Financial Performance - The company's operating revenue for Q3 2025 was ¥197,080,126.84, representing a year-on-year increase of 0.12%[4] - The total profit for the period reached ¥18,180,866.15, reflecting a growth of 1.07% compared to the same quarter last year[4] - The net profit attributable to shareholders was ¥15,037,787.94, which is an increase of 7.87% year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥14,338,981.75, up by 10.92% from the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥669,078,949.90, an increase of 10.5% compared to ¥605,578,304.43 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥76,562,551.40, representing a significant increase of 50.7% from ¥50,876,701.46 in the same period of 2024[20] - Earnings per share for the first three quarters of 2025 were ¥0.32, compared to ¥0.22 in 2024, indicating a 45.5% increase[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥1,801,709,388.07, marking a 6.99% increase from the end of the previous year[5] - The total liabilities as of the end of the reporting period were ¥427,350,166.10, up from ¥376,354,066.68 in the previous year, marking a 13.5% increase[18] - The equity attributable to shareholders reached ¥1,374,359,221.97, which is a 5.11% increase compared to the end of the previous year[5] - The total equity attributable to shareholders reached ¥1,374,359,221.97, an increase from ¥1,307,594,699.82 in 2024, reflecting a growth of 5.1%[18] Cash Flow - The company's cash and cash equivalents reached RMB 495,255,184.39, up from RMB 321,104,983.93 at the end of 2024, indicating a significant increase of about 54.1%[15] - Operating cash inflow totaled approximately ¥741.46 million, an increase from ¥681.88 million year-over-year[25] - Net cash flow from operating activities was ¥99.67 million, up from ¥88.32 million in the previous period[25] - Cash inflow from financing activities was ¥228.64 million, down from ¥248.41 million year-over-year[27] - The company's cash and cash equivalents at the end of the period stood at ¥380.68 million, down from ¥456.73 million last year[27] Shareholder Information - The company has a significant shareholder, 汇投控股集团有限公司, holding 45.14% of the shares, with 106,471,817 shares pledged[12] - The top ten shareholders collectively hold a substantial portion of the company's shares, with the largest shareholder having a significant influence on corporate decisions[12] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[13] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥14,339,429.30, slightly up from ¥13,891,839.81 in 2024, indicating a focus on innovation[19] - The company has not disclosed any new strategies or significant developments in product or technology research during the reporting period[14] Inventory and Receivables - The company's inventory decreased to RMB 159,730,375.71 from RMB 167,060,974.49, showing a decline of about 4.0%[16] - The company’s receivables from accounts increased slightly to RMB 198,880,021.43 from RMB 197,085,584.17, reflecting a growth of about 0.9%[15] Other Comprehensive Income - The company reported a significant increase in other comprehensive income, which totaled ¥18,508,039.59 for the first three quarters of 2025, compared to ¥11,258,164.70 in 2024[21]

Financial Performance - The company's operating revenue for Q3 2025 was ¥199,499,675.12, a decrease of 1.20% compared to the same period last year[4] - Net profit attributable to shareholders was ¥25,224,188.92, down 0.66% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥24,057,487.98, an increase of 4.83%[4] - Year-to-date net profit attributable to shareholders decreased by 29.79% to ¥61,237,191.89, with a year-to-date net profit after deducting non-recurring gains and losses down 32.92% to ¥55,747,458.88[4] - The basic earnings per share for Q3 2025 was ¥0.2516, reflecting a decrease of 29.02% year-on-year[4] - The company's total revenue for the current period was ¥474,699,003.68, a decrease from ¥515,437,677.92 in the previous period[22] - The net profit for the current period is 61,237,191.89, a decrease of 29.7% compared to 87,217,627.82 in the previous period[24] - Operating profit for the current period is 70,754,205.79, down 30.4% from 101,708,070.84 in the previous period[24] - The total comprehensive income for the current period is 52,341,319.00, compared to 87,088,190.74 in the previous period, reflecting a significant decline[24] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,608,237,355.39, an increase of 6.89% from the end of the previous year[4] - The company's total assets as of September 30, 2025, amounted to ¥1,608,237,355.39, an increase from ¥1,504,563,452.76 at the beginning of the period[19][21] - Total current assets increased to ¥1,259,725,087.20 from ¥1,202,643,601.10[19] - Total liabilities rose to ¥175,327,557.61 from ¥85,914,916.07[21] - The company's retained earnings increased