Core Viewpoint - The company has released its third-quarter report for 2025, ensuring the accuracy and completeness of the financial information presented [11][12]. Financial Data - The financial data for the third quarter includes key accounting figures and financial indicators, with all amounts reported in Renminbi [3][5]. - The report indicates that the financial statements have not been audited [9]. Adjustments and Accounting Changes - The company has made retrospective adjustments to its financial statements due to changes in accounting policies related to standard warehouse trading, as mandated by the Ministry of Finance in July 2025 [4][9]. - The retrospective adjustments did not impact the total profit and net profit for the year 2024, but affected the comparative financial statements [9]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the shareholding status of the top ten shareholders [8]. Board Meeting Resolutions - The sixth board meeting of the company approved the third-quarter report with unanimous consent from all 15 voting directors [11][14]. - Additionally, the board approved adjustments to the annual asset-liability allocation plan [14].

Core Viewpoint - The company has announced a change in accounting policy regarding standard warehouse receipts, which will not have a significant impact on its financial indicators such as revenue, net profit, and net assets [9][10][12]. Financial Data - The company confirmed that its net capital and risk control indicators comply with the regulations set by the China Securities Regulatory Commission [3]. - The third-quarter financial report has not been audited [4][8]. Shareholder Information - On August 7, 2025, the company completed the transfer of 862,535,293 shares from Hubei Energy Group and Three Gorges Capital to Changjiang Industrial Investment Group, making it the largest shareholder with 17.41% of total shares [5]. Accounting Policy Change - The change in accounting policy was prompted by a new guideline from the Ministry of Finance regarding the treatment of standard warehouse receipts, which will now be treated as financial instruments [10][11]. - The company will implement this change retroactively from January 1, 2025, and it is expected to have no major impact on the financial statements for the current and comparable periods [12].

Core Viewpoint - The Ministry of Finance has issued implementation Q&A regarding the accounting treatment of standard warehouse receipts, providing clear guidance for specific business models, which aims to standardize market order and enhance financial transparency [1][2]. Summary by Relevant Sections Scope of Application - The implementation Q&A applies to specific business models that meet certain criteria, such as involving the extraction of physical goods, infrequent buying and selling, or not being aimed at profiting from short-term price fluctuations [1][2]. - Certain industries may be the only ones engaging in transactions that meet all three criteria, indicating a limited impact of the Q&A [1]. Accounting Treatment - Companies that acquire standard warehouse receipts and sell them shortly thereafter should not recognize sales revenue but instead record the difference between the received consideration and the book value of the sold receipts as investment income [2][5]. - The trading of standard warehouse receipts is treated similarly to short-term trading of financial assets, distinguishing it from typical manufacturing or retail activities [2][5]. Measurement of Assets - The Q&A does not specify the measurement basis for unsold standard warehouse receipts at the end of the period, leaving room for further observation in practice [3]. - Given the expected short holding period for these receipts, significant measurement differences are not anticipated [3]. Accounting Policy Changes - If companies need to adjust their accounting treatment based on the Q&A, they must follow the relevant regulations for accounting policy changes and disclose this in their financial statements [3].