Financial Performance - The company's operating revenue for Q3 2025 was ¥405,970,559.14, an increase of 2.39% year-on-year, while the revenue for the year-to-date period reached ¥1,228,705,427.66, up 6.13% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥5,737,147.77, a decrease of 37.19% year-on-year, and the year-to-date net profit was ¥17,219,866.31, down 76.05% compared to the previous year[5] - The basic earnings per share for Q3 2025 was ¥0.04, a decline of 42.86% year-on-year, while the diluted earnings per share also stood at ¥0.04, reflecting the same percentage decrease[5] - Total operating revenue for the current period reached ¥1,228,705,427.66, an increase of 6.14% compared to ¥1,157,695,232.80 in the previous period[18] - Total operating costs amounted to ¥1,165,835,884.63, up 8.68% from ¥1,072,629,969.31 in the prior period[18] - Net profit for the current period was ¥16,948,807.68, a decrease of 76.36% from ¥71,674,755.98 in the previous period[19] - The company reported a total profit of ¥27,333,819.39, significantly lower than ¥102,761,581.45 in the prior period, reflecting a decline of 73.42%[19] - Basic and diluted earnings per share for the current period were both ¥0.13, down from ¥0.55 in the previous period[19] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥1,955,074,585.63, a decrease of 2.30% from the end of the previous year[5] - The company's total assets as of September 30, 2025, amounted to CNY 1,955,074,585.63, a decrease from CNY 2,001,012,248.66 at the beginning of the period[16] - Current assets decreased to CNY 961,493,031.28 from CNY 1,028,728,542.90, reflecting a decline of approximately 6.5%[15] - Total liabilities decreased to CNY 671,460,809.59 from CNY 708,628,324.30, a reduction of about 5.2%[16] - The company's equity attributable to shareholders decreased to CNY 1,284,836,764.73 from CNY 1,293,335,854.42, a decline of approximately 0.6%[17] Cash Flow - Cash flow from operating activities for the year-to-date period was -¥28,178,916.90, an improvement of 45.05% compared to -¥51,277,363.77 in the same period last year[9] - The net cash flow from operating activities was -¥28,178,916.90, an improvement from -¥51,277,363.77 in the prior period[20] - The company experienced a net cash outflow from investing activities of -¥110,965,991.12, compared to -¥152,274,524.52 in the prior period, indicating a reduction in cash outflow[20] - The company’s total cash inflow from financing activities was ¥26,924,882.92, a decrease from ¥46,504,575.75 in the previous period[21] - Cash and cash equivalents at the end of the period totaled ¥142,696,232.11, compared to ¥98,166,177.48 at the end of the previous period[21] - Cash and cash equivalents decreased by 51.43% to ¥142,696,232.11, primarily due to investments in financial products and negative cash flow from operating activities[9] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,687, with no preferred shareholders[11] - The top three shareholders held a combined 61.84% of the company's shares, with the largest shareholder owning 22.68%[11] - The company repurchased 2,927,940 shares, accounting for 2.23% of the total share capital[12] Operational Changes - The company relocated its office to a new address in Guangzhou, effective August 14, 2025[13] Financial Expenses and Subsidies - The company reported a significant increase in financial expenses, which rose by 204.62% to ¥3,067,890.78 due to interest expenses on borrowings[9] - The company received government subsidies amounting to ¥6,146,544.24 for the year-to-date period, an increase of 74.42% compared to ¥3,523,905.29 in the previous year[9] Inventory and Accounts Payable - Inventory increased to CNY 577,672,667.09 from CNY 533,434,127.38, representing an increase of approximately 8.3%[15] - The company reported a significant reduction in accounts payable from CNY 437,614,948.73 to CNY 375,343,551.88, a decrease of approximately 14.2%[16] Borrowings - The company’s long-term borrowings increased to CNY 134,682,027.28 from CNY 122,883,992.50, an increase of about 9.3%[16] Research and Development - Research and development expenses were ¥19,514,970.93, slightly down from ¥20,599,820.05 in the previous period[18]

杭州宏华数码科技股份有限公司 2025 年第三季度报告 证券代码：688789 证券简称：宏华数科 杭州宏华数码科技股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 1 / 12 单位：元 币种：人民币 项目 本报告期 本报告期比上 年同期增减变 动幅度(%) 年初至报告期末 年初至报告期末 比上年同期增减 变动幅度(%) 营业收入 594,372,827.58 32.40 1,631,981,110.36 29.02 利润总额 168,642,265.20 30.51 473,297,234.54 28.23 归属于上市公司股东的净 利润 137,245,661.15 24.95 387,765,168.63 25.08 归属于上市公司股东的扣 除非经常性损益的净利润 130,514,142.13 22.48 358,208,294.05 20.07 经营活动产生的现金流量 净额 不适用 不适用 197,623,963.56 119.53 基本每股收益（元/股） 0.77 26.23 ...

