Financial Performance - The company's operating revenue for the third quarter reached ¥482,747,834.11, representing a 6.70% increase compared to the same period last year[5]. - Net profit attributable to shareholders increased by 255.54% to ¥44,879,103.42, while the year-to-date net profit decreased by 39.80% to ¥8,039,864.25[5]. - The basic earnings per share for the quarter was ¥0.06, a 250.00% increase year-on-year, while the diluted earnings per share rose by 400.00% to ¥0.06[5]. - Total operating revenue decreased to ¥1,277,817,985.11 from ¥1,456,788,913.12, representing a decline of approximately 12.3% year-over-year[34]. - Net profit for the period was ¥7,080,897.27, down from ¥11,044,933.49, indicating a decline of approximately 35.5% year-over-year[36]. - The company’s total comprehensive income for the period was ¥12,004,490.92, compared to ¥11,013,793.09, an increase of about 9.0% year-over-year[36]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,939,308,419.88, down 9.14% from the end of the previous year[5]. - The company's total liabilities decreased to ¥3,932,791,237.51 from ¥4,750,267,048.31, a reduction of about 17.2%[32]. - The total equity attributable to shareholders increased to ¥2,896,937,962.02 from ¥2,772,712,002.68, reflecting an increase of approximately 4.5%[32]. - The company’s long-term borrowings increased to ¥479,539,860.10 from ¥372,516,560.10, an increase of approximately 28.7%[32]. Cash Flow - The cash flow from operating activities for the year-to-date period was ¥263,805,680.19, an increase of 26.79%[5]. - Cash generated from operating activities was ¥1,379,163,562.95, down from ¥1,685,019,143.18, a decrease of about 18.1% year-over-year[37]. - The company's cash flow from operating activities showed a significant decrease, indicating potential challenges in cash generation[37]. - The net cash flow from operating activities was 263,805,680.19, an increase from 208,069,125.60 in the previous period, reflecting a growth of approximately 26.7%[38]. - The total cash and cash equivalents at the end of the period were 515,132,950.51, compared to 489,382,261.72 at the end of the previous period, representing an increase of about 5.9%[39]. - The cash flow from financing activities saw a significant increase of 204.44%, amounting to ¥56,201,793.86, attributed to an increase in returned bank guarantees[14]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 18,153[17]. - The largest shareholder, Changzhou Dezhe Industrial Investment Co., Ltd., holds 27.12% of shares, totaling 219,879,484 shares, with 113,355,311 shares pledged[17]. - The company has repurchased a total of 31,413,715 shares, representing 3.87% of the total share capital[18]. - The total number of restricted shares at the end of the period is 6,400,918 shares, with 976,815 shares newly restricted during the period[19]. - The company has no preferred shareholders or related party transactions among the top shareholders[18]. - The top ten shareholders hold a combined 5% or more of the shares, with no changes reported in their lending or borrowing of shares[18]. Investment Activities - Investment income for the year-to-date period was ¥2,940,668.96, a decrease of 97.17% compared to the previous year due to the transfer of equity in a subsidiary[12]. - Total cash inflow from investment activities was 111,936,244.31, down from 314,751,659.72, indicating a decrease of about 64.4%[38]. - The cash received from investment income was 13,617,037.63, up from 6,499,270.05, marking an increase of approximately 109.5%[38]. - The cash outflow for investment activities was 46,772,372.03, down from 148,604,100.24, indicating a decrease of about 68.5%[38]. Convertible Bonds - The company issued 9,172,387 convertible bonds with a total amount of 91,723.87 million RMB, with an initial conversion price of 7.58 RMB per share[20]. - The conversion price of the convertible bonds has been adjusted multiple times, currently standing at 7.28 RMB per share[21]. - A total of 28,233,521 shares of "Weir Li" stock were converted from the "Weir Convertible Bond" in Q3 2025[28]. - The remaining number of convertible bonds is 8,132,386 with a total face value of 813,238,600 CNY[28].

承德露露股份公司 2025 年第三季度报告 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 证券代码：000848 证券简称：承德露露 公告编号：2025-051 承德露露股份公司 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 承德露露股份公司 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 | | 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） | 571,758,698.45 | | 8.91% | 1,95 ...

