Financial Performance - In Q3 2025, the company achieved operating revenue of CNY 436,084,688.93, representing a year-on-year increase of 19.78%[2] - The gross profit for Q3 2025 was CNY 106,259,300, reflecting a 33.94% increase compared to the same period last year, with a gross margin of 24.37%, up by 2.58 percentage points[9] - For the first three quarters of 2025, the company reported total revenue of CNY 1,227,155,351.32, a 12.17% increase year-on-year, driven by growth in intelligent computing services[9] - The net profit attributable to shareholders for Q3 2025 was a loss of CNY 3,776,870.41, while the net profit for the first three quarters was a loss of CNY 83,425,231.24[2] - The net loss for the first three quarters of 2025 was ¥83,721,310.50, compared to a net loss of ¥166,189,562.73 in the same period of 2024, indicating a 49.6% improvement[20] - The total comprehensive loss for the first three quarters of 2025 was ¥84,016,484.87, compared to a loss of ¥165,919,691.62 in the same period of 2024, reflecting a 49.3% reduction in losses[21] Cash Flow - The company’s cash flow from operating activities for Q3 2025 was CNY 47,033,188.53, an increase of 42.59% year-on-year[2] - Cash generated from operating activities in the first three quarters of 2025 was ¥1,462,621,087.97, an increase from ¥1,378,331,064.94 in 2024, representing a growth of 6.1%[22] - Net cash flow from operating activities was $94,175,353.81, slightly down from $96,160,139.46 in the previous period[23] - Cash inflow from financing activities reached $273,800,858.63, with a net cash flow of $235,033,534.58, compared to a negative cash flow of -$21,785,559.30 previously[24] Assets and Liabilities - The company’s total assets as of the end of Q3 2025 were CNY 3,591,545,345.51, a 6.21% increase from the end of the previous year[3] - The total current assets as of September 30, 2025, amount to ¥1,337,453,319.85, a decrease from ¥1,403,471,826.29 as of December 31, 2024[16] - The total non-current assets increased to ¥2,254,092,025.66 from ¥1,978,025,868.93[16] - The company's total liabilities increased to ¥1,184,883,259.25 in 2025 from ¥985,982,261.49 in 2024, marking a rise of 20.2%[18] - The total equity attributable to shareholders of the parent company was ¥2,406,376,214.42, slightly up from ¥2,394,933,482.63 in the previous year[18] Research and Development - R&D expenses totaled CNY 48,483,253.31 in Q3 2025, accounting for 11.12% of operating revenue, a decrease of 2.78 percentage points year-on-year[3] - Research and development expenses remained stable at approximately ¥147,159,991.95 for the first three quarters of 2025, compared to ¥147,463,655.38 in 2024[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 39,751[12] - The largest shareholder, Ji Xinhua, holds 50,831,173 shares, representing 11.14% of the total shares[12] Investment Income - The company recognized an investment income of CNY 63,750,100 from the change in accounting treatment of its investment in Anhui Haima Cloud Technology Co., Ltd.[9] - The company reported an investment income of ¥57,902,068.76 in 2025, a significant recovery from a loss of ¥5,194,697.21 in the same period of 2024[20] Earnings Per Share - The basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.18, an improvement from -¥0.36 in 2024[21] Other Financial Metrics - The weighted average return on equity improved to -0.17% in Q3 2025, an increase of 2.11 percentage points year-on-year[2] - AI-related revenue grew over 40% year-on-year, contributing to more than 40% of total operating revenue in the first three quarters of 2025[9] Cash Management - The total cash and cash equivalents at the end of the period were $649,639,365.94, down from $872,354,498.42 at the beginning of the period[24] - The cash and cash equivalents decreased to ¥673,558,439.96 from ¥781,794,448.72[16] - The impact of exchange rate changes on cash and cash equivalents was -$3,096,978.32, compared to -$869,966.17 last year[24] Accounting Standards - The company will not apply new accounting standards starting from 2025[25]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥30,779,839,228.87, representing a 6.10% increase year-over-year[5] - Net profit attributable to shareholders decreased by 36.58% to ¥243,649,538.37 for the same period[5] - The net profit after deducting non-recurring gains and losses was ¥220,015,417.94, down 45.81% compared to the previous year[5] - The basic earnings per share fell by 34.65% to ¥0.3615, while diluted earnings per share decreased by 35.52% to ¥0.3554[5] - Operating income decreased by 88.68% to 1,488,941.32, mainly due to last year's customer delays in picking