Financial Performance - The company's operating revenue for Q3 2025 reached ¥2,662,746,910.71, representing a year-on-year increase of 68.06% and a quarter-on-quarter increase of 12.40%[5] - The net profit attributable to shareholders for Q3 2025 was ¥256,209,446.15, a significant increase of 563.77% compared to the same period last year[5] - Revenue for the current reporting period increased by 68.06%, achieving a total of 657,508.38 million yuan compared to the same period last year[13] - Net profit attributable to shareholders for the current period reached 563.77 million yuan, reflecting a significant increase of 457.26% year-on-year[13] - Total profit for the current period surged by 422.36%, driven by substantial growth in total revenue and net profit attributable to shareholders[13] Assets and Liabilities - The total assets of the company as of Q3 2025 amounted to ¥13,193,805,772.40, reflecting a growth of 65.73% from the end of the previous year[6] - The company's total assets at the end of the reporting period grew by 65.73%, amounting to 1,319,380.58 million yuan compared to the previous year[14] - The company's total liabilities reached CNY 8,467,940,324.92, compared to CNY 5,530,187,818.32 at the end of 2024, marking a rise of 53%[22] - Current assets totaled CNY 9,674,726,059.54 as of September 30, 2025, up from CNY 5,687,513,604.32 at the end of 2024, representing an increase of 70%[20] Shareholder Equity - The company's equity attributable to shareholders increased by 93.86% to ¥4,675,537,472.99 compared to the end of the previous year[9] - Shareholder equity attributable to the parent company increased by 93.86%, totaling 467,553.75 million yuan at the end of the reporting period[14] Earnings and Expenses - The basic earnings per share for Q3 2025 was ¥0.55, up 523.08% from the same period last year[6] - Basic and diluted earnings per share for the current period were CNY 0.07, a decrease from CNY 0.51 in the previous period, indicating a decline of 86.9%[26] - The company's R&D expenses for Q3 2025 totaled ¥137,005,072.18, which is an increase of 6.59% year-on-year, accounting for 5.15% of operating revenue[6] - Research and development expenses for the first three quarters of 2025 were CNY 409,934,001.97, compared to CNY 338,855,218.29 in 2024, reflecting a 21% increase[25] Cash Flow - The net cash flow from operating activities for the first three quarters of 2025 was negative, primarily due to inventory buildup in response to large customer demands[8] - The net cash flow from operating activities for the year-to-date period was -399.46 million yuan, primarily due to inventory buildup in response to customer demand[14] - The net cash flow from operating activities for the first three quarters of 2025 was CNY -1,483,128,944.19, compared to CNY 495,263,943.28 in the previous year, indicating a significant decline[28] - The company reported total cash inflows from financing activities of CNY 8,294,666,257.11 in the first three quarters of 2025, up from CNY 4,364,315,892.85 in the same period of 2024, reflecting a 90.5% increase[29] Investment and Non-Recurring Gains - The company reported a total of ¥42,903,525.26 in non-recurring gains for the current period, with significant contributions from government subsidies and asset disposals[11] - The company has been actively investing in chip design, firmware design, and new product development, leading to a 20.98% increase in R&D expenses for the first three quarters of 2025[7] - The company reported cash inflows from investment activities of CNY 205,665,534.41, a notable increase from CNY 1,907,865.32 in the previous year[28] Market Outlook - The company anticipates a gradual recovery in sales revenue and gross margin as storage prices stabilize and key projects are delivered starting from Q2 2025[13] - The company experienced a significant increase in net profit due to improved sales and gross margins following a stabilization in storage prices starting from Q2 2025[7]

Revenue and Profitability - Revenue for Q3 2025 reached ¥393,258,419.12, an increase of 23.09% year-over-year, while year-to-date revenue totaled ¥1,083,213,341.73, up 16.76%[5] - Net profit attributable to shareholders was a loss of ¥1,910,713.83, a decline of 336.94% compared to the same period last year, with year-to-date net profit at ¥8,438,488.56, down 40.38%[5] - Basic and diluted earnings per share were both -¥0.03, reflecting a decrease of 400.00% year-over-year, with year-to-date earnings per share at ¥0.11, down 45.00%[5] - Net profit for the period was ¥8,266,796.03, a decrease of 41.4% from ¥14,153,260.21 in the same period last year[22] Expenses and Costs - Research and development expenses increased by 74.17% to ¥25,890,932.74, primarily due