徐工集团工程机械股份有限公司 2025 年第三季度报告 证券代码：000425 证券简称：徐工机械 公告编号：2025-75 徐工集团工程机械股份有限公司 3.第三季度财务会计报告是否经过审计 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2.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)声明：保证季度报告中财务信息的真实、准确、完 整。 □是 否 1 徐工集团工程机械股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 适用 □不适用 单位：元 | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | --- | | 非流动性资产处置损益（包 括已计提资产减值准备的冲 销部分） | -2,989,131.70 | -36, ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 570.60 million, an increase of 5.36% compared to the same period last year[5]. - Net profit attributable to shareholders was CNY 31.78 million, reflecting a growth of 7.03% year-on-year[5]. - The net profit excluding non-recurring gains and losses was CNY 26.97 million, up 10.22% from the previous year[5]. - The company's basic earnings per share were CNY 0.0173, up 6.79% year-on-year[5]. - Revenue for the reporting period was $1,643,483,089.29, a decrease of 4.46% compared to $1,720,204,052.86 in the previous year due to market fluctuations and a decline in sugar product sales[10]. - Net profit for the current period was ¥92,003,141.67, slightly up from ¥91,795,015.20, representing a growth of 0.23%[23]. - Earnings per share increased to ¥0.0356 from ¥0.0353, reflecting a growth of 0.85%[24]. Cash Flow - The net cash flow from operating activities surged to CNY 337.81 million, a significant increase of 1,004.86% compared to the same period last year[5]. - Net cash flow from operating activities improved significantly to $337,814,994.13, a 1004.86% increase from -$37,333,362.08 in the previous year, driven by reduced payments for raw sugar procurement[10]. - The net cash flow from investment activities was -$226.88 million, compared to -$60.82 million in the previous period, indicating a significant increase in cash outflows[26]. - The net cash flow from financing activities was -$246.65 million, a stark contrast to the positive $71.97 million reported previously, highlighting increased cash outflows for debt repayment and dividends[26]. Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 3.66 billion, representing a 2.57% increase from the beginning of the year[5]. - Total liabilities increased to ¥1,502,598,063.66, up from ¥1,341,623,840.61, marking a rise of 11.93%[20]. - Total equity attributable to shareholders decreased to ¥1,891,332,475.53 from ¥1,970,655,269.72, a decline of 4.01%[20]. - The company's cash and cash equivalents decreased to RMB 1.12 billion from RMB 1.22 billion at the beginning of the period[18]. - The company's short-term borrowings decreased to RMB 239.5 million from RMB 288.98 million[19]. - The company's long-term borrowings were reduced to zero from RMB 48.5 million[19]. Investments and Expenses - The company reported a 261.92% increase in receivables financing, reaching CNY 19.13 million due to improved collection from quality clients[9]. - The company’s long-term equity investments increased by 1,372.53% to CNY 107.49 million, indicating new joint ventures[9]. - Research and development expenses were reduced by 41.89% to $5,632,005.67 from $9,692,750.58, indicating a decrease in R&D investment[10]. - Financial expenses increased by 71.36% to $15,423,573.13, attributed to interest expenses from newly recognized right-of-use assets and increased bank loan interest[10]. - The company recorded an investment income of ¥7,122,370.83, an increase from ¥5,771,791.58, representing a growth of 23.43%[22]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 38,570[13]. - The largest shareholder, Guangzhou Light Industry Trade Group Co., Ltd., holds 27.80% of shares, totaling 510,308,307 shares[13]. - The company completed a share buyback plan, repurchasing 18,135,928 shares, which accounts for 0.99% of the total share capital, with a total expenditure of approximately RMB 55.24 million[17]. - The company plans to maintain shareholder value through a share repurchase program with a maximum price of RMB 3.68 per share[16]. - The company has committed to not reducing its shareholdings in accordance with regulatory requirements following the completion of the share buyback[14]. Other Income and Subsidies - The company received government subsidies amounting to CNY 5.85 million during the reporting period[6]. - Other income rose by 48.87% to $10,305,193.24, primarily due to an increase in government subsidies received during the reporting period[10]. Contract Liabilities - Contract liabilities rose by 205.35% to CNY 75.54 million, attributed to increased prepayments and promotional expenses[9]. - The company’s contract liabilities increased to RMB 75.54 million from RMB 24.74 million, indicating a growth in advance payments received[19]. Audit Status - The financial report for the third quarter was not audited, which may impact the reliability of the reported figures[27].

