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SICC Co., Ltd. Interim / Quarterly Report 2025
50726_rns_2025-10-27_69a70d40-0d5d-4264-ba80-305323fc8267.pdf
Interim / Quarterly Report
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
SICC CO., LTD.
山東天岳先進科技股份有限公司
(A joint stock company incorporated in the People's Republic of China with limited liability)
(Stock Code: 2631)
2025 THIRD QUARTERLY REPORT
This announcement is made by SICC CO., LTD. (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
The following sets out the third quarter results of 2025 of the Company (the "Third Quarterly Report") for the nine months ended 30 September 2025 (the "Reporting Period"). The financial statements have been prepared in accordance with the Chinese Accounting Standards (CAS) and are unaudited.
The report is written in both Chinese and English. In the case of any discrepancies, the Chinese version of the report shall prevail over its English version.
Important Notice:
The Board, the supervisory committee, the directors, supervisors and senior management of the Company warrant that there is no false information, misleading statements or material omissions in this quarterly report, and collectively and individually assume liabilities for the truthfulness, accuracy and completeness of the information contained herein.
The person in charge of the Company, the chief accountant of the Company and the person in charge of the Accounting Department of the Company (accountant in charge) warrant the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report.
Whether the third quarterly financial statements are audited
☐ Yes ☑ No
I. KEY FINANCIAL DATA
(I) Key Accounting Data and Financial Indicators
Unit: Yuan; Currency: RMB
| Item | For the reporting period | Change from same period of the preceding year | From the beginning of the year to the end of reporting period | Changes from the beginning of the year to the end of reporting period over the same period of the preceding year (%) |
|---|---|---|---|---|
| Operating income | 318,200,911.07 | -13.76 | 1,112,006,114.02 | -13.21 |
| Total profits | -2,824,236.36 | -106.92 | 4,775,367.74 | -96.68 |
| Net profit attributable to equity holders of the Company | -9,760,277.60 | -123.72 | 1,119,900.90 | -99.22 |
| Net profit attributable to equity holders of the Company, net of non-recurring profit or loss | -18,763,445.48 | -147.87 | -29,708,130.50 | -121.94 |
| Net cash flows from operating activities | N/A | N/A | 70,356,833.36 | N/A |
| Basic earnings per share (RMB/share) | -0.03 | -130.00 | 0.00 | -100.00 |
| Diluted earnings per share (RMB/share) | -0.03 | -130.00 | 0.00 | -100.00 |
| Weighted average return on net assets (%) | -0.19 | Decrease by 0.98 percentage point | 0.02 | Decrease by 2.72 percentage point |
| Total R&D expenditure | 47,462,015.95 | 22.25 | 123,308,691.85 | 29.75 |
| Percentage of R&D expenditure over operating revenue | 14.92 | Increase by 4.40 percentage point | 123,308,691.85 | Increase by 3.67 percentage point |
| As at the end of the reporting period | As at the end of the preceding year | Changes from the end of the preceding year to the end of the reporting period (%) | ||
| Total assets | 9,720,605,667.63 | 7,356,705,041.15 | 32.13 | |
| Equity attributable to equity holders of the Company | 7,398,335,601.03 | 5,312,981,765.12 | 39.25 |
Note: The "Reporting Period" refers to the period of three months from the beginning of this quarter to the end of this quarter and this applies to the below section.