Financial Performance - The company's operating revenue for Q3 2025 was approximately ¥1.95 billion, representing a 3.04% increase compared to ¥1.90 billion in the same period last year[4] - Total profit for Q3 2025 decreased by 39.52% to approximately ¥147.38 million from ¥238.46 million in the previous year[4] - Net profit attributable to shareholders decreased by 40.94% to approximately ¥139.26 million, down from ¥232.30 million year-on-year[4] - The net profit after deducting non-recurring gains and losses fell by 46.20% to approximately ¥104.92 million compared to ¥195.02 million in the same period last year[4] - Basic earnings per share decreased by 40.64% to ¥0.0996 from ¥0.1678 in the previous year[4] - Diluted earnings per share dropped by 54.82% to ¥0.0755 from ¥0.1671 year-on-year[4] - Total operating revenue for the first three quarters of 2025 reached ¥5,957,217,343.87, an increase of 8.2% compared to ¥5,504,533,150.73 in the same period of 2024[22] - Net profit for the first three quarters of 2025 was ¥534,295,527.13, a decrease of 38.9% compared to ¥874,323,956.21 in the same period of 2024[24] - The company's operating profit for the first three quarters was ¥541,016,428.18, down 39.3% from ¥891,809,621.91 in the same period last year[22] - Basic earnings per share for the first three quarters were ¥0.3830, compared to ¥0.6422 in the same period of 2024, reflecting a decline of 40.3%[24] - The company reported an investment income of ¥281,209,759.13, down 44.3% from ¥504,900,458.17 year-on-year[22] - Other comprehensive income after tax showed a loss of ¥45,612,451.30, contrasting with a gain of ¥70,804,186.71 in the same period last year[24] Assets and Liabilities - The company's total assets increased by 9.03% to approximately ¥19.79 billion from ¥17.85 billion at the end of the previous year[5] - The equity attributable to shareholders rose by 2.48% to approximately ¥11.37 billion from ¥11.01 billion at the end of the previous year[5] - The company's total liabilities increased to ¥7,500,595,147.20, compared to ¥6,801,269,663.96 at the end of the previous year, reflecting a growth of 10.3%[19] - Total equity rose to ¥12,291,331,794.09, up from ¥11,351,763,905.31, indicating an increase of 8.3%[19] - The total liabilities to equity ratio stands at approximately 61.0%, indicating a slight increase in financial leverage compared to the previous year[19] - The company's total liabilities decreased to ¥5,840,616,522.41 in 2025 from ¥6,727,484,371.16 in 2024, a reduction of 13.18%[35] - The company's total equity increased to ¥10,504,335,198.14 in 2025, up from ¥10,215,984,918.34 in 2024, representing a growth of 2.83%[35] Cash Flow and Investments - The company's cash and cash equivalents as of September 30, 2025, amount to ¥2,416,461,915.47, down from ¥3,430,950,136.28 at the end of 2024[15] - Total cash inflow from investment activities decreased to CNY 758,276,576.64, down 35.2% from CNY 1,170,073,470.32 year-on-year[26] - Net cash flow from financing activities improved significantly to CNY 1,166,173,015.94, compared to a negative cash flow of CNY 1,021,062,547.86 in the previous year[26] - Cash and cash equivalents at the end of September 2025 were CNY 2,345,898,249.71, slightly up from CNY 2,308,360,208.66 at the end of 2024[26] - Cash flow from operating activities generated a net amount of ¥683,198,535.43 in 2025, compared to ¥386,332,563.09 in 2024, reflecting a growth of 76.73%[38] - The total cash inflow from investment activities was ¥763,183,801.23 in 2025, down from ¥1,141,112,201.22 in 2024[38] - The company reported a net cash outflow from investment activities of CNY -2,554,133,112.21, a significant decline from a positive cash flow of CNY 123,767,959.24 in the previous year[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 63,443[12] - The largest shareholder, TBEA Co., Ltd., holds 516,639,644 shares, accounting for 36.81% of total shares[12] Research and Development - Research and development expenses increased to ¥36,964,680.14 in 2025, up 55.41% from ¥23,769,664.92 in 2024[35]

