Financial Performance - The company's operating revenue for the third quarter was ¥52,345,995.49, representing a year-on-year increase of 5.99%[5] - The total profit for the quarter was ¥2,300,973.03, while the net profit attributable to shareholders was ¥1,681,587.51[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥2,338,862.88 for the quarter[5] - Total operating revenue for the first three quarters of 2025 reached ¥158.34 million, a 4.5% increase from ¥151.95 million in the same period of 2024[20] - Total operating costs increased to ¥206.97 million in 2025, up from ¥202.75 million in 2024, reflecting a rise of 2.9%[20] - Operating profit for the first three quarters of 2025 was -¥28.98 million, an improvement from -¥55.23 million in 2024, indicating a reduction in losses[21] - Net profit for the first three quarters of 2025 was -¥32.96 million, compared to -¥55.35 million in 2024, showing a significant decrease in losses by 40.4%[21] - Basic and diluted earnings per share for 2025 were both -¥0.12, an improvement from -¥0.20 in 2024[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,181,732,610.62, an increase of 101.22% compared to the end of the previous year[6] - The equity attributable to shareholders decreased by 9.94% to ¥233,909,161.96 compared to the previous year[6] - Total current assets amount to 569,476,700.37 RMB, a significant increase from 228,302,926.83 RMB in the previous period[17] - Total non-current assets are reported at 612,255,910.25 RMB, up from 358,973,830.28 RMB[18] - Total liabilities amount to 904,275,279.61 RMB, compared to 342,160,591.10 RMB previously[19] - The total equity attributable to shareholders of the parent company is 233,909,161.96 RMB, down from 259,721,007.32 RMB[19] - The company has a short-term loan of 317,659,319.64 RMB, significantly higher than 60,068,236.30 RMB in the previous period[18] - The inventory value stands at 348,251,980.63 RMB, compared to 106,722,661.36 RMB previously, indicating a substantial increase[17] - The company reported a net loss of -389,874,211.13 RMB in retained earnings[19] - The total assets of the company are 1,181,732,610.62 RMB, compared to 587,276,757.11 RMB in the previous period[19] Cash Flow - The company reported a cash flow from operating activities of -¥81,654,733.30 year-to-date[5] - Cash flow from operating activities for the first three quarters of 2025 was -¥81.65 million, worsening from -¥29.18 million in 2024[24] - Cash inflow from financing activities in 2025 was ¥203.99 million, significantly higher than ¥79.20 million in 2024, indicating increased financing efforts[26] - The net cash flow from financing activities in 2025 was ¥106.02 million, a turnaround from -¥1.68 million in 2024[26] - The ending cash and cash equivalents balance for 2025 was ¥6.03 million, down from ¥8.87 million in 2024[26] Non-Recurring Gains and Cost Management - Non-recurring gains for the quarter totaled ¥4,020,450.39, with significant contributions from government subsidies and asset impairment reversals[9] - The company implemented cost reduction and efficiency improvement measures, including closing loss-making stores and increasing marketing efforts[10] Shareholder Information - Total number of common shareholders at the end of the reporting period is 10,220[13] - The largest shareholder, Wu Tao, holds 45.00% of shares with 118,240,460 shares[13] Research and Development - Research and development expenses decreased to ¥5.67 million in 2025 from ¥7.67 million in 2024, reflecting a 26% reduction[21] Accounting Standards - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of the year[27]

晶澳太阳能科技股份有限公司 2025 年第三季度报告 证券代码：002459 证券简称：晶澳科技 公告编号：2025-100 债券代码：127089 债券简称：晶澳转债 晶澳太阳能科技股份有限公司 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。 □是 否 1 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 晶澳太阳能科技股份有限公司 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 | | 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） ...

