有研粉末新材料股份有限公司 2025 年第三季度报告 证券代码：688456 证券简称：有研粉材 有研粉末新材料股份有限公司 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、准确性和完整性依法承担法律责任。 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 | 1,058,869,032.98 | 25.30 | 2,848,989,923.95 | 20.80 | | 利润总额 | 18,490,257.90 | 42.37 | 56,261,257.10 | 25.32 | | 归属于上市公司股东的 净利润 | 15,902,154.42 | 44.92 | 51,662,198.79 | 28.00 | | 归属于上市公司股东的 扣除非经常性损益的净 利润 ...

Financial Performance - Total operating revenue for the third quarter reached ¥169.40 billion, an increase of 16.19% year-over-year[4] - Net profit attributable to shareholders was ¥2.08 billion, reflecting a significant increase of 644.88% compared to the same period last year[4] - The total profit for the quarter was ¥5.80 billion, representing a 161.76% increase year-over-year[4] - The basic earnings per share for the quarter was ¥0.181, an increase of 624.00% compared to the same period last year[4] - The total profit for the year-to-date period reached ¥16.31 billion, an increase of 48.29% compared to the same period last year[4] - Net profit for the first three quarters of 2025 was ¥12.00 billion, up 42.5% from ¥8.43 billion in the first three quarters of 2024[21] - Operating profit increased to ¥16.10 billion, a rise of 48.5% from ¥10.81 billion year-on-year[21] - Basic earnings per share rose to ¥0.706, compared to ¥0.602 in the previous year, marking an increase of 17.2%[21] Cash Flow - The net cash flow from operating activities was ¥10.90 billion, up 47.83% year-over-year[4] - The cash inflow from operating activities for the first three quarters of 2025 was CNY 437.02 billion, an increase of 4.0% compared to CNY 417.70 billion in the same period of 2024[24] - The net cash flow from operating activities increased significantly to CNY 31.94 billion, up 70.9% from CNY 18.69 billion year-on-year[24] - The cash outflow for purchasing goods and services was CNY 315.64 billion, a decrease of 8.9% from CNY 346.61 billion in the previous year[24] - The total cash and cash equivalents at the end of the period stood at CNY 181.78 billion, a decrease from CNY 157.04 billion year-on-year[25] - The company reported a significant increase in cash received from sales of goods and services, totaling CNY 424.94 billion, compared to CNY 392.18 billion in the previous year[24] - The cash received from investment income rose to CNY 10.70 billion, up from CNY 7.08 billion in the same period last year[25] - The company experienced a cash outflow of CNY 90.47 billion for debt repayment, which increased from CNY 68.98 billion in the previous year[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥942.45 billion, a decrease of 1.54% from the previous year[5] - The company's current assets totaled RMB 592.01 billion, down from RMB 602.14 billion at the end of 2024, indicating a decrease of about 1.9%[15] - Total liabilities stood at RMB 506.44 billion, slightly down from RMB 511.93 billion, reflecting a decrease of about 1.1%[16] - Total liabilities decreased to ¥587.14 billion from ¥610.41 billion, reflecting a reduction of approximately 3.9%[17] - The company's short-term borrowings decreased significantly to RMB 36.66 billion from RMB 53.69 billion, a reduction of approximately 31.7%[16] - The company’s long-term borrowings decreased to RMB 16.23 billion from RMB 36.14 billion, a significant drop of approximately 55.1%[16] - The total inventory was reported at RMB 75.09 billion, down from RMB 77.28 billion, indicating a decrease of about 2.8%[15] - The company’s equity investments decreased to RMB 56.31 billion from RMB 60.36 billion, a decline of approximately 6.9%[15] - Total equity increased to ¥355.31 billion, up from ¥346.73 billion, representing a growth of about 2.3%[17] Research and Development - Research and development expenses for the first three quarters of 2025 amounted to ¥12.61 billion, an increase of 9.4% compared to ¥11.53 billion in the same period of 2024[20] Other Income - The company reported a decrease in interest income to ¥7.42 billion from ¥10.36 billion, a decline of 28.5%[20] - Investment income for the first three quarters of 2025 was ¥7.46 billion, down from ¥10.27 billion, indicating a decrease of 27.3%[20] - Other comprehensive income after tax for the first three quarters of 2025 was ¥771.25 million, down from ¥5.11 billion, reflecting a significant decrease of 84.9%[21] Profit Growth Factors - The company attributed the profit growth to market expansion and improved operational efficiency[8] - The company reported a significant increase in net profit excluding non-recurring gains and losses, which was ¥1.69 billion for the quarter, up 5,699.86% year-over-year[4]

