Financial Performance - The company's revenue for the third quarter reached ¥637,496,183.86, representing a year-on-year increase of 31.40%[9] - The total profit for the quarter was a loss of ¥207,181,531.29, with a cumulative loss of ¥692,393,121.41 for the year-to-date[9] - The net profit attributable to shareholders was a loss of ¥183,004,561.78 for the quarter, with a year-to-date loss of ¥595,700,160.22[9] - The basic and diluted earnings per share for the quarter were both -¥0.18, with a year-to-date figure of -¥0.60[9] - The net loss for the first three quarters of 2025 was ¥674,309,869.11, compared to a net loss of ¥988,725,690.94 in the same period of 2024, showing an improvement of about 31.8%[26] - The company reported a basic and diluted earnings per share of -¥0.60 for the first three quarters of 2025, an improvement from -¥0.94 in the same period of 2024[27] Research and Development - Research and development expenses totaled ¥276,576,934.80, accounting for 43.38% of the revenue, a decrease of 24.21 percentage points compared to the previous year[10] - Research and development expenses for the first three quarters of 2025 amounted to ¥982,154,685.41, up from ¥874,268,925.53 in 2024, reflecting a growth of approximately 12.3%[26] - The company plans to accelerate the research and development of its pipeline and enhance its commercial competitiveness to drive future revenue growth[20] Assets and Liabilities - Total assets increased to ¥11,688,041,635.35, reflecting an 8.40% increase from the end of the previous year[10] - The total assets as of September 30, 2025, were ¥11,688,041,635.35, an increase from ¥10,781,960,410.10 at the end of 2024, representing a growth of approximately 8.4%[23] - Total liabilities as of September 30, 2025, were ¥5,392,722,223.47, compared to ¥4,849,830,645.95 at the end of 2024, indicating an increase of about 11.2%[23] Cash Flow - The company reported a net cash flow from operating activities of -¥343,410,268.17 for the year-to-date[9] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 2,139,612,068.29, a 53.1% increase compared to CNY 1,396,882,602.67 in the same period of 2024[28] - The net cash flow from operating activities improved to -CNY 343,410,268.17 in 2025, compared to -CNY 1,113,472,084.61 in 2024, indicating a significant reduction in losses[28] - Cash inflow from investment activities totaled CNY 1,718,649,206.70, up from CNY 941,248,272.00 in 2024, marking an increase of 82.7%[29] - The net cash flow from investment activities was -CNY 908,789,645.64 in 2025, an improvement from -CNY 1,083,510,749.67 in 2024[29] - Cash inflow from financing activities reached CNY 3,533,008,134.16, compared to CNY 1,933,431,848.11 in the previous year, reflecting an increase of 82.6%[29] - The net cash flow from financing activities was CNY 1,542,571,317.86, up from CNY 900,030,196.23 in 2024, showing a strong improvement[29] Shareholder Information - The total number of common shareholders at the end of the reporting period was 35,887, with 35,877 A-share common shareholders and 10 H-share common shareholders[17] - The top 10 shareholders hold a total of 260,291,110 shares, representing 25.35% of the total shares[16] Product Performance - The core product, Toripalimab injection (brand name: Tuoyi®/LOQTORZI®), achieved sales revenue of approximately CNY 1.495 billion, representing a year-on-year growth of about 40%[18] - The company has received approvals for 12 indications of Toripalimab in mainland China, with 10 of them included in the national medical insurance catalog[19] - The dual-specific antibody (code: JS207) for non-small cell lung cancer has received FDA approval for a Phase II/III clinical trial application[19] - The application for a new indication of Tuoyi® for first-line treatment of HER2-expressing urothelial carcinoma has been accepted by the National Medical Products Administration[19] Financial Position - The company's cash and cash equivalents, along with trading financial assets, totaled CNY 3.27 billion, indicating a strong liquidity position[18] - The company's cash and cash equivalents increased to ¥2,769,693,779.60 as of September 30, 2025, from ¥2,502,201,285.66 at the end of 2024, reflecting a growth of approximately 10.7%[22] - The total equity attributable to shareholders increased to ¥6,216,157,386.49 as of September 30, 2025, compared to ¥5,860,424,336.29 at the end of 2024, representing a growth of about 6.1%[23] - The company's long-term investments increased to ¥359,926,356.80 as of September 30, 2025, compared to ¥223,334,442.32 at the end of 2024, indicating a growth of approximately 61%[22] Operational Management - The company is focused on improving operational management to enhance its self-sustaining capabilities[20] - The company attributed the increase in revenue to the growth in sales of commercialized pharmaceuticals and improved cost management strategies[13] - The company received significant technical licensing fees during the year, contributing to the financial performance[13] Capital Expenditures - The cash outflow for purchasing fixed assets and other long-term assets was CNY 509,553,908.28, down from CNY 620,759,009.17 in 2024, indicating a reduction in capital expenditures[29] Accounting Standards - The company did not apply new accounting standards for the current reporting period[30]