to ¥410,482,826.10 from ¥379,318,114.20[21] Cash Flow - The company reported a significant increase in cash flow from operating activities, with a net cash flow of ¥83,465,280.76, up 364.28% year-to-date[4] - Cash flow from operating activities generated a net amount of 83,465,280.76, a turnaround from a negative cash flow of -31,582,605.36 in the previous period[27] - Cash inflow from investment activities totaled 2,017,274,799.20, an increase from 1,864,742,499.15 in the previous period[27] - Cash outflow from investment activities was 2,104,141,539.29, compared to 1,899,995,705.55 in the previous period, indicating increased investment spending[27] - The ending cash and cash equivalents balance is 821,872,083.72, down from 861,367,184.03 at the end of the previous period[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,429[9] - The largest shareholder, Jiaxing Hengmao Enterprise Management Co., Ltd., holds 38.13% of the shares, totaling 38,220,150 shares[10] - Wang Jianping, a significant shareholder, holds 12.48% of the shares, amounting to 12,511,725 shares, with 9,383,794 shares under lock-up[10] - Wang Jianhong holds 9.37% of the shares, totaling 9,390,675 shares, with 7,043,006 shares under lock-up[10] - Wang Xiaoyang, another key shareholder, owns 4.94% of the shares, which is 4,954,200 shares, with 3,715,650 shares under lock-up[10] - The company has a total of 20,179,950 shares that were newly restricted during the reporting period[12] - The company has not disclosed any changes in the shareholding structure of the top 10 shareholders due to margin trading activities[10] Share Repurchase - The company plans to repurchase shares using between RMB 25 million and RMB 50 million, at a price not exceeding RMB 36.50 per share, within 12 months from the board's approval date[13] - The maximum repurchase price for shares has been adjusted to RMB 36.20 per share due to dividend distributions[14] - The company repurchased a total of 1,091,800 shares, accounting for 1.08% of the total share capital, with a total transaction amount of ¥25,047,815.46[15] - The share repurchase price ranged from a minimum of ¥19.65 to a maximum of ¥26.25 per share[15] - Following the repurchase, the company decided to cancel the repurchased shares, reducing the total share capital from ¥101,333,400 to ¥100,241,600[16] Organizational Changes - The company adjusted its organizational structure, eliminating the supervisory board and introducing a worker representative director position[17] Tax and Expenses - The company reported a tax expense of 9,437,837.56, down from 14,752,599.70 in the previous period, reflecting a lower tax burden[24] - Research and development expenses for the current period were 14,859,224.54, a decrease from 16,649,026.57 in the previous period[24] Market Impact - The decline in net profit was primarily attributed to the impact of the US-China trade war, increased competition, and a reduction in export tax rebate rates from 13% to 9%[7] Foreign Exchange - The company experienced a foreign exchange loss of -8,895,872.89, compared to a loss of -129,437.08 in the previous period, indicating increased volatility in currency exchange[24]

Financial Performance - Revenue for Q3 2025 was ¥54,941,098.61, a decrease of 30.10% compared to the same period last year[4] - Net profit attributable to shareholders was -¥6,053,967.38, a decline of 1.89% year-over-year[4] - The company reported a net cash flow from operating activities of -¥107,047,029.72, a decrease of 332.81% year-to-date[4] - Operating income decreased by ¥80,449,514.04, a decline of 30.82% attributed to reduced product sales[10] - Total operating revenue for the period was ¥180,538,395.51, a decrease of 30.8% compared to ¥260,987,909.55 in the previous period[34] - The net profit for the current period is -37,879,165.05, compared to -9,364,956.52 in the previous period, indicating a significant increase in losses[35] - Operating profit for the current period is -37,392,767.69, compared to -8,614,783.75 in the previous period, reflecting a worsening operational performance[35] - Total comprehensive income for the current period is -53,467,389.71, compared to 16,012,131.45 in the previous period, showing a substantial decline[36] - Cash flow from operating activities shows a net outflow of -107,047,029.72, compared to -24,733,298.84 in the previous period, indicating increased cash burn[38] Assets and Liabilities - Total assets increased to ¥1,263,925,202.35, reflecting a growth of 9.94% from the end of the previous year[5] - Total assets reached ¥1,263,925,202.35, up from ¥1,149,607,757.17, reflecting a growth of 9.9%[32] - Total liabilities increased to ¥404,224,404.94 from ¥232,846,415.32, a rise of 73.3%[32] - The company's total equity decreased to ¥859,700,797.41 from ¥916,761,341.85, a decline of 6.2%[32] Cash and Cash Equivalents - Cash and cash equivalents