REG - Ming Yang Smart Engy - 2025 Third Quarterly Report
30/10/2025 09:45
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251030:nRSd5022Fa&default-theme=true
RNS Number : 5022F Ming Yang Smart Energy Group Ltd 30 October 2025
Stock Code: 601615
Stock abbreviation: MYSE
Ming Yang Smart Energy Group Limited
2025 Third Quarterly Report
Important:
The Company's Board, directors, and senior officers warrant that this
Quarterly Report are true, accurate and complete, with no false records,
misleading statements or material omissions, and they shall bear individual
and joint legal liabilities accordingly.
The Principal of the Company, the Chief Financial Officer and the Chief
Accountant (the accounting manager), warrant the truthfulness, accuracy and
completeness of the financial information contained in this Quarterly Report.
Whether the third quarter financial statements are audited
□ Yes √ No
I. Key financial data
（I） Key accounting data and financial indicators
Unit: RMB Currency: RMB
Item Reporting period Change for this reporting period compared to the same period of previous year From the beginning of the year to the end of the reporting period Change from the beginning of the year to the end of the reporting period
(%) compared to the same period of previous year (%)
Operating revenue 9,160,920,131.66 8.53 26,303,692,904.49 29.98
Total profit 161,719,770.79 -28.64 821,111,984.34 -12.71
Net profit attributable to shareholders of the listed company 155,829,868.51 5.39 765,756,951.96 -5.29
Net profit attributable to shareholders of the listed company after deducting 95,261,837.01 -22.56 580,610,408.25 -14.47
non-recurring profit or loss
Net cash flows from operating activities N/A N/A -4,925,987,922.44 N/A
Basic earnings per share (RMB/share) 0.07 - 0.34 -5.56
Diluted earnings per share (RMB/share) 0.07 - 0.34 -5.56
Weighted average rate of return on net assets (%) 0.57 Up 0.03 percentage points 2.90 Down 0.03 percentage point
At the end of the reporting period At the end of the previous year Change at the end of the reporting period as compared with the end of the
previous year (%)
Total assets 91,328,495,344.87 86,794,501,247.32 5.22
Owners' equity attributable to shareholders of the listed company 26,389,325,758.86 26,237,473,763.09 0.58
Note: "This reporting period" refers to the 3-month period from the beginning
to the end of this quarter, same below.
（II） Non-recurring profit or loss items and amounts
√ Applicable □Not applicable
Unit: RMB Currency: RMB
Non-recurring profit or loss items Amount in the current period Amount from the beginning of the year to the end of the reporting period Description
Profit or loss from disposal of non-current assets (including the part offset -2,640,453.22 -8,896,836.69
with the provision for impairment of assets)
Government subsidies (except for the grants which are closely related to the 29,221,364.10 73,090,268.89
Company's business and have the standard amount and continuing impact on the
Company's profit or loss in accordance with the national standard)
attributable to profit or loss for the period
Profit or loss from changes in fair value arising from held-for-trading 30,103,607.46 100,951,820.67
financial assets by non-financial enterprises and financial liabilities, and
profit or loss arising from disposal of held-for-trading financial assets and
financial liabilities other than effective hedging business related to the
Company's normal business operations
Fund possession fee received from non-financial enterprises attributable to -
profit or loss for the period
Profit or loss from entrusting others to invest or manage assets 26,073,607.82 92,726,350.86
Profit or loss from external entrusted loans -
Asset impairment provisions due to force majeure factors such as natural -
disasters
Reversal of provision made for impairment of receivables that are individually 291,379.53 1,359,388.42
tested for impairment
Gains when the investment cost of acquiring a subsidiary, an associate and a
joint venture is less than the fair value of the identifiable net assets of
the invested entity
The current net profit or loss of subsidiary resulting from combination under
common control from the beginning of the period to consolidation date
Profit or loss from exchange of non-monetary assets
Profits or losses from debt restructuring
One-off expenses arising from discontinued continuing activities of the
company such as staff settlement expenses
Impact on the current profit or loss by one-off adjustment according to laws
and regulations related to tax and accounting
Share payment expenses recognized due to cancelling and amending share option
incentive scheme
Profit or loss arising from the changes in fair value of employee compensation
payable in respect of shares payment in cash after the vesting date
Profit or loss from changes in fair value of investment properties
subsequently measured in the fair value mode
Gains from transactions with significantly unfair transaction prices
Profit or loss arising from contingencies irrelevant to the Company's normal
business operations
Custody fee income from entrusted operations
Other non-operating revenue and expenses other than the above -10,377,441.89 -41,557,516.45
Other profit or loss items that meet the definition of non-recurring profit or -
loss
Less: Effect of income tax 10,672,564.29 33,087,715.90
Effect of minority interests (after tax) 1,431,468.01 -560,783.91
Total 60,568,031.50 185,146,543.71
Explanation on defining items that are not illustrated in the Explanatory
Announcement on Information Disclosure for Companies Offering Their Securities
to the Public No. 1 - Non-recurring Gain or Loss as non-recurring profit or
loss items with significant amounts, and defining the non-recurring profit or
loss items listed in the Explanatory Announcement on Information Disclosure
for Companies Offering Their Securities to the Public No. 1 - Non-recurring
Gain or Loss as recurring gain or loss items.