Financial Performance - Total operating revenue for the quarter was CNY 60,942,812,034, a decrease of 7.09% compared to the same period last year[8] - Net profit attributable to shareholders was CNY 5,579,020,173, an increase of 88.54% year-on-year[8] - The total profit for the quarter reached CNY 8,397,486,356, reflecting a significant increase of 59.32% compared to the previous year[8] - Basic earnings per share were CNY 0.31, up 106.67% from the same period last year[8] - The net profit excluding non-recurring gains and losses was CNY 5,235,104,448, an increase of 82.97% year-on-year[8] - Basic earnings per share increased to 52.83, primarily due to a year-on-year decrease in domestic fuel costs[22] - Total profit from the domestic power segment reached 132.68 billion RMB, a 102% increase compared to the same period last year[27] - Net profit for the first nine months of 2025 reached CNY 19.44 billion, up from CNY 13.36 billion in the same period of 2024, representing a growth of approximately 45.5%[41] - Operating revenue for the first nine months of 2025 was CNY 172.97 billion, down from CNY 184.40 billion in 2024, a decline of about 6.2%[41] - Basic earnings per share increased to CNY 0.81 from CNY 0.53, reflecting a growth of approximately 53%[42] - The company reported a total comprehensive income of CNY 19.51 billion for the first nine months of 2025, compared to CNY 13.33 billion in 2024, an increase of approximately 46%[42] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 22,024,543,598, representing a 13.59% increase year-on-year[8] - The company's cash and cash equivalents increased to 23.36 billion RMB from 19.93 billion RMB, reflecting a strong liquidity position[35] - Operating cash inflow for January to September 2025 was CNY 195.75 billion, a decrease of 4.3% from CNY 205.85 billion in the same period of 2024[44] - Net cash flow from operating activities increased to CNY 52.77 billion, up 22.3% from CNY 42.99 billion year-on-year[44] - Cash outflow for purchasing fixed assets and other long-term assets was CNY 36.94 billion, compared to CNY 35.78 billion in the previous year, reflecting a 3.2% increase[45] - Total cash inflow from financing activities was CNY 134.08 billion, down 15.2% from CNY 158.11 billion in the same period of 2024[46] - Cash outflow for debt repayment was CNY 112.41 billion, a decrease of 19.8% from CNY 140.26 billion year-on-year[46] - The net increase in cash and cash equivalents for the period was CNY 3.62 billion, significantly lower than CNY 10.48 billion in the same period of 2024[46] - The ending balance of cash and cash equivalents was CNY 22.22 billion, down from CNY 26.63 billion at the end of September 2024[46] - Cash received from investment activities totaled CNY 1.37 billion, an increase of 14.3% from CNY 1.20 billion in the previous year[45] - Cash received from issuing bonds was CNY 29.80 billion, a decrease of 42.7% compared to CNY 52.10 billion in the same period of 2024[46] - Cash dividends paid amounted to CNY 13.47 billion, an increase of 8.0% from CNY 12.48 billion in the previous year[46] Assets and Liabilities - Total assets at the end of the reporting period were CNY 596,198,991,252, an increase of 1.59% from the previous year[11] - Total assets increased to CNY 596.20 billion from CNY 586.84 billion, reflecting a growth of approximately 2.3% year-over-year[39] - Total liabilities decreased to CNY 380.25 billion from CNY 383.79 billion, a reduction of about 0.4%[38] - Long-term equity investments increased by 3.99%, influenced by the recognition of joint venture investment income and new investments in joint ventures[22] - Contract liabilities decreased by 76.21% as prepaid heating fees were gradually recognized as revenue following the end of the residential heating season[22] - The company's intangible assets increased by 7.09%, primarily due to direct procurement and amortization of intangible assets[22] Shareholder Information - The total number of common shareholders at the end of the reporting period was 94,586[30] - The top shareholder, Huaneng International Power Development Company, holds 32.28% of the shares[30] Operating Costs and Revenue Drivers - The company reported a decrease in operating revenue due to a decline in domestic power generation and average on-grid electricity prices[18] - The increase in net profit was primarily attributed to a decrease in domestic fuel costs compared to the previous year[18] - Operating costs decreased by 10.58%, mainly due to a reduction in domestic fuel costs year-on-year[28]

Financial Performance - The group's revenue increased by 23.0% from HKD 157,100,000 to HKD 193,200,000 for the fiscal year ending July 31, 2025[6]. - The group's loss increased by 5.3% from HKD 23,300,000 to HKD 24,500,000 for the same period[6]. - Adjusted loss decreased by 22.1% from HKD 21,900,000 to HKD 17,100,000[6]. - Total comprehensive loss for the year was HKD 24,806,000 compared to HKD 23,297,000 in the previous year[7]. - The group reported a basic and diluted loss per share of HKD 4.80, slightly improved from HKD 4.85 in the previous year[7]. - For the fiscal year ending July 31, 2025, the group recorded a loss of approximately HKD 24,525,000[12]. - The company reported a pre-tax loss attributable to owners of HKD 24,375,000 in 2025, slightly improved from a loss of HKD 24,615,000 in 