- 3 -
(II) Non-recurring Profit or Loss Items and Amounts
☑ Applicable ☐ Not applicable
Unit: Yuan; Currency: RMB
| Non-recurring Profit or Loss Items | Amount for the Reporting Period | Amount from the beginning of the year to the end of Reporting Period | Note |
|---|---|---|---|
| Profits or losses on disposal of non-current assets (including the write-off portion provided for asset impairment) | -284.32 | 15,148,182.63 | |
| Government grants included in profit or loss for the period, other than those closely related with the normal operation of the Company, compliance with government policies, are granted according to fixed criteria, and have a continuing impact on the company’s profit or loss | 9,517,954.58 | 16,069,954.58 | |
| Gains or losses arising from changes in the fair value of financial assets and financial liabilities held by a non-financial enterprise, and gains or losses from the disposal of such financial assets and liabilities, other than effective hedging transactions related to the Company’s ordinary operating activities | 62,617.88 | 111,985.22 | |
| Capital utilization fee received from non-financial enterprises and included in profit or loss for the period | |||
| Gains or losses on entrusted investment or asset management | |||
| Gains or losses from external entrusted loans | |||
| Asset losses incurred due to force majeure events, such as natural disasters | |||
| Reversal of impairment provisions on receivables that have been individually tested for impairment | |||
| Gains on investments of subsidiaries, associates and joint ventures in which the investment cost was less than the interest in fair value of identifiable net assets of the investees at the time of acquisition |
- 4 -
| Non-recurring Profit or Loss Items | Amount for the Reporting Period | Amount from the beginning of the year to the end of Reporting Period | Note |
|---|---|---|---|
| Net gains or losses of subsidiaries from the beginning of the period to the consolidation date arising from the consolidation of enterprises under common control | |||
| Gains or losses from non-monetary asset exchanges | |||
| Gains or losses from debt restructuring | |||
| One-off expenses incurred due to the discontinuation of relevant business activities, such as employee resettlement costs | |||
| One-off effects on current profit or loss resulting from adjustments in tax, accounting, or other laws and regulations | |||
| One-off share-based payment expense recognized upon cancellation or modification of the equity incentive plan | |||
| For cash-settled share-based payments, gains or losses arising from changes in the fair value of employee benefits payable after the vesting date | |||
| Gain or loss on changes in fair value of investment properties adopting fair value method for subsequent measurements | |||
| Gains arising from transactions whose prices are obviously unfair | |||
| Gains or losses from contingent events unrelated to the Company’s ordinary operating activities | |||
| Custody fee income from entrusted operation | |||
| Other non-operating income and expenses not included in the above items | 487,783.20 | 710,562.99 | |
| Other gain or loss items conforming with the definition of non-recurring profit or loss | |||
| Less: Effect of income tax | 1,064,903.46 | 1,212,654.02 | |
| Effect of minority interests (after tax) | |||
| Total | 9,003,167.88 | 30,828,031.40 |
Where an item not listed in Explanatory Announcement No. 1 on Information Disclosure For Companies Offering Their Securities to the Public-Non-recurring Profit or Loss is identified by the Company as a non-recurring gain or loss item and the amount is material, or where an non-recurring gain or loss item listed in the same Announcement is classified by the Company as a recurring gain or loss item, the Company shall make explanation.
☑ Applicable ☐ Not applicable
Unit: Yuan; Currency: RMB
| Item | Amount involved | Reason |
|---|---|---|
| Government grant related to assets | 89,061,829.31 | Related with the normal operation of the Company, compliance with government policies, are granted according to fixed criteria, and have a continuing impact on the Company’s profit or loss |
– 5 –
(III) Changes in Key Accounting Data and Financial Indicators and Reasons therefor
√ Applicable ☐ Not applicable
| Item | Percentage of change (%) | Major reasons |
|---|---|---|
| Operating revenue-the Reporting Period | -13.76 | Primarily due to the strategic reduction in product selling prices in response to intense market competition and to expand the market application of silicon carbide products and secure a higher market share |
| Operating revenue-from the beginning of the year to the end of Reporting Period | -13.21 | |
