山东亚华电子股份有限公司 2025 年第三季度报告 证券代码：301337 证券简称：亚华电子 公告编号：2025-052 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.董事会及董事、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 山东亚华电子股份有限公司 2025 年第三季度报告 山东亚华电子股份有限公司 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 | | --- | --- | --- | --- | --- | | | | 增减 | | 上年同期增减 | | 营业收入（元） | 67,640,761.15 | 32.70% | 170,1 ...

Financial Performance - The company's operating revenue for the third quarter was ¥287,884,432, a decrease of 3.21% compared to the same period last year[4] - Total profit for the quarter reached ¥47,650,394.99, representing a significant increase of 45.71% year-over-year[4] - Net profit attributable to shareholders was ¥23,578,163.50, reflecting a 13.11% increase compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥23,022,155.45, up by 20.45% year-over-year[4] - The basic earnings per share for the quarter was ¥0.11, a 10.00% increase compared to the same period last year[4] - Total operating revenue for the first three quarters of 2025 was RMB 791.93 million, a decrease of 20.3% compared to RMB 993.60 million in the same period of 2024[17] - Net profit for the first three quarters of 2025 was RMB 145.54 million, down 16.3% from RMB 173.84 million in 2024[18] - Operating profit for the first three quarters of 2025 was RMB 163.57 million, a decrease of 15.7% compared to RMB 193.96 million in 2024[17] - Basic earnings per share for the first three quarters of 2025 was RMB 0.43, down from RMB 0.65 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 36,597,524.55, a decline of about 70.8% compared to CNY 125,175,673.12 in the same period of 2024[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,924,528,445.80, an increase of 1.90% from the end of the previous year[5] - The company's total equity reached CNY 3,359,716,844.23, compared to CNY 3,299,851,774.68, showing an increase of approximately 1.8%[15] - The company's total assets as of September 30, 2025, were CNY 3,066,119,536.32, compared to CNY 3,133,466,773.23 at the end of 2024[25] - Current assets totaled CNY 2,481,579,275.27 as of September 30, 2025, slightly down from CNY 2,531,159,575.87 at the end of 2024[24] - The company's total liabilities decreased to CNY 543,729,777.05 as of September 30, 2025, from CNY 575,525,440.46 at the end of 2024[25] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥104,197,553.97, a decrease of 28.28% compared to the previous year[4] - In the first three quarters of 2025, the net cash flow from operating activities was -43,836,420.10, compared to 71,313,940.24 in the same period of 2024, indicating a significant decline[31] - Total cash inflow from operating activities in 2025 was 521,026,104.12, while in 2024 it was 539,637,652.41, showing a decrease of approximately 3.5%[31] - Cash outflow from operating activities increased to 564,862,524.22 in 2025 from 468,323,712.17 in 2024, representing an increase of about 20.6%[31] - The net cash flow from investing activities in 2025 was 235,745,500.32, compared to -185,106,624.75 in 2024, indicating a positive turnaround[32] - Cash inflow from investing activities totaled 239,475,984.27 in 2025, significantly higher than 22,965,300.00 in 2024[32] - Cash outflow from investing activities rose to 3,730,483.95 in 2025 from 208,071,924.75 in 2024, showing a decrease of approximately 98.2%[32] - Cash flow from financing activities resulted in a net outflow of -73,733,345.00 in 2025, compared to -94,800,015.00 in 2024, indicating a reduction in cash outflow[32] - The ending cash and cash equivalents balance increased to 1,388,759,682.49 in 2025 from 1,130,539,422.37 in 2024, reflecting a growth of approximately 22.8%[32] Research and Development - Research and development expenses totaled ¥19,561,442.80, accounting for 6.79% of operating revenue, a decrease of 2.21 percentage points from the previous year[5] - The company reported a decrease in research and development expenses to RMB 64.07 million from RMB 68.23 million, a reduction of 6.3%[17] - Research and development expenses for the first three quarters of 2025 were CNY 41,014,246.33, compared to CNY 46,087,179.48 in the same period of 2024[27] Market and Shareholder Information - The company reported a total of 6,682 common shareholders at the end of the reporting period[10] - There are no significant changes in the shareholder structure or any related party transactions reported during the period[12] - The company is focusing on expanding its market presence and enhancing its product offerings through new technology developments[12] - The company has plans for market expansion and new product development, although specific details were not disclosed in the financial report[27] Miscellaneous - The weighted average return on net assets was 0.83%, an increase of 0.13 percentage points compared to the previous year[5] - The company has ongoing investments in fixed assets totaling CNY 573,426,527.95, down from CNY 593,252,443.63, reflecting a decrease of approximately 3.2%[14] - The company has not adopted new accounting standards or interpretations for the first execution year[33]