to higher employee compensation and material costs[9] - Financial expenses rose by 54.88% to ¥16,731,134.71, mainly due to increased loan interest expenses and exchange losses[9] - Total operating costs amounted to ¥1,085,792,641.15, up 18.2% from ¥918,333,618.59 in the prior period[21] - Payments to employees amounted to ¥139,690,655.83, slightly up from ¥138,988,546.02 last year[25] Assets and Liabilities - Total assets at the end of Q3 2025 were ¥1,856,293,563.39, a slight increase of 0.04% from the end of the previous year[5] - Current assets decreased to ¥794,455,757.06 from ¥881,149,708.66, reflecting a decline of approximately 9.8%[18] - Non-current assets rose to ¥1,061,837,806.33, up from ¥974,476,862.64, indicating an increase of about 9.0%[18] - The total liabilities decreased slightly to ¥982,166,091.53 from ¥984,332,756.91, a reduction of 0.2%[19] Cash Flow - The company reported a net cash flow from operating activities of ¥26,096,295.91 year-to-date, which is not applicable for the current period[5] - Cash generated from operating activities was 26,096,295.91, a significant decrease compared to -55,378,363.45 in the previous period[10] - Cash inflow from financing activities increased by 41.20% to 476,081,451.96, mainly due to an increase in cash received from borrowings[10] - Cash outflow from financing activities rose by 178.30% to 479,689,156.42, primarily due to increased debt repayments[10] - The net cash flow from financing activities was reported at -3,607,704.46, a decrease of 102.19% compared to the previous period[10] - The net increase in cash and cash equivalents was -96,966,570.53, a decline of 308.60% due to reduced cash flow from investment and financing activities[10] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,667[12] - The largest shareholder, Zhejiang Tianjun Investment Co., Ltd., holds 32.81% of the shares, totaling 23,619,654 shares[12] Other Financial Metrics - The company recognized government subsidies amounting to ¥1,181,025.45 during the current period, contributing to non-operating income[6] - Credit impairment losses increased by 191.02% to 2,932,261.53, primarily due to an increase in bad debt provisions[10] - Operating income from asset disposal increased significantly to 425,990.07, compared to a loss of 792,341.54 in the previous period[10] - The fair value change income was reported at 36,147.58, a decrease of 100% due to no fair value changes in the current period[10] Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[9] Audit Status - The third quarter financial report was not audited[27]

Financial Performance - The company's operating income for Q3 2025 was RMB 13,796,621 thousand, representing a year-on-year increase of 3.78%[5] - Net profit attributable to shareholders of the parent company for Q3 2025 was RMB 4,844,322 thousand, up 4.90% compared to the same period last year[5] - The basic earnings per share for Q3 2025 was RMB 0.34, reflecting a 3.03% increase year-on-year[5] - For the period from January to September 2025, the group achieved operating income of RMB 41.14 billion, a year-on-year increase of 4.04%[21] - The net profit attributable to shareholders of the parent company was RMB 18.075 billion, up 2.77% year-on-year[21] - Net profit for the group for the first nine months of 2025 was RMB 18,058,805 thousand, up from RMB 17,591,229 thousand in the same period of 2024, reflecting an increase of 2.65%[42] - The group reported a total operating income of RMB 41,140,492 thousand for the first nine months of 2025, compared to RMB 39,541,807 thousand in 2024, marking an increase of 4.05%[42] Asset and Liability Management - Total assets as of September 30, 2025, reached RMB 3,308,001,954 thousand, a 2.52% increase from the end of 2024[5] - The total assets of the group reached RMB 3,308.002 billion, an increase of 2.52% compared to the end of the previous year[21] - The group's total liabilities amounted to RMB 3,047,482,727 thousand as of September 30, 2025, compared to RMB 2,971,998,867 thousand at the end of 2024, an increase of 2.52%[37] - The total equity attributable to shareholders of the parent company was RMB 260,189,026 thousand as of September 30, 2025, up from RMB 254,193,213 thousand at the end of 2024, reflecting a growth of 2.4%[38] Loan and Deposit Growth - The total amount of customer loans and advances was RMB 1,441.646 billion, growing by 2.55% year-on-year[21] - The total deposits amounted to RMB 1,804.245 billion, reflecting a growth of 5.51% from the previous year[21] - The bank's loan and advance to customers increased to RMB 1,404,134,007 thousand from RMB 1,366,902,931 thousand year-over-year, representing a growth of 2.0%[36] - The balance of RMB corporate loans and advances was RMB 821.485 