帝欧水华集团股份有限公司 2025 年第三季度报告 证券代码：002798 证券简称：帝欧水华 公告编号：2025-133 帝欧水华集团股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2.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)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 帝欧水华集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 适用 □不适用 | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | --- | | 非流动性资产处置损益（包括 已计提资产减值准备的冲销部 | -11,787,389.86 | -12,114,588.88 | 主要为非流动资产报废及工 | | | | | 抵房 ...

Financial Performance - The company's revenue for Q3 2025 was ¥564,113,370, a decrease of 25.85% compared to the same period last year, and a year-to-date revenue of ¥1,231,585,997, down 30.69% year-on-year [5]. - Net profit attributable to shareholders was ¥10,335,899.93, an increase of 118.62% year-on-year, while the year-to-date net profit was -¥57,995,804.53, a decline of 340.02% [5]. - Total operating revenue for the period was ¥1,231,585,997.03, a decrease of 30.8% compared to ¥1,776,804,733.18 in the previous period [21]. - The company reported a net loss of ¥49,393,876.37, compared to a net profit of ¥20,304,042.68 in the previous period, indicating a significant decline in profitability [22]. - Operating profit was recorded at -¥94,863,856.23, a decrease from ¥18,537,116.34 in the prior period, reflecting operational challenges [22]. - The total comprehensive income attributable to the parent company was -¥57,995,804.53, compared to ¥24,163,198.23 in the previous period, indicating a substantial decrease in overall financial health [22]. Earnings and Shareholder Value - The basic earnings per share for the quarter was ¥0.01, up 120.00% year-on-year, while the diluted earnings per share also stood at ¥0.01, reflecting the same percentage increase [5]. - Basic and diluted earnings per share were both reported at -¥0.05, compared to ¥0.02 in the previous period, highlighting a decline in shareholder value [23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,148,815,613.33, representing a 6.53% increase from the end of the previous year [5]. - The total assets of the company reached ¥6,148,815,613.33, up from ¥5,771,886,305.54, marking an increase of 6.5% [20]. - Total liabilities increased to ¥3,671,662,097.49 from ¥3,288,958,225.54, reflecting a rise of 11.6% [20]. - The company’s total liabilities increased by 172.75% due to the implementation of stock incentives and the addition of restricted stock repurchase obligations [11]. - The company's equity attributable to shareholders decreased to ¥2,396,158,542.96 from ¥2,411,635,688.93, a decline of 0.6% [20]. Cash Flow - Cash flow from operating activities showed a net outflow of -¥44,120,140.96, a decrease of 132.31% compared to the same period last year [10]. - The company experienced a net cash outflow from operating activities of -¥44,120,140.96, contrasting with a positive cash flow of ¥136,533,516.70 in the prior period [24]. - Investment activities resulted in a net cash outflow of -¥266,851,055.25, compared to -¥538,053,586.38 in the previous year, indicating reduced investment expenditures [25]. - Financing activities generated a net cash inflow of ¥275,321,345.50, down from ¥429,295,531.16 in the previous period, reflecting changes in financing strategies [25]. Research and Development - The company reported a significant increase in research and development expenses by 66.34% year-on-year, attributed to the commencement of full production at its subsidiary Anhui Tiantie [10]. - Research and development expenses for the period were ¥66,207,336.31, up from ¥39,801,436.34, indicating a significant increase of 66.5% [21]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 22,383 [12]. - The largest shareholder, Xu Jiding, holds 7.25% of shares, totaling 94,188,452 shares, with 6,337 shares frozen [12]. - Wang Meiyu, the second-largest shareholder, owns 4.55% of shares, amounting to 59,124,648 shares, with 49,500,000 shares pledged [12]. - The total number of restricted shares at the end of the period is 246,402,833, with 29,847,994 shares released during the period [14]. - The company’s total number of restricted shares increased by 131,925,000 during the period [14]. - The top ten shareholders collectively hold a significant portion of the company's equity, with the largest three shareholders holding over 16% [12]. - The total number of shares held by the top ten unrestricted shareholders is 246,402,833 [12]. Strategic Developments - The company plans to change its name and stock abbreviation, with announcements made on December 14, 2024, and January 22, 2025 [15]. - A strategic cooperation framework agreement was signed with Shenzhen Xinjie Energy Technology Co., Ltd. on May 22, 2025 [15].

