Financial Performance - The company's operating revenue for Q3 2025 was ¥1,402,067,800, a decrease of 41.37% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was ¥134,825,499, down 9.34% year-on-year, while the net profit excluding non-recurring gains and losses was ¥131,684,250, a decrease of 9.91%[4] - The company's basic and diluted earnings per share for Q3 2025 were both ¥0.0888, down 9.39% year-on-year[4] - Total operating revenue decreased to ¥5,578,677,563.94 from ¥6,150,191,162.69, representing a decline of approximately 9.3% year-over-year[23] - Operating income fell to ¥5,166,397,158.95 from ¥5,724,097,810.31, a decrease of about 9.7%[23] - Net profit increased to ¥525,695,926.87 compared to ¥494,291,228.84, marking an increase of about 6.4% year-over-year[25] - Profit attributable to shareholders of the parent company rose to ¥433,447,811.07 from ¥406,213,741.38, an increase of approximately 6.7%[25] - Total comprehensive income amounted to CNY 524,746,374.70, an increase from CNY 507,495,514.76 in the previous period, with the parent company's share at CNY 432,498,258.90 compared to CNY 419,418,027.30[26] - Basic and diluted earnings per share increased to CNY 0.2586 from CNY 0.2345[26] Cash Flow and Assets - The net cash flow from operating activities increased by 33.97% to ¥2,763,584,871.68 for the first nine months of 2025 compared to the same period in 2024[11] - The company's cash and cash equivalents increased to approximately ¥4.16 billion from ¥3.78 billion, reflecting a growth of 9.8%[18] - Total current assets reached approximately ¥9.48 billion, up from ¥8.78 billion, indicating a growth of 7.9%[18] - The company's debt investment increased to approximately ¥4.81 billion from ¥3.88 billion, a rise of 23.9%[18] - Operating cash inflow from sales of goods and services reached CNY 6,509,769,876.77, up from CNY 6,357,404,046.33[29] - Net cash generated from operating activities was CNY 2,763,584,871.68, compared to CNY 2,062,895,454.35 in the previous period[30] - Cash outflow from investment activities totaled CNY 5,972,390,802.48, a decrease from CNY 12,196,958,939.43[31] - Cash inflow from investment activities was CNY 4,201,940,106.78, significantly lower than CNY 11,279,426,782.76 in the previous period[30] - Cash and cash equivalents at the end of the period were CNY 3,762,724,441.68, down from CNY 4,220,544,884.15[32] Shareholder Information - The total number of common shareholders at the end of the reporting period is 42,424[13] - The largest shareholder, Hunan Provincial Highway Group, holds 27.19% of shares, totaling 412,666,971 shares[14] - The second-largest shareholder, Hunan Rail Transit Holding Group, owns 11.32% of shares, amounting to 171,861,349 shares[14] - The company has a total of 1,000,000 shares held by the top ten unrestricted shareholders[15] - The company has not disclosed any related party relationships among the top shareholders[16] Expenses and Liabilities - The company experienced a 69.50% increase in sales expenses, totaling ¥37,771,588.91 for the first nine months of 2025[10] - Investment income decreased by 85.21% to ¥36,343,563.24, primarily due to reduced profits from futures trading and decreased investment income from a subsidiary[10] - Total operating costs decreased to ¥4,849,559,204.37 from ¥5,514,661,177.60, reflecting a reduction of approximately 12.1%[23] - Research and development expenses decreased to ¥14,446,777.59 from ¥17,951,849.03, a decline of about 19.1%[24] - Financial expenses decreased to ¥576,099,077.14 from ¥701,379,706.46, a reduction of approximately 17.8%[24] - Total liabilities increased to ¥45,276,073,415.31 from ¥43,821,268,449.18, an increase of approximately 3.3%[20] Asset Changes - Total assets as of September 30, 2025, were ¥59,573,654,775.26, reflecting a 2.48% increase from the end of the previous year[4] - Total assets increased to ¥59,573,654,775.26 from ¥58,130,305,893.18, reflecting a growth of about 2.5%[21] - Total equity decreased slightly to ¥14,297,581,359.95 from ¥14,309,037,444.00, a decrease of about 0.1%[21] Government Support and Future Plans - The company received government subsidies amounting to ¥192,384.34 in Q3 2025, contributing to its financial performance[6] - The company received registration notices for medium-term notes, indicating future financing capabilities[16] - The company plans to stop charging tolls on the Changyong Expressway starting November 1, 2025, transitioning it to a free highway[16] Other Financial Metrics - The company reported a significant increase in receivables, with accounts receivable rising by 4274.21% to ¥2,753,550 as a result of clients using bank acceptance bills for settlement[9] - The company recorded a substantial increase in derivative financial assets, which rose by 341.50% to ¥20,940,900, attributed to changes in the fair value of futures positions[9]

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。 中山华利实业集团股份有限公司 2025 年第三季度报告 证券代码：300979 证券简称：华利集团 公告编号：2025-062 中山华利实业集团股份有限公司 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 重要内容提示： 1.董事会及董事、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。 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 同期增减 | | 比上年同期增减 | | 营业收入（元） | 6,018,738,053.15 | -0.34% | 18,679,602,486.47 | 6.67% ...

