Financial Performance - The company's operating revenue for the third quarter was ¥147,835,679.44, a decrease of 63.93% compared to the same period last year[4] - The total profit for the third quarter was -¥41,463,003.50, reflecting a decline of 282.73% year-over-year[4] - The net profit attributable to shareholders for the third quarter was -¥43,050,201.79, down 308.72% from the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥45,515,934.84, a decrease of 383.34% compared to the same period last year[4] - The basic earnings per share for the third quarter was -¥0.061, a decline of 310.34% year-over-year[5] - Total operating revenue for the first three quarters of 2025 was ¥784,250,095.13, a decrease of 38.9% compared to ¥1,282,583,803.88 in the same period of 2024[23] - The net profit for the first three quarters of 2025 was a loss of ¥73,924,043.29, compared to a net profit of ¥47,123,827.54 in the same period of 2024[24] - Basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.123, compared to ¥0.063 in 2024[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,733,232,828.21, a decrease of 6.08% from the end of the previous year[5] - The company's total assets decreased from ¥3,974,855,380.28 in the previous year to ¥3,733,232,828.21, a decline of 6.1%[20] - Total liabilities decreased from ¥2,085,853,567.82 to ¥1,927,367,011.00, representing a reduction of 7.6%[20] - The total equity attributable to shareholders decreased from ¥1,823,069,365.96 to ¥1,726,389,371.42, a decline of 5.3%[20] Cash Flow - The cash flow from operating activities for the year-to-date was -¥894,170,297.85, indicating a substantial cash outflow[4] - The net cash flow from operating activities was -894,170,297.85, compared to -149,943,597.45 in the previous period, indicating a significant decline[27] - Total cash inflow from financing activities was 914,909,906.09, while cash outflow was 1,056,151,025.77, resulting in a net cash flow of -141,241,119.68[28] - The cash and cash equivalents at the end of the period amounted to 47,733,823.60, down from 1,316,603,221.49 in the previous period[28] - The company paid 987,632,589.89 in cash to repay debts, reflecting a significant cash outflow[28] Revenue and Costs - The company reported a significant decline in revenue from its pharmaceutical and medical beauty businesses, contributing to the overall decrease in financial performance[9] - Total operating costs for the first three quarters of 2025 were ¥775,519,997.57, down from ¥1,252,193,155.38 in 2024, reflecting a reduction of 38.0%[23] - Cash received from sales of goods and services was ¥993,855,198.54, significantly lower than ¥5,327,686,232.29 in the same period of 2024, a decrease of 81.3%[26] Investments and Assets Management - The company’s long-term equity investments increased slightly to approximately RMB 148.84 million from RMB 144.23 million, showing a growth of about 3.6%[18] - The company’s goodwill remained stable at approximately RMB 122.34 million, indicating no significant changes in this asset category[18] - The company reported a total cash outflow from investment activities of 172,975,244.80, indicating increased investment expenditures[27] Regulatory and Legal Issues - The company has received a notice from the China Securities Regulatory Commission regarding potential penalties for overstating revenue and profits from 2020 to 2023, which could lead to mandatory delisting[13] - The company’s stock has been placed under risk warning due to the inability of the auditing firm to express an opinion on the 2024 financial report, which may lead to delisting[15] - The company is currently facing arbitration proceedings related to a breach of contract by RegenBiotech Inc., which may impact its product sales[15] Shareholder Information - The company reported a total of 122,795,762 shares held by its largest shareholder, Suzhou Wuzhong Investment Holdings Co., Ltd., representing a significant portion of the equity[12] Credit and Impairment - The company reported a credit impairment loss of ¥95,431,051.68 in 2025, compared to a loss of ¥3,807,236.26 in 2024, indicating a significant increase in credit risk[24] - Non-operating funds occupied by related parties reached RMB 169.26 million as of the end of 2023, representing 96.09% of the disclosed net assets, indicating a significant financial risk[14]

Financial Performance - The company's operating revenue for the third quarter was ¥450,167,434.57, a decrease of 32.82% compared to the same period last year[3] - The total profit for the year-to-date period reached ¥70,722,111.68, reflecting a significant increase of 129.14% year-on-year[3] - The net profit attributable to shareholders for the year-to-date period was ¥60,517,260.98, showing a remarkable increase of 269.47% compared to the previous year[3] - The basic earnings per share for the year-to-date period was ¥0.25, an increase of 257.14% year-on-year[3] - Total operating revenue for the first three quarters of 2025 was approximately CNY 1.70 billion, a slight decrease of 1.3% compared to CNY 1.73 billion in the same period of 2024[18] - Total operating costs for the first three quarters of 2025 were approximately CNY 1.63 billion, down 3.7% from CNY 1.69 