Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,350,936,518.15, an increase of 16.32% compared to ¥1,161,431,180.45 in the same period last year[3] - The total profit for Q3 2025 was ¥257,897,910.25, a decrease of 33.18% from ¥385,943,439.85 in the previous year[3] - Net profit attributable to shareholders for Q3 2025 was ¥112,352,232.77, down 41.37% from ¥191,617,860.70 in the same period last year[3] - The basic earnings per share for Q3 2025 decreased by 40.00% to ¥0.18 from ¥0.30 in the previous year[3] - The weighted average return on equity for Q3 2025 was 3.00%, a decrease of 1.94 percentage points from 5.06% in the same period last year[3] - Net profit for the first three quarters of 2025 was ¥828,557,991.18, a decrease of 3.1% from ¥855,032,336.13 in 2024[19] - Basic and diluted earnings per share for the first three quarters of 2025 are CNY 0.781, down from CNY 0.854 in 2024, indicating a decrease of about 8.5%[20] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥8,363,534,181.03, representing an increase of 8.04% from ¥7,740,148,088.59 at the end of the previous year[3] - Total liabilities increased to ¥2,930,036,316.60 as of September 30, 2025, from ¥2,755,690,629.78 at the end of 2024, marking a rise of 6.3%[16] - The company's non-current assets totaled ¥5,595,174,792.02 as of September 30, 2025, slightly down from ¥5,600,790,546.92 at the end of 2024[16] - The total equity attributable to shareholders increased to ¥4,493,886,715.03 as of September 30, 2025, compared to ¥3,999,248,414.49 at the end of 2024, reflecting a growth of 12.4%[16] Production and Operations - The company reported a 9.65% decrease in tin concentrate production, with 4,758.68 tons produced in the first three quarters of 2025 compared to 5,267.04 tons in 2024[12] - Zinc ingot production increased by 15.08%, reaching 8,897.34 tons in 2025 compared to 7,731.25 tons in 2024[12] - The company reported a 4.37% decrease in zinc concentrate production, with 39,686.66 tons produced in 2025 compared to 41,498.55 tons in 2024[12] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥887,231,931.52, a decrease of 4.13% compared to ¥925,459,341.10 in the previous year[3] - Cash inflow from operating activities for the first three quarters of 2025 is CNY 4,860,350,813.50, compared to CNY 3,940,618,244.70 in 2024, reflecting an increase of approximately 23.3%[22] - Cash outflow from operating activities for the first three quarters of 2025 is CNY 3,973,118,881.98, up from CNY 3,015,159,919.94 in 2024, which is an increase of about 31.8%[22] - The ending balance of cash and cash equivalents for the first three quarters of 2025 is CNY 1,589,180,956.37, up from CNY 1,051,203,349.04 in 2024, indicating a growth of approximately 51.1%[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 22,239[10] - The largest shareholder, Guangxi Huaxi Group, holds 56.47% of shares, totaling 357,231,798 shares[10] Acquisitions and Adjustments - The company completed the acquisition of 100% equity in Beijing Huaxi Jinhai Trading Co., Ltd. from Guangxi Huaxi Group in August 2025, which required retrospective adjustments to the previous year's consolidated financial statements[4] - The company plans to acquire 100% equity of Beijing Huaxi Jinhai Trading Co., Ltd. for RMB 1.0383 million[13] Costs and Expenses - Total operating costs for the first three quarters of 2025 were ¥3,160,014,296.68, up 31.8% from ¥2,398,577,672.96 in 2024[18] - Research and development expenses for the first three quarters of 2025 were ¥64,032,344.29, an increase of 44.8% compared to ¥44,253,145.75 in 2024[18] - The company recorded a net investment loss of ¥118,739.63 in the first three quarters of 2025, compared to a loss of ¥4,361.12 in the same period of 2024[18] Profitability Factors - The decline in net profit was primarily due to decreased ore grade, increased environmental management costs, and changes in mining rights affecting profitability[8] - The company recorded a net profit reduction of RMB 51.64 million due to the recognition of mining rights transfer income[12]

Financial Performance - The company's operating revenue for Q3 2025 was ¥458,245,490.60, a decrease of 9.80% compared to the same period last year[2] - Total profit for the quarter was ¥12,494,158.87, down 69.67% year-on-year[2] - Net profit attributable to shareholders was ¥11,410,957.99, reflecting a decline of 65.15% compared to the previous year[2] - The basic earnings per share for the quarter was ¥0.0082, a decrease of 65.11% year-on-year[3] - The decline in revenue and profits was primarily attributed to a decrease in operating income year-on-year[8] - Total operating revenue for the first three quarters of 2025 was CNY 1,391,503,279.17, a decrease of 11.2% compared to CNY 1,567,359,484.75 in the same period of 2024[16] - Operating profit for the first three quarters of 2025 was CNY 4,977,264.09, a significant increase from CNY 306,867.82 in 2024[17] - Net profit for the first three quarters of 2025 was CNY 1,716,652.20, recovering from a net loss of CNY 12,033,759.67 in the same period of 