[Shengmei Shanghai: Net profit in the third quarter fell 86% year-on-year and 90% quarter-on-quarter. Mainly due to the significant decrease in gains and losses from changes in fair value arising from external investments compared with the same period last year] On October 28, Shengmei Shanghai (688082.SH) announced that it achieved operating income of 5.742 billion yuan in the first three quarters, a year-on-year increase of 11.57%; net profit attributable to shareholders of listed companies was 1.070 billion yuan, a year-on-year decrease of 15.45%. Operating income in the third quarter was 2.024 billion yuan, a year-on-year increase of 7.59%; net profit attributable to shareholders of listed companies was 81.5383 million yuan, a year-on-year decrease of 85.70%. The main reason for the decrease in total profit during the reporting period was that the company's gains and losses from changes in fair value arising from the company's external investments during the reporting period decreased significantly compared with the same period last year. The main reason for the decrease in net cash flow generated from operating activities is that the company's order growth has brought about corresponding production needs, and the scale of raw material procurement and stocking has increased simultaneously, resulting in an increase in cash for purchasing goods and accepting payment for labor services. Xiaocai Note: The company’s Q3 net profit was 82 million and Q2 net profit was 885 million. Based on this calculation, Q3 net profit dropped 90% from the previous quarter.