billion in 2024[18] - Net profit for the first three quarters of 2025 reached approximately CNY 65.74 million, an increase of 182.5% compared to CNY 23.27 million in 2024[19] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.25, compared to CNY 0.07 in the same period of 2024[21] - Other comprehensive income after tax for the first three quarters of 2025 was approximately CNY 35.27 million, compared to a loss of CNY 12.18 million in 2024[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,318,410,450.19, a slight decrease of 0.91% from the end of the previous year[5] - As of September 30, 2025, the total assets of Shanghai Kaichuang International Marine Resources Co., Ltd. amounted to RMB 3,318,410,450.19, a slight decrease from RMB 3,348,883,475.86 at the end of 2024[13][15] - The company's current assets totaled RMB 1,501,917,343.79, down from RMB 1,571,709,484.58 in the previous year, indicating a decrease of approximately 4.4%[13] - Non-current assets increased to RMB 1,816,493,106.40 from RMB 1,777,173,991.28, reflecting an increase of about 2.5%[14] - Total liabilities decreased to RMB 968,195,041.51 from RMB 1,080,394,182.18, representing a reduction of approximately 10.4%[15] - The company's equity attributable to shareholders rose to RMB 2,319,250,823.16 from RMB 2,242,412,195.88, marking an increase of about 3.4%[15] Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 60.13% compared to the previous year[6] - Cash flow from operating activities for the first three quarters of 2025 was approximately CNY 75.64 million, a decrease of 60% from CNY 189.74 million in 2024[21] - Cash and cash equivalents at the end of the first three quarters of 2025 were approximately CNY 320.34 million, down from CNY 495.18 million at the end of 2024[22] - The cash and cash equivalents decreased significantly from RMB 525,433,063.34 to RMB 320,338,033.94, a decline of approximately 39%[13] - The company reported a net cash outflow from investing activities of approximately CNY 200.28 million in the first three quarters of 2025, compared to CNY 75.48 million in 2024[22] - The company experienced a net cash outflow from financing activities of approximately CNY 84.11 million in the first three quarters of 2025, compared to CNY 137.90 million in 2024[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,895[10] - The largest shareholder, Shanghai Ocean Fishing Co., Ltd., holds 42.26% of the shares, totaling 101,811,538 shares[10] Other Information - The company received government subsidies amounting to ¥3,899,960.82 for the current period[7] - The company reported a decrease in short-term borrowings, reflecting improved liquidity management[15] - The company’s total equity increased by approximately 3.6% year-over-year, indicating a positive trend in shareholder value[15] - The company did not report any net profit from subsidiaries prior to the merger in the current period[21]

Financial Performance - The company's operating revenue for the third quarter reached ¥441,691.85 million, an increase of 43.89% compared to the same period last year[4] - Total profit for the quarter was ¥79,851.37 million, reflecting a significant increase of 139.53% year-over-year[4] - Net profit attributable to shareholders was ¥40,407.61 million, up 62.65% from the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥36,161.16 million, representing a 53.25% increase year-over-year[4] - Basic earnings per share for the quarter were ¥0.212, a rise of 60.61% compared to the same period last year[4] - For the first three quarters of 2025, the company achieved operating revenue of RMB 12.605 billion, a year-on-year increase of 47.19%, and a net profit attributable to shareholders of RMB 1.149 billion, up 63.49% year-on-year[12] - Total operating revenue for the first three quarters of 2025 reached CNY 1,260,533.74 million, a significant increase of 47.2% compared to CNY 856,379.59 million in the same period of 2024[20] - Net profit for the first three quarters of 2025 was CNY 183,222.05 million, up 119.5% from CNY 83,692.42 million in the first three quarters of 2024[21] - Operating profit for the first three quarters of 2025 was CNY 209,336.47 million, an increase of 120.2% compared to CNY 95,028.60 million in the same period of 2024[21] - The total comprehensive income for the first three quarters of 2025 was CNY 200,361.91 million, significantly higher than CNY 75,277.97 million in the same period of 2024[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,991,358.35 million, an increase of 11.00% from the end of the previous year[4] - As of September 30, 2025, the total assets of the company amounted to RMB 299.14 billion, compared to RMB 269.50 billion at the end of 2024[16] - The company’s current liabilities totaled RMB 980.80 million, an increase from RMB 896.44 million at the end of 2024[17] - The company’s cash and cash equivalents stood at RMB 3.87 billion, up from RMB 2.95 billion at the end of 2024[15] - The fixed assets of the company increased to RMB 7.22 billion from RMB 6.40 billion at the end of 2024[16] - The total assets and equity of the company reached CNY 2,991,358.35 million and CNY 1,568,137.01 million respectively, showing a year-on-year