2024[18] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥15,745,942,805.29, a decrease of 1.81% from the end of the previous year[3] - Total current assets as of September 30, 2025, amounted to ¥9,098,322,538.26, a decrease from ¥9,650,049,195.50 at the end of 2024[13] - Total non-current assets increased to ¥6,647,620,267.03 from ¥6,386,963,362.87[14] - Total current liabilities amounted to ¥2,083,768,949.74, down from ¥2,298,951,231.83[14] - The total liabilities decreased to CNY 3,071,272,190.02 in 2025 from CNY 3,326,480,592.43 in 2024, a reduction of approximately 7.7%[15] - Total equity attributable to shareholders was CNY 12,674,670,615.27 in 2025, slightly down from CNY 12,710,531,965.94 in 2024[15] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥26,447,531.95, representing a decline of 107.23%[2] - The net cash flow from operating activities for the first three quarters of 2025 was negative CNY 26,447,531.95, compared to a positive CNY 365,658,292.55 in 2024[20] - Cash inflow from operating activities totaled CNY 1,690,947,573.07, while cash outflow was CNY 1,717,395,105.02, indicating a cash outflow exceeding inflow[20] - The net cash flow from investing activities was -$2.45 billion, compared to -$1.20 billion in the previous period, indicating an increase in cash outflow for investments[21] - Total cash and cash equivalents at the end of the period decreased to $6.08 billion from $7.09 billion, reflecting a net decrease of approximately $2.59 billion[21] - Cash outflows from financing activities totaled $114.67 million, slightly higher than $110.93 million in the previous period, with cash paid for dividends and interest remaining constant at $37.58 million[21] Shareholder Information - Total shareholders of common stock at the end of the reporting period reached 52,544[10] - The largest shareholder, China Broadcasting Network Corporation, holds 265,635,026 shares, representing 19.09% of total shares[11] - The second-largest shareholder, Beijing Beiguang Media Investment Development Center, holds 255,217,966 shares, accounting for 18.34%[11] Other Financial Metrics - The weighted average return on equity was 0.09%, a decrease of 0.17 percentage points compared to the previous year[3] - Non-recurring gains and losses for the quarter totaled ¥37,667,214.59, with significant contributions from government subsidies and asset disposals[6] - The company reported a significant increase in fair value changes of financial assets, contributing to the overall financial performance[7] - The company reported a decrease in research and development expenses to CNY 47,167,242.56 in 2025 from CNY 72,219,127.40 in 2024, a reduction of 34.7%[17] - The company has no significant changes in the participation of major shareholders in margin trading or stock lending[12]

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。 兴业证券股份有限公司 2025 年第三季度报告 公司负责人苏军良、主管会计工作负责人许清春及会计机构负责人（会计主管人员）马亚静保证季度报 告中财务信息的真实、准确、完整。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 第三季度财务报表是否经审计。 □是 √否 重要内容提示 一、主要财务数据 (一)主要会计数据和财务指标 兴业证券股份有限公司2025 年第三季度报告 证券代码：601377 证券简称：兴业证券 单位：元 币种：人民币 | | | | 本报告期 比上年同 | | | | | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | 期增减变 | 年初至报告期末 | 上年同期 | | 增减变动幅度 | | | | | | 动幅度(%) | | | ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 54,746,300, a decrease of 19.2% compared to CNY 67,796,300 in the same period last year[3] - The total profit for the quarter was CNY -8,421,600, representing a 68.6% decline from CNY 37,271,100 in the previous year[4] - The net profit attributable to shareholders was CNY -8,174,700, down 67.5% from CNY 33,171,100 year-on-year[4] - The basic earnings per share for the quarter was CNY -0.02, a decrease of 66.6% compared to CNY 0.09 in the same period last year[4] - Total operating revenue for the first three quarters of 2025 was CNY 338,675,919.03, a decrease of 22% compared to CNY 433,905,755.33 in the same period of 2024[22] - Net profit for the first three quarters of 2025 was CNY 11,403,341.77, a decline of 67% compared to CNY 34,444,209.04 in 2024[23] - Basic earnings per share for the first three quarters of 2025 were CNY 0.03, down from CNY 0.09 in 2024[24] - The company reported a total comprehensive income of CNY 9,685,717.13 for the first three quarters of 2025, compared to CNY 33,964,707.62 in 2024, reflecting a decrease of approximately 71.5%[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,532,591,856.26, reflecting a 5.33% increase from CNY 1,454,998,981.16 at the end of the previous year[4] - Total liabilities rose to CNY 839,800,849.93 in 2025, compared to CNY 736,732,909.96 in 2024, marking an increase of about 14%[20] - The company's total non-current liabilities increased to CNY 155,529,996.59 in 2025 from CNY 88,094,659.35 in 2024, representing a significant rise of 76%[20] - The equity attributable to shareholders decreased by 4.35% to CNY 669,064,551.62 from CNY 699,468,075.05 at the end of the previous year[4] Cash Flow - The cash flow from operating activities for the year-to-date was CNY 69,289,300, compared to CNY 62,095,300 in the previous year[4] - The