Core Viewpoint - The company has approved a change in accounting estimates that will enhance the accuracy of its financial reporting and is expected to positively impact its net profit and net assets for the fiscal year 2025 [3][15][20]. Group 1: Board Meeting - The fifth board meeting of the company was held on November 7, 2025, with all seven directors present, including independent directors participating via communication methods [2]. - The board unanimously approved the proposal to change certain accounting estimates, which aligns with relevant accounting standards and is expected to improve the quality of financial information [3][5][20]. Group 2: Supervisory Meeting - The fifth supervisory meeting was also held on November 7, 2025, with all three supervisors present, who supported the board's decision regarding the accounting estimate changes [9][10]. - The supervisory board confirmed that the proposal complies with legal regulations and does not harm the interests of the company or its shareholders [10][22]. Group 3: Accounting Estimate Change - The change in accounting estimates will take effect from October 1, 2025, and will not require retrospective adjustments to previously disclosed financial reports [16][18]. - The estimated impact of this change includes a reduction in fixed asset depreciation expenses by 1.5562 million yuan and an increase in net profit attributable to shareholders by 1.1672 million yuan for the year 2025 [15][18]. Group 4: Rationale and Compliance - The company justified the change in accounting estimates based on the rapid development of its business and improvements in construction technology, which necessitated a reassessment of the useful life of its fixed assets [17][19]. - Both the board and supervisory committee agreed that the changes reflect a more accurate representation of the company's financial status and comply with relevant accounting standards [20][21].

Core Viewpoint - The company has announced a change in accounting estimates regarding the unit traffic volume amortization of its intangible assets related to the Jiangyan Expressway, effective from July 1, 2025, which will increase the amortization amount from RMB 7.09 to RMB 9.32 per standard vehicle, reflecting actual traffic conditions and forecasts [19][22][44]. Financial Data - The company reported that the financial data in the quarterly report is accurate and complete, with no significant omissions or misleading statements [2][4]. - The company has not audited the third-quarter financial statements [4]. Shareholder Information - As of the end of the reporting period, the total number of shareholders is 20,849, with 20,526 A-share shareholders and 323 H-share shareholders [6]. - The top ten shareholders and their holdings have been disclosed, with significant stakes held by entities such as Yunshan Capital and Zhaoshang Highway [8][11]. Operational Data - The average daily mixed traffic volume data does not include free traffic during holiday periods, and the reported income is exclusive of tax [9]. - The company has a cargo compensation agreement with the Shenzhen Transportation Bureau, which will end on December 31, 2024, after which normal toll rates will apply [9][10]. Investment Activities - The company has engaged in five new principal-protected floating income financial product transactions during the reporting period, with a total investment amount of RMB 1.5 billion [14]. - The balance of financial products held by the company at the end of the reporting period was RMB 3.74 billion, with no overdue principal or income [14]. Meeting Resolutions - The board of directors approved the change in accounting estimates and the third-quarter report during the meeting held on October 30, 2025, with unanimous support [42][44]. - The supervisory board also reviewed and approved the third-quarter report, confirming compliance with relevant laws and regulations [36][34].

证券代码：603887 证券简称：城地香江 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 登录新浪财经APP 搜索【信披】查看更多考评等级 （一） 主要会计数据和财务指标 单位：元 币种：人民币 注："本报告期"指本季度初至本季度末3个月期间，下同。 （二） 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 √适用 □不适用 单位：元 币种：人民币 ...

Core Points - The company has released its unaudited third-quarter financial report for 2025, ensuring the accuracy and completeness of the information provided [2][3][41] - The board of directors has approved the appointment of new senior management personnel, including a new Chief Risk Officer and Chief Financial Officer [21][25][29] Financial Data Summary - As of the end of September 2025, the total assets of the group reached RMB 45,863.58 billion, an increase of RMB 2,098.67 billion or 4.80% compared to the end of the previous year [9] - The total loans amounted to RMB 24,355.94 billion, up by RMB 692.77 billion or 2.93% year-on-year [9] - The total liabilities were RMB 42,137.51 billion, increasing by RMB 2,029.44 billion or 5.06% [9] - The total deposits reached RMB 23,389.60 billion, reflecting an increase of RMB 1,875.90 billion or 8.72% [9] - The total profit for the period was RMB 243.22 billion, a decrease of RMB 7.23 billion or 2.89% year-on-year [9] - The net profit attributable to shareholders was RMB 179.82 billion, down by RMB 5.29 billion or 2.86% [9] - The cost-to-income ratio was 29.95%, a decrease of 0.21 percentage points year-on-year [9] Asset Quality and Capital Adequacy - The non-performing loan ratio stood at 1.58%, a decrease of 0.02 percentage points from the end of the previous year [9] - The provision coverage ratio was 149.33%, down by 12.56 percentage points [9] - The loan provision ratio was 2.36%, a decrease of 0.23 percentage points [9] - The core Tier 1 capital adequacy ratio was 9.33%, Tier 1 capital adequacy ratio was 11.14%, and total capital adequacy ratio was 12.63%, all meeting regulatory requirements [11][12] Management Changes - Liu Xiaoli has resigned as Chief Risk Officer due to work changes, effective October 22, 2025 [18][19] - Liu Xiaoli has been appointed as Chief Operating Officer, with her term starting from the board's approval [22][23] - Fang Yi has been appointed as the new Chief Risk Officer, pending regulatory approval [25][26] - Liu Yue has been appointed as Chief Financial Officer, also pending regulatory approval [28][29] Other Important Information - The company issued RMB 200 billion in green financial bonds in July 2025, with a maturity of three years and an interest rate of 1.66% [16] - The board has approved changes to the amortization period for software assets, extending it from three years to five years [35][52]

