Financial Performance - The company's operating revenue for Q3 2025 was ¥169,363,824.11, a decrease of 4.81% compared to the same period last year[4] - Total profit for the quarter increased by 64.02% to ¥21,786,061.57, driven by higher gross margins and reduced operating expenses[9] - Net profit attributable to shareholders for the quarter was ¥18,202,286.89, reflecting a 38.80% increase year-over-year[4] - The net profit excluding non-recurring gains and losses for the quarter surged by 156.81% to ¥14,558,960.18[9] - Basic earnings per share for the quarter was ¥0.10, up 42.86% year-over-year[5] - Total operating revenue for the first three quarters of 2025 reached ¥418,569,903.03, an increase of 3.9% compared to ¥402,605,461.58 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was ¥27,998,870.62, up 49.2% from ¥18,751,397.55 in the previous year[19] - Earnings per share for the period increased to ¥0.16, compared to ¥0.11 in the same period last year[19] - The total comprehensive income for the first three quarters of 2025 was ¥31,064,107.53, compared to ¥18,291,890.28 in the same period last year, showing a substantial increase[19] Cash Flow - Cash flow from operating activities for the quarter was ¥71,486,311.67, an increase of 50.76% compared to the same period last year[4] - Cash flow from operating activities for the first nine months was $88,484,711.23, an increase from $54,306,057.24 in the same period last year, representing a growth of 63%[22] - The company reported a net increase in cash and cash equivalents of $117,707,457.75, contrasting with a decrease of $2,801,188.75 in the prior year[23] - The ending balance of cash and cash equivalents was $361,232,843.14, up from $181,801,247.73 at the end of the previous year[23] - Cash inflow from sales of goods and services was $391,590,911.34, down from $430,185,017.73, indicating a decline of 8.9%[22] - Cash outflow for purchasing goods and services was $158,499,242.69, a decrease from $205,732,183.78, reflecting a reduction of 23%[22] - The company received $131,640,000.00 in borrowings, a substantial increase from $2,000,000.00 in the previous year[23] - Cash received from other investment activities was $8,808,191.53, compared to $5,361,379.25 last year, showing a growth of 64.5%[22] Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,112,920,366.20, a 30.51% increase from the previous year[5] - The company completed a merger with Anhui Sunshine Youchu New Energy Co., Ltd., contributing to the increase in total assets[9] - As of September 30, 2025, the total current assets amounted to RMB 1,112,755,155.28, an increase from RMB 958,788,700.09 as of December 31, 2024, representing a growth of approximately 16%[13] - The total liabilities increased to ¥791,746,498.92 from ¥327,995,018.97, reflecting a significant growth in financial obligations[18] - Total equity attributable to shareholders rose to ¥1,319,649,078.16, compared to ¥1,288,759,889.80 in the previous year, indicating a growth of 2.4%[18] Asset Composition - The cash and cash equivalents increased to RMB 371,608,646.39 from RMB 250,523,697.69, reflecting a growth of about 48%[13] - Accounts receivable rose to RMB 194,491,236.66 from RMB 163,929,360.33, indicating an increase of approximately 19%[13] - Total non-current assets reached RMB 1,000,165,210.92, up from RMB 660,242,406.32, marking a significant increase of around 52%[14] - The company's fixed assets increased significantly to RMB 757,466,961.58 from RMB 415,182,518.21, representing an increase of about 82%[14] - Accounts payable surged to RMB 285,096,560.08 from RMB 109,393,710.88, reflecting an increase of approximately 160%[14] - The company reported a notable increase in inventory, which reached RMB 167,097,475.53, compared to RMB 164,823,392.57, showing a slight growth[13] - The company’s goodwill was recorded at RMB 2,683,972.62, indicating ongoing investments in acquisitions or partnerships[14] Research and Development - Research and development expenses decreased to ¥32,799,835.45 from ¥42,833,263.28, a decline of 23.4% year-over-year[18] Accounting Standards - The company did not apply new accounting standards starting from 2025, indicating a stable accounting approach for the upcoming periods[24]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥108,908,618.59, representing