证券代码：002745 证券简称：木林森 2021 年 12 月 09 日木林森股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | --- | |-----------------------------|------------------------------|-----------|--------------------------------------------------------|----------------| | | | | 编号：2021-004 | | | | | | 特定对象调研 □分析师会议 | | | 投资者关系活动 | | | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | □其他 | | | | | | 华夏基金管理有限公司：朱熠 | | | | | 参与单位名称及 | | | 南方基金管理股份有限公司：吴冉劼 | | | 人员姓名 | 海通证券股份有限公司 | : | 郑宏达、薛逸民、文灿 | | | | | | 国泰君安证券股份有限公司：刘堃、邓 ...

证券代码：002745 证券简称：木林森 2022 年 01 月 06 日木林森股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |----------------|--------------------------------------------|----------------------------------------------------------------|----------------------| | | | 编号：2022-001 | | | | 特定对象调研 □分析师会议 | | | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | 类别 | □新闻发布会 | □路演活动 | | | | □现场参观 | | | | | □其他 | | | | | 浙商证券：游宝来 | | | | 参与单位名称及 | 浙商证券：张沐乔 | | | | 人员姓名 | 银华基金：吴颖 | | | | | 银华基金：胡晓辉 | | | | | 平安证券：徐勇 | | | | 时间 2022 | 年 01 月 06 日 | | | | 地点 | 广 ...

证券代码：002745 证券简称：木林森 2022 年 09 月 20 日木林森股份有限公司投资者关系活动记录表 编号：2022-003 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|---------|-----------------------------------------------------------|-----------|-------|-------|-------|--------------| | | | 特定对象调研 □分析师会议 | | | | | | | | | □媒体采访 □业绩说明会 | | | | | | | 投资者关系活动 | | □新闻发布会 | □路演活动 | | | | | | 类别 | | □现场参观 | | | | | | | | | □其他 | | | | | | | | 1 | 中信证券 程子盈 | | | | | | | | 2 | 惠通基金 王青晨 | | | | | | | | 3 | 明达资产 李涛 | | | | | | | | 4 | 创金合信 陆迪 ...

证券代码：002745 证券简称：木林森 2022 年 09 月 22 日木林森股份有限公司投资者关系活动记录表 编号：2022-004 | --- | --- | --- | --- | --- | |-------------------------|-----------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|-------|------------| | | | | | | | | □特定对象调研 □分析师会议 | | | | | | □媒体采访 □业绩说明会 | | | | | 投资者关系活动 类别 | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | 其他 | | | | | 参与单位名称及 人员姓名 | 2022 | 广东辖区上市公司投资者关系管理月 ...

证券代码：002745 证券简称：木林森 2022 年 10 月 28 日木林森股份有限公司投资者关系活动记录表 编号：2022-005 | --- | --- | --- | --- | --- | |-----------------------------|-------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|-------|----------------------------| | | | | | | | | □特定对象调研 □分析师会议 | | | | | | □媒体采访 □业绩说明会 | | | | | 投资者关系活动 类别 | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | 其他 电话会议 | | | | | | | 线上参与单位：国联证券、上海宁泉资产、中信建投证券、中 | | | ...

