Core Viewpoint - The company has disclosed its third-quarter financial report, emphasizing the accuracy and completeness of the information provided, and has announced a significant asset impairment provision due to market conditions affecting its inventory and receivables [2][22][34]. Financial Data - The company reported a total asset impairment provision of CNY 178,049,028.50, which includes CNY 165,266,330.92 for inventory impairment and CNY 12,782,697.58 for receivables impairment [25][34]. - The company has not made any adjustments or restatements to previous years' financial data [3]. Shareholder Information - As of the report date, the company has repurchased 9,961,100 shares, representing 0.70% of its total share capital, with a total transaction amount of CNY 50,097,042 [5][6]. - The company held a shareholder meeting on October 30, 2025, with 470 participants representing 19.31% of the total voting shares [18][20]. Board Meetings and Resolutions - The company’s board of directors approved the third-quarter report and the asset impairment provision during the fifth meeting of the tenth board session held on October 30, 2025 [31][34]. - The board meeting was conducted in compliance with legal and regulatory requirements, with all directors present [30][34]. Other Important Matters - The company’s subsidiary, Hunan Tangrenshen Meat Products Co., Ltd., holds 627,285 shares of Bubu Gao Commercial Chain Co., Ltd. as part of a debt settlement [6]. - The company has committed to a share repurchase plan with a total fund of no less than CNY 50 million and no more than CNY 100 million [5].

Core Viewpoint - The company has reported its third-quarter financial results for 2025, highlighting significant changes due to the merger with Haitong Securities and the impact of asset impairment provisions on its financial performance [14][34]. Financial Data - The company completed a merger with Haitong Securities on March 14, 2025, and the financial data for the comparable period is based on the original financial data of Guotai Junan Securities [3][8]. - For the first nine months of 2025, the company recognized a non-recurring loss of approximately RMB 2.7 billion due to tax expenses related to the merger [6][7]. Asset Impairment - The company has recognized a total asset impairment loss of RMB 238.295 million for the first nine months of 2025, which significantly impacted its net profit [36][45]. - The breakdown of the impairment includes RMB 100.508 million for long-term receivables, RMB 44.996 million for financing lease receivables, and RMB 46.077 million for other debt investments [37][39][40]. Shareholder Information - As of the reporting period, the total number of A-share shareholders is 359,102, and H-share shareholders are 277 [9]. Corporate Governance - The company’s board of directors has ensured the accuracy and completeness of the quarterly report and has taken legal responsibility for its content [2][23]. - The board has approved several resolutions, including the asset impairment provision and the establishment of a management authorization framework [25][27][30].

Core Viewpoint - The company has reported its financial performance and related party transactions, indicating a stable operational environment and adherence to regulatory requirements while also addressing asset impairment provisions. Group 1: Financial Performance - As of September 30, 2025, Dongxing Down's total assets amounted to 262 million yuan, with net assets of 30.47 million yuan. For the first nine months of 2025, the company achieved operating income of 66.04 million yuan and a net profit of 498,000 yuan [1] - The company has recognized a total of 26.8 million yuan in credit and asset impairment provisions for the first three quarters of 2025, which includes 18.23 million yuan for accounts receivable and 8.76 million yuan for inventory [9][10] Group 2: Related Party Transactions - The transactions with related parties are considered normal business dealings, executed based on signed contracts with reasonable settlement periods, and are priced fairly according to market principles [3][4] - The independent directors have unanimously agreed that the adjustments to the expected related party transactions for 2025 are necessary for the company's development and will not affect its independence or harm the interests of shareholders [5][42] Group 3: Governance and Compliance - The company held its 25th meeting of the seventh board of directors on October 29, 2025, where various proposals, including the adjustment of related party transactions and the election of the eighth board of directors, were discussed and approved [14][35] - The company plans to hold the third extraordinary general meeting of shareholders on November 19, 2025, to review the proposals from the board meeting [46]