a year-over-year increase of 20.45%[3] - The total profit for the period was ¥7,898,492.04, reflecting a growth of 17.83% compared to the same period last year[3] - Net profit attributable to shareholders was ¥7,640,936.64, which is a 5.41% increase year-over-year[3] - Total operating revenue for the first three quarters of 2025 reached ¥328,813,622.68, an increase of 18.0% compared to ¥278,585,078.18 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was ¥29,516,811.89, a decrease of 3.7% from ¥30,668,019.78 in the same period of 2024[19] - The company's net profit for the first three quarters of 2025 is CNY 5,597,206.90, a significant decrease from CNY 18,741,343.28 in the same period of 2024, representing a decline of approximately 70%[30] - The total profit for the first three quarters of 2025 is CNY 5,597,613.06, down from CNY 20,479,924.02 in 2024, reflecting a decrease of approximately 72.7%[30] Research and Development - Research and development expenses totaled ¥10,613,662.11, accounting for 9.75% of operating revenue, a decrease of 1.65 percentage points from the previous year[4] - Research and development expenses for the first three quarters of 2025 totaled ¥28,375,977.34, a slight decrease of 4.5% from ¥29,722,817.95 in the previous year[18] - Research and development expenses for the first three quarters of 2025 were CNY 11,547,283.57, slightly down from CNY 11,715,985.36 in the same period of 2024[28] Assets and Liabilities - The total assets at the end of the reporting period were ¥944,067,068.73, showing a 2.14% increase from the end of the previous year[4] - Total current assets as of September 30, 2025, amount to ¥658,915,807.55, compared to ¥653,560,751.45 at the end of 2024[14] - Total assets as of September 30, 2025, are ¥944,067,068.73, up from ¥924,258,455.95[14] - Non-current assets total ¥285,151,261.18, compared to ¥270,697,704.50 at the end of 2024[14] - Total liabilities as of the end of the reporting period were ¥164,892,313.63, compared to ¥164,052,133.58 at the end of the previous year[16] - Non-current liabilities totaled ¥16,214,526.79, an increase from ¥10,258,027.78 in the previous year[16] Cash Flow - The company reported a cash flow from operating activities of ¥24,620,867.61 for the year-to-date, which is an increase of 16.18%[3] - Net cash flow from operating activities was CNY 24,620,867.61, an increase of 16.5% from CNY 21,192,261.48 in the previous year[22] - The net cash flow from operating activities for the first three quarters of 2025 is negative at CNY -580,344.52, compared to a positive CNY 38,995,368.01 in 2024[33] - The company reported a financial expense of -¥460,055.05, an improvement compared to -¥577,163.25 in the same period of 2024[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 4,665[10] - The largest shareholder, Tu Conghuan, holds 27,551,280 shares, representing 31.82% of total shares[10] - The company reported no significant changes in shareholder relationships or actions during the reporting period[11] - The company has not engaged in any share lending or borrowing activities during the reporting period[12] Sales and Revenue - Cash received from sales of goods and services in the first three quarters of 2025 was ¥213,838,577.60, an increase of 22.3% compared to ¥174,861,259.71 in the same period of 2024[21] - The total revenue from sales of goods and services in the first three quarters of 2025 is CNY 64,052,171.37, a decline from CNY 97,871,755.90 in 2024, representing a decrease of approximately 34.8%[33] - Operating revenue for the first three quarters of 2025 was CNY 110,148,642.32, a decrease of 6.4% compared to CNY 118,101,720.83 in the same period of 2024[28] Cash and Equivalents - Cash and cash equivalents increased to ¥136,123,684.29 from ¥101,759,328.27[13] - Cash and cash equivalents at the end of the period were CNY 132,138,357.92, up from CNY 62,847,801.92 a year earlier[23] - Total cash and cash equivalents at the end of the third quarter of 2025 amount to CNY 70,658,426.11, an increase from CNY 30,749,809.26 in the same period of 2024[34] Other Financial Metrics - The weighted average return on equity was 0.99%, a decrease of 0.97 percentage points compared to the previous year[4] - The basic earnings per share for the period were ¥0.09, reflecting a 12.50% increase compared to the same period last year[4] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.34, down from ¥0.36 in the previous year[20] - The company incurred a credit impairment loss of CNY 760,891.26 in 2025, contrasting with a gain of CNY 1,305,460.07 in 2024[30] - The company’s sales expenses increased to CNY 21,730,949.59 from CNY 17,899,020.80 year-over-year[28]