Financial Performance - The company's revenue for the third quarter reached ¥325,503,001.44, representing a year-on-year increase of 16.84%[4] - The total profit for the quarter was ¥41,853,309.90, showing a slight decrease of 0.13% compared to the same period last year[4] - Net profit attributable to shareholders was ¥38,009,139.82, reflecting a year-on-year increase of 2.30%[4] - Total operating revenue for the first three quarters of 2025 reached ¥971,535,366.33, an increase of 21.5% compared to ¥799,445,212.38 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥121,754,561.10, representing a 20.4% increase from ¥101,170,573.93 in 2024[20] - Earnings per share for the first three quarters of 2025 were ¥0.92, compared to ¥0.76 in the same period of 2024[21] Research and Development - The company invested ¥16,220,527.89 in R&D during the quarter, which is 4.98% of its revenue, marking an increase of 0.00 percentage points[5] - Research and development expenses for the first three quarters of 2025 totaled ¥48,925,142.62, up from ¥39,900,234.27 in 2024, indicating a focus on innovation[19] Assets and Liabilities - Total assets at the end of the quarter amounted to ¥2,245,507,684.90, an increase of 4.59% from the end of the previous year[5] - Total liabilities as of the latest reporting period amounted to ¥560,002,087.16, an increase from ¥496,159,396.28 in the previous year[17] - Total equity attributable to shareholders reached ¥1,678,562,555.61, up from ¥1,634,660,047.66 in the previous year[17] Cash Flow - The cash flow from operating activities for the year-to-date was ¥72,451,385.27, which decreased by 11.28% compared to the previous year[4] - The net cash flow from operating activities was $72,451,385.27, a decrease of 10.5% compared to $81,660,638.52 in the previous period[24] - Cash flow from financing activities resulted in a net outflow of -$81,198,586.44, compared to -$89,060,131.27 previously, showing an improvement of 9.7%[25] - The cash flow from operating activities totaled $616,837,235.56, an increase from $431,015,836.23, representing a growth of 43.1%[24] Shareholder Information - The company held 1,000,000 shares in its repurchase account, accounting for 0.76% of the total share capital[12] - The top two shareholders, Pan Weiguo and Wei Xiaohu, hold 44.13% and 18.83% of the shares, respectively, indicating a significant concentration of ownership[12] - The company has no reported changes in the status of its major shareholders regarding the lending of shares through margin trading[13] Other Financial Metrics - Basic and diluted earnings per share for the quarter were both ¥0.29, with a year-to-date figure of ¥0.92, reflecting a 21.05% increase[5] - The company reported a total of ¥1,340,341.98 in non-recurring gains and losses for the quarter[8] - The weighted average return on equity was 2.30%, a decrease of 0.01 percentage points compared to the previous year[5] - The company's cash and cash equivalents were reported at RMB 139,198,999.66, a significant decrease from RMB 539,073,379.81 in the previous period, indicating a decline of about 74.16%[14]

Financial Performance - The company's operating revenue for the third quarter was ¥383,722,776.97, representing a year-on-year increase of 5.11%[3] - The total profit for the quarter was a loss of ¥22,631,063.67, a decrease of 217.21% compared to the same period last year[3] - The net profit attributable to shareholders was a loss of ¥19,689,728.91, down 209.57% year-on-year[3] - The basic earnings per share for the quarter was -¥0.05, reflecting a decrease of 225.00% compared to the previous year[3] - Total operating revenue for the first three quarters of 2025 reached CNY 1,144,515,762.63, an increase of 8.95% compared to CNY 1,050,342,173.00 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was CNY 12,709,936.59, a significant decrease of 81.9% compared to CNY 70,090,812.46 in the same period of 2024[19] - Earnings per share for the first three quarters of 2025 were CNY 0.03, down from CNY 0.16 in 2024[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,014,972,844.79, an increase of 9.52% from the end of the previous year[4] - The company's total current assets as of September 30, 2025, amount to ¥2,227,915,763.95, an increase from ¥2,023,913,364.27 as of December 31, 2024[15] - The total assets of the company reached ¥4,014,972,844.79 as of September 30, 2025, compared to ¥3,665,952,900.40 at the end of 2024[15] - The total liabilities as of the reporting date were CNY 2,075,776,781.07, up from CNY 1,727,909,704.90 in the previous year[17] - The company reported a decrease in accounts payable from CNY 348,907,635.54 in 2024 to CNY 298,364,462.88 in 2025, a reduction of approximately 14.5%[16] - The company’s long-term borrowings decreased from CNY 102,096,333.33 in 2024 to CNY 79,600,000.00 in 2025, reflecting a decline of 