Financial Performance - The company's revenue for Q3 2025 was ¥397,685,696.45, a decrease of 9.96% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥99,080,102.24, representing a decline of 42.20% year-on-year[5]. - The basic earnings per share were -¥0.1926, down 39.77% from the previous year[5]. - Total operating revenue decreased to ¥1,191,260,566.76 from ¥1,350,223,553.61, representing a decline of approximately 11.8% year-over-year[20]. - Net profit for the period was a loss of ¥253,819,970.95, compared to a loss of ¥106,928,544.45 in the previous period, indicating a significant increase in losses[21]. - Basic and diluted earnings per share were both reported at -0.4521, compared to -0.2413 in the previous period[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,170,207,077.81, a decrease of 1.26% from the end of the previous year[5]. - Total assets decreased to ¥5,170,207,077.81 from ¥5,236,128,052.84, reflecting a decline of approximately 1.3%[18]. - Total liabilities increased to ¥1,423,450,649.92 from ¥1,253,747,330.56, marking an increase of about 13.5%[18]. Cash Flow - Cash flow from operating activities for the year-to-date was -¥24,096,981.35, an improvement of 65.46% compared to the same period last year[11]. - Operating cash inflow for the current period was CNY 1,408,569,868.23, a decrease of 8.1% from CNY 1,533,401,815.74 in the previous period[22]. - Net cash flow from operating activities was CNY -24,096,981.35, an improvement from CNY -69,762,194.20 in the previous period[22]. - Cash inflow from investment activities totaled CNY 7,309,152.33, down significantly from CNY 177,920,867.58 in the previous period[22]. - Net cash flow from investment activities was CNY -89,058,866.50, worsening from CNY -4,694,494.96 in the previous period[22]. - Cash inflow from financing activities was CNY 380,789,640.48, an increase from CNY 121,361,311.96 in the previous period[23]. - Net cash flow from financing activities improved to CNY 121,170,122.91 from CNY -664,513,137.74 in the previous period[23]. - The ending cash and cash equivalents balance was CNY 867,784,574.93, slightly up from CNY 861,985,598.59 in the previous period[23]. - The company received CNY 378,539,640.48 in borrowings, a significant increase from CNY 118,075,216.96 in the previous period[23]. - Cash paid for operating activities was CNY 1,432,666,849.58, down from CNY 1,603,164,009.94 in the previous period[22]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 48,108[13]. - The largest shareholder, Zhuhai Baolian Investment Holding Co., Ltd., holds 13.64% of shares, totaling 70,147,179 shares[13]. - The company’s repurchased shares account for 2.66% of the total share capital, amounting to 13,696,600 shares[14]. - The top ten shareholders include both state-owned and private entities, indicating a diverse ownership structure[13]. - The company has signed a voting rights entrustment agreement with its controlling shareholder, affecting 10.64% of the voting rights[13]. Other Financial Metrics - The weighted average return on net assets was -3.11%, a decrease of 1.37 percentage points compared to the previous year[5]. - The company reported a significant increase in short-term borrowings, which rose by 270.91% to ¥309,419,850.98 due to operational needs[10]. - The company experienced a 412.77% increase in other comprehensive income, influenced by changes in the euro exchange rate[10]. - Investment income decreased by 87.70% to ¥1,056,127.82, attributed to lower returns from financial products compared to the previous year[10]. - The company reported a 75.74% increase in credit impairment losses, reflecting higher provisions for bad debts[11]. - Research and development expenses decreased to ¥114,226,587.57 from ¥147,599,126.10, a reduction of about 22.6% year-over-year[21]. - Other comprehensive income after tax was ¥25,828,113.66, compared to a loss of ¥1,734,692.20 in the previous period, indicating a recovery in this area[21]. Audit Information - The company did not undergo an audit for the third quarter financial report[24].