billion, with corporate deposits amounting to RMB 1,130.691 billion, a growth of 6.86% year-on-year[22] Non-Performing Loans and Credit Quality - The company's non-performing loan ratio remained stable at 1.18% as of September 30, 2025[17] - The non-performing loan ratio remained stable at 1.18%, unchanged from the end of the previous year[21] - The bank's non-performing loan ratio remained stable, with credit impairment losses recorded at RMB 10,264,903 thousand, compared to RMB 9,237,235 thousand in 2024, an increase of 11.1%[43] Capital Adequacy and Returns - The capital adequacy ratio as of September 30, 2025, was 14.33%, compared to 14.21% at the end of 2024[10] - The capital adequacy ratio stood at 14.33%, with a Tier 1 capital ratio of 11.40% and a core Tier 1 capital ratio of 10.52%, all meeting regulatory requirements[21] - The annualized average return on assets for Q3 2025 was 0.59%, an increase of 0.02 percentage points year-on-year[5] - The weighted average return on equity for the parent company's ordinary shareholders was 7.94%, down 0.15 percentage points compared to the previous year[5] Cash Flow and Investment Activities - The net cash flow from operating activities for the first nine months of 2025 was -RMB 154,412,472 thousand, a significant decrease of 746.60% year-on-year[9] - Cash inflow from investment activities totaled RMB 584,904,563 thousand, up from RMB 492,201,562 thousand year-over-year, indicating a growth of approximately 18.8%[48] - Cash flow from financing activities generated a net inflow of RMB 126,040,964 thousand, compared to RMB 70,331,810 thousand in the previous year, marking an increase of about 79.5%[49] - The net increase in cash and cash equivalents for the period was RMB 29,428,710 thousand, compared to RMB 16,054,979 thousand in the previous year, representing an increase of approximately 83.5%[49] Customer and Market Development - The total number of customers reached 306,400, an increase of 0.89% compared to the previous year[22] - The number of treasury and cash management service clients reached 6,581, growing by 6.32% compared to the end of the previous year[24] - Online customer numbers increased by 17.60% year-on-year, with online transaction volume rising by 12.12%[24] - Retail customer count reached 21.50 million, with total retail customer assets under management (AUM) at RMB 10,781.45 billion, a 5.50% increase[27] Loan Issuance and Sector Performance - Technology loan disbursements reached RMB 166.292 billion, representing a year-on-year increase of 33.83%[22] - The balance of inclusive loans reached RMB 1,445.19 billion, a year-on-year increase of 2.93% as of the end of the reporting period[23] - Green loan issuance amounted to RMB 595.27 billion from January to September 2025, with a year-on-year growth of 0.10%[23] - Manufacturing loans totaled RMB 865.07 billion in the same period, reflecting a year-on-year increase of 8.89%[23] Strategic Outlook - The company plans to continue focusing on enhancing operational efficiency and exploring new market opportunities to drive future growth[51]

Financial Performance - The company's operating revenue for the third quarter was approximately CNY 146.35 billion, representing a year-on-year increase of 3.84% compared to CNY 140.75 billion in the same period last year[5]. - The total profit for the third quarter decreased by 6.23% to CNY 3.69 billion from CNY 3.92 billion in the previous year[5]. - The net profit attributable to shareholders of the listed company was CNY 2.05 billion, down 17.51% from CNY 2.47 billion in the same period last year[5]. - The basic earnings per share for the third quarter was CNY 0.1168, a decrease of 17.75% compared to CNY 0.1412 in the previous year[6]. - Total operating revenue for the first three quarters of 2025 reached ¥439.55 billion, an increase of 2.7% compared to ¥426.79 billion in the same period of 2024[20]. - Net profit for the first three quarters of 2025 was ¥10.11 billion, down 14.3% from ¥11.79 billion in the same period of 2024[21]. - Basic earnings per share for the first three quarters of 2025 were ¥0.4092, down from ¥0.4848 in the same period of 2024, a decrease of 15.5%[22]. - Net profit for the first three quarters of 2025 was ¥3,553,408,331.00, significantly up from ¥145,866,261.06 in the first three quarters of 2024, marking a growth of 2321.73%[33]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1.40 trillion, an increase of 8.94% from CNY 1.29 trillion at the end of the previous year[6]. - The company's total liabilities increased to ¥1,126.13 billion, up from ¥1,017.42 billion year-over-year, reflecting a growth of 10.7%[18]. - The total assets as of September 30, 2025, are ¥1,404,293,254,642.25, compared to ¥1,289,001,336,534.82 