天马微电子股份有限公司 2025 年第三季度报告 证券代码：000050 证券简称：深天马Ａ 公告编号：2025-073 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.公司负责人成为先生、主管会计工作负责人卢彦宇先生及会计机构负责人(会计主管人员) 卢彦宇先生声明：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 天马微电子股份有限公司 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。 1 天马微电子股份有限公司 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年 | | --- | --- | --- | --- | --- | | | | 增减 | | 同期增减 | | 营业收入（元） | 9,187,625,843.37 | ...

马鞍山钢铁股份有限公司 2025 年第三季度报告 证券代码：600808 证券简称：马钢股份 马鞍山钢铁股份有限公司 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、监事会及董事、监事、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。 公司负责人蒋育翔、主管会计工作负责人陈国荣及会计机构负责人（会计主管人员）乐志海保证 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 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 19,496,655,926 | 5. ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,244,203,445.71, representing a year-on-year increase of 30.28%[4] - The total profit for the period was ¥319,013,277.14, showing a slight decrease of 0.75% compared to the same period last year[4] - Net profit attributable to shareholders was ¥285,996,698.71, down by 0.71% year-on-year[4] - Total operating revenue for the first three quarters of 2025 reached ¥3,193,795,521.45, a significant increase of 30.2% compared to ¥2,451,543,658.03 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was ¥791,422,825.58, representing a 9.8% increase from ¥720,702,833.04 in the same period of 2024[19] - Earnings per share for the first three quarters of 2025 were ¥2.25, compared to ¥2.05 in the same period of 2024, reflecting a growth of 9.8%[20] - The company reported a total comprehensive income of ¥789,300,793.17 for the first three quarters of 2025, compared to ¥718,938,363.33 in the same period of 2024, marking an increase of 9.8%[20] Research and Development - Research and development (R&D) expenses totaled ¥129,658,102.56 for the quarter, an increase of 47.56% year-on-year, accounting for 10.42% of operating revenue[4][9] - The company continues to focus on enhancing its core technology and innovation capabilities through increased R&D investment and talent development[9] - Research and development expenses for the first three quarters of 2025 were ¥376,300,174.35, up from ¥255,510,813.74 in the previous year, reflecting a focus on innovation[19] Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥12,513,333,546.09, reflecting a growth of 6.49% from the end of the previous year[5] - The company's total current assets as of September 30, 2025, amount to ¥9,311,572,768.42, an increase from ¥8,832,012,584.58 at the end of 2024[14] - The total assets of the company are ¥12,513,333,546.09, compared to ¥11,750,821,583.13 at the end of 2024[15] - The total liabilities amount to ¥4,258,224,328.04, slightly up from ¥4,185,740,123.30 at the end of 2024[15] - Total liabilities as of the end of the reporting period amounted to ¥5,311,176,968.52, slightly up from ¥5,270,511,451.80 in the previous year[16] - The total equity attributable to shareholders increased by 11.26% to ¥7,202,156,577.57 compared to the end of the previous year[5] - Total equity attributable to shareholders reached ¥7,202,156,577.57, an increase from ¥6,473,073,313.93 year-over-year[16] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥424,493,634.92, down by 51.55% compared to the previous year[4][9] - Cash flow from operating activities for the first three quarters of 2025 was ¥3,165,771,120.76, compared to ¥2,774,464,398.49 in the same period of 2024, indicating a growth of 14.1%[21] - The net cash flow from operating activities was 424,493,634.92, a decrease of 51.6% compared to 876,222,630.75 from the previous period[22] - Total cash inflow from investment activities was 3,010,619,701.39, down 32.2% from 4,440,175,651.82 in the prior period[22] - The net cash flow from investment activities was -912,779,314.47, worsening from -559,232,349.64 year-over-year[22] - Cash flow from financing activities resulted in a net outflow of -218,299,311.85, compared to -331,362,412.43 previously[24] - The total cash and cash equivalents at the end of the period were 1,942,449,545.82, down from 2,461,079,726.62 at the end of the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 28,859[11] - The largest shareholder, Qingkong Chuangye Investment Co., Ltd., holds 99,460,887 shares, accounting for 28.14% of the total shares[11] - The company has no significant changes in the top 10 shareholders or their participation in margin trading[12] Operational Status - The company has expanded its market share in the integrated circuit industry, particularly in CMP products, leading to increased revenue from key consumables and maintenance services[9] - There are no other significant reminders regarding the company's operational status during the reporting period[13]

Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,129,089,910.55, representing a 4.12% increase compared to the same period last year[1]. - The total profit for the period was CNY 121,209,190.60, while the net profit attributable to shareholders was CNY 77,042,875.24[1]. - The basic earnings per share for the current period was CNY 0.1097, with a diluted earnings per share also at CNY 0.1097[1]. - The weighted average return on net assets increased by 5.13 percentage points to 2.6018% for the current period[1]. - The net profit attributable to shareholders for the year-to-date was CNY 7,506,941.09, reflecting a decrease of 1.91% compared to the same period last year[1]. - Total operating revenue for the first three quarters of 2025 was approximately ¥3.32 billion, a decrease of 1.9% compared to ¥3.38 billion in the same period of 2024[16]. - Operating profit for the first three quarters of 2025 was approximately ¥60.73 million, a significant recovery from a loss of ¥23.88 million in the same period of 2024[16]. - Net profit for the first three quarters of 2025 was approximately ¥13.73 million, compared to a net loss of ¥29.41 million in the same period of 2024[17]. - The company reported a total comprehensive income of approximately ¥89.11 million for the first three quarters of 2025, recovering from a loss of ¥41.26 million in the same period of 2024[17]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,913,398,371.10, a 9.20% increase from the previous year[2]. - As of September 30, 2025, the total assets of the company amounted to RMB 6,913,398,371.10, an increase from RMB 6,330,839,728.08 as of December 31, 2024, reflecting a growth of approximately 9.2%[12][14]. - The company's current assets reached RMB 4,979,211,216.06, up from RMB 4,117,864,320.62, indicating a growth of about 20.9%[12][14]. - The total liabilities increased to RMB 3,553,682,204.14 from RMB 3,146,687,237.25, representing an increase of approximately 12.9%[14]. - The company's equity attributable to shareholders rose to RMB 3,043,680,353.93, compared to RMB 2,952,376,536.20, marking an increase of around 3.1%[14]. - The company's total liabilities to equity ratio stands at approximately 1.16, indicating a leverage increase compared to the previous period[14]. Cash Flow - The company reported a net cash flow from operating activities of CNY -353,913,669.39 for the year-to-date[1]. - Cash flow from operating activities showed a net outflow of approximately ¥353.91 million in the first three quarters of 2025, worsening from a net outflow of ¥50.17 million in 2024[18]. - Cash inflow from investment activities increased to approximately ¥2.03 billion in 2025, compared to ¥1.41 billion in 2024[18]. - The net cash flow generated from investment activities in 2025 was approximately $496.9 million, a significant recovery from a net outflow of about $3.3 million in 2024[19]. - The total cash inflow from financing activities in 2025 reached approximately $1.60 billion, up from about $1.14 billion in 2024, marking an increase of 40%[19]. - The net cash flow from financing activities improved to approximately $416.5 million in 2025, compared to $80.4 million in 2024, indicating a substantial increase of over 418%[19]. - The cash and cash equivalents at the end of Q3 2025 stood at approximately $1.59 billion, a significant increase from about $966.3 million at the end of Q3 2024, representing a growth of 65%[19]. Operational Challenges - The company experienced a significant impact from the European automotive industry's downturn, affecting its operations and profitability[5]. - Research and development expenses for the first three quarters of 2025 were approximately ¥121.16 million, a slight decrease from ¥130.38 million in 2024[16]. Other Financial Metrics - Non-recurring gains and losses for the current period totaled CNY 186,265,475.00, with government subsidies contributing CNY 3,390,249.77[4]. - The company reported an increase in other comprehensive income after tax to approximately ¥75.38 million in 2025, compared to a loss of ¥11.86 million in 2024[17]. - The cash outflow for the acquisition of fixed assets, intangible assets, and other long-term assets was approximately $80.5 million in 2025, down from about $96.5 million in 2024, showing a decrease of 16.6%[19]. - The impact of exchange rate fluctuations on cash and cash equivalents in 2025 was a positive $31.8 million, contrasting with a negative impact of about $4.6 million in 2024[19]. - The company did not apply new accounting standards or interpretations for the year 2025, ensuring consistency in financial reporting[20].