Financial Performance - The company's operating revenue for the third quarter was CNY 1,106,611,810.54, a decrease of 26.67% compared to the same period last year[5] - The net profit attributable to shareholders was CNY -35,044,620.9, reflecting a significant decline of 187.67% year-on-year[5] - The basic earnings per share (EPS) was CNY -0.0315, down 187.74% from CNY 0.0359 in the same quarter last year[5] - The company experienced a 7.38% decrease in cumulative operating revenue for the year-to-date period, totaling CNY 5,956,879,221.51[5] - The company's net profit for the current period is 490,868,958.87, a decrease of 23.1% compared to 638,004,675.63 in the previous period[24] - Operating profit for the current period is 585,367,717.14, down from 753,152,346.01, reflecting a decline of 22.3%[24] - Total revenue from operating activities is 6,217,718,697.98, compared to 6,688,092,792.23 in the previous period, indicating a decrease of 7.0%[27] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,964,037,041.09, a decrease of 4.67% compared to the previous year[5] - Total assets decreased to CNY 13,964,037,041.09 from CNY 14,648,598,698.24, reflecting a decline of 4.68%[21] - Total liabilities decreased to CNY 7,079,784,290.40 from CNY 7,919,853,531.08, a reduction of 10.61%[21] - The equity attributable to shareholders increased by 2.40% to CNY 6,581,118,631.88 compared to the previous year[5] - The company's equity increased to CNY 6,884,252,750.69 from CNY 6,728,745,167.16, representing a growth of 2.31%[21] Cash Flow - The company reported a net cash flow from operating activities of CNY 745,779,300, a slight decrease of 1.04% year-on-year[5] - The net cash flow from operating activities is 745,779,341.83, slightly down from 753,596,724.65, a decrease of 1.1%[28] - Cash and cash equivalents decreased by 32.50% to 74,065.32 million due to increased receivables from the previous period[12] - Cash and cash equivalents at the end of the period were CNY 740,653,208.33, a decrease of 32.73% from CNY 1,097,250,769.44 at the beginning of the period[19] - The total cash and cash equivalents at the end of the period is 637,402,360.36, down from 798,410,895.75, a decrease of 20.2%[28] Receivables and Payables - Accounts receivable increased by 67.75% to 309.51 million, attributed to an increase in bank acceptance bills received[12] - Accounts receivable decreased to CNY 90,690,938.19 from CNY 110,039,260.33, a decline of 17.53%[19] - Other payables decreased by 79.44% to 19,071.91 million, primarily due to payments for pipeline asset acquisitions[13] - Short-term borrowings decreased by 49.30% to 51,571.15 million as a result of repayment of short-term loans[12] - Short-term borrowings decreased significantly to CNY 515,711,463.89 from CNY 1,017,261,932.97, a decrease of 49.32%[21] Investment and Expenses - Non-recurring gains and losses totaled CNY -686,626.49 for the current period, with significant contributions from government subsidies and project compensations[9] - Investment income turned negative at -167.44 million, a decrease of 104.77% due to reduced profits from joint ventures[13] - The company reported an investment loss of -1,674,416.29, compared to a gain of 35,094,362.01 in the previous period[24] - The total cash outflow from investing activities is 1,096,054,369.18, an increase from 601,338,687.38, reflecting a rise of 82.2%[28] - Financial expenses increased by 30.11% to 7,276.93 million, driven by an increase in interest-bearing liabilities[13] - The company incurred financial expenses of 72,769,340.06, an increase of 30.2% from 55,930,245.51 in the previous period[24] - Research and development expenses decreased to 14,682,780.59 from 16,348,793.47, a reduction of 10.2%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period was 32,980[14] - The largest shareholder, Shaanxi Gas Group Co., Ltd., holds 64.43% of the shares, totaling 716,530,456 shares[14] - The company plans to transfer 144,569,808 shares, representing 13% of total shares, to new investors, pending regulatory approval[17] Audit and Reporting - The company confirmed that the financial report for the third quarter was not audited[4]