Financial Performance - The company's operating revenue for the third quarter reached ¥762,330,518.97, an increase of 23.12% compared to the same period last year[4] - The total profit for the quarter was ¥11,671,375.66, reflecting a significant increase of 6,567.29% year-on-year[4] - The net profit attributable to shareholders was ¥13,665,154.93, marking a substantial increase of 102.23% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥7,980,760.72, up by 67.75% year-on-year[4] - Basic and diluted earnings per share for the quarter were both ¥0.05, representing a 66.67% increase compared to the same period last year[5] - Net profit for the first three quarters of 2025 was CNY 65,248,397.31, slightly down from CNY 65,678,241.41 in 2024, representing a decrease of 0.7%[21] - The company reported a basic earnings per share of CNY 0.23 for the first three quarters of 2025, down from CNY 0.28 in 2024[21] Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥3,700,206,244.50, a growth of 5.61% from the end of the previous year[5] - The company's current assets reached RMB 1,533,972,433.48, up from RMB 1,460,622,927.46, indicating an increase of about 5%[15] - The total liabilities of the company were RMB 2,071,270,873.29, compared to RMB 2,001,748,413.23 in the previous period, reflecting a rise of approximately 3.5%[17] - The company's equity attributable to shareholders increased to RMB 1,554,034,082.45 from RMB 1,424,924,162.65, marking a growth of around 9.1%[17] - Cash and cash equivalents stood at RMB 384,471,570.36, compared to RMB 335,008,235.62, showing an increase of approximately 14.7%[15] - Cash and cash equivalents at the end of the third quarter of 2025 totaled CNY 281,285,988.12, an increase from CNY 258,442,914.30 at the end of 2024[24] Cash Flow - The company reported a net cash flow from operating activities of ¥114,311,894.46 for the year-to-date[5] - Cash flow from operating activities generated a net amount of CNY 114,311,894.46 in 2025, a significant recovery from a net outflow of CNY 91,331,082.22 in 2024[23] - Investment activities resulted in a net cash outflow of CNY 102,289,519.60 in 2025, an improvement from a net outflow of CNY 505,686,746.00 in 2024[24] Operating Costs and Expenses - Total operating revenue for the first three quarters of 2025 reached CNY 2,096,699,535.89, a 17.9% increase from CNY 1,775,510,144.10 in the same period of 2024[20] - Total operating costs for the first three quarters of 2025 were CNY 2,045,514,573.89, an increase of 18.7% from CNY 1,722,827,534.22 in 2024[20] - Research and development expenses increased to CNY 91,560,784.82 in 2025, up 25.4% from CNY 72,978,228.14 in 2024[20] - Operating profit for the first three quarters of 2025 was CNY 64,480,156.78, compared to CNY 62,563,251.58 in 2024, reflecting a growth of 3.1%[20] Profit Distribution - The company plans to distribute profits by converting capital reserves into shares, with a proposal to increase shares by 40% for every 10 shares held[6] Non-Recurring Gains and Losses - Non-recurring gains and losses for the quarter totaled ¥5,684,394.21, with government subsidies contributing significantly to this figure[8]

Financial Performance - The company's operating revenue for the third quarter was ¥1,112,141,697.37, a decrease of 15.91% compared to the same period last year[4] - The total profit for the third quarter was ¥122,605,626.41, down 39.45% year-on-year[4] - The net profit attributable to shareholders was ¥105,292,826.77, reflecting a decline of 32.89% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥60,676,665.86, a decrease of 45.62% year-on-year[4] - The basic and diluted earnings per share for the third quarter were both ¥0.0553, down 32.89% from the same period last year[5] - Total operating revenue for the first three quarters of 2025 was CNY 3,210,477,679, a decrease of 15.2% compared to CNY 3,789,304,505 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 238,642,005.56, a decline of 23.5% from CNY 311,959,214.95 in 2024[20] - Operating profit for the first three quarters of 2025 was CNY 248,047,154.29, down 38.5% from CNY 403,314,109.01 in 2024[19] - Basic earnings per share for the first three quarters of 2025 were CNY 0.1251, compared to CNY 0.1644 in 2024, reflecting a decrease of 23.9%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥16,026,167,850.38, a