Financial Performance - The company's revenue for Q3 2025 reached ¥748,122,965.44, an increase of 32.76% compared to the same period last year[6] - Total profit for the quarter was ¥105,802,742.40, reflecting a growth of 33.60% year-over-year[6] - Net profit attributable to shareholders was ¥84,897,288.28, up 16.39% from the previous year[6] - The net profit excluding non-recurring gains and losses for the quarter was ¥82,602,598.32, a 30.99% increase year-over-year[6] - The company reported a basic earnings per share of ¥0.40, which is a 14.29% increase compared to the same period last year[7] - The company reported total operating revenue of CNY 2,059,065,717.06 for the first three quarters of 2025, an increase of 27.2% compared to CNY 1,619,063,344.90 in the same period of 2024[26] - The company's net profit attributable to shareholders for the first three quarters of 2025 was not explicitly stated but can be inferred from the increase in total revenue and costs[25] - The net profit for the first three quarters of 2025 reached CNY 231,678,855.86, a significant increase from CNY 140,779,655.41 in the same period of 2024, representing a growth of approximately 64.5%[28] - The total revenue from operating activities for the first three quarters of 2025 was CNY 1,995,462,290.69, compared to CNY 1,610,725,771.04 in 2024, indicating a year-over-year increase of about 23.8%[31] - The company reported a total comprehensive income of CNY 229,955,023.91 for the first three quarters of 2025, compared to CNY 154,814,754.70 in 2024, marking an increase of around 48.5%[28] - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY 1.12, up from CNY 0.68 in 2024, representing a growth of approximately 64.7%[28] Assets and Liabilities - Total assets increased by 10.27% to ¥6,070,436,122.58 compared to the end of the previous year[7] - Cash and cash equivalents as of September 30, 2025, amounted to CNY 1,410,886,645.95, compared to CNY 879,553,866.26 at the end of 2024, reflecting a significant increase[21] - The company's total assets reached CNY 6,070,436,122.58 as of September 30, 2025, compared to CNY 5,504,945,895.27 at the end of 2024, indicating growth in asset base[24] - The company's inventory as of September 30, 2025, was CNY 1,363,514,442.02, an increase from CNY 1,162,550,788.68 at the end of 2024, indicating a rise in stock levels[22] - Short-term borrowings increased to CNY 790,075,390.98 as of September 30, 2025, compared to CNY 539,383,479.40 at the end of 2024, reflecting higher leverage[23] - The total liabilities of the company as of September 30, 2025, were CNY 2,936,842,176.60, compared to CNY 2,600,690,964.34 at the end of 2024, showing an increase in financial obligations[23] Research and Development - Research and development expenses totaled ¥60,375,432.62, accounting for 8.07% of revenue, a decrease of 2.62 percentage points from the previous year[7] - The company reported R&D expenses of CNY 177,277,912.36 for the first three quarters of 2025, slightly up from CNY 172,412,405.70 in the same period of 2024, indicating continued investment in innovation[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 12,019[14] - The largest shareholder, Shanghai Anxu Information Technology Co., Ltd., holds 68,082,885 shares, accounting for 32.10% of total shares[14] - The second largest shareholder, Hong Kong Central Clearing Limited, holds 8,606,832 shares, representing 4.06%[14] - The total number of shares held by the top 10 unrestricted shareholders includes 68,082,885 shares from Shanghai Anxu Information Technology Co., Ltd.[15] - The company has no related party or concerted action among the top shareholders[15] Incentive Plans - The company completed the registration procedures for 648,570 shares under the 2022 restricted stock incentive plan, which will be tradable on July 8, 2025[17] - The 2023 restricted stock incentive plan has 119,000 shares eligible for release from restrictions, with trading starting on August 4, 2025[19] - The second vesting period of the 2023 restricted stock incentive plan has 530,950 shares that have met the vesting conditions[19] - The company adjusted the grant price for the 2023 restricted stock incentive plan from CNY 22.56 to CNY 22.48 per share and for the 2025 plan from CNY 21.62 to CNY 21.39 per share[20] Operational Efficiency - The company experienced a significant increase in revenue from its life science reagent business, which grew over 31% year-to-date, with Q3 revenue alone increasing by over 36%[11] - The company is focusing on improving operational efficiency and cost control, which has positively impacted its financial performance[12] Cash Flow - The net cash flow from operating activities for the first three quarters of 2025 was CNY 94,579,393.94, down from CNY 159,008,040.52 in 2024, reflecting a decrease of approximately 40.6%[32] - The net cash flow from investing activities for the first three quarters of 2025 was CNY 223,400,388.71, compared to a negative cash flow of CNY 179,205,237.25 in 2024, indicating a positive turnaround[32] - The total cash inflow from financing activities for the first three quarters of 2025 was CNY 701,021,475.18, compared to CNY 605,040,019.79 in 2024, reflecting an increase of approximately 15.9%[32] - The company recorded a total of CNY 3,293,000,000.00 in cash received from investment recoveries during the first three quarters of 2025, a substantial increase from CNY 15,000,000.00 in 2024[31] - The company experienced a foreign exchange gain of CNY 8,282,087.85 in the first three quarters of 2025, compared to a gain of CNY 4,215,590.65 in 2024, indicating improved currency management[33]