| Total profit-the Reporting Period | -106.92 | Primary due to decreases in both operating revenue and gross profit resulted from decreases in selling prices; also, pushed up selling expenses due to increased sample deliveries |
| Total profits-from the beginning of the year to the end of Reporting Period | -96.68 | |
| Net profit attributable to equity holders of the Company-the Reporting Period | -123.72 | for customer testing of new products, higher R&D spending on large-size and new-application products raised development costs, and exchange-rate movements caused foreign-exchange gains/losses that lifted finance expenses |
| Net profit attributable to equity holders of the Company-from the beginning of the year to the end of Reporting Period | -99.22 | |
| Net profit attributable to equity holders of the Company, net of non-recurring profit or loss-the Reporting Period | -147.87 | |
| Net profit attributable to equity holders of the Company, net of non-recurring profit or loss-from the beginning of the year to the end of Reporting Period | -121.94 | compared with the prior year and all of the above factors combined |
| Net cash flows from operating activities-from the beginning of the year to the end of Reporting Period | N/A | Primarily due to the increase in subsidy funds received and the decrease in cash paid for the purchase of goods |
| Basic earnings per share-the Reporting Period | -130.00 | Primarily due the decrease in net profit attributable to equity holders of the Company |
| Basic earnings per share-from the beginning of the year to the end of Reporting Period | -100.00 | |
| Diluted earnings per share-the Reporting Period | -130.00 | |
| Diluted earnings per share-from the beginning of the year to the end of Reporting Period | -100.00 | |
| Total R&D expenditure-from the beginning of the year to the end of Reporting Period | 29.75 | Primarily due to higher R&D spending on large-size and new-application products |
| Total assets-as at the end of the Reporting Period | 32.13 | Primarily due to the issuance of H shares during the Reporting Period |
| Equity attributable to equity holders of the Company-as at the end of the Reporting Period | 39.25 |
II. INFORMATION ON SHAREHOLDERS
(I) Total Number of Ordinary Shareholders and Number of Preference Shareholders with Voting Rights Restored and Shareholdings of the Top Ten Shareholders
Unit: share
| Total number of ordinary shareholders as at the end of the Reporting Period | 29,575 | Total number of preference shareholders with voting rights restored, if any, as at the end of the Reporting Period | N/A |
|---|---|---|---|
Shareholdings of the top ten shareholders, excluding shares lent out through the securities lending mechanism
| Name of shareholder | Nature of shareholder | Number of shares held | Shareholding percentage (%) | Number of shares held subject to selling restrictions | Number of shares held subject to selling restrictions, including shares lent out through the securities lending mechanism | Pledged, marked or frozen | |
|---|---|---|---|---|---|---|---|
| Status of shares | Number | ||||||
| Zong Yanmin | Domestic natural person | 129,302,726 | 26.68 | 0 | 0 | Nil | 0 |
| HKSCC NOMINEES LIMITED | Foreign legal person | 54,906,000 | 11.33 | 0 | 0 | Unknown | Unknown |
| China National Building Material Private Equity Fund Management (Beijing) Co., Ltd. — Guocai Equity Investment Fund (Jinan) Limited Partnership (Limited Partnership) | Other | 33,899,427 | 7.00 | 0 | 0 | Nil | 0 |
| Habo Technology Venture Capital Co., Ltd. | Domestic non stated-owned legal person | 27,262,500 | 5.63 | 0 | 0 | Nil | 0 |
- 7 -
Shareholdings of the top ten shareholders, excluding shares lent out through the securities lending mechanism
| Name of shareholder | Nature of shareholder | Number of shares held | Shareholding percentage (%) | Number of shares held subject to selling restrictions | Number of shares held subject to selling restrictions, including shares lent out through the securities lending mechanism | Pledged, marked or frozen | |
|---|---|---|---|---|---|---|---|
| Status of shares | Number | ||||||
| Haitong New Energy Private Equity Investment Management Co., Ltd. — Liaoning Zhongde Industrial Equity Investment Fund Limited Partnership (Limited Partnership) | Other | 23,700,878 | 4.89 | 0 | 0 | Nil | 0 |
| Shanghai Maiming Enterprise Management Center (Limited Partnership) | Other | 23,133,000 | 4.77 | 0 | 0 | Nil | 0 |
| Shanghai Zhuao Enterprise Management Center (Limited Partnership) | Other | 12,900,000 | 2.66 | 0 | 0 | Nil | 0 |
| Liaoning Haitong New Energy Low Carbon Industrial Equity Investment Fund Co., Ltd. | Stated-owned legal person | 7,477,863 | 1.54 | 0 | 0 | Nil | 0 |
| Industrial and Commercial Bank of China Limited — efunds SSE STAR 50 Exchange Traded Fund (中國工商銀行股份有限公司擅易方達上證科創板50成份交易型開放式指數證券投資基金) | Other | 6,212,598 | 1.28 | 0 | 0 | Nil | 0 |