通鼎互联信息股份有限公司 2025 年第三季度报告 证券代码：002491 证券简称：通鼎互联 公告编号：2025-056 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。 3.第三季度财务会计报告是否经过审计 □是 否 1 通鼎互联信息股份有限公司 2025 年第三季度报告 一、主要财务数据 通鼎互联信息股份有限公司 （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 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 924,135,934.60 | 27.27% ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥13,965,110,956.81, representing a 12.91% increase compared to the same period last year[5]. - Net profit attributable to shareholders for the same period was ¥1,011,511,011.71, a significant increase of 39.28% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was ¥897,325,511.04, reflecting a 46.47% increase compared to the previous year[5]. - The basic earnings per share for Q3 2025 was ¥0.14, up 40.00% from ¥0.10 in the same quarter last year[5]. - The company's net profit for the current period reached ¥1,966,089,231.57, a 39.4% increase compared to ¥1,407,995,364.06 in the previous period[25]. - Operating profit increased to ¥2,385,406,765.67, up from ¥1,719,652,027.09, reflecting a growth of 38.6%[25]. - Total comprehensive income for the current period was ¥1,935,127,011.14, compared to ¥1,381,510,566.06 in the previous period, marking an increase of 40%[26]. - Basic earnings per share rose to ¥0.28 from ¥0.20, reflecting a 40% increase[26]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥51,758,065,615.20, marking a 14.53% increase from the end of the previous year[5]. - Total assets reached ¥51,758,065,615.20, compared to ¥45,193,484,399.15, reflecting an increase of 14.0%[22]. - Total liabilities increased to ¥28,483,951,744.86 from ¥25,344,503,145.14, a rise of 8.4%[22]. Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥2,296,612,307.33, a 60.19% increase compared to the same period last year[5]. - Cash flow from operating activities generated ¥38,194,000,379.20, up from ¥31,043,454,154.46, representing a growth of 23.1%[27]. - The company reported a net cash flow from investing activities of -¥6,605,454,217.50, worsening from -¥2,521,895,931.31 in the previous period[28]. - Cash flow from financing activities yielded a net increase of ¥1,951,197,914.33, compared to ¥1,380,152,291.12 in the previous period, indicating a growth of 41.3%[28]. Investments and Expenses - The company reported a significant increase in construction in progress, which rose by 66.72% to ¥3,464,515,704.44, indicating ongoing expansion efforts[9]. - Investment income rose by 177.57% to CNY 121.35 million, primarily from the sale of part of the stock of Artis and increased equity method earnings[10]. - Research and development expenses increased to CNY 1,784,958,060.96, compared to CNY 1,415,213,281.46, marking a rise of 25.9%[24]. - Management expenses increased by 37.74% to CNY 1.31 billion, mainly due to increased equity incentives and salaries[10]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 539,120[12]. - The largest shareholder, Lingsheng Investment (Jiangsu) Co., Ltd., holds 56.87% of shares, amounting to 4,139,524,021 shares[12]. Corporate Actions - The company approved the revision of its articles of association and related systems on April 4, 2025, during the second extraordinary general meeting of shareholders in 2025[14]. - The company plans to issue convertible bonds to raise funds for acquiring 66.46% equity in Jiangsu Keda from eight counterparties, including Changzhou Yourong and Shanghai Maihuan[15]. - The company plans to issue shares to no more than 35 specific investors to raise matching funds for the acquisition[15]. - The company will hold its second extraordinary general meeting of shareholders on July 4, 2025[14]. - The company is planning to issue H shares and list on the Hong Kong Stock Exchange to enhance its international presence and competitiveness[17].