Financial Performance - The company's operating revenue for the third quarter was RMB 316,386,318.62, a decrease of 34.87% compared to the same period last year[4] - The total profit for the quarter was RMB 19,505,811.07, reflecting a significant decline of 81.85% year-over-year[4] - The net profit attributable to shareholders was RMB 19,773,668.63, down 80.11% from the previous year[4] - The net profit after deducting non-recurring gains and losses was RMB 5,992,555.81, a decrease of 92.94% year-over-year[4] - Basic earnings per share for the quarter was RMB 0.03, down 76.92% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 was CNY 984,961,529.76, a decrease of 26.3% compared to CNY 1,335,156,050.40 in the same period of 2024[20] - Operating profit for the first three quarters of 2025 was CNY 99,452,028.34, compared to a loss of CNY 69,661,013.72 in the same period of 2024[21] - Net profit for the first three quarters of 2025 reached CNY 80,706,047.32, a significant recovery from a net loss of CNY 74,244,009.94 in 2024[21] - The total revenue from the beginning of the year to the reporting period decreased by 26.23% due to market competition[10] - Total profit for the reporting period dropped by 81.85%, primarily due to compressed profit margins on sales orders[10] Cash Flow and Assets - The cash flow generated from operating activities for the year-to-date was RMB 266,391,149.32, an increase of 38.51%[4] - The total assets at the end of the quarter were RMB 9,533,382,709.22, an increase of 1.46% from the end of the previous year[5] - Current assets totaled CNY 5,313,064,269.17 as of September 30, 2025, compared to CNY 5,031,197,927.38 at the end of 2024, marking a growth of 5.6%[19] - Non-current assets decreased to CNY 4,220,318,440.05 from CNY 4,364,954,683.07, indicating a decline of 3.3%[19] - The company's cash and cash equivalents were CNY 902,060,508.84 as of September 30, 2025, down from CNY 965,203,128.59 at the end of 2024[18] - The company reported a net cash flow from operating activities of CNY 266,391,149.32, an increase from CNY 192,325,709.34 in the previous period, reflecting a growth of approximately 38.5%[25] Shareholder Information - The equity attributable to shareholders was RMB 8,120,652,590.12, reflecting a slight increase of 0.52% from the previous year-end[5] - The number of ordinary shareholders at the end of the reporting period was 96,458[12] - Basic and diluted earnings per share were both CNY 0.11, a turnaround from a loss of CNY -0.09 per share in the prior period[22] Business Operations - The laboratory services business contributed a net profit of RMB -156,891,000, a decline of 9101.32% year-over-year[6] - The fair value changes of biological assets contributed a net profit of RMB 140,167,300 for the year-to-date[6] - Revenue for the reporting period decreased by 34.87% due to a decline in sales order prices influenced by market competition[10] - Net profit attributable to shareholders decreased by 80.11%, impacted by reduced profit contributions from laboratory services[10] Comprehensive Income - The total comprehensive income attributable to the parent company was CNY 74,225,847.58, a significant recovery from a loss of CNY -75,166,260.86 in the previous period[22] - The company reported other comprehensive income attributable to the parent company of CNY -6,480,220.42, worsening from CNY -4,859,185.75 in the previous period[22]

上海妙可蓝多食品科技股份有限公司2025 年第三季度报告 证券代码：600882 证券简称：妙可蓝多 上海妙可蓝多食品科技股份有限公司 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。 公司负责人柴琇、主管会计工作负责人蒯玉龙及会计机构负责人（会计主管人员）邹明岩保证季 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 | | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 年同期增减变 | 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 | 1,389,968,358.62 | 14.22 | 3,957 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 4,387,063,838.55, an increase of 18.94% year-on-year[4] - The total profit for the quarter was a loss of CNY 14,032,822.03, a decrease of 94.20% compared to the same period last year[4] - The net profit attributable to shareholders was CNY 24,673,782.12, representing a growth of 122.01% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 678,086.69, a decrease of 99.50% year-on-year[4] - The basic earnings per share for the quarter was CNY 0.0092, an increase of 121.89% year-on-year[5] - The diluted earnings per share for the quarter was CNY 0.0092, an increase of 126.27% year-on-year[5] - The net profit for