北京昊华能源股份有限公司2025 年第三季度报告 证券代码：601101 证券简称：昊华能源 北京昊华能源股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导 性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的 真实、准确、完整。 第三季度财务报表是否经审计 1 / 17 北京昊华能源股份有限公司2025 年第三季度报告 | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | | --- | --- | --- | --- | --- | | | | | 增减变动幅度(%) | | | 总资产 | 28,448,902,854.72 | 28,455,977,030.37 | 下降 0.02 | 个百分点 | | 归属于上市公司股东的 所有者权益 | 12,081,382,928.07 | 11, ...

Financial Performance - The company's operating revenue for the third quarter was CNY 1,472,429,014.33, a decrease of 17.21% compared to the same period last year[5]. - The total profit for the quarter was CNY 118,820,128.54, down 24.56% year-on-year[5]. - The net profit attributable to shareholders was CNY 82,056,292.81, reflecting a decline of 27.80% compared to the previous year[5]. - The net profit after deducting non-recurring gains and losses was CNY 29,357,021.81, a significant drop of 66.58% year-on-year[5]. - Basic earnings per share for the quarter were CNY 0.1717, a decrease of 27.83% year-on-year[6]. - The company experienced a 38.06% decline in total profit year-to-date, primarily due to decreased sales revenue and operating profit[9]. - Total operating revenue for the first three quarters of 2025 was CNY 4,439,849,452.05, a decrease of 19.4% compared to CNY 5,508,546,734.64 in the same period of 2024[22]. - Net profit for the first three quarters of 2025 was CNY 355,207,113.32, a decline of 40.2% from CNY 593,564,954.77 in 2024[22][23]. - Earnings per share for the first three quarters of 2025 was CNY 0.6018, compared to CNY 1.0812 in the same period of 2024[23]. - The company reported a total comprehensive income attributable to shareholders of CNY 287,537,157.14 for the first three quarters of 2025, down from CNY 516,567,746.33 in 2024[23]. Cash Flow - Cash flow from operating activities for the year-to-date was CNY 250,331,953.97, down 61.81% compared to the previous year[6]. - Cash flow from operating activities for the first three quarters of 2025 was CNY 250,331,953.97, a decrease of 61.8% from CNY 655,508,785.45 in 2024[24]. - The company’s cash inflow from operating activities totaled CNY 2,447,038,370.91, compared to CNY 2,936,179,086.54 in the previous year[24]. - Cash flow from investing activities totaled $274.69 million, an increase from $212.17 million year-over-year[25]. - Net cash flow from investing activities was -$259.67 million, compared to -$208.54 million in the previous period[25]. - Cash inflow from financing activities reached $1.77 billion, significantly up from $399.19 million year-over-year[25]. - Cash outflow for debt repayment was $1.22 billion, compared to $292 million in the previous period[25]. - Net cash flow from financing activities was $263.47 million, a turnaround from -$114.56 million in the previous year[25]. - The impact of exchange rate changes on cash and cash equivalents was $5.37 million, down from $11.50 million[25]. - The net increase in cash and cash equivalents was $259.50 million, compared to $343.92 million in the previous period[25]. - The ending balance of cash and cash equivalents was $1.19 billion, slightly down from $1.21 billion year-over-year[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,502,611,023.99, an increase of 16.11% from the end of the previous year[6]. - The equity attributable to shareholders was CNY 7,064,122,421.73, up 1.57% compared to the previous year[6]. - Total liabilities as of the end of the reporting period were CNY 7,445,696,114.02, an increase from CNY 5,720,557,681.68 in the previous year[22]. - Total equity increased to CNY 8,056,914,909.97 from CNY 7,630,827,582.02 year-over-year[22]. - The company reported a total current liability of RMB 4.93 billion, up from RMB 4.42 billion, indicating an increase of approximately 11.56%[18]. - The company’s non-current assets totaled RMB 4.97 billion, up from RMB 4.22 billion, reflecting an increase of approximately 17.76%[18]. Production and Sales - The production volume of titanium products decreased by 4.52% year-on-year to 24,492.85 tons, while sales volume decreased by 4.22% to 25,275.69 tons[15]. - The company acquired a 51% stake in Shaanxi Wanhao Titanium Technology Co., Ltd., which will be consolidated into the financial statements starting July 2025[15]. Research and Development - Research and development expenses increased to CNY 188,920,595.49 in 2025, up 34.4% from CNY 140,534,555.06 in 2024[22].