2024, resulting in a basic loss per share of HKD 4.80 compared to HKD 4.85[33]. - The group recorded a loss of HKD 24.5 million for the year ending July 31, 2025, compared to a loss of HKD 23.3 million in 2024, primarily due to rising operating expenses[74]. Revenue Breakdown - The group generated total revenue of HKD 193,169,000 for the year 2025, representing an increase of 22.9% from HKD 157,084,000 in 2024[21]. - Revenue from private secondary school auxiliary education services was HKD 100,643,000 in 2025, up from HKD 95,481,000 in 2024, reflecting a growth of 4.1%[21]. - Revenue from private secondary day school services increased to HKD 16,261,000 in 2025 from HKD 12,553,000 in 2024, marking a growth of 29.5%[21]. - Revenue from external customers in Hong Kong was HKD 150,235,000 in 2025, compared to HKD 140,556,000 in 2024, indicating a growth of 6.0%[23]. - Revenue from school services surged by HKD 17,400,000 or 61.7% from HKD 28,200,000 to HKD 45,600,000, driven by increases in both mainland China and Hong Kong[65]. - Consulting services revenue rose significantly by HKD 10,900,000 or 252.1% to HKD 15,200,000, primarily due to the opportunities created by the Greater Bay Area integration policy[57]. - Revenue from supplementary education services and products increased by HKD 9,800,000 or 47.1% to HKD 30,700,000, with consulting services contributing an additional HKD 11,000,000[65]. - Revenue from the private secondary school support services grew by HKD 5,200,000 or 5.4% to HKD 100,600,000, supported by a diversified course offering strategy[64]. Assets and Liabilities - Cash and cash equivalents as of July 31, 2025, amounted to HKD 86,700,000, up from HKD 76,600,000 in 2024[4]. - The group's net assets decreased from HKD 54,123,000 in 2024 to HKD 29,250,000 in 2025[9]. - Non-current assets decreased from HKD 73,160,000 in 2024 to HKD 60,849,000 in 2025[8]. - Current liabilities increased from HKD 133,938,000 in 2024 to HKD 158,171,000 in 2025[8]. - As of July 31, 2025, the group's total current liabilities net amount was approximately HKD 26,908,000, including bank loans of HKD 71,857,000 that are repayable on demand[12]. - The group's debt-to-equity ratio increased to 325.1% as of July 31, 2025, compared to 189.0% in 2024, indicating a significant rise in leverage[79]. Operational Highlights - The company operates a network of 11 teaching centers and 75 classrooms in Hong Kong, accommodating up to 2,052 students[45]. - The company plans to diversify its educational services, including the introduction of international courses such as A-Level and IB programs[51]. - The company aims to leverage the growing demand for personalized services, contributing to revenue growth through increased enrollment in small group and one-on-one tutoring[51]. - The company has successfully optimized its teaching center network, despite a 5% reduction in maximum classroom capacity[51]. Employee and Operational Costs - Total employee costs rose to HKD 85,702,000 in 2025, up from HKD 69,835,000 in 2024, with other employee costs increasing significantly by 26% to HKD 78,014,000[26]. - Employee costs increased by HKD 15.9 million or 22.7% from HKD 69.8 million in 2024 to HKD 85.7 million in 2025, primarily due to business expansion in Hong Kong and mainland China[68]. - Tutor service fees rose by HKD 5.7 million or 16.9% from HKD 33.7 million in 2024 to HKD 39.4 million in 2025, driven by growth in school service offerings[69]. - Advertising and promotional expenses surged by HKD 2.6 million or 45.9% from HKD 5.7 million in 2024 to HKD 8.3 million in 2025, reflecting increased marketing efforts in mainland China[71]. - Printing and other operating expenses increased by HKD 13.2 million or 27.2% from HKD 48.5 million in 2024 to HKD 61.6 million in 2025, mainly due to support for study tour business and growth in private education services[72]. Governance and Risk Management - The company has appointed an external consultant to conduct an enterprise risk assessment and perform internal audit functions to review the effectiveness of its risk management and internal control systems for the fiscal year ending July 31, 2025[85]. - The internal audit will cover key areas including risk management systems, financial reporting processes, revenue and collections, and compliance with corporate governance codes[85]. - The board has confirmed that the risk management and internal control systems are appropriate and effective, and that procedures comply with listing rules and regulations[85]. Future Plans and Investments - The company does not have any specific future plans for significant investments or capital assets for the fiscal year ending July 31, 2025[90]. - The company plans to launch proprietary AI teaching tools to enhance service quality and support Hong Kong's development as an international education hub[61]. Shareholder Information - The annual general meeting is scheduled for December 19, 2025, with relevant documents to be published and sent to shareholders in due course[112]. - The company will suspend share transfer registration from December 16 to December 19, 2025, to determine voting rights for the upcoming annual general meeting[113]. - The preliminary announcement and annual report for the year ending July 31, 2025, will be published on the stock exchange and the company's website[114].