| China Merchants Bank Co., Ltd-China AMC SSE STAR 50 Exchange Traded Fund (招商銀行股份有限公司擅華夏上證科創板50成份交易型開放式指數證券投資基金) | Other | 6,076,171 | 1.25 | 0 | 0 | Nil | 0 |
— 88 —
Shareholdings of the top ten shareholders not subject to selling restrictions, excluding shares lent out through the securities lending mechanism
| Name of shareholder | Number of shares held not subject to selling restrictions | Class and number of shares | |
|---|---|---|---|
| Class | Number | ||
| Zong Yanmin | 129,302,726 | RMB ordinary shares | 129,302,726 |
| HKSCC NOMINEES LIMITED | 54,906,000 | Overseas listed foreign shares | 54,906,000 |
| China National Building Material Private Equity Fund Management (Beijing) Co., Ltd. — Guocai Equity Investment Fund (Jinan) Limited Partnership (Limited Partnership) | 33,899,427 | RMB ordinary shares | 33,899,427 |
| Habo Technology Venture Capital Co., Ltd. | 27,262,500 | RMB ordinary shares | 27,262,500 |
| Haitong New Energy Private Equity Investment Management Co., Ltd. — Liaoning Zhongde Industrial Equity Investment Fund Limited Partnership (Limited Partnership) | 23,700,878 | RMB ordinary shares | 23,700,878 |
| Shanghai Maiming Enterprise Management Center (Limited Partnership) | 23,133,000 | RMB ordinary shares | 23,133,000 |
| Shanghai Zhuao Enterprise Management Center (Limited Partnership) | 12,900,000 | RMB ordinary shares | 12,900,000 |
| Liaoning Haitong New Energy Low Carbon Industrial Equity Investment Fund Co., Ltd. | 7,477,863 | RMB ordinary shares | 7,477,863 |
| Industrial and Commercial Bank of China Limited—efunds SSE STAR 50 Exchange Traded Fund (中國工商銀行股份有限公司)易方達上證科創板50成份交易型開放式指數證券投資基金) | 6,212,598 | RMB ordinary shares | 6,212,598 |
| China Merchants Bank Co., Ltd—China AMC SSE STAR 50 Exchange Traded Fund (招商銀行股份有限公司)華夏上證科創板50成份交易型開放式指數證券投資基金) | 6,076,171 | RMB ordinary shares | 6,076,171 |
– 9 –
- 10 -
Description of the shareholders' association or concerted action
As of the end of the Reporting Period, Zong Yanmin holds 0.0130% and 0.0233% of the partnership interest in Shanghai Maiming Enterprise Management Center (Limited Partnership) (“Shanghai Maimin”) and Shanghai Zhuao Enterprise Management Center (Limited Partnership) (“Shanghai Zhuao”) respectively and serves as the general partner and executive partner of both Shanghai Maiming and Shanghai Zhuao. Zong Yanmin, Shanghai Maiming and Shanghai Zhuao hold 26.68%, 4.77% and 2.66% of the Company’s shareholding, respectively.
As of the end of the Reporting Period, Haitong Innovation Securities Investment Co., Ltd., a wholly-owned subsidiary of Guotai Haitong Securities Co., Ltd. (“Guotai Haitong”), holds 49.40% of the equity of Liaoning Haitong New Energy Low Carbon Industrial Equity Investment Fund Co., Ltd., an institutional shareholder. Haitong Kaiyuan Investment Co., Ltd., a wholly-owned subsidiary of Guotai Haitong, is a limited partner of Liaoning Zhongde Industrial Equity Investment Fund Limited Partnership (Limited Partnership) (“Liaoning Zhongde”), an institutional shareholder (holding 19.60% of the partnership interest), and holds 51% of the equity of Haitong New Energy Private Equity Investment Management Co., Ltd., the general partner and executive partner of Liaoning Zhongde.
Based as above, the Company is not aware of any other affiliation or concert-party relationship among the aforementioned shareholders.
Description of participation in margin financing and securities lending and refinancing businesses by the top ten shareholders and the top ten shareholders not subject to the selling restrictions, if any
Note:
- As of the end of the Reporting Period, there were 29,559 A-share shareholders and 16 H-share shareholders.
- The H shares held by HKSCC NOMINEES LIMITED are held on behalf of multiple clients. A Hong Kong-listed Company is not required to report whether their shares are subject to pledge, freeze or margin financing/securities-lending arrangements under the Rules of the Hong Kong Stock Exchange, therefore, the number of shares involved in such arrangements cannot be ascertained or provided.
Description of shares lent through refinancing by shareholders with more than 5% of shareholdings, top ten shareholders and the top ten shareholders not subject to the selling restriction
☐ Applicable √ Not applicable
Changes in the top ten shareholders and the top ten shareholders not subject to the selling restriction from the preceding period due to lent out/return of shares through refinancing
☐ Applicable √ Not applicable
III. OTHER REMINDERS
Other important information on the operation of the Company during the Reporting Period that need to draw attention from the investors
☐ Applicable √ Not applicable
IV. QUARTERLY FINANCIAL STATEMENTS
(I) Type of Audit Opinion
☐ Applicable √ Not applicable
- 11 -
- 12 -
(II) Financial Statements
Consolidated Balance Sheets
30 September 2025
Prepared by: SICC Co., Ltd.