Financial Performance - The company's revenue for Q3 2025 reached ¥1,414,027,032.42, representing a 31.73% increase year-over-year[5] - Net profit attributable to shareholders was ¥59,348,642.54, a significant increase of 122.54% compared to the same period last year[5] - The basic earnings per share (EPS) was ¥0.13, up 116.67% year-over-year[5] - The company's operating profit for the period was ¥178,344,309.94, a decrease of 64.30% compared to the same period last year[12] - The total profit for the period was ¥172,473,717.52, down 65.56% year-over-year[12] - The net profit attributable to the parent company's shareholders was ¥146,043,841.26, a decline of 64.53% compared to the same period last year[12] - Net profit for the period was ¥179,412,112.36, a decrease from ¥466,691,044.12, indicating a decline of approximately 61.7% year-over-year[22] - Basic earnings per share decreased to ¥0.32 from ¥0.90, showing a decline of approximately 64.4% year-over-year[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,103,456,081.34, reflecting a 1.32% increase from the end of the previous year[5] - Total assets increased to ¥12,103,456,081.34 from ¥11,945,827,218.84, reflecting a growth of approximately 1.3%[20] - Total liabilities rose to ¥4,584,382,561.43, up from ¥4,442,707,676.67, indicating an increase of about 3.2%[20] - Non-current assets totaled ¥2,136,998,960.98, compared to ¥2,114,082,524.40, representing an increase of approximately 1.1%[20] - The total equity attributable to shareholders increased to ¥6,509,544,630.41 from ¥6,463,033,200.78, reflecting a growth of approximately 0.7%[20] Cash Flow - Cash flow from operating activities showed a net outflow of ¥799,995,815.41, a decrease of 67.77% year-to-date[5] - The net cash flow from operating activities for the reporting period was -¥799,995,815.41, a decrease of 67.77% compared to the same period last year, primarily due to increased procurement costs to ensure timely product delivery despite an 8.87% year-on-year revenue growth[13] - The net cash flow from financing activities for the reporting period was -¥264,806,536.42, a decline of 65.93% year-on-year, mainly due to the repurchase of 1,444,268 shares of restricted stock and increased rental payments[13] - The net cash flow from operating activities was -$799,995,815.41, compared to -$476,830,457.14 in the previous period, indicating a decline in operational cash flow[24] - Total cash inflow from operating activities amounted to $3,891,913,213.50, while cash outflow was $4,691,909,028.91, resulting in a net cash outflow of $799,995,815.41[24] - Cash flow from investment activities showed a net outflow of -$267,540,131.27, compared to -$213,236,054.87 in the previous period[24] - The net cash flow from financing activities was -$264,806,536.42, a decrease from -$159,592,549.70 in the prior period[24] - The total cash and cash equivalents at the end of the period were $1,345,608,223.74, down from $2,517,240,222.76 in the previous period[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,632, with no preferred shareholders regaining voting rights[15] - The largest shareholder, Aerospace Jiangnan Group Co., Ltd., holds 37.36% of the shares, totaling 170,164,760 shares[15] Inventory and Receivables - The company's inventory increased by 33.84% to ¥2,476,927,646.96, driven by a rise in orders and extended customer acceptance periods[9] - Accounts receivable increased from ¥3,575,223,736.48 to ¥5,065,436,737.13 during the reporting period[18] - Inventory rose significantly from ¥1,850,644,958.24 to ¥2,476,927,646.96, indicating a potential buildup of stock[18] - The total current assets at the end of the reporting period amounted to ¥9,966,457,120.36, compared to ¥9,831,744,694.44 at the beginning[18] Other Information - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[16] - There are no significant new strategies or product developments mentioned in the current report[17] - The company did not conduct an audit for the third quarter financial report[25]