at the end of 2024[16]. - The company's total liabilities decreased to CNY 97.44 billion from CNY 108.59 billion year-over-year[29]. - The total equity attributable to shareholders rose to ¥171.09 billion, compared to ¥165.56 billion in the previous year, marking a 3.2% increase[18]. - The total equity increased to ¥86,007,316,695.56 as of the end of the reporting period, up from ¥85,033,461,571.42[30]. Cash Flow - The company reported a cash flow from operating activities of CNY -37.03 billion, compared to CNY -46.93 billion in the previous year[6]. - Operating cash inflow for the first three quarters of 2025 reached CNY 498.68 billion, an increase of 10.2% compared to CNY 452.39 billion in the same period of 2024[24]. - Net cash flow from operating activities was -CNY 37.03 billion, an improvement from -CNY 46.91 billion year-over-year[25]. - The company reported a net cash outflow from operating activities of ¥20,701,018,697.78 for the first three quarters of 2025, an improvement from a net outflow of ¥26,125,645,939.31 in the same period of 2024[35]. - Cash inflow from financing activities totaled CNY 233.29 billion, slightly down from CNY 233.85 billion in the previous year[25]. - The company raised ¥39,500,000,000.00 through financing activities in the first three quarters of 2025, compared to ¥42,500,000,000.00 in the same period of 2024[35]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 537,390[12]. - The largest shareholder, China Power Construction Group Co., Ltd., holds 9,138,371,913 shares, representing 53.05% of total shares[12]. Other Financial Metrics - Non-operating income for the current period amounted to CNY 339.46 million, with a total of CNY 944.58 million for the year-to-date[10]. - The company has recognized a gain of CNY 341.57 million from the disposal of non-current assets in the current period[9]. - The company reported investment income of ¥1.44 billion, significantly higher than ¥715.41 million in the same period of 2024, an increase of 101.0%[21]. - Research and development expenses for the first three quarters of 2025 were ¥13.79 billion, slightly down from ¥13.99 billion in the same period of 2024[20]. - Interest income decreased to ¥434.79 million from ¥636.11 million, a decline of 31.7%[20]. - The company reported a significant increase in investment income, reaching ¥4,374,045,183.95 in the first three quarters of 2025, compared to ¥277,697,590.38 in the same period of 2024[32]. Market Outlook - The company has provided a profit guidance indicating a potential decrease in net profit for the upcoming quarters due to market conditions[5]. - The company has not disclosed any new strategies or future outlook in the provided documents[14]. - There are no significant reminders or additional important information regarding the company's operational status during the reporting period[15].

Financial Performance - The company's operating revenue for Q3 2025 was ¥336,811,043.10, representing a 5.54% increase compared to the same period last year[3]. - The total profit for Q3 2025 decreased by 62.81% to ¥27,436,024.01, while the profit for the year-to-date period fell by 86.66% to ¥22,414,798.66[3]. - The net profit attributable to shareholders for Q3 2025 was ¥33,146,821.66, down 53.34% year-on-year, and down 71.64% for the year-to-date period[3]. - For the period from January to September 2025, the company achieved operating revenue of RMB 874.25 million, a year-on-year decrease of 10.50%[14]. - The net profit attributable to shareholders was RMB 50.32 million, down 71.64% year-on-year, while the net profit excluding non-recurring gains and losses was RMB 46.17 million, a decrease of 73.41% year-on-year[15]. - Total revenue for the first three quarters of 2025 was RMB 874,249,705.24, a decrease of 10.5% compared to RMB 976,825,695.67 in the same period of 2024[28]. - Net profit for the first three quarters of 2025 was RMB 31,386,524.75, down 78.6% from RMB 146,757,526.84 in 2024[29]. - Basic and diluted earnings per share decreased to RMB 0.12 in 2025 from RMB 0.42 in 2024[30]. Research and Development - Research and development expenses for the current period totaled ¥121,800,276.54, an increase of 54.42% compared to the same period last year, accounting for 36.16% of operating revenue[4]. - The company is committed to a "research-driven" strategy, with increased investment in innovative drugs and inhalation formulations, particularly in the GLP-1 area[11]. - Research and development expenses surged to RMB 119,785,220.12 in the first three quarters of 2025, up 86.5% from RMB 64,234,212.22 in the same period of 2024[36]. - The company submitted 18 new domestic patent applications and obtained 3 new domestic patent grants in Q3 2025, bringing the