Financial Performance - The company's operating revenue for the third quarter was ¥162,490,297.38, a decrease of 23.32% compared to the same period last year[4] - The total profit for the quarter was -¥32,095,444.37, reflecting a significant decline of 8,653.10% year-over-year[4] - The net profit attributable to shareholders was -¥25,965,614.83, down 2,104.78% from the previous year[4] - Total net profit attributable to shareholders for the reporting period was -458.34 million RMB, primarily due to a decrease in gross margin and increased expenses[11] - The net profit for the first three quarters of 2025 was a loss of ¥43,892,297.96, compared to a profit of ¥12,300,608.49 in the same period of 2024[22] - The company's operating profit turned negative at -¥53,035,103.64, contrasting with a positive operating profit of ¥11,405,917.59 in the previous year[21] - The total net profit for the year-to-date was -572.79 million RMB, attributed to declining gross margins and rising costs[11] - Operating profit for the first three quarters of 2025 was a loss of ¥34.62 million, compared to a profit of ¥4.75 million in 2024[33] - Net profit for the first three quarters of 2025 was a loss of ¥25.63 million, while in 2024, the net profit was ¥10.61 million[33] Assets and Liabilities - The total assets increased by 8.36% to ¥3,534,984,461.52 compared to the end of the previous year[5] - Total assets as of September 30, 2025, included cash and cash equivalents of 944.18 million RMB, an increase from 684.50 million RMB at the end of 2024[16] - The total assets of the company amounted to ¥3,534,984,461.52, compared to ¥3,262,317,104.04 in the previous year, showing growth in asset base[19] - Current liabilities rose to ¥1,337,865,425.96 from ¥1,065,051,429.07, indicating increased short-term financial obligations[18] - Long-term borrowings were reported at ¥86,041,250.01, reflecting the company's financing strategy[18] - The total equity attributable to shareholders decreased to ¥1,798,413,928.02 from ¥1,885,134,876.20, indicating a decline in shareholder value[18] - The company's total equity decreased to CNY 1,762,813,888.60 from CNY 1,831,432,416.79, reflecting a decline of 3.7%[29] - Total liabilities increased to CNY 1,726,858,236.00 from CNY 1,340,926,934.39, representing a rise of 28.7%[29] Cash Flow - The cash flow from operating activities showed a net outflow of -¥128,988,049.03, a decline of 154.18% compared to the previous year[5] - Cash flow from operating activities for the reporting period was -154.18 million RMB, mainly due to changes in supplier settlement methods[11] - Operating cash inflow for the first three quarters of 2025 was CNY 597,414,609.67, an increase of 5.0% compared to CNY 568,747,352.59 in the same period of 2024[24] - Net cash outflow from operating activities was CNY -128,988,049.03, worsening from CNY -50,747,451.74 in the previous year[25] - Total cash inflow from investment activities reached CNY 3,043,341,285.82, significantly up from CNY 2,337,340,610.82 in 2024, marking a 30.2% increase[25] - Cash flow from investing activities showed a net outflow of ¥187.73 million in 2025, compared to a net outflow of ¥75.20 million in 2024[35] - Cash flow from financing activities generated a net inflow of ¥366.77 million in 2025, compared to ¥329.16 million in 2024[37] Shareholder Information - The company reported a total of 44,911 common shareholders at the end of the reporting period[13] - The largest shareholder, Nanjing Kaide Investment Co., Ltd., holds 156,635,373 shares, representing 28.91% of total shares[14] Research and Development - Research and development expenses increased to ¥45,044,412.87, up from ¥40,174,224.92, indicating a focus on innovation[20] - Research and development expenses increased to ¥38.62 million in 2025, up from ¥32.20 million in 2024, reflecting a 19.9% increase[32] Market Conditions - The company noted that increased competition led to a decline in product sales prices, impacting gross margins negatively[6] - Total operating costs increased to ¥550,682,906.44, up from ¥453,773,488.27, reflecting a significant rise in operating expenses[20] - Basic earnings per share for the reporting period was -458.67 RMB, reflecting lower net profit[11] - Diluted earnings per share for the reporting period was -449.09 RMB, indicating a decrease in profitability[11] - The basic earnings per share for the period was -¥0.08, down from ¥0.02 in the previous year, highlighting the impact of the net loss on shareholder returns[22]