Financial Performance - The company's operating revenue for Q3 2025 was ¥85,341,835.59, representing a decrease of 1.61% compared to the same period last year[3]. - The total profit for the quarter was ¥4,070,955.32, with a net profit attributable to shareholders of ¥1,990,380.82, indicating a significant improvement from a loss of ¥3,851,349.58 in the previous year[3]. - The company reported a basic earnings per share of ¥0.004 for the quarter, compared to a loss of ¥0.007 in the same period last year[3]. - Total operating revenue for the first three quarters of 2025 was CNY 239,071,611.45, a decrease of 9.3% compared to CNY 263,478,867.98 in the same period of 2024[19]. - The net loss for the first three quarters of 2025 was CNY 4,851,349.58, compared to a net loss of CNY 5,454,413.05 in the same period of 2024[19]. - The company reported a net loss of CNY 2,080,960.96 for the first three quarters of 2025, compared to a net loss of CNY 19,322,644.05 in the same period of 2024, indicating a significant improvement[20]. - The company achieved a gross profit margin improvement, with operating profit (loss) recorded at CNY -578,375.79, compared to CNY -16,098,013.38 in the previous year[20]. - The company's basic and diluted earnings per share were both CNY -0.007, an improvement from CNY -0.040 in the same period last year[20]. Cash Flow and Assets - The net cash flow from operating activities was -¥11,405,490.43, reflecting challenges in cash collection due to a 9.26% decline in revenue year-to-date[3][8]. - Cash and cash equivalents as of September 30, 2025, were CNY 139,133,202.60, a slight decrease from CNY 144,837,656.13 at the end of 2024[15]. - Cash and cash equivalents at the end of the period stood at CNY 133,310,266.39, up from CNY 118,562,886.56 at the end of the previous year[23]. - The company recorded a total cash inflow from investment activities of CNY 19,603,388.34, compared to CNY 47,614.00 in the previous year, showing a substantial increase[23]. - The net cash flow from financing activities was CNY 16,127,729.13, a notable recovery from negative CNY 58,560.20 in the previous year[23]. - Total current assets increased to CNY 503,823,832.32 as of September 30, 2025, compared to CNY 491,362,398.26 at the end of 2024, reflecting a growth of 2.9%[15]. - The company's total assets as of September 30, 2025, were CNY 964,408,183.40, down from CNY 966,747,588.43 at the end of 2024[16]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,129[10]. - Major shareholder Zhu Rongjuan holds 39,694,885 shares, accounting for 7.57% of total shares, with 21,000,000 shares pledged[10]. - Major shareholder Yao Fangyuan holds 12,323,000 shares, accounting for 2.35% of total shares[10]. - A total of 22,167,585 shares held by major shareholder Zhu Rongjuan and her concerted actors will be auctioned due to a loan dispute, representing 4.23% of the company's total share capital[14]. - The company’s major shareholders and concerted actors have no reported changes in their shareholding due to transfer and lending activities[12]. Investments and Financing - The investment income from the Huada Gongying No. 1 Fund increased by ¥3,857,100 compared to the previous year, contributing positively to the overall profit[6][8]. - The company received a distribution of RMB 3.8037 million from the Huada Gongying No. 1 Fund during the reporting period[14]. - The company provided a guarantee for its wholly-owned subsidiary Beihai Pharmaceutical for a three-year financing of RMB 20 million[13]. - The long-term loan balance is RMB 20 million, which corresponds to the guarantee provided for Beihai Pharmaceutical[14]. - The company has appointed a special auditing agency for the issuance of A-shares to specific objects in 2025[14]. Operational Efficiency - The company has increased its efforts in receivables collection, resulting in a recovery of long-aged receivables and a reversal of credit impairment losses amounting to ¥5,216,700[6][8]. - The company plans to continue optimizing its sales policies to reduce expenses, with a notable decrease in advertising and promotional costs[8]. - The company received CNY 20,576,492.57 in cash related to other operating activities, significantly higher than CNY 5,326,167.48 in the previous year, indicating improved operational efficiency[22]. - Operating cash flow for the first three quarters of 2025 was negative CNY 29,966,742.91, worsening from negative CNY 18,834,110.56 in the previous year[22]. Future Outlook - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[24].