total patent applications to 568, with 283 valid patents[21]. Cash Flow and Assets - The company reported a net cash flow from operating activities of ¥98,954,861.81 for the year-to-date period, a decrease of 17.25% compared to the previous year[3]. - The company's cash and cash equivalents decreased to approximately CNY 606.22 million from CNY 765.35 million, a decline of about 20.8%[24]. - Cash flow from operating activities generated RMB 98,954,861.81 in 2025, down from RMB 119,589,702.03 in 2024[32]. - Cash flow from investing activities resulted in a net outflow of RMB 552,569,072.10 in 2025, compared to a net outflow of RMB 424,873,137.62 in 2024[32]. - Cash flow from financing activities showed a net inflow of RMB 293,665,928.88 in 2025, contrasting with a net outflow of RMB 173,767,050.97 in 2024[32]. - The company reported a decrease in cash and cash equivalents at the end of September 2025, totaling RMB 600,216,414.68, compared to RMB 493,323,980.01 at the end of September 2024[32]. Product Development and Clinical Trials - The clinical trial for BGM0504 injection for type 2 diabetes and weight loss has completed all patient enrollments and is currently in the dosing and follow-up phase[17]. - The IND application for the weight loss indication of BGM0504 injection in the U.S. has been submitted, with the FDA recommending the submission of complete Phase 3 study protocols[18]. - The IND application for the BGM0504 injection for glucose-lowering indication has been approved in Indonesia, and the Phase 3 clinical study has officially started[19]. - The oral BGM0504 tablet for weight loss has received IND approval in both China and the U.S., with the first patient enrollment completed in Phase 1 clinical studies[19]. - The company is advancing the clinical trial for BGM1812 injection for weight loss, with IND applications submitted in both China and the U.S., and the first patient enrollment completed in the U.S.[19]. - The company has made significant progress in the development of its inhalation products, with the inhaled budesonide suspension receiving production approval and several other inhalation sprays under domestic application[20]. Financial Position - The company's total assets increased by 3.95% to ¥5,360,070,041.30 compared to the end of the previous year[4]. - As of September 30, 2025, the company's total assets amounted to approximately CNY 5.36 billion, an increase from CNY 5.16 billion at the end of 2024, reflecting a growth of about 3.9%[24][26]. - The company's current assets decreased to approximately CNY 1.47 billion from CNY 1.64 billion, representing a decline of about 10.5%[25]. - The company reported a total current liability of approximately CNY 1.17 billion, an increase from CNY 1.05 billion, indicating a rise of about 10.7%[26]. - The long-term borrowings decreased to approximately CNY 1.01 billion from CNY 1.11 billion, showing a reduction of about 9.2%[26]. - Total liabilities increased to RMB 2,317,107,953.13 as of September 30, 2025, compared to RMB 2,144,174,640.18 at the end of 2024, marking an increase of approximately 8.1%[35]. - The total equity increased to RMB 1,984,895,153.34 as of September 30, 2025, compared to RMB 1,956,679,063.30 at the end of 2024, reflecting a growth of approximately 1.4%[36].

Financial Performance - The company's operating revenue for the third quarter was ¥160,422,295.11, an increase of 26.91% compared to the same period last year[4]. - The total profit for the period was -¥41,716,324.39, with a year-to-date total profit of -¥104,336,742.12[4]. - The net profit attributable to shareholders was -¥31,131,365.67 for the quarter, and -¥81,766,200.11 year-to-date[4]. - Total operating revenue for the first three quarters of 2025 reached ¥451,134,135.53, a significant increase of 32.2% compared to ¥341,670,247.32 in the same period of 2024[20]. - Net loss for the first three quarters of 2025 was ¥83,224,832.21, compared to a net loss of ¥67,733,952.86 in the same period of 2024, reflecting a deterioration in profitability[21]. - The basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.21, compared to -¥0.16 in the same period of 2024, indicating a worsening earnings situation[22]. Research and Development - Research and development expenses totaled ¥34,576,056.76 for the quarter, representing 21.55% of operating revenue, an increase of 1.16 percentage points year-on-year[5]. - Research and development expenses increased to ¥100,906,161.33 in the first three quarters of 2025, up 32.3% from ¥76,365,917.87 in 2024, indicating a focus on innovation[20]. Assets and Liabilities - The company's total assets at the end of the period were ¥3,263,825,614.09, reflecting a 7.42% increase from the end of the previous year[5]. - The