北京市春立正达医疗器械股份有限公司 2025 年第三季度报告 1 / 13 北京市春立正达医疗器械股份有限公司 2025 年第三季度报告 证券代码：688236 证券简称：春立医疗 H 股代码：01858 北京市春立正达医疗器械股份有限公司 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。 重要内容提示： 公司董事会、监事会及董事、监事、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 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 比上年同 | 年初至报告期 | 末比上年同期 | | | | 期增减变 | 末 | 增减变动 ...

Financial Performance - The company's operating revenue for the third quarter was ¥92,107,045.43, a decrease of 9.88% compared to the same period last year[4] - The total profit for the third quarter was -¥23,356,358.15, reflecting a significant decrease of 1,308.31% year-on-year[4] - The net profit attributable to shareholders for the third quarter was -¥19,737,698.44, down 2,190.76% compared to the previous year[4] - The net profit attributable to shareholders year-to-date was -¥35,938,286.38, with no applicable percentage change due to the negative figure[4] - Net profit for the first three quarters of 2025 was a loss of ¥40,067,767.88, compared to a loss of ¥8,140,697.41 in the same period of 2024, indicating a worsening financial performance[22] Cash Flow - The cash flow from operating activities for the third quarter was -¥24,965,028.16, indicating a negative trend[5] - The company's operating cash flow for the first three quarters of 2025 was a net outflow of ¥87,622,887.23, compared to a net outflow of ¥26,412,725.38 in 2024[24] - The cash inflow from operating activities was ¥319,576,085.73 in 2025, compared to ¥179,204,626.25 in 2024, an increase of 78.3%[24] - The net cash flow from investing activities was -298,663.80, compared to 414,029,271.89[26] - The net cash flow from financing activities was 824,000.00, with total cash inflows of 6,500,000.00 and outflows of 3,676,000.00[26] - The net increase in cash and cash equivalents was -86,532,799.70, while the beginning balance was 408,803,601.28[26] - The ending balance of cash and cash equivalents stood at 322,270,801.58, down from 477,153,098.18[26] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,014,519,693.01, a decrease of 3.15% from the end of the previous year[5] - The total current assets decreased slightly to ¥681,367,094.91 from ¥695,371,898.73, a decline of 2.1%[16] - Total assets decreased to ¥1,014,519,693.01 from ¥1,047,535,519.16, a decline of 3.1%[17] - Total current liabilities increased to ¥48,822,842.50 from ¥35,438,758.21, an increase of 37.6%[17] - The total liabilities increased to ¥81,830,674.79 in 2025 from ¥74,778,733.06 in 2024, reflecting a rise of 9.4%[18] - The total equity attributable to shareholders decreased to ¥935,860,922.33 in 2025 from ¥971,799,208.71 in 2024, a decline of 3.7%[18] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 7,291[12] - The largest shareholder, Huang Jianping, holds 90,418,032 shares, representing 28.25% of total shares[12] Revenue and Expenses - The company reported a significant increase in operating revenue year-to-date, with a growth of 32.27% attributed to the expansion of domestic market and zircon-titanium ore refining business[9] - Total operating revenue for the first three quarters of 2025 reached ¥265,836,659.10, a significant increase of 32.3% compared to ¥200,985,056.65 in the same period of 2024[20] - Total operating costs for the first three quarters of 2025 were ¥307,553,239.20, up 37.5% from ¥223,735,865.02 in 2024[20] - Research and development expenses for the first three quarters of 2025 amounted to ¥6,882,193.04, down 14.7% from ¥8,066,079.50 in 2024[21] - The company reported a significant increase in sales expenses, totaling ¥7,757,133.92 in 2025 compared to ¥8,713,738.02 in 2024, a decrease of 11%[21] - The investment income for the first three quarters of 2025 was ¥5,960,547.42, down 60% from ¥14,861,259.16 in 2024[21] Government Support - The company received government subsidies amounting to ¥1,723,931.23 during the reporting period, contributing to its non-recurring gains[7] Other Information - There are no other important reminders regarding the company's operational situation during the reporting period[14] - The company has no significant changes in the participation of major shareholders in margin trading and securities lending[13]

