2025-10-30 13:11Financial Performance - Operating revenue for Q3 2025 was RMB 64,106,958 thousand, representing a 2.50% increase compared to the same period last year[8]. - Net profit attributable to shareholders decreased by 10.70% to RMB 2,718,596 thousand from RMB 3,044,125 thousand in the previous year[8]. - The net profit after deducting non-recurring gains and losses was RMB 2,434,557 thousand, down 7.68% year-on-year[8]. - Operating revenue increased by 20.49% year-on-year, primarily due to growth in railway equipment and new industry businesses[15]. - Railway equipment business revenue reached 87.72 billion RMB, up 22.23% from the previous year, driven by increased sales of high-speed trains[16]. - New industry business revenue increased by 31.91% year-on-year, totaling 66.10 billion RMB, mainly due to growth in clean energy equipment sales[18]. - Net profit attributable to shareholders increased by approximately 37.53% year-on-year, driven by higher product sales[16]. - Total operating revenue for the first three quarters of 2025 reached RMB 183,865,085 thousand, a 20.5% increase from RMB 152,592,557 thousand in the same period of 2024[38]. - Net profit for the first three quarters of 2025 was RMB 12,580,111 thousand, up 33.4% from RMB 9,470,643 thousand in 2024[39]. - Operating profit for the first three quarters of 2025 was RMB 14,621,908 thousand, compared to RMB 10,769,338 thousand in 2024, reflecting a growth of 36.5%[38]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 569,815,152 thousand, an increase of 11.11% compared to the end of the previous year[8]. - The total liabilities increased to RMB 332,020,268 as of September 30, 2025, compared to RMB 278,675,937 at the end of 2024, marking a rise of about 19.1%[34]. - The total liabilities increased to RMB 357,479,227 thousand as of September 30, 2025, from RMB 302,599,925 thousand at the end of 2024, marking a rise of 18.1%[35]. - The company's total assets reached RMB 569,815,152 as of September 30, 2025, compared to RMB 512,845,527 at the end of 2024, indicating an increase of about 11.1%[34]. - The total current assets amounted to RMB 393,975,284, an increase from RMB 346,314,419 as of December 31, 2024, reflecting a growth of approximately 13.8%[33]. - The inventory level rose significantly to RMB 112,392,597 as of September 30, 2025, up from RMB 78,951,355 at the end of 2024, representing a growth of approximately 42.3%[33]. - The total equity attributable to shareholders of the parent company was RMB 169,791,490 thousand as of September 30, 2025, compared to RMB 168,799,788 thousand at the end of 2024[35]. Cash Flow - Cash flow from operating activities showed a net outflow of 11.53 billion RMB, compared to a net inflow of 7.55 billion RMB in the same period last year[17]. - Cash flow from operating activities showed a net outflow of RMB 11,527,861 thousand in the first three quarters of 2025, compared to a net inflow of RMB 7,545,223 thousand in 2024[44]. - Cash flow from financing activities generated a net inflow of 4.13 billion RMB, a significant improvement from a net outflow of 8.89 billion RMB last year[17]. - Net cash flow from financing activities improved to RMB 4,128,942 in 2025, recovering from a negative RMB 8,893,448 in 2024[46]. - Cash inflow from operating activities was RMB 191,220 in 2025, significantly lower than RMB 421,910 in 2024, highlighting challenges in operational cash generation[57]. - Net cash flow from investing activities for the first three quarters of 2025 was -RMB 14,713,381, compared to -RMB 9,094,141 in 2024, indicating increased investment outflows[46]. Investments and Contracts - The company signed new contracts worth approximately 247.2 billion RMB during the first nine months of 2025, including about 46.7 billion RMB from international business[18]. - Investment income increased by approximately 35.79% year-on-year, mainly due to higher returns from investments in joint ventures[16]. - The company completed the acquisition of 100% equity in a subsidiary, which resulted in restated figures for the previous year[9]. Shareholder Information - The number of A-share shareholders was reported at 496,183, while H-share shareholders numbered 2,036 as of the report date[25]. - The company’s major shareholder, CRRC Group, held a total of 14,765,441,250 shares, representing approximately 51.45% of the total issued shares[24]. Corporate Governance - The company appointed new executives, including a new chairman and several vice presidents, following the recent board elections[27]. - The company decided to abolish the supervisory board during the extraordinary shareholders' meeting held on September 22, 2025[29].