company's cash flow from operating activities was CNY 261,451,388.83 in the first three quarters of 2025, down from CNY 338,156,956.66 in 2024, indicating a decrease of approximately 22.7%[26] - Total cash inflow from financing activities was $487,513,444.13, compared to $323,081,800.45 in the prior period[28] - Cash outflow for financing activities totaled $334,712,678.90, up from $173,744,933.55 previously[28] - The net cash flow from financing activities was $152,800,765.23, slightly higher than $149,336,866.90 in the last period[28] - Cash and cash equivalents at the end of the period reached $416,966,174.42, compared to $396,647,975.90 at the end of the previous period[28] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 40,477[14] - The largest shareholder, Aral State Capital Investment Group Co., Ltd., holds 153,815,575 shares, accounting for 40.32% of total shares[14] Borrowings and Investments - Short-term borrowings increased by 32.50%, driven by increased funding needs from operating activities[11] - Long-term borrowings rose by 113.89%, primarily due to new bank loans for construction projects by subsidiaries[11] - Cash inflow from investment activities was $1,391,278.05, significantly higher than $126,322.85 in the previous period[27] - Cash outflow for investment activities was $148,609,624.17, compared to $74,287,093.09 previously[27] - The net cash flow from investment activities was -$147,218,346.12, worsening from -$74,160,770.24 in the last period[27] Impairment and Subsidies - The company reported a significant impairment loss reversal of CNY 400,000 in the current period[7] - Government subsidies related to assets amounted to $5,419,385.99, closely linked to the company's normal business operations and in compliance with national policies[10] Accounts Receivable and Prepayments - Accounts receivable increased by 178.14%, primarily due to product sales on credit by subsidiaries[11] - Prepayments decreased by 59.64%, mainly due to the recovery of prepaid expense invoices during the reporting period[11] Operating Costs - Total operating costs for the first three quarters of 2025 were CNY 328,645,943.56, down 16% from CNY 391,336,532.73 in 2024[22] - Total profit decreased by 68.60%, attributed to a decline in gross profit margins of major product sales[12] - Net profit attributable to shareholders decreased by 67.56%, also due to the decline in gross profit margins of major product sales[12]

Financial Performance - Total operating revenue for Q3 2025 reached ¥17,370,560,727.67, an increase of 20.69% compared to the same period last year[5] - Net profit attributable to shareholders was ¥1,056,654,945.80, reflecting a year-on-year growth of 13.22%[5] - The company reported a total profit of ¥1,231,272,611.58 for the quarter, up 19.13% from the previous year[5] - Total operating revenue for the first three quarters of 2025 reached ¥55.52 billion, an increase of 15.0% compared to ¥47.85 billion in the same period of 2024[22] - Operating profit for the first three quarters of 2025 was ¥3.73 billion, up from ¥3.13 billion in the first three quarters of 2024, reflecting a growth of 19.2%[22] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was CNY 2,966,450,791.86, compared to CNY 2,624,741,556.01 in 2024, reflecting an increase of about 13.0%[23] - The company reported a total comprehensive income of CNY 3,171,953,056.96 for the first three quarters of 2025, compared to CNY 2,839,137,342.49 in 2024, reflecting an increase of about 11.7%[23] Cash Flow - Cash flow from operating activities showed a net outflow of ¥3,147,913,308.98, indicating a significant cash flow challenge[6] - Cash flow from operating activities decreased by 161.30%, attributed to increased project investments and cash outflows[11] - Cash flow from operating activities for the first three quarters of 2025 was negative at CNY -3,704,379,737.92, a significant decline compared to a positive cash flow of CNY 6,043,443,426.83 in 2024[26] - Cash inflow from operating activities for the first three quarters of 2025 was approximately $4.95 billion, a decrease of 7.1% compared to $5.33 billion in the same period of 2024[34] - Net cash flow from operating activities was negative at approximately -$619.38 million for 2025, improving from -$1.21 billion in 2024[34] Assets and Liabilities - Total assets increased by 15.88% year-on-year, reaching ¥164,561,031,620.58[6] - Current assets totaled ¥115.26 billion as of September 30, 2025, compared to ¥93.78 billion at the end of 2024, representing a 23.0% increase[18] - Total liabilities amounted to ¥117.28 billion as of September 30, 2025, compared to ¥98.87 billion at the end of 2024, indicating a growth of 18.5%[20] - The total assets of the company reached ¥164.56 billion as of September 30, 2025, compared to ¥142.01 billion at the end of 2024, representing a growth of 15.9%[19] - The total liabilities decreased slightly to CNY 13.35 billion as of September 30, 2025, from CNY 13.38 billion at the end of 2024, a decline of 0.2%[29] Equity and Earnings - The company's equity attributable to shareholders