up goods[10] - Net profit for the period was ¥697.58 million, a decrease of 23.9% from ¥916.05 million in the previous period[20] - Total comprehensive income for the period amounted to CNY 657,638,423.44, a decrease from CNY 999,580,736.40 in the previous period[21] - Basic earnings per share decreased to 0.9941 from 1.3814 year-over-year, while diluted earnings per share fell to 0.9773 from 1.3191[21] Assets and Liabilities - Total assets increased by 11.01% to ¥50,371,324,408.40 compared to the end of the previous year[5] - The total assets at the end of the period were ¥50.37 billion, up from ¥45.37 billion, indicating a growth of 11.0%[17] - Total liabilities increased to ¥38.47 billion from ¥35.40 billion, reflecting a rise of 8.8%[17] - Shareholders' equity attributable to the parent company rose by 20.11% to ¥11,104,619,693.30[5] - The company's equity attributable to shareholders rose to ¥11.10 billion, compared to ¥9.25 billion, an increase of 19.9%[17] Cash Flow - The company reported a net cash flow from operating activities of -¥791,434,200.58, a decline of 136.52% year-to-date[5] - Net cash flow from operating activities was negative at CNY -791,434,200.58, compared to a positive CNY 2,166,857,170.00 in the previous period[23] - Cash inflow from operating activities totaled CNY 129,903,164,921.89, an increase from CNY 104,864,696,730.75 year-over-year[22] - Cash outflow from operating activities increased to CNY 130,694,599,122.47 from CNY 102,697,839,560.75 in the previous period[23] - Net cash flow from investing activities was negative at CNY -864,842,406.88, worsening from CNY -387,844,295.90 year-over-year[23] - Cash inflow from financing activities decreased to CNY 15,366,710,029.83 from CNY 18,063,049,857.44 in the previous period[23] - Net cash flow from financing activities improved to CNY 1,286,940,185.12 from a negative CNY -2,620,279,708.39 year-over-year[23] - The ending cash and cash equivalents balance was CNY 5,182,619,469.47, up from CNY 4,668,681,301.21 in the previous period[23] Shareholder Information - The total number of common shareholders at the end of the reporting period was 164,745, with no preferred shareholders[12] - The largest shareholder, Guo Wei, holds 21.41% of shares, totaling 154,777,803, with 77,388,902 shares frozen[12] - The company has a total of 7,931,862 shares in its repurchase account, representing 1.10% of total shares[13] Operational Metrics - The company experienced a significant increase in trading financial assets, up 899.17% to ¥100,000,575.00 due to purchasing wealth management products[9] - Contract liabilities increased by 63.43% to ¥4,111,927,063.00, attributed to an increase in orders settled by advance payments[9] - Cash and cash equivalents increased to 6,574,345,950.80 from 5,650,235,547.90, reflecting a positive liquidity position[15] - Inventory rose significantly to 17,347,255,212.76 from 12,616,206,356.66, indicating potential growth in sales or production[15] - Total operating revenue for the period reached ¥102.37 billion, an increase of 11.5% compared to ¥91.57 billion in the previous period[19] - Total operating costs amounted to ¥101.32 billion, up from ¥90.32 billion, reflecting a growth of 12.2%[19] - Research and development expenses increased to ¥274.98 million, compared to ¥249.88 million, marking a rise of 10.0%[20] Audit Information - The company did not undergo an audit for the third quarter financial report[24]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,003,700,394.84, representing a year-on-year increase of 15.51%[4] - The total profit for the period was ¥168,768,319.68, a significant increase of 470.73% compared to the same period last year[4] - The net profit attributable to shareholders was ¥134,492,318.09, marking a remarkable turnaround from a loss of ¥6,596,960.00 in the previous year[4][10] - The net cash flow from operating activities was ¥143,831,160.70, up 38.79% year-on-year[4] - Total profit for the reporting period reached 470.73 million, driven by increased gross profit in the construction and building materials sectors, as well as gains from the disposal of financial assets[18] - Net profit attributable to shareholders for the reporting period was 9,864.85 million, reflecting growth in gross profit from the construction and building materials sectors[18] - Net profit for the first three quarters of 2025 was CNY 34,638,873.87, a significant recovery from a net loss of CNY 68,551,796.50 in the same period of 2024[31] - The total equity increased to CNY 5,876,720,085.06 from CNY 5,764,097,530.79, representing a growth of about 2%[30] - The total comprehensive income for the