Financial Performance - The company's operating revenue for the third quarter was ¥153,525,701.25, representing a year-on-year increase of 33.43%[4] - The total profit for the period was -¥61,473,853.37, with a net profit attributable to shareholders of -¥45,901,516.40[4] - The company experienced a significant decline in net profit for the year-to-date period, totaling -¥145,838,057.06, with a decrease in profitability attributed to customer structure adjustments in the consumer electronics business[4][10] - Total operating revenue for the first three quarters of 2025 was CNY 399,683,315.74, a decrease of 3.2% compared to CNY 414,014,067.60 in the same period of 2024[18] - Net loss for the first three quarters of 2025 was CNY 156,760,527.46, compared to a net loss of CNY 86,549,134.11 in the same period of 2024, representing an increase in loss of 81%[19] Research and Development - Research and development expenses amounted to ¥23,704,017.57, accounting for 15.44% of operating revenue, a decrease of 7.79 percentage points compared to the previous year[5] - Research and development expenses for the first three quarters of 2025 were CNY 73,038,846.35, down 13.1% from CNY 84,079,805.84 in the same period of 2024[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,516,392,757.87, reflecting a decrease of 1.00% from the end of the previous year[5] - The equity attributable to shareholders decreased by 44.70% to ¥123,272,416.76 compared to the end of the previous year[5] - Total liabilities increased to CNY 1,414,204,336.40, up from CNY 1,332,925,327.24 year-over-year[16] - The company's total equity decreased to CNY 102,188,421.47 from CNY 198,724,908.20 in the previous year[16] Cash Flow and Investments - The company's cash and cash equivalents as of September 30, 2025, amount to ¥37,153,293.06, down from ¥48,500,593.22 as of December 31, 2024, reflecting a decrease of 23.5%[14] - Cash received from sales of goods and services was CNY 370,280,426.48, an increase from CNY 350,317,968.37 in the same period of 2024[21] - Net cash inflow from investment activities was -$79.31 million, a decrease from -$109.51 million year-over-year[22] - Cash inflow from financing activities totaled $456.14 million, down from $608.89 million in the previous year[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 5,213[12] - The top five shareholders hold a combined total of 47,431,020 shares, representing approximately 39.41% of total shares[12] Earnings Per Share - The basic earnings per share for the period was -¥0.3825, and diluted earnings per share was -¥0.3805[5] - The company reported a basic earnings per share of negative CNY 1.2153 for the first three quarters of 2025, compared to negative CNY 0.6643 in the same period of 2024[20] Other Financial Metrics - The weighted average return on net assets was -31.53%, a decrease of 13.48 percentage points year-on-year[5] - Non-recurring gains and losses for the period totaled ¥2,084,289.12, with government subsidies contributing ¥2,466,162.24[7] - The company experienced a significant decline in investment income, reporting a loss of CNY 4,139,129.76 compared to a gain of CNY 46,754,830.85 in the same period of 2024[18] Future Outlook - The company plans to continue focusing on the release of production capacity in its electronic ceramics business to drive future revenue growth[9] Accounting Standards - The company will not apply new accounting standards starting from 2025[23]

Financial Performance - The company's revenue for Q3 2025 was ¥198,454,278.63, an increase of 0.78% compared to the same period last year, but a decrease of 36.21% year-to-date[4] - The net profit attributable to shareholders for Q3 2025 was -¥18,760,512.21, a decline of 70.93% year-over-year, and -¥9,805,537.36 year-to-date, down 117.36%[4] - The basic earnings per share for Q3 2025 was -¥0.0578, reflecting a decrease of 70.92% compared to the same period last year[4] - Total operating revenue decreased to ¥759,762,181.47 from ¥1,191,058,956.83, representing a decline of approximately 36.2% year-over-year[15] - Net profit for the period was a loss of ¥9,805,537.36, compared to a profit of ¥56,487,634.90 in the previous