Financial Performance - The company's operating revenue for the third quarter reached ¥495,459,006.91, an increase of 32.63% compared to the same period last year[4] - Total profit for the third quarter was ¥22,736,417.59, reflecting a significant increase of 788.12% year-over-year[4] - Net profit attributable to shareholders for the third quarter was ¥21,738,831.11, up 347.57% from the previous year[4] - The net profit excluding non-recurring gains and losses for the third quarter was ¥21,454,376.67, an increase of 732.59% year-over-year[4] - The basic earnings per share for the third quarter was ¥0.11, a rise of 450.00% compared to the same period last year[5] - The diluted earnings per share for the third quarter was also ¥0.11, reflecting a 450.00% increase year-over-year[5] - Total operating revenue for the first three quarters of 2025 reached ¥1,201,749,894.28, an increase of 18.63% compared to ¥1,013,101,711.23 in the same period of 2024[21] - Net profit for the first three quarters of 2025 was ¥75,266,951.54, representing a significant increase of 114.36% compared to ¥35,082,795.93 in 2024[22] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.38, compared to ¥0.18 in the same period of 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,395,426,142.22, representing a 5.13% increase from the end of the previous year[5] - The total assets of the company amounted to ¥2,395,426,142.22, an increase from ¥2,278,462,651.43 in the previous year[19] - Total liabilities increased to ¥767,334,058.40 from ¥673,558,259.08, reflecting a rise of 13.93%[19] - The company's total equity reached ¥1,628,092,083.82, up from ¥1,604,904,392.35, indicating a growth of 1.45%[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 14,878[12] - The largest shareholder, Zhang Shihua, holds 34,223,657 shares, representing 16.97% of total shares[12] - The company’s major shareholders have no pledged, marked, or frozen shares[12] - There are no significant changes in the participation of major shareholders in margin trading and securities lending[15] Cash Flow and Investments - The company's cash and cash equivalents as of September 30, 2025, amount to ¥218,881,896.39, down from ¥348,442,912.62 as of December 31, 2024[17] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 1,230,171,358.20, an increase of 11.6% compared to CNY 1,102,711,298.29 in the same period of 2024[24] - Net cash outflow from operating activities was CNY -113,092,918.94, an improvement from CNY -141,905,143.48 in the previous year[25] - Cash inflow from investment activities totaled CNY 201,005,467.73, up from CNY 172,742,882.99 in 2024, marking a 16.3% increase[25] - Net cash flow from investment activities was CNY 15,270,544.63, a significant recovery from CNY -59,673,678.09 in the prior year[25] - Cash inflow from financing activities decreased to CNY 114,070,000.00 from CNY 177,000,000.00, a decline of 35.6%[25] - Net cash outflow from financing activities was CNY -32,816,313.06, worsening from CNY -7,254,342.86 in 2024[25] - The total cash and cash equivalents at the end of the period stood at CNY 210,824,159.47, compared to CNY 188,170,956.20 at the end of Q3 2024, reflecting a 12% increase[25] Operational Costs and Expenses - Total operating costs for the first three quarters of 2025 were ¥1,155,400,077.33, up 17.77% from ¥980,847,049.63 in the previous year[21] - Research and development expenses increased to ¥57,194,467.90, up from ¥53,028,740.53, showing a growth of 7.67%[21] - The company reported a significant decrease in financial expenses, with a net financial income of -¥766,393.74 compared to -¥2,260,334.84 in the previous year[21] - Cash paid for purchasing goods and services was CNY 1,047,364,600.04, an increase of 24.4% from CNY 842,495,048.41 in 2024[24] - Cash paid to employees increased to CNY 176,457,320.96 from CNY 166,293,163.16, reflecting a growth of 6.5%[24] Revenue Drivers - The significant increase in revenue and profit is attributed to economic recovery and an increase in orders, along with a decrease in impairment losses on receivables[9] Investment and Equity - The company has a long-term equity investment valued at ¥73,016,663.22, up from ¥68,400,898.03[17] - Investment income for the first three quarters of 2025 was ¥45,501,926.06, a recovery from a loss of ¥3,047,622.00 in the same period of 2024[21]

Financial Performance - The company's operating revenue for the third quarter was ¥334,229,390.48, representing a year-on-year increase of 20.89%[4] - The total profit for the quarter was ¥10,713,210.91, showing a decrease of 13.32% compared to the same period last year[4] - The net profit attributable to shareholders was ¥7,964,234.26, down 56.51% year-on-year[4] - The basic earnings per share for the quarter was ¥0.07, a decrease of 53.33% compared to the previous year[5] - The net profit attributable to shareholders for the year-to-date was ¥33,600,637.91, a decrease of 17.10% compared to the same period last year[4] - Net profit for the first three quarters of 2025 was ¥34.10 million, down from ¥39.26 million in 2024, indicating a decline of 13.67%[22] - The company's operating profit increased to ¥26.99 million from ¥23.85 million, showing a growth of 8.95% year-over-year[22] - The company reported a comprehensive income total of ¥37.66 million, compared to ¥25.47 million in the previous year, representing a significant increase of 47.56%[23] - Basic earnings per share for the period were ¥0.28, down from ¥0.34 in the same period last year, a decrease of 17.65%[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,573,152,657.17, an increase of 