Financial Performance - The company's operating revenue for Q3 2025 reached CNY 21,207,370, an increase of 10.73% compared to CNY 19,152,505 in the same period last year[4] - Total profit for the quarter was CNY 2,322,193, reflecting a significant increase of 50.88% from CNY 1,539,127 year-over-year[4] - Net profit attributable to shareholders was CNY 1,919,279, up 48.18% from CNY 1,295,202 in the previous year[4] - Total operating revenue for the first three quarters of 2025 reached CNY 66,104,144 thousand, a 13.0% increase from CNY 58,360,802 thousand in the same period of 2024[18] - Net profit for the first three quarters of 2025 was CNY 7,238,745 thousand, representing a 45.4% increase compared to CNY 4,978,862 thousand in the first three quarters of 2024[19] - Earnings per share for the first three quarters of 2025 were CNY 0.8455, up from CNY 0.5757 in the same period of 2024, reflecting a 47.0% increase[20] - Operating profit for the first three quarters of 2025 was CNY 8,392,531 thousand, an increase of 48.7% from CNY 5,645,269 thousand in the first three quarters of 2024[19] - The company's total profit for the first three quarters of 2025 was CNY 2,461,658 thousand, compared to CNY 149,652 thousand in 2024, reflecting a growth of about 1,546%[30] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was CNY 14,547,126, representing a 17.55% increase from CNY 12,375,235 in the same period last year[4] - Cash received from sales of goods and services in the first three quarters of 2025 was CNY 67,746,398 thousand, an increase from CNY 59,210,074 thousand in the same period of 2024[22] - The cash flow from operating activities showed a net inflow of CNY 681,347 thousand in 2025, contrasting with a net outflow of CNY 3,892,868 thousand in 2024[32] - The company reported a net cash outflow from financing activities of -9,281,958 thousand RMB in the first three quarters of 2025, an improvement from -11,541,280 thousand in 2024[24] - The net cash flow from investing activities for the first three quarters of 2025 was -8,492,013 thousand RMB, compared to -229,115 thousand RMB in 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 156,896,818, marking a 3.12% increase from CNY 152,145,076 at the end of the previous year[5] - The company's current assets totaled RMB 107,733,751 thousand as of September 30, 2025, compared to RMB 101,505,319 thousand at the end of 2024, indicating an increase of about 6.3%[14] - The total liabilities of the company reached RMB 82,360,539 thousand as of September 30, 2025, up from RMB 79,143,477 thousand at the end of 2024, reflecting an increase of approximately 2.8%[15] - The total equity of SANY Heavy Industry was RMB 74,536,279 thousand as of September 30, 2025, compared to RMB 72,001,599 thousand at the end of 2024, showing an increase of approximately 3.5%[15] - Total assets as of September 30, 2025, amounted to CNY 156,896,818 thousand, compared to CNY 152,145,076 thousand at the end of 2024, indicating a growth of 3.0%[16] Shareholder Information - The company reported a total of 452,943 common shareholders at the end of the reporting period[11] - The largest shareholder, SANY Group Co., Ltd., holds 2,480,088,257 shares, representing 29.27% of the total shares[11] Cost and Expenses - Total operating costs for the first three quarters of 2025 were CNY 57,272,871 thousand, up 8.7% from CNY 52,830,334 thousand in the same period of 2024[18] - Financial expenses for the first three quarters of 2025 showed a net income of CNY -622,126 thousand, a significant improvement compared to CNY 277,624 thousand in the same period of 2024[18] - Research and development expenses for the first three quarters of 2025 were 149,766 thousand RMB, a decrease of 27.0% compared to 205,253 thousand RMB in 2024[29] - The company incurred interest expenses of CNY 102,767 thousand in the first three quarters of 2025, down from CNY 210,051 thousand in 2024, indicating a reduction of about 51%[30] Comprehensive Income - Other comprehensive income after tax for the first three quarters of 2025 was CNY 463,946 thousand, compared to a loss of CNY -110,132 thousand in the same period of 2024[19] - The total comprehensive income for the first three quarters of 2025 was CNY 2,547,914 thousand, a substantial increase from CNY 247,297 thousand in 2024, marking a growth of approximately 926%[31]