Unit: Yuan; Currency: RMB; Type of audit: Unaudited
| Item | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Current assets: | ||
| Cash and bank balances | 3,377,524,417.12 | 1,239,198,322.57 |
| Settlement reserves for balance | ||
| Loans to banks and other financial institutions | ||
| Financial assets held for trading | 109,396,835.80 | |
| Derivative financial assets | ||
| Notes receivable | 18,864,194.84 | 46,156,324.00 |
| Accounts receivable | 604,293,655.51 | 520,263,327.64 |
| Receivables financing | 13,561,403.66 | — |
| Prepayments | 65,022,882.60 | 39,061,879.02 |
| Premium receivables | ||
| Reinsurance receivables | ||
| Reinsurance contract reserves receivable | ||
| Other receivables | 20,527,924.35 | 9,417,005.77 |
| Including: Interest receivable | ||
| Dividends receivable | ||
| Financial assets purchased with agreement to re-sale | ||
| Inventories | 1,127,256,187.28 | 1,021,875,768.82 |
| Including: Data resources | ||
| Contract assets | ||
| Assets held for sale | ||
| Non-current assets due within one year | ||
| Other current assets | 229,246,402.87 | 248,679,955.77 |
| Total current assets | 5,565,693,904.03 | 3,124,652,583.59 |
Consolidated Balance Sheets (Continued)
30 September 2025
Prepared by: SICC Co., Ltd.
| Item | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Non-current assets: | ||
| Loans and advances to customers | ||
| Debt investments | ||
| Other debt investments | ||
| Long-term receivables | ||
| Long-term equity investments | 21,443,494.61 | 26,899,414.16 |
| Other investments in equity instruments | ||
| Other non-current financial assets | 2,204,584.02 | 2,092,598.80 |
| Investment property | ||
| Fixed assets | 3,489,431,487.49 | 3,614,761,253.75 |
| Construction in progress | 169,709,683.38 | 94,074,566.90 |
| Bearer biological assets | ||
| Oil and gas assets | ||
| Right-of-use assets | 2,379,899.92 | 8,554,888.28 |
| Intangible assets | 267,862,906.83 | 274,753,753.34 |
| Including: Data resources | ||
| Research and development expenses | ||
| Including: Data resources | ||
| Goodwill | ||
| Long-term deferred expenses | 31,247,383.47 | 38,331,310.83 |
| Deferred income tax assets | 59,455,928.35 | 59,933,386.84 |
| Other non-current assets | 111,176,395.53 | 112,651,284.66 |
| Total non-current assets | 4,154,911,763.60 | 4,232,052,457.56 |
| TOTAL ASSETS | 9,720,605,667.63 | 7,356,705,041.15 |
| Current liabilities: | ||
| Short-term borrowings | 550,361,111.11 | 600,460,513.36 |
| Borrowings from central bank | ||
| Loans from other banks | ||
| Financial liabilities held for trading | ||
| Derivative financial liabilities | ||
| Notes payable | 408,284,607.23 | 153,728,124.17 |
| Accounts payable | 412,371,910.66 | 617,039,541.90 |
| Advances from customers | 787,654.16 | 893,480.70 |
| Contract liabilities | 7,088,247.68 | 45,150,591.73 |
- 13 -
Consolidated Balance Sheets (Continued)
30 September 2025
Prepared by: SICC Co., Ltd.
| Item | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Funds from financial assets sold under repurchase agreements | ||
| Receipts of deposits and deposits from other banks | ||
| Brokerage for trading securities | ||
| Brokerage for consigning securities | ||
| Employee benefits payable | 18,883,930.33 | 43,394,388.09 |
| Tax payable | 36,695,607.97 | 38,925,476.09 |
| Other payables | 5,793,445.51 | 21,049,829.32 |
| Including: Interest payable | ||
| Dividends payable | ||
| Fees and commission payable | ||
| Reinsurance payables | ||
| Liabilities held for sale | ||
| Non-current liabilities due within one year | 134,577,319.45 | 13,301,320.09 |
| Other current liabilities | 2,150,394.58 | 8,832,125.71 |
| Total current liabilities | 1,576,994,228.68 | 1,542,775,391.16 |
| Non-current liabilities: | ||
| Reserves for insurance contracts | ||
| Long-term borrowings | 346,816,919.50 | 85,737,500.00 |
| Bond payable | ||
| Including: Preference shares | ||
| Perpetual bonds | ||
| Lease liabilities | ||
| Long-term payables | ||
| Long-term employee benefits payable | ||
| Provisions | ||
| Deferred income | 398,458,918.42 | 365,372,882.97 |
| Deferred income tax liabilities | ||
| Other non-current liabilities | 49,837,501.90 | |
| Total non-current liabilities | 745,275,837.92 | 500,947,884.87 |
| TOTAL LIABILITIES | 2,322,270,066.60 | 2,043,723,276.03 |
- 14 -
Consolidated Balance Sheets (Continued)
30 September 2025
Prepared by: SICC Co., Ltd.
