 12,279,419 thousand year-over-year[22] - The total cash and cash equivalents at the end of Q3 2025 amounted to CNY 13,557,097 thousand, an increase from CNY 12,179,613 thousand at the end of Q3 2024[26] - The impact of exchange rate changes on cash and cash equivalents was CNY 95,540 thousand in 2025, compared to a negative impact of CNY -12,502 thousand in 2024[26]

Financial Performance - The company's operating revenue for the third quarter reached ¥122,610,651.54, representing a year-on-year increase of 94.98%[5] - Net profit attributable to shareholders was ¥22,961,590.93, a significant increase of 175.32% compared to the same period last year[5] - Total operating revenue for the period reached CNY 219,446,400.41, an increase of 23.3% compared to CNY 177,910,871.82 in the previous period[24] - The company reported a net profit of CNY 3,128,394.12 from investments, a significant decrease from CNY 28,465,308.71 in the previous period[24] - The net profit for the current period is -22,182,784.48, compared to -58,846,104.36 in the previous period, showing an improvement[25] - The total comprehensive income for the current period is -22,182,784.48, while it was -58,846,104.36 in the previous period, indicating a significant reduction in losses[26] - The basic and diluted earnings per share for the current period are 0.0591, compared to -0.2082 in the previous period, reflecting a positive shift[26] Cash Flow and Assets - The company reported a net cash flow from operating activities of -¥133,802,830.14, indicating a cash outflow increase due to expanded online sales and advertising expenses[5] - Cash inflows from operating activities totaled 226,016,058.21, up from 206,162,660.18 in the previous period[27] - The net cash flow from operating activities is -133,802,830.14, worsening from -22,058,785.11 in the previous period[28] - Cash inflows from investing activities increased to 212,784,754.31 from 38,709,670.67, indicating a strong investment recovery[28] - The net cash flow from investing activities is 155,923,458.76, compared to 35,783,732.52 in the previous period, showing significant improvement[28] - Cash inflows from financing activities decreased to 36,006,080.94 from 106,782,702.08, reflecting reduced borrowing[28] - Cash and cash equivalents decreased to CNY 42,341,959.50 from CNY 120,054,863.07, reflecting a decline of 64.8%[22] - The ending cash and cash equivalents balance is 42,341,959.50, slightly down from 43,520,169.60 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,118,559,588.84, up 16.16% from the end of the previous year[5] - Total assets increased to CNY 1,118,559,588.84 from CNY 962,921,879.35, representing a growth of 16.2%[23] - The company's equity attributable to shareholders decreased to CNY 467,325,199.48 from CNY 486,400,658.64, a decline of 3.3%[24] - The company's total liabilities increased due to higher short-term borrowings to support daily operations and increased accounts payable for raw material purchases[10] - Total liabilities rose to CNY 337,061,866.88, compared to CNY 155,767,490.13, reflecting an increase of 116.3%[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,760[14] - The largest shareholder, Lanzhou Huanghe Xinseng Investment Co., Ltd., holds 21.50% of shares, totaling 39,931,229 shares[14] - The top ten shareholders include Hunan Yucheng Investment Co., Ltd. with a 5.00% stake, totaling 9,288,300 shares[14] - The company has repurchased 3,764,300 shares, accounting for 2.03% of the total share capital, with a total expenditure of 30 million RMB[17] - The maximum repurchase price was 9.70 RMB per share, with a transaction range between 7.10 RMB and 8.30 RMB per share[17] - The total amount allocated for the share repurchase plan is between 20 million and 30 million RMB[17] - The company has not disclosed any changes in the participation of major shareholders in margin trading activities[16] Business Expansion and Investments - The company expanded its online sales channels, resulting in an increase in sales revenue by ¥39,340,000 from platforms like Douyin[11] - The acquisition of the juice beverage business contributed ¥17,300,000 in revenue since its consolidation[11] - The company increased its advertising and promotional expenses to support online sales, leading to a rise in sales expenses compared to the previous year[11] - The company reported a decrease in research and development expenses, as these activities were integrated into production processes without separate accounting[11] - The company recognized a non-recurring gain of ¥289,508.40 from the acquisition of Wu Zhong Huang He, where the investment cost was less than the fair value of identifiable net assets[6] - A new subsidiary, Huanghe (Chongqing) Beverage Co., Ltd., was established in partnership with Chongqing Chengbiao Agricultural Development Co., Ltd.