Financial Performance - The company's revenue for Q3 2025 reached ¥264,378,729.58, representing a 20.22% increase compared to the same period last year[5] - Net profit attributable to shareholders was ¥48,663,031.16, up 48.61% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥40,385,942.77, an increase of 112.64% compared to the previous year[5] - Basic and diluted earnings per share were both ¥0.5476, reflecting a 49.01% increase year-on-year[5] - Total revenue for the period reached ¥808,218,042.45, an increase of 34.2% compared to ¥602,082,982.76 in the previous period[19] - Net profit for the period was ¥184,413,454.07, representing a 44.5% increase from ¥127,547,796.77 in the prior period[20] - Total comprehensive income reached ¥185,016,733.97, up from ¥127,563,170.22, representing a year-over-year increase of approximately 45%[21] - Basic and diluted earnings per share increased to ¥2.0252 from ¥1.399, reflecting a growth of about 45%[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,522,865,993.64, a 2.86% increase from the end of the previous year[5] - Total assets as of September 30, 2025, were ¥3,522,865,993.64, compared to ¥3,424,805,016.73 at the beginning of the period, marking a 2.9% increase[18] - The total liabilities decreased to ¥531,117,872.71 from ¥587,284,146.82, a reduction of 9.6%[18] - The company's long-term equity investments slightly decreased to ¥151,660,155.98 from ¥156,628,498.55, a decline of 3.0%[17] - The equity attributable to shareholders increased by 5.38% to ¥2,980,286,405.78 compared to the end of the previous year[5] Cash Flow - Cash flow from operating activities for the year-to-date was ¥88,319,891.41, down 52.16% compared to the same period last year[5] - Cash inflow from operating activities totaled ¥861,713,361.12, compared to ¥719,786,327.23 in the previous period, marking an increase of approximately 20%[21] - Cash inflow from financing activities was ¥442,308,719.42, compared to ¥178,735,540.73 in the previous period, an increase of approximately 147%[22] - Cash flow from financing activities increased by 147.47% to 442,308,719.42 million, mainly due to increased financing by subsidiaries[9] - Cash paid for dividends decreased by 35.21% to 42,628,727.67 million, reflecting a reduction in dividend distribution compared to the previous period[9] Operating Costs and Expenses - The company recorded a 30.33% increase in operating costs, which was primarily due to the increase in revenue scale[8] - Total operating costs amounted to ¥631,172,602.56, up from ¥507,037,954.75, reflecting a 24.5% increase[19] - Operating income decreased by 53.62% year-on-year to 80,679.45 million, primarily due to a reduction in compensation income[9] - Operating expenses decreased by 85.39% to 266,259.43 million, mainly due to a decrease in external donations[9] - Income tax expenses increased by 49.18% to 25,914,178.67 million, attributed to the growth in revenue scale[9] Other Financial Metrics - The company reported a significant increase in prepayments by 110.61%, attributed to advance payments for goods and marketing expenses[8] - The company experienced a 462.13% increase in other current assets, mainly due to an increase in export tax refunds[8] - Cash received from investment activities amounted to 116,220,803.37 million, primarily from the recovery of derivative product investment principal[9] - Cash paid for fixed assets and intangible assets increased by 66.69% to 21,437,641.78 million, due to subsidiary purchases of online platform stores[9] - The company's cash and cash equivalents increased to ¥1,258,854,221.38 from ¥524,572,179.44, a growth of 139.5%[16] - The ending cash and cash equivalents balance increased to ¥1,244,810,062.49 from ¥296,742,851.84, reflecting a substantial growth[22] - The company reported a significant increase in accounts receivable, rising to ¥208,260,633.89 from ¥186,463,508.00, an increase of 11.6%[16] - Research and development expenses were ¥88,293,349.37, a slight decrease from ¥90,640,802.32, indicating a focus on cost management[19]