| Item | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Equity attributable to equity holders (or shareholders): | ||
| Paid up capital (or share capital) | 484,618,544.00 | 429,711,044.00 |
| Other equity instruments | ||
| Including: Preference shares | ||
| Perpetual bonds | ||
| Capital reserve | 7,106,472,888.33 | 5,098,348,321.84 |
| Less: Treasury shares | 80,438,288.42 | 100,243,215.47 |
| Other comprehensive income | -3,226,732.32 | -4,623,673.79 |
| Special reserve | ||
| Surplus reserve | 12,760,703.65 | 12,760,703.65 |
| General risk reserves | ||
| Unallocated profit | -121,851,514.21 | -122,971,415.11 |
| Total equity attributable to equity holders (or shareholders) of the Parent Company | 7,398,335,601.03 | 5,312,981,765.12 |
| Minority interests | ||
| TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS (OR SHAREHOLDERS) | 7,398,335,601.03 | 5,312,981,765.12 |
| TOTAL LIABILITIES AND EQUITY ATTRIBUTABLE TO EQUITY HOLDERS (OR SHAREHOLDERS) | 9,720,605,667.63 | 7,356,705,041.15 |
The person in charge of the Company: Zong Yanmin
The chief accountant: You Ying
The person in charge of the Accounting Department: You Ying
- 15 -
Consolidated Income Statements
January to September of 2025
Prepared by: SICC Co., Ltd.
Unit: Yuan; Currency: RMB; Type of audit: Unaudited
| Item | First three quarters of 2025 (January–September) | First three quarters of 2024 (January–September) | |
|---|---|---|---|
| I. | Total operating income | 1,112,006,114.02 | 1,281,219,949.92 |
| Including: Operating income | 1,112,006,114.02 | 1,281,219,949.92 | |
| Interest income | |||
| Premium earned | |||
| Fees and commission income | |||
| II. | Total operating costs | 1,201,419,460.04 | 1,185,481,448.81 |
| Including: Operating costs | 899,994,510.16 | 950,906,723.90 | |
| Interest expenses | |||
| Fees and commission expense | |||
| Surrender payment | |||
| Net expenditure for compensation payments | |||
| Net provision for insurance deposits | |||
| Policyholder dividend expenses | |||
| Reinsurance costs | |||
| Business taxes and levies | 10,151,919.14 | 8,954,535.13 | |
| Sales expenses | 24,623,050.74 | 15,200,394.49 | |
| Administrative expenses | 127,360,715.73 | 123,666,950.99 | |
| R&D expenses | 123,308,691.85 | 95,034,934.76 | |
| Financial expenses | 15,980,572.42 | -8,282,090.46 | |
| Including: Interest expenses | 18,993,692.95 | 4,618,303.54 | |
| Interest income | 17,087,300.59 | 10,947,502.78 | |
| Add: Other income | 105,476,736.03 | 54,312,478.33 | |
| Investment income (loss denoted in “-”) | 11,776,521.92 | 41,048.50 | |
| Including: Investment income from associates and joint ventures | -3,379,329.47 | -783,673.82 | |
| Income from derecognition of financial assets at amortised cost | |||
| Exchange gain (loss denoted in “-”) |
– 16 –
Consolidated Income Statements (Continued)
January to September of 2025
Prepared by: SICC Co., Ltd.
| Item | First three quarters of 2025 (January–September) | First three quarters of 2024 (January–September) | |
|---|---|---|---|
| Net gains from hedging exposure (loss denoted in “-”) | |||
| Gains from changes in fair value (loss denoted in “-”) | 111,985.22 | -49,850.72 | |
| Credit impairment losses (loss denoted in “-”) | -3,437,124.34 | -3,627,808.97 | |
| Asset impairment losses (loss denoted in “-”) | -20,442,124.66 | -3,333,650.84 | |
| Gain on disposal of assets (loss denoted in “-”) | -7,668.76 | 209,259.51 | |
| III. | Operating profit (loss denoted in “-”) | 4,064,979.39 | 143,289,976.92 |
| Add: Non-operating income | 967,073.65 | 628,698.81 | |
| Less: Non-operating expenses | 256,685.30 | 164,480.88 | |
| IV. | Total profit (Total loss denoted in “-”) | 4,775,367.74 | 143,754,194.85 |
| Less: Income tax expenses | 3,655,466.84 | 722,143.66 | |
| V. | Net profit (net loss denoted in “-”) | 1,119,900.90 | 143,032,051.19 |
| (I) According to operating continuity | |||
| 1. Net profit from continuing operations (net loss denoted in “-”) | 1,119,900.90 | 143,032,051.19 | |
| 2. Net profit from discontinued operations (net loss denoted in “-”) | |||
| (II) According to ownership | |||
| 1. Net profit attributable to shareholders of the parent company (net loss denoted in “-”) | 1,119,900.90 | 143,032,051.19 | |
| 2. Minority interests (net loss denoted in “-”) |
– 17 –
Consolidated Income Statements (Continued)
January to September of 2025
Prepared by: SICC Co., Ltd.
