Financial Performance - The company's operating revenue for Q3 2025 reached ¥5,401,253,195.82, representing a 44.14% increase compared to ¥3,747,337,381.72 in the same period last year[5] - Net profit attributable to shareholders decreased by 36.93% to ¥149,452,044.47 from ¥236,959,236.23 year-on-year[5] - Basic and diluted earnings per share fell by 36.42% to ¥0.1983 from ¥0.3119 in the same quarter last year[5] - Total operating revenue increased by 55.92% to CNY 14.55 billion, driven by the expansion of the mining service segment and the consolidation of Xuefeng Technology[13] - Total operating costs rose by 56.97% to CNY 13.06 billion, reflecting increased costs associated with the expanded mining service segment and the consolidation of Xuefeng Technology[13] - Net profit increased by 36.26% to CNY 1.19 billion, with the contribution from Xuefeng Technology enhancing profitability despite a decline in the mining service segment's gross margin[14] - Total comprehensive income for the period reached ¥1,190,355,874.36, compared to ¥873,571,560.12 in the previous period, representing an increase of approximately 36.4%[29] Cash Flow - The net cash flow from operating activities showed a significant decline, with a net outflow of ¥235,565,774.32 compared to a positive cash flow of ¥192,206,796.36 in the previous year, marking a 224.56% decrease[5] - Cash inflow from operating activities totaled ¥11,891,245,156.40, up from ¥8,112,260,472.18, indicating a growth of 46.1%[30] - Cash inflow from investment activities was ¥7,359,319,503.86, significantly higher than ¥3,696,239,749.90, marking an increase of 98.0%[31] - Net cash flow from investment activities was -¥1,692,321,280.16, slightly worse than -¥1,635,157,296.67 from the previous period[31] - Cash inflow from financing activities amounted to ¥4,096,721,000.82, compared to ¥3,033,176,882.64, an increase of 35.1%[31] - Net cash flow from financing activities improved to ¥1,040,863,010.43 from ¥335,987,236.58, showing a significant increase of 210.5%[31] - The ending cash and cash equivalents balance was ¥1,754,928,033.83, a slight decrease from ¥1,768,232,016.20 in the previous period[31] Assets and Liabilities - Total assets increased by 60.61% to ¥31,564,131,736.56 from ¥19,652,477,661.76 at the beginning of the year[5] - Total liabilities increased to CNY 16,940,794,611.54 from CNY 11,840,712,733.70, which is an increase of approximately 43.3%[26] - The company's cash and cash equivalents decreased from 2,883,237,163.90 RMB to 2,056,894,468.93 RMB[24] - Long-term equity investments rose by 41.70% to CNY 442.25 million, primarily due to the consolidation of Xuefeng Technology[12] - The company reported a significant increase in goodwill by 66.11% to CNY 3.48 billion, resulting from the consolidation of Xuefeng Technology and Dalian Changzhilin[12] Accounts and Inventory - Accounts receivable rose by 93.86% to ¥4,914,131,017.84, primarily due to the consolidation of Xuefeng Technology and expansion in the mining service sector[11] - Inventory surged by 288.71% to ¥1,519,944,288.85, driven by the consolidation of Xuefeng Technology and Dalian Changzhilin[11] - The company’s accounts receivable notes increased from 899,563,068.61 RMB to 1,204,743,648.78 RMB[24] Investments and Acquisitions - The company completed the acquisition of 60% of Dalian Changzhilin Technology Co., Ltd. for 102 million RMB, enhancing its defense equipment segment[20] - The company approved a capital increase of 1.62 billion RMB for its subsidiary Hongda Defense to support its strategic transformation towards military industry[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 24,794, indicating a stable shareholder base[16] - The company’s total shares held by major shareholders, including Guangdong Environmental Group, accounted for 27.28% of total shares[19] Other Financial Information - The company recognized non-operating income from government subsidies amounting to ¥11,720,511.18 during the reporting period[7] - The company reported a cash dividend distribution of 2 RMB per 10 shares, totaling no more than 150,723,102.20 RMB[21] - Research and development expenses for the period were CNY 379,597,739.11, up from CNY 301,039,505.26, indicating an increase of approximately 26%[28] - The third quarter financial report was not audited, indicating a need for caution in interpreting the results[33]

惠州亿纬锂能股份有限公司 2025 年第三季度报告 证券代码：300014 证券简称：亿纬锂能 公告编号：2025-129 惠州亿纬锂能股份有限公司 2025 年第三季度报告 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、董事及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 | | 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 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 16,831,954,115.53 | 35.85% | 45,001,518,158.94 | 32.17% | | ...