rose to ¥44,467,218,187.30, a 14.62% increase compared to the end of the previous year[6] - The equity attributable to shareholders increased to ¥44.47 billion from ¥38.80 billion, reflecting a rise of 14.3%[20] - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY 0.90, up from CNY 0.84 in the same period of 2024, indicating a growth of 7.1%[24] Investments and Financing - Long-term borrowings increased by 150.59%, primarily due to project financing[11] - Cash flow from financing activities surged by 4,104.51%, primarily from increased capital contributions and borrowings[11] - Net cash flow from financing activities for the first three quarters of 2025 was CNY 7,070,729,597.60, a substantial increase from CNY 168,169,976.22 in 2024[26] - Cash inflow from financing activities surged to approximately $5.78 billion in 2025, compared to $605.24 million in 2024[34] - Net cash flow from financing activities was approximately $4.35 billion in 2025, a significant recovery from -$859.57 million in 2024[34] Inventory and Receivables - Significant growth in receivables financing by 66.10% was noted, primarily due to an increase in bank acceptance bills received[10] - Inventory levels increased by 56.05%, attributed to growth in product offerings[10] - Inventory increased significantly to ¥33.84 billion, up from ¥21.69 billion, marking a rise of 55.9%[18] - Long-term receivables surged by 316.14%, driven by an increase in installment sales[10] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥2.23 billion, compared to ¥1.99 billion in the same period of 2024, an increase of 11.5%[22] - Research and development expenses decreased to CNY 72.91 million in the first three quarters of 2025, down from CNY 131.04 million in the same period of 2024, a reduction of 44.4%[31] Other Financial Metrics - The company completed a new H-share placement on September 24, 2025, increasing total shares from 3,390,360,326 to 3,458,360,326[16] - The company reported a total of 6,145.85 MW of power generation equipment produced in the first three quarters of 2025[16] - The company will implement new accounting standards starting in 2025, which may affect the financial statements[35]

Financial Performance - The company's operating revenue for the third quarter was ¥55,347,918.19, an increase of 38.54% compared to the same period last year[4] - The total profit for the third quarter was ¥4,001,233.68, a decrease of 59.99% year-on-year[4] - The net profit attributable to shareholders was ¥2,177,451.56, down 42.97% from the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥3,754,534.11, with no applicable comparison[4] - The basic earnings per share for the third quarter was ¥0.0013, a decrease of 43.78% compared to the same period last year[4] - Net profit for the first three quarters of 2025 was a loss of ¥20,895,704.90, compared to a profit of ¥6,295,896.72 in the same period of 2024[18] - The basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.0100, compared to ¥0.0056 in the same period of 2024[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,484,492,611.80, a decrease of 3.23% from the end of the previous year[5] - The equity attributable to shareholders decreased by 0.76% to ¥3,181,048,262.39 compared to the end of the previous year[5] - Total current assets as of September 30, 2025, amount to ¥1,215,077,105.18, a decrease from ¥1,314,010,065.19 as of December 31, 2024[13] - Total non-current assets decreased slightly to ¥2,269,415,506.62 from ¥2,286,724,662.02[14] - The company reported a total liability of ¥284,586,233.01, a decrease from ¥380,573,576.62 year-over-year[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 109,700[11] - The largest shareholder, Shanghai Pengxin (Group) Co., Ltd., holds 127,312,500 shares, representing 7.89% of total shares[11] Cash Flow and Investments - Operating cash flow for the first three quarters of 2025 was a net outflow of ¥10,525,173.19, an improvement from a net outflow of ¥41,767,280.64 in the same period of 2024[21] - Investment cash inflow totaled ¥404,980,378.18, compared to ¥380,332,509.00 in the first three quarters of 2024, indicating a 6.4% increase[21] - Net cash flow from investment activities was $84,474,820.53, compared to a negative cash flow of $91,690,290.76 in the previous period[22] - Total cash inflow from financing activities was $8,450,000.00, an increase from $5,050,000.00 year-over-year[22] - The net cash flow from financing activities was -$15,108,269.15, improving from -$25,437,898.80 year-over-year[22] - The ending balance of cash and cash equivalents was $229,197,328.02, up from $217,187,926.81 in the previous period[22] Operating Costs and Expenses - Total operating costs increased to ¥172,154,554.79, up 7.2% from ¥160,629,139.66 year-over-year[17] - Research and development expenses rose significantly to ¥4,702,411.72, up 80.7% from ¥2,601,027.34 in the previous year[17] - The company incurred a financial expense of ¥1,961,464.04, down from ¥2,980,293.40 in the same period last year[17] Other Information - The increase in operating revenue was primarily due to the addition of new imported feed sales during the reporting period[9] - The decrease in net profit was mainly attributed to reduced investment income from Wenshenghui compared to the previous reporting period[9] - The company has no significant changes in the participation of major shareholders in margin trading or securities lending[12] - The company will not apply new accounting standards starting from 2025[23]

