Financial Performance - The company's operating revenue for Q3 2025 was ¥187,360,322.71, representing a year-on-year increase of 19.92%[2] - Total profit for the period was ¥38,287,693.31, a decrease of 5.46% compared to the same period last year[2] - Net profit attributable to shareholders was ¥34,135,164.59, down 6.34% year-on-year[2] - Total operating revenue for the first three quarters of 2025 reached ¥497.76 million, an increase from ¥449.70 million in the same period of 2024, representing an increase of approximately 10.5%[17] - Net profit for the first three quarters of 2025 was ¥80.88 million, down from ¥98.22 million in 2024, reflecting a decrease of approximately 17.7%[18] - The company’s total profit for the first three quarters was ¥92.57 million, down from ¥110.29 million in the previous year, reflecting a decrease of approximately 16%[17] - Basic earnings per share for the current period was ¥0.56, compared to ¥0.67 in the previous year, indicating a decline of about 16.4%[18] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date was ¥158,782,923.42, showing an increase of 86.22%[2][7] - Cash flow from operating activities generated a net amount of ¥158.78 million, significantly higher than ¥85.26 million in the same period last year, showing an increase of approximately 86%[20] - Cash flow from investing activities resulted in a net outflow of ¥689.43 million, worsening from a net outflow of ¥300.28 million in the previous year[21] - The company reported a total investment cash inflow of ¥2.16 billion, compared to ¥2.68 billion in the same period last year, indicating a decrease of about 19%[21] - Cash and cash equivalents decreased to CNY 606,344,166.95 from CNY 708,995,661.73, a decline of about 14.5%[12][13] - Cash and cash equivalents at the end of the period totaled ¥106.34 million, down from ¥161.77 million at the end of the previous year, a decrease of approximately 34%[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,010,887,197.87, an increase of 2.54% from the end of the previous year[3] - The company's total current assets reached CNY 2,347,369,320.70, compared to CNY 2,241,511,119.09 at the end of 2024, indicating an increase of about 4.7%[12][14] - The total liabilities stood at CNY 1,370,276,629.14, up from CNY 1,328,435,170.32, representing a rise of approximately 3.1%[14] - The total equity attributable to shareholders increased to CNY 1,637,720,462.94 from CNY 1,604,918,426.66, marking a growth of about 2.0%[14] Shareholder Information - The company reported a total of 4,207 common shareholders at the end of the reporting period[8] - The largest shareholder, Zhang Yi, holds 53.99% of the shares, totaling 77,616,000 shares[9] - The company has not reported any significant changes in shareholder participation in financing or securities lending activities during the reporting period[10][11] Research and Development - R&D expenses totaled ¥12,774,393.84 for the quarter, a decrease of 15.19% year-on-year, accounting for 6.82% of operating revenue[3] Operational Insights - The company experienced a significant increase in cash inflow from receivables due to enhanced collection efforts[7] - The company reported a significant increase in trading financial assets, which rose to CNY 686,450,604.06 from CNY 485,929,221.24, an increase of approximately 41.2%[12][13] - The accounts receivable increased to CNY 264,967,087.90 from CNY 253,912,457.18, showing a growth of about 4.3%[12][13] - The company's inventory decreased to CNY 500,654,706.22 from CNY 537,982,140.67, reflecting a reduction of approximately 6.9%[12][13] Future Strategies - The company’s management indicated a focus on expanding market presence and developing new technologies in future strategies[19]

Financial Performance - Revenue for Q3 2025 was CNY 455,214,092.89, a decrease of 20.53% year-over-year[7] - Net profit attributable to shareholders was CNY -1,501,863.54, a decline of 96.71% compared to the same period last year[7] - The weighted average return on equity was -0.24% for Q3 2025, a decrease of 5.90% year-over-year[7] - The net profit attributable to shareholders reached ¥7,084,572.04, a significant increase of 110.21% compared to the previous period, primarily due to improved cost control and the sale of a subsidiary[18] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥4,325,196.85, reflecting a 93.80% improvement, mainly driven by enhanced cost management[18] - Operating profit reached 4,344,968.81, compared to a loss of 60,883,687.04 in the prior period, indicating a substantial improvement[32] - The