□ Applicable √Not applicable
（III） Changes for the major accounting data and financial indicators and the reasons thereof
□Applicable □√ Not applicable
II. Shareholders' information
（I） Total number of shareholders of ordinary shares and shareholders of preferred shares with restored voting rights and shareholdings of the top ten shareholders
Unit: share
Total number of shareholders of ordinary shares as at the end of the reporting 129,323 Total number of shareholders of preferred shares with restored voting rights 0
period as at the end of the reporting period (if any)
Shareholdings of top 10 shareholders (excluding shares lent through
refinancing)
Name of shareholder Nature of shareholder Number of shares held Shareholding ratio (%) Number of shares subject to selling restrictions Pledged, marked or frozen
Status of shares Number
WISER TYSON INVESTMENT CORP LIMITED Overseas legal person 157,062,475 6.91 - Pledged 45,000,000
FIRST BASE INVESTMENTS LIMITED Overseas legal person 119,470,011 5.26 - Pledged 114,000,000
Mingyang New Energy Investment Holding Group Co., Ltd. Domestic non-state-owned legal person 113,591,612 5.00 - None -
Hong Kong Securities Clearing Company Limited Other 65,280,082 2.87 - None -
Mingyang New Energy Investment Holding Group Co., Ltd. - Special pledge Domestic non-state-owned legal person 50,640,000 2.23 - Pledged 50,640,000
account for non-public issuance of exchangeable corporate bonds (first
tranche) to professional investors in 2023
KEYCORP LIMITED Overseas legal person 44,683,336 1.97 - Pledged 8,390,000
Hainan Boyun Investment Partnership (Limited Partnership) Domestic non-state-owned legal person 36,647,003 1.61 - None -
China Pacific Life Insurance Co., Ltd. - Dividends - Personal Dividends Other 36,615,007 1.61 - None -
Mingyang New Energy Investment Holding Group Co., Ltd. - Special pledge Domestic non-state-owned legal person 35,820,000 1.58 - Pledged 35,820,000
account for non-public issuance of exchangeable corporate bonds (first
tranche) to professional investors in 2024
Basic endowment insurance fund 1205 portfolio Other 32,765,646 1.44 - None -
Shareholdings of top 10 shareholders not subject to selling restrictions
(excluding lending of shares through refinancing)
Name of shareholder Number of shares not subject to selling restrictions held Type and number of shares
Type Number
WISER TYSON INVESTMENT CORP LIMITED 157,062,475 RMB-denominated ordinary shares 157,062,475
FIRST BASE INVESTMENTS LIMITED 119,470,011 RMB-denominated ordinary shares 119,470,011
Mingyang New Energy Investment Holding Group Co., Ltd. 113,591,612 RMB-denominated ordinary shares 113,591,612
Hong Kong Securities Clearing Company Limited 65,280,082 RMB-denominated ordinary shares 65,280,082
Mingyang New Energy Investment Holding Group Co., Ltd. - Special pledge 50,640,000 RMB-denominated ordinary shares 50,640,000
account for non-public issuance of exchangeable corporate bonds (first
tranche) to professional investors in 2023
KEYCORP LIMITED 44,683,336 RMB-denominated ordinary shares 44,683,336
Hainan Boyun Investment Partnership (Limited Partnership) 36,647,003 RMB-denominated ordinary shares 36,647,003
China Pacific Life Insurance Co., Ltd. - Dividends - Personal Dividends 36,615,007 RMB-denominated ordinary shares 36,615,007
Mingyang New Energy Investment Holding Group Co., Ltd. - Special pledge 35,820,000 RMB-denominated ordinary shares 35,820,000
account for non-public issuance of exchangeable corporate bonds (first
tranche) to professional investors in 2024
Basic endowment insurance fund 1205 portfolio 32,765,646 RMB-denominated ordinary shares 32,765,646
Information of the above-mentioned shareholders' related relationships or (1) Due to the non-public issuance of exchangeable corporate bonds by the
concerted actions controlling shareholder, Mingyang New Energy Investment Holding Group Co.,
Ltd., the shares were pledged to Shenwan Hongyuan Securities Co., Ltd. through
the transfer and registration with China Securities Depository and Clearing
Co., Ltd., and independently registered as shareholder accounts, "Mingyang New
Energy Investment Holding Group Co., Ltd. - Special pledge account for
non-public issuance of exchangeable corporate bonds (first tranche) to
professional investors in 2023" and "Mingyang New Energy Investment Holding
Group Co., Ltd. - Special pledge account for non-public issuance of
exchangeable corporate bonds (first tranche) to professional investors in
2024". Mingyang New Energy Investment Holding Group Co., Ltd. holds a total of
200,051,612 shares of the Company.