Financial Performance - The company's operating revenue for the third quarter reached ¥766,563,907.97, representing a year-on-year increase of 6.33%[4] - The total profit for the period was ¥30,924,342.53, reflecting an 8.46% increase compared to the same period last year[4] - The net profit attributable to shareholders was ¥23,192,938.07, showing a slight increase of 0.07% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥22,547,886.25, which is a significant increase of 65.15% compared to the previous year[4][9] - Total operating revenue for the first three quarters of 2025 reached ¥2,660,901,728.39, an increase of 7.6% compared to ¥2,472,924,038.44 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥109,159,074.14, compared to ¥101,374,385.10 in 2024, representing an increase of 7.5%[21] Assets and Liabilities - The company's total assets at the end of the reporting period amounted to ¥5,206,956,878.22, a decrease of 0.11% from the end of the previous year[5] - The total liabilities as of the reporting date amounted to ¥2,169,907,504.99, a decrease from ¥2,251,064,947.14 in the previous year[18] - Total current assets as of September 30, 2025, amount to ¥2,624,184,750.04, a decrease from ¥2,692,839,307.59 at the end of 2024[17] - Accounts receivable increased to ¥868,814,200.95 from ¥820,852,520.99 year-over-year[16] - Inventory decreased to ¥832,257,291.85 from ¥934,349,062.43 year-over-year[16] - Short-term borrowings increased significantly to ¥1,011,320,681.64 from ¥815,579,284.25[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 72,258[13] - The largest shareholder, Zhang Feng, holds 69,621,123 shares, representing 19.01% of total shares[13] Cash Flow and Financing Activities - The cash flow from operating activities for the year-to-date was ¥140,984,623.49, reflecting a 3.75% increase[5] - The net cash flow from financing activities was -$50.26 million, a decline from a positive $166.00 million[23] - Total cash inflow from financing activities amounted to $1.35 billion, compared to $1.22 billion in the previous period[23] - Cash outflow for financing activities was $1.40 billion, up from $1.06 billion[23] - Cash paid for debt repayment was $951.66 million, an increase from $571.98 million[23] Investment and Other Income - The company reported a government subsidy of ¥2,555,310.52 for the current period, contributing to the overall profit[7] - The company recorded an investment income of ¥1,284,508.15 in 2025, compared to a loss of ¥467,531.29 in 2024, showing improved investment performance[20] - Other comprehensive income after tax for the first three quarters of 2025 was ¥12,047,773.07, significantly higher than ¥2,849,510.82 in 2024, reflecting better overall financial health[21] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥83,502,886.14, a decrease from ¥88,990,797.00 in 2024, indicating a focus on cost management[20] Cash and Equivalents - The company’s cash and cash equivalents decreased to ¥588,994,256.82 from ¥612,595,942.63[16] - The ending balance of cash and cash equivalents was $265.58 million, slightly down from $267.72 million[23] - The impact of exchange rate changes on cash and cash equivalents was $4.58 million, compared to -$175,011.57 previously[23]

Financial Performance - The company's operating revenue for the third quarter was CNY 1,738,306,986.43, representing a year-on-year increase of 2.41%[4] - The total profit for the quarter was CNY 414,751,774.32, showing a decrease of 3.13% compared to the same period last year[4] - The net profit attributable to shareholders was CNY 324,023,991.72, reflecting a year-on-year increase of 2.13%[4] - The net profit after deducting non-recurring gains and losses was CNY 323,724,201.90, which increased by 7.18% year-on-year[4] - The basic earnings per share for the quarter was CNY 0.26, a decrease of 4.00% compared to the previous year[5] - The diluted earnings per share was CNY 0.24, showing no change from the previous year[5] - Total operating revenue for the first three quarters of 2025 was CNY 5,425,576,040.89, a decrease of 3.86% compared to CNY 5,642,894,776.23 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was CNY 1,003,691,294.00, a slight decrease of 2.93% compared to CNY 1,033,427,703.13 in 2024[21] - Basic earnings per share for the first three quarters of 2025 were CNY 0.73, compared to CNY 0.76 in the same period of 