increased by ¥104,087,711.75, a rise of 193.07% due to new investments received[9] - Cash and cash equivalents increased to ¥157,998,891.79 from ¥53,911,180.04, representing a growth of 192.5%[30] - Cash and cash equivalents at the end of the period amount to 157,410,459.27, up from 42,731,525.34 in the previous period, reflecting improved liquidity[38] Accounts Receivable and Inventory - Accounts receivable increased by ¥11,722,383.16, up 8,071.18% primarily due to reduced bank acceptance bill payments[9] - Accounts receivable decreased to ¥33,804,624.73 from ¥38,928,239.79, a decline of 13.5%[30] - Inventory rose to ¥30,096,329.85 from ¥22,181,013.09, an increase of 35.9%[31] Expenses - Financial expenses surged by ¥4,721,576.68, an increase of 11,906.93% due to the recognition of financial liabilities related to share repurchase obligations[10] - Research and development expenses for the same period were 82.60 million yuan, down 24.99% from 110.13 million yuan in 2024[17] - Research and development expenses for the current period are 58,104,013.78, down from 77,690,259.04 in the previous period, suggesting a reduction in investment in innovation[35] - Sales expenses decreased to 89,004,469.80 from 114,566,444.96, indicating cost-cutting measures in sales operations[35] Tax and Other Income - Income tax expenses increased by CNY 79,212.36, a growth of 11,527.33% year-over-year, primarily due to accelerated depreciation of fixed assets leading to deferred income tax[11] - Other comprehensive income after tax changed from CNY 25,377,087.97 in the same period last year to CNY -15,588,224.66 this period, a change of CNY -40,965,312.63, representing a 161.43% change, mainly due to fair value changes of other equity instruments[11] - Cash received from sales of goods and services decreased by CNY 102,998,067.71, a decline of 38.75% year-over-year, primarily due to reduced product sales[11] - Cash received from tax refunds decreased by CNY 1,574,494.77, a decline of 89.44% year-over-year, mainly due to last year's receipt of tax refunds[11] - Cash received from other operating activities decreased by CNY 2,254,077.84, a decline of 42.93% year-over-year, primarily due to reduced cash flow from operating activities[11] - Cash received from investment income decreased by CNY 474,528.17, a decline of 93.42% year-over-year, mainly due to reduced income from other equity investments[11] - Cash received from the disposal of fixed assets increased by CNY 1,643,966.32, an increase of 1,007.76% year-over-year, primarily due to increased disposals of fixed assets[11] - Cash received from investments increased from CNY 0 to CNY 133,333,300.00, primarily due to investments received from Wuxi Jinyi Yuanli Equity Investment Partnership[11] - Cash received from borrowings increased from CNY 0 to CNY 41,644,342.43, primarily due to bank loans received this period[11] - Cash received from other financing activities increased by CNY 50,340,840.00, an increase of 308.35% year-over-year, mainly due to the disposal of partial subsidiary equity without losing control[11] Clinical Trials and Product Development - The STSA-1002 injection for acute respiratory distress syndrome showed preliminary efficacy with a 28-day all-cause mortality rate of 26.67% in the low-dose group, compared to 40.00% in the control group[22] - The BDB-001 injection for ANCA-associated vasculitis demonstrated a 12-week partial remission rate of 76.5% in the high-dose group, comparable to the standard treatment group[23] - The overall incidence of serious adverse events for BDB-001 was 24.7%, with the lowest rate in the low-dose group at 6.3%[23] - The company plans to advance the Phase III clinical trial for BDB-001 based on current data indicating significant clinical benefits[23] - The STSP-0902 eye drops showed good safety and tolerability in healthy subjects, supporting further clinical trials in patients with neurotrophic keratitis[24] Corporate Governance and Plans - The company announced a board meeting to elect a non-independent director, maintaining the number of independent directors at three[25] - The company approved a plan for a targeted stock issuance to specific investors during the board meeting held on September 8, 2025[25] - The company announced plans for a private placement of shares, pending approval from regulatory authorities[26] - The election of Mr. Zheng Hong as the employee representative director was confirmed, ensuring compliance with legal requirements[27] Audit and Reporting - The company has not undergone an audit for the third quarter financial report[39]