company reported a net profit of 7,211,281.19, a significant recovery from a net loss of 68,987,822.01 in the previous period, marking a turnaround of approximately 110.5%[32] - The total comprehensive income for the period was 7,486,948.86, compared to a loss of 68,335,764.04 in the prior period, showcasing a significant recovery[33] - Basic and diluted earnings per share were both ¥0.0509, representing a 110.25% increase influenced by the change in net profit[18] - Basic and diluted earnings per share improved to 0.0509 from a loss of 0.4964, reflecting a positive shift in profitability[33] Cash Flow and Liquidity - Net cash flow from operating activities for the year-to-date was CNY 112,119,618.78, an increase of 162.26%[7] - The net cash flow from operating activities was ¥112,119,618.78, marking a 162.26% increase, largely due to better collection of accounts receivable[18] - The company generated a net cash flow from operating activities of 112,119,618.78, a recovery from a negative cash flow of 180,071,797.94 in the previous period[36] - The company’s cash and cash equivalents at the end of the period stood at 52,772,478.33, down from 89,640,600.21, indicating a decrease in liquidity[36] Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 2,435,338,610.23, down 2.66% from the end of the previous year[7] - Total current assets decreased from ¥1,425,004,082.63 to ¥1,334,431,802.65, a decline of approximately 6.4%[28] - Total liabilities decreased from ¥1,866,004,459.31 to ¥1,800,816,209.12, reflecting a reduction of about 3.5%[29] - Total assets decreased from ¥2,501,761,483.54 to ¥2,435,338,610.23, a decline of approximately 2.7%[29] Investment and Expenses - Research and development expenses for the year-to-date were CNY 19,709,646.78, a decrease of 47.12% compared to the same period last year[16] - Research and development expenses decreased to 19,709,646.78 from 37,272,375.03, a reduction of approximately 47.2%, indicating a shift in investment strategy[32] - Investment income increased significantly to CNY 8,620,989.10, a rise of 1,939.40% year-over-year[16] - The company incurred financial expenses of 31,386,952.57, slightly up from 29,843,815.38, primarily due to increased interest expenses[32] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,078, with no preferred shareholders having restored voting rights[20] - The largest shareholder, Yang Wenyu, holds 52.09% of the shares, amounting to 72,424,660 shares[20] - The top ten shareholders collectively hold significant stakes, with the first three shareholders accounting for over 68% of the total shares[20] - The company repurchased 2,240,985 shares, representing 1.61% of the total share capital, positioning it as the fifth largest shareholder[21] - The company has a total of 89,131,658 restricted shares, with 72,424,660 shares released during the reporting period[23] Future Plans - The company plans to continue focusing on cost control and improving cash flow management to enhance profitability in the future[18] - The company plans to invest up to ¥150 million in establishing wholly-owned subsidiaries in Vietnam, the Middle East, Indonesia, Kazakhstan, and Thailand for the construction of water-based acrylic emulsion production bases[24] Project Updates - The company terminated the Henan Puyang project, with the land use rights being returned to the local government[25] - The registered capital of Hong Kong Baolijia Supply Chain Co., Ltd. was increased from HKD 10,000 to HKD 1 million[24] - The company has completed the registration of "Baolijia Group International Limited" in Kazakhstan with a registered capital of 100,000 KZT[24] - In Indonesia, the company registered "PT BAOLIJIA NEW MATERIAL INDONESIA" with a registered capital of 10 billion IDR, focusing on industrial coatings and printing inks[24]

昊华化工科技集团股份有限公司 2025 年第三季度报告 证券代码：600378 证券简称：昊华科技 昊华化工科技集团股份有限公司 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。 