资产、负债“虚增”5000万元，电工合金三季报出差错！

Core Viewpoint - The company, Electric Alloy (300697), announced a correction of accounting errors in its Q3 2025 financial report, specifically affecting the consolidated balance sheet, but not impacting the profit and cash flow statements [1][2]. Financial Corrections - The correction involved adjustments to accounts receivable and payable, with accounts receivable revised from 104 million to 53.65 million, a decrease of 50 million [1][3]. - Total current assets and total assets were also reduced by 50 million, resulting in corrected total assets of approximately 2.164 billion [1][3]. - Accounts payable were adjusted from 294 million to 244 million, similarly decreasing by 50 million [1][3]. - The overall liabilities and equity totals were also reduced by 50 million, reflecting the same adjustments [1][3]. Financial Ratios - Following the corrections, the debt-to-asset ratio improved from 44.43% to 43.14% [2]. Business Performance - For the first three quarters of 2025, the company reported revenue of 2.293 billion, a year-on-year increase of 25.11%, and a net profit attributable to shareholders of 127 million, up 38.45% [4]. - In August, the company announced plans to issue convertible bonds to raise up to 545 million, with proceeds intended for a high-performance copper and alloy production project and to supplement working capital [4]. Project Funding - The total investment for the high-performance copper and alloy production project is 485.77 million, with 388 million expected to be funded from the bond issuance [5]. - An additional 157 million is earmarked for working capital and bank loan repayment [5]. Dividend Distribution - Over the past three years, the company has distributed a total of 186 million in cash dividends [5]. Market Performance - As of November 20, the company's stock price was 15.77 per share, with a total market capitalization of 6.823 billion [6].