increase[18] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥156,040.51 million, a substantial increase compared to the previous year[4] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 156,040.51 million, a substantial increase from CNY 2,353.06 million in the first three quarters of 2024[25] - The cash and cash equivalents at the end of the third quarter of 2025 were CNY 283,891.38 million, up from CNY 255,458.02 million at the end of the third quarter of 2024[25] Business Segments - The significant growth in revenue and profit was primarily driven by the overseas building materials and lithium battery materials segments[6] - The overseas building materials business saw significant revenue growth due to the release of new capacities from projects in Kenya, Côte d'Ivoire, and Tanzania, along with optimized pricing strategies for tile products[12] - The lithium material business has reached a total production capacity of 150,000 tons/year for artificial graphite, with sales volume nearing 70,000 tons, representing a year-on-year increase of over 300%[13] Investments and Projects - The company decided to terminate its investment in the Honduras ceramic project due to increased investment risks and declining expected returns caused by macro policies and market conditions[13] - The company is progressing steadily with the Peru glass project, which is expected to be completed and put into production in 2026[12] Research and Development - Research and development expenses for the first three quarters of 2025 amounted to CNY 27,175.48 million, compared to CNY 24,468.36 million in the same period of 2024, reflecting a growth of 11.1%[20] Shareholder Information - The equity attributable to shareholders was ¥1,257,555.45 million, reflecting a growth of 9.55% year-over-year[4] - The company reported a weighted average return on equity of 3.41%, an increase of 1.22 percentage points from the previous year[4] - The company’s share of net profit from Qinghai Salt Lake Blue Science and Technology Co., Ltd. was RMB 271 million, based on an indirect holding ratio of 43.58%[13] Accounting Changes - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of that year[26] - The announcement was made by the board of directors of Keda Manufacturing Co., Ltd. on October 30, 2025[27]

Financial Performance - The company's operating revenue for the third quarter was ¥350,789,109.04, a decrease of 9.54% compared to the same period last year[4] - The total profit for the quarter was -¥52,954,642.13, representing an increase of 58.07% year-on-year[4] - The net profit attributable to shareholders was -¥58,400,985.57, a decrease of 52.23% compared to the previous year[4] - The basic earnings per share for the quarter was -¥0.23, a decrease of 52.08% year-on-year[5] - Total revenue for the first three quarters of 2025 was CNY 965,748,087.86, a decrease of 46% compared to CNY 1,801,396,561.03 in the same period of 2024[23] - Operating profit for the first three quarters of 2025 was a loss of CNY 269,432,493.53, compared to a loss of CNY 225,191,807.32 in the same period of 2024[24] - Net profit for the first three quarters of 2025 was a loss of CNY 268,298,298.77, compared to a loss of CNY 220,292,270.13 in the same period of 2024[25] - The company reported a basic and diluted earnings per share of CNY -1.05 for the first three quarters of 2025, compared to CNY -0.89 in the same period of 2024[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,360,904,961.11, an increase of 8.22% from the end of the previous year[5] - The equity attributable to shareholders decreased by 61.50% to ¥164,409,149.38 compared to the end of the previous year[5] - The company's total assets amounted to RMB 2,360,904,961.11, an increase from RMB 2,181,595,174.96 on December 31, 2024, reflecting a growth of approximately 8.2%[20] - The total liabilities of the company as of the reporting date were CNY 2,222,477,831.63, an increase from CNY 1,980,632,390.07 in the previous year[22] - The company's non-current assets totaled RMB 501,779,196.71, slightly up from RMB 496,634,749.93, indicating a modest growth of about 1.9%[21] Cash Flow - The cash flow from operating activities for the year-to-date was -¥671,894,543.45, a decrease of 188.15%[5] - Cash flow from operating activities for the first three quarters of 2025 was a net outflow of CNY 671,894,543.45, compared to a net outflow of CNY 233,177,561.68 in the same period of 2024[28] - Cash inflow from operating activities totaled CNY 1,431,553,555.54, down 50% from CNY 2,876,332,862.18 year-over-year[28] - Cash outflow from operating activities was CNY 2,103,448,098.99, a decrease of 32% compared to CNY 3,109,510,423.86 in the same period of 2024[28] - The cash and cash equivalents at the end of the period increased to 268,612,856.04 from 187,281,169.89[29] - The net increase in cash and cash equivalents for the period was 66,177,183.82, compared to a decrease of 32,830,492.58 previously[29] Operational Changes - The company reported a significant decline in operating income year-to-date, down 46.39% due to business restructuring[9] - The company experienced a 49.36% decrease in net profit after deducting non-recurring gains and losses for the quarter[10] - The company has established a joint venture with its controlling shareholder, Hunan Xiangjiang New District Development Group Co., Ltd., to enhance operational capabilities[14] - The company has completed the registration of a new joint venture, Hunan Huayang Lianzhong Cultural Tourism Operation Management Co., Ltd.