公司负责人王军、主管会计工作负责人何捷及会计机构负责人（会计主管人员）杨涛保证季度报 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 1 / 16 昊华化工科技集团股份有限公司 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 | | | | | 本报告期 | | 年初至报 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 比上年同 | | 告期末比 | | | | 项目 | 本报告期 | 上年同期 | | 期 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥127,720,025, a decrease of 23.63% compared to ¥167,231,600 in the same period last year[5] - Net profit attributable to shareholders was ¥9,842,740, down 51.03% from ¥20,098,410 in the previous year[5] - The company experienced a 17.26% decline in total operating income from the beginning of the year to the reporting period, totaling ¥368,887,857.99 compared to ¥445,815,863.84[12] - Total operating revenue for the current period is ¥368,887,857.99, a decrease of 17.3% from ¥445,815,863.84 in the previous period[24] - Operating profit for the current period is ¥98,032,203.36, compared to ¥112,176,556.94 in the previous period, reflecting a decrease of 12.6%[25] - Net profit for the current period is ¥76,768,752.69, down 6.4% from ¥82,087,581.51 in the previous period[25] - The net profit attributable to the parent company shareholders was ¥60,219,391.14, compared to ¥64,179,491.52 in the previous period, indicating a decrease of approximately 6.1%[26] - The total comprehensive income amounted to ¥76,768,752.69, down from ¥82,087,581.51, reflecting a decline of about 6.5%[26] Cash Flow - The net cash flow from operating activities decreased by 11.31% to ¥73,721,314.62 from ¥83,126,232.36 in the previous year[13] - Cash flow from operating activities generated a net cash inflow of ¥73,721,314.62, compared to ¥83,126,232.36 in the previous period, representing a decrease of approximately 11.5%[28] - Cash flow from investing activities showed a net inflow of ¥2,366,894,108.76, significantly up from ¥307,476,738.60, indicating a substantial increase[28] - Cash flow from financing activities resulted in a net outflow of ¥28,672,504.69, contrasting with a net inflow of ¥65,991,572.51 in the previous period[29] Assets and Liabilities - The total assets at the end of the reporting period were ¥7,682,649,337.60, reflecting a slight increase of 0.06% compared to the previous year[5] - Total assets at the end of the period amount to ¥7,682,649,337.60, slightly up from ¥7,678,387,947.08 at the beginning of the period[22] - Total liabilities increased to ¥1,663,556,649.49 from ¥1,572,345,695.72, representing a rise of 5.8%[22] - The company's total liabilities decreased by 54.90% in the tax payable category, from ¥51,248,664.82 to ¥23,112,528.91[11] Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,416[15] - The largest shareholder, Wanxiang Group, holds 62.28% of the shares, totaling 1,491,831,780 shares[16] - The top ten shareholders do not have any associated relationships with each other[16] - The company has not disclosed any information regarding the existence of associated relationships among other shareholders[16] - The total number of preferred shareholders is zero, indicating no preferred shares are currently held[17] Stock and Capital Management - The company plans to repurchase shares with a total amount not less than RMB 25 million and not exceeding RMB 50 million, with a repurchase price not exceeding RMB 4.95 per share[17] - The company will use 55,311,694 shares (2.31% of total share capital) for the 2025 employee stock ownership plan, with a transfer price of RMB 2.12 per share[18] - The registered capital of the subsidiary Shunfa Nengcheng has been increased from RMB 2.3 billion to RMB 3.75 billion before a subsequent reduction of RMB 2.25 billion, resulting in a new registered capital of RMB 1.5 billion[19] - The company has not yet implemented the share repurchase as of the end of the reporting period[17] Inventory and Expenses - The inventory decreased by 34.43% to ¥326,648,045.68 from ¥498,130,204.50, primarily due to the delivery of properties[10] - The company reported a decrease in financial expenses by 17.18%, from -¥10,388,878.47 to -¥12,173,631.24, mainly due to reduced interest expenses[12] - Total operating costs for the current period are ¥332,727,536.53, down 14.4% from ¥388,404,422.86 in the previous period[25] Business Operations - The company’s clean energy business has become its main source of revenue, leading to a name change from "Shunfa Hengye" to "Shunfa Hengneng"[17] - The company received cash from sales of goods and services totaling ¥357,429,012.04, down from ¥397,110,845.84, reflecting a decrease of about 10%[27] - The cash received from other operating activities was ¥107,162,988.72, compared to ¥147,303,413.62 in the previous period, indicating a decline of approximately 27.2%[28] - The company reported a net profit of ¥13,697,914.35 from the merged entity prior to consolidation, down from ¥21,210,436.86 in the previous period[26]