period, indicating a significant decline[16] - Basic earnings per share decreased to ¥-0.0302 from ¥0.1738, reflecting a significant drop in profitability[16] Assets and Liabilities - Total assets at the end of Q3 2025 were ¥4,646,388,907.80, down 8.52% from the end of the previous year[4] - The company's total current assets decreased from 3,192,230,471.92 RMB to 2,612,167,200.84 RMB, a reduction of approximately 18.14%[12] - The total non-current assets increased from 1,887,173,098.96 RMB to 2,034,221,706.96 RMB, an increase of approximately 7.77%[13] - The total liabilities decreased from 1,200,000,000 RMB to 1,000,000,000 RMB, reflecting a reduction of approximately 16.67%[13] - Total liabilities decreased to ¥884,149,637.51 from ¥1,112,578,568.67, a reduction of approximately 20.5% year-over-year[14] - The total equity attributable to shareholders decreased to ¥3,762,239,270.29 from ¥3,966,825,002.21, a decline of about 5.1% year-over-year[14] Cash Flow - The company reported a net cash flow from operating activities of -¥325,948,894.60 year-to-date, an increase of 20.77% in cash outflow compared to the previous year[4] - Operating cash flow net amount was negative at ¥-325,948,894.60, an improvement from the previous period's negative cash flow of ¥-411,415,035.55[17] - The company's cash and cash equivalents decreased from 1,250,655,066.01 RMB to 540,140,942.48 RMB, a decrease of approximately 56.80%[12] - The ending balance of cash and cash equivalents was $540,139,442.48, down from $1,341,050,350.70, representing a decline of about 60%[18] - The company’s cash flow from investment activities was negative at -$189,580,614.38, consistent with the previous period's negative cash flow of -$283,152,541.35[18] - The cash flow from financing activities was also negative at -$194,984,314.56, similar to the previous period's negative cash flow of -$325,581,465.80[18] Operational Highlights - The company launched a co-branded product "Jiu Gui · Free Love" in Q3 2025, which received widespread consumer recognition and contributed to new growth momentum[7] - The company is focusing on channel innovation and has expanded into chain KA, corporate group purchases, and international channels to enhance market presence[7] - The company is committed to strengthening channel construction and promoting terminal sales to improve operational performance despite ongoing market challenges[7] Shareholder Information - The total number of common shareholders at the end of the reporting period is 135,611[9] - The largest shareholder, Zhonghuang Co., Ltd., holds 31.00% of the shares, totaling 100,727,291 shares[9] - The company has no preferred shareholders as indicated in the report[10] Expenses and Investments - Research and development expenses were ¥14,473,655.80, down from ¥16,128,214.07, a decrease of approximately 10.3% year-over-year[15] - Sales expenses decreased to ¥252,389,323.01 from ¥475,511,198.33, a reduction of about 47.1% year-over-year[15] - Deferred income increased to ¥15,764,035.29 from ¥12,537,122.14, an increase of approximately 25.5% year-over-year[14] - Investment activities cash outflow totaled $189,580,614.38, compared to $283,158,613.35 in the previous period, indicating a decrease of approximately 33%[18] - Financing activities cash outflow amounted to $194,984,314.56, down from $325,581,465.80, reflecting a reduction of about 40%[18] Accounting and Audit - The company did not undergo an audit for the third quarter financial report, which may affect investor confidence[19] - The company has not yet implemented the new accounting standards starting from 2025, which may influence future financial reporting[19] - The cash flow situation indicates a tightening liquidity position, necessitating strategic financial management moving forward[18]

江苏吉贝尔药业股份有限公司 2025 年第三季度报告 证券代码：688566 证券简称：吉贝尔 江苏吉贝尔药业股份有限公司 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。 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 江苏吉贝尔药业股份有限公司 2025 年第三季度报告 | 稀释每股收益（元/股） | 0.24 | -11.11 | 0.99 | 8.79 | | | --- | --- | --- | --- | --- | --- | | 加权平均净资产收益率 | 减少 2.01 | 个百分 0.38 | 8.46 | 减少 0.09 | 个百 | | （%） | | 点 | | 分点 | | | 研发投入合计 | 17,459,813.64 ...