2024[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 25,034,687,589.88, an increase of 1.20% from the end of the previous year[5] - Total liabilities as of the end of the reporting period were CNY 14,111,142,159.22, slightly down from CNY 14,181,555,388.71 in the previous year[18] - Total assets as of September 30, 2025, are ¥25,034,687,589.88, compared to ¥24,737,421,971.94 at the end of 2024, indicating a slight increase of about 1.2%[16] - Non-current assets total ¥18,205,121,048.67, a decrease from ¥18,273,485,636.08, showing a decline of approximately 0.4%[16] - The company has short-term borrowings of ¥1,848,773,193.81, down from ¥2,016,352,714.43, which is a reduction of about 8.3%[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 22,867[12] - The largest shareholder, Nanchang Water Industry Group Co., Ltd., holds 404,904,557 shares, accounting for 31.53% of total shares[12] - Total equity attributable to shareholders of the parent company increased to CNY 9,730,961,628.24 from CNY 9,393,686,969.51 in 2024[18] - The top ten shareholders include significant state-owned entities, indicating a strong government influence in the company's ownership structure[13] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 980,740,768.93, a decrease of 28.70%[5] - Total cash inflow from operating activities amounted to $5.43 billion, while cash outflow was $4.45 billion, resulting in a net inflow of $980.74 million[25] - Cash flow from investing activities showed a net outflow of $631.34 million, compared to a net outflow of $1.57 billion in the previous period[25] - Cash inflow from financing activities totaled $2.32 billion, while cash outflow was $3.11 billion, leading to a net cash outflow of $792.02 million[26] - The ending cash and cash equivalents balance was $2.39 billion, down from $2.71 billion in the previous period[26] Expenses - Research and development expenses for the first three quarters of 2025 were CNY 98,326,121.52, an increase from CNY 90,415,590.81 in 2024[20] - The company reported a decrease in financial expenses to CNY 123,894,713.24 from CNY 146,698,544.49 in the previous year[20] - Cash paid for employee compensation was $724.04 million, slightly down from $738.15 million[25] - Cash paid for various taxes was $465.66 million, an increase from $377.06 million[25] - Cash paid for the purchase of fixed assets was $661.62 million, a significant decrease from $1.58 billion in the previous period[25]

Financial Performance - The company's operating revenue for Q3 2025 was CNY 471,331,909.54, representing a 38.00% increase compared to the same period last year[2]. - The total profit for the period was CNY 158,707,808.36, showing a slight increase of 0.68% year-on-year[2]. - The net profit attributable to shareholders was CNY 124,187,730.07, which is a 3.33% increase compared to the previous year[2]. - The net profit excluding non-recurring gains and losses for the year-to-date was CNY 117,255,136.55, down 15.85% year-on-year[2]. - Net profit for the first three quarters of 2025 was ¥198,738,688.17, a decrease of 9.3% compared to ¥219,273,022.94 in 2024[21]. - Earnings per share (EPS) for the first three quarters of 2025 was ¥0.25, down from ¥0.28 in the same period of 2024[21]. - The company reported a total comprehensive income of ¥321,494,735.61 for the first three quarters of 2025, compared to ¥311,770,721.18 in 2024[21]. - The company’s investment income was ¥59,048,260.87, slightly down from ¥61,982,274.13 in the previous year[21]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 319,168,523.48, reflecting a significant increase of 62.01%[2]. - Cash flow from operating activities increased to ¥319,168,523.48, compared to ¥197,001,687.40 in the first three quarters of 2024, representing a 62% increase[24]. - Cash flow from investing activities showed a net outflow of ¥419,168,098.46, worsening from a net outflow of ¥142,675,147.92 in 2024[25]. - Cash and cash equivalents at the end of the period were ¥959,183,362.25, up from ¥575,760,482.24 at the end of the same period in 2024[25]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 5,973,753,892.51, an increase of 3.22% from the end of the previous year[3]. - As of September 30, 2025, total assets amounted to CNY 5,973,753,892.51, an increase from CNY 5,787,327,948.29 at the end of 2024[14][17]. - Current assets reached CNY 3,033,338,385.18, compared