天山股份，雪上加霜！

Core Viewpoint - Tianshan Co., Ltd. announced that its subsidiary needs to pay approximately 61.86 million yuan in tax and late fees, which has been fully paid as of the announcement date. This tax matter does not involve administrative penalties [1][9]. Financial Impact - The tax payment and late fees will be recorded in the profit and loss for the year 2025, expected to impact the company's net profit by approximately 61.86 million yuan, subject to the final audited financial statements for 2025 [4][11]. - Tianshan Co., Ltd. reported a net loss of 2.252 billion yuan for 2024 after excluding non-recurring losses. For the first three quarters of 2025, the company achieved revenue of 54.938 billion yuan, a year-on-year decrease of 10.64%, with a net loss of 1.181 billion yuan, and a net loss of 1.568 billion yuan after excluding non-recurring losses [4][11]. Operational Performance - As of September 30, 2025, Tianshan Co., Ltd. had accounts receivable of 30.2 billion yuan, a year-on-year decrease of 6.26%. The debt-to-asset ratio was 65.96%, down 2.13% year-on-year [12]. - The company reported a net cash flow from operating activities of 4.87 billion yuan for the first three quarters, representing a year-on-year increase of 43.5%, indicating healthy cash collection capabilities in its main business [5][12]. Market Performance - As of the market close on December 5, Tianshan Co., Ltd. shares rose by 0.35%, closing at 5.73 yuan per share, with a total market capitalization of 40.74 billion yuan [6][12].