Financial Performance - Total revenue for the third quarter reached RMB 182,796,942.97, representing a year-on-year increase of 21.46%[7] - Net profit attributable to shareholders decreased by 17.89% to RMB 50,734,374.65 compared to the same period last year[7] - The total profit for the third quarter was RMB 52,308,161.65, showing a decline of 14.54% compared to the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 45,935,923.66, down 10.90% year-on-year[7] - Net profit for the first three quarters of 2025 was ¥174,109,768.79, a decrease of 6.5% from ¥185,312,027.04 in 2024[33] - Total comprehensive income for the first three quarters of 2025 is 166,919,281.15 RMB, down from 183,514,566.60 RMB in 2024, reflecting a decline of 9.0%[36] - Basic earnings per share for the first three quarters of 2025 is 1.72 RMB, compared to 1.99 RMB in 2024, indicating a decrease of 13.6%[36] Research and Development - Research and development expenses totaled RMB 38,820,117.14, an increase of 56.00% year-on-year, accounting for 21.24% of total revenue[7] - The company plans to continue strengthening its R&D efforts, as indicated by the significant increase in R&D investment[15] - Research and development expenses increased to ¥109,529,795.60 in the first three quarters of 2025, compared to ¥65,078,833.46 in 2024, reflecting a growth of 68.3%[32] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 5,113,512,174.92, reflecting a 93.02% increase from the previous year[9] - The company's equity attributable to shareholders increased by 94.57% to RMB 4,967,148,245.82 at the end of the reporting period[9] - Total assets as of September 30, 2025, amounted to ¥5,113,512,174.92, significantly higher than ¥2,649,250,831.90 at the end of 2024[30] - Total liabilities as of September 30, 2025, were ¥146,363,929.10, compared to ¥96,315,024.51 at the end of 2024, indicating an increase of 52.1%[29] - Non-current assets totaled ¥793,705,435.86 as of September 30, 2025, down from ¥1,013,069,756.50 at the end of 2024[28] Cash Flow - The net cash flow from operating activities for the year-to-date period increased by 46.55%, attributed to expanded sales and increased cash collections[15] - Cash inflow from operating activities for the first three quarters of 2025 is 651,559,134.32 RMB, an increase of 26.3% from 515,739,089.27 RMB in 2024[39] - Cash outflow from operating activities for the first three quarters of 2025 is 475,561,103.00 RMB, up from 395,644,447.67 RMB in 2024, representing an increase of 20.2%[40] - Cash flow from investing activities for the first three quarters of 2025 shows a net outflow of -2,465,387,521.44 RMB, compared to -439,257,398.39 RMB in 2024, indicating a significant increase in outflow[41] - Cash inflow from financing activities for the first three quarters of 2025 is 2,328,435,857.41 RMB, with no comparable figure provided for 2024[41] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 6,589[17] - The top ten shareholders hold a total of 35,154,431 shares, representing 30.86% of the total shares[18] - The number of H-share shareholders is 12, with HKSCC NOMINEES LIMITED holding shares on behalf of multiple clients[23] - There are no changes in the top ten shareholders due to securities lending or borrowing activities[24] - The company has not identified any relationships or concerted actions among the shareholders listed[21]

Financial Performance - For the third quarter of 2025, the company reported operating revenue of CNY 897,947,390.13, representing a year-on-year increase of 1.64%[7] - The total profit for the same period was CNY 301,376,528.50, reflecting a significant increase of 16.60% compared to the previous year[7] - Net profit attributable to shareholders reached CNY 249,244,399.42, marking a 24.24% increase year-on-year[7] - Basic earnings per share for the quarter were CNY 0.18, up 28.57% year-on-year[7] - Total revenue for the first three quarters of 2025 reached CNY 2,581,821,272.73, a slight increase from CNY 2,543,962,357.96 in the same period of 2024[29] - Operating profit for the first three quarters of 2025 was CNY 797,224,012.94, compared to CNY 648,158,421.93 in 2024, reflecting a growth of approximately 23.05%[29] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was CNY 626,476,719.98, up from CNY 503,638,784.18 in 2024, indicating a year-over-year increase of about 24.5%[32] - The company reported a net profit of CNY 648,050,724.45 for the first three quarters of 2025, compared to CNY 533,018,881.32 in 2024, showing a growth of around 21.5%[34] - The total comprehensive income for the first three quarters of 2025 was CNY 797,704,665.76, up from CNY 649,523,506.83 in 2024, indicating an increase of approximately 22.9%[34] - Total comprehensive income for the first three quarters of 2025 reached CNY 648,050,724.45, a 21.6% increase from CNY 533,018,881.32 in the same period of 