Financial Performance - The company's operating revenue for the third quarter was ¥142,615,399.97, a decrease of 17.55% compared to the same period last year[4] - The total profit for the quarter was ¥31,401,852.36, representing an increase of 35.31% year-on-year[4] - The net profit attributable to shareholders was ¥28,286,232.43, up 32.75% from the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥18,562,240.03, a significant increase of 152.98%[4] - The basic earnings per share for the quarter was ¥0.0802, reflecting a growth of 38.51% compared to the same period last year[5] - The net profit for the first three quarters of 2025 is CNY 34,237,396.22, an increase from CNY 30,770,165.28 in the same period of 2024, representing a growth of approximately 8.0%[20] - The total comprehensive income attributable to the parent company for the first three quarters of 2025 is CNY 34,481,243.86, compared to CNY 30,770,165.28 in 2024, marking an increase of about 12.0%[20] Cash Flow and Investments - The net cash flow from operating activities for the quarter was ¥23,212,140.36, an increase of 3.90% year-on-year[4] - The net cash flow from operating activities for the first three quarters of 2025 is -CNY 57,721,288.63, compared to -CNY 758,663.64 in 2024, showing a significant decline in cash flow[22] - The company reported an investment cash flow net of -CNY 53,103,754.27 for the first three quarters of 2025, an improvement from -CNY 246,291,188.28 in the same period of 2024[22] - The financing activities generated a net cash flow of CNY 8,371,831.95 in the first three quarters of 2025, contrasting with -CNY 116,065,246.78 in 2024, indicating a recovery in financing[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,956,751,621.65, a decrease of 0.78% compared to the end of the previous year[5] - Cash and cash equivalents as of September 30, 2025, were CNY 235,467,381.44, down from CNY 347,680,977.31 as of December 31, 2024, representing a decrease of 32.23%[13] - Total current assets decreased to CNY 627,234,148.73 as of September 30, 2025, from CNY 782,365,271.63 as of December 31, 2024, a decline of 19.83%[14] - Total liabilities decreased to CNY 373,611,848.21 as of September 30, 2025, from CNY 412,587,405.60 as of December 31, 2024, a reduction of 9.45%[15] - Total assets as of September 30, 2025, were CNY 1,956,751,621.65, slightly down from CNY 1,972,071,163.91 as of December 31, 2024[16] Shareholder Information - The company reported a total of 20,096 common shareholders at the end of the reporting period[11] - The largest shareholder, Xing Boyue, holds 19.63% of the shares, with 73,272,546 shares pledged[11] Research and Development - Research and development expenses increased to CNY 22,330,991.27 in the first three quarters of 2025, compared to CNY 20,283,032.38 in the same period of 2024, reflecting a growth of 10.12%[18] Accounting Standards - The company has not applied new accounting standards for the current reporting period[23]

Financial Performance - The company's operating revenue for the third quarter was ¥39,302,605.42, representing a year-on-year increase of 4.44%[4] - The total profit for the period was a loss of ¥13,226,422.10, with a year-to-date loss of ¥44,617,167.06[4] - The net profit attributable to shareholders was a loss of ¥13,236,776.72 for the quarter, and a loss of ¥44,614,243.64 year-to-date[4] - The increase in operating revenue year-to-date by 42.98% was attributed to the completion of project deliveries that were delayed from the previous year[9] - The net loss for the first three quarters of 2025 was ¥44,614,243.64, compared to a net loss of ¥32,708,788.47 in the same period of 2024, indicating a worsening financial performance[21] - The company reported a total comprehensive loss of ¥44,614,243.64 for the first three quarters of 2025, worsening from a loss of ¥32,708,788.47 in 2024[21] Research and Development - Research and development expenses totaled ¥16,085,751.01 for the quarter, accounting for 40.93% of operating revenue, a decrease of 5.49 percentage points year-on-year[5] - Research and development expenses increased to ¥49,650,271.23 in 2025, compared to ¥47,542,064.55 in 2024, reflecting a focus on innovation[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,267,010,632.20, a decrease of 1.55% compared to the end of the previous year[5] - Total current assets as of September 30, 2025, amount to ¥773,917,646.83, an increase from ¥698,271,754.79 as of December 31, 2024[15] - Total non-current assets as of September 30, 2025, are ¥493,092,985.37, down from ¥588,663,914.93[16] - The total liabilities increased to ¥307,492,598.57 in 2025 from ¥271,245,030.15 in 2024, indicating a rise in financial obligations[20] - The total equity attributable to shareholders decreased to ¥959,518,033.63 in 2025 from ¥1,015,690,639.57 in 2024, reflecting a decline in shareholder value[20] Cash Flow - The company reported a