Financial Performance - Operating revenue for Q3 2025 was CNY 2,934,563,000, a decrease of 16.89% compared to the same period last year[3] - Net profit attributable to shareholders of the parent company reached CNY 1,440,556,000, an increase of 10.48% year-on-year[3] - The basic earnings per share for the period was CNY 0.39, up 8.33% compared to the same period last year[3] - The weighted average return on equity for the parent company's ordinary shareholders was 2.30%, an increase of 0.10 percentage points year-on-year[3] - The company achieved operating revenue of 9.435 billion RMB, a year-on-year decrease of 13.73%, and a net profit attributable to shareholders of 3.915 billion RMB, down 1.39% year-on-year[28] - The group's net profit for the first nine months of 2025 was RMB 3.98 billion, slightly down from RMB 4.05 billion in the same period of 2024, a decrease of approximately 1.8%[43] - The group's operating income for the first nine months of 2025 was RMB 9.44 billion, down from RMB 10.94 billion in the same period of 2024, a decrease of approximately 13.7%[43] Assets and Liabilities - Total assets as of September 30, 2025, amounted to CNY 746,588,675,000, reflecting a growth of 5.80% from the end of the previous year[3] - The total liabilities as of September 30, 2025, were CNY 676,185,697,000, an increase of 6.21% from the previous year[3] - The group's total assets increased to RMB 746.59 billion as of September 30, 2025, up from RMB 705.67 billion as of December 31, 2024, representing a growth of approximately 5.8%[41] - The group's total liabilities rose to RMB 676.19 billion as of September 30, 2025, compared to RMB 636.63 billion as of December 31, 2024, an increase of about 6.2%[41] Income and Expenses - Investment income for the first nine months of 2025 reached 2,187,538 thousand RMB, a 34.20% increase compared to 1,630,086 thousand RMB in the same period of 2024[9] - Other income decreased by 74.29% to 11,094 thousand RMB from 43,151 thousand RMB year-on-year due to reduced government subsidies[9] - Net interest income for the group decreased to RMB 7.61 billion for the first nine months of 2025, down from RMB 8.67 billion in the same period of 2024, a decline of about 12.3%[43] - The group's provision for credit impairment losses decreased to RMB 2.38 billion in the first nine months of 2025, compared to RMB 3.92 billion in the same period of 2024, a reduction of about 39.1%[43] Deposits and Loans - Total deposits increased to 435,027,069 thousand RMB as of September 30, 2025, compared to 419,207,591 thousand RMB at the end of 2024[11] - The total loan amount was RMB 345.741 billion, with an increase of RMB 6.599 billion or 1.95% year-to-date[27] - The balance of corporate loans (including discounts) reached 291.501 billion RMB, an increase of 2.785 billion RMB from the beginning of the year[30] - The balance of personal housing mortgage loans was 22.136 billion RMB, an increase of 739 million RMB, while comprehensive consumer loans (excluding credit cards) rose by 70.48% to 7.414 billion RMB[34] Capital and Equity - The capital adequacy ratio stood at 15.05% as of September 30, 2025, slightly up from 14.99% at the end of 2024[12] - The company's capital adequacy ratio stood at 15.05%, meeting regulatory requirements[29] - The group's total equity increased to RMB 70.40 billion as of September 30, 2025, from RMB 69.04 billion as of December 31, 2024, reflecting a growth of approximately 2.0%[41] Customer and Market Position - The company actively pursued customer management and aimed for high-quality development amidst national policy opportunities[27] - The total number of individual customers reached 12.921 million, an increase of 169,100 from the beginning of the year, with total assets under management (AUM) of 292.267 billion RMB, up 7.47%[33] - The company ranked 197th in the 2025 Global Bank 1000 list by The Banker magazine and 36th in the 2025 China Banking Industry Top 100 list, both showing improvement from the previous year[27] Cash Flow - The total cash flow from operating activities for the first nine months of 2025 was 15,480,733 thousand RMB, a 36.61% increase from 11,331,847 thousand RMB in the same period of 2024[9] - Total cash inflow from operating activities was ¥38,198,019 in 2025, down 23.7% from ¥50,084,988 in 2024[45] - Cash outflow from operating activities decreased to ¥22,717,286 in 2025 from ¥38,753,141 in 2024, a reduction of 41.4%[45] - The ending balance of cash and cash equivalents increased to ¥32,736,483 in 2025 from ¥30,111,207 in 2024, an increase of 8.7%[45]

