Financial Performance - The company's operating revenue for the third quarter was ¥78,021,971.44, a decrease of 73.21% compared to the same period last year[4] - The total profit for the third quarter was -¥27,507,295.23, with a year-to-date total profit of -¥6,817,808.13[4] - The net profit attributable to shareholders for the third quarter was -¥22,778,427.64, representing a decline of 146.09% year-to-date[4] - The basic earnings per share for the third quarter was -¥0.04, reflecting a 200.00% decline year-to-date[5] - Total operating revenue for the first three quarters of 2025 was CNY 301,484,368.43, a decrease of 47.9% compared to CNY 577,898,052.62 in the same period of 2024[19] - Total operating costs for the first three quarters of 2025 were CNY 277,927,731.48, down 48.7% from CNY 538,591,250.56 in 2024[19] - Net profit for the first three quarters of 2025 was a loss of CNY 3,153,102.65, compared to a profit of CNY 6,840,909.26 in the same period of 2024[20] - The company’s basic and diluted earnings per share for the first three quarters of 2025 were both CNY -0.01, compared to CNY 0.01 in 2024[21] Cash Flow - The cash flow from operating activities for the third quarter was ¥55,965,212.69, a decrease of 36.39% compared to the same period last year[4] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 218,097,259.47, a significant improvement from a negative cash flow of CNY 48,050,062.04 in 2024[21] - The net cash flow from investment activities was -$539.24 million, compared to -$826.20 million in the previous period, showing an improvement[22] - Cash inflow from investment activities totaled $2.85 billion, up from $1.09 billion year-over-year[22] - Cash outflow for investment activities was $3.39 billion, an increase from $1.92 billion in the prior period[22] - The net cash flow from financing activities was -$76.37 million, compared to -$110.39 million previously, indicating a reduction in outflows[22] - The ending cash and cash equivalents balance was $700.75 million, compared to $523.59 million at the end of the previous period, reflecting an increase[22] - Cash paid for dividends and interest was $41.22 million, down from $84.39 million in the previous period, indicating a decrease in cash distribution[22] - The cash received from investment income was $46.22 million, significantly higher than $2.16 million in the previous period[22] - The cash paid for the acquisition of fixed assets and other long-term assets was $2.99 million, a decrease from $67.86 million previously[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,791,108,053.25, a decrease of 0.69% compared to the end of the previous year[5] - The equity attributable to shareholders at the end of the reporting period was ¥2,947,628,899.79, down 2.27% from the previous year[5] - As of September 30, 2025, total current assets amounted to approximately CNY 3.10 billion, a decrease from CNY 3.20 billion as of December 31, 2024, reflecting a decline of about 2.9%[15] - Total non-current assets increased to CNY 687.57 million from CNY 621.86 million, an increase of about 10.5%[16] - Total liabilities increased to CNY 843,479,153.46 in 2025 from CNY 801,568,976.75 in 2024, reflecting a growth of 5.2%[19] - The total equity attributable to shareholders decreased to CNY 2,947,628,899.79 in 2025 from CNY 3,016,060,179.61 in 2024, a decline of 2.3%[19] Shareholder Information - The number of common shareholders at the end of the reporting period was 31,128, with the largest shareholder holding 47.89% of the shares[12] - The company has not reported any changes in major shareholders or significant events affecting the financial situation during the reporting period[14] Investment and Expenses - The company reported a significant increase in investment income to CNY 8,148,220.95 in 2025, compared to CNY 2,163,547.30 in 2024[19] - Research and development expenses for the first three quarters of 2025 were CNY 23,427,310.86, a decrease of 32.3% from CNY 34,587,061.08 in 2024[19] - The company reported a financial income of CNY 9,984,904.90 in the first three quarters of 2025, down from CNY 16,358,281.33 in 2024[19] Operational Challenges - The company experienced a significant decline in revenue due to slower investment progress from clients, leading to project delays[9] - Non-recurring gains and losses for the reporting period totaled ¥4,920,298.73, with government subsidies contributing significantly[8]