first three quarters of 2025 was CNY 37,560,626.13, compared to a loss of CNY 51,358,759.47 in 2024[32] Segment Performance - The construction segment's revenue increased by ¥28,713.46 million, driven by several ongoing projects reaching peak construction phases[7][10] - The building materials segment saw a revenue increase of ¥7,264.65 million, attributed to higher sales volumes from subsidiaries[8] - The company reported a net profit of ¥31,117,978.14 in the building materials segment, a significant improvement from the previous year's profit of ¥5,455,811.31[10] - The company is facing challenges in the construction segment, with net losses primarily due to high management costs and financial expenses[10] - The net profit attributable to shareholders from other segments was -7.9985 million yuan, primarily due to a significant increase in settlement supervision fees of 11.4917 million yuan from the wholly-owned subsidiary Tianying Company[12] - The net profit attributable to shareholders from the investment segment was 74.008 million yuan, including an investment gain of 60.7299 million yuan from selling 25 million shares of China Power Construction, with a total transaction amount of 183,678,187.38 yuan[12] Cash Flow and Assets - The net cash flow from operating activities for the first three quarters of 2025 was 326.9844 million yuan, an increase of 115.93% compared to 151.4301 million yuan in the same period last year[13] - The company's trading financial assets decreased by 36.07% due to the sale of part of its holdings in other listed companies' non-publicly issued stocks[16] - The accounts receivable increased by 73.70% due to an increase in commercial acceptance bills[16] - The construction in progress increased by 44.01% mainly due to increased investment in the building materials sector[16] - The company's other current liabilities decreased by 75.77% primarily due to a reduction in the amount of pending input tax to be transferred[16] - The company's cash and cash equivalents stood at RMB 2,249,897,270.18, down from RMB 2,309,000,663.09, indicating a decrease of about 2.2%[24] - The company's total assets amounted to RMB 12,486,941,910, a decrease from RMB 12,818,089,407.28 as of December 31, 2024, reflecting a decline of approximately 2.6%[24]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 210,461[20] - The largest shareholder, Tibet Construction Materials Group Co., Ltd., holds 23.52% of the shares[20] Research and Development - Research and development expenses for the year-to-date period amounted to 39.34 million, mainly due to an increase in R&D projects[17] - Research and development expenses rose to CNY 56,409,190.40 in 2025 from CNY 40,482,051.60 in 2024, marking an increase of 39.4%[30] - Research and development expenses increased to ¥4,311,558.42 in 2025, up from ¥567,865.03 in 2024, indicating a focus on innovation[40] Investment Activities - Non-operating income included government subsidies of 192.5234 million yuan, which are closely related to the company's normal business operations[14] - The company recognized an investment income of 8.4764 million yuan from cash dividends received from other listed companies' non-publicly issued A-shares[12] - Investment income for the year-to-date period was 273.39 million, primarily from the disposal of shares in other publicly listed companies[17] - The company reported a significant increase in investment income, totaling ¥86,103,197.80 in 2025, compared to ¥21,671,793.94 in 2024[40] Liabilities and Equity - The company's total liabilities decreased to CNY 6,610,221,824.94 from CNY 7,053,991,876.49 year-over-year, indicating a reduction of approximately 6.3%[30] - The company's long-term equity investments increased to CNY 727,616,860.70 from CNY 693,563,497.45, marking an increase of approximately 4.9%[25] - The company's long-term borrowings increased to CNY 816,434,178.65 from CNY 692,364,826.13, reflecting a rise of approximately 17.9%[30] - The total liabilities decreased to CNY 4,519,204,839.28 from CNY 4,568,969,165.22, indicating a reduction of 1.1%[38] - The total equity of the company as of September 30, 2025, was CNY 3,243,240,322.87, up from CNY 3,158,955,000.00 at the end of 2024[38]