Financial Performance - The company's operating revenue for the third quarter was ¥161,728,749.28, an increase of 13.54% compared to the same period last year[3] - The total profit for the quarter was a loss of ¥3,328,175.02, representing a decrease of 406.72% year-on-year[3] - The net profit attributable to shareholders was a loss of ¥3,346,560.10, down 1,014.61% compared to the previous year[3] - Total operating revenue for the first three quarters of 2025 reached ¥513.74 million, an increase of 11.7% compared to ¥459.76 million in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥5.47 million, a decrease of 19.9% from ¥6.82 million in the same period of 2024[21] - The company's basic earnings per share for the first three quarters of 2025 was ¥0.03, down from ¥0.04 in 2024[21] Research and Development - Research and development expenses totaled ¥10,142,843.38, a decrease of 6.16% year-on-year, accounting for 6.27% of operating revenue[4] - Research and development expenses for the first three quarters of 2025 amounted to ¥26.82 million, compared to ¥25.01 million in 2024, indicating a growth of 7.2%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,302,396,824.98, reflecting a 2.96% increase from the end of the previous year[4] - The total assets of the company as of the reporting date were ¥1,302.40 million, an increase from ¥1,264.90 million in the previous year[18] - Total liabilities increased to ¥765.82 million from ¥715.19 million, representing a rise of 7.1%[18] Cash Flow - The company reported a net cash flow from operating activities of ¥36,335,855.96, which decreased by 7.38% year-to-date[3] - Cash inflow from operating activities for the first three quarters of 2025 was $415.45 million, an increase from $393.64 million in the same period of 2024, representing a growth of approximately 5.5%[23] - Net cash flow from operating activities for the first three quarters of 2025 was $36.34 million, compared to $39.23 million in 2024, indicating a decrease of about 7.3%[23] - The ending cash and cash equivalents balance for the first three quarters of 2025 was $57.48 million, down from $135.51 million in 2024, a decrease of approximately 57.6%[24] Shareholder Information - The total number of ordinary shares at the end of the reporting period is 7,217[13] - The largest shareholder, Xu Hui, holds 59,337,960 shares, representing 37.09% of the total shares[13] - The company has a total of 4,896,476 shares in its repurchase account, accounting for 3.06% of total shares[14] - The company has not reported any changes in the top 10 shareholders due to securities lending activities[15] Other Financial Metrics - The weighted average return on net assets was -0.60%, a decrease of 0.55 percentage points compared to the previous year[4] - The company reported a credit impairment loss of ¥9.94 million for the first three quarters of 2025, compared to a loss of ¥2.94 million in the same period of 2024[20] - The company received government subsidies amounting to ¥2,914,628.31, which are closely related to its normal business operations[8] Inventory and Receivables - Accounts receivable increased to ¥295,699,965.33 from ¥278,130,977.42 year-over-year[16] - Inventory stood at ¥109,830,037.39, up from ¥102,550,089.53 compared to the previous year[16] - The company experienced a significant increase in prepayments, which rose by 351.95% due to higher material payments[9] - The number of prepayments increased significantly to ¥28,148,773.42 from ¥6,228,249.89[16] - The company recorded a decrease in long-term receivables by 67.40% as they matured[9] - The total amount of other receivables rose to ¥37,381,668.07 from ¥24,910,192.50[16] Cash and Financial Assets - The company reported cash and cash equivalents of ¥78,104,738.40 as of September 30, 2025, down from ¥84,307,501.47 at the end of 2024[16] - The company has a total of ¥55,000,000.00 in trading financial assets, slightly down from ¥55,068,979.17[16]

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。 新奥天然气股份有限公司2025 年第三季度报告 新奥天然气股份有限公司2025 年第三季度报告 证券代码：600803 证券简称：新奥股份 新奥天然气股份有限公司 2025 年第三季度报告 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 1 / 17 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 2,986,530 -5.93 9,585,621 -2.91 利润总额 277,878 15.33 874,312 -0.04 归属于上市公司股东的净利润 101,816 5.89 342,580 -1 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥792,348,237.42, representing a year-on-year increase of 5.69%[4] - Total profit for the quarter was ¥186,746,852.96, a significant increase of 54.99% compared to the same period last year[4] - Net profit attributable to shareholders was ¥170,583,801.86, reflecting a year-on-year growth of 54.49%[4] - Basic earnings per share for the quarter were ¥0.42, up 55.56% from the previous year[5] - Total operating revenue for the first three quarters of 2025 reached ¥2,474,132,050.70, an increase of 9.5% compared to ¥2,259,058,359.91 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥515,213,228.91, up 31% from ¥393,615,443.22 in the first three quarters of 2024[22] - The company reported a comprehensive income total of ¥471,828,776.09 for the first three quarters of 2025, compared to ¥369,072,674.58 in 2024, reflecting an increase of 27.8%[22] - The basic earnings per share