Financial Performance - The company's operating revenue for the third quarter reached ¥6,725,303,177.81, representing a year-on-year increase of 10.95%[4] - Total profit for the quarter was ¥1,329,419,156.13, marking a significant increase of 32.20% compared to the same period last year[4] - Net profit attributable to shareholders was ¥1,175,319,756.09, reflecting a year-on-year growth of 34.75%[4] - The net profit excluding non-recurring gains and losses was ¥994,712,944.64, which is a 17.93% increase year-on-year[4] - Total operating revenue for the first three quarters of 2025 reached ¥19.31 billion, slightly up from ¥19.30 billion in the same period of 2024, reflecting a growth of 0.01%[28] - Net profit for the first three quarters of 2025 was ¥3.34 billion, a decrease of 2.91% compared to ¥3.44 billion in 2024[29] - The company's total profit for the first three quarters of 2025 was ¥3.81 billion, down from ¥3.97 billion in 2024, indicating a decline of 4.09%[29] - Comprehensive income for the first three quarters of 2025 was ¥2.91 billion, down from ¥3.18 billion in 2024, reflecting a decline of 8.43%[29] Assets and Liabilities - The company's total assets at the end of the reporting period amounted to ¥77,960,390,073.39, an increase of 10.40% from the end of the previous year[5] - The total assets of the company as of September 30, 2025, amounted to 77.96 billion RMB, an increase from 70.62 billion RMB at the end of 2024[25] - The company's total liabilities increased to 36.44 billion RMB as of September 30, 2025, compared to 29.77 billion RMB at the end of 2024[26] Shareholder Information - The total number of common shareholders at the end of the reporting period was 87,861[12] - The largest shareholder, China Merchants Energy Shipping Company, holds 4,399,208,563 shares, accounting for 54.48% of total shares[12] Operational Performance - The company attributed the increase in revenue to strong performance in the tanker, container, and dry bulk sectors during the quarter[10] - The decline in profit for the year-to-date was primarily due to lower freight rates in the tanker and dry bulk transportation markets[10] - The VLCC market experienced a "first suppressed then rising" trend, with the TD3C route WS index dropping to a low of 43.3 before gradually recovering in August and September[14] - The average TCE for the VLCC fleet exceeded the market average by approximately 10% in September, indicating strong operational performance[15] - The BDI index showed a quarterly increase, with Q3 averaging 1,978 points, reflecting market resilience despite lower demand growth[17] - The company’s dry bulk fleet achieved a TCE level that outperformed the market by about 4% in the first three quarters[18] Fleet and Infrastructure - The company introduced a new 9,300 CEU car carrier, the world's first using a methanol dual-fuel power system, to enhance its fleet[19] - The company completed the delivery of two 82,000 DWT Kamsarmax bulk carriers, significantly boosting its grain transport capacity[18] - The company is actively optimizing its fleet structure and energy-saving modifications, enhancing its low-carbon operations and profitability[15] - The company has optimized its fleet structure and increased the proportion of owned containers to mitigate rising costs such as charter rates and handling fees[20] Future Plans and Developments - The company is set to deliver 7 new LNG vessels in 2025, with a total of 37 LNG vessels currently under construction[22] - The company is actively building "end-to-end" capabilities and expanding its overseas network to strengthen its position in the Southeast Asian market[20] - The company has expanded its network by launching new routes to Mexico and Thailand, contributing to significant cargo volume growth in emerging markets like Southeast Asia and India[20] Cash Flow and Financial Management - The cash flow from operating activities for the year-to-date was ¥5,803,489,723.40, showing a decrease of 9.35% compared to the previous year[5] - Cash flow from operating activities generated a net amount of ¥5.80 billion in 2025, down from ¥6.40 billion in 2024, a decrease of 9.36%[33] - The net cash flow from financing activities was 807,421,519.26, a significant improvement from -637,432,422.96 in the previous period[34] - Cash and cash equivalents at the end of the period decreased to 4,345,258,368.62 from 4,025,770,559.63[34] - The total cash outflow from investing activities was 6,936,405,163.18, slightly down from 7,061,048,576.89[34] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 