Financial Performance - The company's revenue for Q3 2025 was ¥81,070,566.01, a decrease of 3.79% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥3,840,222.75, down 5.66% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,815,125.34, a decrease of 6.32% compared to the previous year[5] - The company's basic earnings per share for Q3 2025 was ¥0.0513, down 5.97% year-on-year[5] - Total operating revenue for the current period reached ¥272,996,575.43, an increase of 6.4% compared to ¥257,091,918.27 in the previous period[23] - Net profit for the current period was ¥24,836,673.76, representing a significant increase of 39.4% from ¥17,815,562.39 in the previous period[24] - Operating profit increased to ¥27,416,193.89, compared to ¥19,161,460.53, marking a growth of 43.1%[24] - Basic and diluted earnings per share were both ¥0.3325, up from ¥0.2390, reflecting an increase of 39.1%[25] Cash Flow - The cash flow from operating activities for the year-to-date was ¥4,670,363.62, a significant decrease of 45.38%[5] - The net cash flow from operating activities for the first nine months of 2025 is 4,670,363.62 RMB, a decrease of 45.38% compared to the same period in 2024[13] - Cash flow from operating activities generated a net amount of ¥4,670,363.62, down from ¥8,550,589.88, indicating a decrease of 45.5%[27] - The company reported a decrease in tax expenses to ¥2,126,604.89 from ¥1,189,099.49, which is an increase of 78.8%[24] - The company experienced a net cash outflow from investing activities of ¥29,231,216.15, compared to a net outflow of ¥19,273,858.98 in the previous period[27] Assets and Liabilities - Total assets at the end of Q3 2025 reached ¥673,083,528.79, an increase of 6.54% from the end of the previous year[5] - Current assets totaled CNY 344,565,230.91, compared to CNY 332,657,193.89 at the start of the year, reflecting a growth of approximately 3%[20] - Total liabilities rose to CNY 88,405,133.02 from CNY 66,258,080.39, indicating an increase of approximately 33.4%[21] - The company's equity increased to CNY 584,678,395.77 from CNY 565,479,417.63, reflecting a growth of about 3.2%[21] - The total non-current assets amounted to CNY 328,518,297.88, up from CNY 299,080,304.13, showing an increase of approximately 9.9%[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 10,634[12] - The largest shareholder, Hu Wenliang, holds 27.45% of shares, totaling 20,533,400 shares[12] - The top three shareholders hold a combined 53.46% of the shares, indicating significant ownership concentration[12] - The company has no preferred shareholders as of the reporting period[14] - There are no changes in the number of restricted shares for major shareholders during the reporting period[15] - Hu Wenliang's locked shares amount to 15,812,550, which are subject to management restrictions[15] Expenses and Investments - The company reported a 76.92% increase in selling expenses, totaling ¥4,731,109.46, primarily due to higher employee compensation and travel expenses[11] - The company experienced a 104.48% increase in asset impairment losses, totaling ¥1,220,893.96, mainly due to increased inventory write-downs[11] - Research and development expenses for the current period were ¥13,315,099.56, compared to ¥12,173,684.11, an increase of 9.4%[24] - The net cash flow from investing activities for the first nine months of 2025 is -29,231,216.15 RMB, a decline of 51.66% year-on-year, primarily due to the initiation of a 1,300-ton fragrance project in Hefei[13] - The company has initiated a major investment project, indicating a strategic focus on expansion and development[13] Inventory and Construction - Inventory increased by 37.90% to ¥149,659,373.97 due to increased stockpiling efforts[10] - The construction of a 1300-ton spice project in Hefei has commenced, leading to a 453.61% increase in construction in progress to ¥31,554,703.86[10]