Financial Performance - The company's operating revenue for Q3 2025 was approximately ¥18.10 billion, a decrease of 9.78% compared to the same period last year[4]. - The total profit for the period was a loss of approximately ¥1.42 billion, with a year-to-date loss of approximately ¥7.83 billion, reflecting the impact of intense competition in the photovoltaic industry[4][8]. - The net profit attributable to shareholders for Q3 2025 was a loss of approximately ¥834 million, compared to a loss of ¥1.26 billion in the same period last year, indicating a reduction in losses by about 34%[4][8]. - Total operating revenue for the first three quarters of 2025 was ¥50.91 billion, a decrease of 13.2% compared to ¥58.59 billion in the same period of 2024[20]. - Net profit for the first three quarters of 2025 was a loss of ¥3.45 billion, an improvement from a loss of ¥6.52 billion in 2024, indicating a 47.1% reduction in losses[22]. - The company reported a total comprehensive loss of ¥3.54 billion in 2025, compared to a loss of ¥6.61 billion in 2024, indicating a 46.5% reduction in comprehensive losses[22]. Cash Flow - The net cash flow from operating activities for the year-to-date period was approximately ¥1.82 billion, a significant improvement from a cash outflow of approximately ¥8.37 billion in the previous year[4][8]. - Cash flow from operating activities generated a net inflow of ¥1.82 billion in 2025, a significant recovery from a net outflow of ¥8.37 billion in 2024[25]. - The company's cash flow from operating activities for the first three quarters of 2025 showed a net decrease of CNY 1,347,829,484.69, compared to a decrease of CNY 5,366,777,930.35 in the same period of 2024[26]. - The company reported a total cash outflow from operating activities of CNY 102.51 billion, compared to CNY 88.66 billion in the previous period[34]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥153.97 billion, an increase of 0.74% from the end of the previous year[5]. - The company's total liabilities were RMB 96.13 billion, up from RMB 91.44 billion at the end of 2024[17]. - The company's total assets of the company as of September 30, 2025, amounted to CNY 89,570,458,071.78, up from CNY 82,563,514,716.98 at the end of 2024, indicating a growth of 8.1%[28]. - The company's total liabilities increased to CNY 31,201,596,958.57 as of September 30, 2025, compared to CNY 27,834,852,204.27 at the end of 2024, reflecting a rise of 12.7%[29]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 698,502, indicating a stable shareholder base[10]. - The equity attributable to shareholders decreased by 5.77% to approximately ¥57.38 billion compared to the end of the previous year[5]. - The company's total equity as of September 30, 2025, was CNY 58,368,861,113.21, an increase from CNY 54,728,662,512.71 at the end of 2024, representing a growth of 6.0%[30]. Operational Efficiency - The company has focused on enhancing management efficiency and cost control, leading to improved operational performance[13]. - The company's cash flow management and gross margin have improved, with losses narrowing quarter by quarter[13]. - The company's inventory as of September 30, 2025, was CNY 334,630,422.20, significantly higher than CNY 149,032,006.88 at the end of 2024, marking an increase of 124.5%[27]. Earnings and Expenses - The company reported a basic earnings per share of -¥0.11 for Q3 2025, an improvement from -¥0.17 in the same period last year[4]. - Basic earnings per share for the first three quarters of 2025 were -¥0.45, an improvement from -¥0.86 in 2024[22]. - Research and development expenses for the first three quarters of 2025 were CNY 733,317,884.17, an increase of 8.8% from CNY 674,211,778.95 in the same period of 2024[30]. - The company's financial expenses for the first three quarters of 2025 were CNY 331,937,021.25, a significant increase from CNY 6,151,488.88 in the same period of 2024[30].