[18] - The company acquired 50.6329% equity in Yiwang Juice Co., Ltd. for 0 RMB, with a total capital contribution of 26,917,521.60 RMB[19] - The company plans to establish a branch in Shenzhen, which was approved in the board meeting on August 25, 2025[17] Financial Report Status - The financial report for the third quarter has not been audited[30]

Financial Performance - The company achieved a record sales revenue of $635.2 million in Q3 2025, meeting guidance expectations, with a gross margin of 13.5%[4] - Year-to-date revenue increased by 21.1% to approximately ¥4.57 billion, while total profit decreased by 94.38% to ¥13.35 million in the same period[6] - The net profit attributable to shareholders decreased by 43.47% to ¥176.95 million in Q3 2025, with a year-to-date decline of 56.52%[6] - The company expects Q4 2025 sales revenue to be between $650 million and $660 million, with a gross margin forecast of 12% to 14%[5] - Total operating revenue for the first three quarters of 2025 reached ¥12,583,393,068.62, an increase of 19.8% compared to ¥10,502,282,877.64 in the same period of 2024[23] - The net profit for the first three quarters of 2025 was a loss of ¥680,770,213.32, compared to a loss of ¥327,805,225.06 in the same period of 2024[24] Research and Development - R&D investment totaled ¥495.19 million in Q3 2025, representing 10.85% of revenue, an increase of 35.46% year-on-year[6] - Research and development expenses increased to ¥1,422,577,588.91 in 2025, up from ¥1,127,442,950.46 in 2024, marking a rise of 26.1%[23] - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[23] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date increased by 129.58% to approximately ¥2.97 billion, reflecting strong sales growth[6] - In the first three quarters of 2025, the cash inflow from operating activities reached ¥14.44 billion, an increase of 14.0% compared to ¥12.57 billion in the same period of 2024[27] - The net cash flow from operating activities was ¥2.97 billion, significantly up from ¥1.30 billion in the first three quarters of 2024, marking an increase of 129.0%[27] - The total cash and cash equivalents at the end of the period were ¥27.75 billion, down from ¥40.41 billion at the end of the same period in 2024, reflecting a decrease of 31.4%[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 49,015[16] - The largest shareholder, HKSCC NOMINEES LIMITED, holds 817,719,582 shares, representing 47.12% of total shares[16] - Shanghai Hua Hong International, Inc. is the second-largest shareholder with 347,605,650 shares, accounting for 20.03%[16] Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥87.50 billion, a slight decrease of 0.49% from the previous year[6] - The total assets as of the latest reporting period amounted to ¥87,502,641,080.10, slightly down from ¥87,935,231,475.57[21] - Total liabilities decreased to ¥24,812,591,284.82 from ¥25,214,682,518.85, indicating a reduction of 1.6%[21] - The equity attributable to shareholders of the parent company increased to ¥44,503,871,584.45 from ¥43,602,332,245.07, reflecting a growth of 2.1%[21] Operational Insights - The company is actively pursuing acquisitions to enhance production capacity and diversify its process platform, aiming for synergy with the Wuxi 12-inch production line[4] - The company is focusing on technological breakthroughs and ecosystem development to enhance its core competitiveness amid global industry changes[4] - There are no other significant reminders regarding the company's operational performance during the reporting period[18]