[15] - The company resolved a litigation case involving its former subsidiary, with all claims settled and the case withdrawn[17] Regulatory and Compliance - The company received an administrative penalty from the China Securities Regulatory Commission, which may impact its stock trading status[16] Borrowings and Financing - The company's short-term borrowings surged to RMB 1,382,390,000.00, compared to RMB 703,798,048.17, marking an increase of around 96.5%[21] - The total current liabilities rose to RMB 2,124,306,137.10 from RMB 1,856,989,432.48, which is an increase of about 14.4%[21] - Total cash inflow from financing activities reached 1,584,198,527.41, compared to 559,827,027.58 in the previous period[29] - Net cash flow from financing activities was 735,898,716.87, up from 161,669,185.90[29] - Cash received from borrowings amounted to 1,333,220,000.00, compared to 559,827,027.58 previously[29] - Cash paid for debt repayment was 799,249,580.53, an increase from 338,096,303.07[29] - Cash paid for dividends and interest was 42,361,115.56, up from 20,360,698.97[29]

Financial Performance - The company's operating revenue for the third quarter was ¥291,927,304.48, a decrease of 53.98% compared to the same period last year[4] - The total profit for the quarter was -¥14,189,504.07, reflecting a decline of 115.79% year-over-year[4] - The net profit attributable to shareholders was -¥12,656,099.13, down 120.53% from the previous year[4] - The basic earnings per share for the quarter was -¥0.08, a decline of 120.00% year-over-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 943,279,795.95, a decrease of 38.5% compared to CNY 1,533,280,889.02 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 51,876,193.44, a decline of 66.6% from CNY 155,210,231.79 in 2024[20] - Earnings per share for the first three quarters of 2025 were CNY 0.43, compared to CNY 0.96 in the same period of 2024[21] - The total comprehensive income for the first three quarters of 2025 was CNY 51,153,550.13, down from CNY 152,755,252.85 in 2024, a decrease of 66.6%[20] Research and Development - Research and development expenses totaled ¥31,265,687.56, accounting for 10.71% of operating revenue, an increase of 5.91 percentage points year-over-year[5] - Research and development expenses for the first three quarters of 2025 were CNY 89,927,928.41, slightly up from CNY 87,041,877.54 in 2024[19] - The company increased its R&D and market investment despite the decline in revenue, contributing to the significant drop in net profit[9] Cash Flow and Assets - The net cash flow from operating activities was not applicable for the quarter, but for the year-to-date, it was ¥15,264,246.20, a decrease of 97.54%[4] - Total current assets as of September 30, 2025, amount to ¥3,540,809,514.85, a decrease from ¥3,768,536,111.69 as of December 31, 2024[15] - Cash and cash equivalents decreased to ¥546,845,978.85 from ¥941,137,361.03[15] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 15,264,246.20, significantly down from CNY 619,530,059.41 in 2024[22] - The total cash and cash equivalents at the end of the third quarter of 2025 were CNY 512,542,478.28, a decrease from CNY 985,856,746.93 at the end of 2024[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 12,810[11] - The largest shareholder, Ling Zhimin, holds 14.54% of shares, totaling 22,721,373 shares[12] - The second-largest shareholder, Tiantong Gaoxin Group Co., Ltd., holds 13.76% of shares, totaling 21,500,689 shares, with 6,380,000 shares pledged[12] - The company has a repurchase account holding 1,743,788 shares, representing 1.12% of total share capital[12] - The company has no significant changes in the participation of major shareholders in securities lending or margin trading[13] Liabilities and Equity - Total liabilities decreased to CNY 903,958,576.98 in 2025 from CNY 968,764,195.12 in 2024, reflecting a reduction of 6.7%[17] - Total equity attributable to shareholders increased to CNY 3,621,961,065.20 in 2025 from CNY 3,604,389,301.78 in 2024, a growth of 0.5%[17] Operating Costs and Income - Total operating costs for the first three quarters of 2025 were CNY 851,501,263.67, down 33.4% from CNY 1,278,388,673.07 in 2024[19] - Other income increased significantly to CNY 18,595,521.52 in 2025 from CNY 2,400,466.45 in 2024[19] - Financial expenses showed a notable change, with a net income of CNY -86,853,034.90 in 2025 compared to CNY -2,991,373.93 in 2024[19] Cash Flow from Activities - In the first three quarters of 2025, the cash inflow from operating activities was CNY 1,263,667,772.89, a decrease of 22.1% compared to CNY 1,623,253,879.37 in the same period of 2024[22] - Investment cash inflows totaled CNY 2,834,436,634.58 in the first three quarters of 2025, compared to CNY 2,176,007,999.77 in 2024, marking an increase of 30.2%[23] - The net cash flow from investment activities was negative at CNY -304,716,831.89 for the first three quarters