Revenue and Profit - Q3 2025 revenue was CNY 324,057,725.28, a decrease of 4.79% year-over-year, while total revenue for the year-to-date was CNY 927,888,638.43, down 9.68% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 reached CNY 25,437,298.21, a significant increase of 772.05% year-over-year, with year-to-date net profit at CNY 90,384,452.68, up 5,439.87%[5] - Basic and diluted earnings per share for Q3 2025 were both CNY 0.25, reflecting a 725.00% increase compared to the same quarter last year[5] - The total profit for the year-to-date was CNY 95,558,619.58, a 555.03% increase compared to the previous year, driven by a reduction in asset impairment provisions[9] - Net profit increased significantly to ¥90,384,452.68 compared to ¥1,631,525.49 in the previous period, marking a substantial improvement[21] - Basic and diluted earnings per share rose to ¥0.89 from ¥0.02, indicating a strong recovery in profitability[22] Assets and Liabilities - Total assets as of September 30, 2025, were CNY 2,149,816,113.12, representing a 0.77% increase from the end of the previous year[5] - Total assets amounted to ¥2,149,816,113.12, slightly up from ¥2,133,409,565.53, reflecting a stable asset base[18] - Total liabilities increased to ¥736,349,581.24 from ¥716,145,109.65, showing a rise of approximately 2.9%[18] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 129,249,683.44, down 24.39% compared to the same period last year[5] - Operating cash inflow for the current period was CNY 1,000,935,979.87, a decrease of 15.2% from CNY 1,179,961,155.28 in the previous period[23] - Net cash flow from operating activities was CNY 129,249,683.44, down 24.4% from CNY 170,945,464.11 year-on-year[24] - Total cash outflow from investing activities was CNY 472,851,731.45, significantly higher than CNY 70,741,081.83 in the previous period[24] - Net cash flow from investing activities was negative CNY 879,083.03, compared to negative CNY 70,741,081.83 in the previous period[24] - Cash inflow from financing activities totaled CNY 474,525,355.76, an increase from CNY 335,902,692.66 in the previous period[24] - Net cash flow from financing activities was negative CNY 35,123,807.36, worsening from negative CNY 28,565,117.81 year-on-year[24] - The ending cash and cash equivalents balance was CNY 339,195,235.40, up from CNY 306,850,585.29 in the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 10,597[10] - The largest shareholder, Wang Zhoulin, holds 27.08% of the shares, totaling 27,809,460 shares[10] - The company repurchased 21,600 shares, accounting for 0.02% of the total share capital, with a total transaction amount of 431,252 RMB[12] - The maximum repurchase price was adjusted from 22 RMB per share to 21.40 RMB per share effective from September 24, 2025[12] - The company has no preferred shareholders or significant changes in the top 10 shareholders due to margin trading[11] - The company did not distribute any bonus shares or increase capital from reserves in the dividend plan[13] - The cash dividend for the first half of 2025 is set at 3 RMB per 10 shares, totaling 30,503,115 RMB distributed to shareholders[13] Operating Costs and Expenses - Total operating revenue decreased to ¥927,888,638.43 from ¥1,027,321,085.58, representing a decline of approximately 9.7% year-over-year[20] - Total operating costs reduced to ¥840,820,058.04 from ¥925,519,596.12, a decrease of about 9.2% year-over-year[20] - R&D expenses decreased by 20.64% to CNY 32,300,546.04, indicating a reduction in investment in research and development activities[9] - Research and development expenses decreased to ¥32,300,546.04 from ¥40,700,472.19, a reduction of about 20.7% year-over-year[21] - The company experienced a 442.47% increase in other operating income, totaling CNY 845,962.75, mainly due to an increase in compensation received[9] - The company reported a significant increase in investment income to ¥94,931.29 from a loss of ¥743,991.52 in the previous period, indicating improved investment performance[21] Other Financial Metrics - The company’s cash flow from operating activities showed a decline, indicating potential challenges in revenue generation[23] - Cash received from sales of goods and services was CNY 900,550,352.01, down from CNY 1,059,411,436.60 in the previous