Financial Performance - The company's revenue for Q3 2025 was ¥167,777,579.44, representing a decrease of 43.22% compared to the same period last year[5]. - The net profit attributable to shareholders was a loss of ¥41,418,725.58, a decline of 344.24% year-on-year[5]. - The company reported a basic and diluted earnings per share of -¥0.25, a decrease of 327.27% year-on-year[5]. - The company reported a net loss of ¥74,798,084.66, compared to a net profit of ¥71,136,709.17 in the previous period, indicating a significant decline in profitability[33]. - Operating profit was recorded at -¥90,387,176.68, a decrease from ¥75,571,471.25 in the prior period, reflecting operational challenges[33]. - Basic and diluted earnings per share were both reported at -¥0.47, compared to ¥0.46 in the previous period, indicating a shift to losses[34]. - The total comprehensive loss amounted to ¥75,796,292.64, contrasting with a comprehensive income of ¥70,590,276.75 in the prior period[34]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥55,985,445.35, an increase of 114.92%[5]. - Cash flow from operating activities generated a net inflow of ¥55,985,445.35, a recovery from a net outflow of -¥375,243,411.03 in the previous year[35]. - The company experienced a significant increase in cash flow from financing activities, with a net inflow of ¥614,798,121.37 compared to ¥439,010,350.05 in the prior year[36]. - The company reported a decrease in operating cash outflows, totaling ¥542,424,309.78, down from ¥985,991,427.89 in the previous year[35]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,574,244,846.42, a 51.11% increase from the previous year-end[5]. - The company's equity attributable to shareholders increased by 65.26% to ¥1,665,145,166.03 compared to the previous year-end[5]. - The company's total liabilities rose to CNY 1,911,979,145.13, compared to CNY 1,360,345,431.87, indicating a growth of 40%[28]. - Long-term borrowings surged by 751.57% to ¥332,071,530.37, resulting from loans taken for the major asset restructuring[10]. - Short-term borrowings increased to CNY 1,006,580,075.14 from CNY 923,301,559.07, representing an increase of 9%[28]. Inventory and Goodwill - Inventory surged by 113.50% to ¥438,045,308.09, primarily due to the completion of a significant asset restructuring[9]. - Goodwill increased dramatically by 12,747.33% to ¥994,967,603.39 as a result of the asset restructuring[9]. Expenses - Operating costs fell by 59.60% to ¥289,897,179.37 from ¥717,570,320.65, reflecting the same cyclical industry challenges[12]. - Management expenses surged by 210.90% to ¥74,651,854.99, mainly due to the consolidation of Feikong Technology following a major asset restructuring[12]. - Financial expenses increased by 36.36% to ¥22,986,581.96, also attributed to the inclusion of Feikong Technology in the consolidated financials[12]. - Research and development expenses increased to CNY 77,667,218.57, compared to CNY 66,139,437.92 in the previous period, indicating a growth of 8%[32]. Investment and Subsidies - The company recognized a government subsidy of ¥2,069,833.87 during the reporting period, contributing to its financial performance[6]. - Investment income rose significantly by 542.76% to ¥24,405,676.84, resulting from the revaluation of previously held equity in Feikong Technology[12]. Shareholder Activities - The company plans to distribute a cash dividend of RMB 0.45 per 10 shares, totaling RMB 7,546,157.59, based on a total share capital of 167,692,391 shares[21]. - The company completed the repurchase and cancellation of 84,280 restricted shares, accounting for 0.050% of the total share capital, with a total repurchase amount of RMB 1,876,243.60[24]. - The company adjusted the 2024 profit distribution plan, which was approved at the 2024 annual general meeting[20]. - The company’s major shareholders include Dai Jun and Suzhou Yuanjie Sheng Enterprise Management Consulting Co., Ltd., who are acting in concert[16]. - The company’s major shareholders have participated in financing and securities lending activities, with specific details on shareholdings provided[18]. - The company has not disclosed any changes in the participation of major shareholders in securities lending activities compared to the previous period[17]. Management and Governance - The company’s board of directors and senior management have been reappointed following the expiration of their terms[22]. - The company’s actual controller and major shareholders are involved in the management and decision-making processes[16]. - The company’s stock incentive plan has been adjusted, with details on the repurchase price announced[23]. Audit Status - The company has not yet audited its third-quarter financial report, which may impact investor confidence[37].