2024[37] Cash Flow - The net cash flow from operating activities was CNY 690,973,459.83, which is a 35.12% increase compared to the same period last year[12] - Net cash flow from operating activities for the first three quarters of 2025 was CNY 1,323,217,522.86, up 25.4% from CNY 1,054,731,785.61 in 2024[41] - Cash inflow from operating activities totaled CNY 2,866,981,052.41, compared to CNY 2,582,988,602.32 in the previous year, marking an 11% increase[41] - Cash outflow for investment activities was CNY 210,023,987.83 in 2025, down from CNY 292,150,411.19 in 2024, indicating a reduction of 28.1%[44] - Cash inflow from investment activities totaled CNY 2,832,657.29, compared to CNY 12,921,679.46 in the previous year, reflecting a significant decrease[44] - The company received CNY 1,608,067,333.26 from financing activities, a decrease of 50.9% compared to CNY 3,275,503,155.28 in the previous year[47] - The company paid CNY 529,845,881.41 in dividends and interest, which is an increase from CNY 506,122,975.12 in 2024[47] - The net increase in cash and cash equivalents for the first three quarters of 2025 was approximately 415.82 million, compared to 31.98 million in the same period of 2024, indicating significant growth[50] - The cash and cash equivalents at the end of the third quarter of 2025 stood at approximately 1.28 billion, up from 1.06 billion at the end of the third quarter of 2024, reflecting a year-over-year increase of about 20.3%[50] - The initial cash and cash equivalents balance for the first three quarters of 2025 was approximately 867.81 million, compared to 1.03 billion in the same period of 2024, showing a decrease of about 15.9%[50] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 22,041,952,419.69, a slight increase of 0.24% from the previous year[7] - As of September 30, 2025, the total assets of the company amounted to RMB 22,041,952,419.69, compared to RMB 21,988,772,935.44 as of December 31, 2024, reflecting a slight increase[23] - Total liabilities as of September 30, 2025, amounted to CNY 13,187,069,026.16, a decrease from CNY 13,459,982,502.46 at the end of 2024[26] - Current liabilities totaled CNY 2,104,495,310.81 as of September 30, 2025, down from CNY 2,658,377,775.47 at the end of 2024, representing a reduction of approximately 20.8%[26] - Long-term borrowings increased to CNY 7,773,800,444.74 as of September 30, 2025, compared to CNY 7,528,412,016.81 at the end of 2024, reflecting an increase of about 3.26%[26] - The total equity attributable to shareholders of the parent company rose to CNY 8,414,108,898.22 as of September 30, 2025, compared to CNY 8,052,817,092.46 at the end of 2024, marking an increase of approximately 4.49%[26] - The company reported a total of RMB 4,716,432,443.35 in current assets as of September 30, 2025, compared to RMB 4,123,624,060.69 at the end of 2024[23] - The company’s long-term assets totaled RMB 17,325,519,976.34 as of September 30, 2025, down from RMB 17,865,148,874.75 at the end of 2024[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 35,112, indicating a stable shareholder base[13] - The top shareholder, Beijing State-owned Assets Management Co., Ltd., holds 32.63% of the shares, reflecting strong institutional support[14] - The company completed a free transfer of 139,345,273 shares, representing 10.00% of the total share capital, from Beijing State-owned Assets Management Company to its wholly-owned subsidiary[18] - After the share transfer, Beijing State-owned Assets directly holds 32.63% of the company's shares, maintaining a combined holding of 44.42%[19] Convertible Bonds - The company’s convertible bonds, listed on March 23, 2022, have an adjusted conversion price of RMB 9.15 per share effective from July 30, 2025[20] - As of September 30, 2025, a total of RMB 136,000 of the convertible bonds have been converted into 14,021 shares, accounting for 0.0010% of the total shares issued prior to conversion[20] Operational Metrics - In Q3 2025, the total waste processed by the company's subsidiaries reached 3.7676 million tons, with a total electricity generation of 1,327,543.1 MWh, and a total steam supply of 27,260 tons[21] - For the first three quarters of 2025, the cumulative waste processed was 10.9219 million tons, representing a year-on-year growth of 2.00%[21] - The cumulative electricity generation for the same period was 386,672.28 MWh, with a year-on-year increase of 1.17%[21] Cost Management - The company has actively pursued cost reduction and efficiency improvement strategies, contributing to the increase in revenue and profit margins[12]