decrease of 0.47% from the end of the previous year[5] - The company's total current assets as of September 30, 2025, amounted to ¥9,189,573,827.01, a decrease from ¥10,082,047,731.52 as of December 31, 2024[14] - The total assets of the company were reported at ¥16,026,167,850.38, slightly down from ¥16,102,030,920.64 in the previous period[15] - The company's cash and cash equivalents stood at ¥1,842,021,138.45, compared to ¥1,961,699,030.94 at the end of 2024, indicating a decrease of approximately 6.06%[14] - The company's inventory increased to ¥2,543,574,761.29 from ¥2,303,680,022.87, reflecting a growth of about 10.43%[15] - Accounts receivable decreased to ¥749,342,818.68 from ¥789,828,452.49, showing a decline of approximately 5.11%[14] - The total non-current assets were reported at ¥6,836,594,023.37, up from ¥6,019,983,189.12, indicating an increase of about 13.59%[15] - The company reported a total of 1,949,388,502.57 in accounts payable, down from 1,998,308,044.70, reflecting a decrease of approximately 2.45%[15] - The total liabilities of the company included short-term borrowings of ¥5,000,000.00, unchanged from the previous period[15] - Total liabilities as of the reporting date were CNY 5,321,434,222.39, a slight decrease from CNY 5,431,347,110.84 in the previous period[16] Cash Flow - In the first three quarters of 2025, the cash inflow from operating activities was CNY 3,741,092,354.83, a decrease of 9.0% compared to CNY 4,111,222,697.96 in the same period of 2024[21] - The net cash flow from operating activities was negative at CNY -12,146,972.33, improving from CNY -93,614,109.95 in the previous year[21] - Cash inflow from investment activities totaled CNY 7,571,908,711.55, significantly increasing from CNY 4,068,387,377.62 in the prior year, marking an increase of 86.5%[22] - The net cash flow from investment activities was CNY 86,926,590.57, a turnaround from a negative cash flow of CNY -2,390,680,112.35 in the same period last year[22] - Cash inflow from financing activities was CNY 54,400,000.00, up from CNY 31,000,000.00 in the previous year[22] - The net cash flow from financing activities was CNY -229,072,947.81, an improvement from CNY -309,254,013.86 in the same period of 2024[22] - The total cash and cash equivalents at the end of the period stood at CNY 240,029,803.96, compared to CNY 223,656,450.94 at the end of the previous year[22] - The company reported a cash outflow from operating activities of CNY 3,753,239,327.16, down from CNY 4,204,836,807.91 in the same period last year[21] - The company received CNY 70,069,886.46 in tax refunds, an increase from CNY 36,510,362.50 in the previous year[21] Shareholder Information - Total shareholders of common stock at the end of the reporting period reached 51,957, with the largest shareholder being China Publishing Group Co., Ltd. holding 1,328,829,443 shares, representing 69.79% of the total[11] - Total equity attributable to shareholders was CNY 9,644,928,523.50, an increase from CNY 9,597,624,728.60 in the previous period[16] Non-Recurring Items - Non-recurring gains and losses for the current period amounted to ¥44,616,160.91, with significant contributions from government subsidies and asset disposals[6] - The decrease in total profit was primarily due to a reduction in revenue leading to lower gross profit margins[8] - The company reported a financial income of CNY 35,970,962.26, down from CNY 46,819,623.21 in the previous year[19] - Other income for the first three quarters of 2025 was CNY 121,739,444.26, slightly down from CNY 126,902,393.87 in 2024[19] - The company’s deferred income tax liabilities were CNY 68,414,902.04, a minor decrease from CNY 69,873,766.20 in the previous period[16] Product and Development - The company has no significant new product launches or technological developments reported in the current financial period[13] - The company did not report any net profit from the merged entity, with both current and previous periods showing a net profit of CNY 0[21]

江苏鼎胜新能源材料股份有限公司 2025 年第三季度报告 证券代码：603876 证券简称：鼎胜新材 江苏鼎胜新能源材料股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 6,289,936,076.84 | 2.58 | 1 ...