to CNY 2,469,224,480.84 at the end of 2024, indicating a significant increase[15]. - The company's total liabilities as of September 30, 2025, were CNY 1,567,373,340.97, up from CNY 1,473,468,131.39 at the end of 2024[16]. - The company’s total current liabilities increased to CNY 1,122,588,920.18 from CNY 901,263,814.77 at the end of 2024[16]. - The company's equity attributable to shareholders was CNY 4,292,595,332.75, compared to CNY 4,187,844,427.98 at the end of 2024[17]. - The company reported cash and cash equivalents of CNY 963,191,702.86 as of September 30, 2025, down from CNY 1,458,148,515.24 at the end of 2024[14]. Shareholder Information - The top ten shareholders hold a combined 99.99% of the company's shares, with Shanghai Lansheng (Group) Co., Ltd. holding 41.71%[7]. - The company announced a cash dividend of CNY 0.60 per share, totaling CNY 43,451,014.08, which represents 76.32% of the net profit attributable to shareholders for the first half of 2025[12]. Business Operations - The company organized 17 exhibitions with a total area exceeding 1.237 million square meters and hosted 8 events with over 37,000 participants from January to September 2025[9]. - The company completed a strategic acquisition of Tianyi Zhixun Cultural Communication Chengdu Co., Ltd., which will enhance the TOPS Chengdu Pet Expo, aiming to become the leading pet exhibition in Central and Western China[10][11]. Management Expenses - The company’s management expenses increased to ¥133,747,677.88, up from ¥121,186,950.04 in the same period of 2024, reflecting a 10.5% rise[20]. Operating Costs - Total operating costs increased to ¥904,497,168.41, up 10.8% from ¥816,243,331.02 year-over-year[20]. - Total operating revenue for the first three quarters of 2025 reached ¥1,024,721,587.17, a 10% increase from ¥931,590,876.50 in the same period of 2024[20].

江苏中天科技股份有限公司 2025 年第三季度报告 证券代码：600522 证券简称：中天科技 江苏中天科技股份有限公司2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 14 江苏中天科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 2 / 14 单位：元 币种：人民币 项目 本报告期 上年同期 本报告 期比上 年同期 增减变 动幅度 (%) 年初至报告期末 上年同期 年初至 报告期 末比上 年同期 增减变 动幅度 (%) 调整前 调整后 调整后 调整前 调整后 调整后 营业收入 14,374,734,344.20 12,899,932,798.36 12, ...

Financial Performance - The company's operating revenue for the third quarter was ¥203,214,298.87, representing a year-on-year increase of 16.80%[4] - The total profit for the period was ¥56,299,437.24, showing a decrease of 9.61% compared to the same period last year[4] - The net profit attributable to shareholders was ¥48,916,712.44, down 11.82% year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥39,742,761.27, a decline of 18.08% compared to the previous year[4] - The basic and diluted earnings per share were both ¥0.33, reflecting a decrease of 10.81% from the same period last year[5] - Net profit for the first three quarters of 2025 was CNY 138.09 million, a decrease of 13.9% from CNY 160.56 million in 2024[18] - Basic earnings per share for the first three quarters of 2025 were CNY 0.94, down from CNY 1.08 in the same period of 2024[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,321,637,277.90, an increase of 6.09% from the end of the previous year[5] - The total assets of the company as of the end of the reporting period were CNY 3.32 billion, up from CNY 3.13 billion at the end of the previous year, representing a growth of 6.1%[16] - Total current assets as of September 30, 2025, amount to ¥2,846,918,545.46, an increase from ¥2,742,322,146.68 as of December 31, 2024[14] - Total liabilities increased to CNY 371.56 million, compared to CNY 317.46 million in the previous year, marking a rise of 17.0%[16] - The company's total non-current assets amounted to CNY 474.72 million, an increase from CNY 388.61 million in the previous year, reflecting a growth of 22.1%[16] Shareholder Information - The equity attributable to shareholders increased to ¥2,926,182,715.85, up 4.10% from the previous year[5] - The company's equity attributable to shareholders reached CNY 2.93 billion, up from CNY 2.81 billion in the previous year, representing a growth of 4.0%[16] - Total number of common shareholders at the end of the reporting period is 12,071[11] - The largest shareholder, Shanghai Zhongting Intelligent Technology Co., Ltd., holds 48,676,314 shares, representing 32.72% of total shares[11] - The second largest shareholder, Zhang Jianjun, holds 