22.0%[16] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥8,445,631.16, down 88.17% compared to the previous year[3] - Cash flow from operating activities for the first three quarters of 2025 was CNY 823,583,452.03, a decrease from CNY 906,352,640.30 in the same period of 2024[22] - The net cash flow from operating activities was $8,445,631.16, a significant decrease of 88.2% compared to $71,389,574.51 in the previous period[23] - Cash inflow from operating activities was $842,438,344.66, down 9.8% from $933,936,899.02 in the previous year[23] - Cash outflow from operating activities was $833,992,713.50, a decrease of 3.3% compared to $862,547,324.51 last year[23] - The total cash and cash equivalents at the end of the period amounted to $248,515,756.93, down from $318,017,079.65 in the previous period[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,882[10] - The largest shareholder, Fang Peijiao, holds 17.17% of the shares, with a total of 73,279,729 shares, of which 35,170,000 are pledged[11] - The company has a total of 3,740,516 shares in its repurchase account, which will be used for employee stock incentive plans at an appropriate time[11] Government Support and Expenses - The company received government subsidies amounting to ¥2,287,806.96 during the quarter, contributing to its financial performance[6] - Research and development expenses for the first three quarters of 2025 amounted to CNY 63,345,536.60, compared to CNY 56,446,779.64 in 2024, indicating an increase of 12.8%[18] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[24]

南京迪威尔高端制造股份有限公司 2025 年第三季度报告 证券代码：688377 证券简称：迪威尔 南京迪威尔高端制造股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 310,216,414.48 | 33.94 | 8 ...

Financial Performance - The company's operating revenue for the third quarter was ¥950,144,199.19, a decrease of 19.58% compared to the same period last year[4]. - The total profit for the quarter was ¥288,024,691.14, down 17.64% year-over-year[4]. - The net profit attributable to shareholders was ¥253,096,615.72, reflecting a decline of 15.79% compared to the previous year[4]. - The basic earnings per share for the quarter was ¥1.58, a decrease of 36.80% year-over-year[5]. - Total operating revenue for the first three quarters of 2025 was CNY 2,979,579,967.21, a decrease of 7.5% compared to CNY 3,220,823,315.16 in the same period of 2024[18]. - Net profit for the first three quarters of 2025 was CNY 778,303,153.59, down 8.5% from CNY 850,848,156.27 in the previous year[19]. - Earnings per share (EPS) for the first three quarters of 2025 was CNY 5.48, compared to CNY 7.09 in the same period of 2024[20]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥9,150,243,443.73, an increase of 79.09% from the end of the previous year[5]. - As of September 30, 2025, the total assets of the company reached CNY 9,150,243,443.73, a significant increase from CNY 5,109,397,705.89 as of December 31, 2024, reflecting a growth of approximately 79.7%[14]. - The company's current assets totaled CNY 7,528,606,198.59, up from CNY 3,733,709,935.88, indicating a growth of about 101.3% year-over-year[14]. - The total liabilities increased to CNY 2,523,445,255.71 from CNY 2,245,698,899.13, representing an increase of 12.3%[16]. - The total liabilities of the company were not explicitly stated, but current liabilities included accounts payable of CNY 821,523,287.76, down from CNY 925,806,460.72, indicating a decrease of about 11.3%[15]. Shareholder Equity - The equity attributable to shareholders increased by 131.41% to ¥6,627,674,332.90, primarily due to the funds raised from the initial public offering[5]. - Total equity attributable to shareholders rose significantly to CNY 6,627,674,332.90 from CNY 2,863,984,315.69, marking an increase of 131.5%[16]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥1,007,956,462.59, an increase of 17.66%[5]. - In the first three quarters of 2025, the net cash flow from operating activities was approximately $1.01 billion, an increase of 17.6% compared to $856.7 million in the same period of 2024[21]. - Total cash inflow from operating activities for the first three quarters of 2025 was approximately $3.47 billion, slightly up from $3.45 billion in 2024[21]. - Cash outflow from operating activities decreased to approximately $2.47 billion in 2025 from $2.60 billion in 2024, reflecting improved operational efficiency[21]. - The net cash flow from investing activities was negative at approximately -$1.63 billion in 2025, compared to -$744.9 million in 2024, indicating increased investment expenditures[22]. - Cash inflow from financing activities reached approximately $3.64 billion in 2025, with a significant increase in cash received from investments[22]. - The net cash flow from financing activities was approximately $3.11 billion in 2025, a substantial improvement compared to a negative cash flow in 2024[22]. - The