(2) The above-mentioned shareholders, WISER TYSON INVESTMENT CORP LIMITED and
Mingyang New Energy Investment Holding Group Co., Ltd. (including "Mingyang
New Energy Investment Holding Group Co., Ltd. - Special pledge account for
non-public issuance of exchangeable corporate bonds (first tranche) to
professional investors in 2023" and "Mingyang New Energy Investment Holding
Group Co., Ltd. - Special pledge account for non-public issuance of
exchangeable corporate bonds (first tranche) to professional investors in
2024"), FIRST BASE INVESTMENTS LIMITED, KEYCORP LIMITED, and Hainan Boyun
Investment Partnership (Limited Partnership) is under the control of Zhang
Chuanwei, Wu Ling and Zhang Rui, the de facto controllers of the Company, and
therefore are related parties to each other.
Explanation of the participation of the top 10 shareholders and top 10 None
shareholders who are not subject to selling restrictions in margin trading and
refinancing business (if any)
Note: as of September 30, 2025, the Company's buyback account held 121,119,984
shares of the Company, representing a shareholding ratio of 5.33%. According
to the relevant provisions of the Content and Format Criteria for Information
Disclosure by Companies Offering Securities to the Public No. 2, the account
is not included in the list of top 10 shareholders.
Explanation of the participation of the shareholders who hold more than 5%,
top 10 shareholders and top 10 shareholders who are not subject to selling
restrictions in refinancing and borrowing business
□ Applicable √ Not applicable
Changes of top 10 shareholders and top 10 shareholders who are not subject to
selling restrictions in refinancing business due to refinancing
borrowing/repayment as compared with last period.
□ Applicable √ Not applicable
III. Other reminders
Other important information about the Company's operation in the reporting
period that investors should be reminded of
□ Applicable √ Not applicable
IV. Quarterly financial statements
(I) Type of audit opinion
□ Applicable √ Not applicable
(II) Financial statements
Consolidated Balance Sheet
September 30, 2025
Prepared by:Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item September 30, 2025 December 31, 2024
Current assets:
Monetary funds 8,351,643,542.96 14,583,771,022.88
Balances with clearing companies
Loans to banks and other financial institutions
Financial assets held for trading 2,573,042,814.08 1,182,821.44
Derivative financial assets
Notes receivable 29,776,012.50 33,580,281.79
Accounts receivable 16,312,392,764.21 13,776,923,643.11
Receivables financing 811,919,683.55 964,286,203.65
Advances to suppliers 1,233,849,146.95 716,624,965.91
Premiums receivable
Reinsurance accounts receivable
Deposits receivable from reinsurance contracts
Other receivables 1,301,377,297.20 1,206,031,526.58
Including: interest receivable
Dividends receivable 75,040,000.00 196,912,115.57
Financial assets purchased under resale agreements
Inventories 18,459,736,950.28 13,537,532,115.73
Including: data resources
Contract assets 804,490,691.96 662,942,444.38
Assets held for sale 471,478,355.77
Non-current assets due within one year 154,124,202.63 1,982,432,437.08
Other current assets 2,562,281,036.15 2,189,300,251.46
Total current assets 52,594,634,142.47 50,126,086,069.78
Non-current assets:
Loans and advances granted
Debt investments
Other debt investments
Long-term receivables 149,084,709.09 10,000,000.00
Long-term equity investments 778,949,883.49 804,763,159.59
Other equity instrument investments 70,662,315.30 131,963,004.53
Other non-current financial assets 447,958,773.68 615,540,590.66
Investment properties 41,845,163.21 42,906,034.21
Fixed assets 16,900,123,623.57 14,437,903,663.54
Construction in progress 2,998,580,016.44 4,988,640,821.26
Productive biological assets
Oil and gas assets
Right-of-use assets 228,920,829.54 254,570,604.39
Intangible assets 2,494,783,221.15 2,482,930,280.67
Including: data resources
Development expenditure 399,479,010.01 227,008,615.55
Including: data resources
Goodwill 74,842,051.08 68,569,375.91
Long-term deferred expenses 51,596,036.77 58,335,702.92
Deferred tax assets 1,286,137,456.08 1,220,487,147.40
Other non-current assets 12,810,898,112.99 11,324,796,176.91
Total non-current assets 38,733,861,202.40 36,668,415,177.54
Total assets 91,328,495,344.87 86,794,501,247.32
Current liabilities:
Short-term borrowings 3,379,708,105.49 1,576,852,627.32
Borrowings from central bank
Borrowings from banks and other financial institutions
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 10,682,435,455.30 9,517,195,130.76