Core Viewpoint - CICC maintains the profit forecast for China Tower (00788) for 2025 and 2026, with a target price of HKD 14.00, indicating a 20.1% upside potential from the current stock price [1] Financial Performance - For the first three quarters of 2025, the company's revenue reached CNY 74.32 billion, a year-on-year increase of 2.6%, and the net profit attributable to shareholders was CNY 8.71 billion, up 6.8%, aligning with CICC's expectations [2] - In Q3 2025, revenue was CNY 24.72 billion, a year-on-year increase of 2.1%, while the net profit attributable to shareholders was CNY 2.95 billion, up 4.5% [2] Business Segments - Revenue growth in the two wings business remains strong, while tower business revenue shows signs of slowing down. For 1-3Q25, revenue growth rates for various segments were: tower business -0.7%, indoor distribution +11.3%, smart connection +16.8%, and energy +11.5%. In Q3 2025, the growth rates were: tower business -1.2%, indoor distribution +9.8%, smart connection +13.2%, and energy +15.9% [3] - The operator business revenue in Q3 2025 decreased by 0.2%, likely due to cost control measures by operators leading to a decline in non-rental service revenue from the tower business. As of the end of Q3, the number of tower sites reached 2.137 million, a 2.1% increase from the beginning of the year, with an average of 1.81 tenants per site, unchanged from the beginning of the year [3] EBITDA and Profitability - EBITDA growth has slowed, potentially due to credit impairment impacts, while net profit showed good year-on-year growth. For the first three quarters, EBITDA increased by 2.5%, and net profit grew by 6.8%. In Q3 2025, EBITDA was CNY 16.73 billion, a year-on-year increase of 0.4%, and net profit was CNY 2.95 billion, up 4.5% [4] - The slowdown in internal profit growth in Q3 2025 compared to the first half of 2025 is attributed to rising costs and expenses, including credit impairment losses [4] Accounting Changes - The company announced a change in accounting estimates, extending the depreciation period for indoor distribution assets from 7 years to 10 years, expected to reduce the depreciation expense for 2025 by approximately CNY 870 million. This change is based on improved operational and maintenance practices and aligns with the actual usage of assets [5] - The adjustment in depreciation policy is expected to enhance the company's profit and dividend base for 2025, thereby boosting shareholder returns [5]

Group 1 - The company, Xi'an Aike Saibo Electric Co., Ltd., has announced a change in accounting estimates regarding the depreciation period and rate for fixed assets, specifically for buildings and structures that will be put into use after September 1, 2025 [4][10][11] - The depreciation period for new buildings will be changed from "5-25 years" to "5-45 years," and the annual depreciation rate will be adjusted from "3.80%-19.00%" to "2.11%-19.00%" [4][7][10] - The change in accounting estimates will not have a significant impact on the company's financial status, operating results, or cash flow, and it does not harm the interests of the company or its shareholders [4][10][12] Group 2 - The board of directors and the supervisory board have approved the change in accounting estimates, with unanimous votes in favor, indicating a consensus on the necessity and appropriateness of the adjustments [11][12] - The company will implement the new accounting estimates starting from September 1, 2025, without requiring retrospective adjustments to previously disclosed financial statements [10][11] - The adjustments are made in accordance with relevant accounting standards and are intended to provide a more accurate reflection of the company's financial condition and operating results [6][9][11] Group 3 - The company has also announced the allocation of reserved shares under its first employee stock ownership plan, granting 564,100 shares to core employees, which represents 12.54% of the total plan [14][17] - The share purchase price for the reserved shares is set at 13.55 yuan per share, and the plan includes a 12-month lock-up period before shares can be unlocked in two phases [18][19] - The performance assessment for unlocking shares will be based on company revenue targets and individual performance evaluations for the years 2025-2026 [20][21]