太原重工股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 （一） 主要会计数据和财务指标 1 / 13 证券代码：600169 证券简称：太原重工 太原重工股份有限公司 2025 年第三季度报告 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 | 项目 | 本报告期 | | | 本报告期 比 | | | 年初至报告 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 上年同期 | | 上年同期 | 年初至 | 上年同期 | | 期末比上年 | | | | | | 增减变动 | 报告期末 | | | 同期增减变 | | | | | | 幅度(%) ...

Financial Performance - The company's operating revenue for the third quarter was ¥184,541,742.16, a decrease of 3.87% compared to the same period last year[5] - Total profit for the quarter reached ¥60,899,443.80, reflecting a year-on-year increase of 9.80%[5] - Net profit attributable to shareholders was ¥46,060,234.94, up 4.94% from the previous year[5] - The net profit after deducting non-recurring gains and losses was ¥44,335,718.81, an increase of 2.63% year-on-year[5] - Total operating revenue for the first three quarters of 2025 reached ¥557,997,294.97, an increase of 2.69% compared to ¥543,536,222.21 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥112,401,027.50, representing a 19.71% increase from ¥93,827,499.85 in the previous year[20] - The basic earnings per share for the first three quarters of 2025 was ¥0.27, compared to ¥0.25 in the same period of 2024, indicating an 8% increase[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,597,600,188.96, a decrease of 0.30% from the end of the previous year[6] - Total liabilities decreased to ¥922,204,873.53 from ¥1,058,185,969.99[16] - The total equity attributable to shareholders increased to ¥2,541,100,778.80 from ¥2,408,382,140.66[16] - The non-current assets total is ¥2,220,773,212.51, an increase from ¥2,146,370,449.28[15] Cash Flow - The net cash flow from operating activities for the year-to-date was negative at -¥998,412.68[5] - Cash flow from operating activities for the first three quarters of 2025 showed a net outflow of ¥998,412.68, a decline from a net inflow of ¥5,425,167.64 in 2024[22] - Cash received from operating activities totaled ¥474,895,580.59, down 12.6% from ¥543,083,880.37 in the previous year[22] - The company reported a significant improvement in investment income from joint ventures, with a profit of ¥244,805.74 compared to a loss of ¥4,227,700.54 in the previous year[19] Shareholder Information - The largest shareholder, Wenzhou Oriental Group Co., Ltd., holds 202,807,800 shares, representing 48.15% of the total shares[12] - The company has not identified any related party transactions among the top ten shareholders[12] Investment Activities - Cash inflow from investment activities totaled ¥137,224,894.27, significantly higher than ¥31,803,744.81 in 2024, indicating a substantial increase[22] - The net cash outflow from investing activities was $82,281,353.09, compared to a net outflow of $216,130,053.72 in the previous period, indicating an improvement[23] - The total cash outflow from investment activities was $219,506,247.36, compared to $247,933,798.53 in the previous period, indicating a reduction in investment spending[23] Dividends and Financing - Cash paid for dividends and interest was $53,658,698.09, down from $93,384,106.29, suggesting a decrease in shareholder returns[23] - Total cash inflow from financing activities was $10,100,000.00, down from $54,704,000.00 year-over-year[23] - The net cash outflow from financing activities was $132,028,384.60, compared to a net outflow of $113,194,868.43 in the previous period, reflecting increased cash outflows[23] Accounting Standards - The company will not apply new accounting standards starting from 2025, as stated in the announcement[24]

Revenue and Profit - The company's operating revenue for Q3 2025 reached ¥253,787,720.34, representing a year-on-year increase of 34.47%[3] - Year-to-date revenue until the report period amounted to ¥704,750,026.54, reflecting a 54.30% increase compared to the same period last year[3] - The total profit for the period was a loss of ¥94,569,209.11, with a year-to-date loss of ¥316,868,839.63[3] - The net profit attributable to shareholders for Q3 was a loss of ¥75,177,210.96, and the year-to-date loss was ¥254,393,496.16[3] - Total operating revenue for the first three quarters of 2025 reached ¥704,750,026.54, a significant increase of 54.3% compared to ¥456,727,522.48 in the same period of 2024[20] - The net loss for the first three quarters of 2025 was ¥254,443,147.50, an improvement from a net loss of ¥513,294,666.77 in the same period of 2024[22] - The net profit for the first three quarters of 2025 was a loss of ¥251.81 million, an improvement from a loss of ¥509.87 million in the first three quarters of 2024, indicating a reduction in losses by 50.7%[32] - The total profit (loss) for the first three quarters of 2025 was a loss of ¥315.16 million, an improvement from a loss of ¥562.49 million in 2024, showing a reduction in overall losses by 44.0%[32] Research and Development - Research and development expenses totaled ¥58,829,661.61 for the quarter, accounting for 23.18% of operating revenue, a decrease of 9.91 percentage points year-on-year[4] - Research and development expenses increased to ¥174,805,010.58 in the first three quarters of 2025, compared to ¥156,961,254.38 in the previous year, reflecting a focus on innovation[21] - Research and development expenses increased to ¥166.42 million in 2025, up 9.9% from ¥152.52 million in 2024, reflecting the company's commitment to innovation[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,637,616,280.19, down 5.92% from the end of the previous year[4] - The company's total assets decreased to ¥4,637,616,280.19 from ¥4,929,616,758.84 year-over-year, indicating a reduction in asset base[17] - Total liabilities decreased to ¥3,189,644,865.51 from ¥3,246,050,681.41, showing a slight improvement in the company's leverage[17] - Total liabilities as of September 30, 2025, were CNY 3,168,611,035.64, a decrease from CNY 3,220,852,409.34 as of December 31, 2024[30] Shareholder Information - The total number of common shareholders at the end of the reporting period is 5,720[12] - The largest shareholder, Nanjing Shichuang Venture Capital Co., Ltd., holds 142,941,654 shares, representing 35.74% of total shares[12] - The second-largest shareholder, Nanjing Sicheng Venture Capital Partnership, holds 137,231,879 shares, accounting for 34.31%[12] - The company has no significant changes in the top 10 shareholders or their shareholding due to securities lending activities[13] - The total number of shares held by the top 10 unrestricted shareholders includes 32,440,032 shares held by Zhang Fan[13] Cash Flow - The company reported a negative cash flow from operating activities of ¥30,648,991.25 for the quarter[3] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 567,013,104.06, an increase of 14.2% compared to CNY 496,526,853.02 in the same period of 2024[25] - Net cash flow from operating activities for the first three quarters of 2025 was -CNY 94,226,594.34, an improvement from -CNY 334,061,130.64 in the first three quarters of 2024[25] - Cash inflow from investment activities for the first three quarters of 2025 was CNY 1,373,480,111.35, a decrease of 22.7% compared to CNY 1,776,518,112.75 in the same period of 2024[25] - Net cash flow from investment activities for the first three quarters of 2025 was -CNY 39,182,909.52, compared to -CNY 180,811,633.20 in the first three quarters of 2024[25] - Cash inflow from financing activities for the first three quarters of 2025 was CNY 333,932,327.77, an increase from CNY 218,326,466.13 in the same period of 2024[26] - Net cash flow from financing activities for the first three quarters of 2025 was -CNY 24,328,834.14, a decrease from CNY 155,092,887.16 in the first three quarters of 2024[26] Financial Performance - The weighted average return on equity was -5.10% for the quarter, compared to -16.27% for the year-to-date[4] - Basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.64, an improvement from -¥1.29 in the same period of 2024[22] - The company reported a significant increase in financial expenses, totaling ¥53,320,515.15 in 2025, compared to a negative financial expense of -¥4,689,722.07 in 2024[21] - The company incurred financial expenses of ¥52.71 million in 2025, a significant increase from a financial income of ¥4.28 million in 2024, primarily due to increased interest expenses[31] Cash and Equivalents - The company's cash and cash equivalents as of September 30, 2025, amount to ¥310,905,185.13, down from ¥504,492,493.70 as of December 31, 2024[15] - The total current assets decreased to ¥1,506,590,818.63 from ¥1,637,101,477.37[15] - The company's total cash and cash equivalents at the end of the third quarter of 2025 stood at ¥202.19 million, compared to ¥167.07 million at the end of the same period in 2024, indicating a year-over-year increase[34]