Financial Performance - The company's operating revenue for the third quarter was ¥91,364,059.09, a decrease of 46.42% compared to the same period last year[4]. - The total profit for the quarter was -¥41,089,370.70, with a net profit attributable to shareholders of -¥41,043,386.48[4]. - Year-to-date revenue reached ¥313,988,524.90, down 40.20% year-on-year[4]. - The basic and diluted earnings per share for the quarter were both -¥0.20[5]. - The total operating profit for the first three quarters of 2025 was reported at -¥86,892,576.69, an improvement from -¥109,492,658.48 in the previous year, reflecting a reduction in losses of about 20.6%[20]. - The net profit for the first three quarters of 2025 was -¥87,038,161.29, compared to -¥105,327,629.78 in the same period of 2024, showing a decrease in net losses by approximately 17.3%[20]. - The basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.42, an improvement from -¥0.51 in the same period of 2024[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,142,690,683.28, a decrease of 12.26% from the previous year[5]. - Shareholders' equity attributable to the company was ¥364,123,662.99, down 21.77% compared to the end of the previous year[5]. - Total assets decreased to RMB 1,142,690,683.28 as of September 30, 2025, from RMB 1,302,416,813.07 at the end of 2024[17]. - Total liabilities as of September 30, 2025, were RMB 775,806,028.74, compared to RMB 833,929,491.43 at the end of 2024[16]. - The company's total equity decreased to RMB 366,884,654.54 as of September 30, 2025, from RMB 468,487,321.64 at the end of 2024[17]. - Short-term borrowings were RMB 265,722,631.93 as of September 30, 2025, slightly up from RMB 265,624,841.60 at the end of 2024[16]. Cash Flow - The company reported a cash flow from operating activities of -¥28,248,025.94 year-to-date[5]. - Cash flow from operating activities for the first three quarters of 2025 was -¥28,248,025.94, slightly better than -¥30,780,646.65 in the same period of 2024[23]. - The company generated cash inflows from operating activities totaling ¥292,985,697.81 in 2025, down from ¥578,098,153.90 in 2024, representing a decline of about 49.3%[23]. - Cash outflows from operating activities were ¥321,233,723.75 in 2025, compared to ¥608,878,800.55 in 2024, indicating a decrease of approximately 47.3%[23]. - The net cash flow from investing activities for the first three quarters of 2025 was ¥37,995,697.77, down from ¥76,451,414.84 in 2024, reflecting a decline of about 50.3%[24]. - The company reported a net cash flow from financing activities of -¥48,914,547.01 in 2025, compared to -¥30,139,490.88 in 2024, indicating an increase in cash outflow[25]. - The ending cash and cash equivalents balance for the company as of the end of September 2025 was ¥22,771,903.50, down from ¥47,234,950.11 at the end of September 2024[25]. Operational Challenges - The decline in revenue was primarily due to the shutdown of the coated whiteboard paper production line and insufficient operation of the high-strength corrugated paper machine, leading to decreased sales volume[9]. - The company's management indicated a focus on cost reduction and operational efficiency improvements moving forward[19]. - The company's R&D expenses for the first three quarters of 2025 amounted to ¥7,170,291.10, compared to ¥13,732,662.05 in the same period of 2024, indicating a decrease of approximately 47.8%[20]. - Total operating costs for the first three quarters of 2025 were RMB 408,078,449.70, down 36.8% from RMB 645,846,073.89 in the first three quarters of 2024[19]. - Operating costs in 2025 included RMB 348,362,239.08 in operating expenses, a reduction from RMB 558,756,804.25 in 2024[19]. - The company received government subsidies amounting to ¥575,386.35 during the quarter[7]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,870[10].