24,293,907 shares, accounting for 16.33%[11] Cash Flow - Cash flow from operating activities increased by 51.88%, primarily due to an increase in cash received from sales of goods[9] - The company's cash flow from operating activities for the first three quarters of 2025 was CNY 259.25 million, compared to CNY 207.80 million in 2024, indicating an increase of 24.9%[20] - Operating cash inflow totaled $288,855,076.97, an increase from $240,445,896.82 year-over-year[21] - Cash received from investment activities was $4,360,565,909.87, up from $3,970,160,000.00[21] - Total cash outflow for investment activities reached $4,490,445,156.50, compared to $4,077,795,760.23 previously[21] Expenses - Total operating costs for the first three quarters of 2025 were CNY 412.12 million, up 18.6% from CNY 347.58 million in 2024[17] - Research and development expenses increased to CNY 37.63 million in 2025, compared to CNY 23.31 million in 2024, reflecting a growth of 61.6%[18] - Cash paid to employees increased to $92,648,891.81 from $76,585,242.80[21] - Cash paid for purchasing goods and services was $24,005,528.47, a decrease from $28,157,758.04[21] Non-Recurring Gains - Non-recurring gains totaled ¥9,173,951.17 for the period, with a significant portion attributed to fair value changes of financial assets[8] - The company received government subsidies amounting to ¥2,255,654.37 during the reporting period[7]

Financial Performance - The company's revenue for the third quarter reached RMB 310,238,146.22, an increase of 17.67% compared to the same period last year[4] - The total profit for the quarter was RMB 27,790,806.52, reflecting a significant increase of 695.73% year-on-year[4] - Net profit attributable to shareholders was RMB 27,925,556.13, showing an impressive growth of 842.01% compared to the previous year[4] - The company reported a basic earnings per share of RMB 0.11, a substantial increase of 1,000% year-on-year[5] - Total operating revenue for the first three quarters of 2025 reached ¥692,568,069.77, a 22.1% increase compared to ¥567,077,966.63 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥14,440,145.56, a significant recovery from a net loss of ¥227,196,536.24 in the same period of 2024[20] - The company reported a basic earnings per share of ¥0.06 for the first three quarters of 2025, recovering from a loss of ¥0.90 in the same period of 2024[21] Research and Development - Research and development expenses totaled RMB 90,547,462.82, a decrease of 16.10% compared to the same period last year, representing 29.19% of revenue[5] - Research and development expenses for the first three quarters of 2025 were ¥224,666,107.48, down 17.5% from ¥272,272,224.71 in 2024[20] Cash Flow - The net cash flow from operating activities for the year-to-date period was RMB 33,494,897.39, indicating a positive cash flow trend[4] - Cash flow from operating activities increased to ¥698,533,613.81 in 2025, compared to ¥513,170,424.95 in 2024, marking a 36.1% increase[24] - Net cash inflow from operating activities amounted to $33,494,897.39, a significant improvement from a net outflow of $287,414,483.35 in the previous period[25] Assets and Liabilities - Total assets at the end of the quarter were RMB 7,301,190,997.13, a decrease of 8.25% from the previous year[5] - Total current assets decreased from CNY 4,282,490,715.65 to CNY 3,939,112,041.80, a reduction of about 8%[14] - Total liabilities decreased from ¥3,048,260,581.65 in the previous year to ¥2,369,829,747.59 in 2025, a reduction of 22.3%[16] - Total current liabilities decreased from CNY 1,686,746,850.79 to CNY 1,087,720,600.65, a decline of approximately 35.5%[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 17,673[11] - HKSCC NOMINEES LIMITED holds 39.55% of shares, totaling 97,857,297 shares[11] - The company has not reported any changes in major shareholders or their shareholding status due to margin trading activities[13] Investment Activities - Total cash inflow from investment activities was $6,434,502,221.43, compared to $9,594,480,245.55 in the prior period, indicating a decrease in investment cash inflows[25] - Cash outflow from investment activities totaled $6,765,895,619.75, down from $10,250,450,270.09, resulting in a net cash outflow of $331,393,398.32 from investment activities[25] - The company received $6,198,003,000.00 in cash from investment recoveries, a