Financial Performance - Total new orders for Q3 2025 amounted to HKD 3,620.7 million (USD 463 million), representing a quarterly decrease of 3.5% but an annual increase of 14.2%[2] - Sales revenue for Q3 2025 was HKD 3,661.2 million (USD 468 million), reflecting a quarterly increase of 7.6% and an annual increase of 9.5%[5] - Adjusted net profit for Q3 2025 was HKD 101.9 million, down 24.4% quarter-on-quarter but up 245.2% year-on-year[5] - The adjusted gross margin for Q3 2025 was 37.7%, a decrease of 203 basis points quarter-on-quarter and 330 basis points year-on-year[2] - Adjusted operating profit for Q3 2025 was HKD 124.4 million, a decrease of 26.6% quarter-over-quarter and 30.3% year-over-year[16] - The company reported a net loss of HKD 268,599 for Q3 2025, compared to a profit of HKD 134,338 in Q2 2025[29] - The company reported a total comprehensive loss of HKD 363,322 for Q3 2025, compared to a comprehensive income of HKD 863,463 in Q2 2025[29] - For the three months ended September 30, 2025, the company reported a loss attributable to shareholders of HKD (269,877) thousand, compared to a profit of HKD 131,214 thousand for the previous quarter[34] - The basic loss per share for the three months ended September 30, 2025, was HKD (0.65), while the adjusted earnings per share was HKD 0.24[37] - The gross profit for the three months ended September 30, 2025, was HKD 1,305,750 thousand, with a gross margin of 35.7%, which adjusted to HKD 1,379,634 thousand and a gross margin of 37.7%[37] - The operating profit for the same period was HKD 50,480 thousand, which adjusted to HKD 124,364 thousand[37] - The semiconductor solutions segment reported a gross profit of HKD 701,959 thousand with a gross margin of 37.3%, which adjusted to HKD 775,843 thousand and a gross margin of 41.3%[41] - The company recognized a one-time inventory write-off of HKD 73.9 million in Q3 2025 due to a product simplification plan[33] - The company recognized a one-time inventory write-off related to the voluntary liquidation of a subsidiary in the semiconductor solutions segment, impacting the financial results significantly[35] Sales and Orders - Q4 2025 sales revenue is forecasted to be between USD 470 million and USD 530 million, indicating a quarterly increase of 6.8% and an annual increase of 14.3% at the median[3] - In Q3 2025, the total new orders amounted to HKD 3,620.7 million (USD 463 million), representing a quarterly decrease of 3.5% but an annual increase of 14.2%[16] - Sales revenue for Q3 2025 reached HKD 3,661.2 million (USD 468 million), reflecting a quarterly growth of 7.6% and an annual growth of 9.5%[16] - The semiconductor solutions segment recorded sales revenue of HKD 1,879.8 million (USD 240 million), a quarterly decline of 6.5% but an annual increase of 5.0%[20] - The surface mount technology solutions segment achieved sales revenue of HKD 1,781.4 million (USD 228 million), with a quarterly increase of 28.0% and an annual increase of 14.6%[25] - The total unfulfilled orders at the end of the quarter were approximately USD 868 million[18] - Semiconductor solutions segment sales for Q3 2025 reached HKD 1,879,838, while surface mount technology solutions segment sales were HKD 1,781,362, contributing to total sales revenue of HKD 3,661,200[32] Market Trends and Demand - The advanced packaging business continues to benefit from strong demand driven by artificial intelligence, particularly in high bandwidth memory and advanced logic applications[7] - Demand in the mainstream business is primarily driven by data centers and electric vehicles in the Chinese market, with increased utilization rates in outsourced semiconductor assembly and testing[14] - The company anticipates stable demand from China, although the recovery outlook for the automotive and industrial end markets remains uncertain[26] - The company has not faced significant impacts from tariff policies but acknowledges existing uncertainties and will continue to monitor the situation closely[26] - The total potential market for TCB is projected to exceed $1 billion by 2027, driven by investments in the AI ecosystem and demand for advanced packaging[26] Operational Efficiency and Cost Management - The company expects to save approximately HKD 128 million (RMB 115 million) in future years due to the voluntary liquidation of AEC, enhancing operational cost efficiency[15] - R&D expenses for Q3 2025 were HKD 535,420, slightly increasing from HKD 525,888 in Q2 2025[27] Corporate Governance - The board of directors includes independent non-executive directors and executive directors, ensuring a diverse governance structure[44] Innovation and Collaboration - The company is actively collaborating with major logic and memory firms on various projects, indicating ongoing innovation and market expansion efforts[11] - The surface mount technology solutions segment has seen significant growth in new system-in-package (SiP) orders, supporting the development of artificial intelligence[13] - The company has secured repeat orders for its TCB solutions in both memory and logic sectors, showcasing its competitive edge in the advanced packaging market[8]