Financial Performance - Net profit attributable to shareholders was RMB 7,162 million, down 10.61% from the same period last year[4] - The return on average total assets (annualized) was 0.36%, a decrease of 0.06 percentage points year-on-year[4] - The weighted average return on equity (annualized) was 4.13%, down 1.11 percentage points from the previous year[4] - The bank's basic earnings per share was RMB 0.14, a decrease of 12.50% compared to the same period last year[4] - The net profit attributable to shareholders for the first three quarters of 2025 was CNY 285.42 billion, a decrease of CNY 19.44 billion, or 6.38% year-on-year[17] - The net profit attributable to the bank's shareholders for the first nine months of 2025 was RMB 28,542 million, compared to RMB 30,486 million in 2024, indicating a decrease of 6.4%[46] - The total comprehensive income for the group was RMB 25,553 million, down from RMB 32,296 million in the same period last year, reflecting a decline of 20.8%[48] Asset and Liability Management - Total assets reached RMB 7,872,864 million, an increase of 0.74% compared to the end of 2024[3] - Total liabilities amounted to CNY 71,723.16 billion, increasing by CNY 139.15 billion, or 0.19% year-on-year[16] - The total assets of the group reached RMB 7,872,864 million as of September 30, 2025, compared to RMB 7,814,969 million at the end of 2024[40] - The group's total liabilities were RMB 7,172,316 million as of September 30, 2025, compared to RMB 7,158,401 million at the end of 2024[42] - The bank's total liabilities and shareholders' equity reached RMB 7,872,864 million, compared to RMB 7,814,969 million at the end of 2024, showing a growth of 0.7%[44] Loan and Deposit Trends - Total loans and advances amounted to RMB 4,436,759 million, a slight decrease of 0.31% year-on-year[3] - Total deposits reached RMB 4,255,602 million, reflecting a growth of 0.15% compared to the previous year[3] - The balance of inclusive small and micro enterprise loans was CNY 6,630.14 billion, with a non-performing loan ratio of 1.58%[21] - Total loans (including discounts) amounted to 1.48 trillion yuan, an increase of 32.52 billion yuan compared to the end of last year[26] - Daily average deposits reached 1.21 trillion yuan, an increase of 10.13 billion yuan compared to the previous year[26] Asset Quality and Risk Management - The non-performing loan ratio increased to 1.48%, up 0.01 percentage points from the end of 2024[3] - The non-performing loan total was 65.86 billion yuan, with a non-performing loan ratio of 1.48%, up 0.01 percentage points from the end of last year[32] - The core Tier 1 capital adequacy ratio was 9.25%, down by 0.11 percentage points from the end of the previous year[34] - The liquidity coverage ratio stood at 133.70%, exceeding the regulatory requirement by 33.70 percentage points[36] - The asset quality remains stable and controllable, with a robust risk prevention system in place[15] Operational Efficiency and Strategic Focus - The company emphasizes a strategic focus on "strong customer base, optimal structure, risk control, and revenue growth" for high-quality development[15] - The company is committed to optimizing its operations and driving efficiency through structural improvements[15] - The group aims to enhance its support for technology-driven enterprises and has established 12 specialized branches for technology finance[18] - Key business areas such as supply chain, agency distribution, mortgage, merchant acquiring, and cross-border services are experiencing accelerated growth[15] Shareholder Information - The total number of ordinary shareholders was 336,103, with 319,388 holding A shares and 16,715 holding H shares[7] - The top 10 shareholders hold a total of 18.93% and 10.30% of the shares, with the largest being Hong Kong Central Clearing Limited at 8,288,521,394 shares[8] - The company has a total of 57 domestic preferred shareholders as of the end of the reporting period[10] - The largest preferred shareholder is China Ping An Property & Casualty Insurance Co., holding 14,000,000 shares, representing 7.00%[12] - The total number of shares held by the top 10 unrestricted shareholders does not participate in margin trading[8] Cash Flow and Investment Activities - Cash flow from operating activities for the year-to-date was RMB 46,055 