Revenue and Profit - The company's revenue for Q3 2025 was CNY 1,388,722,338.74, representing a 7.05% increase year-over-year, while the year-to-date revenue decreased by 8.04% to CNY 3,507,216,263.20[5] - Net profit attributable to shareholders for Q3 2025 was CNY 20,792,176.95, down 5.22% year-over-year, and year-to-date net profit decreased significantly by 96.45% to CNY 2,221,913.99[5] - The net profit excluding non-recurring items for Q3 2025 was CNY 27,574,455.33, an increase of 24.94% year-over-year, while year-to-date it decreased by 90.48% to CNY 7,121,014.61[5] - Total operating revenue for the current period was ¥3,507,216,263.20, a decrease of 8.0% compared to ¥3,813,846,352.46 in the previous period[20] - Net profit for the current period was a loss of ¥4,484,372.76, compared to a profit of ¥52,324,356.00 in the previous period, representing a significant decline[21] - The total comprehensive income for the current period was a loss of ¥20,213,853.26, compared to a gain of ¥31,110,504.88 in the previous period[23] - Basic and diluted earnings per share for the current period were both ¥0.0021, down from ¥0.0580 in the previous period[23] Assets and Liabilities - The company's total assets at the end of Q3 2025 were CNY 6,076,920,952.23, a decrease of 1.39% compared to the end of the previous year[5] - Current assets totaled CNY 2,931,630,148.29, down from CNY 2,950,488,656.93[16] - Total current liabilities were CNY 2,305,991,275.41, slightly down from CNY 2,357,472,463.35[17] - Non-current liabilities totaled CNY 442,632,246.59, a decrease from CNY 456,843,458.55[17] - The total liabilities decreased from ¥2,814,315,921.90 to ¥2,748,623,522.00, a reduction of approximately 2.3%[18] - Total equity attributable to shareholders of the parent company was ¥2,904,106,971.10, slightly down from ¥2,914,468,641.51 in the previous period[18] Cash Flow - Cash flow from operating activities for the year-to-date period decreased by 18.61% to CNY 161,413,699.98[5] - Cash inflow from operating activities was ¥3,768,343,140.29, compared to ¥4,098,065,249.42 in the previous period, indicating a decrease of 8.0%[24] - Cash paid for goods and services was ¥2,891,241,906.16, down from ¥3,155,542,691.08 in the previous period, reflecting a reduction of 8.4%[24] - The net cash flow from operating activities was $161.41 million, a decrease of 18.6% compared to $198.31 million in the previous period[25] - Cash outflow from investing activities totaled $296.02 million, down from $376.51 million, resulting in a net cash flow from investing activities of -$6.94 million, compared to $188.52 million previously[25] - Cash inflow from financing activities was $724.10 million, a decrease from $909.59 million, leading to a net cash flow from financing activities of -$165.17 million, compared to -$111.70 million in the prior period[25] - The total cash and cash equivalents at the end of the period were $453.28 million, down from $571.02 million[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 46,937, with the largest shareholder, Xiwang Group Co., Ltd., holding 18.72% of the shares[10] Other Financial Metrics - The weighted average return on equity for Q3 2025 was 0.72%, a slight increase of 0.07% compared to the previous year[5] - The company reported a significant increase of 510% in trading financial assets, reaching CNY 10,914,315.41, primarily due to receiving customer stocks to offset accounts receivable[8] - Accounts receivable increased by 58% to CNY 345,062,628.40, mainly due to increased receivables from Iovate[8] - The company experienced an 84% decrease in other income, totaling CNY 1,262,581.98, primarily due to changes in VAT policies[9] - Cash and cash equivalents decreased to CNY 1,786,310,816.91 from CNY 1,812,282,230.25[15] - Inventory decreased to CNY 583,779,351.99 from CNY 707,206,296.07, reflecting a decline of about 17.5%[16] - Short-term borrowings increased to CNY 1,037,267,242.41 from CNY 1,012,567,600.00, marking an increase of approximately 2.4%[17] - The company has filed for restructuring for its subsidiaries in the U.S. and Canada to protect shareholder interests[13] - The company’s board approved the restructuring plans during the 14th board meeting and the first extraordinary shareholders' meeting of 2025[13] Auditing and Adjustments - The third quarter financial report was unaudited, indicating potential adjustments in future reports[27]

Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,646,437,352, representing an increase of 8.07% compared to the same period last year[4] - The net profit attributable to shareholders for Q3 2025 reached CNY 46,766,289.97, a significant increase of 6,750.18% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -94,402,212.07, reflecting a decrease of 241.59% compared to the previous year[4] - The basic earnings per share for Q3 2025 was CNY 0.0435, up 7,150.00% year-on-year[4] - Net profit for the current period is CNY 65,660,613.46, compared to CNY 10,606,098.73 in the previous period, showing a significant increase[22] - The company reported a profit attributable to shareholders of CNY 96,647,242.97, up from CNY 34,818,745.23 in the previous period[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 22,076,435,386.21, an increase of 5.33% from the end of the previous year[4] - Total assets increased to CNY 22,076,435,386.21 from CNY 20,958,958,595.35, reflecting a growth of 5.35%[21] - Total liabilities rose to CNY 16,897,357,710.93, an increase from CNY 15,856,469,624.74, indicating a growth of 6.57%[21] - The company’s long-term borrowings increased to CNY 5,287,092,781.98 from CNY 4,331,790,655.31, marking a rise of 22.14%[21] - The company’s total liabilities decreased by 44.28% in other current liabilities, amounting to CNY 52,472,123.17, primarily due to a reduction in endorsed but unconfirmed bills[8] Cash Flow - The company reported a net cash flow from operating activities of CNY 121,208,542.72, an increase of 32.33% year-to-date[4] - Operating cash flow for the current period was ¥121,208,542.72, an increase of 32.3% compared to ¥91,593,604.81 in the previous period[25] - Cash inflow from operating activities was ¥5,046,953,767.86, compared to ¥4,883,087,164.24 in the previous period, reflecting a growth of 3.4%[25] - Cash inflow from financing activities reached ¥5,836,078,884.86, up 39.7% from ¥4,176,122,025.05 in the previous period[27] - Net cash flow from financing activities was ¥344,484,195.51, compared to ¥71,967,201.62 in the previous period, indicating a significant improvement[27] - Cash and cash equivalents at the end of the period totaled ¥2,028,534,269.33, an increase from ¥1,633,909,927.22 in the previous period[27] Investments and Income - The company’s investment income increased by 1,397.65%, reaching CNY 2,813,449.85, attributed to higher returns from long-term equity investments accounted for using the equity method[8] - The company recorded a significant increase in non-operating income, totaling CNY 166,615,106.39, a rise of 5,552.80% year-on-year, mainly due to insurance compensation received for an aircraft[10] - The company received an insurance compensation of $22.96 million, impacting net profit by ¥126.23 million, which is 172.92% of the previous year's audited net profit[15] - Cash outflow for investment activities was ¥487,454,724.77, compared to ¥415,734,402.23 in the previous period, showing an increase of 17.2%[25] - Net cash flow from investment activities was -¥117,843,840.58, an improvement from -¥331,912,194.15 in the previous period[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 180,570[12] - Guangzhou Wanli Investment Holding Co., Ltd. holds 14.11% of shares, totaling 151,593,848 shares[12] - The total number of shareholders with voting rights restored is 0[12] - The company has not disclosed any related party relationships among the top shareholders[14] - The company has not participated in any securities lending activities[14]

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。 佛山市联动科技股份有限公司 2025 年第三季度报告 证券代码：301369 证券简称：联动科技 公告编号：2025-085 佛山市联动科技股份有限公司 3.第三季度财务会计报告是否经过审计 □是 否 1 佛山市联动科技股份有限公司 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 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 76,958,982.77 | -13.06% | 2 ...