Accounts payable 17,042,344,675.59 13,016,725,356.61
Advances from customers 2,408,018.95 1,400,516.31
Contract liabilities 8,244,826,716.49 9,289,672,830.58
Financial assets sold under repurchase agreements
Customer bank deposits and due to banks and other financial institutions
Receivings from vicariously traded securities
Receivings from vicariously underwritten securities
Employee compensation payable 321,555,104.24 365,867,281.70
Taxes and surcharges payable 121,194,246.89 179,828,757.30
Other payables 2,397,406,976.91 2,471,345,185.17
Including: interest payable
Dividends payable 2,200,000.00 2,200,000.00
Handling charges and commissions
Reinsurance accounts payable
Liabilities held for sale 265,940,037.74
Non-current liabilities due within one year 2,056,419,515.14 1,628,453,578.61
Other current liabilities 856,314,046.62 824,283,468.88
Total current liabilities 45,104,612,861.62 39,137,564,770.98
Non-current liabilities:
Reserves for insurance contract
Long-term borrowings 12,480,893,977.10 13,941,868,567.24
Bonds payable
Including: preferred shares
Perpetual bonds
Lease liabilities 175,781,505.84 179,232,500.52
Long-term payables 3,582,835,584.69 3,402,243,662.97
Long-term employee compensation payable
Estimated liabilities 1,578,004,848.74 1,618,197,535.67
Deferred income 335,975,759.64 363,033,611.54
Deferred tax liabilities 653,840,919.42 889,135,406.28
Other non-current liabilities
Total non-current liabilities 18,807,332,595.43 20,393,711,284.22
Total liabilities 63,911,945,457.05 59,531,276,055.20
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital) 2,271,496,706.00 2,271,594,206.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 16,834,571,826.05 16,833,342,902.64
Less: treasury shares 1,310,111,118.52 1,310,681,503.52
Other comprehensive income 33,671,998.19 34,177,712.67
Special reserve 166,548,910.68 127,720,399.63
Surplus reserve 800,205,863.05 800,205,863.05
General risk reserve
Undistributed profits 7,592,941,573.41 7,481,114,182.62
Total owners' equity (or shareholders' equity) attributable to the parent 26,389,325,758.86 26,237,473,763.09
company
Minority equity 1,027,224,128.96 1,025,751,429.03
Total owners' equity (or shareholders' equity) 27,416,549,887.82 27,263,225,192.12
Total liabilities and owners' equity (or shareholders' equity) 91,328,495,344.87 86,794,501,247.32
Company Principal: Zhang Chuanwei Chief Financial Officer: Fang Meng Chief
Accountant: Zhang Feng
Consolidated Income Statement
January - September 2025
Prepared by:Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item The first three quarters of 2025 The first three quarters of 2024
(January - September) (January - September)
I. Total operating revenue 26,303,692,904.49 20,236,621,066.72
Including: operating revenue 26,303,692,904.49 20,236,621,066.72
Interest income
Premiums earned
Handling charges and commission income
II. Total operating costs 25,773,425,190.57 20,287,976,841.08
Including: operating costs 23,285,602,730.50 18,112,722,300.75
Interest expenses
Handling charges and commission expenses
Surrender value
Net amount of compensation payout
Net amount withdrawn for insurance liability reserves
Policy dividend payment
Reinsurance costs
Taxes and surcharges 88,981,816.44 115,210,839.03
Selling expenses 591,000,514.70 506,643,285.64
G&A expenses 857,775,786.64 777,466,152.02
R&D expenses 581,287,032.65 501,035,158.59
Financial expenses 368,777,309.64 274,899,105.05
Including: interest expenses 428,975,957.52 380,619,192.19
Interest income 119,883,041.23 157,615,492.35
Plus: other income 157,587,158.55 396,279,728.21
Investment income (loss expressed with "-") 235,380,888.10 745,546,200.86
Including: income from investment in associates and joint ventures 11,617,473.93 18,339,365.53
Gains from derecognition of financial assets measured at amortized cost
Exchange gains (loss expressed with "-")
Gains from net exposure hedging (loss expressed with "-")
Income from changes in fair value (loss expressed with "-") 51,376,851.74 -29,205,477.94
Losses from credit impairment (loss expressed with "-") -80,571,814.71 -24,083,195.79
Asset impairment loss (loss expressed with "-") -21,472,880.21 -52,061,122.36
Gains from disposal of assets (loss expressed with "-") -6,152,053.40 3,227,250.04
III. Operating profit (loss expressed with "-") 866,415,863.99 988,347,608.66
Plus: non-operating revenue 17,213,712.37 18,217,132.81
Less: non-operating expenses 62,517,592.02 65,855,110.87
IV. Total profit (total loss expressed with "-") 821,111,984.34 940,709,630.60