晶澳太阳能科技股份有限公司 2025 年第三季度报告 证券代码：002459 证券简称：晶澳科技 公告编号：2025-100 债券代码：127089 债券简称：晶澳转债 晶澳太阳能科技股份有限公司 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。 □是 否 1 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 晶澳太阳能科技股份有限公司 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 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 2,131,000,236.75, representing a year-on-year increase of 1.34%[5] - Total profit for the quarter was CNY 684,079,888.37, showing a decline of 14.15% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 510,395,317.56, down 14.96% year-on-year[5] - The net profit after deducting non-recurring gains and losses was CNY 507,500,271.59, a decrease of 8.43% compared to the previous year[6] - Total revenue for the first three quarters of 2025 reached CNY 6,049,555,577.49, an increase of 3.24% compared to CNY 5,859,778,932.60 in the same period of 2024[26] - Operating profit for the first three quarters of 2025 was CNY 1,950,851,776.01, up from CNY 1,892,340,898.81 in 2024, reflecting a growth of 3.08%[26] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was CNY 1,470,287,308.40, compared to CNY 1,374,015,126.12 in 2024, marking an increase of 7.01%[27] Cash Flow and Assets - The cash flow from operating activities for the year-to-date period was CNY 3,608,267,006.04, an increase of 31.12%[6] - The company reported a net cash flow from operating activities of CNY 3,608,267,006.04 for the first three quarters of 2025, significantly higher than CNY 2,751,908,590.91 in 2024, indicating a growth of 31.1%[28] - Cash and cash equivalents increased to approximately RMB 3.90 billion from RMB 2.91 billion at the end of 2024[24] - The company reported cash inflow from investment activities totaling $1,837,678,434.09, down from $4,265,714,275.17 in the prior period[29] - Cash outflow for the acquisition of fixed assets and other long-term assets was $2,841,152,646.23, significantly higher than $1,507,278,471.39 in the previous period[29] - Cash and cash equivalents at the end of the period reached $3,739,494,776.97, up from $2,701,172,908.09 at the end of the previous period[29] Shareholder Information - The total number of shareholders at the end of the reporting period was 20,849, with the top ten shareholders holding a significant portion of the shares[10] - Shareholders' equity attributable to the parent company increased by 25.01% to CNY 27,381,737,785.47 compared to the end of the previous year[6] - The company’s total shareholding by Yunshan Capital reached 311,352,461 shares, accounting for 12.27% of the total share capital as of September 30, 2025[15] - The company’s total shareholding by China Merchants Highway reached 228,994,743 shares, representing 9.02% of the total share capital as of September 30, 2025[15] Project Performance - Daily average mixed traffic volume for the Meiguan Expressway in Shenzhen was 172, with a daily toll revenue of RMB 423,000 in Q3 2025[14] - The average daily toll revenue for the East Section of the Jihe Expressway reached RMB 1,986,000, with a daily traffic volume of 340 in Q3 2025[14] - The company reported a daily average traffic volume of 368 for the Outer Ring Project, generating RMB 3,609,000 in toll revenue during Q3 2025[14] - The total organic waste processing volume for the Guiyang project was 43.80 thousand tons, generating operational revenue of RMB 24,978,900 in Q3 2025[17] - The average daily traffic volume for the Changsha Ring Road was 97, with toll revenue of RMB 723,000 in Q3 2025[17] - The company’s operational revenue from the Nanning project was RMB 21,877,030, with an organic waste processing volume of 43.75 thousand tons in Q3 2025[17] - The average daily traffic volume for the West Line Expressway was 285, generating RMB 3,258,000 in toll revenue during Q3 2025[14] Financial Investments - The group has invested RMB 1.5 billion in five principal guaranteed floating income financial products during the reporting period, with a total balance of RMB 3.74 billion in financial products[23] - The group’s long-term equity investments stood at approximately RMB 19.95 billion as of September 30, 2025, compared to RMB 19.76 billion at the end of 2024[24] Liabilities and Equity - Total liabilities decreased to CNY 38,496,420,029.38 in 2025 from CNY 40,356,460,239.19 in 2024, a reduction of approximately 4.6%[25] - The total equity attributable to shareholders of the parent company increased to CNY 27,381,737,785.47 in 2025 from CNY 21,903,521,723.27 in 2024, reflecting a growth of 24.8%[25] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 25,976,025.88, up from CNY 23,025,773.58 in 2024, indicating a 12.7% increase[26] Financial Expenses - The company’s financial expenses decreased to CNY 569,384,394.17 in 2025 from CNY 756,854,775.51 in 2024, a decline of 24.8%[26] Earnings Per Share - The basic earnings per share for the quarter was CNY 0.193, a decrease of 24.02% year-on-year[6] - The basic earnings per share for the first three quarters of 2025 was CNY 0.575, compared to CNY 0.566 in 2024, representing an increase of 1.59%[27]