5,827,270,264.40, compared to 6,442,620,876.22 in the previous period[34] - Cash paid for debt repayment was 16,217,940,121.94, an increase from 8,298,269,736.15[34] - The impact of exchange rate changes on cash and cash equivalents was -36,032,486.05, contrasting with a positive impact of 5,999,449.35 in the previous period[34] - The cash inflow from investment activities was 119,904,324.19, compared to 367,348,944.21 previously[34] - The cash paid for dividends and interest was 2,162,208,468.22, down from 2,877,896,078.41[34] Research and Development - Research and development expenses decreased to ¥4.26 million in 2025 from ¥8.23 million in 2024, a reduction of 48.00%[28]

Financial Performance - The company's operating revenue for the third quarter was ¥217,864,441.29, a decrease of 15.60% compared to the same period last year[3] - The total profit for the quarter was -¥6,708,779.06, reflecting a decline of 256.39% year-on-year[3] - The net profit attributable to shareholders was -¥4,844,841.12, down 454.49% compared to the previous year[3] - The cash flow from operating activities was ¥45,039,085.18, a decrease of 21.99% from the previous year[3] - The basic earnings per share for the quarter was -¥0.04, a decline of 500.00% year-on-year[4] - Total revenue for the first three quarters of 2025 was CNY 582,185,091.55, a decrease of 12.06% compared to CNY 662,121,859.96 in the same period of 2024[20] - The net profit for the first three quarters of 2025 was a loss of CNY 4,884,718.34, compared to a profit of CNY 6,750,056.12 in the same period of 2024[22] - The operating profit for the first three quarters of 2025 was a loss of CNY 3,918,121.38, compared to a profit of CNY 6,119,193.99 in 2024[21] - The basic and diluted earnings per share for the first three quarters of 2025 were both CNY -0.05, compared to CNY 0.03 in the same period of 2024[22] Research and Development - Research and development expenses totaled ¥13,319,605.24, representing 6.11% of operating revenue, an increase of 2.31 percentage points year-on-year[4] - The company attributed the decline in profits to project delays and increased R&D investments[8] - The company reported a decrease in research and development expenses to CNY 36,834,211.20 from CNY 32,607,545.57, reflecting a strategic shift in investment priorities[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,692,120,513.39, an increase of 6.13% from the end of the previous year[4] - Total assets as of the end of the reporting period were CNY 1,692,120,513.39, an increase from CNY 1,594,362,869.94 at the end of the previous period[18] - Total liabilities increased to CNY 785,325,069.01 from CNY 677,424,028.67, reflecting a rise of 15.93%[18] - The total equity attributable to shareholders decreased to CNY 887,526,342.06 from CNY 899,089,556.54, indicating a decline in shareholder value[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 6,606[11] - The largest shareholder, Sun Zhiqiang, holds 29,293,692 shares, representing 23.94% of total shares[11] - Guangdong Guangyuan Technology Co., Ltd. holds 9,359,780 shares, accounting for 7.65% of total shares, with 8,450,000 shares pledged[11] Cash Flow and Liquidity - Operating cash flow for the period was $49,742,382.72, a significant improvement compared to a negative cash flow of $15,888,059.36 in the same period last year, indicating a turnaround in operational efficiency[26] - Total cash inflow from operating activities reached $695,303,615.88, up from $637,289,887.68 year-over-year, reflecting a growth of approximately 9.9%[26] - Cash outflow from operating activities was $645,561,233.16, slightly decreased from $653,177,947.04, showing better cost management[26] - The ending cash and cash equivalents balance increased to $452,461,842.39 from $342,249,238.75, reflecting a strong liquidity position[27] - The company received $10,000,000.00 related to investment activities, indicating ongoing strategic investments[27] - The company reported a cash inflow of $705,842.26 from tax refunds, down from $1,624,366.24, suggesting changes in tax liabilities[26] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[28]

财通证券股份有限公司 2025 年第三季度报告 证券代码：601108 证券简称：财通证券 财通证券股份有限公司 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 一、主要财务数据 （一） 主要会计数据和财务指标 | | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | --- | | | | 本报告期比 | | 年初至报告期 | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 2,103,350,804.91 | 48.58 ...