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,106,846,589.32, representing a 7.74% increase compared to the same period last year[4] - The net profit attributable to shareholders was a loss of ¥2,315,310.58, a decline of 111.92% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥2,662,222.63, down 116.83% from the previous year[4] - The basic earnings per share for the period was -¥0.006, a decrease of 111.11% compared to the same period last year[4] - The company's net profit for the period was -¥29,246,032.74, a decrease of 145.32% compared to ¥64,527,512.52 in the previous year[10] - Total revenue for the current period is ¥2,635,945,220.79, a decrease of 9.7% from ¥2,918,958,361.82 in the previous period[21] - Net profit for the current period is a loss of ¥29,246,032.74, compared to a profit of ¥64,527,512.52 in the previous period, indicating a significant decline[22] - The total comprehensive income for the period was -28,269,401.49, compared to 66,553,149.18 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,412,385,478.50, an increase of 11.11% from the end of the previous year[4] - Total liabilities increased by 46.02% to ¥1,167,216,263.93 from ¥799,354,245.41, primarily due to an increase in bank loans[9] - Current liabilities rose to ¥830,864,305.15, up from ¥658,183,954.29, marking an increase of 26.2%[20] - Long-term borrowings increased significantly to ¥296,513,664.72 from ¥122,388,155.44, a rise of 142.2%[20] - The total equity attributable to shareholders decreased to ¥2,121,413,118.85 from ¥2,149,780,588.96, a decline of 1.3%[20] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥84,683,401.15, a decline of 220.77% year-to-date[4] - Cash flow from operating activities was -¥84,683,401.15, a significant decrease of 220.77% compared to ¥70,119,288.45 last year[10] - The net cash flow from operating activities was -84,683,401.15, a decrease from 70,119,288.45 in the previous period[26] - Cash inflow from operating activities totaled 2,923,062,378.45, down from 3,308,295,821.23 in the previous period[26] - Cash outflow from operating activities was 3,007,745,779.60, compared to 3,238,176,532.78 in the previous period[26] - The net cash flow from investing activities was -197,501,004.65, an improvement from -399,619,175.85 in the previous period[26] - Cash inflow from financing activities was 546,588,275.48, compared to 169,989,970.75 in the previous period[26] - The net cash flow from financing activities was 308,282,826.88, a significant increase from -386,908,406.45 in the previous period[26] Inventory and Prepayments - The company's inventory increased by 49.02% to ¥260,816,836.03, primarily due to increased raw material demand from new projects[7] - The company's prepayments increased by 205.30% to ¥95,733,047.31, mainly due to higher advance payments for raw material purchases[7] Shareholder Information - The company had a total of 20,599 common shareholders at the end of the reporting period[14] - The largest shareholder, China Petroleum & Chemical Corporation, holds 22.82% of the shares, amounting to 84,304,748 shares[14] - The total number of shares held by the top ten shareholders does not include any shares lent through margin trading[16] Other Financial Metrics - The weighted average return on net assets was -0.11%, a decrease of 1.05% compared to the previous year[4] - The company reported a decrease in interest income by 53.78% to ¥1,363,017.99, attributed to a reduction in interest from cash balances[9] - The deferred income increased by 187.57% to ¥29,104,873.48, mainly due to an increase in government grants related to assets[9] - The company reported a significant foreign exchange gain of 660.58% due to fluctuations in the USD exchange rate, resulting in a gain of ¥254,380.94[12] - Research and development expenses for the current period are ¥46,122,403.53, slightly up from ¥45,080,787.22, indicating a focus on innovation[22] - The company underwent periodic maintenance for its production facilities, which impacted the production and sales volume of major products, affecting profits[17]

Revenue and Profit - The company's revenue for Q3 2025 was CNY 326.79 million, a decrease of 5.37% compared to the same period last year, and a total revenue of CNY 985.12 million for the first nine months, down 10.11% year-on-year[6]. - The total profit for Q3 2025 was CNY 21.20 million, an increase of 17.71% year-on-year, while the net profit attributable to shareholders was CNY 20.97 million, up 42.42% compared to the same period last year[6][8]. - Total operating revenue for the first three quarters of 2025 was CNY 985.12 million, a decrease of 10.09% compared to CNY 1,095.96 million in the same period of 2024[21]. - Net profit for the first three quarters of 2025 was CNY 84.64 million, down 16.93% from CNY 101.92 million in 2024[22]. - Operating profit for the first three quarters of 2025 was CNY 91.44 million, a decline of 21.54% compared to CNY 116.52 million in 2024[21]. - Basic earnings per share for the first three quarters of 2025 were CNY 0.0794, down from CNY 0.0890 in 2024, reflecting a decrease of 8.99%[23]. Costs and Expenses - Total operating costs decreased