Financial Performance - The company's operating revenue for Q3 2025 was CNY 11,791,732,608.41, representing a year-on-year increase of 2.60%[5] - The total profit for the period reached CNY 5,357,756,704.42, reflecting an 8.27% increase compared to the same period last year[5] - The net profit attributable to shareholders was CNY 3,986,039,950.14, which is an increase of 8.96% year-on-year[5] - The basic earnings per share for the period was CNY 0.0814, up by 9.26% year-on-year[7] - Net profit for the first three quarters of 2025 amounted to ¥10,365,379,691.69, compared to ¥9,978,496,200.67 in 2024, representing an increase of 3.88%[24] - Earnings per share for the first three quarters of 2025 were ¥0.2103, compared to ¥0.2039 in the same period of 2024, indicating a growth of 1.66%[26] Cash Flow - The cash flow generated from operating activities was CNY 6,062,859,159.04, showing an increase of 11.87% compared to the previous year[5] - In the first three quarters of 2025, the company generated operating cash inflow of CNY 29,762,418,956.26, an increase of 1.73% compared to CNY 29,254,319,979.34 in the same period of 2024[27] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 16,331,635,875.01, up from CNY 15,742,295,057.47 in 2024, reflecting a growth of 3.74%[29] - The company's cash and cash equivalents at the end of Q3 2025 stood at CNY 13,799,657,380.41, a significant increase from CNY 7,496,679,395.60 at the end of Q3 2024[29] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 287,855,013,882.24, a 1.12% increase from the end of the previous year[7] - The total current liabilities were reported at ¥1,127,654,524.69, compared to ¥1,069,256,085.04 in the previous year, showing a slight increase[16] - Total liabilities as of the end of the reporting period were ¥60,492,014,274.85, slightly up from ¥59,414,300,151.59 in the previous year[20] - The total assets of the company were reported at ¥287,855,013,882.24, up from ¥284,662,650,232.54 in the previous year, indicating a growth of 1.56%[20] Shareholder Information - The company has no shares involved in margin trading or securities lending, indicating a stable shareholder structure[15] - The largest shareholder, China Railway Investment Group Co., Ltd., holds 43.55% of the shares, totaling 21,306,477,996 shares[14] - The company has no significant changes in the top 10 shareholders or unrestricted shareholders due to securities lending activities[15] - The company continues to maintain a strong financial position with no pledged shares among the top shareholders[14] Operating Costs and Expenses - Total operating costs for the first three quarters of 2025 were ¥18,944,631,347.49, a marginal increase from ¥18,917,549,532.16 in 2024[22] - Financial expenses decreased to ¥1,076,347,323.69 from ¥1,364,845,296.52, a reduction of approximately 21.14%[22] - The company reported a tax expense of ¥3,494,305,753.58 for the first three quarters of 2025, compared to ¥3,464,333,589.06 in 2024, reflecting a slight increase of 0.87%[24] - The company paid CNY 4,836,705,362.15 in taxes during the first three quarters of 2025, compared to CNY 4,690,921,916.82 in 2024, an increase of 3.11%[29] Investment Activities - The company reported cash outflow from investing activities of CNY 3,581,304,692.55 in 2025, significantly higher than CNY 545,693,550.91 in 2024, indicating increased investment activities[29]