Financial Performance - The company's operating revenue for the third quarter was ¥189,181,978.84, an increase of 14.50% compared to the same period last year[4] - The net profit attributable to shareholders was ¥36,157,198.93, showing a slight decrease of 0.57% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥33,300,004.50, an increase of 4.27% compared to the previous year[4] - Basic earnings per share were ¥0.15, with a year-to-date increase of 13.04%[5] - Net profit for the first three quarters of 2025 was ¥124,094,301.62, compared to ¥108,856,545.43 in 2024, representing a growth of 13.9%[20] - Earnings per share for the first three quarters of 2025 were ¥0.52, an increase from ¥0.46 in the same period of 2024[21] - The total comprehensive income for the first three quarters of 2025 was ¥124,795,780.91, compared to ¥108,849,759.04 in 2024, reflecting an increase of 14.7%[21] Revenue and Costs - The increase in operating revenue was primarily due to higher sales of hair dye raw materials and specialty engineering materials[9] - Total operating revenue for the first three quarters of 2025 reached ¥540,104,376.31, an increase of 11.3% compared to ¥485,127,673.37 in the same period of 2024[19] - Total operating costs for the first three quarters of 2025 were ¥401,947,348.20, up from ¥362,497,614.71 in 2024, reflecting a year-on-year increase of 10.9%[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,239,812,369.49, representing a 2.69% increase from the end of the previous year[5] - The company's total liabilities decreased to ¥167,237,580.04 in 2025 from ¥185,820,679.21 in 2024, a reduction of approximately 10%[17] - The total equity attributable to shareholders increased to ¥2,070,957,475.03 in 2025 from ¥1,994,182,419.11 in 2024, marking a growth of 3.4%[17] Cash Flow - The cash flow from operating activities for the year-to-date was ¥171,044,822.02, reflecting an increase of 8.48%[4] - Cash inflow from operating activities for the first three quarters of 2025 was approximately $597.54 million, an increase from $567.29 million in the same period of 2024, representing a growth of about 5.5%[23] - Net cash flow from operating activities for the first three quarters of 2025 was $171.04 million, compared to $157.68 million in 2024, indicating an increase of approximately 8.5%[24] - Cash inflow from investment activities in the first three quarters of 2025 reached $2.15 billion, up from $1.64 billion in 2024, marking a growth of about 30.9%[24] - The total cash and cash equivalents at the end of the third quarter of 2025 stood at approximately $610.39 million, slightly down from $590.78 million in 2024[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 18,892[12] - Zhejiang Dinglong New Materials Co., Ltd. holds 70.75% of shares, totaling 166,640,000 shares[12] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥25,271,793.94, down from ¥31,329,631.89 in 2024, indicating a decrease of 19.3%[19] Non-Recurring Gains - The company reported non-recurring gains of ¥2,857,194.43 for the current period[8] - The company reported an investment income of ¥6,628,053.14 for the first three quarters of 2025, significantly higher than ¥1,985,292.09 in 2024[20] Other Information - The company has no significant changes in shareholder relationships or actions related to share lending[13] - The company has not adopted new accounting standards or interpretations affecting the financial statements for the year of first execution[26]

Financial Performance - The company's operating revenue for Q3 2025 was ¥88,540,667.46, a decrease of 0.82% compared to the same period last year[3] - Total profit for the period reached ¥22,990,215.60, an increase of 48.09% year-on-year[3] - Net profit attributable to shareholders was ¥21,053,230.05, reflecting a growth of 44.22% compared to the previous year[3] - The basic earnings per share for the period was ¥0.11, a 37.50% increase year-on-year[3] - Total operating revenue for the first three quarters of 2025 reached CNY 272,862,244.60, an increase of 10.4% compared to CNY 247,353,436.35 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 51,988,375.41, representing a 15.5% increase from CNY 45,218,298.13 in the previous year[20] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.28, up from CNY 0.24 in the same period of 2024[21] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -¥16,498,345.48 for the year-to-date period[4] - The company's cash and cash equivalents decreased to ¥223.77 million from ¥516.36 million, indicating a significant reduction in liquidity[15] - Operating cash inflow totaled $192.26 million, up from $122.34 million year-over-year[24] - Net cash outflow from operating activities was $16.50 million, an improvement from a net outflow of $83.69 million in the previous year[24] - The ending cash and cash equivalents balance was $223.77 million, down from $325.12 million year-over-year[26] - The company reported a total cash outflow of $290.12 million for the period[26] Research and Development - Research and development expenses totaled ¥18,945,660.93, accounting for 21.40% of operating revenue, an increase of 2.49 percentage