Financial Performance - The company's operating revenue for the third quarter reached ¥1,890,536,816.56, representing a year-on-year increase of 38.67%[3] - The total profit for the quarter was ¥135,211,688.59, an increase of 8.89% compared to the same period last year[3] - The net profit attributable to shareholders was ¥131,812,328.59, showing a slight increase of 2.07% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥111,379,505.56, a decrease of 9.16% compared to the previous year[3] - Total revenue for the first three quarters of 2025 reached ¥4,670,641,115.85, an increase of 25.1% compared to ¥3,735,714,533.77 in the same period of 2024[21] - Operating profit for the first three quarters of 2025 was ¥374,554,127.58, a decrease of 6.5% from ¥400,521,768.92 in 2024[21] - The total profit for the first three quarters of 2025 is CNY 371,122,782.72, a decrease of 7.8% compared to CNY 402,653,455.43 in the same period of 2024[22] - Net profit attributable to shareholders of the parent company is CNY 348,047,823.85, down 9.7% from CNY 385,449,478.00 year-over-year[22] - Basic and diluted earnings per share for the first three quarters of 2025 are both CNY 0.94, compared to CNY 1.01 in the same period of 2024[22] Assets and Liabilities - The company's total assets increased by 10.71% year-on-year, reaching ¥11,779,294,051.67[3] - Total assets increased to ¥11,779,294,051.67, compared to ¥10,639,440,406.35, marking a growth of 10.7%[20] - Total liabilities reached ¥6,340,208,800.09, an increase of 19.0% from ¥5,325,149,824.97[19] - Total liabilities rose to CNY 2,480,305,018.95 in 2025, up from CNY 1,881,524,699.60 in 2024, marking an increase of 31.9%[29] - Long-term borrowings increased by 65.21%, primarily due to the conversion of short-term bank loans into long-term loans[9] - Long-term borrowings increased significantly to CNY 401,850,000.00 in 2025 from CNY 233,300,000.00 in 2024, representing a growth of 72.1%[29] Cash Flow - The cash flow from operating activities for the year-to-date period decreased significantly by 85.47%, amounting to ¥30,397,288.24[3] - Cash inflow from operating activities increased to CNY 2,620,720,757.66, up 15.3% from CNY 2,272,553,812.91 in the previous year[25] - Net cash flow from operating activities is CNY 30,397,288.24, a significant decrease of 85.5% compared to CNY 209,149,929.85 in the same period of 2024[25] - Cash and cash equivalents at the end of the period increased to CNY 466,093,733.53, compared to CNY 230,255,053.27 at the end of 2024[26] - Cash inflows from financing activities totaled $1.51 billion, compared to $1.22 billion in the previous period[33] - Cash outflows for financing activities were $1.38 billion, slightly down from $1.43 billion year-over-year[33] - The company reported a net increase in cash and cash equivalents of $13.67 million, compared to a decrease of $67.91 million in the previous period[33] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 24,971[10] - The company plans to repurchase shares using its own funds and bank loans, with a total repurchase amount between RMB 150 million and RMB 300 million[14] - The maximum repurchase price is set at RMB 21.17 per share, with an estimated repurchase quantity of approximately 7,085,498 to 14,170,997 shares, representing 1.86% to 3.73% of the total share capital[14] - Following an adjustment due to the 2024 annual equity distribution, the maximum repurchase price will be reduced to RMB 20.83 per share, with the estimated repurchase quantity adjusted to approximately 7,201,152 to 14,402,304 shares, representing 1.89% to 3.79% of the total share capital[15] - The total share capital decreased from 380,030,933 shares to 366,347,080 shares following the cancellation of repurchased shares[16] Research and Development - Research and development expenses for the first three quarters were ¥188,373,839.15, an increase of 23.2% compared to ¥152,777,133.44 in 2024[21] - Research and development expenses for the first three quarters of 2025 were CNY 7,475,403.54, slightly down from CNY 7,674,194.90 in the same period of 2024[30] Comprehensive Income - The comprehensive income for the first three quarters of 2025 was CNY 178,027,626.51, an increase from CNY 150,642,952.00 in the same period of 2024, showing a growth of 18.1%[31] Accounting Standards - The company will not apply new accounting standards starting from 2025[34]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥109,648,945.12, representing a year-on-year increase of 16.48%[5] - Net profit attributable to shareholders was ¥28,720,734.58, a significant increase of 213.90% compared to the same period last year[5] - The basic earnings per share (EPS) for the period was ¥0.0495, reflecting a 213.29% increase