YXCHC(SZ:000987) Ge Long Hui·2025-10-10 12:12Core Viewpoint - The company, Yuexiu Capital, expects a significant increase in net profit for the first three quarters of 2025, driven by improved investment business performance and growth in renewable energy generation [1][2]. Group 1: Financial Performance - The net profit attributable to shareholders is projected to be between 292.21 million and 309.40 million yuan, representing a year-on-year growth of 70% to 80% [1]. - The net profit after deducting non-recurring gains and losses is expected to be between 140.62 million and 157.81 million yuan, reflecting a year-on-year increase of 18% to 32% [1]. Group 2: Business Developments - The company has actively seized opportunities in the capital market, leading to improved investment business returns [2]. - The renewable energy business has seen a continuous increase in power generation alongside growing installed capacity, contributing to enhanced operational efficiency [2]. Group 3: Equity Investments - The company's subsidiary, Guangzhou Asset Management Co., holds a 4.14% stake in Beijing Holdings Limited and has appointed a director as of September 30, 2025 [2]. - Another subsidiary, Guangzhou Yuexiu Industrial Investment Co., holds a 4.97% stake in New天绿色能源股份有限公司 and appointed a director on July 25, 2025 [2]. - The accounting treatment for these equity investments has changed from trading financial assets to long-term equity investments, leading to expected one-time gains of approximately 2.02 billion yuan and 298 million yuan, which will increase net profit by about 1.05 billion yuan and 134 million yuan, respectively [2]. Group 4: Asset Management - The company is conducting a comprehensive review and impairment testing of various assets, including debt investments and receivables, with expected impairment provisions of 1.4 billion to 1.6 billion yuan [3]. - This impairment is anticipated to reduce net profit by approximately 720 million to 820 million yuan for the first three quarters of 2025 [3].