points[4] - The company plans to continue expanding its R&D capabilities, focusing on chips, sensors, and sensor network systems[8] - Research and development expenses rose to CNY 52,849,416.08, an increase of 13.0% compared to CNY 46,536,520.62 in the same period last year[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,960,704,683.77, a slight decrease of 0.13% from the previous year[4] - The company reported a total liability of CNY 219,919,147.19, a decrease of 1.0% from CNY 224,082,086.53[18] - The total equity attributable to shareholders reached CNY 1,740,785,536.58, slightly up from CNY 1,739,240,199.33 year-over-year[18] - The company's non-current assets totaled ¥381.11 million, an increase from ¥336.28 million, showing a growth of approximately 13.3%[15] Shareholder Information - The company has a total of 185,920,000 shares outstanding, with 2,103,671 shares held in a repurchase account, accounting for 1.13% of total shares[12] - The top shareholder, Huang Biao, holds 21,770,000 shares, representing approximately 11.71% of the total shares[11] - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[12] Government Support and Other Income - The company received government subsidies amounting to ¥22,740,195.20 during the period, contributing to other income[6] - Other income increased to CNY 26,602,578.01, compared to CNY 2,444,575.41 in the same period last year[20] Operational Status - There are no applicable reminders for investors regarding the company's operational status during the reporting period[13] - The company has not adopted new accounting standards for the current year[27]

Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,191,052,431.60, a decrease of 6.47% compared to the same period last year[3]. - The total profit for the period was a loss of CNY 275,850,751.81, with a year-to-date loss of CNY 1,100,577,926.66[3]. - The net profit attributable to shareholders was a loss of CNY 270,589,497.47 for the quarter, and a loss of CNY 1,122,070,999.41 year-to-date[3]. - The company experienced a 19.67% decline in operating revenue year-to-date due to falling prices in the first three quarters[6]. - Total operating revenue for the first three quarters of 2025 was approximately ¥3.11 billion, a decrease of 19.7% compared to ¥3.87 billion in the same period of 2024[16]. - Net profit for the first three quarters of 2025 was approximately -¥1.16 billion, compared to -¥724.53 million in the same period of 2024, indicating a worsening loss[17]. - The total comprehensive loss for the first three quarters of 2025 was approximately -¥1.16 billion, compared to -¥724.53 million in 2024, reflecting a significant increase in losses[18]. Cash Flow - The net cash flow from operating activities was CNY 7,278,830.83, a significant decrease of 64.67% year-to-date[3][6]. - Cash flow from operating activities for the first three quarters of 2025 was approximately ¥109.07 million, down from ¥308.67 million in 2024, a decline of 64.7%[20]. - Cash flow from investing activities showed a net outflow of approximately -¥54.56 million in 2025, compared to -¥343.42 million in 2024, indicating an improvement in cash outflow[22]. - Cash flow from financing activities resulted in a net outflow of approximately -¥949.68 million in 2025, contrasting with a net inflow of ¥940.62 million in 2024[22]. - The ending cash and cash equivalents balance for the first three quarters of 2025 was approximately ¥2.10 billion, down from ¥3.46 billion in 2024, a decrease of 39.2%[22]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 19,724,068,103.21, down 3.73% from the end of the previous year[3]. - The company's current assets totaled RMB 5,010,159,239.30, down from RMB 5,457,543,007.55 at the end of 2024, indicating a decline of approximately 8.2%[11]. - The total liabilities of the company were RMB 14,470,491,123.80, compared to RMB 14,118,546,226.01 at the end of 2024, reflecting an increase of about 2.5%[12]. - The company's cash and cash equivalents stood at RMB 3,849,418,839.64, down from RMB 4,304,146,407.87 at the end of 2024, representing a decrease of approximately 10.6%[10]. - The accounts receivable increased to RMB 698,955,180.75 from RMB 635,276,861.57, showing an increase of about 10%[11]. - The company's total equity decreased to RMB 5,253,576,979.41 from RMB 6,369,504,363.14, a decline of approximately 17.5%[13]. - The long-term borrowings rose significantly to RMB 597,400,264.95 from RMB 226,525,000.00, indicating a substantial increase of about 163%[12]. - The total non-current assets were RMB 14,713,908,863.91, down from RMB 15,030,507,581.60, indicating a decrease of about 2.1%[12]. Shareholder Information - The top shareholder, Yima Coal Industry Group Co., Ltd., holds 61.81% of the shares, with a pledged amount of 738,519,900 shares[7]. - The total number of ordinary shareholders at the end of the reporting period was 39,325[7]. Research and Development - Research and development expenses decreased to approximately ¥100.47 million in 2025 from ¥154.87 million in 2024, a reduction of 35%[17]. Accounting Standards - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of the year[23].