2.82% from the end of the previous year[5] - The total assets of the company amounted to ¥3.57 billion, up from ¥3.48 billion, marking an increase of 2.07%[18] - Total liabilities increased to ¥2.25 billion from ¥2.13 billion, reflecting a rise of 5.49%[18] - The company's equity attributable to shareholders decreased to ¥1.30 billion from ¥1.31 billion, a decline of 0.86%[18] - Total current assets increased to RMB 2,778,426,085.36 from RMB 2,661,927,322.38 year-over-year[15] - Inventory as of September 30, 2025, is RMB 1,338,170,230.20, up from RMB 1,183,575,863.51 at the end of 2024[16] - Long-term receivables increased to RMB 11,153,800.00 from RMB 2,793,800.00 year-over-year[16] - The company’s goodwill remains stable at RMB 6,741,957.88 as of September 30, 2025[16] - The company’s non-current assets include fixed assets valued at RMB 484,572,143.25, a decrease from RMB 508,556,883.37 at the end of 2024[16] Cash Flow - The cash flow from operating activities for the year-to-date was ¥223,141,356.98, down 20.87% compared to the previous year[4] - Cash inflow from operating activities for the first three quarters of 2025 reached approximately ¥1.52 billion, an increase from ¥1.39 billion in the same period of 2024, representing a growth of about 9.2%[26] - Net cash flow from operating activities for the first three quarters of 2025 was approximately ¥223.14 million, compared to ¥281.99 million in the first three quarters of 2024, indicating a decrease of about 20.8%[27] - Cash outflow from investing activities in the first three quarters of 2025 totaled approximately ¥302.65 million, slightly lower than ¥324.70 million in the same period of 2024[28] - Net cash flow from financing activities for the first three quarters of 2025 was approximately -¥178.08 million, compared to -¥171.02 million in the first three quarters of 2024, showing a slight increase in outflow[28] - The total cash and cash equivalents at the end of the third quarter of 2025 stood at approximately ¥394.25 million, a decrease from ¥406.74 million at the end of the same period in 2024[28] - Cash inflow from investment activities in the first three quarters of 2025 was approximately ¥206.58 million, significantly higher than ¥106.06 million in the same period of 2024, marking an increase of about 94.6%[27] - Cash outflow for purchasing goods and services in the first three quarters of 2025 was approximately ¥937.20 million, compared to ¥708.98 million in the same period of 2024, reflecting an increase of about 32.2%[27] - The company reported a cash inflow from other operating activities of approximately ¥47.89 million in the first three quarters of 2025, down from ¥94.39 million in the same period of 2024, a decrease of about 49.3%[27] - The impact of exchange rate changes on cash and cash equivalents in the first three quarters of 2025 was approximately ¥6.28 million, contrasting with a negative impact of ¥11.04 million in the same period of 2024[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,010[11] - The largest shareholder, Ningbo Lehui Investment Holdings Co., Ltd., holds 21,830,000 shares, representing 18.09% of total shares[11] Legal and Regulatory Issues - The company faced arbitration issues related to its equity dispute with a German company, impacting its net profit significantly[9] - The company is involved in a lawsuit regarding a breach of contract, with a judgment requiring payment of RMB 19,798,684.10 plus interest and penalties[13] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[12] Research and Development - Research and development expenses for the first three quarters were ¥41.55 million, slightly up from ¥40.60 million, indicating a growth of 2.35%[22] Accounting Standards - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the year of first execution[29]

Financial Performance - The company's operating revenue for the third quarter was ¥184,954,411.50, an increase of 8.53% compared to the same period last year[5] - The total profit for the third quarter was -¥1,466,679.98, a decrease of 122.97% year-on-year[5] - The net profit attributable to shareholders for the third quarter was -¥384,144.08, down 106.87% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the third quarter was -¥1,401,135.32, a decline of 141.70% year-on-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 558,383,755.23, a decrease of 23.4% compared to CNY 728,620,550.58 in the same period of 2024[22] - Net profit for the first three quarters of 2025 was CNY 12,768,167.92, a decline of 75.7% from CNY 52,470,585.22 in 2024[23] - Operating profit for the first three quarters of 2025 was CNY 12,959,178.14, a decrease of 78.9% from CNY 61,452,085.10 in 2024[23] Earnings Per Share - The basic earnings per share for the third quarter was ¥0.00, a decrease of 100% compared to the same period last year[6] - The diluted earnings per share for the third quarter was also ¥0.00, reflecting a 100% decline year-on-year[6] - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY 0.07, compared to CNY 0.31 in the same period of 