million, a significant improvement from a negative cash flow in the previous year[6] - The group's cash flow from operating activities generated a net inflow of RMB 46,055 million, a significant recovery compared to a net outflow of RMB 194,600 million in the previous year[50] - The net cash flow from investment activities for the group increased to RMB 71.2 million in 2025 from RMB 4.3 million in 2024, reflecting a significant improvement[52] - Cash inflows from investment activities totaled RMB 2,531.878 million in 2025, up from RMB 1,452.444 million in 2024, indicating a growth of approximately 74%[52] - The cash outflow for debt repayment was RMB 1,073.243 million in 2025, compared to RMB 833.659 million in 2024, indicating an increase in debt servicing costs[52]

Financial Performance - Q3 2025 revenue decreased by 39.54% year-on-year to CNY 3.34 billion, and year-to-date revenue fell by 73.57% to CNY 5.70 billion[5]. - Net profit attributable to shareholders was a loss of CNY 3.26 billion for Q3 2025, a decline of 112.57%, and a year-to-date loss of CNY 10.78 billion, down 102.12%[5]. - Basic and diluted earnings per share for Q3 2025 were both CNY -0.31, reflecting a decrease of 121.43%[5]. - Total operating revenue for the current period was CNY 5,699,478,577.10, a significant decrease from CNY 21,567,436,820.72 in the previous period, representing a decline of approximately 73.6%[29]. - The net loss for the current period was CNY 11,179,985,467.75, compared to a net loss of CNY 5,509,892,455.59 in the previous period, reflecting an increase in losses of approximately 102.2%[30]. - The total comprehensive loss for the current period was CNY -11,210,155,411.08, compared to CNY -5,556,141,692.14 in the previous period, reflecting an increase in comprehensive losses of approximately 101.7%[30]. Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 170.30 billion, down 3.88% from the previous year[5]. - The total liabilities amounted to CNY 196,298,004,576.75, slightly up from CNY 194,469,952,478.70 in the previous period, showing an increase of about 0.9%[28]. - The equity attributable to the parent company was CNY -36,884,764,420.72, worsening from CNY -28,682,918,324.83 in the previous period[28]. - The company's equity attributable to shareholders decreased by 28.59% to CNY -36.88 billion compared to the end of the previous year[5]. - The total principal amount of interest-bearing liabilities was 68.960 billion RMB, with overdue interest-bearing debt totaling 54.393 billion RMB[16]. Cash Flow - Cash flow from operating activities showed a net outflow of CNY 633.12 million year-to-date, an increase of 4.33%[5]. - Operating cash flow for the current period was -633,120,142.44 CNY, a slight improvement from -661,770,342.18 CNY in the previous period[31]. - Total cash inflow from operating activities decreased to 3,798,021,511.88 CNY, down 49.7% from 7,544,348,986.25 CNY year-over-year[31]. - Cash outflow from operating activities was 4,431,141,654.32 CNY, a decrease of 45.5% compared to 8,206,119,328.43 CNY in the previous period[31]. - Cash received from sales of goods and services was 2,546,289,011.09 CNY, down 39.9% from 4,229,655,920.48 CNY year-over-year[31]. - The company's cash balance at the end of the reporting period was 3.890 billion RMB, with restricted cash amounting to 982 million RMB[16]. Restructuring and Corporate Governance - The company is currently undergoing a restructuring process, with the court approving the restructuring plan on May 10 and 11, 2025[19]. - The company received a total of 2.628 billion yuan in restructuring investment funds, which were fully paid on time to the management account during the reporting period[21]. - The company has established a new board of directors consisting of 6 non-independent directors and 3 independent directors, with Guo Wei elected as chairman and Wang Xiaoqing as vice chairman[23]. - The company is implementing specific measures to improve its financial situation and alleviate liquidity pressure, including securing special loans and support from financial institutions[20]. - The company’s restructuring plan is aimed at optimizing its asset structure and eliminating underperforming projects to enhance its balance sheet[23]. Shareholder Information - The top shareholder, Jinke Real Estate Group Co., Ltd., holds 21.58% of the shares, amounting to 2,294,365,816 shares[14]. - The second-largest shareholder, Qingdao Jingyu Star Construction