Financial Performance - The company's operating revenue for the third quarter was ¥146,094,283.10, a decrease of 2.37% compared to the same period last year[3] - The total profit for the quarter reached ¥18,960,772.98, an increase of 59.54% year-on-year, primarily due to the impact of debt restructuring losses in the previous year[8] - The net profit attributable to shareholders was ¥14,585,616.94, reflecting a significant increase of 116.89% compared to the same quarter last year[3] - Basic earnings per share for the quarter were ¥0.08, up 166.67% from the previous year, influenced by the prior year's debt restructuring losses[4] - Net profit for the first three quarters of 2025 was ¥152,741,421.08, compared to ¥132,371,481.09 in 2024, representing a growth of 15.4%[18] - The net profit attributable to the parent company shareholders for the current period is CNY 138,212,272.86, an increase of 13.1% compared to CNY 121,693,774.86 in the previous period[19] - The net profit attributable to minority shareholders is CNY 14,529,148.22, up 36.5% from CNY 10,677,706.23 in the previous period[19] - Basic and diluted earnings per share for the current period are CNY 0.73, compared to CNY 0.64 in the previous period, reflecting a 14.1% increase[19] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was ¥15,204,122.16, showing a decline of 65.34% due to payments for goods and taxes[3] - Operating cash flow for the first three quarters of 2025 is CNY 15,204,122.16, down 65.3% from CNY 43,862,968.36 in the same period of 2024[21] - Cash inflow from operating activities totals CNY 863,847,461.24, an increase from CNY 831,849,258.71 in the previous year[21] - Cash outflow from operating activities is CNY 848,643,339.08, compared to CNY 787,986,290.35 in the previous year, indicating a 7.7% increase[21] - The company's cash and cash equivalents were ¥95,198,049.93 as of September 30, 2025, compared to ¥389,165,885.12 at the end of 2024, a decline of 75.5%[13] - Total cash and cash equivalents at the end of the period is CNY 95,198,049.93, down from CNY 163,755,038.39 in the previous year[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,589,165,662.63, a decrease of 11.28% compared to the end of the previous year[4] - The company's total assets as of September 30, 2025, amounted to ¥2,589,165,662.63, a decrease from ¥2,918,275,906.82 at the end of 2024[15] - Current assets totaled ¥1,247,439,165.17 as of September 30, 2025, down from ¥1,506,179,702.51 at the end of 2024[13] - Total liabilities decreased to ¥800,023,089.19 from ¥1,110,568,298.44 in 2024, indicating a reduction of 28%[15] - The total equity attributable to shareholders was ¥1,659,652,960.43 as of September 30, 2025, slightly down from ¥1,686,747,143.59 at the end of 2024[15] Investments and Expenses - The company reported non-recurring gains of ¥2,733,360.25 for the quarter, with significant contributions from government subsidies and financial investment income[6] - The company reported an increase in investment income to ¥8,033,981.89 in 2025, compared to a loss of ¥10,036,629.05 in the previous year[18] - The company's research and development expenses for the first three quarters of 2025 were ¥2,883,007.83, down from ¥4,366,298.43 in 2024, a decrease of 34%[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,562[10] - The largest shareholder, Li Ming, holds 32.95% of the shares, followed by Xinjiang Dongfang Huanyu Investment (Group) Co., Ltd. with 29.10%[10] Accounting Standards - The company has not applied new accounting standards for the current period[23]

