嘉泽新能2025年三季报稳健向好，现金流大幅改善彰显经营韧性

Core Insights - The company, Jiaze New Energy, reported steady growth in its Q3 2025 financial results, with both revenue and net profit increasing, showcasing resilience and growth potential [1][2] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.864 billion yuan, a year-on-year increase of 2.66% [1] - The net profit attributable to shareholders reached 595 million yuan, reflecting a year-on-year growth of 7.99% [1] - The net cash flow from operating activities significantly increased to 2.176 billion yuan, up 80.10% year-on-year, primarily due to increased renewable energy subsidy payments [1] - In Q3 alone, the company reported a revenue of 554 million yuan, with a net profit of 135 million yuan, indicating stable profitability despite a slight year-on-year decline in revenue [1] Asset and Equity Structure - As of September 30, 2025, the company's total assets amounted to 23.915 billion yuan, a 7.60% increase from the end of the previous year [1] - The equity attributable to shareholders rose to 8.088 billion yuan, up 17.28% from the end of the previous year, indicating an improved asset-liability structure [1] Capital Operations - In September 2025, the company completed a private placement of shares to raise funds primarily for renewable energy project development and to supplement working capital [2] - The actual controller and his concerted actors hold a combined 44.29% stake post-issuance, reflecting a stable control structure and confidence in the company's future [2] - A share buyback plan initiated by a concerted actor has seen approximately 40.728 million shares purchased, amounting to about 134 million yuan, demonstrating long-term investment value recognition [2] Industry Context - As a renewable energy generation company focused on wind and solar power, Jiaze New Energy is well-positioned to benefit from the ongoing national "dual carbon" goals and energy structure transformation [2] - The company is strengthening its foundation for long-term high-quality development amid increasing competition in the renewable energy sector [2] - With ongoing project completions and continuous recovery of subsidy funds, Jiaze New Energy is expected to solidify its market position in the green energy sector, providing sustainable returns for investors [2]