Financial Performance - The company's operating revenue for Q3 2025 was ¥149,279,545.08, representing a 7.81% increase year-over-year, while the year-to-date revenue decreased by 24.19% to ¥305,778,331.60[6] - Net profit attributable to shareholders for Q3 2025 was ¥9,046,054.77, a 9.77% increase compared to the same period last year, but the year-to-date net profit showed a significant decline of 205.74% to -¥8,846,272.12[6] - The basic earnings per share for Q3 2025 was ¥0.0377, reflecting a 9.91% increase year-over-year, while the year-to-date figure was -¥0.0368, indicating a decline of 205.75%[6] - Net profit for the period was a loss of ¥9,142,365.51, compared to a profit of ¥8,096,429.67 in the previous period, indicating a significant downturn[24] - Basic and diluted earnings per share were both reported at -0.0368, compared to 0.0348 in the previous period, highlighting a shift to losses[25] Assets and Liabilities - Total assets at the end of Q3 2025 were ¥960,198,082.63, down 6.36% from the previous year, while equity attributable to shareholders increased by 1.36% to ¥640,468,121.74[6] - The company's total assets decreased to ¥960,198,082.63 from ¥1,025,413,961.68, reflecting a decline of approximately 6.4%[21] - Total liabilities decreased to ¥318,366,910.99 from ¥393,895,434.69, a reduction of about 19.2% year-over-year[21] Cash Flow - The cash flow from operating activities for the year-to-date was -¥10,827,841.26, a decrease of 157.41% compared to the previous year[10] - The company's cash flow from operating activities showed a significant decline, impacting liquidity and operational flexibility[24] - The net cash flow from operating activities was -10,827,841.26 CNY, a decrease from 18,859,874.21 CNY in the previous period, indicating a significant decline in operational performance[27] - Total cash inflow from operating activities was 301,965,154.35 CNY, down 16.5% from 362,309,911.22 CNY in the prior period[26] - Cash outflow from operating activities totaled 312,792,995.61 CNY, a decrease of 8.9% compared to 343,450,037.01 CNY last year[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 9,425[12] - The largest shareholder, Xu Zhiming, holds 16.75% of shares, totaling 40,219,200 shares[12] - Xu Bin holds 7.64% of shares, totaling 18,345,600 shares, with 13,759,200 shares under lock-up[12] - The total number of shares held by the top ten unrestricted shareholders is 73,000,000[14] Investment Activities - The company’s investment activities generated a cash outflow of -¥203,201,113.98, a 100.20% increase in cash outflow compared to the previous year[10] - The company reported a net cash flow from investment activities of -203,201,113.98 CNY, worsening from -101,498,713.89 CNY in the previous period[27] - Cash inflow from investment activities was 60,960,327.19 CNY, while cash outflow reached 264,161,441.17 CNY, resulting in a net cash outflow[27] Operational Efficiency - The company reported a significant decrease in government subsidies, with other income dropping by 87.63% to ¥862,345.79 in Q3 2025[10] - The company experienced a 68.54% decrease in cash and cash equivalents, totaling ¥99,339,544.61 at the end of Q3 2025[9] - The company has a significant portion of its assets in trading financial assets, which increased from 1,681,957.19 to 201,238,447.03[19] - Research and development expenses were ¥17,969,546.04, slightly down from ¥18,696,889.56, indicating a focus on maintaining innovation despite financial pressures[23] Inventory and Current Assets - Total current assets at the end of the period amount to 661,497,264.20, down from 727,335,793.93 at the beginning of the period[19] - Inventory decreased from 114,849,816.39 to 96,058,120.23, indicating a reduction of approximately 16.4%[19] Financial Management - The company’s financial expenses decreased by 47.68% to -¥1,154,314.57, primarily due to reduced investment income[10] - Deferred tax assets increased to ¥49,733,234.68 from ¥46,262,697.36, suggesting potential future tax benefits[21] - The company is exploring new strategies for market expansion and product development to recover from the current financial downturn[24] - The company received 60,000,000.00 CNY from the recovery of investments, indicating active management of investment portfolios[27] Restricted Shares - The total number of restricted shares at the end of the period is 48,335,062, with 6,835,500 shares released from restriction during the period[17] - The company has a total of 39,702,487 restricted shares at the beginning of the period, with 15,468,075 shares added during the period[17]