to CNY 950.08 million in 2025 from CNY 1,033.27 million in 2024, representing a reduction of 8.06%[21]. - Research and development expenses for the first three quarters of 2025 were CNY 57.64 million, a decrease of 7.93% from CNY 62.47 million in 2024[21]. - Sales expenses increased to CNY 38.03 million in 2025 from CNY 27.97 million in 2024, representing a rise of 36.06%[21]. Revenue Breakdown - Revenue from clean air materials decreased by 15.23% year-on-year, while revenue from energy-efficient materials fell by 11.67%, primarily due to a decline in VIP board and cotton sales[8]. - The revenue from dust-free air conditioning products increased by 40.05% year-on-year, reflecting the company's efforts in market expansion and product innovation[8]. Cash Flow and Liquidity - The net cash flow from operating activities for the first nine months was CNY 260.66 million, an increase of 60.51% year-on-year[7][13]. - Cash flow from operating activities generated CNY 260.66 million in 2025, an increase of 60.49% compared to CNY 162.39 million in 2024[25]. - Cash inflow from operating activities totaled CNY 976.93 million, down from CNY 1,029.72 million in 2024, a decrease of 5.13%[25]. - The total cash and cash equivalents at the end of the period reached $538,581,350.76, an increase of 23.9% from $434,896,392.64[26]. - Cash outflow for financing activities was $20,737,120.58, down from $69,863,356.66, indicating a reduction of 70.3%[26]. Assets and Liabilities - The total assets at the end of Q3 2025 were CNY 3.19 billion, an increase of 2.59% from the end of the previous year[7]. - As of September 30, 2025, the total current assets amounted to RMB 1,883,068,933.27, an increase from RMB 1,746,169,646.48 as of December 31, 2024, reflecting a growth of approximately 7.85%[18]. - The total liabilities decreased slightly to RMB 861,864,081.85 from RMB 879,586,312.37, indicating a reduction of approximately 2.6%[20]. - The company's equity attributable to shareholders rose to RMB 2,279,874,770.59 from RMB 2,184,510,532.65, marking an increase of approximately 4.36%[20]. - The accounts receivable decreased to RMB 516,118,813.03 from RMB 611,333,438.04, a decline of about 15.6%[18]. - The inventory increased to RMB 178,979,389.97 from RMB 166,329,375.40, reflecting a growth of approximately 7.8%[18]. - The company's total non-current assets decreased to RMB 1,302,206,973.62 from RMB 1,358,802,966.82, indicating a reduction of approximately 4.2%[19]. Investment and Financing Activities - The company reported a decrease in investment income from joint ventures by CNY 13.54 million compared to the same period last year[8]. - Investment income for the first three quarters of 2025 was CNY 2.66 million, a significant drop from CNY 17.10 million in 2024[21]. - The net cash flow from investment activities was $26,820,190.35, a decrease of 78.4% compared to $124,419,388.84 in the previous period[26]. - Cash inflow from financing activities totaled $5,944,000.00, up from $2,078,499.50, representing an increase of 186.5%[26]. - The net cash flow from financing activities was -$14,793,120.58, an improvement from -$67,784,857.16 in the previous period[26]. Market and Strategic Initiatives - The company has been actively exploring new markets and applications, which contributed to the growth in specific product lines despite overall revenue decline[8]. - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[27].

证券代码：300625 证券简称：三雄极光 公告编号：2025-053 广东三雄极光照明股份有限公司 2025 年第三季度报告 广东三雄极光照明股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 广东三雄极光照明股份有限公司 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 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 期增减 | | 上年同期增减 | | 营业收入（元） | 512,977,173.28 | ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥76,231,043.79, a decrease of 10.21% compared to the same period last year[4] - The net profit attributable to shareholders was -¥7,981,457.60, an increase of 10.67% year-on-year, while the net profit after deducting non-recurring gains and losses was -¥7,723,092.55, a decrease of 47.69%[4] - The total operating revenue for the current period is CNY 228,305,775.20, a decrease of 25.6% compared to CNY 306,835,789.08 in the previous period[20] - The operating profit for the current period is CNY 97,259,904.67, compared to a loss of CNY 3,202,585.73 in the previous period, indicating a significant turnaround[21] - The net profit for the current period is CNY 97,195,012.22, a recovery from a net loss of CNY 3,459,530.47 in the previous period[21] - The total comprehensive income attributable to the parent company is ¥97,195,012.22, showing a significant recovery from a loss of ¥2,861,149.28 in the prior period[22] - Basic and diluted earnings per share are both ¥0.1313, an improvement from a loss of ¥0.0056 per share in the previous period[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,213,947,013.65, down 