net cash flow from operating activities of -¥25,483,015.39 year-to-date[4] - Cash flow from operating activities showed a net outflow of ¥25,483,015.39 in 2025, an improvement from a net outflow of ¥66,314,722.11 in 2024[23] - Investment activities generated a net cash flow of ¥17,935,494.24, compared to a negative cash flow of ¥10,859,872.74 in the previous period, indicating a significant improvement[24] - The net cash flow from financing activities was negative at ¥21,955,075.48, worsening from a negative ¥6,016,571.12 in the previous period[24] - The ending balance of cash and cash equivalents was ¥186,319,619.00, compared to ¥145,507,001.22 in the previous period, representing an increase of approximately 28.0%[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 6,487[12] - The largest shareholder, Jiang Mingwu, holds 13,492,554 shares, representing 20.44% of total shares[12] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[25]

Financial Performance - The company's operating revenue for Q3 2025 was ¥193,323,273.75, a decrease of 4.38% compared to the same period last year[5] - The total profit for the period was ¥41,536,531.48, reflecting a 17.14% increase year-on-year[5] - The net profit attributable to shareholders was ¥11,040,209.86, down 3.89% from the previous year[5] - The basic earnings per share for the year-to-date was ¥0.06, a decrease of 51.46% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 was CNY 552,946,332.09, a decrease of 8.06% compared to CNY 601,502,308.39 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was CNY 54,766,956.30, a decline of 29.43% compared to CNY 77,647,850.21 in 2024[19] - Operating profit for the first three quarters of 2025 was CNY 81,702,065.00, a decrease of 22.31% from CNY 105,063,698.12 in 2024[19] - The net profit attributable to shareholders for the year-to-date decreased by 51.46% primarily due to significant investment income from a subsidiary's bankruptcy liquidation in the previous year[7] - The net profit attributable to the parent company's shareholders decreased to CNY 18,977,391.55 from CNY 39,094,581.21, representing a decline of approximately 51.5%[20] - The total comprehensive income amounted to CNY 57,012,703.28, down from CNY 65,416,947.55, indicating a decrease of about 12.5%[20] - Basic earnings per share dropped to CNY 0.06 from CNY 0.13, reflecting a decline of approximately 53.8%[20] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥71,214,708.70, an increase of 110.82%[5] - Cash inflow from operating activities was CNY 651,826,790.22, compared to CNY 629,760,994.68 in the previous year, showing an increase of about 3.4%[21] - The net cash flow from operating activities increased to CNY 71,214,708.70 from CNY 33,779,633.89, marking a significant rise of approximately 110.6%[22] - Cash outflow from investing activities totaled CNY 335,405,014.67, up from CNY 273,570,730.29, indicating an increase of about 22.6%[23] - The net cash flow from financing activities was negative at CNY -76,191,796.25, compared to a positive CNY 16,801,387.37 in the previous year[23] - The ending cash and cash equivalents balance decreased to CNY 316,487,811.85 from CNY 362,194,941.91, a decline of approximately 12.6%[23] - The company received CNY 249,000,000.00 from the recovery of investments, compared to CNY 225,000,000.00 in the previous year, reflecting an increase of about 10.7%[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,794,427,445.12, a decrease of 0.68% from the end of the previous year[6] - Total assets as of September 30, 2025, amounted to CNY 1,794,427,445.12, a slight decrease from CNY 1,806,759,538.23 at the end of 2024[15] - Total liabilities as of September 30, 2025, were CNY 967,199,171.65, down from CNY 989,397,191.24 at the end of 2024[15] - Current liabilities totaled CNY 476,969,848.16 as of September 30, 2025, a decrease of 34.31% from CNY 727,369,583.43 at the end of 2024[14] - Long-term borrowings decreased to CNY 1,000,000.00 as of September 30, 2025, from CNY 63,050,000.00 at the end of 2024[15] - The company's equity attributable to shareholders increased to CNY 624,864,595.80 as of September 30, 2025, compared to CNY 603,408,332.29 at the end of 2024[15] Corporate Actions - The company is undergoing a restructuring process involving the acquisition of assets and raising matching funds, currently under review by the Shanghai Stock Exchange[10] - The company has revised its articles of association, eliminating the supervisory board and transferring its powers to the audit committee of the board[11] - The company received a notification regarding the restructuring of its controlling shareholder, which involves capital increase through the acquisition of 100% equity of two other companies[11] - The company announced that it will not apply new accounting standards starting from 2025[24]