of 2025, worsening from CNY -153,427,027.98 in 2024[23] - Cash inflows from financing activities were CNY 288,977,210.53 in 2025, down 50.8% from CNY 586,795,790.00 in 2024[23] - The net cash flow from financing activities was CNY -127,394,915.86 in 2025, an improvement from CNY -426,996,928.89 in 2024[23] - The company received CNY 51,129,759.77 in tax refunds during the first three quarters of 2025, down from CNY 66,618,674.02 in 2024[22] - The cash paid for purchasing goods and services increased to CNY 941,273,591.92 in 2025, up from CNY 679,451,795.22 in 2024, reflecting a rise of 38.5%[22] - The company reported a cash outflow of CNY 416,372,126.39 from financing activities in 2025, compared to CNY 1,013,792,718.89 in 2024, indicating a reduction of 59.0%[23]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥2,124,155,073.67, an increase of 9.33% compared to the same period last year[4]. - Net profit attributable to shareholders was ¥369,072,658.47, reflecting a significant growth of 31.60% year-on-year[4]. - The basic earnings per share increased to ¥0.2898, up by 31.61% compared to the previous year[4]. - The company reported a total operating revenue of RMB 2,124.1551 million, representing a year-on-year increase of 9.33%[14]. - The net profit attributable to shareholders reached RMB 369.0727 million, reflecting a year-on-year growth of 31.60%[14]. - The total revenue for the current period reached RMB 5,733,802,452.62, compared to RMB 5,153,999,422.46 in the previous period, indicating an increase of about 11.2%[31]. - The total profit for the current period is 737,599,393.86 CNY, compared to 359,897,034.93 CNY in the previous period, reflecting an increase of about 105%[32]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥23,690,192,741.63, representing a 14.46% increase from the end of the previous year[4]. - The company's total liabilities reached RMB 19,700,284,263.61, compared to RMB 17,340,067,009.95 at the beginning of the period, reflecting an increase of about 13.5%[29]. - The company’s total equity increased to RMB 3,989,908,478.02 from RMB 3,357,944,123.52, representing a growth of approximately 18.8%[30]. - As of September 30, 2025, the total assets amounted to RMB 23,690,192,741.63, an increase from RMB 20,698,011,133.47 at the beginning of the period, reflecting a growth of approximately 14.4%[30]. Cash Flow - The company reported a cash flow from operating activities of ¥2,475,448,583.46, which is an increase of 80.82% year-to-date[4]. - Cash flow from operating activities for the current period is 2,475,448,583.46 CNY, up from 1,369,038,843.18 CNY in the previous period, reflecting a growth of approximately 81%[33]. - The net cash flow from investing activities is -719,329,050.08 CNY, compared to -675,461,895.48 CNY in the previous period, indicating a slight increase in cash outflow[34]. - The net cash flow from financing activities is -1,467,735,801.12 CNY, worsening from -622,046,762.59 CNY in the previous period, showing increased cash outflow[34]. Operational Metrics - The available seat kilometers (ASK) increased to 46.74 billion, up 15.42% year-on-year[14]. - The passenger turnover (RPK) reached 40.36 billion, showing a year-on-year growth of 19.37%[14]. - The total passenger turnover (RPK) increased by 19.37% year-on-year to 403,632.44 million kilometers in Q3 2025, with domestic RPK rising by 20.18% to 400,796.62 million kilometers[17]. - The total cargo and mail turnover (RFTK) grew by 14.33% year-on-year to 626.49 million ton-kilometers, with domestic RFTK increasing by 14.84% to 626.46 million ton-kilometers[17]. - The total number of passengers carried increased by 20.32% year-on-year to 3,111.04 thousand passengers, with domestic passengers rising by 20.78% to 3,096.08 thousand[17]. - The overall load factor (RTK/ATK) improved by 2.81% to 71.53%, while the international load factor decreased by 1.29% to 63.68%[17]. - The domestic passenger load factor improved to 86.36%, an increase of 2.85 percentage points year-on-year[14]. Investments and Future Plans - The company plans to enhance its route coverage in remote areas to further boost the value of its regional network[14]. - The company plans to reduce the number of A320 aircraft to be introduced from 4 to 2, reallocating the remaining funds to acquire 5 C909 aircraft, with a total change in investment amounting to 92,500.00 million yuan[24]. - The company initiated a share repurchase plan on September 15, 2025, to enhance long-term incentives and create value for shareholders[24]. - The company plans to repurchase shares with an amount not less than RMB 80 million and not exceeding RMB 160 million, with a maximum repurchase price of RMB 13.54 per share, potentially acquiring approximately 11,816,839 shares, representing 0.92% of the total share capital[25]. Shareholder Information - The top shareholder, Hu Xiaojun, holds 23.41% of the shares through Huaxia Airlines Holdings (Shenzhen) Co., Ltd.[12]. Employee Engagement - The company approved the 2024 employee stock ownership plan to enhance employee engagement and company governance on September 12, 2024[18]. Audit Status - The company has not undergone an audit for the third quarter financial report[35].