13.40% from the end of the previous year[4] - The company's total assets as of September 30, 2025, are CNY 1,213,947,013.65, down from CNY 1,401,768,368.44 at the beginning of the period, representing a decrease of 13.4%[18] - The total liabilities decreased to CNY 92,772,945.76 from CNY 429,587,364.82, a reduction of 78.4%[18] - The company's cash and cash equivalents decreased to CNY 587,809,931.97 from CNY 743,850,694.68, a decline of 21.0%[17] - The inventory level decreased to CNY 52,774,054.96 from CNY 70,128,529.14, reflecting a reduction of 24.8%[17] Cash Flow - The cash flow from operating activities was ¥23,548,958.18, a decrease of 34.35% compared to the same period last year, mainly due to reduced sales receipts[10] - Cash flow from operating activities generated a net cash inflow of ¥23,548,958.18, down from ¥35,870,275.86 in the previous period[24] - Cash inflow from investment activities totaled ¥209,132,163.04, a substantial increase from ¥2,026,063.67 in the prior period[24] - The net cash flow from investment activities is ¥144,780,598.41, recovering from a net outflow of ¥5,107,308.62 in the previous period[24] - Cash and cash equivalents at the end of the period decreased to ¥573,431,601.51 from ¥689,103,730.30 in the previous period[25] - The company repaid debts amounting to ¥277,225,300.00 during the financing activities, compared to ¥50,000,000.00 in the previous period[24] - The total cash outflow from financing activities was ¥314,596,678.34, significantly higher than ¥61,901,761.80 in the prior period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 91,465[12] - The largest shareholder, Ningbo Fubon Holdings Group, holds 11.99% of shares, totaling 89,420,000 shares[12] - A share transfer agreement was signed on October 13, 2025, involving the transfer of 14.61% of shares (108,945,566 shares) at a price of 8.26 CNY per share, totaling 900 million CNY[13] - After the share transfer, the controlling shareholder will change from Fubon Group to Xinghao Holdings[13] - The company plans to issue A-shares to specific investors, including Zhejiang Xinghao Holdings, pending approval from the shareholders' meeting and regulatory bodies[14] - The share transfer will result in a change of actual control from a management team to Qiu Zhongxun[13] - The top ten shareholders hold a significant portion of shares, with the top two alone accounting for 14.61%[12] - The company has not disclosed any changes in the status of preferred shareholders or their holdings[12] Regulatory and Risk Factors - The share transfer and issuance are subject to regulatory approval, which introduces uncertainty[14] - Investors are advised to analyze the situation carefully due to potential risks associated with the changes in control and share issuance[13] Other Income and Expenses - The company reported a significant increase in investment income of ¥150,238,252.18, up 847.65% year-on-year, primarily due to the sale of its subsidiary[9] - The company’s financial expenses increased by 69.97% to ¥27,893,904.81, mainly due to interest payments on convertible bonds[9] - The company reported a significant increase in other income of ¥5,509,405.28, up 118.12% year-on-year, primarily due to increased government subsidies[9] - The weighted average return on net assets was -0.71%, a decrease of 0.71% year-on-year[4] - The company’s basic and diluted earnings per share were both -¥0.0107, an increase of 25.17% compared to the same period last year[4] Organizational Changes - The company has completed the registration procedures for the change of its subsidiary structure, transitioning from a secondary to a primary subsidiary[15] - The company plans to optimize its organizational structure and improve operational efficiency through the proposed subsidiary changes[15]

Revenue and Profit - The company's revenue for Q3 2025 reached ¥325,311,829.04, representing a 22.08% increase year-over-year[5]. - Net profit attributable to shareholders decreased by 12.36% to ¥22,402,590.52 for the quarter, and by 19.96% to ¥56,895,551.27 year-to-date[5]. - Total operating revenue for the current period reached ¥822,206,369.57, an increase of 15.4% compared to ¥712,373,416.74 in the previous period[16]. - Net profit for the current period was ¥56,895,551.27, a decrease of 19.9% from ¥71,087,991.07 in the previous period[17]. - Basic and diluted earnings per share fell by 33.77% to ¥0.51, primarily due to an increase in the number of shares following the company's public offering[5][8]. - Basic and diluted earnings per share decreased to ¥1.36 from ¥2.14 in the previous period[18]. - Other income decreased to ¥2,455,520.05 from ¥3,241,760.32 in the previous period[16]. Assets and Liabilities - Total assets increased by 29.20% to ¥1,966,277,297.30 compared to the end of the previous year[5]. - The total assets of Jiangsu Changyou Environmental