ending cash and cash equivalents balance for 2025 was approximately $2.67 billion, a significant increase from $509.97 million in 2024[22]. - The company received approximately $927.08 million from investment recoveries in 2025, compared to no such cash inflow in 2024[22]. - The company reported a cash inflow of approximately $168.72 million from tax refunds in 2025, up from $160.91 million in 2024[21]. Operational Efficiency - The company reported non-recurring gains of ¥55,788,388.04 for the quarter[8]. - The weighted average return on equity decreased by 8.56 percentage points to 3.83% for the quarter[10]. - Total operating costs decreased to CNY 2,216,516,782.06 from CNY 2,290,027,213.19, reflecting a reduction of 3.2%[18]. - Research and development expenses increased to CNY 174,936,582.14 from CNY 116,427,519.31, reflecting a growth of 50.2%[18]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,445[12]. - The company has not reported any changes in major shareholder participation in margin trading or securities lending activities[13]. Accounting Standards - The company has not adopted new accounting standards for the year 2025, maintaining consistency in financial reporting[23].

Financial Performance - The company's operating revenue for the third quarter was ¥46,510,586.88, a decrease of 29.36% compared to the same period last year[4]. - The total profit for the quarter was -¥297,766.47, representing a decline of 105.16% year-over-year[4]. - The net profit attributable to shareholders was ¥1,174,957.27, down 75.14% from the previous year[4]. - The net profit after deducting non-recurring gains and losses was -¥684,791.88, a decrease of 121.93% compared to the same period last year[4]. - Total operating revenue for the first three quarters of 2025 was CNY 173,959,225.20, a decrease from CNY 243,586,072.95 in the same period of 2024, representing a decline of approximately 28.6%[21]. - Total operating costs for the first three quarters of 2025 were CNY 177,583,428.67, down from CNY 247,712,222.04 in 2024, indicating a decrease of about 28.3%[22]. - Net profit for the first three quarters of 2025 was CNY 5,998,755.74, compared to CNY 10,732,534.95 in 2024, reflecting a decline of approximately 44.4%[23]. - The company’s basic and diluted earnings per share for the first three quarters of 2025 were both CNY 0.02, down from CNY 0.04 in 2024, a decrease of 50%[23]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥26,465,026.12, down 69.64% year-over-year[5]. - Cash flow from operating activities for the first three quarters of 2025 was CNY 26,465,026.12, significantly lower than CNY 87,171,786.77 in 2024, a decrease of about 69.7%[25]. - The company’s total cash inflow from operating activities was CNY 235,176,217.36 in 2025, down from CNY 322,520,688.87 in 2024, a decrease of approximately 27.1%[25]. - Cash flow from investing activities generated a net inflow of CNY 93,261,282.51 in the first three quarters of 2025, compared to CNY 33,627,955.75 in 2024, an increase of approximately 177.6%[27]. - The company reported cash and cash equivalents at the end of the third quarter of 2025 amounting to CNY 502,737,053.27, up from CNY 393,404,127.40 at the end of the same period in 2024, an increase of about 27.8%[27]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,604,838,766.88, a decrease of 1.18% from the end of the previous year[5]. - As of September 30, 2025, the company's total assets amounted to CNY 1,604,838,766.88, a decrease from CNY 1,623,992,329.61 at the end of 2024, reflecting a decline of approximately 1.9%[15]. - The company's current assets totaled CNY 1,012,349,814.85, slightly down from CNY 1,020,493,205.69, indicating a decrease of about 0.2%[15]. - Total liabilities decreased to CNY 97,678,106.00 from CNY 120,569,520.47, a reduction of about 19%[17]. - The company's total current liabilities amounted to CNY 93,357,560.77, down from CNY 115,728,369.93, indicating a decrease of approximately 19.3%[16]. - The company reported a total non-current asset value of CNY 592,488,952.04, down from CNY 603,499,123.91, reflecting a decrease of about 1.8%[16]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 31,284[12]. - The company has not reported any significant changes in shareholder structure or related party transactions during the reporting period[14]. Research and Development - The company's research and development expenses decreased by 45.64%, indicating a focus on core technology development[10]. Comprehensive Income - Other comprehensive income after tax for the first three quarters of 2025 was CNY 32,010,131.44, compared to a loss of CNY 24,864,718.98 in 2024, indicating a significant turnaround[23]. - The total comprehensive income for the first three quarters of 2025 was CNY 38,008,887.18, contrasting with a loss of CNY 14,132,184.03 in 2024, marking a substantial improvement[23].