Financial Performance - The company's operating revenue for the third quarter was ¥52,345,995.49, representing a year-on-year increase of 5.99%[5] - The total profit for the quarter was ¥2,300,973.03, while the net profit attributable to shareholders was ¥1,681,587.51[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥2,338,862.88 for the quarter[5] - Total operating revenue for the first three quarters of 2025 reached ¥158.34 million, a 4.5% increase from ¥151.95 million in the same period of 2024[20] - Total operating costs increased to ¥206.97 million in 2025, up from ¥202.75 million in 2024, reflecting a rise of 2.9%[20] - Operating profit for the first three quarters of 2025 was -¥28.98 million, an improvement from -¥55.23 million in 2024, indicating a reduction in losses[21] - Net profit for the first three quarters of 2025 was -¥32.96 million, compared to -¥55.35 million in 2024, showing a significant decrease in losses by 40.4%[21] - Basic and diluted earnings per share for 2025 were both -¥0.12, an improvement from -¥0.20 in 2024[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,181,732,610.62, an increase of 101.22% compared to the end of the previous year[6] - The equity attributable to shareholders decreased by 9.94% to ¥233,909,161.96 compared to the previous year[6] - Total current assets amount to 569,476,700.37 RMB, a significant increase from 228,302,926.83 RMB in the previous period[17] - Total non-current assets are reported at 612,255,910.25 RMB, up from 358,973,830.28 RMB[18] - Total liabilities amount to 904,275,279.61 RMB, compared to 342,160,591.10 RMB previously[19] - The total equity attributable to shareholders of the parent company is 233,909,161.96 RMB, down from 259,721,007.32 RMB[19] - The company has a short-term loan of 317,659,319.64 RMB, significantly higher than 60,068,236.30 RMB in the previous period[18] - The inventory value stands at 348,251,980.63 RMB, compared to 106,722,661.36 RMB previously, indicating a substantial increase[17] - The company reported a net loss of -389,874,211.13 RMB in retained earnings[19] - The total assets of the company are 1,181,732,610.62 RMB, compared to 587,276,757.11 RMB in the previous period[19] Cash Flow - The company reported a cash flow from operating activities of -¥81,654,733.30 year-to-date[5] - Cash flow from operating activities for the first three quarters of 2025 was -¥81.65 million, worsening from -¥29.18 million in 2024[24] - Cash inflow from financing activities in 2025 was ¥203.99 million, significantly higher than ¥79.20 million in 2024, indicating increased financing efforts[26] - The net cash flow from financing activities in 2025 was ¥106.02 million, a turnaround from -¥1.68 million in 2024[26] - The ending cash and cash equivalents balance for 2025 was ¥6.03 million, down from ¥8.87 million in 2024[26] Non-Recurring Gains and Cost Management - Non-recurring gains for the quarter totaled ¥4,020,450.39, with significant contributions from government subsidies and asset impairment reversals[9] - The company implemented cost reduction and efficiency improvement measures, including closing loss-making stores and increasing marketing efforts[10] Shareholder Information - Total number of common shareholders at the end of the reporting period is 10,220[13] - The largest shareholder, Wu Tao, holds 45.00% of shares with 118,240,460 shares[13] Research and Development - Research and development expenses decreased to ¥5.67 million in 2025 from ¥7.67 million in 2024, reflecting a 26% reduction[21] Accounting Standards - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of the year[27]

Financial Performance - Operating revenue for Q3 2025 was CNY 2,934,563,000, a decrease of 16.89% compared to the same period last year[3] - Net profit attributable to shareholders of the parent company reached CNY 1,440,556,000, an increase of 10.48% year-on-year[3] - The basic earnings per share for the period was CNY 0.39, up 8.33% compared to the same period last year[3] - The weighted average return on equity for the parent company's ordinary shareholders was 2.30%, an increase of 0.10 percentage points year-on-year[3] - The company achieved operating revenue of 9.435 billion RMB, a year-on-year decrease of 13.73%, and a net profit attributable to shareholders of 3.915 billion RMB, down 1.39% year-on-year[28] - The group's net profit for the first nine months of 2025 was RMB 3.98 billion, slightly down from RMB 4.05 billion in the same period of 2024, a decrease of approximately 1.8%[43] - The group's operating income for the first nine months of 2025 was RMB 9.44 billion, down from RMB 10.94 billion in the same