Financial Performance - The total operating revenue for the first nine months of 2025 reached RMB 1.115 billion, an increase of 59.85% compared to the same period last year, with a gross margin of 88.8%, up 2.8 percentage points from 86.0%[4] - Sales revenue from the core product, Orelabrutinib (宜诺凯®), amounted to RMB 1.010 billion for the first nine months of 2025, representing a year-on-year growth of 45.77%[5] - The company reported a significant increase in operating revenue, primarily due to the continuous increase in sales volume of a key product, resulting in a substantial cash inflow[12] - Total revenue for the first three quarters of 2025 reached CNY 1,115,328,393.86, a significant increase of 60% compared to CNY 697,748,228.93 in the same period of 2024[21] - The company's total revenue from drug sales for the first nine months of 2025 was RMB 1.024 billion, an increase of 47.38% year-on-year[7] Expenses and Losses - The net loss for the first nine months of 2025 was RMB 72 million, a reduction of 74.78% compared to the same period last year[4] - Research and development expenses totaled RMB 676 million for the first nine months of 2025, accounting for 60.61% of operating revenue, a decrease of 27.53 percentage points year-on-year[7] - The net loss for the first three quarters of 2025 was CNY 71,950,523.03, an improvement from a net loss of CNY 285,317,584.04 in the same period of 2024[22] - The company experienced a net loss attributable to shareholders, with basic and diluted earnings per share showing a decline compared to the same period last year[12] - The company reported a basic and diluted earnings per share of CNY -0.04 for the first three quarters of 2025, compared to CNY -0.16 in 2024[22] Cash Flow and Assets - As of September 30, 2025, the company held approximately RMB 7.759 billion in cash and cash equivalents, enabling continued acceleration of pipeline project development[6] - The company's cash and cash equivalents increased to CNY 6,820,269,250.58 as of September 30, 2025, compared to CNY 6,240,825,867.22 at the end of 2024[19] - The total assets as of September 30, 2025, were CNY 9,523,812,210.96, up from CNY 9,407,493,740.91 at the end of 2024[20] - The total cash and cash equivalents at the end of the period decreased to CNY 4,382,410,146.31 from CNY 4,949,637,182.02 year-over-year[24] - The company reported a cash outflow of CNY 1,389,806,235.54 from operating activities, compared to CNY 1,220,717,440.28 in the previous year[24] Shareholder Information - The total number of shares issued by the company is 1,764,643,952, with 1,496,284,235 shares (approximately 84.79%) listed in Hong Kong and 268,359,717 shares (approximately 15.21%) listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board[13] - HKSCC NOMINEES LIMITED holds 892,010,619 shares, representing 50.549% of the total shares[16] - HHLR Fund, L.P. and its concerted parties hold 208,671,222 shares, accounting for 11.8251% of the total shares[17] - Sunny View Holdings and the Zhao family hold 144,817,893 shares, which is 8.2066% of the total shares[17] - The top ten shareholders' holdings were disclosed, with HKSCC NOMINEES LIMITED being the largest shareholder[16] Research and Development - Orelabrutinib was approved for a new indication in April 2025 for first-line treatment of chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL) in adult patients[5] - Research and development expenses amounted to CNY 676,047,531.53, compared to CNY 614,983,375.71 in the previous year, indicating a focus on innovation[21] - The company is actively pursuing market expansion and innovation strategies, as indicated by the increase in R&D spending and overall revenue growth[21] Government Support - The company received government subsidies amounting to RMB 28.17 million for the year-to-date period, contributing to non-operating income[10] Cash Flow Activities - The cash inflow from operating activities increased significantly, driven by higher cash receipts from product sales and upfront payments from licensing agreements[12] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 1,305,468,105.49, a significant increase of 47% compared to CNY 887,581,258.65 in the same period of 2024[24] - The net cash flow from operating activities was negative at CNY -84,338,130.05, an improvement from CNY -333,136,181.63 in the previous year[24] - Cash inflow from investment activities reached CNY 8,250,925,494.08, up from CNY 4,648,580,477.88, marking a growth of 77% year-over-year[24] - The net cash flow from investment activities was CNY -321,499,940.72, a decline from CNY 1,358,936,924.87 in the same period last year[24] - Cash inflow from financing activities totaled CNY 363,355,524.15, down from CNY 1,083,202,214.00 in the previous year[24] - The net cash flow from financing activities was CNY 138,210,016.73, a recovery from CNY -261,692,786.26 in the same period of 2024[24] Accounting Standards - The company did not apply new accounting standards for the year 2025[25]

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].