Financial Performance - The company's operating revenue for Q3 2025 was ¥68,828,772.54, a decrease of 9.07% compared to the same period last year[3] - The total profit for the period was -¥20,005,338.93, reflecting a significant decline of 93.85% year-over-year[3] - The net profit attributable to shareholders was -¥20,059,238.44, down 97.09% compared to the previous year[3] - Basic and diluted earnings per share for the period were both -¥0.25, a decline of 56.25% compared to the same period last year[3] - Net loss for the first three quarters of 2025 was ¥22.81 million, compared to a net loss of ¥8.17 million in the same period of 2024, reflecting a significant decline in profitability[22] - Basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.29, compared to -¥0.13 in the same period of 2024[23] - The company reported a total comprehensive loss of ¥23.53 million for the first three quarters of 2025, compared to a loss of ¥8.01 million in the same period of 2024[23] - The company reported a basic and diluted earnings per share of -¥0.04 for the first three quarters of 2025, compared to ¥0.17 in 2024[32] - Total comprehensive income for the first three quarters of 2025 was -¥4.25 million, compared to ¥10.66 million in 2024[32] Cash Flow - The net cash flow from operating activities was -¥66,735,223.43, a decrease of 7.39% year-to-date[3] - Cash inflow from operating activities totaled ¥348.25 million, an increase of 20.7% from ¥288.66 million in the first three quarters of 2024[24] - The net cash flow from operating activities was -66,735,223.43 RMB, compared to -62,144,935.13 RMB in the previous period, indicating a decline in operational cash flow[25] - The cash outflow from financing activities was -14,149,099.81 RMB, compared to -37,421,991.18 RMB in the previous period, showing an improvement[25] - Cash and cash equivalents at the end of the period totaled 506,053,428.06 RMB, down from 515,821,815.06 RMB[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,283,216,939.98, a decrease of 2.68% from the end of the previous year[4] - Total current assets amount to ¥1,123,514,589.65, a decrease from ¥1,186,424,316.30 at the end of 2024[16] - Total liabilities amount to ¥325,340,699.57, down from ¥346,306,120.98[17] - Total liabilities decreased to ¥359.51 million from ¥374.08 million, indicating a reduction in financial obligations[18] - The company's total liabilities decreased slightly to 340,868,556.35 RMB from 346,305,665.46 RMB[28] - The total assets amounted to 1,376,106,807.16 RMB, down from 1,386,142,481.90 RMB[28] - The company's total equity decreased to 1,035,238,250.81 RMB from 1,039,836,816.44 RMB[29] Research and Development - Research and development expenses totaled ¥22,726,743.27, accounting for 33.02% of operating revenue, an increase of 6.56 percentage points[4] - Research and development expenses rose to ¥49.12 million, up 14.5% from ¥42.78 million in the previous year[22] - Research and development expenses increased to ¥37.79 million in the first three quarters of 2025, compared to ¥34.64 million in 2024[31] - The company reported a significant increase in development expenditures to ¥47,634,577.75 from ¥39,080,964.24[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 4,178[12] - The largest shareholder, Wang Yongquan, holds 23,306,624 shares, representing 28.97% of total shares[12] - The company has repurchased 1,157,954 shares, accounting for 1.44% of total share capital[13] - Shareholders' equity attributable to the parent company decreased to ¥925.15 million from ¥945.88 million, reflecting a decline in retained earnings[18] Inventory and Accounts Receivable - Inventory levels rose by 46.00% to ensure adequate supply for Q4 sales, reflecting seasonal and cyclical sales patterns[9] - Inventory increased to ¥196,474,146.16 from ¥134,569,951.59[16] - The company reported a significant increase in inventory, rising to 193,576,360.66 RMB from 133,550,018.04 RMB, an increase of approximately 45%[27] - Accounts receivable decreased to ¥273,066,681.90 from ¥320,458,744.18[16] Investment Activities - Total cash inflow from investment activities was 2,017,624,639.10 RMB, up from 1,787,743,815.91 RMB, reflecting an increase of approximately 12.9%[25] - The net cash flow from investment activities was -82,096,296.33 RMB, worsening from -15,170,071.86 RMB in the previous period[25] - Investment activities generated a net cash outflow of ¥102.60 million in the first three quarters of 2025, compared to a net outflow of ¥15.79 million in 2024[34]