Financial Performance - The company reported a revenue of ¥104,886,716.29 for Q3 2025, representing a 266.57% increase year-over-year[5] - Net profit attributable to shareholders reached ¥33,725,284.96 in Q3 2025, a significant increase of 565.20% compared to the same period last year[5] - The company achieved a net profit of ¥90,358,627.06 for the year-to-date period, reflecting a 386.56% increase compared to the previous year[5] - The basic earnings per share for Q3 2025 was ¥0.1657, up 565.45% year-over-year[5] - Operating revenue increased by 204.78% to ¥306,095,816.01, driven by a rise in sales orders[13] - Net profit surged by 386.56% to ¥90,358,627.06, attributed to the increase in operating revenue[13] - Net profit for the current period was ¥90,358,627.06, compared to a net loss of ¥31,532,277.60 in the previous period, marking a turnaround in profitability[24] - Basic and diluted earnings per share for the period were 0.4440, compared to -0.1550 in the previous period[25] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥1,587,504,511.79, a 5.55% increase from the end of the previous year[5] - Total current assets at the end of the reporting period amounted to 1,177,647,148.89 RMB, an increase from 1,080,382,083.50 RMB at the beginning of the period[21] - Total liabilities decreased to ¥114,901,052.73 from ¥137,392,108.42, a reduction of approximately 16.3%[22] - The company’s total liabilities decreased by 39.40% in accounts payable to ¥12,180,858.59, due to payments made for procurement[12] - The company’s total equity increased by 30.60% to ¥361,432,175.05, driven by an increase in retained earnings[13] Cash Flow - Cash and cash equivalents decreased by 61.20% to ¥142,696,018.65 due to the purchase of financial products and employee stock incentive repurchase payments[12] - Cash inflow from operating activities totaled 140,087,574.20, an increase from 97,885,857.40 in the previous period[25] - Net cash flow from operating activities was -106,135,001.35, slightly improved from -106,440,920.69 in the previous period[25] - Cash inflow from investment activities was 270,803,597.26, up from 90,220,493.15 in the previous period[26] - Net cash flow from investment activities was -111,165,012.79, an improvement from -250,819,438.16 in the previous period[26] - Cash inflow from financing activities was 23,306,400.00, down from 74,495,200.00 in the previous period[26] - Net cash flow from financing activities was -7,780,654.75, compared to a positive 42,829,975.20 in the previous period[26] - The ending balance of cash and cash equivalents was 142,696,018.65, down from 193,034,430.60 in the previous period[26] Research and Development - The company plans to increase R&D investment to deepen its advantages while actively exploring emerging fields[11] - Research and development expenses increased by 54.80% to ¥94,013,390.80, indicating a rise in investment in R&D[13] - Research and development expenses increased to ¥94,013,390.80 from ¥60,733,948.20, reflecting a growth of approximately 55%[23] Market and Business Strategy - The company has seen a strong growth momentum in its core business segments, particularly in satellite projects, with multiple projects entering a normalized batch delivery phase[10] - The company is actively expanding its product coverage in the satellite sector, maintaining close cooperation with key downstream institutions[10] - The company has seen a significant increase in orders and project numbers, indicating a recovery in industry demand[18] - The company plans to enhance production capacity and efficiency by shortening R&D cycles and improving testing processes[18] - The company is actively expanding into new markets and deepening customer relationships to increase market share[18] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24] Other Financial Information - The company has successfully turned around its performance, achieving a net profit of ¥3,372,530.00 in Q3 2025, compared to a loss of ¥724,960.00 in the same period last year[9] - The company reported a net profit attributable to shareholders of -31,117,893.52 RMB for the fiscal year 2024, with a net profit of -43,613,965.50 RMB after deducting non-recurring gains and losses[17] - The company's revenue for the period was 211,539,009.02 RMB, which is below the 300 million RMB threshold that triggers a delisting risk warning[17] - The company has not audited its third-quarter financial report[27] - The company plans to implement new accounting standards starting in 2025[27]