Less: income tax expenses 31,795,962.64 76,345,567.40
V. Net profit (net loss expressed with "-") 789,316,021.70 864,364,063.20
(I) Classification by business continuity
1. Net profit from continuing operations (net loss expressed with "-") 710,909,544.04 864,364,063.20
2. Net profit from discontinued operations (net loss expressed with "-") 78,406,477.66
(II) Classification by ownership
1. Net profit attributable to shareholders of the parent company (net loss 765,756,951.96 808,510,813.26
expressed with "-")
2. Minority interest (net loss expressed with "-") 23,559,069.74 55,853,249.94
VI. Net after-tax amount of other comprehensive income 45,585.56 567,005.45
(I) Net other comprehensive income attributable to owners of the parent -505,714.48 411,836.07
company after taxes
1. Other comprehensive income that cannot be reclassified into profit or loss 3,142,589.61 3,929,302.09
(1) Remeasurement of changes in defined benefit plans
(2) Other comprehensive income that cannot be transferred to profit or loss
under the equity method
(3) Changes in fair value of other equity instrument investments 3,142,589.61 3,929,302.09
(4) Changes in fair value of the enterprise's own credit risk
2. Other comprehensive income that will be reclassified into profit or loss -3,648,304.09 -3,517,466.02
(1) Other comprehensive income that can be transferred to profit or loss under
the equity method
(2) Changes in fair value of other debt investments
(3) Amount of financial assets reclassified into other comprehensive income
(4) Provision for credit impairment of other debt investments
(5) Cash flow hedging reserve
(6) Differences arising from translation of foreign currency financial -3,648,304.09 -3,517,466.02
statements
(7) Other
(II) Other comprehensive income, net of tax attributable to minority 551,300.04 155,169.38
shareholders
VII. Total comprehensive income 789,361,607.26 864,931,068.65
(I) Total comprehensive income attributable to owners of the parent company 765,251,237.48 808,922,649.33
(II) Total comprehensive income attributable to minority shareholders 24,110,369.78 56,008,419.32
VIII. Earnings per share:
(I) Basic earnings per share (RMB/share) 0.34 0.36
(II) Diluted earnings per share (RMB/share) 0.34 0.36
For business combination under the common control that occurred in the current
period, the net profit realized by the combined party before the combination
was: RMB 0 , and the net profit realized by the combined party in the
previous period was: RMB 0 .
Company Principal: Zhang Chuanwei Chief Financial Officer:Fang Meng Chief
Accountant:Zhang Feng
Consolidated Statement of Cash Flows
January - September 2025
Prepared by:Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item The first three quarters of 2025 The first three quarters of 2024
(January - September) (January - September)
I. Cash flows from operating activities:
Cash received from sales of goods and rendering of services 21,493,739,518.61 18,279,497,292.67
Net increase in customer bank deposits and due to banks and other financial
institutions
Net increase in borrowings from central bank
Net increase in borrowings from banks and other financial institutions
Cash received from premiums from the original insurance contract
Net cash received from reinsurance business
Net increase in deposits and investments from policyholders
Cash received from interest, handling charges and commissions
Net increase in borrowings from banks and other financial institutions
Net increase in funds from repurchase business
Net cash received from vicariously traded securities
Refund of taxes and surcharges 80,655,501.11 147,606,004.42
Other cash received related to operating activities 526,095,347.16 590,714,265.84
Sub-total of cash inflows from operating activities 22,100,490,366.88 19,017,817,562.93
Cash paid for purchase of goods and rendering of services 22,130,545,115.93 19,672,906,412.78
Net increase in loans and advances to customers
Net increase in deposits in central bank, other banks and financial
institutions
Cash paid for original insurance contract claims
Net increase in loans to banks and other financial institutions
Cash paid for interest, handling charges and commissions
Cash paid for policy dividends
Cash paid to and for employees 2,310,170,942.35 1,805,036,191.97
Cash paid for taxes and surcharges 833,317,157.29 867,356,961.36
Other cash paid related to operating activities 1,752,445,073.75 1,309,959,455.31
Sub-total of cash outflows from operating activities 27,026,478,289.32 23,655,259,021.42
Net cash flows from operating activities -4,925,987,922.44 -4,637,441,458.49