Enterprise Management Partnership, holds 5.64% of the shares, totaling 599,642,857 shares[14]. Operational Highlights - The company completed the delivery of approximately 13,000 residential and commercial units, covering an area of about 2.09 million square meters during the reporting period, with a cumulative delivery of 314,000 units and a total area of 48.4 million square meters since the initiation of the "guarantee delivery" work in 2022, achieving an overall progress of about 98%[20]. - The company has a total inventory balance of 113.236 billion RMB, with an inventory impairment provision of 29.206 billion RMB[17]. Management Changes - The company appointed new independent directors, including Mr. Feng Ping and Mr. Zhang Yi, effective October 2025[40][41]. - Mr. Zhou Da has been promoted to Co-President of the company, with a career progression through various managerial positions since 2014[42]. - Ms. He Ge Ping, with extensive financial management experience, has been appointed as the company's financial head starting October 2025[43]. - The company has a strong advisory committee led by Mr. Feng Lun, a prominent figure in real estate and social philanthropy[44].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 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 导性陈述或者重大遗漏，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 国泰海通证券股份有限公司2025 年第三季度报告 证券代码：601211 证券简称：国泰海通 国泰海通证券股份有限公司 2025 年第三季度报告 1/22 国泰海通证券股份有限公司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 单位：元 币种：人民币 | | | | | | | | | 年初至 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本报告期 | 上年同期 | | 本报告期比 上年同期增 减变动幅度 | | 上年同期 | | 报告期 末比上 年同期 | | 项目 | | | ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,063,480,320.25, a decrease of 21.33% compared to the same period last year[5] - The total profit for the period was ¥222,984,028.26, down 49.06% year-on-year[5] - The net profit attributable to shareholders was ¥194,636,973.19, reflecting a decline of 53.17% compared to the previous year[5] - The net profit after deducting non-recurring gains and losses was ¥98,727,344.67, a decrease of 25.05% year-on-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 3,489,900,135.84, a decrease of 16.7% compared to CNY 4,187,756,325.06 in the same period of 2024[19] - Net profit for the first three quarters of 2025 reached CNY 503,114,781.39, an increase of 12.6% compared to CNY 447,051,385.85 in the previous year[20] - Basic and diluted earnings per share remained stable at CNY 0.24 for both 2025 and 2024[21] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥14,300,416,799.60, a decrease of 2.91% from the end of the previous year[6] - Total current assets as of September 30, 2025, amount to ¥4,971,877,275.24, a decrease from ¥5,818,918,056.60 as of December 31, 2024[14] - Total assets amount to ¥14,300,416,799.60, down from ¥14,728,811,676.92 in the previous year[15] - The total liabilities decreased to CNY 4,493,090,473.96 in 2025 from CNY 5,321,737,442.65 in 2024, reflecting a reduction of approximately 15.5%[17] - The total equity increased to CNY 9,807,326,325.64 in 2025, up from CNY 9,407,074,234.27 in 2024, indicating a growth of about 4.3%[17] Cash Flow - The cash flow from operating activities for the year-to-date was negative at -¥669,767,830.64[6] - Cash inflow from operating activities for the first three quarters of 2025 was approximately $3.74 billion, a decrease of 7.1% compared to $4.02 billion in the same period of 2024[23] - Net cash outflow from operating activities was approximately -$669.77 million, an improvement from -$990.62 million year-over-year[24] - Cash inflow from investment activities increased to approximately $4.88 billion in 2025, up 26.1% from $3.86 billion in 2024[24] - Cash inflow from financing activities decreased to approximately $419.01 million, down 44.5% from $755.75 million in 2024[24] - The net increase in cash and cash equivalents for the first three quarters of 2025 was approximately -$1.32 billion, compared to -$1.59 billion in 2024[25] - The ending balance of cash and cash equivalents was approximately $956.26 million, an increase from $825.71 million in the previous year[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 213,767[12] - The largest shareholder, Hangzhou Hengsheng Electronic Group Co., Ltd., holds 393,743,087 shares, accounting for 20.78% of total shares[12] Revenue Breakdown - The revenue from wealth technology services decreased by 9.63% to ¥726,099,782.67 year-to-date[10] - The revenue from asset management technology services dropped by 28.23% to ¥725,155,725.82 year-to-date[10] Expenses - Research and development expenses for the first three quarters of 2025 totaled CNY 1,518,421,961.43, a decrease of 10% from CNY 1,685,343,272.80 in 2024[19] - The company reported a decrease in sales expenses to CNY 376,201,513.21 in 2025 from CNY 501,551,920.98 in 2024, a reduction of approximately 25%[19] Other Financial Metrics - The company reported a basic earnings per share of ¥0.10, down 54.55% from the previous year[6] - Other comprehensive income after tax for the first three quarters of 2025 was CNY -6,276,442.97, slightly improved from CNY -6,509,413.10 in the previous year[20] - The company received approximately $28.33 million from minority shareholders in 2025, compared to $25 million in 2024[24] - The company paid approximately $287.33 million in debt repayments, down from $567.77 million in the previous year[24]

Financial Performance - The company's operating revenue for Q3 2025 was ¥343,668,632.07, a decrease of 77.12% compared to the same period last year[3] - Total profit for the quarter was ¥241,155,486.86, down 62.22% year-over-year[3] - Net profit attributable to shareholders was ¥281,281,416.22, reflecting a 37.25% decline compared to the previous year[3] - The basic earnings per share (EPS) for the quarter was ¥0.033, a decrease of 37.74% year-over-year[3] - Year-to-date operating revenue reached ¥1,051,081,091.05, down 92.56% from the previous year[3] - Year-to-date total profit was ¥446,324,176.72, a decrease of 89.38% compared to the same period last year[3] - The weighted average return on equity (ROE) was 0.68%, down 0.35 percentage points year-over-year[3] - The company reported an operating profit of CNY 654,857,098.37 for the first three quarters of 2025, down from CNY 4,347,255,461.24 in 2024, indicating a decrease of about 84.91%[18] - Net profit for the first three quarters of 2025 was CNY 418,575,826.33, down from CNY 3,126,030,883.91 in 2024, reflecting a decline of approximately 86.61%[18] - Basic earnings per share for the first three quarters of 2025 were CNY 0.064, down from CNY 0.233 in the same period of 2024, reflecting a decrease of approximately 72.54%[19] Cash Flow - The net cash flow from operating activities was negative at -¥69,225,805.53, a decline of 129.20% compared to the same period last year[3] - Operating cash flow for the first three quarters of 2025 was CNY 124,865,204.35, a decrease of 35.5% compared to CNY 193,571,244.14 in the same period of 2024[21] - The company's cash flow from operating activities totaled CNY 6,071,701,889.53 in 2025, a decrease of 10% from CNY 6,744,118,714.61 in 2024[21] - Cash flow from financing activities showed a net outflow of CNY 1,364,998,769.93 in 2025, an improvement from a net outflow of CNY 2,568,369,486.54 in 2024[22] - Cash flow from financing activities resulted in a net outflow of ¥1,068,935,525.42 in 2025, compared to a net outflow of ¥819,155,332.53 in 2024[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥97,047,020,374.02, a slight increase of 0.02% from the end of the previous year[4] - Total current assets as of September 30, 2025, amount to 41,756,793,948.79 RMB, a decrease from 42,226,266,436.30 RMB at the end of 2024[13] - Total non-current assets as of September 30, 2025, amount to 55,290,226,425.23 RMB, an increase from 54,801,692,140.88 RMB at the end of 2024[14] - The total liabilities as of the latest reporting period were CNY 54,991,379,279.56, slightly up from CNY 54,583,267,997.61 in the previous period, showing an increase of about 0.75%[15] - The total equity attributable to shareholders was CNY 41,630,355,256.18, a decrease from CNY 41,896,593,262.40, representing a decline of approximately 0.64%[15] - The total liabilities increased to CNY 16,119,263,788.56 in 2025 from CNY 14,016,185,689.88 in 2024, indicating a rise of 15%[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 111,009[10] - The largest shareholder, Qizhou Zhibao Enterprise Management Partnership, holds 1,612,803,600 shares, representing 18.95% of total shares[11] - The second largest shareholder, Huang Wei, holds 1,449,967,233 shares, representing 17.04% of total shares[11] - The company has a repurchase account holding 63,500,700 shares, representing 0.75% of total shares[11] - The company has not disclosed any significant changes in shareholder relationships or participation in margin trading activities[12] Comprehensive Income - The company recorded a total comprehensive income of CNY -49,608,431.45 for the first three quarters of 2025, contrasting with CNY 3,353,524,263.48 in 2024, indicating a significant decline[18] - The total comprehensive income for the first three quarters of 2025 was ¥3,172,713,541.62, slightly down from ¥3,277,579,643.19 in 2024[28] Changes in Accounting Standards - The company will implement new accounting standards or interpretations starting from 2025, which will involve adjustments to the financial statements at the beginning of the first execution year[32]