Financial Performance - The company's operating revenue for the third quarter reached CNY 4,707,210,451.20, a year-on-year increase of 40.25% compared to CNY 3,356,217,577.61[6] - Total profit for the quarter was CNY 2,189,976,373.46, reflecting a 51.45% increase from CNY 1,446,027,308.18 in the same period last year[6] - Net profit attributable to shareholders was CNY 1,647,276,650.82, up 38.35% from CNY 1,190,678,192.78 year-on-year[6] - The basic earnings per share for the quarter was CNY 0.19, representing a 46.15% increase from CNY 0.13 in the previous year[6] - The company's operating income for the year-to-date period increased by 39.38% to CNY 12,708,369,810.92 compared to CNY 9,117,648,632.32 in the same period last year[6] - Total operating revenue for the first three quarters of 2025 reached ¥12.71 billion, a significant increase of 39.1% compared to ¥9.12 billion in the same period of 2024[22] - Net profit for the first three quarters of 2025 was ¥5.11 billion, up 54.7% from ¥3.30 billion in the same period of 2024[22] - The company's total equity attributable to shareholders reached ¥81.93 billion, slightly up from ¥81.40 billion in 2024[20] - The company's total profit before tax for the first three quarters of 2025 was CNY 5,057,308,499.09, compared to CNY 4,071,048,399.83 in 2024, showing an increase of about 24.3%[32] Assets and Liabilities - The company's total assets increased by 8.67% to CNY 453,940,008,289.95 from CNY 417,736,375,414.01 at the end of the previous year[6] - The company's total assets as of September 30, 2025, reached CNY 109,698,560,614.56, up from CNY 103,093,100,610.36 at the end of 2024[18] - Total assets increased to ¥453.94 billion in 2025, compared to ¥417.74 billion in 2024, marking a growth of 8.7%[20] - Total liabilities also rose to ¥372.01 billion, an increase of 10.6% from ¥336.34 billion in 2024[20] - The total liabilities amounted to CNY 260,958,005,323.64, up from CNY 246,854,138,697.96 in the previous year[29] Cash Flow - The net cash flow from investment activities rose dramatically by 291.78% to CNY 20,177,099,430.62, indicating strong inflows from other debt investments[15] - The net cash flow from operating activities was CNY 1,795,310,107.31, a significant improvement from a negative cash flow of CNY 7,127,656,843.14 in the previous period[26] - Total cash inflow from investment activities reached CNY 28,171,221,738.97, compared to CNY 15,266,641,277.52 in the prior period, resulting in a net cash flow of CNY 20,177,099,430.62 from investment activities[26] - The company reported a net increase in cash and cash equivalents of CNY 20,468,550,928.60, contrasting with a decrease of CNY 4,459,030,034.35 in the prior period[27] - Cash and cash equivalents at the end of the third quarter of 2025 totaled CNY 62,749,422,278.24, up from CNY 51,843,109,134.03 in 2024, marking an increase of about 21.4%[34] Investment and Income - The company's investment income increased by 43.01% to CNY 5,831,352,862.52 for the period from January to September 2025 compared to the same period in 2024[15] - The fair value change income surged by 286.98% to CNY 899,033,154.53, reflecting significant gains in financial instruments[15] - The company's investment in non-trading stocks and perpetual bonds increased, leading to a 40.65% rise in other equity instrument investments to CNY 27,615,842,659.60[14] - The company's investment income increased to CNY 5,397,786,824.44 in 2025 from CNY 4,892,287,881.13 in 2024, indicating a growth of approximately 10.3%[32] - The net income from commission and fees increased to ¥4.83 billion, a rise of 28.8% compared to ¥3.75 billion in 2024[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 183,844[17] - The top shareholder, Sheneng Group Co., Ltd., holds 26.63% of the shares, totaling 2,262,428,700 shares[17] Tax and Expenses - The company's income tax expense rose by 231.19% to CNY 1,373,509,576.44, driven by an increase in pre-tax profits[15] - Total operating expenses increased to CNY 4,532,427,244.75 in 2025 from CNY 3,304,099,055.05 in 2024, representing a rise of approximately 37.24%[32] Adjustments and Other Changes - Contract liabilities adjusted from $157.21 million to $44.88 million after a reduction of $112.33 million[36] - Other liabilities increased from $8.47 billion to $8.58 billion after an adjustment of $112.33 million[36] - Other business revenue adjusted from $4.95 billion to $74.80 million after a reduction of $4.87 billion[36] - Other business costs adjusted from $4.98 billion to $19.32 million after a reduction of $4.96 billion[36] - Investment income adjusted from $4.17 billion to $4.08 billion after a reduction of $90.25 million[36]