Technology Co., Ltd. reached CNY 1,966,277,297.30 as of September 30, 2025, an increase from CNY 1,521,872,819.13 at the beginning of the period[13]. - Current assets increased to CNY 1,516,246,602.53 from CNY 1,164,608,609.18, reflecting a growth of approximately 30.2%[13]. - Total liabilities amounted to CNY 955,111,309.91, up from CNY 786,945,762.25, reflecting an increase of approximately 21.4%[14]. - The company reported a significant increase in prepayments, which rose to CNY 107,012,377.99 from CNY 65,547,272.66, reflecting a growth of about 63.3%[13]. - The total non-current assets increased to CNY 450,030,694.77 from CNY 357,264,209.95, representing a growth of approximately 25.9%[14]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥57,397,708.83, an improvement of 33.33% compared to the previous year[8]. - Cash flow from operating activities showed a net outflow of ¥57,397,708.83, an improvement from a net outflow of ¥86,091,533.30 in the previous period[18]. - Cash flow from investing activities resulted in a net outflow of ¥182,973,155.72, worsening from a net outflow of ¥65,766,568.47 in the previous period[19]. - Cash flow from financing activities generated a net inflow of ¥230,324,248.90, compared to a net inflow of ¥38,855,777.81 in the previous period[19]. - The ending cash and cash equivalents balance was ¥144,665,972.05, significantly higher than ¥47,799,064.35 at the end of the previous period[19]. - Cash and cash equivalents rose to CNY 194,649,825.76, up from CNY 175,152,917.02, indicating an increase of about 11.3%[13]. Expenses - Sales expenses increased by 41.27% to ¥14,742,400.73, mainly due to higher employee compensation[8]. - Management expenses rose by 30.57% to ¥54,330,469.87, attributed to increased employee compensation and consulting fees[8]. - Financial expenses surged by 51.05% to ¥7,700,181.71, primarily due to changes in bank loan rates[8]. - The company reported a decrease in tax expenses to ¥11,429,234.63 from ¥16,322,310.14 in the previous period[17].

Financial Performance - The company's operating revenue for Q3 2025 was ¥472,049,030.10, a decrease of 7.04% compared to the same period last year[4] - Net profit attributable to shareholders was ¥34,979,086.76, down 16.80% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥31,045,595.83, a decline of 19.98% compared to the previous year[4] - The basic earnings per share for Q3 2025 was ¥0.1500, down 17.58% year-on-year[4] - Total operating revenue for the current period is ¥1,401,307,789.60, a slight decrease of 0.4% compared to ¥1,410,900,152.75 in the previous period[22] - Net profit for the current period is ¥153,687,929.94, representing an increase of 15.2% from ¥133,420,140.49 in the previous period[23] - Earnings per share (basic) increased to ¥0.5500 from ¥0.5212, reflecting a growth of 5.4%[23] Assets and Liabilities - The total assets at the end of Q3 2025 reached ¥4,264,413,893.34, reflecting a 6.22% increase from the end of the previous year[4] - As of September 30, 2025, the company's total assets amount to ¥4,264,413,893.34, an increase from ¥4,014,623,523.49 at the beginning of the period[20] - The company's total liabilities increased to ¥826,716,793.33 from ¥636,623,060.37[20] - The total current liabilities increased to ¥787,447,390.97 from ¥586,343,518.78[20] - The company's total non-current assets increased to ¥1,153,850,534.34 from ¥1,074,098,173.07[20] - The company's equity increased to ¥3,437,697,100.01 from ¥3,377,999,463.12[20] Cash Flow - The cash flow from operating activities for the year-to-date was ¥260,778,127.99, an increase of 91.55% compared to the same period last year[4] - Cash flow from operating activities increased to ¥1,551,237,974.55, up from ¥1,506,119,157.41 in the previous period[25] - Net cash outflow from investing activities was approximately -$823 million, compared to -$452 million in the previous year[26] - Total cash outflow for operating activities was approximately $1.49 billion, slightly up from $1.48 billion year-over-year[26] - Cash received from investment recovery was approximately $1.93 billion, up from $903 million year-over-year[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 20,333[11] - The largest shareholder, Shenzhen Zhongkong Times Investment Co., Ltd., holds 29.83% of shares, totaling 70,200,000 shares[11] - The second-largest shareholder, Che Quan Hong, holds 17.35% of shares, totaling 40,826,760 shares[11] - The top ten shareholders collectively hold significant stakes, with the top three alone accounting for over 53% of total shares[11] - The company has a total of 1,116,200 shares in its repurchase account, representing 0.47% of the current total share capital[12] - The number of restricted shares held by Che Quan Hong increased to 40,826,760 shares after the addition of 6,804,460 shares during the reporting period[14] - The total number of restricted