Revenue and Profitability - The company reported a revenue of CNY 106,560,216.06 for Q3 2025, an increase of 38.94% compared to the same period last year[4] - For the first nine months of 2025, the company achieved a total revenue of CNY 253,521,072.15, reflecting a 14.15% year-on-year growth[6] - The total profit for the first nine months of 2025 was -CNY 28,106,537.85, with a net profit attributable to shareholders of -CNY 16,126,830.67[7] - The company's operating revenue for the current reporting period increased by 38.94% compared to the previous period, primarily due to significant growth in the production and sales of its biopharmaceutical feed business[14] - The total profit for the current reporting period decreased by 36.66%, attributed to strategic adjustments in product pricing to accommodate market conditions and ongoing capacity ramp-up at new production facilities[14] - The net profit attributable to shareholders for the current reporting period is not applicable, as the company is still in the capacity ramp-up phase, impacting fixed costs and depreciation expenses[14] - The net profit for the current period is -14,808,228.23 RMB, compared to -7,954,409.81 RMB in the same period last year, indicating a significant increase in losses[25] - The total operating profit is -28,182,222.47 RMB, which is a decline from -10,466,029.09 RMB year-over-year[25] - The total comprehensive income attributable to the parent company is -16,126,830.67 RMB, compared to -3,444,028.64 RMB in the previous year[25] - The basic and diluted earnings per share are both -0.16 RMB, compared to 0.03 RMB in the same period last year[25] Cash Flow and Liquidity - The company’s cash flow from operating activities for Q3 2025 was CNY 13,761,429.85, a decrease of 48.94% year-on-year[4] - Cash flow from operating activities decreased by 48.94% in the current reporting period, mainly due to increased production-related procurement expenses and raw material costs compared to the same period last year[14] - The company's cash and cash equivalents decreased to RMB 188,193,988.87 from RMB 225,767,078.32 as of December 31, 2024, indicating a liquidity contraction[19] - The ending cash and cash equivalents balance is 180,404,756.48 RMB, down from 218,584,193.48 RMB year-over-year[28] - Cash flow from operating activities generated a net cash flow of 25,523,261.66 RMB, down from 49,348,954.57 RMB in the previous year[27] - Investment activities resulted in a net cash outflow of -115,557,133.48 RMB, an improvement from -199,072,704.82 RMB in the previous year[27] - Financing activities generated a net cash inflow of 63,156,698.07 RMB, down from 207,893,636.09 year-over-year[27] Research and Development - The R&D expenditure for Q3 2025 was CNY 2,935,247.07, accounting for 2.75% of revenue, a decrease of 1.61 percentage points compared to the previous year[5] - Research and development expenses increased to RMB 10,209,816.23, compared to RMB 9,988,077.91 in the first three quarters of 2024, reflecting a focus on innovation[23] Assets and Liabilities - The company’s total assets as of the end of Q3 2025 were CNY 1,797,987,551.38, representing a 4.21% increase from the end of the previous year[5] - Total assets increased to RMB 1,797,987,551.38 from RMB 1,725,397,885.37, indicating growth in the company's asset base[22] - Total liabilities rose to RMB 889,923,208.88, compared to RMB 852,525,314.64, reflecting increased financial obligations[22] - The company's equity attributable to shareholders decreased to RMB 818,240,527.32 from RMB 834,367,357.99, indicating a decline in shareholder value[22] Market and Operational Performance - The sales volume of the company’s liquor lees biological fermentation feed business reached 131,800 tons in the first nine months of 2025, a year-on-year increase of 62.48%[6] - The gross margin for the liquor lees biological fermentation feed business in Q3 2025 was 20.92%, an increase of 8.88 percentage points from the previous quarter[7] - The company is currently expanding its market presence and product lines, with new facilities in Bozhou and Zunyi still in the ramp-up phase[14] - The company is actively pursuing strategies for market expansion and product innovation to enhance its competitive position[14] - The company plans to focus on market expansion and new product development to improve future performance[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 3,867, with no preferred shareholders[16] - The largest shareholder, Ji Guangming, holds 27,897,730 shares, representing 27.70% of the total shares[17] Accounts Receivable and Impairment - The company recovered CNY 29,069,200 in overdue accounts receivable during the first nine months of 2025, reducing impairment losses by 150.81% year-on-year[9] - Accounts receivable rose to RMB 222,518,387.76, up from RMB 198,116,973.29, suggesting an increase in sales on credit[19]