Financial Performance - Total operating revenue for Q3 2025 was CNY 286,094,581.27, an increase of 3.17% compared to the same period last year[5]. - Total profit for Q3 2025 decreased by 42.33% to CNY 47,434,020.92, primarily due to asset impairment provisions at Fujin Thermal Power[7]. - Net profit attributable to shareholders for Q3 2025 was CNY 13,552,940.69, down 79.78% year-on-year[5]. - The net profit after deducting non-recurring gains and losses for Q3 2025 was CNY 6,001,490.47, a decrease of 90.11% compared to the previous year[5]. - The basic earnings per share for Q3 2025 was CNY 0.01, a decline of 75.00% year-on-year[6]. - The weighted average return on net assets decreased by 0.8248 percentage points to 0.1953% for Q3 2025[6]. - The net profit for the first three quarters of 2025 is CNY 348,125,061.67, a decrease from CNY 433,643,136.98 in the same period of 2024, representing a decline of approximately 19.7%[20]. - Operating profit for the first three quarters of 2025 is CNY 476,038,952.73, compared to CNY 505,414,029.63 in 2024, indicating a decrease of about 5.8%[20]. - The total profit for the first three quarters of 2025 is CNY 475,930,279.13, compared to CNY 504,887,529.57 in 2024, reflecting a decrease of approximately 5.7%[20]. Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 11,466,575,971.58, a decrease of 1.85% from the end of the previous year[6]. - Current assets totaled CNY 4,756,680,929.64 as of September 30, 2025, compared to CNY 4,574,644,431.33 at the end of 2024, reflecting an increase of 4.0%[14]. - Cash and cash equivalents increased significantly to CNY 2,303,319,766.99 from CNY 1,093,814,936.03, marking a growth of 110.0%[14]. - Total liabilities decreased to CNY 4,309,465,564.94 from CNY 4,748,737,031.69, indicating a reduction of 9.3%[16]. - Non-current assets amounted to CNY 6,709,895,041.94, down from CNY 7,107,728,744.15, a decline of 5.6%[15]. - The company's total assets were CNY 11,466,575,971.58, a decrease from CNY 11,682,373,175.48, reflecting a decline of 1.8%[15]. - The company's equity attributable to shareholders increased to CNY 6,948,317,252.28 from CNY 6,769,701,330.26, an increase of 2.6%[16]. - Short-term borrowings rose to CNY 428,509,117.42 from CNY 263,412,130.78, representing a significant increase of 62.7%[15]. Cash Flow - The net cash flow from operating activities for the year-to-date period increased by 196.50% to CNY 1,562,165,283.98[9]. - Cash flow from operating activities for the first three quarters of 2025 is CNY 1,562,165,283.98, significantly higher than CNY 526,861,206.17 in 2024, reflecting an increase of approximately 196.5%[23]. - Investment activities generated a net cash flow of CNY 143,704,050.94 in the first three quarters of 2025, a turnaround from a negative cash flow of CNY -33,454,800.48 in 2024[23]. - The company reported a total cash and cash equivalents balance of CNY 2,301,869,458.08 at the end of the third quarter of 2025, up from CNY 193,001,822.66 at the end of the same period in 2024[23]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 39,346[10]. - The basic and diluted earnings per share for the first three quarters of 2025 are both CNY 0.17, down from CNY 0.22 in 2024, representing a decrease of approximately 22.7%[20]. - The company incurred financial expenses of CNY 55,739,706.09 in 2025, down from CNY 72,019,111.43 in 2024, indicating a reduction of about 22.5%[20]. - The company received CNY 68,380,180.03 in tax refunds during the first three quarters of 2025, compared to CNY 34,733,035.43 in 2024, which is an increase of about 96.5%[22]. Revenue and Costs - Total operating revenue for the first three quarters of 2025 was CNY 1,080,200,302.66, a decrease of 1.3% compared to CNY 1,095,495,695.46 in the same period of 2024[18]. - Total operating costs increased to CNY 649,724,982.32, up 2.5% from CNY 637,167,329.13 in the previous year[18]. - Operating costs included CNY 517,195,937.43 in operating expenses, which rose from CNY 504,960,646.21 in 2024[18]. - Total revenue from sales of goods and services received in cash for the first three quarters of 2025 is CNY 2,035,025,241.18, compared to CNY 889,369,190.84 in 2024, marking an increase of about 129.4%[22].