Revenue and Profitability - Revenue for Q3 2025 was CNY 1,425,298,037.71, an increase of 5.94% compared to the same period last year, but a decrease of 26.05% year-to-date[2] - Net profit attributable to shareholders was a loss of CNY 138,259,120.48, down 162.98% year-on-year, and a loss of CNY 396,141,126.74 year-to-date, down 330.61%[2] - Basic and diluted earnings per share were both CNY -0.15, reflecting a decrease of 150.00% compared to the same period last year[2] - Total operating revenue for the current period is ¥3,563,231,111.56, a decrease of 26.1% from ¥4,818,657,162.07 in the previous period[15] - Net profit for the current period is -¥396,141,126.74, compared to a profit of ¥171,778,621.89 in the previous period, indicating a significant decline[15] - Basic and diluted earnings per share for the current period are both -¥0.44, compared to ¥0.19 in the previous period[16] Assets and Liabilities - Total assets increased to CNY 9,282,957,496.29, up 8.22% from the end of the previous year[2] - Owner's equity attributable to shareholders decreased to CNY 4,797,075,822.19, down 7.73% from the end of the previous year[2] - The company's total liabilities amount to ¥4,504,238,056.13, up from ¥3,397,182,023.15 in the previous period[14] - The total liabilities include short-term borrowings of ¥980,454,826.98[13] - The company's long-term equity investments decreased from ¥103,820,663.76 to ¥97,351,551.18, a decline of about 6.5%[13] - The total non-current assets increased from ¥3,768,147,583.31 to ¥6,020,448,542.65, an increase of approximately 59.7%[13] Cash Flow - Cash flow from operating activities was negative at CNY -131,198,303.70, a decrease of 112.78% year-to-date[6] - Cash inflow from operating activities totals ¥4,249,741,241.92, a decrease from ¥4,775,476,670.62 in the previous period[17] - The net cash flow from operating activities was -131,198,303.70, a significant decrease from 1,026,754,620.28 in the previous period[19] - The net cash flow from investment activities was -1,861,473,667.10, a decline from -30,269,586.95 in the prior period[19] - Cash inflow from financing activities amounted to 1,327,679,621.80, up from 56,134,000.00 in the previous period[19] - The net cash flow from financing activities was 1,078,788,016.52, compared to -46,457,896.54 previously[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 58,496[8] - The largest shareholder, Shandong Haihua Group Co., Ltd., holds 40.34% of the shares, totaling 361,048,878 shares[8] Inventory and Receivables - The company reported a significant increase in accounts receivable by 2,606.81% to CNY 190,244,151.40, attributed to increased sales on credit[5] - The company experienced a 52.73% decrease in inventory, with current inventory at CNY 269,121,413.38, due to reduced stock levels of soda ash[5] - The company's inventory decreased significantly from ¥569,278,078.32 to ¥269,121,413.38, a reduction of approximately 52.8%[13] Other Financial Information - The company reported a significant asset impairment loss of ¥450,751,373.58 in the current period, compared to ¥104,420,274.35 in the previous period[15] - Other comprehensive income after tax for the current period is -¥12,214,714.51, compared to -¥4,050.00 in the previous period[16] - The company's cash and cash equivalents decreased from ¥2,216,877,815.93 to ¥1,509,791,900.72, a decline of approximately 32%[12] - The ending balance of cash and cash equivalents was 1,302,502,520.63, down from 1,821,551,408.46 previously[19] Corporate Governance - There were changes in the board of directors, with two resignations and one election occurring in October and November 2025[11] - The company has no preferred shareholders as of the reporting period[11] Accounting Standards - The new accounting standards will be first implemented starting in 2025[21] - The company did not undergo an audit for the third quarter financial report[20]

山东民和牧业股份有限公司 2025 年第三季度报告 证券代码：002234 证券简称：民和股份 公告编号：2025-048 山东民和牧业股份有限公司 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、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 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 （二） 非经常性损益项目和金额 适用 □不适用 | | | | 单位：元 | | --- | --- | --- | --- | | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | 非流动性资产处置损益（包括已计提资产减 | -182,192.20 | -467,039.14 | | | 值准备的冲销部分） | | ...

