Core Viewpoint - Boschke reported significant revenue growth in the first three quarters of 2025, but also faced a drastic decline in net profit, indicating financial distress despite increased sales [1][2]. Financial Performance - The company achieved a revenue of approximately 1.512 billion yuan in the first three quarters, representing a year-on-year increase of 27.1% [2]. - In Q3 alone, revenue grew by 60.61% to 260.42 million yuan, while net profit plummeted by 97.59% to -165.04 million yuan [2]. - The net profit attributable to shareholders for the first three quarters was approximately -212.25 million yuan, a staggering decline of 270.83% compared to the previous year [2]. Cash Flow and Debt Situation - Boschke reported a negative net cash flow from operating activities of -35.86 million yuan, a significant drop from 163 million yuan in the same period last year [2]. - The company's debt-to-asset ratio reached 86.53%, an increase of 11.65% year-on-year, indicating heightened financial leverage and potential liquidity issues [2]. Financing Activities - To improve financing efficiency and meet liquidity needs, Boschke plans to engage in financing loan activities with related parties, with a new financing limit of up to 500 million yuan [3]. - The financing will be used for working capital, project investments, and loan repayments, with collateral measures including pledging assets and subsidiary shares [3]. - Prior to this, Boschke provided a receivables pledge to secure a loan from a bank, with the restricted assets accounting for 30.18% of the company's audited total assets for 2024 [3][4]. Historical Losses - Boschke has been experiencing continuous losses, with net losses reported at 515 million yuan in 2021, 448 million yuan in 2022, 216 million yuan in 2023, and 865 million yuan in 2024 [5]. - As of October 16, the company's stock price decreased by 1.15%, closing at 5.14 yuan per share, with a total market capitalization of 2.744 billion yuan [5].