Core Insights - Jiangling Motors (000550.SZ) reported a decline in Q3 2025 revenue to 9.196 billion yuan, a year-on-year decrease of 6.26%, with net profit attributable to shareholders dropping to 16.406 million yuan, down 93.94% [1][2] - The company's net profit excluding non-recurring gains showed a loss of 72.93 million yuan, a decline of 126.67%, indicating that the core business is operating at a loss when excluding government subsidies [1][2] Financial Performance - For the first three quarters of 2025, Jiangling Motors achieved a total revenue of 27.289 billion yuan, a decrease of 1.59% year-on-year, while net profit attributable to shareholders was 749 million yuan, down 35.76% [4] - The net profit excluding non-recurring gains for the same period was 467 million yuan, reflecting a significant decline of 56.95% [4] Sales and Cash Flow - The company sold a total of 260,957 vehicles in the first three quarters, representing a year-on-year increase of 7.73%, including 70,773 light passenger vehicles, 52,726 trucks, 45,404 pickups, and 92,054 SUVs [2] - Despite the increase in sales volume, revenue from sales decreased, indicating that selling more vehicles did not translate into higher earnings [2] - The net cash flow from operating activities decreased by 15.24 billion yuan, a decline of 88.30%, primarily due to reduced cash receipts from sales [2] Accounts Receivable - By the end of Q3, accounts receivable increased by 1.536 billion yuan, a rise of 36.75%, mainly due to growth in vehicle export business [2] - The surge in accounts receivable poses a risk of bad debts and consumes significant working capital [2]

| | | 本报告期 | | 年初至报告 | | --- | --- | --- | --- | --- | | | 本报告期 | 比上年同 | 年初至报告期末 | 期末比上年 | | | | 期增減 | | 同期增减 | | 营业收入(元) | 9.196.139.182.00 | -6.26% | 27.288.525.392.00 | -1.59% | | 归属于上市公司股东的 | 16.405.954.00 | -93.94% | 749.134.001.00 | -35.76% | | 浄利润(元) | | | | | | 归属于上市公司股东的 扣除非经常性损益的净 | -72.929,211.00 | -126.67% | 466.986.995.00 | -56.95% | | 利润(元) | | | | | | 经营活动产生的现金流 | | | 201,904,797.00 | -88.30% | | 量净额(元) | | | | | | 基本每股收益(元/股) | 0.02 | -93.55% | 0.87 | -35.56% | | 稀释每股收益(元/股) | 0.02 | -93.55% ...