Financial Performance - The company's operating revenue for the third quarter reached ¥133,912,424.15, representing a year-on-year increase of 9.05%[3] - The net profit attributable to shareholders for the third quarter was ¥12,659,625.65, a significant increase of 514.56% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the third quarter was ¥11,958,526.18, up 618.30% year-on-year[3] - The basic earnings per share for the third quarter were ¥0.14, an increase of 366.67% compared to the same period last year[3] - The weighted average return on net assets for the third quarter was 1.22%, an increase of 0.96 percentage points year-on-year[3] - Total operating revenue for the first three quarters of 2025 reached ¥390,244,392.54, an increase of 13.8% compared to ¥342,744,792.62 in the same period of 2024[17] - Operating profit for the first three quarters of 2025 was ¥15,120,263.11, a significant recovery from a loss of ¥9,301,628.28 in the first three quarters of 2024[17] - Net profit for the first three quarters of 2025 was ¥26,894,893.56, compared to ¥2,717,953.38 in the same period of 2024, marking a substantial increase[18] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.31, up from ¥0.03 in the same period of 2024[18] Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥1,344,455,986.79, reflecting a growth of 7.04% compared to the end of the previous year[4] - Total assets increased to ¥1,344,455,986.79 in 2025 from ¥1,255,989,601.15 in 2024, reflecting a growth of approximately 7.0%[15] - Total liabilities rose to ¥292,480,893.73 in 2025, compared to ¥206,432,079.00 in 2024, indicating an increase of about 41.7%[15] - Non-current assets totaled ¥288,755,723.57 in 2025, up from ¥269,759,827.78 in 2024, representing a growth of approximately 7.5%[15] - The total equity attributable to shareholders reached ¥1,051,975,363.06 in 2025, slightly up from ¥1,049,557,522.15 in 2024[15] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥41,359,108.68, a substantial increase of 464.50% compared to the same period last year[3] - The net cash flow from operating activities for the first three quarters of 2025 was RMB 41,359,108.68, a significant increase from RMB 7,326,672.53 in the same period of 2024, representing a growth of approximately 465%[20] - Total cash inflow from investment activities reached RMB 1,278,098,002.91, compared to RMB 207,122,559.82 in the previous year, indicating a substantial increase of about 517%[21] - The net cash flow from investment activities was negative at RMB -154,339,503.22 for the first three quarters of 2025, worsening from RMB -79,030,107.89 in 2024[21] - Cash and cash equivalents at the end of the period stood at RMB 210,183,794.91, up from RMB 51,932,025.25 at the end of the same period last year[21] - The company reported a total cash inflow from financing activities of RMB 117,660,299.91, compared to RMB 69,900,002.00 in the previous year, reflecting an increase of approximately 68%[21] - The net cash flow from financing activities improved to RMB 54,203,895.92 in 2025, compared to a negative RMB -47,885,917.52 in 2024[21] - The company received RMB 444,048,548.55 in cash from sales of goods and services, an increase from RMB 345,209,281.72 in the same period last year, representing a growth of about 29%[20] - The total cash outflow from operating activities was RMB 414,935,114.52, compared to RMB 387,307,304.44 in the previous year, indicating an increase of approximately 7%[20] - The company reported a decrease in tax refunds received, totaling RMB 9,504,319.60 compared to RMB 20,881,915.87 in the previous year, a decline of about 54%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 5,371[10] - The largest shareholder, Nie Weihua, holds 15,743,944 shares, representing 17.89% of total shares[10] - The company has a total of 8,327,670 shares held by Yancheng Kezhibo Enterprise Management Partnership, accounting for 9.46%[11] - The top 10 shareholders collectively hold a significant portion of the company's equity, with the top three alone accounting for over 35%[11] - There are no significant changes in the shareholding structure due to margin trading or securities lending activities[12] Research and Development - Research and development expenses for the third quarter amounted to ¥29,817,460.86, accounting for 22.27% of operating revenue, a decrease of 2.47 percentage points year-on-year[4] Accounting Standards - The company did not apply new accounting standards for the first time in 2025[22]