decrease from $8,887,375,430.56 in the previous period[25] Financial Ratios - The gross profit margin for the quarter was 80.67%, an increase of 6.47 percentage points year-on-year[8] - The weighted average return on equity increased to 0.57%, up by 0.51 percentage points year-on-year[5] - The company reported a gross profit margin of approximately 8.9% in 2025, compared to a negative margin in 2024[20]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥4,205,552,783.52, representing a year-on-year increase of 37.38%[3] - The total profit for the period was ¥56,750,946.67, showing a significant decline of 57.21% compared to the same period last year[3] - The net profit attributable to shareholders was ¥58,347,206.50, down 52.21% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥114,467,326.04, an increase of 11.60% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2025 reached ¥10,640,947,136.73, an increase of 8.3% compared to ¥9,826,222,165.03 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was ¥234,062,105.36, a decrease of 44.2% from ¥420,498,033.10 in the same period of 2024[19] - The company's operating profit for the first three quarters of 2025 was ¥261,361,985.00, down from ¥471,679,128.80 in 2024, indicating a decline of 44.5%[18] - The basic earnings per share for the first three quarters of 2025 was ¥0.99, down from ¥1.77 in the same period of 2024[19] Assets and Liabilities - The company's total assets increased by 48.24% to ¥11,823,558,123.56 compared to the end of the previous year[4] - The total assets of the company amounted to ¥11,823,558,123.56, compared to ¥7,976,006,951.92 in the previous year, showing a significant increase of 48.1%[15] - Total liabilities increased to ¥6,983,944,827.13 from ¥3,333,701,000.79, representing a growth of 109.7% year-on-year[15] - The company's total current liabilities rose to 7,028,150,258.90 RMB in 2025, up from 3,541,072,153.48 RMB in 2024, indicating a significant increase in short-term obligations[26] - The total liabilities increased to ¥7,049,102,480.31 in 2025 from ¥3,564,720,239.85 in 2024, indicating a significant rise in the company's debt levels[27] Cash Flow - The net cash flow from operating activities for the year-to-date was negative at -¥3,450,159,831.34[3] - In the first three quarters of 2025, the company's operating cash flow was negative at -3,450,159,831.34 RMB, compared to -797,975,376.03 RMB in the same period of 2024, indicating a significant decline in cash flow performance[22][23] - Total cash inflow from operating activities decreased to 8,536,531,730.48 RMB in 2025 from 10,428,031,580.36 RMB in 2024, reflecting a year-over-year decline of approximately 18.1%[22] - The cash flow from operating activities showed a net outflow of ¥1,237,914,317.55 in 2025, compared to a smaller outflow of ¥47,512,175.34 in 2024[32] Shareholder Information - The total number of ordinary shares outstanding at the end of the reporting period was 25,856,000 shares[11] - The top shareholder, Liu Haidong, holds 11.20% of the shares, with a total of 27,115,728 shares[11] - The company’s repurchase account held 10,550,334 shares, accounting for 4.36% of the total shares outstanding[12] - There were no significant changes in the ownership structure or related party transactions reported during the period[12] Research and Development - Research and development expenses totaled ¥216,428,091.21, a decrease of 2.17% year-on-year, accounting for 5.15% of operating revenue[4] - Research and development expenses for the first three quarters of 2025 totaled ¥192,201,761.94, a decrease of 18.1% compared to ¥234,815,278.73 in 2024[18] - The company reported a decrease in research and development expenses to ¥145,057,899.51 in 2025 from ¥203,308,428.46 in 2024, reflecting a 28.6% reduction[28] Market Conditions - The decline in profits is attributed to increased competition in the photovoltaic industry and a general decline in industry chain prices[8] - The company is focused on expanding its market presence and developing new products, although specific details were not disclosed in the call[12] Financial Position - The company's equity attributable to shareholders reached ¥4,846,671,496.81, up from ¥4,644,421,160.13, marking an increase of 4.4%[15] - The total equity increased to ¥5,024,959,403.48 in 2025 from ¥4,804,554,244.00 in 2024, showing a growth of 4.6%[27] Investment Activities - The total cash outflow from investing activities was 1,283,039,468.15 RMB in 2025, down from 3,996,323,874.16 RMB in 2024, indicating a reduction in investment expenditures[23] - The company received 24,109,449.00 RMB from investment in 2025, a notable increase from 1,000,000.00 RMB in 2024, highlighting enhanced investment activities[23]