II. Cash flows from investing activities:
Cash received from disinvestment 4,643,863,962.77 1,694,614,972.28
Cash received from investment income 340,079,536.65 278,084,036.97
Net cash received from disposal of fixed assets, intangible assets and other 1,702,505.46 15,414,871.05
long-term assets
Net cash received from disposal of subsidiaries and other business units 84,126,442.12 1,324,164,409.77
Other cash received relating to investing activities 112,708,928.99 141,239,746.84
Sub-total of cash inflows from investing activities 5,182,481,375.99 3,453,518,036.91
Cash paid for the acquisition and construction of fixed assets, intangible 2,820,958,869.00 5,075,795,718.55
assets and other long-term assets
Cash paid for investments 5,076,728,805.21 391,179,335.04
Net increase in pledge loans
Net cash paid for acquisition of subsidiaries and other business units 8,543,494.07
Other cash paid related to investing activities
Sub-total of cash outflows from investing activities 7,906,231,168.28 5,466,975,053.59
Net cash flows from investing activities -2,723,749,792.29 -2,013,457,016.68
III. Cash flows from financing activities:
Cash received from absorption of investments 41,018,178.45 514,270,000.00
Including: cash received by subsidiaries from investments of minority 41,018,178.45 514,270,000.00
shareholders
Cash received from borrowings 3,770,736,181.60 8,365,239,997.38
Other cash received related to financing activities 3,202,984,833.05 2,285,676.90
Sub-total of cash inflows from financing activities 7,014,739,193.10 8,881,795,674.28
Cash paid for debt repayments 2,732,479,474.51 908,835,061.59
Cash paid for distribution of dividends, profits or interest payments 1,015,536,304.94 1,050,221,330.79
Including: dividends and profits paid to minority shareholders by subsidiaries
Other cash paid related to financing activities 1,634,795,185.00 1,555,499,369.32
Sub-total of cash outflows from financing activities 5,382,810,964.45 3,514,555,761.70
Net cash flows from financing activities 1,631,928,228.65 5,367,239,912.58
IV. Effect of fluctuation in exchange rate on cash and cash equivalents -9,183,104.21 -15,395,666.00
V. Net increase in cash and cash equivalents -6,026,992,590.29 -1,299,054,228.59
Plus: beginning balance of cash and cash equivalents 14,217,771,011.92 12,070,683,635.67
VI. Ending balance of cash and cash equivalents 8,190,778,421.63 10,771,629,407.08
Company Principal:Zhang Chuanwei Chief Financial Officer:Fang Meng Chief
AccountantZhang Feng
Balance Sheet of the Parent Company
September 30, 2025
Prepared by:Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item September 30, 2025 December 31, 2024
Current assets:
Monetary funds 5,686,358,206.67 10,313,010,044.29
Financial assets held for trading 2,095,077,848.37 1,182,821.44
Derivative financial assets
Notes receivable 28,762,500.00
Accounts receivable 15,582,373,285.44 13,000,209,778.03
Receivables financing 773,978,498.74 912,994,530.43
Advances to suppliers 1,093,128,409.76 887,889,018.48
Other receivables 9,636,712,350.85 6,471,004,606.58
Including: interest receivable
Dividends receivable 18,979,170.00
Inventories 7,378,214,239.49 7,310,936,330.66
Including: data resources
Contract assets 556,050,301.43 517,883,355.45
Assets held for sale
Non-current assets due within one year 154,124,202.63 1,982,432,437.08
Other current assets 5,778,356,841.17 5,026,127,999.89
Total current assets 48,763,136,684.55 46,423,670,922.33
Non-current assets:
Debt investments
Other debt investments
Long-term receivables 139,084,709.09
Long-term equity investments 13,820,410,971.10 12,826,685,825.20
Other equity instrument investments 16,139,592.40 85,147,270.95
Other non-current financial assets 211,159,318.20 377,111,156.10
Investment properties
Fixed assets 1,027,627,270.54 994,569,830.08
Construction in progress 527,245,861.47 549,297,292.93
Productive biological assets
Oil and gas assets
Right-of-use assets 116,642,354.76 108,644,186.84
Intangible assets 1,171,551,343.17 1,214,398,647.43
Including: data resources
Development expenditure 306,381,133.82 188,982,954.49
Including: data resources
Goodwill
Long-term deferred expenses 19,152,192.92 19,671,894.24
Deferred tax assets 500,569,083.96 502,145,618.18
Other non-current assets 12,582,572,571.17 11,213,390,964.54
Total non-current assets 30,438,536,402.60 28,080,045,640.98
Total assets 79,201,673,087.15 74,503,716,563.31
Current liabilities:
Short-term borrowings 857,418,486.45 771,261,250.42
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 10,701,762,034.73 9,535,557,843.24