Financial Performance - The company's revenue for Q3 2025 was ¥210,822,520.63, representing a year-on-year increase of 0.78%[5] - The net profit attributable to shareholders for Q3 2025 was ¥30,535,160.09, a decrease of 1.00% compared to the same period last year[5] - The cumulative revenue for the first three quarters of 2025 reached ¥609,853,843.18, showing a slight increase of 0.30% year-on-year[9] - The cumulative net profit attributable to shareholders for the first three quarters was ¥74,313,981.62, reflecting a decline of 9.03% year-on-year[9] - The basic earnings per share for Q3 2025 was ¥0.0436, down 1.35% from the previous year[5] - The company's operating profit decreased to ¥93,453,590.90 from ¥101,742,670.19, representing a decline of approximately 12.6% year-over-year[26] - Net profit attributable to shareholders was ¥74,313,981.62, down from ¥81,693,083.38, reflecting a decrease of about 9.4%[27] - Total comprehensive income increased to ¥78,003,040.11 compared to ¥66,951,000.46, marking an increase of approximately 16.3%[27] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥4,425,338,840.20, an increase of 3.48% from the end of the previous year[5] - As of September 30, 2025, the company's total assets amounted to 4,425,338,840.20 yuan, an increase from 4,276,704,995.06 yuan at the beginning of the period[24] - The company’s total liabilities as of September 30, 2025, were 766,477,444.98 yuan, up from 671,119,046.74 yuan at the beginning of the period[24] - The company’s non-current liabilities totaled 282,457,731.47 yuan, an increase from 212,710,509.75 yuan at the beginning of the period[24] Cash Flow - The company’s cash flow from operating activities for the year-to-date was ¥64,518,390.36, up 1.65% year-on-year[5] - Cash flow from operating activities generated a net amount of ¥64,518,390.36, slightly up from ¥63,471,058.97, indicating a growth of about 1.6%[29] - Cash flow from investing activities resulted in a net outflow of ¥114,144,474.21, worsening from a net outflow of ¥60,991,438.24[29] - Cash and cash equivalents at the end of the period stood at ¥482,177,884.83, compared to ¥348,290,828.45 at the end of the previous period, showing an increase of approximately 38.3%[30] Shareholder Information - The total number of common shareholders at the end of the reporting period is 120,907[13] - The largest shareholder, Wu Yurui, holds 10.98% of shares, totaling 76,891,290 shares[13] - The company’s shareholder, Liao Daoxun, pledged 12 million shares, representing 1.71% of the total share capital[20] Dividends and Incentives - The company plans to distribute a total cash dividend of 14,691,151.36 RMB for the 2024 fiscal year, with a distribution rate of 0.13 RMB per 10 shares[19] - The company approved a profit distribution plan for the first half of 2025, distributing a total of 7,695,365.00 yuan, which is 0.11 yuan per share for every 10 shares[20] - The company approved the 2023 Restricted Stock Incentive Plan, with 129,000 shares (0.02% of total shares) eligible for unlocking[16] - The 2023 Employee Stock Ownership Plan allows for the unlocking of 294,000 shares (0.04% of total shares) based on achievement of conditions[17] Expenses - The total operating costs for the current period were 546,135,629.06 yuan, compared to 531,339,791.70 yuan in the previous period[25] - Research and development expenses decreased to ¥51,146,670.25 from ¥60,438,157.01, a reduction of about 15.4%[26] - Sales expenses increased to ¥59,151,503.80 from ¥55,681,673.07, reflecting an increase of approximately 8.4%[26] Other Income - The company reported a government subsidy of ¥483,115.45 for the current period, contributing to its non-operating income[7] - The increase in trading financial assets at the end of the period was ¥63,241,500, primarily due to the growth in structured deposits[11] - The company experienced a decrease in credit impairment losses by ¥193,410.00, indicating improved collection of receivables[11] - The company reported investment income of ¥26,793,363.00, up from ¥25,165,699.64, indicating an increase of about 6.5%[26] - The company experienced a decrease in other comprehensive income, with a net amount of -¥3,971,673.00 compared to -¥23,713,393.37, showing an improvement in losses[27]

Revenue and Profit - Total revenue for the year-to-date period was CNY 2,000,000, representing a decrease of 47.37% compared to the same period last year[3] - The total profit for the third quarter was a loss of CNY 50,395,389.71, with a year-to-date loss of CNY 154,767,127.09[3] - The net profit attributable to shareholders for the third quarter was a loss of CNY 50,395,389.71, with a year-to-date loss of CNY 154,767,127.09[3] - Total operating revenue for the first three quarters of 2025 is CNY 2,000,000, a decrease of 47.37% compared to CNY 3,800,000 in the same period of 2024[20] - Net profit for the first three quarters of 2025 is a loss of CNY 154,767,127.09, an improvement compared to a loss of CNY 159,978,134.87 in the same period of 2024[22] - The company's net loss for the first three quarters of 2025 was CNY -154,748,613.41, slightly improved from CNY -159,738,947.54 in the same period of 2024[34] Expenses and Costs - Research and development expenses totaled CNY 47,099,795.86 for the quarter, a decrease of 17.28% year-over-year, and accounted for 7,763.48% of total revenue year-to-date, an increase of 3446.54 percentage points[5] - Total operating costs for the first three quarters of 2025 amount to CNY 170,147,424.42, down from CNY 175,955,688.19 in the previous year, reflecting a decrease of 4.59%[20] - Research and development expenses for the first three