Financial Performance - Total operating revenue for the third quarter was approximately CNY 1.64 billion, a decrease of 23.54% compared to the same period last year[10] - Net profit attributable to shareholders was approximately CNY 516.75 million, an increase of 8.19% year-on-year[10] - The net profit after deducting non-recurring gains and losses was approximately CNY 533.16 million, representing a significant increase of 29.19% compared to the previous year[10] - The total profit for the third quarter was approximately CNY 717.73 million, an increase of 11.93% year-on-year[10] - Basic earnings per share for the reporting period were CNY 0.3024, reflecting a growth of 5.00% year-on-year[10] - Total revenue for the first three quarters of 2025 was approximately ¥5.39 billion, a decrease of 2.1% compared to ¥5.50 billion in the same period of 2024[41] - Operating profit for the first three quarters of 2025 reached ¥1.99 billion, an increase of 6.4% from ¥1.87 billion in 2024[41] - Net profit attributable to shareholders for the first three quarters of 2025 was ¥1.48 billion, up 5.4% from ¥1.40 billion in 2024[42] Assets and Liabilities - Total assets at the end of the reporting period reached approximately CNY 29.06 billion, an increase of 5.67% from the end of the previous year[12] - The company’s total equity attributable to shareholders decreased to ¥12.44 billion as of September 30, 2025, from ¥16.38 billion at the end of 2024, reflecting changes in retained earnings and other comprehensive income[39] - Total liabilities increased to ¥15.18 billion as of September 30, 2025, compared to ¥9.60 billion at the end of 2024, reflecting a significant rise in long-term borrowings[37] - Long-term borrowings increased to ¥9.24 billion as of September 30, 2025, from ¥6.38 billion at the end of 2024, indicating a strategy to leverage for growth[37] Cash Flow - Cash flow from operating activities for the year-to-date was approximately CNY 2.56 billion, an increase of 4.03% compared to the previous year[10] - Operating cash flow for the first three quarters of 2025 reached approximately $2.56 billion, an increase from $2.46 billion in the same period of 2024, reflecting a growth of 4.5%[45] - Cash inflow from investment activities totaled approximately $599.93 million in 2025, compared to $370.62 million in 2024, marking a significant increase of 62%[45] - Cash inflow from financing activities surged to approximately $6.84 billion in 2025, up from $1.04 billion in 2024, representing a growth of 558%[46] - The ending cash and cash equivalents balance for the first three quarters of 2025 was approximately $2.51 billion, compared to $1.66 billion in 2024, indicating a year-over-year increase of 51%[46] Investments and Acquisitions - The company completed the acquisition of 100% equity in two subsidiaries, enhancing its market position[13] - Other equity instrument investments increased by 4,873.12%, primarily due to the company's investment in Shenzhen Expressway Group[19] - Fixed assets rose by 71.31%, mainly from the expansion of Xuan Guang Expressway[19] - Investment payments surged by 3,271.68%, primarily due to investments in Shenzhen Expressway Group[20] - The company signed a share transfer agreement to acquire 7% of Shandong Expressway's total shares for RMB 3,018,706,016.44, which will allow the company to nominate one director on the board[33] Shareholder Information - The total number of common shareholders reached 25,655 by the end of the reporting period[21] - Anhui Transportation Holding Group Limited holds 30.71% of the shares, making it the largest shareholder[22] - The company has not engaged in any share lending or borrowing activities among the top shareholders[24] Traffic and Toll Revenue - In Q3 2025, total toll revenue increased by 16.24% year-over-year, reaching RMB 138,931 million compared to RMB 119,518 million in Q3 2024[28] - The average daily traffic flow for the 合宁高速公路 in Q3 2025 was 49,218 trips, a 1.87% increase from 48,313 trips in Q3 2024[28] - The 宣广高速公路 reported a significant increase in toll revenue of 321.35% year-over-year, amounting to RMB 30,556 million in Q3 2025 compared to RMB 7,252 million in Q3 2024[28] - For the first three quarters of 2025, total toll revenue reached RMB 391,468 million, reflecting a 13.83% increase from RMB 343,903 million in the same period of 2024[29] - The 宁淮高速公路天长段 reported a 11.25% increase in toll revenue, reaching RMB 51,194 million in Q3 2025 compared to RMB 46,017 million in Q3 2024[28] - The 宁宣杭高速公路 experienced a 24.48% decrease in traffic flow in Q3 2025, with 14,768 trips compared to 19,555 trips in Q3 2024[28] Corporate Governance - The company plans to cancel its supervisory board, transferring its powers to the audit committee of the board of directors, pending shareholder approval[34] Accounting and Standards - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the year of first implementation[47]