2024[24] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥35,571,280.81, a decrease of 76.91% compared to the previous year[6] - Cash received from sales of goods and services in the first three quarters of 2025 was CNY 261,150,016.35, a decrease of 46.5% from CNY 487,791,075.48 in 2024[26] - Net cash flow from operating activities amounted to $35,571,280.81, a decrease from $154,056,346.97 in the previous period, indicating a decline of approximately 76.9%[27] - Cash received from operating activities totaled $280,592,378.35, while cash paid for operating activities was $245,021,097.54, resulting in a positive cash flow from operations[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,238,240,217.72, down 8.34% from the end of the previous year[6] - The equity attributable to shareholders at the end of the reporting period was ¥1,786,009,894.72, a decrease of 3.07% compared to the end of the previous year[6] - Total current assets as of September 30, 2025, amount to 1,071,281,976.00 RMB, a decrease from 1,246,044,929.66 RMB as of December 31, 2024[18] - Total non-current assets as of September 30, 2025, are 1,166,958,241.72 RMB, down from 1,195,782,132.59 RMB as of December 31, 2024[19] - Total liabilities as of September 30, 2025, are 452,230,199.58 RMB, a decrease from 599,245,302.26 RMB as of December 31, 2024[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 14,898[14] - Engineus Power Holding Inc. holds 51.54% of shares, totaling 88,200,000 shares[14] - Shareholders' equity attributable to the parent company was CNY 1,786,009,894.72, down from CNY 1,842,581,641.89 in the previous year[20] Other Financial Metrics - The weighted average return on equity for the third quarter was -0.02%, a decrease of 0.32 percentage points compared to the previous year[6] - Research and development expenses for the first three quarters of 2025 were CNY 16,153,736.10, down 17.7% from CNY 19,430,373.53 in 2024[23] - Other comprehensive income after tax for the first three quarters of 2025 was CNY -17,104,059.77, compared to CNY -2,896,585.11 in 2024[24] Cash Flow from Investments and Financing - Total cash inflow from investment activities was $751,584,513.05, while cash outflow was $797,122,420.22, resulting in a net cash flow of -$45,537,907.17, compared to -$219,196,958.62 previously[27] - Cash flow from financing activities showed a net outflow of -$58,811,741.88, compared to -$47,801,423.27 in the prior period, reflecting a worsening of approximately 22.5%[28] - The company reported a total cash inflow from financing activities of $418,342.72, primarily from borrowings[28] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[29]

Financial Performance - The company's revenue for Q3 2025 reached ¥294,438,284.96, representing a 22.61% increase compared to the same period last year[5] - The net profit attributable to shareholders was -¥26,132,968.38, a decrease of 285.28% year-on-year[5] - Total operating revenue for the current period reached ¥851,355,668.40, an increase of 6.3% compared to ¥801,415,694.84 in the previous period[23] - The net loss for the current period was ¥35,076,421.57, an improvement from a net loss of ¥48,165,341.48 in the previous period, representing a reduction of 27.2%[25] - Operating profit (loss) for the current period was -¥30,041,582.35, compared to -¥40,118,801.58 in the previous period, indicating a narrowing of losses[23] - The company reported a total comprehensive loss of ¥34,679,596.17, compared to a loss of ¥48,206,323.85 in the previous period, showing a decrease of 28.2%[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,704,923,449.97, an increase of 28.69% from the previous year[5] - As of September 30, 2025, the total assets of Fujian Xingyun Electronics Co., Ltd. amounted to CNY 2,704,923,449.97, an increase from CNY 2,101,842,407.29 at the beginning of the period[21] - The total liabilities increased slightly to CNY 1,342,443,508.35 from CNY 1,331,852,267.38, reflecting a marginal increase of about 0.7%[21] - Total current liabilities decreased to CNY 1,131,700,270.27 from CNY 1,210,801,685.62, a reduction of about 6.5%[21] - The total non-current assets amounted to CNY 967,710,215.34, up from CNY 929,316,586.66, indicating a growth of approximately 4.1%[21] Cash Flow - The cash flow from operating activities for the year-to-date was ¥93,202,577.65, reflecting a 13.06% increase[5] - Cash flow from operating activities generated a net amount of ¥93,202,577.65, an increase from ¥82,437,914.80 in the previous period[27] - Cash and cash equivalents at the end of the period totaled ¥269,692,516.58, significantly up from ¥120,879,799.42 at the end of the previous period[28] - The company reported a significant increase in cash and cash equivalents, up 160.24% to ¥346,277,197.75, due to improved sales collections and fundraising activities[8] - The company incurred a total of ¥686,700,960.60 in cash outflows from financing activities, compared to ¥459,863,974.67 in the previous period[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,367[13] - The largest shareholder, Li Youcai, holds 12.69% of