quarters of 2025 amounted to CNY 158,670,534.79, down from CNY 167,952,758.80 in 2024, reflecting a reduction of approximately 5.66%[33] - The cash outflow for purchasing goods and services was 42,118,155.76 RMB in 2025, significantly higher than 18,918,652.90 RMB in 2024, indicating increased costs[37] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 761,769,419.14, a decrease of 17.40% from the previous year[5] - The total assets of the company are 761,769,419.14 RMB, down from 922,228,105.25 RMB in the previous period[16] - The total liabilities amount to 107,040,215.45 RMB, slightly decreased from 110,540,459.78 RMB[16] - The company's total current assets as of September 30, 2025, amount to 691,066,446.18 RMB, a decrease from 779,798,182.90 RMB as of December 31, 2024[15] - The total liabilities amount to CNY 107,523,433.29, a decrease from CNY 113,214,992.31 in the previous year[18] - The total liabilities as of September 30, 2025, were CNY 112,643,230.05, compared to CNY 113,378,151.31 at the end of 2024, showing a slight decrease of 0.65%[31] Shareholder Information - The total number of common shareholders at the end of the reporting period is 5,146[11] - The largest shareholder, Li Wenjun, holds 72,953,101 shares, representing 49.05% of the total shares[11] - Total equity attributable to shareholders decreased to CNY 654,245,985.85 from CNY 809,013,112.94 year-over-year[18] - The company's total equity decreased to CNY 655,448,127.34 from CNY 810,196,740.75, reflecting a decline of 19.14%[31] Cash Flow - The net cash flow from operating activities for the third quarter was -CNY 58,785,348.02, with a year-to-date total of -CNY 172,409,965.55[3] - Cash flow from operating activities for the first three quarters of 2025 shows a net outflow of CNY -172,409,965.55, worsening from CNY -144,235,376.10 in the same period of 2024[26] - The net cash flow from financing activities was CNY -3,679,812.08, compared to CNY -4,156,496.35 in the previous period, indicating an improvement of 11.48%[27] - The cash and cash equivalents at the end of the reporting period were CNY 6,324,610.99, down from CNY 83,350,249.11 at the end of 2024, a decrease of 92.39%[27] - The cash inflow from other operating activities was 1,651,062.14 RMB in 2025, compared to 5,501,338.30 RMB in 2024, reflecting a decrease in operational cash inflows[37] Investment Performance - Cash inflow from investment activities in the first three quarters of 2025 is CNY 2,577,141,184.02, compared to CNY 1,399,229,624.57 in the previous year, indicating a significant increase[26] - Cash outflow from investment activities for the first three quarters of 2025 is CNY 2,417,461,537.68, up from CNY 1,697,827,898.31 in the same period of 2024[26] - The company reported a significant increase in investment income, reaching CNY 6,756,262.57 in the first three quarters of 2025, compared to CNY 3,088,773.73 in the same period of 2024[21] - The company reported a cash inflow from investment income of 17,685,093.31 RMB in 2025, up from 10,243,196.74 RMB in 2024, showing improved investment performance[37] Accounting Standards - The company has not yet adopted the new accounting standards starting from 2025, which may impact future financial reporting[38]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥14.33 billion, representing a year-on-year increase of 16.65% compared to ¥12.20 billion in the same period last year[4] - The total profit for the quarter was ¥2.31 billion, up 6.79% from ¥2.16 billion in the previous year[4] - Net profit attributable to shareholders was ¥1.90 billion, reflecting a growth of 7.81% from ¥1.76 billion year-on-year[4] - The company reported a basic earnings per share of ¥0.24, an increase of 8.05% compared to ¥0.22 in the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥38.58 billion, a 18.5% increase from ¥32.57 billion in the same period of 2024[21] - Net profit for the first three quarters of 2025 was ¥5.15 billion, representing a 8.4% increase compared to ¥4.75 billion in the previous year[22] - The company reported a total profit of ¥5.87 billion, up from ¥5.45 billion year-over-year[22] - Earnings per share for the current period was ¥0.61, up from ¥0.56 in the same period last year[23] Cash Flow - The net cash flow from operating activities increased significantly by 161.27%, amounting to ¥4.71 billion, primarily due to a substantial increase in collections[10] - In the first three quarters of 2025, the cash inflow from operating activities reached ¥46,084,023,072.45, a significant increase of 28.5% compared to ¥35,978,935,017.76 in the same period of 2024[25] - The net cash flow from operating activities for the first three quarters of 2025 was ¥4,714,110,770.90, up from ¥1,804,281,450.56 in 2024, representing a growth of 161.5%[25] - Cash inflow from investment activities totaled ¥47,824,182,807.45 in 2025, compared to ¥21,448,301,382.00 in 2024, marking an increase of 122.5%[26] - The net cash flow from investment activities was -¥3,385,492,166.37 in 2025, slightly worsening from -¥3,157,155,519.18 in 2024[26] - Cash outflow from financing activities was ¥5,687,750,417.58 in 2025, compared to ¥5,232,444,290.63 in 2024, indicating an increase of 8.7%[26] - The net cash flow from financing activities was -¥5,375,266,692.43 in 2025, compared to -¥4,874,717,942.39 in 2024, reflecting a decline of 10.3%[26] - The ending balance of cash and cash equivalents decreased to ¥3,305,061,201.46 in 2025 from ¥10,386,470,733.05 in 2024, a decline of 68.2%[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥92.82 billion, showing a slight decrease of 0.27% from the previous year[5] - Total current