Revenue and Profit - The company's revenue for Q3 2025 was ¥92,606,804.98, representing a 9.24% increase year-over-year, while year-to-date revenue reached ¥271,394,625.14, up 5.85% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥16,956,862.34, a decrease of 13.60% year-over-year, but year-to-date net profit surged by 205.58% to ¥56,685,250.49[5] - The basic and diluted earnings per share for Q3 2025 were both ¥0.0717, down 13.41% from the previous year, while year-to-date earnings per share increased by 205.74% to ¥0.2397[5] - Total operating revenue for the current period reached ¥271,394,625.14, an increase of 5.4% compared to ¥256,397,499.35 in the previous period[25] - Operating profit for the current period was ¥64,297,258.98, significantly up from ¥19,873,310.88 in the previous period, marking an increase of 223.5%[26] - Net profit attributable to shareholders of the parent company was ¥56,685,250.49, compared to ¥18,550,035.05 in the previous period, reflecting a growth of 205.5%[27] - The company’s total comprehensive income for the current period was ¥55,790,741.50, compared to ¥17,213,845.48 in the previous period, representing an increase of 224.5%[27] - Basic and diluted earnings per share rose to ¥0.2397 from ¥0.0784, reflecting an increase of 205.4%[27] Assets and Liabilities - The company's total assets as of the end of Q3 2025 were ¥1,260,671,503.64, reflecting a 2.05% increase from the end of the previous year[5] - As of September 30, 2025, the total assets amounted to 1,260,671,503.64 yuan, an increase from 1,235,399,005.21 yuan at the beginning of the period[21] - The total liabilities decreased to ¥106,715,049.98 from ¥121,032,335.43, a reduction of approximately 11.8%[24] - The company's total current liabilities decreased to 102,427,773.86 yuan from 116,781,465.14 yuan, a reduction of about 12%[22] - The total equity attributable to shareholders of the parent company increased to ¥1,143,412,581.30 from ¥1,105,640,710.69, an increase of about 3.4%[24] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥6,652,958.84, a significant decline of 80.18% compared to the same period last year[10] - Cash flow from operating activities generated a net amount of ¥6,652,958.84, down from ¥33,565,634.84 in the previous period, indicating a decline of 80.2%[29] - Cash inflow from investment activities was ¥1,539,552,403.12, a significant increase from ¥447,498,647.01 in the previous period[30] - The net cash flow from investing activities was -$305.91 million, compared to $11.69 million in the previous period[31] - The net cash flow from financing activities was -$25.45 million, with cash inflows of $8.86 million and outflows of $34.31 million[31] - The net increase in cash and cash equivalents was -$324.70 million, while the beginning balance was $542.33 million, resulting in an ending balance of $217.62 million[31] Shareholder Information - The total number of common shareholders at the end of the reporting period is 73,688[13] - Xiangyang New Yiyuan Semiconductor Co., Ltd. holds 26.32% of shares, totaling 62,258,000 shares[13] - The top ten shareholders do not have any other related party relationships or concerted actions[15] - The number of shares held by the top ten unrestricted shareholders totals 63,000,000 shares[15] - The company has not disclosed any changes in the number of shares held by the top ten shareholders due to securities lending[15] - The company has not issued any preferred shares during the reporting period[16] - There are no significant changes in the status of restricted shares during the reporting period[16] Investments and Expenses - The company approved the use of up to 600 million RMB of temporarily idle self-owned funds for entrusted wealth management[16] - The company also approved the use of up to 180 million RMB of temporarily idle raised funds for cash management[16] - The company reported a decrease in research and development expenses to ¥8,062,643.57 from ¥8,868,455.40, a reduction of approximately 9.1%[26] - The company experienced a 119.85% increase in trading financial assets, reaching ¥533,273,630.04, attributed to the purchase of wealth management products[9] - The company's financial expenses decreased by 61.82% year-over-year, totaling -¥3,033,911.02, mainly due to reduced interest income[10] - The company's inventory increased by 48.82% year-over-year to ¥149,989,915.47, mainly due to an increase in goods dispatched[9] - The company reported a significant decrease in cash and cash equivalents, down 60.12% to ¥218,631,441.12, primarily due to investments in financial products[9] - The company's inventory increased to 149,989,915.47 yuan from 100,782,809.13 yuan, representing an increase of approximately 48%[21] - Accounts receivable rose to 137,320,940.73 yuan from 106,191,563.85 yuan, reflecting an increase of approximately 29%[21] - The long-term equity investment increased to 400,394.87 yuan from 326,522.10 yuan, showing an increase of approximately 23%[22] Management and Personnel - The company appointed Zhu Yude as the vice president responsible for marketing, effective from September 9, 2025[18] - The company reported a decrease in employee compensation payable to 14,160,418.64 yuan from 19,417,286.68 yuan, a decline of about 27%[22] Audit and Reporting - The third quarter financial report was not audited[32]