for the first three quarters of 2025 was ¥1.28, compared to ¥0.98 in the same period of 2024, showing a growth of 30.6%[22] Cash Flow - The net cash flow from operating activities for the quarter was ¥263,894,677.79, showing a 5.85% increase year-on-year[5] - Cash inflow from operating activities was ¥2,537,095,904.67 in the first three quarters of 2025, compared to ¥2,212,283,800.88 in 2024, representing a growth of 14.6%[23] - The net cash flow from operating activities was $542,050,573.39, an increase from $266,006,759.98 in the previous period, reflecting a significant improvement[24] - Cash outflows from investing activities totaled $1,389,599,798.78, compared to $333,292,875.04 previously, indicating increased investment expenditures[24] - The net cash flow from investing activities was -$431,606,883.12, worsening from -$16,653,283.18, highlighting a substantial increase in cash outflows[24] - Cash inflows from financing activities amounted to $777,853,471.69, up from $314,508,732.19, showing a strong increase in financing received[24] - The net cash flow from financing activities was $23,944,841.53, a recovery from -$305,610,145.81, indicating improved financing conditions[24] - The total cash and cash equivalents at the end of the period were $838,970,351.86, compared to $781,924,299.98 at the end of the previous period, reflecting a net increase[25] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,946,751,416.47, an increase of 19.32% compared to the end of the previous year[5] - As of September 30, 2025, the company's total assets reached approximately RMB 3.95 billion, an increase from RMB 3.31 billion as of December 31, 2024, reflecting a growth of about 19%[15] - The company's current assets totaled approximately RMB 2.79 billion, up from RMB 2.34 billion, indicating a growth of around 20%[16] - Total liabilities increased to ¥942,151,478.52 in 2025 from ¥548,326,344.90 in 2024, reflecting a growth of 71.7%[18] - The company's total current liabilities reached ¥882,339,126.24 in 2025, up from ¥539,152,297.51 in 2024, indicating a rise of 63.7%[18] - The company's total equity rose to ¥3,004,599,937.95 in 2025, compared to ¥2,759,460,471.49 in 2024, marking an increase of 8.8%[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,169[11] - The top shareholder, Wang Qiangxiang, holds 54.5% of the shares, totaling 219,517,200 shares[12] - The top ten shareholders include significant holdings by Wang Qiangxiang with 219.52 million shares and Jiangsu Best Investment Group with 63.73 million shares[13] - The company has established consistent action relationships among its major shareholders, indicating a unified strategic direction[13] Cost and Expenses - The company reported a significant improvement in gross profit margin and profit margin due to cost reduction measures and a decrease in raw material prices[10] - Research and development expenses for the first three quarters of 2025 amounted to ¥71,821,465.58, an increase from ¥64,950,119.09 in the same period of 2024[20] - The financial cost for the first three quarters of 2025 was reported as -¥21,854,037.10, an improvement from -¥24,633,005.34 in 2024[20] - The company paid $349,962,563.95 in employee-related cash outflows, up from $339,506,545.19, indicating a rise in employee compensation expenses[24] - Tax payments increased to $113,097,171.10 from $64,089,985.97, reflecting higher tax obligations[24] Inventory and Receivables - Accounts receivable rose to approximately RMB 695.65 million, compared to RMB 582.70 million, marking an increase of approximately 19%[15] - Inventory decreased to approximately RMB 497.59 million from RMB 564.48 million, showing a decline of about 12%[16] - Fixed assets increased to approximately RMB 767.33 million from RMB 551.57 million, reflecting a growth of around 39%[16] Borrowings and Financing - Short-term borrowings increased significantly to RMB 440 million from RMB 150 million, indicating a rise of approximately 193%[16] - The company reported no changes in the participation of major shareholders in margin financing and securities lending activities[14] Exchange Rate Impact - The impact of exchange rate changes on cash and cash equivalents was -$33,155,219.03, worsening from -$18,789,406.15, suggesting increased foreign exchange losses[24]