Financial Performance - The company's revenue for Q3 2025 was ¥1,749,366,315.84, representing a decrease of 5.91% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥79,359,909.73, down 72.58% year-on-year, while the net profit after deducting non-recurring items was ¥71,442,209.52, a decrease of 74.00%[5]. - The basic earnings per share for the period was ¥0.1569, reflecting a decline of 72.55% compared to the previous year[5]. - Total operating revenue for Q3 2025 was CNY 4,501,474,303.52, a decrease of 5.36% from CNY 4,757,630,667.36 in the same period last year[21]. - Net profit for the period was CNY 169,160,633.30, down 73.06% compared to CNY 626,264,559.22 in the previous year[22]. - Earnings per share (EPS) decreased to CNY 0.3313 from CNY 1.2292, reflecting a significant decline in profitability[22]. - The company reported a total comprehensive income of CNY 246,344,701.49, down from CNY 695,674,475.88 in the previous year[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥8,687,631,188.54, down 13.62% from the end of the previous year[5]. - The company’s total assets as of September 30, 2025, amounted to RMB 8.69 billion, down from RMB 10.06 billion at the beginning of the period[17]. - Total liabilities decreased to CNY 3,414,160,293.86 from CNY 4,328,912,448.44, indicating a reduction in financial obligations[19]. - The company’s total equity attributable to shareholders decreased by 7.96% to ¥5,270,158,436.02 compared to the end of the previous year[5]. - The company’s total equity attributable to shareholders decreased to CNY 5,270,158,436.02 from CNY 5,725,989,635.60, showing a decline in shareholder value[19]. Cash Flow - The company reported a net cash flow from operating activities of ¥581,346,577.98, which decreased by 52.95% year-to-date[5]. - Operating cash flow for the current period is ¥581,346,577.98, a decrease of 53% compared to ¥1,235,464,123.83 in the previous period[23]. - Cash received from sales of goods and services is ¥5,231,351,772.34, a decrease from ¥5,348,548,667.81 in the previous period[23]. - Total cash outflow from operating activities is ¥4,766,802,878.48, compared to ¥4,213,362,714.81 in the previous period[23]. - Cash inflow from financing activities is ¥2,133,000,000.00, an increase from ¥1,609,918,325.00 in the previous period[24]. - Net cash flow from financing activities is -¥821,161,714.08, worsening from -¥345,416,802.46 in the previous period[24]. Investments and Expenses - Research and development expenses increased by 33.11% to ¥6,279,000, indicating a focus on new product development[10]. - The company’s investment income increased by 86.08% to ¥3,368,000, attributed to higher returns from financial investments[10]. - Financial expenses included interest expenses of CNY 82,059,929.14, compared to CNY 42,771,367.74 in the prior year, indicating increased borrowing costs[21]. - The company reported a significant decrease in cash flow from investing activities, with a net outflow of ¥26,807,000, reflecting increased financial investment outflows[10]. Share Repurchase - As of September 30, 2025, the company repurchased a total of 1,055,192 shares, accounting for 0.209% of the total share capital, with a total transaction amount of approximately RMB 27.66 million[14]. - The company plans to repurchase shares using a total fund of no less than RMB 40 million and no more than RMB 80 million, with a maximum repurchase price of RMB 47.48 per share[13]. - The company’s total liabilities and equity structure will be further evaluated following the share repurchase plan[13]. Inventory and Fixed Assets - The company’s inventory decreased significantly from RMB 1.55 billion to RMB 642.74 million during the reporting period[17]. - The company’s fixed assets decreased from RMB 1.33 billion to RMB 1.22 billion during the reporting period[17]. - The company’s long-term equity investments decreased from RMB 91.31 million to RMB 81.73 million during the reporting period[17]. Shareholder Information - The company’s total number of common stock shareholders at the end of the reporting period was 54,289[12]. - The company’s financial report indicates a significant reduction in accounts receivable from RMB 418.38 million to RMB 243.98 million[17]. - The company’s cash and cash equivalents decreased to RMB 4.08 billion from RMB 4.58 billion at the beginning of the period[17]. - The ending balance of cash and cash equivalents is ¥3,872,071,969.70, down from ¥5,251,716,140.06 in the previous period[24].