Core Viewpoint - The company has disclosed its third-quarter financial report for 2025, including the approval of asset impairment provisions and adjustments to the board's specialized committee members [7][10][13]. Financial Data - The third-quarter financial report has not been audited [6]. - The company has confirmed that there are no non-recurring gains or losses applicable [3]. - The company has reported a total credit impairment loss of 5,671,430.00 yuan and an asset impairment loss of -21,083,979.96 yuan, which will reduce the total profit for 2025 by 15,412,549.96 yuan [23]. Board Decisions - The eighth board meeting approved the adjustment of the specialized committee members [8]. - The board also approved the proposal for asset impairment provisions, which was reviewed by the audit committee prior to the board meeting [11][25]. - The board confirmed that the asset impairment provisions are in accordance with accounting standards and reflect the company's financial status accurately [26]. Shareholder Information - The company has provided details regarding the total number of shareholders and the status of major shareholders, although specific figures were not disclosed in the documents [5].

Core Points - The company has reported a total impairment loss of 88.455 million yuan for the first three quarters of 2025, reflecting a cautious approach to asset valuation [10][11][12] - The company has taken measures to address internal control deficiencies and has made significant management changes, including the resignation of key executives [40][41][54] - The company is actively pursuing the recovery of funds misappropriated by a former executive, totaling 191.338 million yuan, with some repayments already received [55][56] Financial Data - The company reported an impairment provision of 9.9328 million yuan for inventory and 56.4085 million yuan for fixed assets during the first three quarters of 2025 [8][10] - The total reduction in profit due to impairment provisions for the first three quarters is 88.455 million yuan [10][11] Management and Governance - The fourth board meeting of the company was held on October 29, 2025, where several key resolutions were passed, including the approval of the third-quarter report and the reappointment of the auditing firm [15][20][22] - The company has appointed a new management team, including a new chairman and general manager, to enhance governance and operational efficiency [40][41] Risk Management - The company has been under risk warning since May 6, 2025, due to a negative audit opinion on its internal controls for the 2024 financial year [37][38] - The company is implementing a comprehensive internal control review and has engaged third-party auditors to assist in identifying and rectifying deficiencies [39][54]

Core Viewpoint - Longpan Technology (603906) announced a comprehensive review and impairment testing of its assets to accurately reflect its financial status as of September 30, 2025, resulting in a total impairment provision of 109 million yuan for the first three quarters of 2025, which decreased the company's consolidated profit by the same amount [1] Group 1 - The company conducted a thorough examination of potential impairment indicators for goodwill, notes receivable, accounts receivable, other receivables, and inventory [1] - The impairment provision of 109 million yuan was made to ensure a more realistic and accurate representation of the company's asset and financial status [1] - The impairment led to a reduction in the company's total profit for the first three quarters of 2025 by 109 million yuan [1]

Core Viewpoint - Tianfeng Securities announced on October 30 that it conducted an expected credit loss assessment for its assets as of September 30, 2025, to accurately reflect its financial status and operating results for the period from January to September 2025 [2] Financial Performance - The company and its subsidiaries recognized a total impairment provision of 93.41 million yuan for various assets from July to September 2025, which accounts for over 10% of the absolute value of the audited net profit for the most recent fiscal year [2]

國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 （股份代號：02611） 關於計提資產減值準備的公告 本公告乃由國泰海通證券股份有限公司（「本公司」），連同其附屬公司「本集團」） 根據香港法例第571章證券及期貨條例（「證券及期貨條例」）第XIVA部項下內幕消 息條文（定義見香港聯合交易所有限公司證券上市規則（「上市規則」））及上市規則 第13.09條和第13.10B條而作出。 一、計提資產減值準備情況概述 根據中國企業會計準則（「企業會計準則」）和本公司會計政策的相關規定，本 集團對截至2025年9月30日的各項需要計提減值的資產進行了預期信用損失 評估和減值測試，2025年1-9月計提信用減值損失人民幣233,420萬元，計提 其他資產減值損失人民幣4,875萬元，合計計提資產減值損失人民幣238,295 萬 ...