Financial Performance - The company's operating revenue for the third quarter reached ¥3,071,580,356.29, representing a year-on-year increase of 15.54%[5] - Total profit for the quarter was ¥353,946,295.31, up 20.70% compared to the same period last year[5] - Net profit attributable to shareholders was ¥303,521,685.26, reflecting a 13.86% increase year-on-year[5] - The basic earnings per share for the quarter was ¥0.43, while diluted earnings per share was ¥0.40[6] - Total revenue for the first three quarters of 2025 reached ¥9,062,661,847.90, an increase of 24.8% compared to ¥7,261,986,679.52 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥782,876,863.99, a decrease of 4.9% from ¥823,055,805.57 in the previous year[21] - Total comprehensive income for the period was CNY 781.24 million, a decrease from CNY 820.76 million in the previous period, representing a decline of approximately 4.3%[22] - Basic earnings per share (EPS) decreased to CNY 1.10 from CNY 1.16, reflecting a decline of about 5.2%[22] Assets and Liabilities - Total assets at the end of the quarter amounted to ¥25,550,294,218.96, a 9.55% increase from the end of the previous year[6] - The company's total assets increased to ¥25,550,294,218.96, compared to ¥23,321,908,001.59 in the previous year, reflecting a growth of 9.4%[19] - Total liabilities rose to ¥16,980,725,041.69, up from ¥15,184,068,729.73, marking an increase of 11.8%[18] - Total current assets amounted to CNY 5.11 billion, a slight decrease from CNY 5.26 billion year-over-year[27] - Total liabilities increased to CNY 4,425,616,319.74 from CNY 4,334,914,908.95, reflecting a rise of 2.10%[29] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥918,590,448.30, showing a significant increase of 105.07%[9] - Net cash flow from operating activities increased to CNY 918.59 million, up from CNY 447.95 million, marking a significant increase of approximately 105.5%[24] - Cash inflow from operating activities totaled CNY 9.03 billion, compared to CNY 7.08 billion in the previous year, indicating a growth of around 27.3%[23] - The net cash flow from operating activities was $1,053,126,847.55, an increase from $822,777,350.57 in the previous period, reflecting a growth of approximately 28%[34] - The cash flow from operating activities showed a positive trend, with a net increase of $94,573,988.72 compared to $105,145,478.43 in the previous period[34] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,802[11] - Zhejiang Xianhe Holding Group Co., Ltd. holds 78.22% of shares, totaling 553,589,408 shares[11] - The total equity attributable to shareholders increased to ¥8,513,322,583.41, a rise of 5.20% compared to the previous year[6] - The total equity attributable to shareholders increased to ¥8,513,322,583.41, compared to ¥8,092,467,129.90, reflecting a growth of 5.2%[19] Investments and Expenses - Research and development expenses for the first three quarters of 2025 were ¥119,296,947.68, an increase of 20.3% from ¥99,220,657.56 in the same period of 2024[20] - Financial expenses for the first three quarters of 2025 were CNY 116,429,601.82, slightly down from CNY 119,200,755.94 in the same period of 2024[30] - The company reported an investment income of CNY 166,191,834.14, an increase from CNY 149,339,671.17 in the previous year, representing a growth of 11.00%[30] Cash and Equivalents - Cash and cash equivalents amounted to RMB 1,232,254,557.77 as of September 30, 2025, compared to RMB 804,804,768.91 at the end of 2024, showing an increase of 53.1%[16] - The company's cash and cash equivalents increased to ¥9,360,503,544.82, compared to ¥8,231,930,298.91, representing a growth of 13.7%[18] - The cash and cash equivalents at the end of the period were CNY 1.14 billion, up from CNY 744.92 million, indicating an increase of about 52.7%[24] - The cash and cash equivalents at the end of the period were $284,795,258.28, down from $345,460,643.19, a decrease of about 17.6%[34] Convertible Bonds - The company issued 20.50 million convertible bonds with a total value of RMB 2.05 billion, approved on November 17, 2021[13] - As of September 30, 2025, a total of RMB 33,302,000 of the convertible bonds have been converted into 1,751,770 shares, representing 0.2481% of the total shares before conversion[14] Other Information - The company has not disclosed any related party transactions among the top shareholders[12] - The company has not participated in any margin financing or securities lending activities[12] - The company has not reported any changes in the top 10 shareholders due to securities lending activities[12] - The company will not apply new accounting standards starting from 2025, as indicated in the announcement[35]