南昌矿机集团股份有限公司 2025 年第三季度报告 南昌矿机集团股份有限公司 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。 证券代码：001360 证券简称：南矿集团 公告编号：2025-044 重要内容提示： 1.董事会、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 南昌矿机集团股份有限公司 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） | 233,891,637.59 | 26.35% | 617, ...

Financial Performance - The company's revenue for Q3 2025 was ¥745,348,832.68, a decrease of 4.88% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was ¥65,938,183.25, an increase of 70.74% year-on-year[4] - The basic earnings per share for Q3 2025 was ¥0.2218, reflecting an increase of 85.92% compared to the same period last year[4] - Total operating revenue for the current period is $2,175,359,720.30, a decrease of 6.6% from $2,329,550,634.31 in the previous period[17] - Net profit for the current period is $179,065,515.18, representing an increase of 54.3% compared to $115,934,867.13 in the previous period[18] - Basic and diluted earnings per share increased to $0.6022 from $0.3850, reflecting a growth of 56.5%[19] - Other comprehensive income after tax for the current period is $38,139,905.37, a significant recovery from a loss of $1,957,498.03 in the previous period[18] - The company reported a total comprehensive income of $217,205,420.55, an increase of 90.5% from $113,977,369.10 in the previous period[19] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥3,605,320,695.54, representing a 1.16% increase from the end of the previous year[4] - The company's equity attributable to shareholders increased by 5.64% year-on-year, reaching ¥2,032,243,497.12[4] - Total assets amounted to ¥3,605,320,695.54, up from ¥3,563,923,727.47, marking an increase of about 1.2%[15] - Total liabilities decreased to ¥1,573,077,198.42 from ¥1,640,238,261.59, showing a reduction of approximately 4.1%[15] - The company's equity attributable to shareholders increased to ¥2,032,243,497.12 from ¥1,923,685,465.88, representing a growth of about 5.7%[15] - The company’s estimated liabilities increased by 1101.29% due to the rise in expected liabilities from unresolved lawsuits[8] Cash Flow and Financing - Cash flow from operating activities for the year-to-date period was ¥351,921,850.83, an increase of 52.24%[4] - Net cash flow from operating activities is $351,921,850.83, up 52.4% from $231,162,491.69 in the previous period[20] - Cash and cash equivalents at the end of the period increased to $136,313,883.36 from $103,757,061.02, marking a rise of 31.4%[21] - The company reported a significant increase in accounts receivable financing, up 316.24% due to an increase in notes receivable[7] - Short-term borrowings rose to ¥630,013,668.00 from ¥593,605,114.79, indicating an increase of approximately 6.1%[14] - Financing activities generated a net cash outflow of $224,211,480.14, worsening from a net outflow of $112,007,114.38 in the previous period[21] Operational Changes - The company experienced a 61.35% increase in construction in progress, attributed to new project production equipment and technological upgrades[8] - The financial expenses decreased by 79.18% year-on-year, mainly due to reduced interest expenses and favorable exchange rate impacts[8] - The company has plans for market expansion and new product development, although specific figures were not disclosed during the call[12] - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[12] Inventory and Receivables - Accounts receivable rose to ¥500,033,484.55 from ¥493,321,481.79, indicating an increase of about 1.4%[13] - Inventory decreased to ¥468,855,946.10 from ¥486,579,177.97, reflecting a decline of approximately 3.7%[13] - The company reported a decrease in fixed assets to ¥1,816,008,338.36 from ¥1,873,412,886.64, reflecting a decline of about 3.1%[14]

2025 年第三季度报告 证券代码：002158 证券简称：汉钟精机 公告编号：2025-034 上海汉钟精机股份有限公司 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、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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 2、公司负责人余昱暄先生、主管会计工作负责人邱玉英女士及会计机构负责人（会计 主管人员）顾丽萍女士声明：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审计： □是 否 1 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 2025 年第三季度报告 其他符合非经常性损益定义的损益项目的具体情况： □适用 不适用 □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 | | --- | --- | --- | --- | --- | | | | ...