Accounts payable 22,886,239,513.00 17,177,450,114.14
Advances from customers
Contract liabilities 9,215,143,605.53 11,849,366,795.43
Employee compensation payable 123,904,499.14 136,927,014.53
Taxes and surcharges payable 26,315,810.46 37,737,635.06
Other payables 5,499,104,433.60 4,091,949,072.12
Including: interest payable
Dividends payable
Liabilities held for sale
Non-current liabilities due within one year 755,645,999.54 510,657,514.64
Other current liabilities 982,599,354.26 1,158,958,075.19
Total current liabilities 51,048,133,736.71 45,269,865,314.77
Non-current liabilities:
Long-term borrowings 1,017,867,873.80 1,920,993,635.90
Bonds payable
Including: preferred shares
Perpetual bonds
Lease liabilities 94,246,557.17 88,805,356.76
Long-term payables 949,872,129.50 942,127,723.65
Long-term employee compensation payable
Estimated liabilities 1,501,731,274.96 1,524,346,793.92
Deferred income 108,283,331.51 114,707,776.39
Deferred tax liabilities 540,173,957.54 774,130,936.29
Other non-current liabilities
Total non-current liabilities 4,212,175,124.48 5,365,112,222.91
Total liabilities 55,260,308,861.19 50,634,977,537.68
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital) 2,271,496,706.00 2,271,594,206.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 17,122,579,833.07 17,123,052,718.07
Less: treasury shares 1,310,111,118.52 1,310,681,503.52
Other comprehensive income 3,202,793.56 2,688,270.32
Special reserve
Surplus reserve 800,205,863.05 800,205,863.05
Undistributed profits 5,053,990,148.80 4,981,879,471.71
Total owners' equity (or shareholders' equity) 23,941,364,225.96 23,868,739,025.63
Total liabilities and owners' equity (or shareholders' equity) 79,201,673,087.15 74,503,716,563.31
Company Principal:Zhang Chuanwei Chief Financial Officer:Fang Meng Chief
Accountant:Zhang Feng
Income Statement of the Parent Company
January - September 2025
Prepared by:Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item The first three quarters of 2025 The first three quarters of 2024
(January - September) (January - September)
I. Operating revenue 23,630,570,443.39 19,397,459,575.06
Less: operating costs 22,201,819,523.32 17,907,775,177.21
Taxes and surcharges 12,436,604.34 48,981,094.08
Selling expenses 394,313,022.35 353,391,816.44
G&A expenses 368,819,116.04 287,418,462.05
R&D expenses 273,339,646.27 154,048,820.91
Financial expenses 89,472,117.68 11,478,506.02
Including: interest expenses 165,015,010.59 105,100,707.54
Interest income 118,086,570.51 146,041,864.22
Plus: other income 74,175,316.88 291,655,009.94
Investment income (loss expressed with "-") 366,862,263.36 371,303,452.81
Including: income from investment in associates and joint ventures 5,253,361.06 11,258,097.03
Gains from derecognition of financial assets measured at amortized cost -
Gains from net exposure hedging (loss expressed with "-")
Income from changes in fair value (loss expressed with "-") 50,596,412.75 -14,225,331.06
Losses from credit impairment (loss expressed with "-") -22,697,331.49 75,641,888.25
Asset impairment loss (loss expressed with "-") -2,668,671.75 -25,669,301.53
Gains from disposal of assets (loss expressed with "-") -229,400.08 -1,515,443.05
II. Operating profit (loss expressed with "-") 756,409,003.06 1,331,555,973.71
Plus: non-operating revenue 5,019,821.49 2,515,862.27
Less: non-operating expenses 32,325,117.42 42,917,477.02
III. Total profit (total loss expressed with "-") 729,103,707.13 1,291,154,358.96
Less: income tax expenses 3,063,468.87 129,306,621.85
IV. Net profit (net loss expressed with "-") 726,040,238.26 1,161,847,737.11
(I) Net profit from continuing operations (net loss expressed with "-") 726,040,238.26 1,161,847,737.11
(II) Net profit from discontinued operation (net loss expressed with "-")
V. Net after-tax amount of other comprehensive income 514,523.24 3,328,596.53
(I) Other comprehensive income that cannot be reclassified into profit or loss 514,523.24 3,328,596.53
1. Remeasurement of changes in defined benefit plans
2. Other comprehensive income that cannot be transferred to profit or loss
under the equity method
3. Changes in fair value of investments in other equity instruments 514,523.24 3,328,596.53
4. Changes in fair value of the enterprise's own credit risk
(II) Other comprehensive income that will be reclassified to profit or loss -
1. Other comprehensive income that can be transferred to profit or loss under
the equity method
2. Changes in fair value of other debt investments
3. Amount of financial assets reclassified into other comprehensive income