Financial Performance - The company's operating revenue for the third quarter was approximately CNY 2.27 billion, a decrease of 9.98% compared to the same period last year[6] - The total profit for the quarter was CNY 78.06 million, representing a year-on-year increase of 7.16%[6] - The net profit attributable to shareholders was CNY 41.22 million, up 25.14% year-on-year[6] - The net profit after deducting non-recurring gains and losses was CNY 15.76 million, a decrease of 42.60% compared to the same period last year[9] - Total operating revenue for the first three quarters of 2025 reached ¥7,028,463,843.02, an increase of 10% compared to ¥6,390,922,677.51 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was ¥148,879,791.05, representing a 9.5% increase from ¥136,162,989.88 in 2024[19] - The total profit for the first three quarters of 2025 was ¥198,543,331.09, up from ¥189,395,721.06 in 2024, showing a growth of approximately 6%[19] Earnings and Shareholder Returns - The basic earnings per share for the quarter was CNY 0.0123, an increase of 25.51% year-on-year[6] - Earnings per share (EPS) for the first three quarters of 2025 was ¥0.0253, compared to ¥0.0208 in the same period of 2024, marking an increase of 21.6%[19] - The weighted average return on equity for the quarter was 0.82%, an increase of 0.16 percentage points compared to the same period last year[6] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was CNY 534.09 million, an increase of 34.41% compared to the previous year[9] - Cash flow from operating activities generated a net amount of ¥534,089,845.27, an increase from ¥397,355,365.52 in the previous year[21] - The net increase in cash and cash equivalents for the first three quarters of 2025 was 935,035,613.63, contrasting with a decrease of -24,733,667.89 in 2024[22] - The ending balance of cash and cash equivalents as of the end of the third quarter of 2025 was 2,081,196,597.87, up from 1,372,950,823.87 in 2024, indicating a year-over-year increase of approximately 51.5%[22] Assets and Liabilities - The total assets at the end of the reporting period were approximately CNY 32.39 billion, an increase of 4.56% from the previous year[7] - As of September 30, 2025, the total assets of the company amounted to CNY 32,387,527,691.92, an increase from CNY 30,976,159,596.78 as of December 31, 2024, representing a growth of approximately 4.5%[16] - The company's total liabilities were CNY 26,573,978,348.54 as of September 30, 2025, compared to CNY 25,332,895,680.81 at the end of 2024, marking an increase of about 4.9%[16] - The company's equity attributable to shareholders was CNY 5,093,873,052.85 as of September 30, 2025, compared to CNY 4,987,641,213.54 at the end of 2024, showing an increase of approximately 2.1%[16] Investments and Expenses - Research and development expenses rose to ¥357,347,994.68, up from ¥282,646,816.14, indicating a focus on innovation and product development[18] - Investment income improved to ¥8,286,870.12, compared to a loss of ¥1,795,207.59 in the same period last year[18] - The company reported a decrease in financial expenses to ¥337,237,116.47 from ¥384,171,710.98, reflecting better cost management[18] Inventory and Receivables - The company's inventory reached CNY 9,441,748,042.61 as of September 30, 2025, up from CNY 8,718,443,779.85 at the end of 2024, reflecting a growth of approximately 8.3%[14] - The accounts receivable stood at CNY 7,297,857,401.25 as of September 30, 2025, compared to CNY 7,107,549,887.27 at the end of 2024, indicating a slight increase of approximately 2.7%[14]

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]