shares released for trading is 22,217,948, accounting for 9.44% of the company's total share capital[17] - The company has a total of 5 shareholders involved in the release of restricted shares[17] Financial Expenses and Income - The company experienced a 72.24% increase in financial expenses, primarily due to increased exchange gains compared to the previous year's losses[9] - The company reported an investment income of ¥4,446,737.65, slightly down from ¥4,917,886.48 in the previous period[22] - The company’s financial expenses showed a significant improvement, with a net income of -¥23,928,435.92 compared to -¥13,892,864.00 in the previous period[22] - Other comprehensive income after tax for the current period is ¥7,271,833.32, compared to ¥5,075,837.07 in the previous period[23] Cash and Cash Equivalents - The company's cash and cash equivalents decreased to ¥988,982,325.23 from ¥1,473,334,905.97[19] - The cash and cash equivalents at the end of the period stood at approximately $635 million, down from $816 million year-over-year[27]

Financial Performance - The company's operating revenue for the third quarter reached ¥3,382,178,735.08, representing a year-on-year increase of 3.98%[5] - Net profit attributable to shareholders was ¥184,527,493.67, a significant increase of 497.28% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥184,205,634.38, up 416.31% year-on-year[5] - Total operating revenue for the current period is ¥8,665,823,807.77, a decrease of 7.7% from ¥9,389,475,892.28 in the previous period[22] - Operating profit for the current period is ¥517,230,444.62, compared to a loss of ¥34,718,160.82 in the previous period[23] - Net profit for the current period is ¥341,393,186.88, recovering from a net loss of ¥91,797,919.13 in the previous period[23] - The total comprehensive income attributable to the parent company was CNY 304,100,035.59, a decrease of CNY 89,087,873.60 compared to the previous period[24] - Basic and diluted earnings per share were both CNY 0.1886, compared to -CNY 0.0585 in the previous period[24] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥31,802,170,957.24, reflecting a slight increase of 0.59% from the end of the previous year[5] - The company reported a total asset of ¥31,802,170,957.24, slightly up from ¥31,617,199,491.18[21] - Total liabilities decreased to ¥27,916,476,162.92 from ¥28,144,780,096.26, indicating a reduction in financial obligations[21] - Current liabilities totaled ¥10,864,598,955.99, down from ¥12,126,728,368.82, reflecting improved liquidity[21] - Long-term borrowings increased to ¥16,268,378,381.10 from ¥14,726,943,654.69, indicating a strategy to leverage for growth[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 66,428[14] - The largest shareholder, Henan Investment Group Co., Ltd., holds 61.85% of the shares, totaling 943,700,684 shares[14] - The company has not engaged in any share lending activities among the top 10 shareholders[14] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥3,249,915,675.67, an increase of 120.16%[5] - The net cash flow from operating activities was CNY 3,249,915,675.67, an increase of CNY 1,773,754,617.53 compared to the previous period[25] - The cash inflow from operating activities totaled CNY 10,777,555,657.73, down from CNY 11,709,227,944.57 in the previous period, representing a decrease of approximately 7.95%[25] - The cash outflow from operating activities was CNY 7,527,639,982.06, a decrease of CNY 2,705,426,904.37 compared to the previous period[25] - The ending cash and cash equivalents balance was CNY 2,694,349,756.24, an increase from CNY 1,515,221,192.20 in the previous period[26] Investments and Subsidiaries - The company plans to issue up to RMB 15 billion in medium-term notes and short-term financing bonds[16] - A total of RMB 5 billion was raised through the issuance of short-term financing bonds with a maturity of 270 days and an interest rate of 1.74%[16] - The company and its subsidiary will jointly invest RMB 1 billion to establish a new holding subsidiary focused on energy projects[17] - The establishment of the new subsidiary aims to advance the preliminary work of a 2×1000MW coal power project and develop renewable energy resources[17] Inventory and Receivables - The company reported a 60.23% decrease in inventory, primarily due to a reduction in coal prices and high inventory levels at the end of the previous year[10] - Accounts receivable decreased from RMB 1,820,261,867.91 to RMB 1,352,756,766.58 during the reporting period[19] - Other receivables decreased from RMB 181,711,410.84 to RMB 132,048,081.77[19] - The company experienced a 95.95% decrease in credit impairment losses, attributed to the recovery of previously written-off receivables[11] Research and Development - Research and development expenses rose to ¥1,662,485.58 from ¥1,004,744.10, highlighting a commitment to innovation[23]