period[23] - Cash paid to employees decreased to CNY 101,115,117.05 from CNY 116,108,182.28, a reduction of 12.9%[24] - Other comprehensive income after tax showed a loss of ¥32,741,843.14 compared to a loss of ¥12,173,029.61, reflecting challenges in this area[22] - The company reported a significant increase in other receivables, which rose by 109.96% to CNY 51,237,280.22, primarily due to an increase in export tax refunds[9] - Accounts receivable rose to 291,180,658.95 RMB from 267,077,007.33 RMB at the beginning of the period[16] - Other receivables increased to 51,237,280.22 RMB from 24,403,123.46 RMB at the beginning of the period[16] - The company's cash and cash equivalents increased to 355,422,545.29 RMB from 272,663,539.78 RMB at the beginning of the period[16]

Financial Performance - The company's revenue for the third quarter was CNY 1,116,354,526.96, a decrease of 21.93% compared to the same period last year[5] - The net profit attributable to shareholders was CNY -33,285,267.05, representing a decline of 708.62% year-on-year[5] - The basic earnings per share were CNY -0.0428, down 724.16% from the previous year[5] - Total operating revenue for the current period is ¥3,327,706,983.75, a decrease of 17.2% from ¥4,018,003,129.15 in the previous period[18] - Net profit for the current period is ¥17,089,469.57, a decrease of 10.2% compared to ¥19,035,584.46 in the previous period[19] - The net profit attributable to the parent company's shareholders is ¥7,485,498.23, an increase of 7.3% from ¥6,978,139.99 in the previous period[19] - Basic earnings per share for the current period is ¥0.0097, compared to ¥0.0088 in the previous period[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,799,383,066.65, a decrease of 4.43% from the end of the previous year[5] - Total assets decreased to ¥15,799,383,066.65 from ¥16,532,535,480.70, reflecting a decline of 4.4%[17] - Total liabilities decreased to ¥5,856,496,720.29 from ¥6,274,787,075.09, a reduction of 6.7%[17] - Total equity attributable to the parent company is ¥6,590,391,665.73, down 4.4% from ¥6,893,856,333.62[17] Cash Flow - The company reported a cash flow from operating activities of CNY 415,593,509.22, an increase of 20.81% year-to-date[5] - Operating cash flow for the current period is ¥415,593,509.22, an increase of 20.8% compared to ¥344,010,890.91 in the previous period[20] - Total cash inflow from investment activities is ¥1,084,776,980.57, significantly higher than ¥71,286,676.03 in the previous period[20] - Net cash flow from investment activities is ¥86,767,088.87, recovering from a negative cash flow of -¥1,138,545,627.57 in the previous period[20] - Cash inflow from financing activities totals ¥1,266,998,841.04, up from ¥607,818,000.00 in the previous period[21] - Net cash flow from financing activities is -¥332,740,101.02, worsening from -¥226,094,822.60 in the previous period[21] - The ending balance of cash and cash equivalents is ¥2,848,439,098.75, an increase from ¥2,284,176,019.74 in the previous period[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 46,758[11] - The company held a total of 38,467,823 shares in its repurchase account, accounting for 4.82% of the total share capital[12] - The top shareholder, Jiangxi Cement Co., Ltd., holds a 44.44% stake with 354,385,404 shares[12] - The company has no preferred shareholders or significant changes in shareholder structure reported[13] Operational Metrics - The company experienced a 30.29% decrease in accounts receivable financing, primarily due to a reduction in accepted bills during the period[9] - The construction in progress increased by 182.93% to CNY 47,363,110.35, reflecting progress in ongoing projects[9] - The company recorded a 91.85% increase in asset disposal gains, amounting to CNY 43,239,189.52, due to increased gains from subsidiary relocations[9] - Research and development expenses increased to ¥65,548,895.46, up 13.0% from ¥57,790,470.15 in the previous period[18] Inventory and Receivables - Total current assets of ¥7,180,485,895.79 as of September 30, 2025, a decrease from ¥7,361,670,254.97 at the beginning of the period, reflecting a decline of approximately 2.45%[15] - Accounts receivable decreased to ¥1,479,067,460.33 from ¥1,653,716,825.83, indicating a reduction of approximately 10.51%[15] - Inventory levels slightly increased to ¥462,604,340.91 from ¥457,484,812.00, showing a rise of about 1.46%[15] - The company's fixed assets decreased to ¥6,060,418,321.18 from ¥6,539,640,242.46, a decline of approximately 7.33%[15] - Long-term equity investments remained stable at ¥23,428,318.12 compared to ¥23,427,614.92 at the beginning of the period[15] Strategic Developments - There are no significant new strategies or product developments mentioned in the conference call[14]