Financial Performance - The company's operating revenue for the third quarter was ¥89,672,759.40, a decrease of 56.01% compared to the same period last year[5]. - The total profit for the third quarter reached ¥37,827,707.11, an increase of 168.99% year-on-year, primarily due to changes in the fair value of held stocks[5][9]. - Net profit attributable to shareholders was ¥28,375,973.55, reflecting a year-on-year increase of 164.65%[5][9]. - The basic earnings per share for the third quarter was ¥0.126, up 162.50% compared to the previous year[5][9]. - Total operating revenue for the first three quarters of 2025 was CNY 378,585,123.47, a decrease of 46% compared to CNY 701,432,271.47 in the same period of 2024[20]. - Net profit for the first three quarters of 2025 reached CNY 46,011,611.18, a significant recovery from a net loss of CNY 8,012,521.42 in the same period of 2024[21]. - The company reported a comprehensive income total of CNY 59,400,752.96 for the first three quarters of 2025, compared to CNY 10,158,456.71 in 2024[22]. - Earnings per share for the first three quarters of 2025 were CNY 0.21, recovering from a loss of CNY 0.04 per share in the same period of 2024[22]. Assets and Liabilities - The total assets at the end of the reporting period were ¥978,677,240.39, representing a 7.95% increase from the end of the previous year[6]. - The equity attributable to shareholders increased by 7.14% to ¥890,788,079.75 compared to the end of the previous year[6]. - Total liabilities increased to CNY 87,889,160.64 in 2025 from CNY 75,241,473.61 in 2024, reflecting a growth of about 17%[18]. - Total equity attributable to shareholders rose to CNY 890,788,079.75 in 2025, compared to CNY 831,387,326.79 in 2024, marking an increase of approximately 7%[18]. Cash Flow - The net cash flow from operating activities for the third quarter was ¥6,466,075.40, a decrease of 40.29% year-on-year[5][9]. - Operating cash inflow totaled $594.2 million, a decrease from $973.4 million in the previous period[26]. - Cash outflow from operating activities was $605.5 million, compared to $952.2 million last year[26]. - Net cash flow from operating activities was negative at -$11.3 million, down from a positive $21.2 million previously[26]. - The net increase in cash and cash equivalents was -$5.6 million, contrasting with a positive increase of $5.8 million previously[27]. - The ending balance of cash and cash equivalents was $395.2 million, down from $454.3 million at the end of the last period[27]. Shareholder Information - The company’s major shareholder, Tibet Zetian Investment Development Co., Ltd., holds 35,405,252 shares, representing 15.78% of the total shares, which are currently frozen[12]. - The second-largest shareholder, Zhang Jiangbo, owns 22,627,869 shares, accounting for 10.09% of the total shares, with 12,313,950 shares pledged[12]. - The company is facing potential judicial auctions of shares held by major shareholders, with 35,405,252 shares and 18,884,000 shares scheduled for auction on November 22, 2025, and October 20, 2025, respectively[14]. - The company has not reported any changes in the top 10 shareholders or their shareholding status due to transfer or lending activities[13]. Inventory and Current Assets - The company’s inventory increased to RMB 39,577,613.69 from RMB 21,673,769.35, indicating a significant rise of approximately 82.5%[16]. - The company’s total current assets reached RMB 546,700,214.70, compared to RMB 476,948,062.29 in the previous period, marking an increase of about 14.6%[16]. - The company’s non-current assets totaled RMB 431,977,025.69, a slight increase from RMB 429,680,738.11, showing a growth of approximately 0.5%[16]. - The company’s other receivables increased slightly to RMB 2,690,442.12 from RMB 2,678,908.48, indicating a marginal growth[16]. Financial Expenses and Tax Liabilities - The company’s financial expenses improved, showing a reduction from CNY -3,401,183.68 in 2024 to CNY -1,916,926.41 in 2025[21]. - Deferred income tax liabilities increased to CNY 32,459,640.83 in 2025 from CNY 27,911,392.14 in 2024, representing an increase of about 16%[18]. Accounting Standards - The company will not apply new accounting standards starting from 2025[28].