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,010,558,076.23, representing a year-on-year increase of 53.71%[5] - The total profit for the period was ¥28,429,565.81, while the net profit attributable to shareholders was ¥28,298,136.02, both showing significant losses compared to the previous year[5] - The basic earnings per share for the quarter was ¥0.0107, a decrease of 299.05% compared to the same period last year[6] - Revenue for the current reporting period reached 53.71 million, primarily driven by increased sales of zinc and phosphate products compared to the same period last year[11] - The net profit attributable to shareholders for the first nine months of 2025 was a loss of CNY 46.6964 million, with a profit of CNY 28.2981 million in Q3 2025, indicating a recovery in profitability[17] - Net profit for the first three quarters of 2025 was a loss of ¥46,696,444.53, compared to a profit of ¥21,297,750.21 in the same period of 2024[29] - The company reported a total comprehensive loss of ¥46,683,371.23 for the first three quarters of 2025, compared to a comprehensive income of ¥56,808,774.15 in 2024[29] Assets and Liabilities - Total assets increased by 63.60% year-on-year, reaching ¥3,723,939,959.42[6] - The equity attributable to shareholders rose by 716.27% to ¥3,182,185,279.09 compared to the end of the previous year[6] - The company’s total assets increased from CNY 2.276 billion at the beginning of the year to CNY 3.724 billion by the end of the reporting period, while net assets rose from CNY 390 million to CNY 3.182 billion[19] - The asset-liability ratio significantly decreased from 82.87% at the beginning of the year to 14.55% by the end of the reporting period, indicating improved financial stability[19] - The total liabilities as of the end of the reporting period amounted to ¥541,754,680.33, compared to ¥1,886,391,442.77 in the previous year[25] Cash Flow - The company reported a net cash flow from operating activities of -¥487,689,241.11, reflecting a decline of 335.16% year-on-year[6] - The net cash flow from operating activities for the year-to-date period was -335.16 million, primarily due to increased raw material purchases and prior unpaid invoices[12] - Cash inflow from operating activities for the first three quarters of 2025 was ¥3,164,004,476.48, compared to ¥2,453,702,931.47 in 2024, indicating a growth of 28.8%[30] - The net cash flow from operating activities was -$487.69 million, a decrease from $207.39 million in the previous period, indicating a significant decline in operational performance[31] - The company reported a net increase in cash and cash equivalents of $962.22 million, compared to $110.69 million in the prior period, indicating improved liquidity[31] - The ending balance of cash and cash equivalents stood at $1.29 billion, significantly higher than $285.45 million at the end of the previous period, showcasing enhanced cash reserves[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 61,040[14] - The largest shareholder, Shudao Investment Group, holds 1,095,914,805 shares, representing 41.49% of total shares[14] Research and Development - Research and development expenses for the year-to-date period amounted to 515.40 million, reflecting an increase due to investments in new product development[11] - Research and development expenses increased significantly to ¥9,055,521.45 in 2025 from ¥1,471,489.03 in 2024, marking a growth of 514.5%[27] Market and Product Development - The company plans to continue expanding its market presence and enhancing its product offerings, supported by the recent capital influx from the share issuance[10] - The company is actively expanding its refined ammonium phosphate and granular ammonium phosphate export markets, which has supported its profitability in the phosphate chemical business[17] - The natural gas chemical business continues to face challenges with increasing production costs due to rising natural gas and electricity prices, leading to ongoing losses[17] Capital Raising and Financing - The company completed a private placement of shares, raising net funds of ¥2,834,758,430.19, which significantly impacted its cash position[10] - The company issued 609.6 million shares to its