Financial Performance - The company's operating revenue for the third quarter reached ¥82,820,176.44, an increase of 73.68% compared to the same period last year[4] - The net profit attributable to shareholders was ¥12,654,964.95, reflecting a significant increase of 7,751.84% year-on-year[4] - The total profit for the period was ¥9,157,792.73, with a year-to-date profit of ¥49,323,128.76, up 29.46% compared to the previous year[4] - The basic earnings per share for the year-to-date period was ¥0.25, an increase of 47.06% compared to the same period last year[4] - The net profit excluding non-recurring gains and losses for the year-to-date period was ¥48,294,916.14, up 55.38% year-on-year[4] - Total operating revenue for the first three quarters of 2025 reached CNY 243,127,581.90, a significant increase of 43.3% compared to CNY 169,608,230.26 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 50,658,773.25, representing a 46.2% increase from CNY 34,670,092.06 in the previous year[20] - Basic and diluted earnings per share for the period were both CNY 0.25, compared to CNY 0.17 in the same period of 2024[21] Research and Development - Research and development expenses amounted to ¥25,737,658.21 for the quarter, representing a 157.01% increase year-on-year, and accounting for 31.08% of operating revenue[5] - Research and development expenses increased to CNY 54,502,662.62, up 115.5% from CNY 25,344,606.05 year-over-year[19] Assets and Liabilities - The total assets of the company increased to ¥1,543,666,261.43, a growth of 6.61% from the end of the previous year[5] - Total current assets as of September 30, 2025, amount to ¥690,562,425.53, a decrease from ¥776,207,087.54 as of December 31, 2024[16] - Total liabilities amounted to CNY 82,755,956.72, compared to CNY 42,971,884.05 in the previous year, indicating a growth of 92.7%[18] - Total equity attributable to shareholders reached CNY 1,460,910,304.71, an increase from CNY 1,405,020,800.85 in the previous year[18] Cash Flow - The cash flow from operating activities showed a net outflow of ¥21,421,543.09 year-to-date, reflecting a decrease of 202.67% compared to the previous year[4] - Cash inflows from operating activities totaled CNY 184,721,578.25, down from CNY 201,750,223.36 in the same period of 2024[23] - The net cash flow from operating activities was -21,421,543.09, a decrease from 20,865,363.56 in the previous period, indicating a significant decline in operational performance[24] - Cash outflows from operating activities totaled 206,143,121.34, compared to 180,884,859.80 in the prior period, reflecting an increase of approximately 13.9%[24] - The net cash flow from investing activities was -557,429,698.76, worsening from -168,798,149.82 year-over-year, highlighting increased investment expenditures[24] - Cash inflows from investing activities amounted to 4,423,656,160.38, up from 2,911,837,099.66, representing a growth of approximately 51.7%[24] - Total cash outflows from investing activities reached 4,981,085,859.14, compared to 3,080,635,249.48, indicating a rise of about 61.7%[24] - The net cash flow from financing activities was 2,588,963.52, a recovery from -110,822,617.12 in the previous period, suggesting improved financing conditions[24] - The total cash and cash equivalents at the end of the period were 68,144,410.98, a significant decrease from 651,130,264.21, reflecting liquidity challenges[25] - The cash and cash equivalents net increase was -576,262,278.33, compared to -258,755,403.38 in the prior period, indicating worsening cash flow management[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 8,053[12] - The largest shareholder, Zhou Jinsong, holds 40,127,058 shares, accounting for 19.41% of total shares[12]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥4,834,913,560.01, representing an increase of 11.89% compared to the same period last year[3] - Net profit attributable to shareholders was ¥212,193,050.67, up 14.96% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥205,584,284.68, an increase of 15.52%[3] - The basic earnings per share for the period was ¥0.2004, reflecting a growth of 15.10% compared to the previous year[3] - For the period ending September 2025, the company achieved operating revenue of 13.942 billion RMB, a year-on-year increase of 14.65%[14] - The net profit attributable to shareholders was 686 million