Financial Performance - Q3 2022 revenue was CNY 4,092,150,147.66, a decrease of 5.42% year-over-year[4] - Net profit attributable to shareholders was CNY 192,404,481.00, down 33.79% compared to the same period last year[4] - Net profit excluding non-recurring items was CNY 136,689,262.33, a decline of 49.16% year-over-year[4] - The net profit attributable to the parent company decreased by 57.89% compared to the same period last year, primarily due to the decrease in total profit[10] - The total comprehensive income attributable to the parent company decreased by 30.23% compared to the same period last year, mainly due to the decrease in net profit[10] - Net profit for the current period is approximately $397.48 million, down 58.3% from $952.15 million in the previous period[25] - Basic earnings per share for the current period is $0.27, a decrease from $0.63 in the previous period[27] - The company achieved a profit before tax of approximately $499.46 million, down from $1.14 billion in the previous period[25] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 120,849,489.42, a decline of 105.25% year-over-year[4] - The net cash flow from operating activities was -120,849,489.42 CNY, a significant decrease compared to 2,301,687,652.32 CNY in the same period last year[30] - Total cash outflow from operating activities reached 14,572,067,715.32 CNY, up from 12,040,947,325.79 CNY year-over-year[30] - Cash inflow from financing activities totaled 168,718,717.25 CNY, a decrease from 1,707,081,237.30 CNY in the same quarter last year[30] - The net cash flow from financing activities was -1,942,247,202.26 CNY, compared to -3,425,944,946.23 CNY in the previous year[30] - The total cash and cash equivalents at the end of the period were 2,300,634,142.25 CNY, down from 3,838,265,407.37 CNY year-over-year[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 25,959,670,007.32, a decrease of 9.78% from the end of the previous year[4] - The company's current assets totaled RMB 14,940,981,457.22, down from RMB 16,034,019,746.20 at the beginning of the year, indicating a decline of approximately 6.8%[20] - Total liabilities amounted to RMB 12,263,828,696.24, down from RMB 15,469,707,593.87, indicating a decrease of approximately 20.5%[22] - The non-current assets totaled RMB 11,018,688,550.10, down from RMB 12,738,870,899.85, reflecting a decrease of approximately 13.5%[20] Operating Performance - The operating profit at the end of the reporting period decreased by 56.35% compared to the same period last year, mainly due to the decrease in operating income[10] - The total profit at the end of the reporting period decreased by 56.17% compared to the same period last year, primarily due to the decrease in operating profit[10] - Total operating revenue for the current period is approximately $12.20 billion, a decrease of 9.3% from the previous period's $13.45 billion[23] - Total operating costs decreased to approximately $11.66 billion, down 5.0% from $12.28 billion in the previous period[23] Expenses - Financial expenses decreased by 64.00% year-over-year, primarily due to reduced interest expenses[9] - The company reported a significant reduction in financial expenses, decreasing from approximately $353.41 million to $127.24 million[25] - Research and development expenses decreased to approximately $330.62 million, a reduction of 20.1% compared to $413.71 million in the previous period[23] Cash and Cash Equivalents - The company reported a 40.61% decrease in cash and cash equivalents compared to the beginning of the period[8] - The cash and cash equivalents balance decreased by 40.06% compared to the same period last year, primarily due to the impact of the net increase in cash and cash equivalents[14] - Cash inflow from investment activities amounted to 1,009,555,782.28 CNY, compared to 974,863,305.24 CNY in the previous year[30] - The net cash flow from investment activities was 251,218,016.50 CNY, down from 528,820,818.81 CNY year-over-year[30] Other Financial Metrics - Non-recurring gains and losses included CNY 51,273,330.10 from the disposal of non-current assets[5] - The fair value change income at the end of the reporting period decreased by 129.40% compared to the same period last year, mainly due to the decrease in fair value change income from derivative financial instruments[10] - The company paid 978,280,743.70 CNY in various taxes, an increase from 663,469,403.83 CNY in the same quarter last year[30] - The company reported a significant increase in cash outflow related to other operating activities, totaling 454,728,440.96 CNY compared to 1,198,273,765.85 CNY in the previous year[30]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥8,108,672,638.09, a decrease of 11.16% compared to ¥9,127,309,522.11 in the same period last year[23]. - Net profit attributable to shareholders was ¥202,013,525.56, down 68.73% from ¥646,006,112.47 year-on-year[23]. - The net cash flow from operating activities was -¥437,369,615.53, a decline of 132.22% compared to ¥1,357,488,611.23 in the previous year[23]. - Basic earnings per share decreased to ¥0.14, down 68.18% from ¥0.44 in the same period last year[23]. - Total assets at the end of the reporting period were ¥26,725,316,542.75, a decrease of 7.12% from ¥28,772,890,646.05 at the end of the previous year[23]. - The net assets attributable to shareholders increased slightly by 1.06% to ¥13,384,007,895.01 from ¥13,244,034,884.29 at the end of the previous year[23]. - The company reported a significant decline in net profit margin, with a weighted average return on equity of 1.52%, down from 5.07%[23]. - The company's operating costs were ¥5,808,330,071.07, down 4.78% from ¥6,100,130,659.96 year-on-year[48]. - Research and development investment decreased by 19.64% to ¥227,806,008.17 from ¥283,469,236.79 in the previous year[48]. - The company's cash and cash equivalents decreased by ¥1,824,227,315.79, a significant increase of 13,776.75% compared to -¥13,145,929.43 in the previous year[50]. Revenue Breakdown - The revenue from the "LEDVANCE" brand reached 4,779 million yuan, with a gross profit margin of 35.58%[32]. - The "MULINSEN" brand generated revenue of 820 million yuan, with a gross profit margin of 22.32%[33]. - The smart manufacturing business achieved revenue of 2,351 million yuan, with a gross profit margin of 17.17%[34]. - Revenue from LED materials decreased by 33.47% to ¥2,351,460,846.58, primarily due to reduced downstream demand impacted by the pandemic[52]. - The revenue from the Mulinson brand increased by 41.26% to ¥820,075,553.44, driven by enhanced brand influence and effective channel expansion[50]. Investment and Projects - The total committed investment amount for the Xiaolan SMD LED packaging technology upgrade project is CNY 61,575.5 million, with a cumulative investment of CNY 62,046.27 million, achieving an investment progress of 100.76%[66]. - The total committed investment for the Ji'an SMD LED packaging phase one construction project is CNY 94,317.33 million, with a cumulative investment of CNY 95,652.03 million, achieving an investment progress of 100.00%[66]. - The total committed investment for the Xinyu LED lighting project is CNY 75,681.11 million, with a cumulative investment of CNY 75,685.28 million, achieving an investment progress of 100.01%[66]. - The total committed investment for the Yiwu LED lighting application product automation production project is CNY 113,000 million, with a cumulative investment of CNY 33,049.21 million, achieving an investment progress of 27.03%[69]. - The total committed investment for the Xiaolan high-performance LED packaging product production project is CNY 66,837.61 million, with a cumulative investment of CNY 8,911.48 million, achieving an investment progress of 13.33%[69]. Market and Operational Strategies - The company plans to enhance its production efficiency and product quality through digital upgrades and technological improvements in manufacturing[39]. - The company is focusing on expanding new product categories for commercial and residential lighting applications[38]. - The company maintains a robust global sales network, covering over 140 countries and regions, enhancing its international market presence[41]. - The company is focusing on vertical integration of the supply chain to reduce the impact of material cost fluctuations on operating profits[84]. - The company plans to strengthen market operations management to mitigate market risks due to rising inflation and geopolitical uncertainties[87]. Environmental and Compliance - The company is classified as a key pollutant discharge unit and has reported compliance with pollution discharge standards[98]. - The company has implemented measures to ensure that all reported pollutant emissions are within the regulatory limits[98]. - The company has a centralized wastewater treatment system with a discharge capacity of 191 tons per day, well below the regulatory limit of 600 tons per day[98]. - The company has received national pollution discharge permits, with the latest valid until December 29, 2025[105]. - The company has been recognized as a green factory, reflecting its commitment to sustainable practices[108]. Financing and Debt Management - The company plans to borrow up to RMB 800 million from its controlling shareholder to supplement working capital, with an interest rate not exceeding 7%[134]. - The company engaged in financing leasing activities, signing contracts with various leasing companies totaling RMB 1,030,000,000 for equipment leasing, with terms ranging from 24 to 36 months[139][140][147][148]. - The financing lease with Ping An International Leasing amounted to RMB 150,000,000, with a lease term of 24 months[139]. - The financing lease with COSCO Shipping Leasing totaled RMB 200,000,000, with a lease term of 36 months[140]. - The company aims to optimize its debt structure and expand financing channels through these leasing agreements[139]. Shareholder and Corporate Governance - The company held two temporary shareholder meetings in 2022 with participation rates of 49.07% and 49.03% respectively, approving all agenda items[90]. - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[93]. - The company has no stock incentive plans or employee stock ownership plans in place during the reporting period[95]. - The company’s financial director and deputy general manager resigned, leading to changes in the management lock-up shares[167]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[174].