Financial Performance - The company's operating revenue for the third quarter reached CNY 7,082,947,288.33, representing a year-on-year increase of 7.91%[13] - Total profit for the quarter was CNY 851,623,704.73, showing a decline of 18.10% compared to the same period last year[13] - Net profit attributable to shareholders was CNY 663,601,698.58, down 12.63% year-on-year[13] - Basic earnings per share for the quarter were CNY 0.07, a decrease of 0.17 compared to the same period last year[13] - The weighted average return on net assets was 1.32%, down by 4.70 percentage points year-on-year[13] - The company reported a significant increase of 230.05% in other revenue, amounting to RMB 15,722.65 million[28] - Total revenue for the first three quarters of 2025 reached ¥21.84 billion, a 4.3% increase from ¥20.94 billion in the same period of 2024[37] - Operating income for the first three quarters of 2025 was ¥21.75 billion, up from ¥20.81 billion in 2024, reflecting a growth of 4.5%[37] - Total operating costs for the first three quarters of 2025 amounted to ¥18.96 billion, an increase of 6.2% compared to ¥17.85 billion in 2024[37] - Total comprehensive income for the first three quarters of 2025 was approximately ¥2.19 billion, compared to ¥2.12 billion in the same period of 2024, showing a slight increase[56] Research and Development - The company invested CNY 479,762,984.75 in research and development during the quarter, an increase of 15.97% compared to the previous year[13] - The R&D expenditure accounted for 6.77% of operating revenue, up from 6.11% at the end of the previous year[13] - Research and development expenses for the first three quarters of 2025 were ¥1.28 billion, compared to ¥1.16 billion in 2024, indicating a growth of 9.9%[37] - Research and development expenses increased significantly to ¥59.32 million, up 108.3% from ¥28.52 million in the previous year[54] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -3,750,436,480.80, indicating a significant decline of 210.29% compared to the previous year[13] - The net cash flow from operating activities decreased by 210.29% due to changes in deposits from the controlling shareholder's financial company[18] - The net cash flow from operating activities, excluding customer deposits and interbank placements, was -1,850,678,324.66 CNY, compared to -1,619,753,427.62 CNY in the previous period[20] - Cash flow from operating activities for the first three quarters of 2025 was negative at approximately -¥3.75 billion, compared to a positive cash flow of ¥3.40 billion in 2024[43] - The company reported a decrease in cash flow from operating activities, with a net cash decrease of CNY -2,896,558,348.87 for the first three quarters of 2025[45] - The company experienced a significant decrease in cash inflow from customer deposits and interbank placements, with a net decrease of approximately -¥1.90 billion in 2025 compared to an increase of ¥5.02 billion in 2024[43] Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 115,662,301,853.24, a decrease of 1.89% from the previous year[13] - The net assets attributable to shareholders increased to CNY 48,576,890,764.20, reflecting a growth of 1.15% year-on-year[13] - The total liabilities of the company as of September 30, 2025, were RMB 89,348,958,810.93, down from RMB 91,105,546,464.58 at the end of 2024[31] - The total liabilities as of September 30, 2025, were ¥64.73 billion, a decrease from ¥67.46 billion as of December 31, 2024[34] - The company's total equity rose to CNY 34,627,580,316.46 as of September 30, 2025, compared to CNY 34,240,066,765.19 at the end of 2024[51] Shareholder Information - The total number of common shareholders at the end of the reporting period was 64,587[22] - The largest shareholder, China Railway Communication Signal Group Co., Ltd., holds 6,614,216,000 shares, representing 62.46% of total shares[22] Future Outlook - The company plans to expand its market presence and invest in new technologies to drive future growth[37]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* ( 在中華人民共和國註冊成立的股份有限公司 ) (股份編號: 1385) 2025 年第三季度報告 上海復旦微電子集團股份有限公司(「本公司」或「公司」)董事會(「董事會」)欣然宣佈，本公 司及各附屬公司(「本集團」或「集團」)截至 2025 年 9 月 30 日止九個月按照中國企業會計準則 編製的之第三季度未經審計合併業績報告。 本公告乃根據香港法例第 571 章證券及期貨條例第 XIVA 部項下內幕消息條文及香港聯合交易所有限公司證券上市規則第 13.09(2)和第 13.10B 條 的要求而作出。 重要內容提示： 公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準確、完整，不 存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Holly Futures （ 於 中 華 人 民 共 和 國 （ 「 中 國 」 ） 註 冊 成 立 的 股 份 有 限 公 司 ， 中 文 公 司 名 稱 蘇 豪 弘 業 期 貨 股 份 有 限 公 司（前稱弘業期貨股份有限公司） ， 在 香 港 以 Holly Futures 的 名 義 開 展 業 務 ) 2025年第三季度業績報告 本 公 告 由 本 公 司（連 同 其 附 屬 公 司 統 稱「本集團」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.09條 項 下 的 披 露 責 任 及 證 券 及 期 貨 條 例（香 港法例第571章）第XIVA部 項 下 的 內 幕 消 息 條 文（定 義 見 上 市 規 則）作 出。 本集團截至2025年9月30日 止 第 三 季 度（「本報告期」 ...