RMB, reflecting a growth of 10.71% compared to the same period last year[14] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 669 million RMB, up 12.97% year-on-year[14] - Total operating revenue for the current period reached ¥13,941,662,594.73, an increase of 14.7% compared to ¥12,160,076,470.35 in the previous period[28] - Net profit for the current period was ¥693,091,283.09, representing a 8.1% increase from ¥641,067,627.97 in the previous period[29] - Basic and diluted earnings per share increased to ¥0.6479 from ¥0.5846, reflecting a growth of 10.8%[30] Assets and Liabilities - The total assets of the company as of September 30, 2025, amounted to ¥19,324,582,359.51, a 1.35% increase from the end of the previous year[3] - As of September 2025, the total assets of the company amounted to 19.325 billion RMB, with net assets attributable to shareholders at 10.845 billion RMB[14] - The company's total current assets amounted to approximately CNY 9.51 billion, an increase from CNY 9.21 billion at the beginning of the period[25] - The total liabilities of the company decreased to approximately CNY 8.32 billion from CNY 8.50 billion at the beginning of the period[27] - The company's total assets reached approximately CNY 19.32 billion, up from CNY 19.07 billion at the beginning of the period[27] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥1,206,439,170.77, a decrease of 9.73% compared to the same period last year[3] - Cash flow from operating activities showed a net outflow of ¥1,206,439,170.77, compared to a net outflow of ¥1,099,486,908.65 in the previous period[30] - Cash flow from investing activities resulted in a net outflow of ¥12,446,429.95, an improvement from a net outflow of ¥16,872,753.59 in the prior period[31] - Cash flow from financing activities recorded a net outflow of ¥547,496,372.82, compared to a net outflow of ¥759,050,180.37 in the previous period[31] - The ending cash and cash equivalents balance was ¥2,805,109,850.32, up from ¥2,448,356,139.45 at the end of the previous period[31] Equity and Return Metrics - The total equity attributable to shareholders increased by 4.09% to ¥10,844,989,466.02[3] - The company’s weighted average return on equity rose to 1.98%, an increase of 0.15 percentage points from the previous year[3] - The company’s retained earnings increased to approximately CNY 6.18 billion from CNY 5.75 billion, indicating strong profit retention[27] Operational Highlights - The company managed 2,410 property projects, covering a management area of 36.7 million square meters[17] - In the first three quarters of 2025, the company signed new annual contracts worth 3.023 billion RMB in property management, with market-oriented projects accounting for 2.781 billion RMB[17] - The new annual contract amount for market-oriented residential projects increased by 38% year-on-year[17] - The company achieved a 24% year-on-year increase in space resource efficiency and a 79% increase in real estate brokerage revenue[18] - The average transaction price on the platform increased by 46% quarter-on-quarter, with a repurchase rate of 23%[18] - As of September 30, 2025, the company managed 72 commercial projects with a total managed area of 3.97 million square meters, achieving a year-on-year increase of over 20% in foot traffic and approximately 15% in sales during the summer season[20] - The overall occupancy rate of the company's held properties was 94% as of September 30, 2025, focusing on stabilizing customer resources and ensuring rent recovery[20] - The company is focused on optimizing operational service quality and enhancing tenant structure quality to drive steady business growth[20] - The company has implemented a "layered strategy" for users to create diverse consumption scenarios and content across its projects[20] Borrowings and Fundraising - The company reported a significant decrease in short-term borrowings by 67.11%, amounting to ¥4,902.52 million, as a result of repaying short-term loans[8] - The company reported a decrease in short-term borrowings to CNY 49 million from CNY 149 million at the beginning of the period, reflecting improved liquidity management[26] - The company has not reported any fundraising activities during the reporting period[9] Tax and Accounting - The company’s tax expenses increased to ¥227,407,907.23 from ¥192,823,655.08, reflecting a rise of 17.9%[29] - The company will implement new accounting standards starting in 2025, affecting the financial statements from the beginning of that year[32] - The third quarter financial report has not been audited[33]