Financial Performance - The company's operating revenue for Q3 2025 was CNY 26,137,814.94, a decrease of 25.01% compared to the same period last year[3]. - The total profit for the period was CNY 8,105,005.61, down 31.96% year-on-year[3]. - The net profit attributable to shareholders was CNY 5,668,005.94, reflecting a significant decline of 65.28% compared to the previous year[3]. - The basic earnings per share for the quarter was CNY 0.027, a decrease of 65.82% year-on-year[4]. - Total operating revenue for the first three quarters of 2025 was ¥83,779,058.75, a decrease of 17.7% compared to ¥101,920,959.04 in the same period of 2024[17]. - Net profit for the first three quarters of 2025 was ¥26,289,237.30, down 73.3% from ¥98,417,323.56 in 2024[17]. - The company’s total profit for the first three quarters of 2025 was ¥36,651,580.90, a decrease of 70% from ¥122,308,756.60 in 2024[17]. - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.127, down from ¥0.477 in 2024[18]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was CNY -113,653,363.21, a decline of 297.39% compared to the same period last year[3]. - Cash and cash equivalents at the end of the period decreased to ¥726,275,466.79 from ¥1,393,974,509.31, a decline of 47.9%[21]. - The company's cash and cash equivalents, including structured deposits and large certificates of deposit, totaled RMB 1.316 billion at the end of the reporting period[13]. - The company's current liabilities decreased significantly from RMB 248 million at the end of 2024 to RMB 83 million as of September 30, 2025[16]. - The company's total assets at the end of the reporting period were CNY 1,521,048,448.64, representing a decrease of 7.72% from the end of the previous year[4]. - As of September 30, 2025, the company's total assets amounted to RMB 1.521 billion, a decrease from RMB 1.648 billion at the end of 2024[15]. - The company reported a significant increase in financial income, with interest income of ¥8,601,126.12 compared to ¥11,969,008.99 in the previous year[17]. Shareholder Information - The company reported a total of 11,720 common shareholders at the end of the reporting period[10]. - The top shareholder, Tibet Dejin Enterprise Management Co., Ltd., holds 26.81% of the shares, with 24,300,000 shares pledged[10]. Management and Operational Insights - The company experienced a significant reduction in net profit due to increased management expenses and the absence of non-operating income from property relocation subsidies[5]. - The company has no non-operating income from property relocation rewards in the current period, leading to a year-on-year decrease in non-recurring gains and losses[12]. - The company’s management indicated a focus on cost control and efficiency improvements in response to the declining revenue and profit margins[22]. Investment and Liabilities - The company's long-term equity investments decreased from RMB 15.99 million to RMB 14.21 million[14]. - The company's total liabilities decreased from RMB 265 million at the end of 2024 to RMB 99 million as of September 30, 2025[16]. - The company purchased large certificates of deposit totaling RMB 580 million during the first three quarters of the year[13]. - The total amount of compensation for the relocation of the property at Pingliang Road 624 is RMB 251 million, with a reward fee of RMB 82.59 million included in non-operating income[12]. Inventory and Operating Costs - The company reported a decrease in inventory from RMB 391,938.05 to RMB 305,227.98 during the reporting period[14]. - Total operating costs decreased to ¥62,677,594.98 from ¥67,946,030.81, representing a reduction of 7.5%[17]. - Investment activities generated a net cash flow of -¥579,566,991.55, compared to a positive cash flow of ¥108,009,155.27 in the same period last year[20].