Financial Performance - Q3 2025 revenue was CNY 490,175,250.99, a decrease of 16.34% year-over-year[5] - Net profit attributable to shareholders was CNY 23,936,005.82, down 36.11% compared to the same period last year[5] - Basic earnings per share decreased by 36.14% to CNY 0.0767[5] - The company reported a 39.12% decline in net profit attributable to shareholders for the year-to-date period, totaling CNY 61,958,765.22[5] - The net profit attributable to the parent company's shareholders was CNY 61,958,765.22, a decrease of 39% compared to CNY 101,763,902.93 in the previous period[20] - The total profit amounted to CNY 72,391,191.22, down from CNY 119,076,425.12, reflecting a decline of approximately 39.2%[20] - Operating profit decreased to CNY 70,552,882.36 from CNY 119,267,994.25, representing a drop of about 41%[20] - Total comprehensive income was CNY 65,786,006.37, down from CNY 107,963,715.11, indicating a decline of approximately 39%[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,172,844,619.31, an increase of 0.80% from the previous year[5] - Total assets increased to RMB 3,172,844,619.31 from RMB 3,147,723,781.86, reflecting growth in the asset base[16] - Total liabilities decreased to RMB 1,795,418,108.08 from RMB 1,809,534,311.06, indicating improved financial health[16] - The company's retained earnings increased to RMB 566,491,737.98 from RMB 535,736,830.80, showing profitability retention[16] - Long-term investments rose to RMB 265,023,203.61 from RMB 259,148,685.18, indicating a focus on strategic growth initiatives[15] Cash Flow - Net cash flow from operating activities reached CNY 126,716,659.84, a significant increase of 1838.69%[9] - The net cash flow from operating activities increased significantly to CNY 126,716,659.84, compared to CNY 6,536,184.48 in the previous period[21] - The net cash flow from investing activities was negative at CNY -51,614,707.52, an improvement from CNY -62,592,975.40 in the previous period[21] Costs and Expenses - Total operating revenue for the current period was RMB 1,458,761,736.57, a decrease of 3.9% compared to RMB 1,518,614,319.97 in the previous period[18] - Total operating costs for the current period were RMB 1,417,170,220.70, down from RMB 1,431,582,436.09 in the previous period, indicating a cost reduction strategy[18] - Research and development expenses were CNY 82,316,815.24, slightly down from CNY 84,670,213.66, showing a decrease of about 2.8%[20] - The company incurred tax expenses of CNY 6,098,332.64, down from CNY 11,366,713.28, reflecting a decrease of approximately 46.3%[20] Liquidity and Receivables - Cash and cash equivalents increased by 39.69% to CNY 350,021,929.93 due to improved collection of receivables[8] - Cash and cash equivalents increased to RMB 350,021,929.93 from RMB 250,568,950.86, reflecting improved liquidity[14] - Accounts receivable slightly decreased to RMB 1,066,336,889.73 from RMB 1,063,635,573.65, showing stable collection performance[14] - The company plans to enhance its receivables management to sustain cash flow improvements in the future[9]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥284,562,317.11, representing a 36.79% increase compared to the same period last year[5] - Net profit attributable to shareholders was ¥32,985,185.79, a significant increase of 75.37% year-on-year[5] - The basic earnings per share rose to ¥0.41, reflecting a growth of 78.26% compared to the previous year[5] - The total operating revenue for the current period reached ¥670,436,833.53, a significant increase of 58.0% compared to ¥424,516,409.63 in the previous period[21] - The net profit for the current period is CNY 62,070,867.31, an increase from CNY 39,407,596.65 in the previous period, representing a growth of approximately 57.3%[22] - The total comprehensive income for the current period is CNY 59,437,628.39, compared to CNY 39,407,582.08 in the previous period, marking an increase of approximately 50.9%[23] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥1,616,948,080.81, marking a 6.34% increase from the beginning of the year[5] - The total assets of the company reached ¥1,616,948,080.81, an increase from ¥1,520,592,679.96, reflecting a growth of 6.4%[18] - Total liabilities increased to ¥513,634,301.37 from ¥481,402,036.21, representing a rise of 6.7%[19] - The company's equity attributable to shareholders rose to ¥1,083,641,214.32 from ¥1,034,124,683.50, an increase of 4.8%[19] Cash Flow - The company reported a net cash flow from operating activities of ¥3,882,481.57, a turnaround from a negative cash flow in the previous period[5] - Cash flow from operating activities turned positive at ¥3,882,481.57, a significant improvement from a negative cash flow of ¥37,157,917.90 in the previous period, due to increased revenue and collections[9] - The cash flow from investing activities resulted in a net outflow of CNY -74,133,794.87, an improvement from the previous period's outflow of CNY -171,465,271.48[25] - The financing activities generated a net cash inflow of CNY 78,444,328.31, compared to CNY 14,302,662.37 in the previous period, reflecting a significant increase in financing activities[25] Expenses - The gross profit margin improved, with operating costs increasing by 52.02% to ¥481,488,372.33, driven by market expansion efforts[8] - Sales expenses increased by 78.91% to ¥24,159,758.01, primarily due to higher employee compensation and service fees related to market expansion[9] - Management expenses surged by 167.30% to ¥41,785,684.86, mainly driven by increased employee compensation, depreciation, and business entertainment costs[9] - R&D expenses rose by 62.58% to ¥41,718,046.21, reflecting the company's commitment to ongoing development and increased investment in R&D projects[9] - Financial expenses increased by 182.32% to ¥2,189,354.15, attributed to reduced interest income and increased interest expenses and exchange losses[9] Inventory and Receivables - Inventory levels rose by 37.91% to ¥249,838,543.29, attributed to increased stocking[8] - The company experienced a 231.87% increase in receivables financing, totaling ¥35,548,956.61, due to holding more bank acceptance bills[8] - Accounts receivable increased to ¥312,160,255.62, up from ¥302,792,042.08, indicating a growth of 3.0%[17] Other Financial Metrics - The weighted average return on equity improved to 3.14%, up from 1.86% in the previous year[5] - The company reported a 90.87% reduction in credit impairment losses, amounting to -¥477,425.14, due to decreased bad debt losses on accounts receivable[9] - Other income surged by 266.99% to ¥3,220,045.84, mainly due to input tax deductions[9] - The company incurred an asset impairment loss of CNY -11,500,721.70, which is higher than the previous period's loss of CNY -7,479,411.25, indicating a deterioration in asset quality[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,347[11] - The company plans to raise a total of ¥46,591.39 million through a specific stock issuance, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission[15] Product Development - The company has released a new product line, contributing to the overall revenue growth and market expansion strategy[21]

Financial Performance - The company's operating revenue for Q3 2025 was ¥76,909,050.03, a decrease of 58.33% compared to ¥184,586,381.36 in the same period last year[5] - The total profit for the period was -¥4,879,918.32, showing an improvement from -¥8,351,978.20 year-on-year[5] - The net profit attributable to shareholders was -¥5,936,661.07, compared to -¥8,611,168.26 in the previous year, indicating a significant reduction in losses[5] - Operating revenue decreased by 58.33% in the current reporting period due to a significant reduction in steel sales from Ximeng Trading[10] - Net profit attributable to shareholders of the listed company decreased by 461.89% year-to-date, mainly due to a reduction in non-recurring gains and losses[10] - Basic and diluted earnings per share both decreased by 460.94% year-to-date, attributed to the decline in net profit attributable to shareholders[10] - The company reported a basic earnings per share of -¥0.0169, compared to -¥0.0245 in the same period last year, indicating a reduction in losses per share[5] - The total comprehensive income attributable to the parent company was -16,252,069.66 CNY, compared to 4,490,855.20 CNY in the previous period[23] - The net profit for the first three quarters of 2025 was a loss of CNY 14,151,199.47, compared to a profit of CNY 2,548,813.30 in the same period of 2024[22] - The net profit for the first three quarters of 2025 is a loss of CNY 11,572,043.11, compared to a profit of CNY 19,528,687.29 in the same period of 2024[34] Cash Flow - The net cash flow from operating activities was ¥102,214,061.88, a substantial recovery from -¥127,938,282.94 in the same period last year[5] - Net cash flow from operating activities decreased by 64.90% year-to-date, primarily due to a decrease of 372 million CNY in project repurchase funds received[11] - The net cash flow from operating activities for the first three quarters of 2025 was 102,214,061.88 CNY, down from 291,206,123.84 CNY in the same period of 2024, representing a decrease of approximately 65%[25] - Cash inflow from operating activities totaled 1,241,402,819.29 CNY, while cash outflow was 1,139,188,757.41 CNY, resulting in a net cash flow of 102,214,061.88 CNY[25] - The company reported a net cash flow from investing activities of -100,630,957.26 CNY, compared to 11,397,799.50 CNY in the previous year, indicating a significant decline[26] - The net cash flow from financing activities was -241,960,657.26 CNY, worsening from -38,985,965.60 CNY in the same period last year[27] - The net cash flow from operating activities for the first three quarters of 2025 is CNY 189,783,742.66, a significant improvement from a negative cash flow of CNY 