4. Provision for credit impairment of other debt investments
5. Cash flow hedging reserve
6. Differences arising from translation of foreign currency financial
statements
7. Other
VI. Total comprehensive income 726,554,761.50 1,165,176,333.64
VII. Earnings per share:
(I) Basic earnings per share (RMB/share)
(II) Diluted earnings per share (RMB/share)
Company PrincipalZhang Chuanwei Chief Financial Officer:Fang Meng Chief
Accountant:Zhang Feng
Statement of Cash Flows of the Parent Company
January - September 2025
Prepared by:Ming Yang Smart Energy Group Limited
Unit: RMB Currency: RMB Audit type: Unaudited
Item The first three quarters of 2025 The first three quarters of 2024
(January - September) (January - September)
I. Cash flows from operating activities:
Cash received from sales of goods and rendering of services 21,008,798,909.56 18,420,997,026.65
Refund of taxes and surcharges 15,911,620.44 33,249,152.51
Other cash received related to operating activities 3,361,574,443.55 1,844,031,294.43
Sub-total of cash inflows from operating activities 24,386,284,973.55 20,298,277,473.59
Cash paid for purchase of goods and rendering of services 24,262,307,450.06 21,013,169,152.07
Cash paid to and for employees 673,852,878.02 541,274,126.37
Cash paid for taxes and surcharges 398,326,338.76 375,299,927.82
Other cash paid related to operating activities 1,812,407,093.12 1,020,136,218.79
Sub-total of cash outflows from operating activities 27,146,893,759.96 22,949,879,425.05
Net cash flows from operating activities -2,760,608,786.41 -2,651,601,951.46
II. Cash flows from investing activities:
Cash received from disinvestment 4,457,226,107.65 1,694,614,972.28
Cash received from investment income 427,187,037.80 360,003,244.99
Net cash received from disposal of fixed assets, intangible assets and other 51,167.26
long-term assets
Net cash received from disposal of subsidiaries and other business units
Other cash received relating to investing activities 2,003,849,618.57 2,419,015,266.59
Sub-total of cash inflows from investing activities 6,888,313,931.28 4,473,633,483.86
Cash paid for the acquisition and construction of fixed assets, intangible 273,485,845.46 823,419,397.27
assets and other long-term assets
Cash paid for investments 5,658,508,421.82 1,241,827,895.04
Net cash paid for acquisition of subsidiaries and other business units
Other cash paid related to investing activities 1,551,328,922.14 1,795,743,378.34
Sub-total of cash outflows from investing activities 7,483,323,189.42 3,860,990,670.65
Net cash flows from investing activities -595,009,258.14 612,642,813.21
III. Cash flows from financing activities:
Cash received from absorption of investments
Cash received from borrowings 1,430,865,068.10 1,613,454,946.31
Other cash received related to financing activities 337,539,550.00
Sub-total of cash inflows from financing activities 1,768,404,618.10 1,613,454,946.31
Cash paid for debt repayments 2,175,028,392.00 61,400,000.00
Cash paid for distribution of dividends, profits or interest payments 717,433,617.35 701,986,577.48
Other cash paid related to financing activities 16,411,961.85 1,677,960,167.30
Sub-total of cash outflows from financing activities 2,908,873,971.20 2,441,346,744.78
Net cash flows from financing activities -1,140,469,353.10 -827,891,798.47
IV. Effect of fluctuation in exchange rate on cash and cash equivalents -15,580,671.52 -13,714,652.80
V. Net increase in cash and cash equivalents -4,511,668,069.17 -2,880,565,589.52
Plus: beginning balance of cash and cash equivalents 10,117,007,049.72 8,826,106,622.07
VI. Ending balance of cash and cash equivalents 5,605,338,980.55 5,945,541,032.55
Company Principal:Zhang Chuanwei Chief Financial Officer:Fang Meng Chief
Accountant:Zhang Feng
Adjustments to the financial statements as at the beginning of the year relating to the initial application of the new accounting standards or interpretations of standards since 2025
□ Applicable √ Not applicable
Ming Yang Smart Energy Group Limited
30 October, 2025
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END QRTFZMFGLGNGKZG
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Ming Yang Smart Energy
See all newsREG - Ming Yang Smart Engy - 2025 Third Quarterly Report
AnnouncementREG - Ming Yang Smart Engy - Granting Stock Options to Incentive Recipients
AnnouncementREG - Ming Yang Smart Engy - Resolution of the Third EGM in 2025
AnnouncementREG - Ming Yang Smart Engy - Announcement on Planning External Investment
AnnouncementREG - Ming Yang Smart Engy - Notice of the Third EGM in 2025
Announcement