Financial Performance - The company's operating revenue for the third quarter was CNY 29,043,671,615, a decrease of 7.86% compared to the same period last year[6]. - The total profit for the quarter was CNY 18,059,091,589, down 7.82% year-on-year[6]. - The net profit attributable to shareholders was CNY 15,136,522,021, reflecting a decline of 9.16% compared to the previous year[6]. - For the first three quarters of 2025, the total operating revenue was RMB 65.74 billion, a decrease of 0.89% compared to RMB 66.33 billion in the same period of 2024[18]. - Total operating revenue for the first nine months was CNY 68,938,167,805.42, a decrease from CNY 71,355,812,909.77 in the same period last year, representing a decline of approximately 3.9%[24]. - Net profit attributable to shareholders of the parent company reached CNY 28,192,874,494.95, compared to CNY 28,024,923,212.82 in the previous year, showing an increase of about 0.6%[20]. - Operating profit for the period was CNY 34,213,116,819.44, slightly up from CNY 33,747,343,958.43, indicating a growth of approximately 1.4%[19]. - Total comprehensive income for the period was CNY 28,926,843,608.38, compared to CNY 28,889,058,075.39, showing a marginal increase of about 0.1%[20]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was CNY 42,895,214,452, a decrease of 9.98% from the same period last year[6]. - The net cash flow from operating activities was CNY 42,895,214,451.84, down from CNY 47,648,323,585.18, a decrease of approximately 10.5%[24]. - The net cash flow from investing activities was -6,640,657,422.17 CNY, compared to -5,678,704,744.56 CNY in the previous period, indicating a decline in investment performance[25]. - The total cash inflow from financing activities reached 142,844,664,598.32 CNY, while cash outflow was 175,349,626,287.08 CNY, resulting in a net cash flow of -32,504,961,688.76 CNY, an improvement from -43,221,252,965.11 CNY previously[25]. - The company's cash and cash equivalents increased by 3,757,085,496.38 CNY, with an ending balance of 10,278,962,486.89 CNY compared to 6,496,532,479.08 CNY at the end of the previous period[25]. - The company's cash and cash equivalents stood at RMB 10.33 billion, compared to RMB 6.57 billion at the end of 2024, reflecting a growth of 57.5%[14]. - Cash and cash equivalents at the end of the period stood at ¥6.55 billion, a substantial increase from ¥2.19 billion at the end of the previous year, marking a growth of approximately 199.4%[34]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 568,769,002,806, an increase of 0.42% compared to the end of the previous year[6]. - The total assets of China Yangtze Power Co., Ltd. amounted to RMB 568.77 billion, a slight increase from RMB 566.39 billion at the end of 2024[14]. - The company's total current assets reached RMB 27.11 billion, up from RMB 17.20 billion in the previous year, indicating a significant growth of 57.1%[14]. - The total liabilities decreased to RMB 335.78 billion from RMB 344.39 billion, showing a reduction of 2.0%[16]. - The total liabilities increased to 154,854,128,132.80 CNY from 149,188,869,625.21 CNY, reflecting a rise in financial obligations[28]. - The company's total equity rose to 180,650,873,319.32 CNY, compared to 168,597,490,240.72 CNY, indicating a strengthening of the equity position[28]. - The long-term borrowings increased to 63,877,900,000.00 CNY from 45,659,900,000.00 CNY, indicating a strategy to leverage for growth[28]. Shareholder Information - The company had a total of 601,559 common shareholders at the end of the reporting period[11]. - China Three Gorges Group has increased its stake in the company by acquiring 90.70 million shares for a total investment of RMB 253.10 million as of October 29, 2025[13]. - The company plans to repurchase shares worth between RMB 4 billion and RMB 8 billion over the next 12 months, reflecting confidence in future growth[12]. Research and Development - Research and development expenses increased to CNY 411,682,995.77 from CNY 349,345,236.00, reflecting a rise of about 17.8% year-over-year[19]. - Research and development expenses increased to ¥247.14 million from ¥196.39 million, representing a growth of approximately 25.8% year-over-year[30].