company's current assets reached RMB 474,606,755.55, up from RMB 412,152,468.02, indicating an increase of about 15.1%[16]. - The total liabilities increased to RMB 1,200,000,000.00, reflecting a rise from the previous period, although specific figures were not provided[15]. - Total liabilities increased to ¥1,921,873,202.26 in 2025 from ¥1,641,867,096.02 in 2024, indicating a rise in financial obligations[18]. - The company's total equity decreased to ¥1,341,952,411.83 in 2025 from ¥1,396,602,603.22 in 2024, reflecting a decline in shareholder value[18]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥97,452,480.95, an increase of 107.45% compared to the same period last year[8]. - Cash generated from operating activities was ¥434,283,553.43 for the first three quarters of 2025, compared to ¥299,591,844.11 in the same period of 2024, showing improved cash flow[24]. - Net cash flow from operating activities increased to $97,452,480.95, up from $46,975,614.85, representing a growth of 107.5% year-over-year[25]. - Total cash inflow from financing activities was $767,095,547.26, compared to $910,954,200.39 in the previous period, indicating a decrease of 15.7%[26]. - Cash and cash equivalents at the end of the period amounted to $135,750,574.57, compared to $192,625,310.11 at the end of the previous period, a decrease of 29.5%[26]. Shareholder Information - The company reported a total of 10,757 ordinary shareholders at the end of the reporting period[10]. - The largest shareholder, Hangzhou Meidike Self-Funded Investment Partnership, held 40.43% of the shares[10]. Expenses - The company experienced increased losses primarily due to higher depreciation, labor costs, and financial expenses[8]. - Total operating costs for the first three quarters of 2025 were ¥549,037,863.56, up 35.7% from ¥404,372,868.74 in the previous year[20]. - The company reported a significant increase in sales expenses, which rose to ¥7,812,790.59 in 2025 from ¥3,896,954.52 in 2024, suggesting increased marketing efforts[20].

Financial Performance - The company's operating revenue for the third quarter reached ¥178,309,136.63, an increase of 21.66% compared to the same period last year[5] - The total profit for the quarter was ¥15,945,590.69, reflecting a significant growth of 44.52% year-over-year[5] - Net profit attributable to shareholders was ¥15,027,656.82, up by 37.91% compared to the previous year[5] - The net profit after deducting non-recurring gains and losses was ¥13,383,565.81, which is a 39.44% increase year-over-year[5] - The basic earnings per share for the quarter was ¥0.11, representing a 57.14% increase from the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥519,674,414.76, an increase of 14.1% compared to ¥455,460,756.20 in the same period of 2024[22] - Operating profit for the first three quarters of 2025 was ¥47,416,754.98, up from ¥36,831,974.25 in 2024, reflecting a growth of 28.5%[22] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was ¥44,701,926.35, compared to ¥36,780,013.85 in 2024, marking an increase of 21.5%[23] - The company reported a basic earnings per share of ¥0.31 for the first three quarters of 2025, up from ¥0.25 in 2024[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,587,486,928.16, a slight decrease of 0.49% from the previous year[6] - The total liabilities as of September 30, 2025, amounted to ¥315,087,689.96, slightly up from ¥313,982,312.65 at the end of 2024[19] - The total equity attributable to shareholders of the parent company was ¥1,276,431,371.36 as of September 30, 2025, compared to ¥1,282,868,620.48 at the end of 2024[19] - Total assets as of September 30, 2025, were RMB 1,587,486,928.16, down from RMB 1,595,281,898.04, reflecting a decrease of approximately 0.47%[16] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥29,654,032.31, showing a decline of 38.05% compared to the previous year[5] - The company experienced a net cash outflow from operating activities in the first three quarters of 2025, with cash flow from operations decreasing compared to the previous year[26] - The net cash flow from operating activities for the first three quarters of 2025 was ¥29,654,032.31, a decrease of 38% compared to ¥47,868,431.20 in the same period of 2024[27] - Total cash inflow from financing activities increased to ¥68,137,374.84 in 2025, up from ¥30,863,743.40 in 2024, representing a growth of 120%[29] - The net cash flow from financing activities showed an improvement, with a net outflow of ¥41,952,004.07 in 2025 compared to a net outflow of ¥115,627,135.35 in 2024[29] - Cash and cash equivalents at the end of Q3 2025 were ¥67,407,608.43, down from ¥122,217,356.82 at the end of Q3 2024, indicating a decrease of 45%[29] Investments and Expenses - The