海通发展：前三季度净利润同比下降38.47%

Core Viewpoint - Haitong Development (603162) reported a significant increase in revenue for Q3 2025, but faced a decline in net profit due to rising operational costs and market price drops [1] Financial Performance - Q3 revenue reached 1.209 billion yuan, a year-on-year increase of 34.27% [1] - Revenue for the first three quarters totaled 3.009 billion yuan, reflecting a year-on-year growth of 16.32% [1] - Net profit attributable to shareholders for Q3 was 166 million yuan, a year-on-year decrease of 1.49% [1] - Net profit for the first three quarters was 253 million yuan, down 38.47% year-on-year [1] - Basic earnings per share stood at 0.18 yuan [1] Cost and Operational Challenges - The decline in market prices has significantly compressed profit margins in the industry [1] - Operational costs have steadily increased alongside the expansion of business scale [1] - The company has incurred substantial expenses related to the maintenance and retrofitting of existing and newly purchased vessels, as well as investments in energy-saving and emission-reduction equipment [1] - The benefits from newly added capacity have not yet been fully realized, contributing to the decline in profits [1]