year-on-year[5] - The company's net profit for the first nine months of 2025 was ¥63,526,245.90, a 55.79% increase compared to the same period in 2024[9] - The company reported a 40.26% increase in total profit, amounting to ¥70,556,693.53, driven by increased subsidiary profits and net gains from asset sales[9] - Net profit for the current period was ¥63,526,245.90, a significant increase of 55.8% from ¥40,777,870.87 in the previous period[21] - The company reported an investment income of ¥66,655,296.93, up from ¥56,950,014.93, indicating a growth of 16.5%[21] - Basic and diluted earnings per share increased to ¥0.1042 from ¥0.0684, reflecting a growth of 52.5%[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,189,708,068.10, showing a slight increase of 0.48% from the end of the previous year[5] - Total assets amounted to ¥4,189,708,068.10, slightly up from ¥4,169,668,745.63, indicating a stable asset base[18] - Total liabilities decreased to ¥745,722,232.66 from ¥789,209,156.09, showing a reduction of approximately 5.5%[18] - The company's equity attributable to shareholders increased to ¥3,353,222,152.19 from ¥3,292,742,528.13, marking a growth of 1.8%[18] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥84,124,396.62, which decreased by 19.65% compared to the previous year[5] - Operating cash inflow for the current period is CNY 243,575,745.17, a decrease of 19.3% from CNY 301,663,857.33 in the previous period[23] - Net cash flow from operating activities is CNY 84,124,396.62, down 19.8% from CNY 104,693,946.70 year-on-year[24] - Cash outflow from investment activities totals CNY 30,835,887.73, compared to CNY 49,356,589.73 in the previous period, indicating a reduction of 37.4%[24] - Net cash flow from investment activities is -CNY 11,134,865.97, an improvement from -CNY 49,303,249.73 in the previous period[24] - Cash inflow from financing activities is CNY 132,000,000.00, an increase of 28% from CNY 103,224,684.18[24] - Net cash flow from financing activities is -CNY 36,989,987.75, an improvement from -CNY 64,664,308.90 year-on-year[24] - The ending balance of cash and cash equivalents is CNY 296,776,371.88, up from CNY 261,967,619.21 in the previous period[24] - The company received CNY 1,316,184.51 in tax refunds, compared to CNY 492,691.44 in the previous period[23] - Total cash outflow from operating activities is CNY 159,451,348.55, down 19.0% from CNY 196,969,910.63[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 100,143[10] - Jiangsu Hanrui Investment Holding Co., Ltd. holds 48.97% of the shares, totaling 284,225,647 shares[10] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder having nearly 49%[10] Capital and Investments - The company completed a capital increase for its wholly-owned subsidiary, Port Cheng International Trade, amounting to 59,601,968.31 yuan, increasing its registered capital from 35,500,000.00 yuan to 95,101,968.31 yuan[12] - The company transferred 100% equity of Port Cheng International Trade at an assessed value of 1.4475 million yuan[12] Accounting Changes - The company adjusted its revenue recognition method for certain supply chain trade businesses from "gross method" to "net method" for the years 2022 and 2023[13] Inventory and Receivables - Accounts receivable increased by 60.20% to ¥106,722,466.87, primarily due to an increase in credit sales during the reporting period[8] - Accounts receivable increased to 106,722,466.87 yuan from 66,616,693.44 yuan, indicating a growth in receivables[16] - Inventory decreased to 180,893,856.89 yuan from 191,882,896.37 yuan, reflecting a reduction in stock levels[16] - The total current assets at the end of the reporting period reached 631,908,987.52 yuan, up from 572,112,094.82 yuan at the beginning[16] Research and Development - Research and development expenses were reported at ¥12,588,713.60, slightly down from ¥12,794,160.40, indicating a focus on cost management[20] Audit Status - The company has not undergone an audit for the third quarter financial report[25]

崇义章源钨业股份有限公司 2025 年第三季度报告 证券代码：002378 证券简称：章源钨业 公告编号：2025-050 崇义章源钨业股份有限公司 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. 公司负责人黄世春、主管会计工作负责人范迪曜及会计机构负责人（会计主管人员）赵 本林声明：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 4. 审计师发表非标意见的事项 □适用 不适用 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 | 项目 | 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） | 1,479,085,384.98 | ...