Financial Performance - The company's operating revenue for the third quarter was ¥276,124,010.11, a decrease of 6.47% compared to the same period last year[4] - The total profit for the quarter was -¥30,836,397.02, reflecting a significant decline of 1,635.05% year-on-year[4] - The net profit attributable to shareholders was -¥29,498,639.86, down 848.15% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥32,670,323.52, with no applicable year-on-year comparison[4] - Basic earnings per share for the quarter were -¥0.10, a decrease of 1,100.00% compared to the same period last year[5] - Diluted earnings per share for the quarter were -¥0.09, also down 1,000.00% year-on-year[5] - The net profit for the first three quarters of 2025 was a loss of CNY 33,868,582.97, compared to a profit of CNY 45,749,723.52 in the same period of 2024, indicating a significant decline[20] - The total comprehensive income for the first three quarters of 2025 was a loss of CNY 33,178,540.24, compared to a profit of CNY 45,793,955.09 in 2024[21] - The total profit for the first three quarters of 2025 was CNY 50.38 million, a decrease of 42.91% from CNY 88.16 million in the same period of 2024[32] Cash Flow and Assets - The cash flow from operating activities was -¥33,298,989.40, representing a decrease of 234.51% year-to-date[5] - Cash received from sales of goods and services in the first three quarters of 2025 was CNY 441,642,648.74, compared to CNY 481,569,637.67 in the same period of 2024, a decrease of 8.30%[23] - The company's cash and cash equivalents as of September 30, 2025, amount to ¥398,346,095.37, down from ¥466,846,665.28 at the end of 2024[15] - Total current assets decreased to ¥1,275,385,754.63 from ¥1,582,034,114.99[16] - Total cash and cash equivalents at the end of the period stood at 370,455,970.67 RMB, down from 502,628,862.02 RMB, reflecting a decline of about 26%[25] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 6.31 million, compared to a negative cash flow of CNY 11.95 million in the same period of 2024[33] - The company reported a net cash outflow from investing activities of CNY 56.23 million in the first three quarters of 2025, an improvement from a net outflow of CNY 699.90 million in the same period of 2024[33] Shareholder Information - Total number of common shareholders at the end of the reporting period is 20,954[12] - Jiangsu Jianfeng Investment Co., Ltd. holds 32.17% of shares, while Hong Kong Nobel High-tech Materials Co., Ltd. holds 29.60%[13] - Shareholders' equity attributable to the company was ¥2,145,403,614.51, down 2.66% from the previous year-end[5] - The total equity attributable to shareholders was CNY 2,145,403,614.51, down from CNY 2,204,127,679.58 in the previous year, a decline of 2.66%[18] Inventory and Liabilities - The company reported a significant increase in inventory impairment provisions compared to the previous year, contributing to the decline in profits[10] - The company's total liabilities amounted to CNY 1,135,304,107.52, compared to CNY 1,200,665,896.94 in the previous year, showing a decrease of 5.44%[18] - Total liabilities decreased to 358,579,137.28 RMB from 387,613,307.39 RMB, representing a decline of about 7.5%[29] - The company's non-current liabilities totaled CNY 561,978,958.24, an increase from CNY 457,805,893.91 in the previous year, reflecting a growth of 22.73%[18] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 37,122,312.41, slightly down from CNY 37,658,170.47 in 2024[20] - The company’s research and development expenses remained stable at CNY 33.14 million in the first three quarters of 2025, slightly up from CNY 33.01 million in the same period of 2024[31] Other Information - The company has no significant changes in major shareholders due to margin trading activities[14] - The company has no new strategies or major acquisitions reported during the period[15] - There are no significant reminders for investors regarding the company's operational status during the reporting period[15]

Financial Performance - The company's operating revenue for Q3 2025 was ¥189,546,595.31, a decrease of 53.50% compared to the same period last year[3]. - The total profit for the period was -¥104,969,647.34, reflecting a decline of 187.09% year-over-year[3]. - The net profit attributable to shareholders was -¥84,677,091.89, down 179.31% from the previous year[3]. - The basic earnings per share for the period was -¥0.20, a decline of 176.92% compared to the same period last year[3]. - The net profit for the first three quarters of 2025 was -158,250,519.93 RMB, compared to a net profit of 244,369,819.42 RMB in the same period of 2024, representing a significant decline[32]. - Operating profit for the current period was -226,720,962.84 RMB, a decrease from 283,707,576.25 RMB in the previous year[32]. - Total comprehensive income for the first three quarters of 2025 was -167,252,623.54 RMB, compared to 223,606,855.63 RMB in the same period of 2024[33]. - The company's total revenue for the first three quarters of 2025 was ¥474,411,792.53, a decrease of 53.8% compared to ¥1,026,012,316.58 in the same period of 2024[42]. - Operating profit for the first three quarters of 2025 was a loss of ¥500,145,675.71, compared to a profit of ¥286,862,678.73 in the first three quarters of 