Financial Performance - The company's operating revenue for the third quarter was CNY 3,072,023,792.55, a decrease of 0.69% compared to the same period last year[4] - The net profit attributable to shareholders for the year-to-date period decreased by 56.68%, amounting to CNY 72,586,554.45[4] - The net profit excluding non-recurring gains and losses for the year-to-date period decreased by 74.39%, totaling CNY 40,746,375.56[4] - The basic earnings per share for the year-to-date period was CNY 0.05, reflecting a decline of 55.23%[5] - Total operating revenue for the first three quarters of 2025 was CNY 9,481,135,965.10, a decrease of 1.48% compared to CNY 9,624,223,210.52 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 66,358,640.64, down 61.0% from CNY 170,006,914.09 in the first three quarters of 2024[20] - Operating profit for the first three quarters of 2025 was CNY 135,630,198.38, compared to CNY 207,263,535.35 in the same period of 2024, reflecting a decline of 34.6%[19] - Earnings per share for the first three quarters of 2025 were CNY 0.05, down from CNY 0.11 in the same period of 2024[20] - Total profit for the first three quarters of 2025 was CNY 104,385,374.13, a decrease of 84.7% from CNY 679,815,901.30 in the same period of 2024[30] Assets and Liabilities - The total assets at the end of the reporting period were CNY 15,963,095,975.70, an increase of 4.39% from the end of the previous year[5] - Total assets as of September 30, 2025, amounted to RMB 15,963,095,975.70, an increase from RMB 15,292,517,298.26 as of December 31, 2024, reflecting a growth of approximately 4.4%[14] - Current assets totaled RMB 6,426,866,523.40, up from RMB 6,123,407,617.00, indicating an increase of about 4.9%[14] - The total non-current assets were RMB 9,536,229,452.30, an increase from RMB 9,169,109,681.26, indicating a growth of about 4%[15] - The company’s total liabilities increased to RMB 6,200,866,000.00, reflecting a growth of approximately 5% compared to the previous period[15] - Total liabilities increased to CNY 6,766,719,289.37 in 2025 from CNY 6,133,127,435.39 in 2024, marking an increase of 10.4%[16] - Total liabilities increased to 5,855,259,863.38 CNY from 5,106,546,345.54 CNY, representing a rise of approximately 14.6%[27] Cash Flow - The cash flow from operating activities for the year-to-date period was CNY 180,038,515.09, representing an increase of 15.73%[5] - Cash flow from operating activities for the first three quarters of 2025 was CNY 180,038,515.09, an increase of 16.0% compared to CNY 155,562,616.05 in the same period of 2024[22] - The company recorded a net cash inflow from operating activities of CNY 10,607,708,785.01 in 2025, compared to CNY 11,241,533,375.68 in 2024, indicating a decrease of 5.6%[22] - The net cash flow from operating activities for the first three quarters of 2025 was negative CNY 281,876,250.94, compared to a positive CNY 108,323,847.05 in the same period of 2024[32] - Cash and cash equivalents at the end of the period increased to 1,276,632,064.67 CNY from 1,146,228,313.70 CNY, marking a net increase of 192,325,015.36 CNY[23] - Cash and cash equivalents at the end of the first three quarters of 2025 amounted to CNY 578,433,855.33, an increase from CNY 417,133,166.67 at the end of the same period in 2024[33] Costs and Expenses - The company attributed the decrease in net profit to a larger decline in product sales prices compared to the decrease in costs, leading to a drop in gross margin[9] - The company reported a decrease in total operating costs to CNY 9,383,727,903.64 in 2025 from CNY 9,494,859,372.03 in 2024, a decline of 1.2%[19] - The company reported a decrease in sales expenses to CNY 20,109,934.57 in 2025 from CNY 16,762,032.18 in 2024, reflecting a strategic cost management approach[29] - Research and development expenses for the first three quarters of 2025 were CNY 241,250,056.53, slightly down from CNY 242,105,298.41 in 2024[19] - Research and development expenses increased slightly to CNY 183,205,618.97 in 2025 from CNY 179,607,756.54 in 2024, indicating continued investment in innovation[29] - The company’s financial expenses rose to CNY 70,094,669.09 in 2025, compared to CNY 64,001,800.94 in 2024, primarily due to increased interest expenses[29] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 46,885[11] - Shareholders' equity totaled 5,813,163,517.61 CNY, compared to 5,732,678,963.98 CNY, showing a slight increase of about 1.4%[27] Non-Recurring Items - The company reported a non-recurring gain of CNY 11,700,900.01 for the current period, primarily from government subsidies and asset disposals[7] Inventory and Receivables - Inventory increased to RMB 2,074,847,072.71 from RMB 1,991,617,383.99, representing a rise of approximately 4.2%[14] - The company reported a total of RMB 522,688,386.85 in notes receivable, up from RMB 353,129,692.61, representing a significant increase of approximately 48%[14] - Accounts receivable increased slightly to 1,724,878,003.55 CNY from 1,722,587,472.80 CNY, showing a marginal growth[26] - Inventory grew to 1,032,074,619.68 CNY, compared to 921,568,079.61 CNY, indicating an increase of about 12.0%[26] Borrowings - Short-term borrowings rose to RMB 1,544,665,430.56 from RMB 1,314,050,809.73, marking an increase of around 17.5%[15] - Long-term borrowings rose significantly to 1,471,623,979.88 CNY from 964,430,400.00 CNY, an increase of about 52.5%[27] - Total non-current liabilities rose to CNY 1,800,581,506.56 in 2025 from CNY 1,259,246,750.44 in 2024, an increase of 42.9%[16] Strategic Initiatives - The company did not report any new product launches or significant market expansion strategies during this period[34]

Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,289,249,284.40, a decrease of 7.62% compared to the same period last year[3] - The total profit for the period was CNY 249,900,548.36, reflecting an increase of 4.65% year-on-year[3] - The net profit attributable to shareholders was CNY 203,252,431.27, up by 6.78% compared to the previous year[3] - The net profit after deducting non-recurring gains and losses was CNY 194,406,787.88, which is a 9.83% increase year-on-year[3] - Total operating revenue for the first three quarters of 2025 was CNY 3,058,983,980.27, a decrease of 11.43% compared to CNY 3,454,149,285.13 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 337,068,101.40, a decline of 19.36% from CNY 418,061,069.83 in the same period of 2024[20] - The company reported a total comprehensive income of CNY 337,068,101.40 for the first three quarters of 2025, compared to CNY 418,061,069.83 in 2024, reflecting a decrease of 19.36%[21] - Earnings per share for the first three quarters of 2025 was CNY 0.195, compared to CNY 0.253 in 2024, representing a decrease of 22.93%[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 9,661,261,851.13, representing a 1.30% increase from the end of the previous year[5] - The total assets of Xinjiang Zhongxin Construction Energy Mining Group reached RMB 9,661,261,851.13 as of September 30, 2025, compared to RMB 9,537,614,783.48 at the end of 2024, reflecting an increase of approximately 1.3%[15] - Current assets amounted to RMB 3,302,214,669.74, up from RMB 3,171,856,094.72, indicating a growth of about 4.1%[16] - Total liabilities decreased to RMB 2,809,143,435.63 from RMB 2,851,392,266.80, showing a reduction of approximately 1.5%[17] - Short-term borrowings were reported at RMB 373,500,000.00, down from RMB 495,153,338.71, indicating a decrease of about 24.6%[17] Equity - The equity attributable to shareholders increased to CNY 6,536,409,359.32, a rise of 2.28% compared to the previous year[5] - The company reported a total equity of RMB 6,852,118,415.50, reflecting a stable position in shareholder equity[17] - Total equity attributable to shareholders of the parent company was CNY 6,536,409,359.32, up from CNY 6,390,635,773.62, indicating a growth of 2.28%[18] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 334,022,779.51, showing a significant increase of 30.66%[9] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 2,616,976,696.67, down from CNY 2,860,805,066.88 in 2024, a decrease of 8.51%[22] - The net cash flow from operating activities was $334,022,779.51, an increase from $255,636,631.07 in the previous period, reflecting a positive trend in operational efficiency[23] - The net cash flow from investing activities was -$111,152,862.94, an improvement compared to -$204,598,080.64 in the prior period, indicating better management of investment expenditures[23] - The net cash flow from financing activities was -$198,072,486.47, showing a reduction in outflows compared to -$419,231,839.48 previously, suggesting a more conservative financing strategy[24] Operational Efficiency - The company has strengthened its efforts in accounts receivable collection, leading to improved cash flow recovery compared to the previous year[9] - The company's cash payments to employees decreased slightly to $299,083,228.69 from $314,236,004.06, reflecting potential workforce optimization[23] - The cash outflow from operating activities totaled $2,282,953,917.16, down from $2,605,168,435.81, reflecting improved cost management[23] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 86,888,538.60, a decrease of 7.66% compared to CNY 93,691,490.28 in 2024[20] Shareholder Structure and Strategy - The company has no significant changes in the top ten shareholders or their relationships, maintaining a stable ownership structure[14] - There are no new strategies or product developments mentioned in the conference call, indicating a focus on current operations and financial stability[14] - The company did not apply new accounting standards, maintaining consistency in financial reporting practices[25]