融发核电设备股份有限公司 2025 年第三季度报告 证券代码：002366 证券简称：融发核电 公告编号：2025-059 融发核电设备股份有限公司 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 融发核电设备股份有限公司 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 融发核电设备股份有限公司 2025 年第三季度报告 | 少数股东权益影响额 | 114,353.94 | 326,730.77 | | | --- | --- | --- | --- | | （税后） | | | | | 合计 | 2,808,062.73 | -8,292,470.56 | -- | 其他符合 ...

杭州雷迪克节能科技股份有限公司 2025 年第三季度报告 证券代码：300652 证券简称：雷迪克 公告编号：2025-076 杭州雷迪克节能科技股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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 杭州雷迪克节能科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 308,972,873.16 | 60.68 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥357,924,763.10, representing a year-on-year increase of 26.89%[6] - The total profit for the quarter was ¥71,263,965.10, showing a decrease of 13.32% compared to the same period last year[6] - The net profit attributable to shareholders was ¥65,848,324.74, down by 5.39% year-on-year[6] - The basic earnings per share for the quarter were ¥0.32, down by 3.03% year-on-year[6] - Net profit for the first three quarters of 2025 was ¥143,979,492.52, down from ¥155,756,663.18 in 2024, reflecting a decrease of approximately 7.6%[26] - Earnings per share (EPS) for the first three quarters of 2025 was ¥0.68, compared to ¥0.71 in the same period of 2024, indicating a decline of about 4.2%[27] Research and Development - Research and development expenses totaled ¥25,160,506.47, accounting for 7.03% of operating revenue, a decrease of 1.33 percentage points from the previous year[6] - Research and development expenses increased to ¥80,215,092.93 in 2025 from ¥66,197,045.86 in 2024, showing a growth of approximately 21.2%[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,122,441,343.72, a decrease of 1.16% from the end of the previous year[6] - The company's current assets totaled CNY 2,164,889,094.24, slightly down from CNY 2,221,592,442.78 at the end of 2024, indicating a decrease of about 2.55%[18] - The cash and cash equivalents decreased to CNY 963,019,176.70 from CNY 1,322,821,162.57, reflecting a significant decline of approximately 27.3%[17] - The company's inventory increased to CNY 373,389,778.93 from CNY 202,773,372.72, marking a substantial increase of about 84.3%[17] - Total liabilities decreased to CNY 811,248,533.99 from CNY 861,161,655.42, showing a reduction of approximately 5.8%[20] - The equity attributable to shareholders increased to CNY 1,563,191,704.24 from CNY 1,644,699,773.87, indicating a decrease of about 4.93%[20] - The company's accounts receivable rose to CNY 599,385,950.57 from CNY 555,685,348.85, reflecting an increase of approximately 7.85%[17] - The non-current assets totaled CNY 957,552,249.48, slightly up from CNY 937,550,565.25, representing an increase of about 2.1%[19] - Total operating costs increased to ¥637,770,174.24 in 2025 from ¥601,639,274.31 in 2024, marking an increase of about 6.0%[25] Cash Flow - The company reported a cash flow from operating activities of ¥8,629,823.13 for the year-to-date period[6] - Cash flow from operating activities generated a net amount of ¥8,629,823.13 in 2025, a significant improvement compared to a net outflow of ¥338,310,106.94 in 2024[32] - The company reported a total of ¥900,824,846.41 in cash inflows from operating activities for the first three quarters of 2025, compared to ¥364,435,823.83 in 2024, representing an increase of about 147.0%[31] - The company experienced a net decrease in cash and cash equivalents of $359.80 million, compared to a decrease of $726.23 million last year[33] - The beginning cash and cash equivalents balance was $1.32 billion, down from $1.83 billion year-over-year[33] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,757[12] - The company reported no significant changes in shareholder relationships or actions during the reporting period, maintaining stability in its ownership structure[14] Other Financial Activities - The company’s investment activities resulted in cash outflows of ¥216,077,702.13 in 2025, compared to ¥140,665,025.09 in 2024, indicating an increase of approximately 53.7%[32] - The net cash flow from investing activities was -$144.90 million, compared to -$140.63 million in the previous period[33] - The net cash flow from financing activities was -$223.53 million, an improvement from -$247.29 million year-over-year[33] - The company paid $163.02 million in dividends and interest, up from $120.84 million in the prior period[33] Reporting and Compliance - The company has not adopted new accounting standards for the current reporting period[34] - The board of directors announced the financial results on October 24, 2025[36]

矩阵纵横设计股份有限公司 2025 年第三季度报告 证券代码：301365 证券简称：矩阵股份 公告编号：2025-057 矩阵纵横设计股份有限公司 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 （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 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 同期增减 | | 比上年同期增减 | | 营业收入（元） | 206,079,608.44 | 58.71% | 505,605,650.41 | 32.12% | | 归属于上市公司股东的净利润（元） ...