period of 2024, a decrease of approximately 13.7%[43] Assets and Liabilities - Total assets as of September 30, 2025, amounted to CNY 746,588,675,000, reflecting a growth of 5.80% from the end of the previous year[3] - The total liabilities as of September 30, 2025, were CNY 676,185,697,000, an increase of 6.21% from the previous year[3] - The group's total assets increased to RMB 746.59 billion as of September 30, 2025, up from RMB 705.67 billion as of December 31, 2024, representing a growth of approximately 5.8%[41] - The group's total liabilities rose to RMB 676.19 billion as of September 30, 2025, compared to RMB 636.63 billion as of December 31, 2024, an increase of about 6.2%[41] Income and Expenses - Investment income for the first nine months of 2025 reached 2,187,538 thousand RMB, a 34.20% increase compared to 1,630,086 thousand RMB in the same period of 2024[9] - Other income decreased by 74.29% to 11,094 thousand RMB from 43,151 thousand RMB year-on-year due to reduced government subsidies[9] - Net interest income for the group decreased to RMB 7.61 billion for the first nine months of 2025, down from RMB 8.67 billion in the same period of 2024, a decline of about 12.3%[43] - The group's provision for credit impairment losses decreased to RMB 2.38 billion in the first nine months of 2025, compared to RMB 3.92 billion in the same period of 2024, a reduction of about 39.1%[43] Deposits and Loans - Total deposits increased to 435,027,069 thousand RMB as of September 30, 2025, compared to 419,207,591 thousand RMB at the end of 2024[11] - The total loan amount was RMB 345.741 billion, with an increase of RMB 6.599 billion or 1.95% year-to-date[27] - The balance of corporate loans (including discounts) reached 291.501 billion RMB, an increase of 2.785 billion RMB from the beginning of the year[30] - The balance of personal housing mortgage loans was 22.136 billion RMB, an increase of 739 million RMB, while comprehensive consumer loans (excluding credit cards) rose by 70.48% to 7.414 billion RMB[34] Capital and Equity - The capital adequacy ratio stood at 15.05% as of September 30, 2025, slightly up from 14.99% at the end of 2024[12] - The company's capital adequacy ratio stood at 15.05%, meeting regulatory requirements[29] - The group's total equity increased to RMB 70.40 billion as of September 30, 2025, from RMB 69.04 billion as of December 31, 2024, reflecting a growth of approximately 2.0%[41] Customer and Market Position - The company actively pursued customer management and aimed for high-quality development amidst national policy opportunities[27] - The total number of individual customers reached 12.921 million, an increase of 169,100 from the beginning of the year, with total assets under management (AUM) of 292.267 billion RMB, up 7.47%[33] - The company ranked 197th in the 2025 Global Bank 1000 list by The Banker magazine and 36th in the 2025 China Banking Industry Top 100 list, both showing improvement from the previous year[27] Cash Flow - The total cash flow from operating activities for the first nine months of 2025 was 15,480,733 thousand RMB, a 36.61% increase from 11,331,847 thousand RMB in the same period of 2024[9] - Total cash inflow from operating activities was ¥38,198,019 in 2025, down 23.7% from ¥50,084,988 in 2024[45] - Cash outflow from operating activities decreased to ¥22,717,286 in 2025 from ¥38,753,141 in 2024, a reduction of 41.4%[45] - The ending balance of cash and cash equivalents increased to ¥32,736,483 in 2025 from ¥30,111,207 in 2024, an increase of 8.7%[45]

Financial Performance - Net profit attributable to shareholders was RMB 7,162 million, down 10.61% from the same period last year[4] - The return on average total assets (annualized) was 0.36%, a decrease of 0.06 percentage points year-on-year[4] - The weighted average return on equity (annualized) was 4.13%, down 1.11 percentage points from the previous year[4] - The bank's basic earnings per share was RMB 0.14, a decrease of 12.50% compared to the same period last year[4] - The net profit attributable to shareholders for the first three quarters of 2025 was CNY 285.42 billion, a decrease of CNY 19.44 billion, or 6.38% year-on-year[17] - The net profit attributable to the bank's shareholders for the first nine months of 2025 was RMB 28,542 million, compared to RMB 30,486 million in 2024, indicating a decrease of 6.4%[46] - The total comprehensive income for the group was RMB 25,553 million, down from RMB 32,296 million in the same period last year, reflecting a decline of 20.8%[48] Asset and Liability Management - Total assets reached RMB 7,872,864 million, an increase of 0.74% compared to