2024[42]. - Net profit for the first three quarters of 2025 was a loss of ¥388,894,096.21, while the net profit for the same period in 2024 was ¥247,493,581.24[42]. Revenue and Sales - The company's revenue decreased due to returns of the shingles vaccine and a reduction in sales of the varicella vaccine, with a total revenue impact of approximately 14,386.23 million RMB from the shingles vaccine[13]. - The sales volume of the shingles vaccine for the period was 65,400 doses, leading to a revenue decrease of 14,386.23 million RMB, with estimated returns impacting revenue by 30,879.8 million RMB[14][15]. - The varicella vaccine sales volume decreased by 1,339,700 doses, resulting in a revenue decline of 14,037.30 million RMB, attributed to increased competition and changes in local immunization policies[16]. Research and Development - Research and development expenses amounted to ¥79,697,327.78, representing 42.05% of operating revenue, an increase of 34.45 percentage points[4]. - Research and development expenses increased to 138,541,423.72 RMB in 2025 from 116,503,270.72 RMB in 2024, indicating a focus on innovation[32]. - The company is focusing on developing a combined DTPa-Hib vaccine, which, if approved, will enhance its vaccine product pipeline and provide new growth opportunities[22][24]. - The company received approval for the liquid nasal influenza vaccine, which is expected to enhance the company's product structure and core competitiveness[18][19]. - The liquid nasal influenza vaccine is designed for individuals aged 3 to 17 years and aims to provide a more convenient vaccination option[18]. - The company also obtained approval for the clinical trial of the acellular pertussis-diphtheria-tetanus combined vaccine, which addresses public health needs and aims to improve vaccination coverage[20]. - The company is conducting clinical research to expand the eligible population for the liquid nasal influenza vaccine, enhancing its vaccine pipeline[19]. Financial Position - The total assets at the end of the reporting period were ¥5,210,196,644.05, a slight increase of 0.10% from the end of the previous year[4]. - The company's total assets as of September 30, 2025, were ¥5,278,313,448.12, compared to ¥5,503,880,417.19 as of December 31, 2024[39]. - The company's total liabilities rose to CNY 1,252,597,411.50 as of September 30, 2025, compared to CNY 987,120,567.56 at the end of 2024, indicating an increase of approximately 27%[29]. - Total liabilities as of September 30, 2025, were ¥1,250,110,065.86, an increase from ¥984,884,421.21 as of December 31, 2024[39]. - The company's long-term equity investments increased significantly to CNY 359,471,539.14 as of September 30, 2025, from CNY 33,482,864.39 at the end of 2024[27]. - The total equity of the company as of September 30, 2025, was ¥4,028,203,382.26, compared to ¥4,518,995,995.98 as of December 31, 2024[40]. Cash Flow and Investments - The net cash flow from operating activities was -¥14,809,350.60, a decrease of 106.46% year-to-date[3]. - Cash flow from operating activities for the first three quarters of 2025 was -14,809,350.60 RMB, down from 229,104,857.16 RMB in 2024[36]. - The company’s cash and cash equivalents decreased to CNY 157,439,788.29 as of September 30, 2025, from CNY 344,869,136.24 at the end of 2024, representing a decline of approximately 54.4%[27]. - The ending cash and cash equivalents balance for the first three quarters of 2025 was $157.33 million, down 42.1% from $272.23 million in 2024[46]. - Cash outflow from investment activities in the first three quarters of 2025 was $286.79 million, a decrease of 26.9% from $392.33 million in 2024[46]. - Cash inflow from borrowings in the first three quarters of 2025 was $269.08 million, slightly up from $256.08 million in 2024[46]. - Cash outflow for repaying debts in the first three quarters of 2025 was $75.83 million, a decrease of 64.7% from $213.97 million in 2024[46]. Shareholder Information - The company reported a total of 10,824 common shareholders at the end of the reporting period[10]. - The largest shareholder, Changchun High-tech Industry (Group) Co., Ltd., holds 41.46% of the shares[10]. Strategic Outlook - The company warns investors about the uncertainties associated with the clinical trials of its new vaccines, emphasizing the potential risks involved[22][24]. - The overall performance reflects challenges in vaccine sales but also highlights strategic advancements in product development and regulatory approvals[12][13]. - The company aims to mitigate investment risks associated with the uncertain timeline for the market launch of the liquid nasal influenza vaccine[19]. - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[47]. - The board of directors announced the financial results on October 29, 2025[48].