Financial Performance - The company's operating revenue for the third quarter was ¥187,396,719.72, a decrease of 9.88% compared to the same period last year[4]. - The total profit for the quarter was -¥916,344.84, with a year-to-date total profit of -¥7,875,111.45[4]. - The net profit attributable to shareholders was ¥206,519.74, while the net profit excluding non-recurring gains and losses was -¥1,250,352.96 for the quarter[4]. - The basic and diluted earnings per share for the quarter were both ¥0.0002, compared to -¥0.013 for the same period last year[5]. - Total operating revenue for the first three quarters of 2025 was CNY 499,261,354.63, a decrease of 9.66% compared to CNY 552,651,379.67 in the same period of 2024[18]. - The net profit for the first three quarters of 2025 was a loss of CNY 9,368,725.80, an improvement from a loss of CNY 15,161,303.42 in the same period of 2024[19]. - The company reported a basic earnings per share of -0.013 in 2025, compared to -0.018 in 2024, indicating a slight improvement in profitability metrics[20]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,246,297,312.43, a decrease of 2.97% from the end of the previous year[5]. - The company's total assets decreased to CNY 3,246,297,312.43 in 2025 from CNY 3,345,492,020.91 in 2024, indicating a contraction in asset base[16]. - Total liabilities decreased to CNY 1,452,716,465.12 in 2025 from CNY 1,542,542,447.80 in 2024, showing a reduction in financial obligations[15]. - The equity attributable to shareholders was ¥1,716,649,901.81, down 0.61% from the previous year-end[5]. - The company has maintained its capital structure with total equity of CNY 1,793,580,847.31 in 2025, slightly down from CNY 1,802,949,573.11 in 2024[16]. Cash Flow - The company reported a net cash flow from operating activities of -¥42,997,860.63 year-to-date[4]. - Cash inflow from operating activities for the first three quarters of 2025 was $370.24 million, slightly down from $372.28 million in the same period of 2024[23]. - Net cash outflow from operating activities was $42.99 million in 2025, an improvement compared to a net outflow of $137.54 million in 2024[23]. - Cash outflow for purchasing goods and services decreased to $317.53 million in 2025 from $409.68 million in 2024[23]. - The ending cash and cash equivalents balance for 2025 was $362.39 million, up from $311.87 million in 2024[24]. - The net cash decrease for the period was $86.45 million in 2025, an improvement from a decrease of $140.31 million in 2024[24]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 40,757[11]. - The largest shareholder, Beijing Shunyi Dalong Urban Construction Development Co., Ltd., holds 395,916,555 shares, accounting for 47.70% of total shares[11]. Cost Management and Strategy - Total operating costs for the first three quarters of 2025 were CNY 499,282,812.30, down from CNY 550,682,656.53 in 2024, reflecting a cost reduction strategy[18]. - The company is focusing on cost control measures, as evidenced by a reduction in sales expenses from CNY 11,267,873.73 in 2025 compared to CNY 8,598,801.39 in 2024[18]. - The company is exploring new strategies for market expansion and product development to enhance future growth prospects[19]. Non-Recurring Items - Non-recurring gains and losses for the quarter amounted to ¥1,456,872.70, with a year-to-date total of ¥2,960,121.68[7]. Accounting Standards - The company is not applying new accounting standards for the first time in 2025[25].