Revenue and Profitability - The company's revenue for Q3 2025 was ¥289,000,680.60, a decrease of 35.53% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was ¥5,831,847.30, an increase of 77.73% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5,083,706.67, a significant increase of 755.56% compared to the same period last year[4] - Total operating revenue for the current period is ¥1,265,958,549.85, a decrease of 12.3% from ¥1,443,929,303.89 in the previous period[30] - Net profit for the current period is ¥13,741,961.35, an increase of 26.5% compared to ¥10,906,867.77 in the previous period[32] - Basic earnings per share for Q3 2025 was ¥0.0318, up 71.89% year-on-year[4] - Basic earnings per share for the current period is ¥0.2014, up from ¥0.1801 in the previous period, indicating improved profitability[34] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥4,133,260,746.89, representing a decrease of 6.14% from the end of the previous year[4] - Total current assets decreased to ¥2,925,288,142.87 from ¥3,245,551,766.25, indicating a decline of approximately 9.9%[27] - Total liabilities decreased to ¥2,834,881,095.35 from ¥3,080,543,023.00, indicating improved financial stability[29] - Total equity attributable to shareholders is ¥1,288,283,649.93, slightly down from ¥1,291,069,346.60, reflecting stable shareholder value[29] Cash Flow - The cash flow from operating activities for the year-to-date was -¥154,305,721.57, a decrease of 73.48% compared to the previous year[4] - Operating cash flow rose by 55.53% to ¥1,485,620,580.69, primarily driven by increased collections from EPC projects and distributed photovoltaic integration products[16] - Cash inflow from operating activities is ¥1,485,620,580.69, significantly higher than ¥955,170,019.20 in the previous period, showing strong operational cash generation[35] - The net cash flow from operating activities was -$154.31 million, an improvement from -$581.76 million in the previous period, indicating a significant reduction in cash outflows[37] - The total cash and cash equivalents at the end of the period stood at $245.19 million, a decrease from $578.69 million at the beginning of the period[37] Investments and Expenses - Investment income surged by 246.31% to ¥12,372,432.17, attributed to increased returns from equity investments and debt restructuring gains[13] - Research and development expenses for the current period are ¥54,281,408.97, a decrease from ¥58,122,523.71, suggesting a potential shift in investment strategy[32] - The company reported an investment income of ¥12,372,432.17, significantly higher than ¥3,572,615.75 in the previous period, indicating successful investment strategies[32] - The company has implemented a strategy to reduce financial expenses, with total financial costs increasing to ¥39,062,316.05 from ¥29,156,798.56, primarily due to interest expenses[32] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,977[18] - The top shareholder, Fuzhou Bohong Investment Management Co., Ltd., holds 24.63% of shares, totaling 46,185,486 shares[18] - The company reported a total of 46,185,486 shares held by Fuzhou Bohong Investment Management Co., Ltd., which is the largest shareholder[20] - The company has a total of 1,181,700 shares held by Zhang Yibin, representing a significant stake[20] - The company has a total of 35,378,453 shares held by Fuzhou Yongfu Hancheng Investment Management Co., Ltd.[20] Financial Changes and Trends - The company's inventory decreased by 34.90% to ¥272,188,140.62 due to accelerated distribution of integrated photovoltaic products[12] - The company's short-term borrowings increased by 41.51% to ¥1,136,096,681.63, driven by increased funding needs for project payments[12] - The company's contract liabilities increased by 44.38% to ¥76,118,366.90, reflecting new prepayments received for EPC projects[12] - Financial expenses increased by 33.97% to ¥39,062,316.05 due to higher interest costs from increased borrowings and guarantee fees from EPC projects[13] - The company experienced a 98.19% decline in fair value changes to ¥52,849.80, due to the reversal of previous losses on financial derivatives[13] - Credit impairment losses decreased by 106.29% to ¥1,727,879.68, as total collections increased compared to the previous year[13] Audit and Reliability - The third quarter financial report was not audited, which may affect the reliability of the reported figures[39]