Financial Performance - The company's operating revenue for the third quarter was ¥172,819,094.35, a decrease of 19.15% compared to the same period last year[4]. - The total profit for the quarter was ¥4,075,123.91, reflecting a significant decline of 78.36% year-over-year[4]. - The net profit attributable to shareholders was ¥3,819,489.87, down 71.69% from the previous year[4]. - The net profit after deducting non-recurring gains and losses was ¥725,832.26, a decrease of 93.09% compared to the same quarter last year[4]. - Basic earnings per share for the quarter were ¥0.01, down 66.67% year-over-year[5]. - Total operating revenue for the first three quarters of 2025 was CNY 608.80 million, a decrease of 5.63% compared to CNY 645.27 million in the same period of 2024[18]. - Net profit for the first three quarters of 2025 was CNY 28.99 million, down 39.24% from CNY 47.67 million in 2024[19]. - The company's gross profit margin for the first three quarters of 2025 was approximately 2.00%, compared to 8.50% in the same period of 2024[19]. - Basic earnings per share for the first three quarters of 2025 were CNY 0.08, down from CNY 0.12 in the same period of 2024[20]. Cash Flow - The cash flow from operating activities showed a net amount of ¥2,926,789.95, which is a drastic decline of 93.60% year-to-date[5]. - Cash inflow from operating activities was CNY 618.01 million, up from CNY 598.85 million in the previous year, representing a growth of 3.67%[22]. - The net cash flow from operating activities was 2,926,789.95, a decrease of 93.6% compared to 45,697,939.32 from the previous period[23]. - The net cash flow from investing activities was 79,329,447.12, a significant improvement from a negative cash flow of -34,289,915.17 in the previous period[23]. - Cash inflow from financing activities totaled 204,352,918.14, down 41.8% from 351,369,168.87 in the previous period[23]. - The total cash outflow from financing activities was 302,686,893.75, a decrease of 6.6% compared to 323,986,384.61 in the previous period[23]. - The net increase in cash and cash equivalents was -10,800,783.65, contrasting with a positive increase of 33,668,532.83 in the previous period[23]. - The ending balance of cash and cash equivalents was 317,258,753.18, up from 279,215,683.08 in the previous period[24]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,110,194,566.25, a decrease of 1.53% from the end of the previous year[5]. - The company's current assets totaled RMB 1,191,884,361.55, down from RMB 1,244,312,099.23, indicating a decrease of about 4.2%[16]. - The company's total liabilities were RMB 710,341,197.19, down from RMB 776,280,307.77, reflecting a decrease of approximately 8.5%[17]. - The equity attributable to shareholders increased by 2.96% to ¥1,394,566,194.44 compared to the end of the previous year[5]. - The equity attributable to the owners of the parent company increased to RMB 1,394,566,194.44 from RMB 1,354,425,012.84, showing an increase of about 3.0%[17]. - The company's long-term investments rose to RMB 43,347,282.21 from RMB 39,668,992.01, indicating an increase of approximately 9.0%[16]. - The company's total non-current assets amounted to RMB 918,310,204.70, slightly up from RMB 898,594,279.69, reflecting an increase of approximately 2.1%[16]. Shareholder Information - The company reported a total of 34,318 common shareholders at the end of the reporting period[12]. - The largest shareholder, RED FACTOR LIMITED, holds 38.86% of the shares, amounting to 157,089,300 shares, with 60,000,000 shares pledged[12]. Expenses - Research and development expenses for the first three quarters of 2025 were CNY 54.50 million, an increase of 6.00% from CNY 51.06 million in 2024[18]. - Cash paid to employees was 144,152,279.53, an increase from 133,915,411.18 in the previous period[23]. - Cash paid for taxes was 39,343,734.09, slightly down from 39,741,015.25 in the previous period[23]. - Cash paid for investments was 21,387,350.32, down from 51,207,024.89 in the previous period[23].