Financial Performance - Total revenue for Q3 2025 reached ¥149,794,881.47, representing a 7.73% increase year-over-year[5] - Net profit for the same period was ¥30,006,280.93, showing a significant growth of 36.46% compared to the previous year[5] - The total revenue for the period was ¥409,555,615.07, up from ¥382,119,280.38, marking an increase of about 7.5%[22] - Net profit for the period was ¥81,118,224.36, compared to ¥80,146,907.33 in the previous period, indicating a growth of about 1.21%[23] - The company's earnings per share rose from 0.56 to 0.57, reflecting a growth of approximately 1.79%[23] Assets and Liabilities - The company's total assets increased to ¥1,585,182,982.85, up by 1.96% from the previous year[5] - The company reported a total of 206,262,721.58 yuan in current assets as of September 30, 2025[19] - The total liabilities amount to 128,998,240.24 yuan as of the same date[19] - Total liabilities decreased from ¥408,634,192.01 to ¥376,512,515.86, representing a reduction of approximately 7.85%[20] - The total current liabilities decreased from ¥395,181,042.18 to ¥364,471,689.58, a decline of approximately 7.74%[20] - The total non-current liabilities decreased from ¥13,453,149.83 to ¥12,040,826.28, reflecting a decrease of about 10.51%[20] - The company's capital reserve increased from ¥690,439,955.33 to ¥698,418,553.40, showing an increase of approximately 1.42%[20] - The company has 44,647,851.27 yuan in intangible assets[19] Cash Flow - The cash flow from investment activities showed a net outflow of ¥9,952,170.39, a decrease of 90.86% year-over-year, primarily due to investment recoveries[13] - Operating cash inflow from sales of goods and services reached ¥522,600,162.11, an increase from ¥400,832,949.98 in the previous period, reflecting a growth of approximately 30.4%[24] - Net cash flow from operating activities was ¥65,008,558.71, slightly down from ¥65,123,921.80, indicating a marginal decrease of 0.2%[24] - Cash inflow from investment activities totaled ¥246,301,223.50, compared to ¥153,268,487.84, representing a significant increase of 60.8%[24] - Cash outflow from financing activities amounted to ¥418,609,375.46, up from ¥146,842,103.60, showing a rise of 184.5%[26] - The net cash flow from financing activities was -¥83,428,415.70, worsening from -¥20,725,491.01, indicating a decline in financing efficiency[26] - The ending balance of cash and cash equivalents was ¥92,509,621.98, down from ¥303,179,810.76, a decrease of 69.5%[26] - Cash received from borrowings was ¥335,180,959.76, significantly higher than ¥108,219,262.59, marking an increase of 209.5%[26] - Cash paid for debt repayment was ¥389,128,646.61, compared to ¥79,367,634.91, reflecting an increase of 389.5%[26] Shareholder Information - The total number of common shareholders is 9,526, with no preferred shareholders having restored voting rights[14] - Zhejiang Chengwei Equity Investment Co., Ltd. holds 32.09% of shares, amounting to 45,758,500 shares[14] - The second-largest shareholder, Zhou Bingsong, owns 26.14% with 37,280,000 shares[14] - The company has a repurchase account holding 750,600 shares, representing 0.53% of the total share capital[16] - The top ten shareholders do not participate in the securities lending business[17] - The company has not disclosed any significant changes in shareholder structure compared to the previous period[17] Other Information - The company has initiated the construction of a new plant, reflected in the construction in progress amounting to ¥17,558,373.83[11] - The company's tax payable rose by 80.97% to ¥13,792,638.68, driven by increased operating revenue[11] - The company reported a 51.14% increase in investment income, totaling ¥15,068,717.53, attributed to the maturity of financial products[12] - Financial expenses decreased significantly by 102.65%, resulting in a net expense of ¥196,204.11, mainly due to reduced interest income[12] - The company has no non-recurring gains or losses to report for this period[8] - The company did not undergo an audit for the third quarter financial report, which may affect the reliability of the reported figures[27] - The company has not adopted the new accounting standards for the current year, which may impact future financial reporting[26]