total cash outflow from investing activities was ¥110,386,532.74 in 2025, significantly higher than ¥21,530,384.25 in 2024, marking an increase of 413%[27] - The cash inflow from investment activities was ¥30,482,676.62 in 2025, compared to ¥221,076.00 in 2024, reflecting a substantial increase[27] - The company received ¥30,000,000.00 related to investment activities in 2025, which was not recorded in the previous year[27] - The cash outflow for purchasing goods and services was ¥169,483,362.34 in 2025, down from ¥212,622,077.54 in 2024, showing a decrease of 20%[27] - Research and development expenses for the first three quarters of 2025 were ¥28,776,874.76, slightly higher than ¥27,216,967.43 in 2024[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,356[12] - The company reported a total of 812,400 shares held in the repurchase special securities account, accounting for 0.55% of the total share capital[16] - The company has not disclosed any significant changes in the shareholding structure or any related party transactions during the reporting period[15]

万科企业股份有限公司 2025 年第三季度报告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-137 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 重要内容提示: 万科企业股份有限公司（以下简称"公司"或"本公司"）董事会及董事、高级管理人 员保证 2025 年第三季度报告（以下简称"本报告"）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。 公司第二十届董事会第二十六次会议审议并通过了本报告。张懿宸独立董事因公务原因 未能亲自出席本次会议，授权沈向洋独立董事代为出席会议并行使表决权。除此之外，其他 董事均亲自出席了本次董事会会议。 董事长黄力平，执行副总裁、财务负责人韩慧华声明：保证本报告中财务报表的真实、 准确、完整。 本集团（指万科企业股份有限公司及其附属公司）按照中国会计准则编制了本报告，本 报告之财务报表未经审计。 除特别指明外，本报告所用记账本位币均为人民币，"报告期"指 2025 年 ...

Financial Performance - Operating revenue for Q3 2025 was CNY 2,241,967,691.87, a decrease of 14.32% compared to the same period last year[4] - Total profit for Q3 2025 reached CNY 165,770,046.44, an increase of 300.63% year-on-year[4] - Net profit attributable to shareholders for Q3 2025 was CNY 150,122,332.09, up 418.61% from the previous year[4] - The weighted average return on equity for Q3 2025 was 7.5%, an increase of 5.82% compared to the same period last year[4] - The company's total profit for the year-to-date period increased by 506.66%, attributed to an 8.98% increase in power generation and a decrease in coal price by CNY 131.76 per ton[8] - Net profit for the first three quarters of 2025 was CNY 380,672,979.75, significantly up from CNY 42,172,281.80 in 2024, marking an increase of 802.68%[18] - Earnings per share (EPS) for the first three quarters of 2025 was CNY 0.176, compared to CNY 0.017 in the same period of 2024[18] Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 28,278,617,254.69, a 0.75% increase from the end of the previous year[5] - The company's equity attributable to shareholders increased by 23.91% to CNY 1,939,743,506.12 compared to the end of the previous year[5] - The company's total liabilities amounted to CNY 26,010,865,105.84, slightly down from CNY 26,305,454,485.17 in the previous year[16] - The total liabilities increased to ¥14,738,303,506.60 in 2025 from ¥14,592,148,150.29 in 2024, reflecting a rise in long-term borrowings to ¥8,186,700,000.00[25] Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 2,715,612,727.38, an increase of 45.66%[4] - In the first three quarters of 2025, the net cash flow from operating activities was CNY 2,715,612,727.38, an increase of 45.7% compared to CNY 1,864,366,747.92 in the same period of 2024[21] - The total cash inflow from operating activities reached CNY 8,000,856,116.03, up from CNY 7,359,205,010.65 in the previous year, reflecting a growth of 8.8%[21] - The cash outflow for purchasing goods and services was CNY 3,647,114,304.87, a decrease of 14.8% from CNY 4,282,034,434.12 in the prior year[21] - The net cash flow from investing activities was -CNY 3,258,266,678.84, worsening from -CNY 1,809,458,387.94 year-over-year[22] - Cash inflow from financing activities totaled CNY 10,841,373,934.39, compared to CNY 8,215,798,794.93 in the same period last year, marking an increase of 32.0%[22] - The net cash flow from financing activities was -CNY 716,283,468.67, a decline from a positive net flow of CNY 523,512,298.48 in the previous year[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 193,215[10] - The largest shareholder, China Datang Group Co., Ltd., holds 608,793,971 shares, accounting for 29.97% of total shares[10] - The second-largest shareholder, Datang Liyang Electric Power Co., Ltd., holds 344,695,901 shares, representing 16.97% of total shares[10] - The company has no significant changes in shareholder relationships or actions among the top shareholders[12] Investment and Income - The company reported a significant increase in construction projects, with "in-progress construction" rising by 62.53% due to increased investment in renewable energy