Financial Performance - The company's revenue for Q3 2025 reached ¥784,906,042.85, a slight increase of 0.19% year-over-year, while the year-to-date revenue totaled ¥2,618,277,089.75, reflecting a growth of 15.47% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥166,137,680.30, marking a significant increase of 20.00% year-over-year, with a year-to-date net profit of ¥492,605,787.93, up 26.41% from the previous year[5] - The basic earnings per share for Q3 2025 was ¥0.3025, representing a growth of 19.38% year-over-year, while the diluted earnings per share was ¥0.2997, an increase of 18.60%[5] - Total operating revenue for the current period reached ¥2,618,277,089.75, an increase of 15.4% compared to ¥2,267,526,865.28 in the previous period[25] - Net profit for the current period was ¥514,062,804.94, representing a 33.6% increase from ¥384,481,984.45 in the previous period[26] - The total comprehensive income for the current period was ¥519,289,280.94, compared to ¥382,141,561.27 in the previous period, reflecting a significant increase of 36.0%[26] Assets and Liabilities - The total assets of the company at the end of Q3 2025 amounted to ¥5,346,591,015.40, which is a 4.34% increase from the previous year-end[5] - The company's total assets increased to ¥5,346,591,015.40, compared to ¥5,124,410,823.89 in the previous period, reflecting a growth of 4.3%[24] - Total liabilities decreased to ¥1,336,465,254.39 from ¥1,601,022,500.32, a reduction of 16.5%[24] - The equity attributable to shareholders of the parent company rose to ¥3,980,420,708.61, up from ¥3,516,956,347.39, marking an increase of 13.2%[24] Cash Flow - The company's cash flow from operating activities showed a significant improvement, with a net cash flow of ¥51,511,341.09, a turnaround of 201.11% compared to the same period last year[9] - Cash inflow from operating activities totaled 3,061,440,102.93 yuan, up from 2,286,378,548.78 yuan in the previous period, representing a growth of approximately 34%[27] - Net cash flow from operating activities was 51,511,341.09 yuan, a significant improvement from a negative cash flow of -50,947,201.04 yuan in the prior period[27] - Cash outflow from investing activities amounted to 1,712,006,244.02 yuan, compared to 1,085,352,725.85 yuan in the previous period, indicating an increase of about 58%[28] - Cash inflow from financing activities was 414,330,160.59 yuan, up from 224,978,814.49 yuan in the previous period, reflecting an increase of approximately 84%[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 31,566[11] - Zhao Yanping holds 19.75% of shares, totaling 155,102,534, with 34,384,000 shares pledged[11] - Shanghai Taihexing Enterprise Development Partnership holds 11.31% of shares, totaling 88,776,393, with 3,794,000 shares pledged[11] - Ningbo Shangyu Venture Capital Partnership holds 4.88% of shares, totaling 38,295,403, with no pledged shares[11] - The total number of shares with limited sales at the end of the period is 138,386,498[15] Incentive Plans - The 2021 restricted stock incentive plan has adjusted the number of shares granted but not yet vested from 2.716 million to 3.802 million shares, with the grant price adjusted from ¥24.17 to ¥16.91 per share[16] - The 2022 restricted stock incentive plan has adjusted the number of shares granted but not yet vested from 2.072 million to 2.901 million shares, with the grant price adjusted from ¥24.17 to ¥16.91 per share[18] - The 2023 restricted stock incentive plan has adjusted the number of shares granted but not yet vested from 8.879 million to 12.431 million shares, with the grant price adjusted from ¥24.65 to ¥17.25 per share[19] - The company has completed the granting of the 2025 second phase restricted stock incentive plan, granting 389,700 shares at a price of ¥28.39 per share to 12 incentive recipients[21] - The actual number of shares vested under the 2021 plan is 3.572 million shares, with 549 recipients successfully completing the vesting process[17] Operational Metrics - Accounts receivable increased by 36.20% year-over-year, reaching ¥1,306,831,118.80, primarily due to the expansion of the company's revenue scale[8] - Inventory increased from ¥442.517 million to ¥475.617 million, reflecting a growth of about 7.5%[22] - Research and development