the first three quarters of 2025 reached CNY 893,169,027.05, an increase of 29.8% compared to CNY 688,478,389.54 in the same period of 2024[28] - The operating profit for the first three quarters of 2025 was CNY 912,139,276.74, up from CNY 754,351,450.35, reflecting a growth of 20.9%[28] - The total comprehensive income for the first three quarters of 2025 amounted to CNY 936,236,098.67, compared to CNY 793,602,026.52 in the previous year, indicating an increase of 18.0%[30] - The basic earnings per share for the first three quarters of 2025 was CNY 0.3410, compared to CNY 0.2621 in the same period of 2024, representing a growth of 30.1%[30] Cash Flow - The cash flow from operating activities for the quarter was CNY 741,057,934.43, an increase of 111.63% year-on-year[4] - Cash flow from operating activities for the first three quarters of 2025 was CNY 1,061,841,184.04, significantly higher than CNY 298,519,244.40 in the same period of 2024[32] - The cash flow from investing activities showed a net outflow of CNY 1,587,624,571.33, an improvement from a net outflow of CNY 3,578,369,868.59 in the previous year[33] - Cash flow from financing activities generated a net inflow of CNY 1,125,679,228.59, down from CNY 2,419,693,177.88 in the same period of 2024[33] - The total cash and cash equivalents at the end of the period increased to CNY 3,651,141,600.22 from CNY 2,671,302,085.14 year-over-year[33] Assets and Liabilities - The total assets at the end of the reporting period were CNY 35,873,859,297.94, an increase of 3.60% from the end of the previous year[5] - The equity attributable to shareholders at the end of the reporting period was CNY 13,890,788,493.39, an increase of 4.11% from the end of the previous year[5] - The total liabilities as of September 30, 2025, amounted to ¥20,965,123,716.27, compared to ¥20,234,464,115.35 at the end of 2024, an increase of approximately 3.64%[25] - Long-term borrowings increased to ¥10,020,990,839.61 from ¥9,677,802,141.63, indicating a rise of about 3.55%[25] - The total assets of the company reached ¥35,873,859,297.94 as of September 30, 2025, compared to ¥34,627,926,670.90 at the end of 2024, reflecting an increase of approximately 3.60%[24] Market and Production - The company experienced a significant recovery in the photovoltaic glass market, leading to improved gross margins and increased prices[8] - The new production line at Shaoxing Qibin is scheduled to commence commercial operations in February 2024[15] - The old production line will be shut down in December 2023, ensuring a smooth transition of production capacity[15] Asset Transactions - The total amount for the asset transaction involving Shaoxing Qibin Glass Co., Ltd. and Zhejiang Qibin Energy-saving Glass Co., Ltd. is RMB 893.5282 million[14] - As of November 2023, Shaoxing Qibin and Zhejiang Qibin received 50% of the total acquisition payment, amounting to RMB 446.7641 million[15] - By February 2025, the total amount received from the asset transaction will reach RMB 844.31754 million, accounting for 94.36% of the total transaction amount[16] - The asset disposal is expected to increase the company's net profit by RMB 442 million in 2025[16] - The asset transaction includes the sale of land use rights, buildings, and equipment related to the factory site[14] - The company has confirmed the asset disposal income and related expenses in accordance with accounting standards[16] - The remaining payment to be received from the transaction is RMB 53.528 million[16] - The transaction is part of the company's strategy to optimize its industrial layout and urban planning adjustments[14] Shareholder Actions - The company plans to repurchase shares worth between RMB 100 million and RMB 200 million, with a maximum repurchase price of RMB 9.00 per share, potentially acquiring between 11 million and 22 million shares[17] - The company’s fourth employee stock ownership plan has completed the liquidation and distribution of assets, with 24,922,640 shares sold, representing 0.9287% of the total share capital[19] - The fifth employee stock ownership plan has also concluded, with 28,555,980 shares sold, accounting for 1.0641% of the total share capital[19] Convertible Bonds - The conversion price of the "Qibin Convertible Bonds" was adjusted from RMB 6.12 to RMB 5.43 per share, effective from July 8, 2025[20] - As of September 30, 2025, a total of RMB 1,924,000.00 of "Qibin Convertible Bonds" has been converted into 184,842 shares, representing 0.006888% of the total share capital[21] Business Transfers - The company transferred all business, assets, and liabilities of its Zhangzhou branch, valued at RMB 135.009 million in total assets and RMB 130.133 million in liabilities, to another subsidiary[21] - The net asset value of the transferred business was RMB 4.876 million, which will be finalized based on the actual net asset value at the time of delivery[22] Year-to-Date Performance - Total operating revenue for the first three quarters of 2025 reached ¥11,780,387,942.25, an increase from ¥11,600,466,060.93 