projects[8] - Financial expenses decreased to CNY 310,808,698.66 from CNY 372,420,367.79, a reduction of 16.56%[17] - Investment income rose to CNY 76,358,269.88, up from CNY 49,928,855.41, indicating a growth of 52.93%[17] - The company reported a significant increase in other income to CNY 17,172,709.48 from CNY 11,695,005.14, representing a growth of 46.56%[17] - The company reported a significant increase in investment income received, totaling ¥206,189,824.28 in 2025 compared to ¥174,370,027.61 in 2024[29]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥403,877,872.76, representing a 44.77% increase year-over-year[5] - Net profit attributable to shareholders was ¥37,224,715.87, a 60.80% increase compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥32,935,286.88, showing a significant increase of 110.08% year-over-year[5] - Total operating revenue for the current period reached ¥952,938,418.25, an increase of 4.3% compared to ¥912,159,180.90 in the previous period[30] - Net profit for the current period was ¥61,306,269.30, a decline of 44.3% compared to ¥110,049,391.68 in the previous period[31] - Total comprehensive income amounted to CNY 60,719,030.75, a decrease from CNY 110,046,943.87 in the previous period, reflecting a decline of approximately 44.7%[32] - Basic and diluted earnings per share were both CNY 0.24, down from CNY 0.43 in the prior period, representing a decrease of 44.2%[32] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥3,735,863,381.66, reflecting an 8.36% increase from the end of the previous year[5] - Total assets increased to ¥3,735,863,381.66, up from ¥3,447,706,750.79 at the beginning of the period, reflecting a growth of 8.4%[28] - Total liabilities rose to ¥1,295,829,166.37, compared to ¥1,047,288,642.36 at the start of the period, marking an increase of 23.7%[28] - Current assets totaled ¥3,076,472,408.34, an increase of 8.5% from ¥2,834,205,582.96 at the beginning of the period[27] - Cash and cash equivalents increased to ¥1,246,178,573.27, up from ¥1,198,747,703.66, reflecting a growth of 4.0%[26] Cash Flow - The company reported a net cash flow from operating activities of ¥100,111,311.79, a substantial increase of 177.69% compared to the previous year[16] - Cash inflow from operating activities was CNY 957,959,380.36, compared to CNY 789,544,284.02 in the previous period, indicating an increase of approximately 21.4%[33] - Net cash flow from operating activities was CNY 100,111,311.79, a significant improvement from a net outflow of CNY 128,857,857.58 in the prior period[34] - Cash inflow from investment activities totaled CNY 3,972,116,197.49, up from CNY 1,964,089,734.49, marking an increase of approximately 102.5%[34] - The company received CNY 3,960,000,000.00 from investment recoveries, significantly higher than CNY 1,946,500,000.00 in the prior period, reflecting a growth of approximately 103.5%[34] Inventory and Expenses - The company recorded a 53.67% increase in inventory, totaling ¥363,429,876.72, primarily due to project stocking[12] - Management expenses increased by 57.98% to ¥43,676,186.51, largely due to stock incentive plans and new overseas company expenses[14] - Research and development expenses rose to ¥132,209,029.43, an increase of 19.5% compared to ¥110,624,565.14 in the previous period[31] Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,395[18] - The largest shareholder, Qu Lei, holds 61.31% of the shares, amounting to 160,200,000 shares, with 121,650,000 shares under lock-up and 5,690,000 shares pledged[18] - The second-largest shareholder, Zhoushan Intelligent Management Consulting Partnership, holds 4.06% of the shares, equivalent to 10,601,300 shares[18] - The top ten shareholders collectively hold a significant portion of the company's shares, with the first three shareholders having a combined holding of over 68%[18] Corporate Actions - The company has completed the registration procedures for new wholly-owned subsidiaries in Shenzhen and Hubei as of the end of the reporting period[23] - The company successfully acquired the core assets of Aldebaran Robotics through a judicial auction[21] - The company is in the process of adjusting its 2024 restricted stock incentive plan, with the reserve grant registration work ongoing[24] - The company has made changes to its governance structure, including the election of a new board of directors[22] - The company has initiated the repurchase and cancellation of restricted stock rights for departed employees[24] Challenges - The company faced challenges with major projects not being completed on schedule, impacting revenue significantly[10] - The company implemented employee stock incentives, resulting in a 128.77% increase in other payables to ¥105,105,632.92[12]