shares, totaling 22,124,190 shares, with 5,741,192 shares pledged[13] - Liu Zuobin, the second-largest shareholder, owns 9.63% of shares, amounting to 16,782,152 shares, with 6,664,192 shares pledged[13] - Jiang Meizhu holds 9.50% of shares, totaling 16,552,934 shares, with no shares pledged[13] - The fifth-largest shareholder, Yibin Chenda New Energy, holds 3.58% of shares, equating to 6,239,600 shares[13] - Hubei Railway Development Fund holds 3.15% of shares, totaling 5,492,104 shares[13] - The top ten shareholders collectively hold a significant portion of the company's equity, with the largest three shareholders alone accounting for over 31%[13] - The company has a total of 0 preferred shareholders with voting rights restored[15] - There are no changes in the number of shares lent or returned through margin trading among the top ten shareholders[14] - The company has a limit on the number of shares that can be sold, with specific shareholders having shares under lock-up agreements until certain dates[16] Expenses and Provisions - The company reported a 383.32% increase in credit impairment losses, amounting to ¥1,644,790.34, due to increased provisions for bad debts[11] - Research and development expenses were ¥115,918,787.97, down from ¥129,397,529.01, reflecting a decrease of 10.4%[23] - The company raised ¥629,499,996.16 from new investments during the current period[27] Financing Activities - The company completed a private placement, resulting in a 100.03% increase in capital reserves to ¥1,201,185,967.50[8] - The net cash flow from financing activities was ¥464,576,851.89, a 533.94% increase, primarily due to funds raised from the private placement[12] - The company experienced a 76.10% decrease in receivables financing, attributed to a reduction in A-rated bill settlements[8] - Long-term borrowings increased to CNY 140,000,000.00 from CNY 43,000,000.00, representing a significant rise of about 225.6%[21]

Financial Performance - Total revenue for the third quarter was CNY 1,609,080,198.95, a decrease of 3.44% compared to the same period last year[3] - Net profit attributable to shareholders was CNY 7,426,670.70, down 30.43% year-on-year[3] - Basic earnings per share for the third quarter was CNY 0.0104, reflecting a decrease of 30.43% compared to the previous year[3] - Total operating revenue for the first three quarters of 2025 reached ¥3,132,941,816.45, a 3.4% increase from ¥3,029,494,180.24 in the same period of 2024[18] - Operating profit for the first three quarters of 2025 was ¥18,129,438.93, compared to ¥13,767,595.21 in 2024, reflecting a significant improvement[19] - Net profit for the first three quarters of 2025 was ¥11,874,354.74, down from ¥14,219,398.53 in 2024, indicating a decrease of approximately 16.5%[19] - The basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.0166, compared to ¥0.0198 in 2024, reflecting a decrease of 16.2%[19] - Other comprehensive income after tax for the first three quarters of 2025 was ¥25,437,422.41, compared to a loss of ¥4,078,143.46 in 2024, indicating a significant turnaround[19] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 16,304,724,666.40, an increase of 6.16% from the end of the previous year[4] - Total assets increased to ¥16,304,724,666.40 in 2025 from ¥15,358,973,279.99 in 2024, marking a growth of 6.1%[16] - Total liabilities rose to ¥10,937,342,086.98 in 2025, up from ¥10,024,596,865.51 in 2024, representing an increase of 9.1%[16] - The total current assets as of September 30, 2025, amounted to RMB 14,473,636,987.20, an increase from RMB 13,536,757,422.57 as of December 31, 2024, reflecting a growth of approximately 6.9%[14] - The company's total equity increased to ¥5,367,382,579.42 in 2025 from ¥5,334,376,414.48 in 2024, showing a growth of 0.6%[16] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 232,539,894.54, up 55.44% compared to the same period last year[5] - Cash flow from operating activities for the first three quarters of 2025 was ¥2,487,113,735.25, a decrease from ¥2,657,315,051.64 in 2024, reflecting a decline of 6.4%[21] - Net cash flow from operating activities was $232.54 million, an increase from $149.60 million year-over-year[22] - The net increase in cash and cash equivalents was $205.21 million, compared to $94.22 million in the previous period[22] - The ending balance of cash and cash equivalents was $378.83 million, down from $878.43 million year-over-year[22] Investments and Expenses - Research and development expenses for the first three quarters of 2025 were ¥33,999,168.04, down from ¥43,275,463.77 in 2024, indicating a reduction of 21.4%[18] - The company's long-term equity investments slightly decreased to RMB 386,694,743.42 from RMB 389,800,632.46, a decline of about 0.8%[14] - Cash outflow from financing activities was $12.19 million, up from $10.76 million in the previous period[22] - Total cash outflow from investing activities amounted to $15.12 million, compared to $45.20 million in the previous period[22] - Net cash flow from investing activities was -$15.08 million, improving from -$44.57 