assets as of September 30, 2025, amount to ¥76,575,475,093.77, compared to ¥75,600,850,879.42 at the end of 2024, showing an increase[17] - Cash and cash equivalents are reported at ¥6,128,493,944.18, down from ¥9,033,417,046.54 at the end of 2024[16] - Inventory has increased significantly to ¥15,936,892,141.33 from ¥11,334,240,219.45 year-over-year[16] - The total liabilities include short-term borrowings of ¥600,844,425.01, up from ¥485,234,485.06 in the previous year[17] - The total assets amount to ¥92,817,857,412.04, slightly down from ¥93,072,232,247.21 at the end of 2024[17] - Total liabilities amounted to ¥40.08 billion, slightly down from ¥40.23 billion year-over-year[19] - Total equity decreased to ¥52.74 billion from ¥52.84 billion in the previous year[19] Shareholder Information - The largest shareholder, State Grid Electric Power Research Institute, holds 4,570,558,438 shares, representing 56.90% of total shares[13] - The total equity of the company remains stable, with no significant changes reported in the equity structure[15] - The company has not engaged in any share lending or borrowing activities during the reporting period[15] Acquisitions and Investments - The company completed the acquisition of a 56% stake in Fujian Wangneng Technology, which is now included in the consolidated financial statements[6] - The company completed the acquisition of a 56% stake in Fujian Wangneng Technology Development Co., Ltd. for ¥64,230,400, making it a subsidiary[15] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥2.31 billion, an increase from ¥2.11 billion in the same period of 2024[21] Government Subsidies - The company received government subsidies amounting to ¥25.30 million, which are closely related to its normal business operations[8] Accounting Standards - The company did not apply new accounting standards for the first time in 2025[27]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥805,811,564.26, representing a year-on-year increase of 23.59%[4] - The total profit for the period was ¥130,919,815.40, reflecting a growth of 31.74% compared to the same period last year[4] - The net profit attributable to shareholders was ¥109,036,144.94, up by 29.66% year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥105,317,525.65, an increase of 33.94% compared to the previous year[4] - The basic earnings per share for the period was ¥0.13, a rise of 30.00% year-on-year[4] - The diluted earnings per share also stood at ¥0.13, reflecting a 30.00% increase compared to the same period last year[4] - Total operating revenue for the first three quarters of 2025 reached ¥2,374,366,507.45, an increase of 16.5% compared to ¥2,038,230,415.19 in the same period of 2024[16] - Operating profit for the first three quarters of 2025 was ¥373,996,122.96, compared to ¥328,366,512.01 in 2024, reflecting a growth of 13.9%[16] - Net profit for the first three quarters of 2025 was ¥373,405,992.64, an increase from ¥328,023,314.20 in the previous year[16] - The net profit for the first three quarters of 2025 reached ¥321,351,132.33, an increase of 14.5% compared to ¥280,547,436.74 in the same period of 2024[17] - The company reported a basic earnings per share of ¥0.38 for the current period, up from ¥0.34 in the previous year, indicating a growth of 11.8%[17] - The total comprehensive income for the period was ¥323,022,406.79, compared to ¥280,547,436.74 in the same period last year, representing an increase of 15.1%[17] - The company’s net profit attributable to shareholders was ¥316,025,021.79, up from ¥280,586,947.29, reflecting a growth of 12.6%[17] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was ¥461,046,840.10, showing a significant increase of 371.99%[4] - Cash and cash equivalents as of September 30, 2025, were ¥554,162,054.70, down from ¥981,116,143.62 at the end of 2024[12] - The operating cash flow for the first three quarters of 2025 was ¥461,046,840.10, significantly up from ¥97,682,142.72 in the first three quarters of 2024, marking a growth of 371.5%[19] - Total cash inflow from operating activities was ¥1,748,004,931.08, compared to ¥1,308,981,736.59 in the previous year, reflecting a year-over-year increase of 33.6%[19] - Cash and cash equivalents at the end of the period decreased to ¥518,409,449.33 from ¥754,959,896.24, a decline of 31.2%[21] - The company’s cash flow from investing activities showed a net outflow of ¥578,536,767.53, compared to a net inflow of ¥233,134,258.01 in the previous year[20] - The cash flow from financing activities resulted in a net outflow of ¥270,347,027.93, compared to a minor outflow of ¥528,222.62 in the same period last year[21] Assets and Liabilities - The total assets at the end of the period amounted to ¥6,894,470,178.82, a slight increase of 0.51% from the end of the previous year[5] - Total assets as of September 30, 2025, amounted to ¥6,894,470,178.82, slightly up from ¥6,859,807,618.48 at the end of 2024[13] - Total liabilities decreased to ¥3,051,627,178.53 from ¥3,301,212,756.71, a reduction of approximately 7.5%[13] - Shareholders' equity increased to ¥3,842,843,000.29 from ¥3,558,594,861.77, reflecting a growth of 8.0%[13] - The equity attributable to shareholders increased to ¥3,689,467,010.29, marking an 8.18% rise compared to the previous year[5] Inventory and Receivables - Accounts receivable decreased to ¥1,011,950,133.67 from ¥1,128,581,497.30, indicating a reduction of approximately 10.4%[12] - Inventory increased to ¥1,330,603,758.79, up 12.6% from ¥1,181,548,719.86 in 2024[12] - Total operating costs for the first three quarters of 2025 were ¥2,023,674,824.67, up 17.8% from ¥1,717,383,446.65 in 2024[16]