Financial Performance - The company's operating revenue for Q3 2025 was ¥2,594,172,747.03, representing a 1.33% increase compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was ¥757,016,381.63, an increase of 11.34% year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥749,482,443.51, showing a significant increase of 129.67% compared to the previous year[5] - Basic earnings per share for Q3 2025 were ¥0.2334, up 6.53% from the same period last year[5] - Operating revenue for the first nine months of 2025 was ¥6,524,825,660.15, a slight increase of 0.64% year-on-year, driven by higher electricity sales prices[10] - The net profit attributable to the parent company's shareholders rose by 14.16% to ¥1,581,770,717.29, influenced by changes in power generation costs[11] - Net profit for the current period was ¥2,227,290,031.26, up from ¥1,847,588,421.45, indicating an increase of approximately 20.56%[32] - Earnings per share (EPS) increased to 0.4876 from 0.4466, marking a growth of about 9.83%[33] - Operating profit for the current period reached ¥1,283,231,932.43, compared to ¥459,408,164.73 in the previous period, indicating a significant increase[35] - Total profit for the current period was ¥1,283,236,932.43, up from ¥459,408,164.73 in the previous period, reflecting strong performance[35] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was ¥4,214,489,408.36, reflecting a 44.73% increase compared to the same period last year[5] - The company's cash and cash equivalents increased by 1410.25% to ¥1,114,177,730.52 compared to the same period last year, primarily due to reduced power generation costs and increased loans from various financial institutions[11] - The company reported a significant increase in cash flow from operating activities, contributing positively to its liquidity position[30] - Net cash flow from operating activities increased to ¥4,214,489,408.36, compared to ¥2,911,970,302.07 in the previous period, showing improved cash generation[36] - The ending cash and cash equivalents balance increased to ¥3,479,714,990.59, compared to ¥1,927,274,400.57 in the previous period, demonstrating strong liquidity[37] - The company achieved a net increase in cash and cash equivalents of ¥1,114,177,730.52, compared to a decrease of ¥85,035,484.91 in the previous period, indicating a positive cash flow trend[37] Assets and Liabilities - Total assets as of the end of the reporting period were ¥38,515,303,779.62, a 7.31% increase from the end of the previous year[5] - The total liabilities of the company amounted to CNY 20.63 billion, up from CNY 19.33 billion, indicating an increase of about 6.7%[25] - The company's non-current assets totaled CNY 31.68 billion, compared to CNY 30.07 billion at the start of the period, reflecting a growth of approximately 5.3%[24] - The company's total assets reached CNY 38.52 billion, an increase from CNY 35.89 billion at the beginning of the period, representing a growth of approximately 7.2%[22] - The company's total equity reached CNY 17.89 billion, up from CNY 16.57 billion, indicating a growth of approximately 8.0%[25] Shareholder Information - Shareholders' equity attributable to the parent company increased to ¥14,590,467,864.99, representing a 7.54% increase year-on-year[5] - The total number of ordinary shareholders at the end of the reporting period was 52,100, indicating a stable shareholder base[13] Investments and Projects - The company plans to consolidate the financial results of Chang Le Power Generation Co., Ltd. starting from November 22, 2024, following the acquisition of a 66% stake[5] - The company has ongoing projects including a 600 MW renewable energy project in Tengger Desert and a 100 MW photovoltaic project in Yongchang, enhancing its market expansion efforts[20] - The company has approved a 1 million kW wind-solar integrated project in Minqin, which has received regulatory approval[15] - The company’s new coal-fired power units (2×1,000 MW) have successfully passed 168 hours of full-load trial operation and are now in commercial operation[16] - The company’s wind power project in the Tengger Desert with a capacity of 6 million kW has received regulatory approval for the Minqin South Lake 1 million kW wind power project[16] Operational Metrics - The company generated 21.176 billion kWh of electricity in the first three quarters of 2025, slightly down from 21.701 billion kWh in the same period of 2024, representing a decrease of 2.4%[18] - The average utilization hours of power plants in the first three quarters of 2025 were 2,775.34 hours, down from 2,878.25 hours in the same period of 2024, a decrease of 3.6%[18] - The company’s total electricity sales in the first three quarters of 2025 were 20.378 billion kWh, compared to 20.904 billion kWh in the same period of 2024, a decline of 2.5%[18] Tax and Financial Expenses - The company received tax refunds amounting to ¥148,459,673.98, a significant increase of 200.91% year-on-year, due to corporate income tax refunds[11] - The company's financial expenses decreased by 26.10% to ¥322,727,555.92, attributed to lower financing rates and reduced interest payments[10] - Financial expenses decreased significantly to ¥322,727,555.92 from ¥436,700,784.66, a reduction of about 26.06%[32]