38,312,236.64 in 2024[37] - The company received CNY 376,381,514.41 in cash related to operating activities, a substantial increase from CNY 171,111,290.58 in the previous year[37] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,740,191,324.43, reflecting a 10.65% increase from ¥5,187,620,143.09 at the end of the previous year[6] - The company's total assets as of September 30, 2025, amounted to CNY 5,740,191,324.43, an increase from CNY 5,187,486,713.09 at the end of 2024[19] - Current assets totaled CNY 4,919,634,544.96 as of September 30, 2025, compared to CNY 4,443,111,829.98 at the end of 2024, reflecting a growth of 10.7%[19] - Current liabilities increased to CNY 4,162,914,122.15 as of September 30, 2025, from CNY 3,673,388,389.89 at the end of 2024, representing a rise of 13.3%[19] - The company's long-term liabilities increased to CNY 163,024,373.90 as of September 30, 2025, from CNY 88,991,420.35 at the end of 2024, reflecting an increase of 83.3%[19] - The total liabilities amount to CNY 335,557,666.37, a decrease from CNY 542,564,362.06 in the previous year[31] - The company's total liabilities amounted to 326,678,143.96 CNY, a decrease from 534,842,749.70 CNY in the previous year[30] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 21,739[13] - The largest shareholder, Chongming County State-owned Assets Supervision and Administration Commission, holds 32.51% of shares[13] Regulatory Compliance - The company is undergoing rectification measures following a regulatory decision regarding revenue recognition practices, which may impact future financial reporting[7] - The company has committed to improving its financial reporting practices in response to regulatory feedback, ensuring compliance with accounting standards[7] Inventory and Investments - Inventory increased by 18.83% due to investments in the Longxing Island 38 housing project[10] - Investment income decreased by 100.80% compared to the same period last year, primarily due to the sale of subsidiary equity and stocks[11] Earnings and Costs - Total operating revenue for the first three quarters of 2025 was CNY 289,011,697.84, a decrease of 36.2% compared to CNY 452,732,382.77 in the same period of 2024[21] - Total operating costs for the first three quarters of 2025 were CNY 303,110,099.10, down 37.9% from CNY 487,618,012.60 in 2024[21] - The cost of goods sold for the first three quarters of 2025 is CNY 5,764,637.88, down 29.5% from CNY 8,186,559.12 in 2024[33] - The financial expenses for the first three quarters of 2025 are CNY 1,204,669.89, significantly reduced from CNY 6,083,200.91 in 2024[33]

Financial Performance - The company's operating revenue for the third quarter was ¥1,774,599,234.61, a decrease of 3.55% compared to the same period last year[4] - The total profit for the quarter was ¥69,951,663.52, down 35.66% year-on-year[4] - The net profit attributable to shareholders was ¥68,473,249.72, reflecting a decrease of 23.88% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥52,507,080.43, a decline of 16.20% year-on-year[4] - Basic earnings per share for the quarter were ¥0.1010, down 23.89% from the same period last year[5] - The return on equity (ROE) for the quarter was 1.18%, a decrease of 0.34 percentage points year-on-year[5] - The net profit for the first three quarters of 2025 is CNY 281,401,286.18, an increase from CNY 263,874,331.39 in the same period of 2024, representing a growth of approximately 6.1%[20] - The total comprehensive income for the first three quarters of 2025 is CNY 281,401,286.18, compared to CNY 263,874,331.39 in 2024, marking an increase of about 6.1%[21] Cash Flow and Assets - The cash flow from operating activities for the year-to-date was -¥186,839,176.57, a decrease of 168.21% compared to the previous year[4] - Current assets totaled CNY 6,153,499,456.03 as of September 30, 2025, down from CNY 6,905,519,712.37 at the end of 2024, representing a decrease of 10.9%[14] - Total assets amounted to CNY 8,412,462,958.81 as of September 30, 2025, compared to CNY 8,758,692,305.16 at the end of 2024, reflecting a decrease of 3.9%[16] - The company's cash and cash equivalents were CNY 2,242,561,993.00 as of September 30, 2025, compared to CNY 3,330,441,684.46 at the end of 2024, a decline of 32.7%[14] Operating Costs - Total operating revenue for the first three quarters of 2025 was CNY 5,492,354,646.41, a decrease of 12.5% compared to CNY 6,276,223,525.60 in the same period of 2024[19] - Total operating costs for the first three quarters of 2025 were CNY 5,279,306,309.06, down 11.8% from CNY 5,988,087,747.39 in the first three quarters of 2024[19] - Operating