Financial Performance - The company's operating revenue for the third quarter was CNY 77,317,491.40, an increase of 5.40% compared to the same period last year[4]. - The total profit for the third quarter decreased by 89.16% to CNY 1,614,907.32, while the net profit attributable to shareholders dropped by 87.54% to CNY 1,628,220.12[4][9]. - The net profit excluding non-recurring gains and losses for the third quarter was CNY 1,940,018.06, down 85.10% year-on-year[4][10]. - The basic earnings per share for the third quarter was CNY 0.01, reflecting a decrease of 87.50% compared to the previous year[5][10]. - Total operating revenue for the first three quarters of 2025 was CNY 248,021,195.51, a slight decrease of 0.3% compared to CNY 248,767,721.90 in the same period of 2024[20]. - Net profit for the first three quarters of 2025 was CNY 24,499,702.19, a decrease of 48.2% compared to CNY 47,202,084.32 in 2024[21]. - Operating profit for the first three quarters of 2025 was CNY 28,284,353.72, down 47.6% from CNY 54,031,935.40 in 2024[21]. - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.14, down from CNY 0.28 in 2024[22]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,230,449,888.07, representing a 2.78% increase from the end of the previous year[5]. - As of September 30, 2025, the total assets of Zhejiang Huasheng Technology Co., Ltd. amounted to RMB 1,230,449,888.07, an increase from RMB 1,197,199,504.41 at the end of 2024, reflecting a growth of approximately 2.1%[15]. - The company's current assets totaled RMB 577,208,882.63, down from RMB 718,566,702.42 at the end of 2024, indicating a decrease of about 19.6%[15]. - The total liabilities rose to RMB 87,308,949.73 from RMB 56,588,268.26, marking an increase of approximately 54.4%[17]. - The company's equity attributable to shareholders increased slightly from RMB 1,140,611,236.15 to RMB 1,143,140,938.34, a growth of about 0.2%[17]. Cash Flow - The cash flow from operating activities for the year-to-date period increased by 174.64% to CNY 24,659,765.45[4][10]. - Cash flow from operating activities for the first three quarters of 2025 was CNY 24,659,765.45, significantly up from CNY 8,978,793.52 in 2024[25]. - Cash and cash equivalents at the end of the third quarter of 2025 were CNY 189,728,524.44, down from CNY 468,163,203.58 at the end of the same period in 2024[25]. - The cash and cash equivalents decreased significantly from RMB 363,626,669.61 to RMB 189,837,746.51, a decline of approximately 47.8%[15]. - The company reported a net cash outflow from investing activities of CNY 216,240,830.37 in 2025, compared to CNY 83,694,071.94 in 2024, reflecting increased capital expenditures[25]. - The company received CNY 180,000,000.00 from investment recoveries in 2025, indicating a significant cash inflow from previous investments[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,292[11]. - The largest shareholder, Jiang Yuhui, holds 37.41% of the shares, totaling 63,216,562 shares[12]. - The company has not reported any significant changes in the top 10 shareholders or their participation in margin trading[13]. Expenses and Investments - The company experienced increased management and financial expenses, contributing to the decline in profits[9]. - Total operating costs increased to CNY 217,724,399.89 in 2025, up 12.9% from CNY 192,934,662.29 in 2024[20]. - Research and development expenses for the first three quarters of 2025 were CNY 10,112,441.94, compared to CNY 9,353,031.16 in 2024, indicating an increase in investment in innovation[20]. Other Information - There are no other important reminders regarding the company's operational situation during the reporting period[14].