| Item | First three quarters of 2025 (January–September) | First three quarters of 2024 (January–September) | |
|---|---|---|---|
| VI. | Other comprehensive income, net of tax | 1,396,941.47 | 441,676.60 |
| (I) Other comprehensive income attributable to equity holders of the parent company, net of tax | 1,396,941.47 | 441,676.60 | |
| 1. Other comprehensive income that cannot be reclassified to profit or loss | |||
| (1) Changes arising from the remeasurement of defined benefit plans | |||
| (2) Other comprehensive income that may not be reclassified to profit and loss under equity method | |||
| (3) Changes in fair value of other equity instrument investments | |||
| (4) Changes in fair value of enterprise’s credit risks | |||
| 2. Other comprehensive income to be reclassified to profit or loss | 1,396,941.47 | 441,676.60 | |
| (1) Other comprehensive income that may be reclassified to profit and loss under equity method | |||
| (2) Changes in fair value of other debt investments | |||
| (3) Other comprehensive income arising from reclassification of financial assets | |||
| (4) Provision of credit impairment arising from other debt investments | |||
| (5) Hedging reserve arising from cash flows |
– 18 –
Consolidated Income Statements (Continued)
January to September of 2025
Prepared by: SICC Co., Ltd.
| Item | First three quarters of 2025 (January–September) | First three quarters of 2024 (January–September) | |
|---|---|---|---|
| (6) | Exchange differences on foreign currency translations | 1,396,941.47 | 441,676.60 |
| (7) | Others | ||
| (II) | Other comprehensive income attributable to minority interests, net of tax | ||
| VII. Total comprehensive income | 2,516,842.37 | 143,473,727.79 | |
| (I) | Total comprehensive income attributable to equity holders of the parent company | 2,516,842.37 | 143,473,727.79 |
| (II) | Total comprehensive income attributable to minority interests | ||
| VIII. Earnings per share: | |||
| (I) | Basic earnings per share (RMB/share) | 0.00 | 0.33 |
| (II) | Diluted earnings per share (RMB/share) | 0.00 | 0.33 |
For merger of entities under the same control in the Reporting Period, the newly merged entity realized a net profit of nil prior to the merger and a net profit of nil during last period.
The person in charge of the Company:
Zong Yanmin
The chief accountant:
You Ying
The person in charge of the Accounting Department:
You Ying
– 19 –
Consolidated Cash Flow Statement
January to September of 2025
Prepared by: SICC Co., Ltd.
Unit: Yuan; Currency: RMB; Type of audit: Unaudited
| Item | First three quarters of 2025 (January–September) | First three quarters of 2024 (January–September) | |
|---|---|---|---|
| I. | Cash flows from operating activities: | ||
| Cash received from sales of goods or rendering of services | 946,581,334.39 | 1,258,275,352.79 | |
| Net increase in deposits from customers and other banks | |||
| Net increase in borrowings from central bank | |||
| Net increase in placements from other financial institutions | |||
| Cash received from premiums under original insurance contracts | |||
| Net cash received from reinsurance business | |||
| Net increase in deposits from policyholders and investment funds | |||
| Cash received from interest, handling charges and commission | |||
| Net increase in placements | |||
| Net increase in capital from repurchase business | |||
| Net cash received from brokerage for trading securities | |||
| Refund of taxes and surcharges | 34,429,492.95 | 34,111,750.68 | |
| Cash received relating to other operating activities | 288,087,762.02 | 84,251,606.77 | |
| Sub-total of cash inflows from operating activities | 1,269,098,589.36 | 1,376,638,710.24 | |
| Cash paid for goods and services | 862,260,103.59 | 1,068,167,127.20 | |
| Net increase in loans and advances to customers | |||
| Net increase in deposits with central bank and other banks | |||
| Cash paid for compensation payments under original insurance contracts | |||
| Net increase in loans to banks and other financial institutions |
– 20 –
Consolidated Cash Flow Statement (Continued)
January to September of 2025
Prepared by: SICC Co., Ltd.