costs amounted to CNY 4,966,238,225.96 in the first three quarters of 2025, a reduction of 12.6% compared to CNY 5,685,283,012.62 in the same period of 2024[19] - The company reported a decrease in sales expenses to CNY 104,448,021.05 in 2025 from CNY 108,752,855.37 in 2024, a reduction of approximately 4.0%[20] Non-Recurring Gains and Financial Expenses - The company reported non-recurring gains of ¥15,966,169.29 for the quarter, with total non-recurring gains year-to-date amounting to ¥75,759,157.28[7] - The company’s financial expenses improved significantly, showing a net financial income of CNY -23,942,167.73 in 2025 compared to CNY -41,156,230.57 in 2024, indicating a positive change[20] - The company’s tax expenses decreased to CNY 1,527,128.45 in 2025 from CNY 63,043,923.24 in 2024, a substantial reduction of approximately 97.6%[20] Future Outlook - The company is focusing on cost control measures to improve profitability in the upcoming quarters[19] - The company plans to explore new market opportunities and product innovations to drive future growth[19]

Financial Performance - The company's operating revenue for Q3 2025 was ¥434,106,240.47, representing a year-on-year increase of 3.80%[3] - The total profit for the quarter was a loss of ¥25,148,721.53, with a year-to-date total profit loss of ¥119,664,345.63[3] - The net profit attributable to shareholders was a loss of ¥28,702,090.67 for the quarter, and a year-to-date loss of ¥113,186,359.20[3] - The basic and diluted earnings per share for the quarter were both -¥0.06, with year-to-date figures of -¥0.26[3] - The weighted average return on net assets was -2.23% for the quarter and -6.36% year-to-date[3] - The company reported a net loss of CNY 176,634,424.55 for the first three quarters of 2025, compared to a net loss of CNY 63,448,065.35 in the same period of 2024[16] - Net profit for the first three quarters of 2025 was -122,759,968.10 CNY, compared to -163,355,604.24 CNY in the same period of 2024, showing an improvement of approximately 24.8%[18] - Operating profit for the first three quarters of 2025 was -120,086,480.80 CNY, an improvement from -164,929,864.21 CNY in the previous year[18] - The total comprehensive income for the first three quarters of 2025 was -122,816,341.66 CNY, compared to -163,361,645.67 CNY in the same period of 2024[19] Cash Flow - The net cash flow from operating activities for the quarter was ¥211,031,695.92, showing significant improvement compared to a year-to-date loss of ¥95,775,672.49[3] - The company reported a significant increase of 91.24% in net cash flow from operating activities year-to-date, primarily due to increased cash collections[9] - Cash flow from operating activities for the first three quarters of 2025 was -95,775,672.49 CNY, an improvement from -1,057,725,683.92 CNY in the same period of 2024[21] - Cash flow from investing activities generated a net inflow of 4,079,542.61 CNY in the first three quarters of 2025, compared to a net outflow of -5,770,796.64 CNY in 2024[21] - Cash flow from financing activities resulted in a net inflow of 120,408,389.05 CNY in the first three quarters of 2025, compared to 459,359,171.54 CNY in the same period of 2024[21] Assets and Liabilities - Total assets at the end of the quarter were ¥4,825,561,355.38, down 6.42% from the end of the previous year[4] - Total assets as of September 30, 2025, were CNY 4,825,561,355.38, down from CNY 5,156,470,462.88 at the end of 2024, a decrease of about 6.4%[16] - Total liabilities decreased to CNY 2,899,943,206.53 from CNY 3,098,598,202.56, indicating a reduction of approximately 6.4%[15] - Shareholders' equity attributable to the parent company decreased by 5.99% to ¥1,723,289,837.05 compared to the end of the previous year[4] - Shareholders' equity as of September 30, 2025, was CNY 1,925,618,148.85, down from CNY 2,057,872,260.32, reflecting a decrease of about 6.4%[16] Revenue and Costs - Total operating revenue for the first three quarters of 2025 was CNY 1,172,412,539.13, a decrease of 10% compared to CNY 1,302,616,962.06 in the same period of 2024[17] - Total operating costs for the first three quarters of 2025 were CNY 1,345,212,485.37, down from CNY 1,465,559,408.76 in 2024, reflecting a reduction of approximately 8%[17] - Research and development expenses decreased to CNY 76,886,448.32 in 2025 from CNY 123,761,473.42 in 2024, indicating a reduction of about 38%[17] Inventory and Receivables - Accounts receivable decreased to CNY 1,913,615,747.47 from CNY 2,242,768,576.29, representing a decline of about 14.7%[14] - Inventory increased to CNY 728,101,863.77 from CNY 624,691,435.95, reflecting an increase of approximately 16.6%[14] Cash and Equivalents - Cash and cash equivalents as of September 30, 2025, were CNY 337,560,761.61, compared to CNY 316,926,005.23 at the end of 2024, showing an increase of approximately 6.5%[14] - The company reported a cash and cash equivalents balance of 336,003,957.18 CNY at the end of the third quarter of 2025, compared to 329,612,630.44 CNY at the end of 2024[21] Borrowings - The company received 500,000,000.00 CNY in borrowings during the first three quarters of 2025, compared to 459,000,000.00 CNY in the same period of 2024[21]