浙江中胤时尚股份有限公司 2025 年第三季度报告 证券代码：300901 证券简称：中胤时尚 公告编号：2025-048 浙江中胤时尚股份有限公司 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 浙江中胤时尚股份有限公司 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 | 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） | 84,651,424.44 | -11.37% | 26 ...

钢研纳克检测技术股份有限公司 2025 年第三季度报告 证券代 码：300797 证券简称： 钢研纳 克 公告编号 ： 2025 - 047 钢研纳克检测技术股份有限公司 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 钢研纳克检测技术股份有限公司 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） | 306,580,1 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥592,652,109.73, representing a 10.10% increase year-over-year[6] - Net profit attributable to shareholders was ¥19,990,706.67, an increase of 84.17% compared to the same period last year[6] - The net profit after deducting non-recurring gains and losses was ¥18,273,590.61, up 104.31% year-over-year[6] - The basic earnings per share for the period was ¥0.07, reflecting a 40.00% increase compared to the previous year[6] - Total operating revenue for the third quarter reached CNY 1,745,073,940.20, an increase of 9.0% compared to CNY 1,600,608,561.62 in the same period last year[25] - Net profit for the period was CNY 62,596,707.28, representing a 22.5% increase from CNY 51,258,240.70 in the previous year[26] - Earnings per share (EPS) increased to CNY 0.20 from CNY 0.16, indicating a growth of 25%[27] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥3,395,047,137.76, a slight increase of 0.22% from the end of the previous year[6] - The total assets of the company as of the end of the reporting period were CNY 3,395,047,137.76, slightly up from CNY 3,387,616,168.09[23] - Non-current liabilities increased to CNY 467,501,640.92 from CNY 355,094,258.10, marking a significant rise of 31.7%[23] - The company's total liabilities decreased marginally to CNY 1,606,007,548.06 from CNY 1,610,726,340.48[23] Cash Flow - Cash flow from operating activities for the year-to-date was ¥133,817,129.42, showing a significant increase of 125.21%[13] - Operating cash flow for the current period was ¥133,817,129.42, an increase of 125% compared to ¥59,419,315.40 in the previous period[28] - Total cash inflow from operating activities reached ¥1,682,652,792.97, up from ¥1,529,190,027.71, reflecting a growth of approximately 10%[28] - Cash outflow from operating activities was ¥1,548,835,663.55, compared to ¥1,469,770,712.31 in the previous period, indicating an increase of about 5%[28] - The net increase in cash and cash equivalents for the current period was ¥43,559,831.63, contrasting with a decrease of -¥34,364,720.06 in the previous period[29] - The ending balance of cash and cash equivalents was ¥144,493,248.54, significantly higher than ¥77,832,984.89 at the end of the previous period[29] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 10,979[14] - Major shareholder Song Chaoyang holds 26.27% of the company, equivalent to 84,084,000 shares[16] - The second-largest shareholder, Fu Tiannian, owns 12.10% of the company, totaling 38,729,600 shares[16] - The company has a total of 92,110,200 shares under lock-up restrictions, with 26,317,200 shares newly added during the period[19] - The total number of shares held by the top ten shareholders includes significant stakes from both individual and institutional investors[16] - The company is actively managing its shareholding structure, with no shares currently pledged or frozen[16] Operational Costs and Expenses - Total operating costs amounted to CNY 1,676,736,895.19, up from CNY 1,546,415,818.22, reflecting a year-over-year increase of 8.4%[25] - The company reported an increase in R&D expenses to CNY 76,549,165.86, compared to CNY 77,191,137.02, indicating a focus on innovation despite a slight decrease[25] Investment and Market Strategy - The company reported a 439.70% increase in investment income, totaling ¥1,320,725.00, primarily due to increased futures gains[12] - The company is exploring market expansion strategies and new product development to enhance future growth prospects[25] Tax and Refunds - The company experienced a 40.56% rise in taxes and surcharges, amounting to ¥21,127,066.81, mainly due to increased export tax exemptions[12] - The company received ¥8,575,563.29 in tax refunds, an increase from ¥6,823,497.54 in the previous period, reflecting a growth of approximately 26%[28] Audit Information - The company did not conduct an audit for the third quarter financial report[30]