| Item | First three quarters of 2025 (January–September) | First three quarters of 2024 (January–September) |
|---|---|---|
| Cash paid for interest, handling charges and commissions | ||
| Cash paid for policyholder dividends | ||
| Cash paid to and on behalf of employees | 222,741,391.04 | 214,140,266.99 |
| Payments of taxes and surcharges | 18,001,278.07 | 23,912,688.67 |
| Cash paid relating to other operating activities | 95,738,983.30 | 122,619,876.29 |
| Sub-total of cash outflows from operating activities | 1,198,741,756.00 | 1,428,839,959.15 |
| Net cash flows from operating activities | 70,356,833.36 | -52,201,248.91 |
| II. Cash flows from investing activities: | ||
| Cash received from disposal of investments | 1,500,000.00 | |
| Cash received from returns on investments | ||
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 208,000.00 | |
| Net cash received from disposal of subsidiaries and other business units | ||
| Cash received relating to other investing activities | 277,980,408.30 | |
| Sub-total of cash inflows from investing activities | 1,500,000.00 | 278,188,408.30 |
| Cash paid to acquire fixed assets, intangible assets and other long-term assets | 323,449,118.10 | 503,523,586.12 |
| Cash paid to acquire investments | 2,842,000.00 | |
| Net increase in pledged loans | ||
| Net cash paid for acquiring subsidiaries and other business units | ||
| Cash paid relating to other investing activities | 109,943,879.80 | |
| Sub-total of cash outflows from investing activities | 436,234,997.90 | 503,523,586.12 |
| Net cash flows from investing activities | -434,734,997.90 | -225,335,177.82 |
- 21 -
Consolidated Cash Flow Statement (Continued)
January to September of 2025
Prepared by: SICC Co., Ltd.
| Item | First three quarters of 2025 (January–September) | First three quarters of 2024 (January–September) | |
|---|---|---|---|
| III. | Cash flows from financing activities: | ||
| Cash received from capital contributions | 2,103,242,695.96 | ||
| Including: Cash received from capital contributions by minority shareholders of subsidiaries | |||
| Cash received from borrowings | 1,020,602,278.05 | 500,000,000.00 | |
| Cash received relating to other financing activities | |||
| Sub-total of cash inflows from financing activities | 3,123,844,974.01 | 500,000,000.00 | |
| Cash repayments of borrowings | 615,000,000.00 | ||
| Cash payments for distribution of dividends or profits or interest expenses | 18,796,622.03 | 3,976,347.23 | |
| Including: Dividends and profits paid to minority shareholders by subsidiaries | |||
| Cash paid relating to other financing activities | 3,202,547.95 | 105,023,232.03 | |
| Sub-total of cash outflows from financing activities | 636,999,169.98 | 108,999,579.26 | |
| Net cash flows from financing activities | 2,486,845,804.03 | 391,000,420.74 | |
| IV. | Effect of foreign exchange rate changes on cash and cash equivalents | -6,116,180.69 | 3,734,920.09 |
| V. | Net increase in cash and cash equivalents | 2,116,351,458.80 | 117,198,914.10 |
| Add: Cash and cash equivalents at the beginning of the period | 1,155,456,130.15 | 811,593,874.70 | |
| VI. | Cash and cash equivalents at the end of the period | 3,271,807,588.95 | 928,792,788.80 |
| The person in charge of the Company: Zong Yanmin | The chief accountant: You Ying | The person in charge of the Accounting Department: You Ying |
- 22 -
- 23 -
RELEVANT INFORMATION ON ADJUSTMENT TO THE FINANCIAL STATEMENTS AT THE BEGINNING OF THE YEAR AS A RESULT OF THE FIRST ADOPTION OF THE NEW ACCOUNTINGE STANDAR OR INTERPRETATIOND SINCE 2025
☐ Applicable √ Not applicable
By order of the Board
SICC CO., LTD.
Mr. Zong Yanmin
Chairman of the Board, Executive Director
and General Manager
Hong Kong, 27 October 2025
As at the date of this announcement, the Board comprises: (i) Mr. Zong Yanmin, Mr. Gao Chao and Mr. Wang Junguo as executive Directors; (ii) Mr. Qiu Yufeng, Ms. Li Wanyue and Mr. Fang Wei as non-executive Directors; and (iii) Mr. Li Honghui, Ms. Liu Hua and Mr. Lai Kwok Hung Alex as independent non-executive Directors.