九洲集团：Q3营收增12.77%，国补回款促现金流改善

Core Insights - Jiuzhou Group reported strong performance in Q3 2025, with revenue of 261 million yuan, a year-on-year increase of 12.77% [1] - The company's net profit attributable to shareholders, excluding non-recurring items, surged by 159.36% year-on-year in Q3, and by 170.88% in the first three quarters [1] - Operating cash flow for the first three quarters reached 306 million yuan, reflecting a significant year-on-year growth of 321.95%, primarily due to accelerated government subsidies for renewable energy [1] Financial Performance - Q3 revenue was 261 million yuan, marking a 12.77% increase compared to the previous year [1] - Net profit attributable to shareholders, excluding non-recurring items, increased by 159.36% year-on-year in Q3 [1] - For the first three quarters, net profit attributable to shareholders, excluding non-recurring items, totaled 48 million yuan, a substantial increase of 170.88% [1] Cash Flow and Subsidies - Operating cash flow for the first three quarters reached 306 million yuan, a remarkable increase of 321.95% year-on-year [1] - The improvement in cash flow is attributed to the acceleration of government subsidies, with 193.54 million yuan received in August for renewable energy projects [1] - As of June 30, the company had 1.203 billion yuan in receivables from power generation, with 1.167 billion yuan being renewable energy subsidies [1] Policy Impact - The Ministry of Finance's notification on June 16 established a "monthly payment" mechanism for renewable energy subsidies, alleviating financial pressures on new energy companies [1] - The timely receipt of government subsidies has reduced financial costs and enhanced profitability for Jiuzhou Group [1] - The positive impact of these policies is expected to accelerate the development of Jiuzhou Group's renewable energy business [1]