Financial Performance - The company's operating revenue for Q3 2025 was ¥65,353,382.98, representing a year-over-year increase of 4.31%[3] - Total profit for the quarter reached ¥89,859,698.62, a significant increase of 89.27% compared to the same period last year[3] - Net profit attributable to shareholders was ¥77,185,508.50, reflecting a 76.93% increase year-over-year[3] - The total net profit attributable to shareholders for the reporting period is 76.93 million RMB, primarily due to increased revenue and significant gains from the fair value changes of trading financial assets[9] - Net profit for the first three quarters of 2025 reached CNY 184,214,578.18, representing a 28% increase from CNY 144,024,594.55 in the previous year[19] - Basic earnings per share (EPS) for the first three quarters of 2025 is CNY 0.72, compared to CNY 0.56 in the same period of 2024, representing a 28.57% increase[20] Cash Flow - The net cash flow from operating activities was ¥43,776,195.12, showing a 16.63% increase compared to the previous quarter[3] - The net cash flow from operating activities decreased by 40.75% compared to the previous period, attributed to reduced bank deposits and increased costs in the securities information service business[9] - Net cash flow from operating activities for the first three quarters of 2025 is CNY 54,320,996.94, down 40.67% from CNY 91,677,541.22 in the same period of 2024[22] - Total cash inflow from investment activities for the first three quarters of 2025 is CNY 2,417,985,941.66, a decrease of 32.58% from CNY 3,583,012,397.46 in the same period of 2024[23] - Net cash flow from investment activities for the first three quarters of 2025 is CNY 113,283,882.71, compared to a loss of CNY 169,266,763.31 in the same period of 2024[23] - Cash and cash equivalents at the end of the third quarter of 2025 amount to CNY 609,545,152.61, slightly up from CNY 602,184,361.96 at the end of the same period in 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,890,369,721.89, an increase of 1.81% from the end of the previous year[4] - The company's total assets amounted to CNY 3,890,369,721.89, compared to CNY 3,821,078,755.50 at the end of the previous period[16] - Total liabilities decreased to CNY 185,097,757.62 from CNY 208,003,524.27, indicating a reduction of approximately 11%[15] - The equity attributable to shareholders of the parent company increased to CNY 3,704,540,386.22, up from CNY 3,612,344,780.00[16] Research and Development - Research and development expenses totaled ¥18,809,387.18, accounting for 28.78% of operating revenue, a decrease of 3.77 percentage points from the previous year[4] - Research and development expenses for the first three quarters were CNY 58,945,786.72, slightly down from CNY 61,841,215.42 in the same period last year[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 24,154, with no preferred shareholders[11] - The largest shareholder, Huang Shan, holds 68.23% of the shares, totaling 174,753,478 shares[12] Other Financial Metrics - The weighted average return on net assets was 2.11%, an increase of 0.85 percentage points year-over-year[3] - The company recognized non-recurring gains of ¥46,580,768.61 for the period, down from ¥86,431,293.41 in the previous year[6] - The company reported a significant increase in deferred income tax liabilities by 162.85 million RMB due to the valuation increase of trading financial instruments[9] - The fair value change income was CNY 50,274,786.98, compared to a loss of CNY 9,851,554.99 in the previous year[19] - The company received CNY 6,628,403.34 in tax refunds during the first three quarters of 2025, down 56.05% from CNY 15,100,934.81 in the same period of 2024[22]