the end of 2024[3] - Total liabilities amounted to CNY 71,723.16 billion, increasing by CNY 139.15 billion, or 0.19% year-on-year[16] - The total assets of the group reached RMB 7,872,864 million as of September 30, 2025, compared to RMB 7,814,969 million at the end of 2024[40] - The group's total liabilities were RMB 7,172,316 million as of September 30, 2025, compared to RMB 7,158,401 million at the end of 2024[42] - The bank's total liabilities and shareholders' equity reached RMB 7,872,864 million, compared to RMB 7,814,969 million at the end of 2024, showing a growth of 0.7%[44] Loan and Deposit Trends - Total loans and advances amounted to RMB 4,436,759 million, a slight decrease of 0.31% year-on-year[3] - Total deposits reached RMB 4,255,602 million, reflecting a growth of 0.15% compared to the previous year[3] - The balance of inclusive small and micro enterprise loans was CNY 6,630.14 billion, with a non-performing loan ratio of 1.58%[21] - Total loans (including discounts) amounted to 1.48 trillion yuan, an increase of 32.52 billion yuan compared to the end of last year[26] - Daily average deposits reached 1.21 trillion yuan, an increase of 10.13 billion yuan compared to the previous year[26] Asset Quality and Risk Management - The non-performing loan ratio increased to 1.48%, up 0.01 percentage points from the end of 2024[3] - The non-performing loan total was 65.86 billion yuan, with a non-performing loan ratio of 1.48%, up 0.01 percentage points from the end of last year[32] - The core Tier 1 capital adequacy ratio was 9.25%, down by 0.11 percentage points from the end of the previous year[34] - The liquidity coverage ratio stood at 133.70%, exceeding the regulatory requirement by 33.70 percentage points[36] - The asset quality remains stable and controllable, with a robust risk prevention system in place[15] Operational Efficiency and Strategic Focus - The company emphasizes a strategic focus on "strong customer base, optimal structure, risk control, and revenue growth" for high-quality development[15] - The company is committed to optimizing its operations and driving efficiency through structural improvements[15] - The group aims to enhance its support for technology-driven enterprises and has established 12 specialized branches for technology finance[18] - Key business areas such as supply chain, agency distribution, mortgage, merchant acquiring, and cross-border services are experiencing accelerated growth[15] Shareholder Information - The total number of ordinary shareholders was 336,103, with 319,388 holding A shares and 16,715 holding H shares[7] - The top 10 shareholders hold a total of 18.93% and 10.30% of the shares, with the largest being Hong Kong Central Clearing Limited at 8,288,521,394 shares[8] - The company has a total of 57 domestic preferred shareholders as of the end of the reporting period[10] - The largest preferred shareholder is China Ping An Property & Casualty Insurance Co., holding 14,000,000 shares, representing 7.00%[12] - The total number of shares held by the top 10 unrestricted shareholders does not participate in margin trading[8] Cash Flow and Investment Activities - Cash flow from operating activities for the year-to-date was RMB 46,055 million, a significant improvement from a negative cash flow in the previous year[6] - The group's cash flow from operating activities generated a net inflow of RMB 46,055 million, a significant recovery compared to a net outflow of RMB 194,600 million in the previous year[50] - The net cash flow from investment activities for the group increased to RMB 71.2 million in 2025 from RMB 4.3 million in 2024, reflecting a significant improvement[52] - Cash inflows from investment activities totaled RMB 2,531.878 million in 2025, up from RMB 1,452.444 million in 2024, indicating a growth of approximately 74%[52] - The cash outflow for debt repayment was RMB 1,073.243 million in 2025, compared to RMB 833.659 million in 2024, indicating an increase in debt servicing costs[52]