Financial Performance - The company's operating revenue for the third quarter reached ¥811,304,192.58, an increase of 11.50% compared to the same period last year[5] - The total profit for the period was ¥197,767,667.24, with a year-to-date profit of ¥214,015,450.26, reflecting a significant increase of 1,030.01% year-on-year[5] - The net profit attributable to shareholders was ¥195,043,244.56 for the quarter, with a year-to-date net profit of ¥197,558,610.85, showing a year-on-year increase of 1,748.16%[5] - The basic earnings per share for the quarter was ¥0.0692, with a diluted earnings per share of ¥0.0692, reflecting an increase of 1,741.55% year-to-date[6] - The weighted average return on equity increased to 14.84%, up 1,711.37 percentage points compared to the previous year[6] - The total profit from the beginning of the year to the reporting period reached 1,030.01 million, driven by significant growth in main business revenue and improved operational performance in both overseas security operations and domestic product manufacturing[11] - The basic earnings per share for the year-to-date period was 1,741.55, reflecting the company's efforts to expand market operations and enhance service quality[11] - The diluted earnings per share for the year-to-date period was 1,789.64, supported by increased net profits from overseas security operations and domestic manufacturing[11] - The weighted average return on net assets for the year-to-date period was 1,711.37, influenced by debt restructuring gains and reduced amortization expenses from the stock incentive plan[11] Assets and Liabilities - Total assets at the end of the quarter were ¥3,657,099,259.46, a decrease of 3.27% from the end of the previous year[6] - The equity attributable to shareholders increased to ¥1,726,948,811.71, representing a growth of 4.18% compared to the end of the previous year[6] - Total assets as of September 30, 2025, were ¥3,657,099,259.46, a decrease from ¥3,780,703,469.85 at the end of 2024, representing a decline of approximately 3.3%[19] - Total liabilities as of September 30, 2025, were ¥1,930,150,447.75, down from ¥2,123,050,068.78 at the end of 2024, indicating a reduction of about 9.1%[19] Cash Flow - The cash flow from operating activities for the current reporting period decreased due to cash payments made for temporary custody of clients' funds in overseas security operations[11] - Cash and cash equivalents as of September 30, 2025, were ¥559,196,036.47, down from ¥759,387,883.28 at the end of 2024, a decrease of approximately 26.3%[18] - Cash inflows from operating activities for the first three quarters of 2025 amount to CNY 2,645,523,177.17, compared to CNY 2,478,334,952.28 in 2024, showing an increase of approximately 6.75%[26] - The net cash flow from operating activities is negative at CNY -18,694,561.73, an improvement from CNY -129,343,903.63 in the same period last year[26] - The net cash flow from investing activities is CNY -84,814,003.23, compared to CNY -677,519.54 in the previous year, indicating increased investment outflows[27] - The net cash flow from financing activities is CNY -37,385,733.66, a decrease from CNY 76,540,962.13 in 2024, suggesting reduced financing activities[27] - The cash and cash equivalents at the end of the period stand at CNY 307,385,727.76, down from CNY 328,050,460.60 in the previous year[27] - The company received CNY 249,345,762.53 in cash from borrowings during the first three quarters of 2025, compared to CNY 8,425,821.17 in 2024, indicating increased reliance on debt financing[27] Non-Recurring Items - Non-recurring gains and losses for the period amounted to ¥198,490,836.43, with significant contributions from government subsidies and asset disposal gains[9] - The company recognized a one-time gain of ¥197,389,518.01 from debt restructuring activities during the reporting period[9] - The company received a VAT refund of ¥561,900.91 related to software products, which is closely tied to its normal business operations[10] - The net profit attributable to shareholders for the current reporting period increased due to a reduction in stock incentive plan amortization expenses compared to the previous year and an increase in debt restructuring gains from active debt resolution efforts[11] Shareholder Information - The top shareholder, Wuhan Rongjing Industrial Investment Co., Ltd., holds 432,800,000 shares, accounting for 15.04% of the total shares[14] - Shenzhen Zhongheng Huizhi Investment Co., Ltd. holds 316,310,464 shares, representing 10.99% of the total shares, with all shares frozen[14] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥49,474,347.64, a decrease from ¥56,523,877.14 in 2024, reflecting a reduction of approximately 12.4%[23] Comprehensive Income - The total comprehensive income for the first three quarters of 2025 is CNY 205,597,334.59, up from CNY 14,098,448.59 in 2024, indicating strong growth[24]