million year-over-year[22] Shareholder Information - The company reported a total of 313,883,294 shares held by China Aviation Technology Industry Company, accounting for 43.77% of total shares[10] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder being a state-owned entity[10] - There were no changes in the participation of major shareholders in margin financing and securities lending activities[11] Operational Insights - The company has not reported any significant changes in its operational strategies or market expansion plans during the reporting period[12] - Sales expenses rose by 66.85% year-to-date, attributed to an increase in sales personnel[7] - The company reported a decrease of 49.86% in accounts receivable, reflecting the collection of overdue payments[7] - Accounts receivable rose to RMB 5,671,794,025.17, up from RMB 4,133,710,141.07, indicating an increase of approximately 37.3%[14] - Inventory levels increased to RMB 3,396,951,105.83 from RMB 3,038,081,378.92, showing a growth of around 11.8%[14] - The total non-current assets were reported at RMB 1,719,000,000, with fixed assets valued at RMB 1,119,854,757.47, down from RMB 1,170,334,575.72, reflecting a decrease of approximately 4.3%[14] - The weighted average return on equity decreased by 0.06 percentage points to 0.14%[3] - The company's cash and cash equivalents increased by 118.20%, primarily due to the collection of receivables[7]

Financial Performance - The company's operating revenue for the third quarter was CNY 4,784,472,990.92, a slight increase of 0.04% compared to the same period last year[4] - The total profit for the quarter was a loss of CNY 109,341,128.99, representing a decline of 189.48% year-on-year[4] - The net profit attributable to shareholders was a loss of CNY 8,021,583.45, down 106.27% from the previous year[4] - The net profit after deducting non-recurring gains and losses for the quarter was a loss of CNY 25,688,910.79, a decrease of 122.16% compared to the same period last year[4] - Total operating revenue for the first three quarters of 2025 reached CNY 16.85 billion, an increase of 2.87% compared to CNY 16.38 billion in the same period of 2024[18] - Total operating costs for the first three quarters of 2025 were CNY 16.57 billion, up 3.19% from CNY 16.05 billion in 2024[18] - Net profit for the first three quarters of 2025 was CNY 9.05 million, a significant decrease of 97.37% compared to CNY 344.41 million in 2024[20] - The company's operating profit for the first three quarters of 2025 was CNY 155.33 million, down 68.11% from CNY 485.12 million in the same period of 2024[20] - Earnings per share for the first three quarters of 2025 were CNY 0.18, compared to CNY 0.41 in the same period of 2024[21] Cash Flow and Assets - The cash flow from operating activities for the year-to-date was CNY 957,187,837.66, an increase of 2.09%[5] - Cash inflow from operating activities for the first three quarters of 2025 was approximately ¥17.99 billion, an increase of 3.57% compared to ¥17.37 billion in the same period of 2024[22] - The total cash and cash equivalents at the end of Q3 2025 was approximately ¥3.14 billion, down from ¥3.45 billion at the end of Q3 2024[23] - The company received cash from sales of goods and services amounting to approximately ¥17.75 billion in the first three quarters of 2025, compared to ¥17.06 billion in 2024, reflecting a growth in sales[22] - Cash paid for purchasing goods and services was approximately ¥13.58 billion in 2025, an increase from ¥12.96 billion in 2024, indicating higher operational costs[22] - The cash flow from operating activities net amount was approximately ¥957.19 million in 2025, slightly up from ¥937.61 million in 2024[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 13,787,932,545.96, a decrease of 7.37% from the end of the previous year[5] - As of September 30, 2025, the total assets of Shanghai Guangming Meat Industry Group Co., Ltd. amounted to CNY 13,787,932,545.96, a decrease from CNY 14,885,174,768.82 as of December 31, 2024[13] - The company's current assets totaled CNY 7,624,546,434.50, down from CNY 8,768,684,733.89 in the previous period[13] - Total liabilities decreased to CNY 6.98 billion in 2025 from CNY 8.17 billion in 2024, indicating improved financial stability[18] - Total equity increased to CNY 6.81 billion in 2025 from CNY 6.71 billion in 2024, reflecting a positive trend in shareholder value[18] Profitability and Expenses - The basic earnings per share for the quarter was -CNY 0.01, a decline of 106.11% year-on-year[5] - The weighted average return on net assets was -0.16%, a decrease of 2.67 percentage points compared to the previous year[5] - Financial expenses increased significantly to CNY 95.55 million in 2025 from CNY 2.42 million in 2024, primarily due to increased interest expenses[18] - Investment income for the first three quarters of 2025 was CNY 80.58 million, up 66.06% from CNY 48.51 million in 2024[18] - Other comprehensive income after tax for the first three quarters of 2025 was CNY 38.12 million, compared to a loss of CNY 50.27 million in 2024[20] Operational Challenges - The decline in profits was primarily attributed to the poor performance of the pig farming segment and asset impairment provisions due to litigation[9] - Cash received from investment income was approximately ¥67.94 million in 2025, a decrease from ¥77.41 million in 2024[23] - The company reported a cash inflow from the disposal of fixed assets of approximately ¥2.94 million in 2025, down from ¥103.25 million in 2024[23] Shareholder and Structural Changes - The company has not reported any significant changes in its shareholder structure or related party transactions during the reporting period[12] - The company did not apply new accounting standards for the year 2025[24]

Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,220,494,601.40, representing an increase of 8.54% year-over-year[3]. - The total profit for the period decreased by 47.93% to CNY 53,381,670.02, while the net profit attributable to shareholders fell by 45.76% to CNY 51,227,001.17[3][7]. - The net profit excluding non-recurring gains and losses for Q3 2025 was CNY 50,684,752.78, down 44.38% year-over-year[3][8]. - Total operating revenue for the first three quarters of 2025 reached ¥3,288,050,831.32, an increase of 10.1% compared to ¥2,986,808,837.66 in the same period of 2024[17]. - Net profit for the first three quarters of 2025 was ¥161,957,452.35, a decrease of 46.4% from ¥301,567,266.86 in the same period of 2024[19]. - The company's operating profit for the first three quarters of 2025 was ¥176,878,446.02, down 46.6% from ¥331,430,073.83 in 2024[18]. - Earnings per share for the first three quarters of 2025 were ¥0.33, compared to ¥0.62 in the same period of 2024[20]. - The company reported a total comprehensive income of ¥139,052,294.27 for the first three quarters of 2025, down from ¥292,082,132.48 in 2024[19]. Cash Flow and Liquidity - The net cash flow from operating activities showed a significant decline of 95.29%, amounting to CNY 12,380,963.61 year-to-date[3][8]. - Cash flow from operating activities for the first three quarters of 2025 was ¥12,380,963.61, a significant decrease from ¥262,716,738.41 in 2024[20]. - The company has seen a significant reduction in cash flow due to fluctuations in earnings and increased operational capital investments[8]. - The company reported a decrease in cash and cash equivalents from CNY 1,255,126,077.63 to CNY 710,918,425.31, suggesting potential liquidity concerns[13]. - The ending balance of cash and cash equivalents decreased to 573,990,258.29 CNY from 1,082,039,413.97 CNY, reflecting a significant reduction in liquidity[21]. - The net cash flow from financing activities was -299,715,594.73 CNY, compared to -94,618,270.44 CNY previously, indicating increased financial strain[21]. Assets and Liabilities - The company's total assets increased slightly by 0.57% to CNY 5,242,364,612.50 compared to the end of the previous year[4]. - Current assets decreased to CNY 3,213,562,679.39 from CNY 3,403,070,437.32, primarily due to a reduction in cash and cash equivalents[13]. - Accounts receivable increased to CNY 1,422,012,602.53, up from CNY 1,270,190,338.25, indicating improved sales performance[13]. - Inventory rose significantly to CNY 871,715,105.65 from CNY 575,079,976.46, reflecting increased production or stockpiling[13]. - Total liabilities increased slightly to CNY 2,141,026,226.67 from CNY 2,118,733,593.52, indicating stable financial leverage[14]. - The total liabilities of the company as of the reporting date were ¥2,224,022,271.28, slightly up from ¥2,202,846,027.47 in the previous year[15]. - The total equity attributable to shareholders reached ¥3,018,342,341.22, a marginal increase from ¥3,009,616,326.95 in 2024[15]. Operational Insights - The decline in profits was primarily attributed to pricing pressures and exchange rate losses in the U.S. market[7]. - The company reported a comprehensive gross margin increase of 1.77 percentage points compared to the previous quarter[4]. - Research and development expenses for the first three quarters of 2025 amounted to ¥122,725,427.91, an increase of 25.9% from ¥97,509,358.84 in 2024[18]. - The company has not reported any significant changes in major shareholders or their holdings during the reporting period[12]. - There are no significant reminders or additional important information regarding the company's operational status during the reporting period[12]. Investment Activities - Net cash flow from investment activities was -329,865,298.95 CNY, compared to -190,780,314.05 CNY in the previous period, indicating a decline in investment performance[21]. - Cash inflow from investment activities totaled 1,673,254,875.82 CNY, down from 2,245,641,236.82 CNY, indicating a decrease in investment returns[21]. - Cash outflow for capital expenditures was 468,104,043.17 CNY, slightly up from 444,721,550.87 CNY, showing continued investment in fixed assets[21]. Accounting Standards - The company did not adopt new accounting standards starting from 2025, maintaining consistency in financial reporting[22].