expenses for the current period were ¥386,701,798.69, slightly up from ¥382,374,890.02 in the previous period[25] - The company reported a financial income of ¥58,870,738.14, down from ¥67,985,830.03 in the prior period[26] - The deferred income increased to ¥119,093,120.84 from ¥82,890,986.19, indicating a growth of 43.6%[26]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥299,816,357.14, representing an increase of 8.79% compared to the same period last year[5] - Net profit attributable to shareholders decreased by 13.19% to ¥36,627,317.05 in Q3 2025, while the net profit after deducting non-recurring gains and losses increased by 14.42% to ¥36,527,030.69[5] - Total operating revenue for the current period reached ¥805,157,910.67, an increase of 7.98% compared to ¥745,563,079.33 in the previous period[21] - Total operating costs amounted to ¥690,941,031.11, up 7.13% from ¥645,100,558.21 in the prior period[21] - Net profit for the current period was ¥96,405,549.63, representing a growth of 11.67% from ¥86,297,648.90 in the previous period[22] - Operating profit increased to ¥109,348,037.75, a rise of 11.88% compared to ¥98,393,261.07 in the last period[21] - The company reported a total profit of ¥109,549,782.34, which is an increase of 11.69% from ¥98,109,462.38 in the previous period[22] - Basic and diluted earnings per share improved to ¥1.4431, up from ¥1.3277 in the previous period, indicating enhanced profitability per share[22] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ¥1,914,555,497.10, reflecting a significant increase of 45.14% from the end of the previous year[5] - The total assets of the company amounted to ¥1,914,555,497.10, compared to ¥1,319,084,244.66, marking an increase of about 45%[19] - The company's total liabilities decreased to ¥541,625,942.77 from ¥588,067,104.54, a reduction of approximately 7.9%[18] - The equity attributable to the owners of the parent company increased significantly to ¥1,372,929,554.33 from ¥731,017,140.12, showing a growth of about 88%[19] - The company's long-term borrowings increased to ¥122,300,000.00 from ¥92,300,000.00, representing a rise of approximately 32.5%[18] - The company reported a decrease in short-term borrowings to ¥193,639,374.99 from ¥210,206,861.11, a decline of approximately 7.5%[18] Cash Flow and Financing - The company's cash flow from operating activities for the year-to-date reached ¥39,964,506.21, showing a substantial increase of 70.58% compared to the same period last year[5] - Cash flow from operating activities generated a net amount of ¥39,964,506.21, compared to ¥23,427,960.63 in the previous period, reflecting a significant increase[24] - The company experienced a net cash inflow from financing activities of ¥580,335,992.45, compared to ¥136,575,033.44 in the previous period, reflecting robust financing efforts[25] - The company reported a 324.92% increase in net cash flow from financing activities, totaling ¥580,335,992.45, attributed to the IPO[11] IPO and Capital Changes - The company completed its initial public offering, resulting in a 388.25% increase in cash and cash equivalents to ¥664,790,237.29[10] - The capital reserve increased by 1,937.92% to ¥550,867,780.25, primarily due to the completion of the IPO[10] - The company's cash and cash equivalents increased to ¥664,790,237.29 from ¥136,156,539.00, representing a growth of approximately 388%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 19,661, with the largest shareholder holding 27.69% of the shares[12] Expenses and Income - The company experienced a 39.85% increase in financial expenses, totaling ¥5,379,767.75, mainly due to higher interest expenses compared to the previous year[11] - The company reported a significant increase in other income, which rose by 42.15% to ¥7,154,149.53, primarily from government subsidies received[11] - Research and development expenses rose to ¥25,739,752.40, an increase of 13.83% from ¥22,658,533.43 in the prior period, highlighting a focus on innovation[21] Inventory and Receivables - Accounts receivable rose to ¥334,642,328.62 from ¥293,175,831.66, indicating an increase of about 14.1%[17] - The company's inventory stood at ¥211,907,639.38, slightly up from ¥206,463,018.87, indicating a growth of about 2.1%[17] - Total current assets reached ¥1,260,809,620.84, up from ¥694,571,959.83, reflecting a growth of approximately 81.5%[17] - The company's total non-current assets increased to ¥653,745,876.26 from ¥624,512,284.83, reflecting a growth of about 