Core Points - The company has revised its Articles of Association and made non-substantive amendments, which require approval from the shareholders' meeting [1][2] - The company has undergone changes in its board of directors, with resignations and new appointments, ensuring compliance with legal requirements [3][4][5] - The company has approved the use of its own funds to pay for part of the fundraising project expenses, which will be replaced with raised funds later [15][16][21] Group 1: Articles of Association and Governance - The company has made non-substantive revisions to its Articles of Association, which include minor wording changes and adjustments to clause numbering and punctuation [1] - Several governance systems have been revised or established in conjunction with the amendments to the Articles of Association, with some requiring shareholder approval [2][40] - The board of directors has proposed to cancel the supervisory board and amend the Articles of Association accordingly, which is pending shareholder approval [36][37] Group 2: Board Changes - Three directors, including one who is also a senior manager, have submitted their resignations, with one continuing in a management role [4][5] - The company has nominated new candidates for the board of directors to fill the vacancies created by the resignations, which will be submitted for shareholder approval [6][42] - The company has elected a new employee representative director during a staff representative meeting [8] Group 3: Fundraising and Financial Management - The company has approved the use of its own funds to cover part of the expenses for fundraising projects, with plans to replace these funds with raised capital later [15][16] - The total amount raised from the initial public offering was approximately 1.44 billion yuan, with a net amount of about 1.32 billion yuan after expenses [16] - The company has outlined the reasons for using its own funds initially, including operational efficiency and compliance with banking regulations [17][18][19] Group 4: Committee Appointments - The company has made appointments to its strategic committee, remuneration and assessment committee, and audit committee following recent board changes [9][46] - The appointments are intended to ensure the smooth operation of these committees and are effective until the end of the current board's term [9][46] Group 5: Monitoring and Compliance - The supervisory board has expressed its agreement with the company's decision to use its own funds for project expenses, confirming compliance with regulations [23][30] - The underwriting institution has also provided a favorable review of the company's financial management practices regarding the use of raised funds [25][26]

Group 1 - The company announced a total impairment provision of approximately 13.16 million yuan, which will reduce the current profit by the same amount and correspondingly decrease the owner's equity at the end of the period [1] - Starting from July 1, 2024, the company will change its accounting estimate for inventory impairment, shifting from a full provision for materials and components over two years to a provision based on "exceeding the effective storage period," which is expected to reduce the inventory impairment provision by approximately 14.89 million yuan and increase net profit attributable to shareholders by about 12.66 million yuan for the fiscal year 2024 [1] Group 2 - In the first half of 2025, the company achieved operating revenue of approximately 173 million yuan, representing a year-on-year increase of 63.34%, primarily driven by the growth in low Earth orbit satellite communication business [2] - The operating cost increased by 209.47% year-on-year, significantly outpacing revenue growth, leading to a decline in gross margin due to lower contract pricing influenced by customer price reviews and higher pricing in the same period last year during small batch deliveries [2] - The net profit attributable to shareholders was a loss of 28.64 million yuan, although this represented a year-on-year narrowing of 44.97% [2] - During the interim reporting period, the company recognized credit impairment losses of approximately 18.09 million yuan and reversed asset impairment losses of about 6.23 million yuan [2]

Group 1 - The company held its fifth board meeting on August 29, 2025, where the 2025 semi-annual report and its summary were approved, confirming compliance with relevant laws and regulations [3][5][11] - The board unanimously agreed to the proposal for asset impairment provision, amounting to 60,312,939.06 yuan, reflecting a cautious approach to potential asset losses [6][25][27] - The company will change its accounting estimate for expected credit losses on accounts receivable and notes receivable based on aging, effective from July 1, 2025, to provide a more accurate reflection of its financial status [9][33][38] Group 2 - The company provided a guarantee for its wholly-owned subsidiary, 共进国际 (Singapore) Co., Ltd., with a maximum debt amount of 30 million USD (approximately 21,554.70 million yuan) to support its business development [42][44] - The total amount of guarantees provided by the company and its subsidiaries is 49.41 billion yuan, which accounts for 99.52% of the company's audited net assets for 2024 [48][49] - The company plans to hold a semi-annual performance briefing on September 8, 2025, to communicate with investors and address their concerns [51][54][56]

Core Viewpoint - The board of directors of Shenzhen Gongjin Electronics Co., Ltd. has approved the 2025 semi-annual report and related financial adjustments, ensuring compliance with relevant laws and regulations [1][2][3] Group 1: Meeting Details - The fifth board of directors' twelfth meeting was held via electronic means, with all 12 directors present [1] - The meeting was chaired by Chairman Hu Zumin, and all directors voted on various proposals [1] Group 2: Financial Reporting - The 2025 semi-annual report and its summary were reviewed and deemed to accurately reflect the company's financial status and operational results [1][2] - The board unanimously approved the report with 12 votes in favor, 0 against, and 0 abstentions [2] Group 3: Asset Impairment - The company conducted impairment testing on its assets as of June 30, 2025, and decided to recognize an impairment provision totaling 60,312,939.06 yuan [2] - This decision was also unanimously approved by the board with 12 votes in favor, 0 against, and 0 abstentions [2] Group 4: Accounting Estimates - The board approved a change in accounting estimates for expected credit losses on receivables, which will provide a more accurate reflection of the company's financial condition [3] - This change does not require retrospective adjustments to previously disclosed financial reports and will not affect past financial results [3]