福建水泥股份有限公司 2025 年第三季度报告 证券代码：600802 证券简称：福建水泥 福建水泥股份有限公司 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 一、主要财务数据 （一） 主要会计数据和财务指标 | | | | 单位：元 | 币种：人民币 | | | --- | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 本报告期比上 年同期增减变 | 年初至报告期末 | 年初至报告期末 比上年同期增减 | | | | | 动幅度(%) | | 变动幅度(%) | | | 营业收入 | 342,653,340.68 | -15.62 | 1,112,517,735 ...

Revenue and Profit - Revenue for Q3 2025 reached ¥1,622,590,395.29, an increase of 4.59% year-over-year[4] - Net profit attributable to shareholders decreased by 47.47% to ¥24,283,163.14 in Q3 2025[4] - The net profit after deducting non-recurring gains and losses was ¥21,967,927.81, down 45.12% compared to the same period last year[4] - Total operating revenue for the current period reached ¥4,455,087,247.44, an increase of 2.93% compared to ¥4,328,386,965.30 in the previous period[20] - Net profit for the current period was ¥100,384,574.80, a decrease of 26.54% from ¥136,760,861.65 in the previous period[21] - Earnings per share (EPS) for the current period was ¥0.2335, down from ¥0.3180 in the previous period, indicating a decline of 26.6%[21] Assets and Liabilities - Total assets increased by 10.68% to ¥3,577,390,675.87 compared to the end of the previous year[4] - Total liabilities decreased to ¥1,216,830,014.80 from ¥1,313,373,335.74, representing a reduction of approximately 7.37%[19] - Total equity increased to ¥2,360,560,661.07 from ¥1,918,903,208.54, showing a growth of 23.03%[19] - The company has a significant portion of its assets in fixed assets, totaling ¥1,087,441,272.56, which is an increase from ¥997,298,320.28[18] Cash Flow - Cash flow from operating activities for the year-to-date was ¥34,028,256.09, down 46.52% compared to the previous year[10] - Cash inflow from operating activities totaled $4,799,163,306.77, a decrease of 3.5% from $4,971,981,787.06[24] - Cash outflow from operating activities was $4,765,135,050.68, down from $4,908,358,683.19, resulting in a net cash flow of $34,028,256.09[24] - Cash inflow from investment activities increased to $1,880,117,820.24 from $1,687,485,527.54, marking an increase of 11.5%[24] - Net cash flow from investment activities improved to $93,181,802.31 compared to a negative $500,930,628.80 in the previous period[24] - Cash inflow from financing activities was $676,116,000.00, up from $553,165,801.68, reflecting a growth of 22.3%[25] - Net cash flow from financing activities decreased to $39,686,515.21 from $354,918,660.37[25] - The ending cash and cash equivalents balance increased to $780,914,540.22 from $360,105,278.51, showing a significant rise[25] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 18,879[12] - The largest shareholder, Han Zhigang, holds 33.99% of shares, totaling 146,150,564 shares[12] - The total number of restricted shares held by major shareholders decreased significantly, with Han Zhigang's restricted shares reducing to 109,612,923 from 145,311,964[15] - The company is actively managing its shareholder relationships, with family members holding significant stakes and agreements in place for coordinated actions[13] Expenses - The company reported a significant increase in management expenses by 37.75% to ¥38,406,787.94, mainly due to higher depreciation and salary costs[10] - The company reported a significant increase in research and development expenses, which rose to ¥14,845,887.96 from ¥12,838,814.77, marking an increase of 15.6%[20] Accounts Receivable and Inventory - Accounts receivable increased by 112.48% to ¥163,169,010.43, primarily due to an increase in sales receivables[9] - Inventory increased to ¥415,993,675.90 from ¥357,291,024.63, representing a growth of approximately 16.4%[18] Government Subsidies - The company received government subsidies related to the expansion and energy-saving upgrade of its production facilities[9]