controlling shareholder, raising a total of CNY 2.853 billion, which has been fully utilized to repay debts and supplement working capital[18] - Total cash inflow from financing activities reached $3.75 billion, a substantial increase compared to $41.02 million in the prior period, reflecting strong capital raising efforts[31] - Cash outflows for financing activities totaled $2.27 billion, a significant increase from $66.97 million, indicating higher debt repayments and dividend distributions[31] Operational Costs - The operating profit for the year-to-date period was -304.02 million, attributed to declining zinc product prices and increased procurement costs[11] - Total operating costs for the first three quarters of 2025 were ¥2,867,983,018.68, up from ¥2,362,573,995.17 in 2024, reflecting a 21.3% increase[27] - Cash paid for purchasing goods and services in the first three quarters of 2025 was ¥3,328,279,818.36, compared to ¥1,935,684,534.88 in 2024, reflecting a 72.0% increase[30] - The company’s zinc smelting production costs decreased by 24.12% in Q3 2025 compared to the first half of the year, contributing to a reduction in cumulative losses in the non-ferrous metal smelting business[18] Accounting Standards - The company did not apply new accounting standards starting in 2025, maintaining consistency in financial reporting[32]

Revenue and Profit - Revenue for Q3 2025 was CNY 468,998,202.40, a decrease of 34.57% year-over-year, and year-to-date revenue was CNY 1,484,602,545.5, down 22.61% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was CNY 30,157,347.36, an increase of 340.40% year-over-year, while year-to-date net profit was CNY 52,060,870.16, a decrease of 42.41% compared to the same period last year[5] - Basic earnings per share for Q3 2025 was CNY 0.03, up 325.56% year-over-year, while diluted earnings per share was also CNY 0.03, reflecting the same percentage increase[5] - Total operating revenue for the current period was ¥1,484,602,545.50, a decrease of 22.7% compared to ¥1,918,219,161.94 in the previous period[18] - Net profit for the current period was ¥49,933,252.68, a decline of 38.4% from ¥81,043,733.72 in the previous period[19] - Earnings per share for the current period was ¥0.05, compared to ¥0.10 in the previous period[20] Assets and Liabilities - Total assets as of September 30, 2025, were CNY 6,359,550,748.17, an increase of 5.93% from the end of the previous year[5] - Total current assets increased to ¥3,849,360,490.16 from ¥3,606,475,295.05, reflecting a growth of approximately 6.73%[15] - Total liabilities increased to ¥3,867,455,769.02 from ¥3,530,647,242.85, indicating a growth of about 9.5%[16] - The company reported a 203.54% increase in current portion of non-current liabilities, totaling CNY 336,271,589.43, due to increased short-term bank borrowings[9] - The total assets at the end of the reporting period amounted to ¥6,359,550,748.17, up from ¥6,003,263,130.56, indicating an increase of approximately 5.93%[16] Cash Flow - Cash flow from operating activities for Q3 2025 was CNY 178,569,919.44, a decrease of 10.43% year-over-year, attributed to a slight decline in customer payments[12] - Cash flow from operating activities was ¥178,569,919.44, a decrease of 10.4% from ¥199,366,938.10 in the previous period[20] - The company reported a significant increase in financing cash flow, with a net inflow of CNY 260,688,848.52 for Q3 2025, up 4258.14% year-over-year due to increased bank borrowings[12] - The net cash flow from financing activities increased to $260.69 million, compared to only $5.98 million previously[21] - Cash inflow from other financing activities was $176.38 million, slightly up from $174.63 million[21] Expenses and Income - The company experienced a 32.87% decrease in selling expenses for Q3 2025, amounting to CNY 20,152,485.68, mainly due to lower commission costs[10] - Non-operating income for Q3 2025 was CNY 160,190.80, a decrease of 83.15% year-over-year, primarily due to reduced government subsidies unrelated to production[12] - Total operating costs for the current period were ¥1,524,781,947.18, down 18.1% from ¥1,861,726,301.42 in the previous period[18] - Investment income for the current period was ¥79,383,503.11, slightly up from ¥79,094,908.77 in the previous period[18] - The company reported a fair value change gain of ¥52,349,239.06, compared to a loss of ¥1,322,333.99 in the previous period[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 126,858[13] - The largest shareholder, Hu Jinsheng, holds 4.45% of the shares, amounting to 45,144,546 shares[13] - The company has no preferred shareholders or related changes in the top ten shareholders due to margin trading[14] Other Information - The company did not undergo an audit for the third quarter financial report[22] - The new accounting standards will be implemented starting in 2025[22]

Financial Performance - The company's operating revenue for Q3 2025 was ¥97,432,750.41, representing a 10.28% increase compared to the same period last year[2] - The total profit for Q3 2025 reached ¥10,355,093.27, marking a significant increase of 36.58% year-over-year[2] - The net profit attributable to shareholders for Q3 2025 was ¥9,060,281.68, reflecting a 30.42% growth compared to the previous year[2] - The net profit after deducting non-recurring gains and losses for Q3 2025 was ¥9,186,430.45, up by 32.22% year-over-year[2] - The basic earnings per share for Q3 2025 was ¥0.093, an increase of 30.99% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2025 reached ¥238,875,500.12, a slight increase of 1.07% compared to ¥236,326,138.06 in the same period of 2024[23] - For the first three quarters of 2025, the net profit reached CNY 19,597,639.09, an increase of 26.5% compared to CNY 15,534,756.23 in the same period of 2024[24] - The total profit for the first three quarters of 2025 was CNY 22,736,072.12, compared to CNY 16,773,468.09 in 2024, reflecting a growth of 35.5%[24] - The basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.202, up from CNY 0.160 in 2024, representing a 26.3% increase[24] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥682,305,065.52, showing a slight decrease of 0.54% from the end of the previous year[2] - Total liabilities decreased to ¥139,620,202.29 from ¥144,852,643.65, a decline of 3.99%[21] - Total equity attributable to shareholders increased slightly to ¥542,684,863.23 from ¥541,169,695.51, reflecting a growth of 0.28%[21] - Cash and cash equivalents as of September 30, 2025, totaled ¥442,081,162.22, down from ¥463,654,770.78 at the end of 2024[20] - Accounts receivable increased to ¥43,311,384.40 from ¥28,787,340.85, showing a growth of 50.00%[20] - Cash and cash equivalents at the end of the first three quarters of 2025 totaled CNY 415,602,244.38, compared to CNY 296,286,681.16 at the end of 2024, indicating a significant increase[28] Operating Activities - The net cash flow from operating activities for the year-to-date period was -¥10,879,372.80, a decrease of 68.78% compared to the previous year[2] - The net cash flow from operating activities for the first three quarters of 2025 was -CNY 10,879,372.80, an improvement from -CNY 34,846,900.30 in 2024[27] - The company reported cash inflows from operating activities of CNY 273,482,389.40 in 2025, slightly up from CNY 272,132,398.28 in 2024[27] Costs and Expenses - The total operating cost for the reporting period is RMB 17,460.66 million, a decrease of 9.18% compared to the previous year[10] - Total operating costs decreased to ¥205,446,425.65 from ¥216,491,906.73, representing a reduction of 5.83%[23] - The total operating expenses for the first three quarters of 2025 were CNY 284,361,762.20, down from CNY 306,979,298.58 in 2024, indicating improved cost management[27] Market and Sales - The company opened 14 new franchise stores during the reporting period, increasing the total number of franchise stores to 279, while closing 8 stores[8] - Online sales accounted for 78.21% of total revenue, generating RMB 17,567.85 million, with a gross profit margin of 23.43%[15] - The company reported a decrease in revenue from the North China region by 52.73%, contributing only RMB 30.66 million[16] - The company’s export revenue decreased by 7.19% to RMB 720.43 million, with a gross profit margin of 13.60%[10] Future Outlook - The company plans to continue expanding its market presence and enhance its product offerings in the upcoming quarters[8]