Financial Performance - The company's revenue for Q3 2025 was ¥2,629,101,734.09, a decrease of 13.52% compared to the same period last year[5] - Net profit attributable to shareholders was ¥46,427,604.81, down 21.46% year-on-year, while the net profit excluding non-recurring gains and losses was ¥44,787,340.40, a decrease of 23.94%[5] - For the first nine months of 2025, the company achieved a total revenue of ¥7,565,586,728.42, representing an 18.28% decline year-on-year[9] - Total operating revenue for the current period is ¥7,565,586,728.42, a decrease of 18.3% from ¥9,258,110,867.57 in the previous period[21] - Net profit for the current period is ¥182,010,837.30, a decline of 39.9% compared to ¥302,683,796.72 in the previous period[22] - Earnings per share (basic) for the current period is ¥0.0928, down from ¥0.2118 in the previous period[22] - The company’s total profit before tax is ¥276,089,133.22, down from ¥424,171,620.41 in the previous period, representing a decline of 34.8%[22] - The company’s total comprehensive income for the current period is ¥182,010,837.30, compared to ¥302,682,117.22 in the previous period[22] Cash Flow and Assets - The company reported a significant increase in net cash flow from operating activities, reaching ¥871,715,623.10, a rise of 1508.33% compared to the previous year[9] - Operating cash flow for the current period is ¥871,715,623.10, a significant increase from ¥54,200,047.93 in the previous period, reflecting a strong operational performance[24] - Total cash inflow from operating activities decreased to ¥8,468,610,339.97 from ¥9,601,233,221.75, indicating a decline of approximately 11.8% year-over-year[24] - Cash outflow from operating activities also decreased to ¥7,596,894,716.87 from ¥9,547,033,173.82, resulting in a reduction of about 20.4%[24] - The ending cash and cash equivalents balance is ¥1,346,814,696.43, a slight decrease from ¥1,352,553,738.03 in the previous period[25] - The company’s cash flow from operating activities reflects a robust operational strategy despite a decrease in total cash inflows[24] Shareholder Information - Total number of common shareholders at the end of the reporting period was 45,695[12] - The largest shareholder, Chen Haibin, holds 26.31% of shares, totaling 164,438,933 shares, with 76,460,000 shares pledged[12] - The company repurchased 13,880,000 shares, accounting for 2.22% of the total share capital[13] - The number of shares held by the top ten unrestricted shareholders totaled 100,000,000 shares[13] Asset and Liability Management - Total assets at the end of the reporting period were ¥14,765,016,764.23, a decrease of 6.47% from the previous year[5] - The company's total current assets decreased from CNY 11,902,542,869.23 to CNY 11,040,261,948.58, a decline of approximately 7.24%[18] - Cash and cash equivalents decreased from CNY 1,830,317,273.55 to CNY 1,372,146,968.42, a reduction of about 25%[18] - Accounts receivable decreased from CNY 7,258,897,680.33 to CNY 6,735,971,949.60, a decline of approximately 7.2%[18] - Total liabilities amount to ¥6,090,797,605.65, a decrease from ¥7,018,794,162.32 in the previous period[20] - Total equity is ¥8,674,219,158.58, down from ¥8,767,189,572.23 in the previous period[20] - The company’s long-term borrowings decreased to ¥1,348,014,472.00 from ¥1,593,720,736.00, a reduction of 15.4%[20] Operational Developments - The company added 12 new precision centers in the first three quarters, bringing the total to 102, with related business growth of 11.25%[10] - The company signed 1,504 new clients, further increasing its market share[10] - The company is advancing its AI products and digital solutions, collaborating with partners like Alibaba and Huawei Cloud, and has become a key player in the trusted data space in Hangzhou[10] - Financial expenses decreased by 36.56% during the reporting period, reflecting improved internal management efficiency[10] Research and Development - The company reported a decrease in research and development expenses to ¥169,463,374.03 from ¥225,278,980.27, a reduction of 24.8%[21]