Financial Performance - The company's operating revenue for the third quarter was ¥53,416,192.23, an increase of 65.88% compared to the same period last year[4] - The net profit attributable to shareholders was ¥1,418,295.06, representing a significant increase of 141.43% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,233,166.41, up 286.15% from the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥109,058,531.08, a significant increase from ¥76,637,441.20 in the same period of 2024, representing a growth of approximately 42.3%[18] - The net profit for the first three quarters of 2025 was a loss of ¥2,235,290.35, worsening from a loss of ¥650,102.59 in the same period of 2024[19] - The basic and diluted earnings per share for the first three quarters of 2025 were both -0.011, compared to -0.014 in 2024[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥183,018,937.25, an increase of 18.57% compared to the end of the previous year[5] - The company's current assets reached CNY 158,308,258.16, up from CNY 129,440,381.01, indicating a growth of about 22.3%[13] - The total liabilities increased to CNY 167,548,631.84 from CNY 117,710,063.38, representing a rise of approximately 42.4%[15] - The company's total equity decreased to CNY 15,470,305.41 from CNY 36,649,494.65, a decline of approximately 57.7%[15] - The company’s long-term liabilities decreased to CNY 9,199,359.43 from CNY 10,782,778.36, a reduction of about 14.7%[15] Cash Flow - The net cash flow from operating activities was -¥3,716,095.33, indicating a cash outflow during the quarter[4] - The net cash flow from operating activities for the first three quarters of 2025 was a negative ¥9,070,478.11, compared to a negative ¥2,932,505.84 in 2024[24] - Cash and cash equivalents at the end of the first three quarters of 2025 totaled ¥7,176,362.88, up from ¥6,631,754.85 at the end of the same period in 2024[25] - The company reported a net cash inflow from financing activities of ¥36,938,566.18 in the first three quarters of 2025, compared to a net outflow of ¥4,562,817.18 in 2024[24] - The total cash inflow from operating activities in the first three quarters of 2025 was ¥116,641,114.83, compared to ¥94,323,281.05 in 2024, reflecting an increase of approximately 23.6%[24] Shareholder Information - The company reported a total of 6,377 common shareholders at the end of the reporting period[10] - Zhejiang Hengshun Investment Co., Ltd. was the largest shareholder, holding 19.50% of the shares[10] - Wuhan New Generation Technology Co., Ltd. held 17.50% of the shares and had all its shares pledged[10] - The total number of shares held by major shareholders includes Wuhan New Generation Technology Co., Ltd. holding 16,234,261 shares, representing 8.30% of the total shares[12] Operational Metrics - The weighted average return on net assets was 24.98%, a significant recovery from -29.50% in the previous year[5] - The company experienced a significant increase in revenue due to an increased equity stake in Zhejiang Zhuangchen[8] - Research and development expenses for the first three quarters of 2025 were ¥4,137,596.17, slightly down from ¥4,284,499.93 in 2024[19] - The company experienced a credit impairment loss of ¥-349,294.05 in the first three quarters of 2025, contrasting with a gain of ¥2,098,120.88 in the same period of 2024[19] Inventory and Receivables - Accounts receivable rose to CNY 110,475,490.43 from CNY 85,793,848.34, showing an increase of approximately 28.8%[13] - Inventory levels increased to CNY 17,271,816.54 from CNY 9,676,905.89, reflecting an increase of about 78.5%[14] - The company's cash and cash equivalents stood at CNY 7,188,362.88, compared to CNY 3,531,926.27, marking an increase of around 103.7%[13]

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。 江阴市恒润重工股份有限公司 2025 年第三季度报告 证券代码：603985 证券简称：恒润股份 江阴市恒润重工股份有限公司 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。 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 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 1,053,414,400.29 | 148.36 | 3,1 ...