Financial Performance - Q3 2025 revenue was CNY 106,464,976.38, a decrease of 1.11% year-over-year[5] - Net profit attributable to shareholders was a loss of CNY 6,711,104.54, an increase in loss of 40.30% year-over-year[5] - Net profit excluding non-recurring items was a loss of CNY 9,175,818.04, an increase in loss of 38.43% year-over-year[5] - Total operating revenue for Q3 2025 was CNY 326,340,656.62, a slight decrease of 0.17% compared to CNY 326,882,485.99 in the same period last year[30] - Net profit for the period was a loss of CNY 28,134,945.49, an improvement from a loss of CNY 32,660,490.63 in the previous year, indicating a reduction in losses by about 13.5%[30] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 21,637,262.89, an increase of 263.29%[5] - Operating cash inflow totaled $442.31 million, an increase of 12.7% from $392.63 million in the previous period[33] - Net cash flow from operating activities was $21.64 million, a significant improvement from a net outflow of $13.25 million in the prior period[34] - Total cash outflow from operating activities was $420.68 million, an increase from $405.88 million in the prior period[34] Assets and Liabilities - Total assets as of September 30, 2025, were CNY 2,476,819,310.41, a decrease of 2.11% from the end of the previous year[5] - The company's total assets decreased to CNY 2,476,819,310.41 from CNY 2,530,154,400.51, a decline of approximately 2.1%[29] - Total current assets decreased from 1,683,200,772.68 CNY to 1,651,308,083.05 CNY, a reduction of approximately 1.9%[27] - Total liabilities remained relatively stable at CNY 676,401,560.55 compared to CNY 676,485,518.00, showing a negligible change[29] - The total equity attributable to shareholders decreased to CNY 1,771,267,031.94 from CNY 1,792,521,501.68, a decline of about 1.2%[29] Borrowings and Financial Leverage - Short-term borrowings increased by 1669.60% to CNY 10,971,500.00 compared to the end of the previous year[10] - The company’s short-term borrowings increased significantly to CNY 10,971,500.00 from CNY 620,000.00, indicating a rise in financial leverage[29] Research and Development - R&D expenses decreased by 33.31% to CNY 21,636,621.76 for the year-to-date compared to the same period last year[13] - The company reported a decrease in research and development expenses to CNY 21,636,621.76 from CNY 32,444,329.91, a reduction of approximately 33.3%[30] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,419[20] - The largest shareholder, He Xian Ning, holds 25.72% of shares, totaling 58,889,686 shares, with 14,722,421 shares pledged[20] - The company has a repurchase account holding 3,217,100 shares, accounting for 1.4049% of the total share capital[20] Other Income and Expenses - Other income decreased by 66.23% to CNY 2,871,300.97 for the year-to-date compared to the same period last year[13] - Cash paid for dividends and interest increased by 460.04% to CNY 25,505,873.89 compared to the same period last year[18] - Tax refunds received decreased by 89.19% to CNY 546,533.60 compared to the same period last year[17] Inventory and Fixed Assets - Cash and cash equivalents decreased from 923,552,003.32 CNY to 726,281,731.97 CNY, a decline of about 21.4%[27] - Inventory increased from 236,914,156.19 CNY to 265,315,225.08 CNY, an increase of approximately 12.1%[27] - Fixed assets decreased from 204,687,009.28 CNY to 193,407,261.16 CNY, a decline of about 5.5%[27] Contract Liabilities - The company’s contract liabilities increased to CNY 179,565,427.57 from CNY 147,885,339.13, reflecting a growth of approximately 21.4%[29] Cash Flow from Investment and Financing Activities - Cash inflow from investment activities was $1.34 billion, down from $1.57 billion year-over-year[34] - Net cash flow from investment activities was -$176.13 million, compared to a positive $44.24 million in the previous period[34] - Cash inflow from financing activities was $17.44 million, slightly up from $15.39 million in the prior period[34] - Net cash flow from financing activities was -$72.57 million, worsening from -$64.53 million year-over-year[34] - The ending cash and cash equivalents balance was $679.87 million, down from $740.77 million in the previous period[34] Company Developments - The company is planning a change in control with He Xian Ning signing a share transfer agreement with Shanghai Xirui Technology Co., Ltd.[24] - The company has not disclosed any new product or technology developments in the current reporting period[25]

罗牛山股份有限公司 2025 年第三季度报告 证券代码：000735 证券简称：罗 牛 山 公告编号：2025-033 罗牛山股份有限公司 2025 年第三季度报告 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 罗牛山股份有限公司 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 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 同一控制下企业合并 | | | | | 本报告 | | | | 年初至报 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 上年同期 | | 期比上 | | 上年同期 | | 告期末比 | | | 本报告期 | | | 年同期 | 年初至报告期末 | | | 上年同期 | | ...