in the same period of 2024, reflecting a growth of approximately 1.55%[27] - Total operating costs for the first three quarters of 2025 were ¥11,535,450,183.63, compared to ¥10,963,870,120.09 in 2024, representing an increase of about 5.22%[27] - The gross profit margin for the first three quarters of 2025 was approximately 2.08%, down from the previous year's margin[27] - The company's cash and cash equivalents increased to ¥3,833,699,797.51 as of September 30, 2025, up from ¥3,202,961,064.34 at the end of 2024, indicating a growth of 19.66%[24] - Accounts receivable rose to ¥2,485,764,782.32, compared to ¥1,956,710,221.28 in the previous year, marking an increase of approximately 27.00%[24] - Inventory levels increased to ¥2,326,678,901.42 from ¥2,072,866,794.81, reflecting a growth of about 12.24%[24]

Financial Performance - The company's operating revenue for Q3 2025 reached CNY 64,106,958 thousand, a 2.50% increase compared to CNY 62,543,500 thousand in the same period last year[5]. - Net profit attributable to shareholders decreased by 10.70% to CNY 2,718,596 thousand from CNY 3,044,125 thousand year-on-year[5]. - The net profit excluding non-recurring gains and losses was CNY 2,434,557 thousand, down 7.68% from CNY 2,637,020 thousand in the previous year[5]. - Total revenue reached RMB 166.99 billion, with revenue from passenger vehicles at RMB 60.00 billion, high-speed trains at RMB 526.16 billion, and freight vehicles at RMB 124.01 billion[13]. - The net profit attributable to shareholders of the parent company was RMB 9.96 billion, up 37.5% from RMB 7.25 billion in the previous year[25]. - Net profit for the first three quarters of 2025 was 3,063,637 thousand RMB, compared to 650,414 thousand RMB in the same period of 2024, reflecting a strong growth in profitability[35]. Revenue Breakdown - Revenue from the railway equipment business increased by 22.23% to CNY 87,716,558 thousand, driven by higher sales of high-speed trains[12]. - The new industry segment reported a revenue increase of 31.91%, reaching CNY 66,096,775 thousand compared to CNY 50,105,800 thousand last year[12]. - Revenue from urban rail and infrastructure business decreased by 3.99% year-on-year, primarily due to a reduction in urban infrastructure income[13]. - New industry business revenue increased by 31.91% year-on-year, mainly driven by higher clean energy equipment sales[13]. - Modern service business revenue grew by 20.15% year-on-year, attributed to an increase in service-related income[13]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 569,815,152 thousand, reflecting an 11.11% increase from CNY 512,823,630 thousand at the end of the previous year[5]. - The total assets as of September 30, 2025, amounted to RMB 569.82 billion, compared to RMB 512.85 billion at the end of 2024, reflecting a growth of 11.1%[22]. - The company's total liabilities increased to RMB 357.48 billion, up from RMB 302.60 billion, representing a rise of 18.1%[23]. - The company’s total equity decreased to 99,525,297 thousand RMB as of September 30, 2025, from 105,651,187 thousand RMB at the end of 2024[33]. Cash Flow - Cash flow from operating activities showed a net outflow of CNY 11,527,861 thousand, compared to a net inflow of CNY 7,622,185 thousand in the same period last year[5][12]. - Operating cash flow for the first three quarters of 2025 was -11,527,861 thousand RMB, compared to 7,545,223 thousand RMB in the same period of 2024, indicating a significant decline[29]. - The cash and cash equivalents decreased to RMB 46.24 billion from RMB 67.51 billion, a decline of 31.5%[22]. - The cash and cash equivalents at the end of the third quarter of 2025 amounted to 6,057,676 thousand RMB, up from 5,201,592 thousand RMB in 2024, indicating a positive cash position[37]. - The total cash outflow from operating activities was 705,914 thousand RMB in 2025, slightly lower than 731,434 thousand RMB in 2024, indicating better cost control[37]. Investment and Financing Activities - The company’s investment income increased by approximately 35.79% year-on-year, attributed to higher returns from joint ventures[11]. - The company issued short-term financing bonds totaling RMB 14 billion in five tranches during the first nine months of 2025[21]. - Cash inflow from investment activities in the first three quarters of 2025 was 39,467,176 thousand RMB, significantly higher than 23,501,046 thousand RMB in 2024, reflecting a strong investment recovery[37]. - The net cash flow from financing activities was -1,239,029 thousand RMB in 2025, an improvement from -16,186,664 thousand RMB in 2024, showing better management of financing outflows[37]. Research and Development - Research and development expenses for the first three quarters of 2025 were RMB 10.82 billion, an increase of 11.5% from RMB 9.70 billion in the same period last year[25]. - Research and development expenses for the first three quarters of 2025 were 258,469 thousand RMB, down from 322,670 thousand RMB in the same period of 2024, indicating a reduction in R&D spending[35].

