Core Viewpoint - ST Jin Hong reported a decline in revenue and negative net profit for the first three quarters of 2025, indicating ongoing financial challenges despite some improvements in net profit year-on-year [1][2]. Financial Performance - The company's revenue for the first three quarters was 910 million yuan, a year-on-year decrease of 4.38% [1]. - The net profit attributable to shareholders was -46.23 million yuan, an increase of 51.43% year-on-year [1]. - The net profit excluding non-recurring items was -35.21 million yuan, up 63.26% year-on-year [1]. - Basic earnings per share were -0.07 yuan [2]. Profitability Metrics - The gross margin for the first three quarters was 8.02%, down 6.92 percentage points year-on-year [2]. - The net margin was -6.98%, an increase of 3.03 percentage points compared to the same period last year [2]. - In Q3 2025, the gross margin was 10.05%, a decrease of 4.29 percentage points year-on-year but an increase of 0.15 percentage points quarter-on-quarter [2]. - The net margin for Q3 was -7.72%, down 5.98 percentage points year-on-year and 1.49 percentage points quarter-on-quarter [2]. Expense Analysis - Total operating expenses for the period were 109 million yuan, a decrease of 12.30 million yuan year-on-year [2]. - The expense ratio was 11.99%, down 0.77 percentage points year-on-year [2]. - Sales expenses decreased by 19.95%, while management expenses increased by 16.45% [2]. - R&D expenses decreased by 66.07%, and financial expenses decreased by 27.01% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 15,200, a decrease of 1,305 shareholders or 7.89% from the end of the previous half [2]. - The average market value of shares held per shareholder increased from 110,300 yuan to 139,400 yuan, a growth of 26.39% [2]. Company Overview - ST Jin Hong, established on February 11, 1985, and listed on December 10, 1996, is primarily engaged in natural gas utilization and environmental engineering services [3]. - The main business revenue composition includes natural gas (91.86%), engineering installation (3.04%), mineral income (2.39%), pipeline transportation fees (1.66%), and other income [3]. - The company operates within the public utility sector, specifically in gas services [3].