4.7%[18]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥940,950,565, representing a 20.23% increase compared to ¥781,283,000 in the same period last year[7] - Net profit attributable to shareholders for Q3 2025 was ¥95,033,870, a decrease of 35.96% from ¥147,250,000 in the previous year[7] - The net cash flow from operating activities for the year-to-date period was ¥356,518,800, showing a significant decline of 816.14% compared to ¥2,680,000 in the same period last year[7] - The total equity attributable to shareholders decreased by 6.45% to ¥4,825,989,079.66 compared to ¥5,126,141,623.97 at the end of the previous year[7] - The net loss for the third quarter was ¥335,855,355.40, compared to a net loss of ¥727,542,194.86 in the previous year, indicating an improvement[31] - The total comprehensive income for the period was -334,253,529.43 CNY, compared to -726,586,719.72 CNY in the previous period[32] - Basic and diluted earnings per share were both -0.1415 CNY, compared to -0.2776 CNY in the previous period[32] Assets and Liabilities - The total assets at the end of Q3 2025 amounted to ¥14,507,186,419.95, reflecting a 7.26% increase from ¥13,205,501,276.62 at the end of the previous year[7] - Current liabilities rose to ¥6,103,513,922.61, up from ¥5,621,767,822.84, marking an increase of 8.5%[29] - Non-current liabilities increased to ¥2,814,509,146.18 from ¥2,479,034,480.08, reflecting a growth of 13.5%[29] - The company's long-term investments decreased to ¥199,927,402.46 from ¥252,410,526.84, a decline of 20.8%[28] Cash Flow - The net cash flow from operating activities was -356,518,896.53 CNY, a decrease from 49,783,205.31 CNY in the previous period[35] - Cash inflow from operating activities totaled 2,395,900,230.09 CNY, down from 3,497,873,735.89 CNY year-over-year[34] - Cash outflow from operating activities was 2,752,419,126.62 CNY, compared to 3,448,090,530.58 CNY in the previous period[35] - The net cash flow from investing activities was 83,510,656.09 CNY, an improvement from -199,639,528.14 CNY in the previous period[35] - Cash inflow from financing activities was 2,991,140,977.58 CNY, up from 2,108,761,028.12 CNY year-over-year[35] - The ending cash and cash equivalents balance was 730,274,939.32 CNY, down from 1,222,444,925.10 CNY in the previous period[35] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 57,076[15] - The largest shareholder, China Pingmei Shenma Holdings Group Co., Ltd., holds 40.29% of the shares, totaling 754,692,971 shares[15] - The company's total restricted shares at the end of the period amounted to 2,515,262 shares, with various executives holding significant portions[20] Operational Changes - The company announced an organizational restructuring to improve governance and operational efficiency, resulting in 13 functional departments[23] - The company approved a capital increase of CNY 500 million for Zhongyuan Jinyang Technology Co., with the company retaining a 64.62% stake post-investment[21] - The company transferred 38.46% equity of Kaifeng Times New Energy Technology Co. to itself, enhancing its control without financial implications[22] - The company exited an industrial fund by transferring a 33.1126% partnership share, with no cash involved in the transaction[26] Research and Development - Development expenditures rose by 129.02% to ¥1,510.72, as several R&D projects entered the development stage[11] - R&D expenses decreased by 32.68% to CNY 8,594.75 million, also influenced by the equity sale last year[12] - Research and development expenses decreased to ¥85,947,464.03 from ¥127,663,499.62, a reduction of 32.7%[30] Receivables and Financing - Accounts receivable increased by 37.34% to ¥224,639.71, primarily due to increased business volume and revenue[11] - The company reported a 66.77% decrease in receivables financing, down to ¥7,891.76, due to the maturity and settlement of notes[11] - Contract liabilities increased by 91.98% to CNY 10,765.92 million due to an increase in advance payments[12] - Long-term borrowings rose by 156.40% to CNY 97,353.20 million, reflecting increased loans from financial institutions[12] - The company's financial liabilities primarily consist of bank loans, which will be addressed using the newly raised capital[21]

浙江斯菱汽车轴承股份有限公司 2025 年第三季度报告 证券代码：301550 证券简称：斯菱股份 公告编号：2025-041 浙江斯菱汽车轴承股份有限公司 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、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 浙江斯菱汽车轴承股份有限公司 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） | 189,914,858.04 | -3.61% ...