Financial Performance - The company's operating revenue for Q3 2025 was ¥5,270,987,270.19, a decrease of 5.89% compared to the same period last year[4]. - Total profit for the quarter was ¥371,159,309.30, reflecting an increase of 9.36% year-over-year[4]. - Net profit attributable to shareholders was ¥214,199,706.27, up by 5.71% compared to the previous year[4]. - Total operating revenue for the first three quarters of 2025 was CNY 14,708,751,237.99, a decrease of 6.2% compared to CNY 15,685,019,093.44 in the same period of 2024[18]. - Operating income for the first three quarters of 2025 was CNY 12,500,828,194.50, compared to CNY 13,213,574,747.63 in 2024, indicating a decline of 5.4%[18]. - The net profit for the first three quarters of 2025 is CNY 1,016,444,742.15, a decrease from CNY 1,081,160,856.94 in the same period of 2024, representing a decline of approximately 6.0%[20]. - Operating profit for the first three quarters of 2025 is CNY 1,062,356,136.26, down from CNY 1,136,822,397.94 in 2024, indicating a decrease of about 6.5%[20]. - Total comprehensive income for the first three quarters of 2025 is CNY 1,016,444,742.15, down from CNY 1,081,160,856.94 in 2024, a decrease of about 6.0%[20]. - Basic and diluted earnings per share for the first three quarters of 2025 are both CNY 0.69, compared to CNY 0.71 in 2024, representing a decrease of approximately 2.8%[20]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥34,643,602,820.96, a decrease of 1.48% from the end of the previous year[5]. - The company's total assets as of September 30, 2025, were CNY 34,643,602,820.96, slightly down from CNY 35,165,713,158.84 at the end of 2024[16]. - Total liabilities as of September 30, 2025, were CNY 17,918,972,932.86, compared to CNY 18,823,268,180.96 at the end of 2024, showing a decrease of 4.8%[15]. - The company's total equity as of September 30, 2025, was CNY 16,724,629,888.10, up from CNY 16,342,444,977.88 at the end of 2024, reflecting an increase of 2.3%[16]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥1,293,484,748.71, down by 9.28% compared to the previous year[4]. - Cash flow from operating activities for the first three quarters of 2025 is CNY 1,293,484,748.71, compared to CNY 1,425,852,304.90 in 2024, reflecting a decline of approximately 9.3%[22]. - The net cash flow from investing activities for the first three quarters of 2025 is -CNY 345,442,033.96, an improvement from -CNY 899,412,731.12 in 2024[22]. - The net cash flow from financing activities for the first three quarters of 2025 is -CNY 428,112,435.71, compared to -CNY 536,770,421.03 in 2024, indicating a reduction in cash outflow[22]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 82,639[10]. - The largest shareholder, Shanghai Electric Group Co., Ltd., holds 43.02% of the shares[11]. Inventory and Expenses - The company reported a decrease in inventory by 24.98%, attributed to reduced stock levels at subsidiaries[8]. - Research and development expenses for the first three quarters of 2025 were CNY 519,443,609.74, a decrease from CNY 574,271,647.08 in 2024, representing a reduction of 9.5%[18].