Financial Performance - Total revenue for Q3 2025 reached ¥5,259,474,439.77, an increase of 2.65% compared to the same period last year[5] - Net profit attributable to shareholders decreased by 21.72% to ¥219,071,931.28 for Q3 2025[5] - Basic earnings per share for Q3 2025 was ¥0.12, a decline of 20.00% compared to the same period last year[5] - The company reported a decrease of 26.23% in net profit attributable to shareholders for the year-to-date period[5] - Total operating revenue for the current period was ¥15,012,482,427.86, a decrease of 5.13% from ¥15,823,449,879.27 in the previous period[34] - Net profit for the current period was ¥638,467,393.65, a decline of 25.56% compared to ¥857,868,474.54 in the previous period[35] - Earnings per share (EPS) for the current period was ¥0.33, down from ¥0.43 in the previous period[36] - The total comprehensive income for the current period was ¥688,798,746.01, down from ¥799,677,442.53, a decrease of 13.88%[36] Cash Flow and Assets - Cash flow from operating activities for the year-to-date period was ¥972,688,490.49, down 36.35% year-on-year[10] - Operating cash flow for the current period is ¥972,688,490.49, a decrease of 36.4% compared to ¥1,528,253,443.47 in the previous period[37] - Total cash inflow from operating activities is ¥13,807,039,998.08, down from ¥14,038,029,825.61, reflecting a decline of 1.6%[37] - Cash outflow from operating activities increased to ¥12,834,351,507.59, compared to ¥12,509,776,382.14, representing an increase of 2.6%[37] - The ending balance of cash and cash equivalents is ¥6,050,033,304.31, down from ¥6,161,274,382.54[38] - The company reported a cash inflow of ¥476,799,459.89 from the disposal of subsidiaries, a substantial increase from ¥3,000,000.00 previously[38] - The company received ¥551,954,888.62 in dividend payments, a significant increase compared to ¥43,598,625.36 in the previous period[38] - The company experienced a negative impact of -¥35,693,688.64 from foreign exchange fluctuations on cash and cash equivalents[38] Assets and Liabilities - Total assets as of the end of Q3 2025 amounted to ¥23,196,721,296.84, reflecting a 2.25% increase from the end of the previous year[6] - Total current assets increased to approximately 15.97 billion yuan as of September 30, 2025, compared to 15.40 billion yuan at the beginning of the period[31] - The company's cash and cash equivalents rose to approximately 6.17 billion yuan from 5.80 billion yuan[29] - Total liabilities increased to ¥8,096,678,873.42, up from ¥7,745,671,519.19, reflecting a growth of 4.53%[32] - Total equity attributable to shareholders of the parent company rose to ¥14,532,168,468.09, compared to ¥14,381,208,915.09, an increase of 1.05%[32] Market Performance and Strategy - The company achieved a 22% improvement in order delivery efficiency in the third quarter of 2025 through enhanced production and delivery processes[21] - The European semi-trailer market faced significant challenges, with the overall market size shrinking from approximately 18,000 units to about 13,000 units, leading to severe overcapacity and price wars[23] - In the third quarter of 2025, the North American semi-trailer market demand remained weak, with new order volumes at historical lows, primarily due to uncertainties from government tariff policies[23] - The company constructed high-end component factories in Europe to ensure stable supply and reliability of products and deliveries amid challenging market conditions[23] - The company established a unified marketing service company in the northwest to address internal competition pain points and enhance service responsiveness[21] - The company is focusing on key accounts in the express and retail sectors to secure significant orders, thereby enhancing its core advantages in the new market landscape[23] Research and Development - Research and development expenses increased to ¥319,691,940.30, up from ¥279,803,826.56, indicating a growth of 14.26%[35] - The pure electric head-mounted train business completed the development and operational system for the EV-RT2.0 product, marking significant breakthroughs in product delivery and marketing[26] - The company aims to enhance its global supply chain resilience and adapt to geopolitical risks while pursuing the integrated product of pure electric head-mounted trains[27] - The company is focusing on developing differentiated core competencies and exploring new development opportunities in a rapidly changing environment[27] - The company plans to showcase the prototype of the pure electric head-mounted train at the 2025 China International Commercial Vehicle Exhibition in November 2025[30] Sales and Revenue - In the first three quarters of 2025, the company sold a total of 101,583 vehicles, generating revenue of RMB 15.012 billion, with a gross margin of 15.2% and a net profit attributable to shareholders of RMB 622 million[17] - The company's semi-trailer and tank truck business in the Chinese market saw a revenue increase of 16.3% year-on-year, with a gross margin improvement of 2.6 percentage points[20] - The global southern semi-trailer business revenue grew by 15.79% year-on-year, with sales increasing by 21.39% and gross margin rising by 2.6 percentage points in the first three quarters of 2025[22] - The company reported a gross profit of RMB 1.797 billion from its global semi-trailer business in the first three quarters of 2025[18] - The company's DTB business achieved revenue of 2.333 billion yuan in the first three quarters of 2025, with total sales of 7,346 units across various EV-DTB models[25]