Financial Performance - Q3 2025 revenue decreased by 39.54% year-on-year to CNY 3.34 billion, and year-to-date revenue fell by 73.57% to CNY 5.70 billion[5]. - Net profit attributable to shareholders was a loss of CNY 3.26 billion for Q3 2025, a decline of 112.57%, and a year-to-date loss of CNY 10.78 billion, down 102.12%[5]. - Basic and diluted earnings per share for Q3 2025 were both CNY -0.31, reflecting a decrease of 121.43%[5]. - Total operating revenue for the current period was CNY 5,699,478,577.10, a significant decrease from CNY 21,567,436,820.72 in the previous period, representing a decline of approximately 73.6%[29]. - The net loss for the current period was CNY 11,179,985,467.75, compared to a net loss of CNY 5,509,892,455.59 in the previous period, reflecting an increase in losses of approximately 102.2%[30]. - The total comprehensive loss for the current period was CNY -11,210,155,411.08, compared to CNY -5,556,141,692.14 in the previous period, reflecting an increase in comprehensive losses of approximately 101.7%[30]. Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 170.30 billion, down 3.88% from the previous year[5]. - The total liabilities amounted to CNY 196,298,004,576.75, slightly up from CNY 194,469,952,478.70 in the previous period, showing an increase of about 0.9%[28]. - The equity attributable to the parent company was CNY -36,884,764,420.72, worsening from CNY -28,682,918,324.83 in the previous period[28]. - The company's equity attributable to shareholders decreased by 28.59% to CNY -36.88 billion compared to the end of the previous year[5]. - The total principal amount of interest-bearing liabilities was 68.960 billion RMB, with overdue interest-bearing debt totaling 54.393 billion RMB[16]. Cash Flow - Cash flow from operating activities showed a net outflow of CNY 633.12 million year-to-date, an increase of 4.33%[5]. - Operating cash flow for the current period was -633,120,142.44 CNY, a slight improvement from -661,770,342.18 CNY in the previous period[31]. - Total cash inflow from operating activities decreased to 3,798,021,511.88 CNY, down 49.7% from 7,544,348,986.25 CNY year-over-year[31]. - Cash outflow from operating activities was 4,431,141,654.32 CNY, a decrease of 45.5% compared to 8,206,119,328.43 CNY in the previous period[31]. - Cash received from sales of goods and services was 2,546,289,011.09 CNY, down 39.9% from 4,229,655,920.48 CNY year-over-year[31]. - The company's cash balance at the end of the reporting period was 3.890 billion RMB, with restricted cash amounting to 982 million RMB[16]. Restructuring and Corporate Governance - The company is currently undergoing a restructuring process, with the court approving the restructuring plan on May 10 and 11, 2025[19]. - The company received a total of 2.628 billion yuan in restructuring investment funds, which were fully paid on time to the management account during the reporting period[21]. - The company has established a new board of directors consisting of 6 non-independent directors and 3 independent directors, with Guo Wei elected as chairman and Wang Xiaoqing as vice chairman[23]. - The company is implementing specific measures to improve its financial situation and alleviate liquidity pressure, including securing special loans and support from financial institutions[20]. - The company’s restructuring plan is aimed at optimizing its asset structure and eliminating underperforming projects to enhance its balance sheet[23]. Shareholder Information - The top shareholder, Jinke Real Estate Group Co., Ltd., holds 21.58% of the shares, amounting to 2,294,365,816 shares[14]. - The second-largest shareholder, Qingdao Jingyu Star Construction Enterprise Management Partnership, holds 5.64% of the shares, totaling 599,642,857 shares[14]. Operational Highlights - The company completed the delivery of approximately 13,000 residential and commercial units, covering an area of about 2.09 million square meters during the reporting period, with a cumulative delivery of 314,000 units and a total area of 48.4 million square meters since the initiation of the "guarantee delivery" work in 2022, achieving an overall progress of about 98%[20]. - The company has a total inventory balance of 113.236 billion RMB, with an inventory impairment provision of 29.206 billion RMB[17]. Management Changes - The company appointed new independent directors, including Mr. Feng Ping and Mr. Zhang Yi, effective October 2025[40][41]. - Mr. Zhou Da has been promoted to Co-President of the company, with a career progression through various managerial positions since 2014[42]. - Ms. He Ge Ping, with extensive financial management experience, has been appointed as the company's financial head starting October 2025[43]. - The company has a strong advisory committee led by Mr. Feng Lun, a prominent figure in real estate and social philanthropy[44].

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 导性陈述或者重大遗漏，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 国泰海通证券股份有限公司2025 年第三季度报告 证券代码：601211 证券简称：国泰海通 国泰海通证券股份有限公司 2025 年第三季度报告 1/22 国泰海通证券股份有限公司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 单位：元 币种：人民币 | | | | | | | | | 年初至 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本报告期 | 上年同期 | | 本报告期比 上年同期增 减变动幅度 | | 上年同期 | | 报告期 末比上 年同期 | | 项目 | | | ...