Financial Performance - The company's operating revenue for Q3 2025 was ¥398,564,017.22, a decrease of 22.32% compared to the same period last year[3]. - The total profit for the period was a loss of ¥127,215,080.98, with a year-to-date total profit loss of ¥224,667,934.42[3]. - The net profit attributable to shareholders was a loss of ¥117,363,823.40 for the quarter, and a loss of ¥209,408,671.78 year-to-date[3]. - The total revenue for the company was approximately CNY 1,432,101,677.13, a decrease of 22.67% compared to the previous year[12]. - The company reported a significant decrease in profit due to a decline in sales revenue and gross margin[7]. - The total profit (loss) for the period was -224,667,934.42 RMB, compared to -127,236,705.57 RMB in the previous period, indicating a significant increase in losses[25]. - The net profit (loss) attributable to shareholders of the parent company was -209,408,671.78 RMB, worsening from -135,958,397.35 RMB year-over-year[25]. - Basic and diluted earnings per share were both -0.5222 RMB, compared to -0.3391 RMB in the previous period, reflecting a decline in profitability[26]. - The company experienced a decrease in sales revenue from 2,015,744,227.21 RMB to 1,546,866,882.55 RMB, reflecting a decline in operational performance[27]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was ¥152,270,872.35, an increase of 168.61% compared to the previous year[3]. - Cash flow from operating activities generated a net inflow of 152,270,872.35 RMB, an increase from 56,687,804.49 RMB in the prior year[27]. - Cash flow from investing activities resulted in a net outflow of -17,414,026.90 RMB, an improvement from -77,288,565.42 RMB year-over-year[28]. - Cash flow from financing activities showed a net outflow of -112,853,493.92 RMB, compared to -230,581,630.87 RMB in the previous period, indicating reduced cash outflow[28]. - The company reported cash and cash equivalents at the end of the period amounting to 294,272,155.02 RMB, up from 132,375,166.00 RMB in the previous year[28]. - The company utilized its own funds to invest in various bank financial products, with a total investment amount of CNY 3,400,000[11]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,124,924,607.18, down 11.63% from the end of the previous year[4]. - Shareholders' equity attributable to the parent company was ¥2,378,219,513.28, a decrease of 10.21% from the previous year[4]. - Cash and cash equivalents increased to CNY 443,386,165.96 as of September 30, 2025, up from CNY 419,942,504.59 at the end of 2024[20]. - Accounts receivable decreased to CNY 766,172,028.12 as of September 30, 2025, from CNY 822,345,942.63 at the end of 2024, representing a decline of 6.8%[20]. - Inventory decreased significantly to CNY 437,210,457.25 as of September 30, 2025, down 35.1% from CNY 673,354,985.25 at the end of 2024[20]. - Total non-current assets decreased to CNY 1,281,606,420.71 as of September 30, 2025, from CNY 1,422,067,055.87 at the end of 2024[21]. - Total liabilities decreased to CNY 745,274,771.26 as of September 30, 2025, from CNY 883,574,545.34 at the end of 2024[22]. - The company's total assets were CNY 3,124,924,607.18 as of September 30, 2025, down from CNY 3,536,155,626.98 at the end of 2024[22]. - The company's retained earnings showed a significant decline, with a negative balance of CNY -118,574,516.24 as of September 30, 2025, compared to a positive balance of CNY 150,981,155.54 at the end of 2024[22]. Sales and Revenue Breakdown - The gross profit margin decreased by 5.42 percentage points to 34.74%[12]. - Online sales generated CNY 297,538,378.62, with a gross margin of 36.34%, showing an increase of 1.01 percentage points year-over-year[16]. - The company reported a significant decrease in revenue from the "Kanglong" brand, with a revenue of CNY 82,246,693.08, down 48.46% year-over-year[12]. - The revenue from export sales was CNY 1,232,938.32, which decreased by 81.71% compared to the previous year, but the gross margin increased by 5.72 percentage points[14]. - The revenue from independent stores was CNY 547,452,314.22, with a gross margin of 49.50%, down 4.18 percentage points year-over-year[14]. - The total operating revenue for the first three quarters of 2025 was CNY 1,479,171,357.91, a decrease of 21.6% compared to CNY 1,887,806,909.70 in the same period of 2024[24]. - Total operating costs for the first three quarters of 2025 were CNY 1,678,015,698.32, down 18.5% from CNY 2,059,262,479.22 in 2024[24]. - Operating profit for the first three quarters of 2025 was a loss of CNY 225,866,024.45, compared to a loss of CNY 127,522,002.36 in the same period of 2024[24]. - The total operating cost was CNY 934,650,126.29, a decrease of 15.67% compared to the previous year[12]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,241[10]. - The number of direct-operated stores for the brand "Aokang" decreased from 683 to 678, with 44 new openings and 49 closures during the third quarter[17]. - The company has 14 dealerships in Vietnam and 1 in Laos as of September 30, 2025[18]. Accounting Standards - The company did not apply new accounting standards for the current reporting period[29].