Core Viewpoint - The company has reported significant changes in its financial position and has made provisions for asset impairment, reflecting a cautious approach to its financial management and operational strategy [11][12][14]. Financial Data Summary - The company reported a 31.13% decrease in prepaid expenses due to settlements during the reporting period [4]. - Assets held for sale and related liabilities increased by 100% due to plans to sell subsidiary equity [4]. - Construction in progress rose by 120.31% due to increased factory construction [5]. - Right-of-use assets increased by 92.12% due to additional leasing [6]. - Other non-current assets increased by 54.19% as certain prepaid expenses did not meet settlement conditions [5]. - Other payables decreased by 31.75% due to the payment of last year's dividends [5]. - Current portion of non-current liabilities decreased by 53.29% due to the maturity of convertible bonds [5]. - Other current liabilities increased by 132.71% due to an increase in endorsed and discounted notes [5]. - Long-term borrowings increased by 48.22% due to new long-term loans [6]. - Lease liabilities increased by 134.26% due to additional leasing [7]. - Financial expenses decreased by 30.12% due to reduced interest from debt-to-equity swaps [8]. - Other income decreased by 42.93% due to a reduction in VAT deductions [8]. - Non-operating income increased by 62.44% due to gains from equity acquisitions [8]. - Non-operating expenses increased by 51.16% due to tax penalties [8]. - Income tax expenses increased by 2,540.36% due to improved profitability and tax adjustments [8]. - Minority interests increased by 82.42% due to profits from non-wholly-owned subsidiaries [8]. - Net cash flow from financing activities increased by 94.59% due to increased bank loans and reduced debt repayments [8]. - Net increase in cash and cash equivalents rose by 417.71% due to increased cash flow from financing activities [8]. Asset Impairment Provision - The company has recognized an asset impairment loss totaling 40.83 million yuan for the first three quarters of 2025, reflecting a comprehensive review of its asset status [11][12]. - The impairment loss includes 40.81 million yuan for credit impairment losses, based on assessments of accounts receivable and other receivables [12]. - The company also recognized a minor inventory impairment of 1.52 thousand yuan [14]. Guarantee and Financing - The company plans to provide a guarantee of up to 1.652 billion yuan for its subsidiaries, which exceeds 50% of its latest audited net assets [18]. - The total expected guarantee amount for 2025 is projected to be no more than 2.022 billion yuan [18]. - The guarantees will support various financing needs, including bank loans and performance guarantees [18][19]. - As of October 28, 2025, the total external guarantees, including the new guarantees, do not exceed 20.72 billion yuan, representing 26.85% of the company's total audited assets [57].

Core Points - The company has reported its third-quarter financial results, ensuring the accuracy and completeness of the information disclosed [1][2][9] - The company has made provisions for asset impairment totaling 87.72 million yuan, primarily related to receivables and inventory [10][14] - The company adjusted the exercise price of its 2023 stock option incentive plan from 8.93 yuan to 8.82 yuan due to a recent cash dividend distribution [22][25] Financial Data Summary - Cash and cash equivalents decreased by 44.24% compared to the previous year due to increased working capital needs during the production peak [4] - Trade financial assets increased by 100% due to the purchase of financial products that were not redeemed [4] - Accounts receivable increased by 69.01% as business entered a peak season [5] - Prepaid accounts increased by 364.41% due to higher prepayments for raw materials [5] - Other current assets decreased by 87.37% due to a reduction in deductible input tax [5] - Construction in progress increased by 44.98% due to investments in new workshops [5] - Long-term deferred expenses increased by 48.52% due to increased renovation costs [5] - Total liabilities increased, with accounts payable rising by 49.44% and tax payable increasing by 61.99% [5] Impairment Provision Details - The company recognized an inventory impairment provision of 5.55 million yuan based on the lower of cost or net realizable value [11] - Accounts receivable impairment provisions totaled 98.75 million yuan, reflecting expected credit losses [12] - Financial guarantee contract impairment losses were recorded at 6.41 million yuan [13] Stock Option Plan Adjustment - The adjustment of the stock option exercise price was approved by the board and is within the authorized scope from the shareholders' meeting [25][26] - The adjustment does not materially affect the company's financial status or operational results [25]