Financial Performance - The company's operating revenue for Q3 2025 was ¥104,298,826.90, a decrease of 14.73% compared to the same period last year[3] - The total profit for Q3 2025 was ¥3,383,325.68, reflecting a significant decline of 62.72% year-over-year[3] - The net profit attributable to shareholders for Q3 2025 was ¥4,170,698.49, down 57.58% from the previous year[3] - The net profit after deducting non-recurring gains and losses for Q3 2025 was ¥351,299.54, a decrease of 87.25% compared to the same period last year[3] - The basic earnings per share for Q3 2025 was ¥0.03, a decline of 57.14% year-over-year[4] - The company's revenue for the first three quarters of 2025 was ¥321,823,678.03, a decrease of 24.5% compared to ¥425,778,557.34 in the same period of 2024[23] - Operating profit for the first three quarters of 2025 was ¥16,932,113.18, down 71.2% from ¥58,891,962.04 in the previous year[23] - Net profit for the first three quarters of 2025 was ¥20,380,810.76, a decline of 65.7% compared to ¥59,464,152.10 in 2024[23] - The total comprehensive income for the period was 20,380,810.76 RMB, compared to 59,464,152.10 RMB in the previous year, indicating a decrease of about 65.7%[24] - The basic earnings per share of 0.14 RMB for the first three quarters of 2025, down from 0.42 RMB in the same period of 2024, a decline of approximately 66.7%[24] Research and Development - Research and development expenses totaled ¥17,754,968.00 for Q3 2025, down 18.44% from the previous year[4] - The ratio of R&D expenses to operating revenue was 17.02%, a decrease of 0.78 percentage points compared to the previous year[4] - The company has made progress in R&D, focusing on key technologies such as AI visual recognition, enhancing software efficiency, and adapting to domestic operating systems and databases[17] - The company is focusing on technological innovation and product upgrades to support the digital transformation of the automotive industry[18] - The company aims to enhance its product intelligence and globalization levels while accelerating the industry-specific ERP product development process[18] - The company has launched several AI intelligent applications in high-value scenarios such as intelligent sales and analysis, aiding automotive enterprises in their digital transformation[15] Assets and Cash Flow - Total assets as of the end of Q3 2025 were ¥2,065,766,259.83, a decrease of 4.10% from the end of the previous year[4] - The net assets attributable to shareholders decreased by 3.85% to ¥1,850,709,166.82 compared to the end of the previous year[4] - The company reported a total asset value of ¥2,065,766,259.83 as of September 30, 2025, down from ¥2,153,981,602.20 at the end of 2024[19] - The company's cash and cash equivalents decreased to ¥205,835,383.04 from ¥1,563,378,601.33 year-over-year[19] - For the first three quarters of 2025, the net cash flow from operating activities was -38,512,883.32 RMB, compared to -26,490,544.82 RMB in the same period of 2024, indicating a decline of approximately 45.5%[26] - The total cash outflow from operating activities was 329,088,385.71 RMB in 2025, down from 411,295,359.00 RMB in 2024, reflecting a decrease of about 20%[26] - Cash and cash equivalents at the end of the period were 205,749,428.52 RMB, an increase from 147,329,917.11 RMB in 2024, representing a growth of approximately 39.5%[28] Market and Competition - The company reported a significant impact on profits due to reduced customer budgets and declining average transaction prices[9] - The company achieved operating revenue of 321.82 million RMB, a year-on-year decrease of 24.42% due to intensified competition in the automotive industry and reduced customer budgets[14] - The company has expanded its customer base by actively targeting new clients in the new energy vehicle sector, engineering machinery, commercial vehicles, and motorcycles[15] - The company has successfully added new clients including Huawang Automotive, Kaiyue Motorcycle, and Ideal Automotive during the reporting period[16] - The company is committed to enhancing its global competitiveness by expanding its overseas business, particularly in Southeast Asia and Europe[15] Investment Activities - Total cash inflow from investment activities for the first three quarters of 2025 was 2,962,809,597.47 RMB, an increase from 2,812,807,586.98 RMB in 2024, representing a growth of about 5.3%[28] - The net cash flow from investment activities was -1,091,483,999.23 RMB for the first three quarters of 2025, slightly improved from -1,198,003,802.64 RMB in 2024, showing a reduction in losses of approximately 8.9%[28] - The company received 2,952,092,000.00 RMB from investment recoveries, which is an increase from 2,795,000,000.00 RMB in the previous year, showing a growth of about 5.6%[26] - The cash outflow for purchasing goods and services was 54,119,132.66 RMB, down from 86,050,858.01 RMB in 2024, indicating a decrease of approximately 37%[26] - The company did not report any cash inflow from financing activities during the first three quarters of 2025[28] Operational Efficiency - The company has implemented comprehensive budget management and strict project control to improve operational efficiency[15] - The company developed the Youchexing Intelligent Platform to enhance knowledge retrieval accuracy and semantic understanding[17] - The company holds 100% equity in Jiangxi Yonyou Software Co., Ltd., indicating strong internal integration[12]