Revenue and Profit - Revenue for Q1 2022 was CNY 3,994,609,216.96, a decrease of 10.70% compared to CNY 4,473,462,765.65 in the same period last year[2] - Net profit attributable to shareholders was CNY 181,940,220.62, down 38.65% from CNY 296,544,094.00 year-on-year[2] - Basic and diluted earnings per share decreased by 40.00% to CNY 0.12 from CNY 0.20 in the previous year[2] - The company's operating profit decreased by 44.94% year-on-year, mainly due to a reduction in operating revenue[8] - The total operating revenue for the first quarter of 2022 was CNY 3,994,609,216.96, a decrease of approximately 10.7% compared to CNY 4,473,462,765.65 in the same period last year[19] - The net profit for the first quarter was CNY 178,452,405.97, a decline of approximately 40% from CNY 296,812,382.64 in the previous year[21] - The total comprehensive income attributable to the parent company was ¥187,350,401.69, down from ¥231,661,650.78 year-over-year[23] Cash Flow and Investments - Net cash flow from operating activities was negative CNY 265,427,695.28, a decline of 134.69% compared to CNY 765,133,589.38 in the same period last year[2] - The net cash flow from operating activities decreased by 134.69% compared to the same period last year, primarily due to a reduction in cash inflows from operating activities[9] - The cash received from the disposal of fixed assets, intangible assets, and other long-term assets increased by 83.99% year-on-year, mainly due to an increase in the disposal of fixed assets[9] - The cash outflow from investment activities increased by 72.79% compared to the previous year, primarily due to cash payments for the acquisition of fixed assets, intangible assets, and other long-term assets[9] - The net cash flow from investment activities decreased by 369.68% year-on-year, mainly due to cash outflows from investment activities[9] - Cash inflows from operating activities totaled ¥4,669,731,255.88, a decrease of 9.1% from ¥5,138,196,527.10 in Q1 2021[25] - Cash outflows from investing activities amounted to ¥314,875,720.74, an increase from ¥182,227,684.07 in the previous year[27] - The net cash flow from financing activities was negative at -¥933,763,263.36, compared to -¥188,850,884.36 in Q1 2021, indicating increased cash outflows[27] Assets and Liabilities - Total assets at the end of the reporting period were CNY 27,456,470,702.26, a decrease of 4.58% from CNY 28,772,890,646.05 at the end of the previous year[2] - The total liabilities amounted to CNY 13,964,735,461.07, down from CNY 15,469,707,593.87, representing a decrease of approximately 9.7%[19] - The cash and cash equivalents balance decreased by 44.79% compared to the same period last year, primarily due to the net increase in cash and cash equivalents[9] - The cash and cash equivalents at the end of Q1 2022 were ¥2,797,062,235.54, down from ¥5,066,313,669.93 at the end of Q1 2021[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 61,834[10] - The largest shareholder, Sun Qinghuan, holds 45.99% of the shares, amounting to 682,534,600 shares[12] Investment Income - Investment income increased by 56.75% compared to the same period last year, primarily due to increased wealth management income[5] - The company reported a 212.74% increase in investment income from joint ventures and associates, reflecting improved profitability of these entities[5] - The company reported an investment income of CNY 36,313,978.91, an increase from CNY 23,166,276.03, reflecting a growth of about 56.6%[21] Research and Development - Research and development expenses for the quarter were CNY 107,545,430.89, down from CNY 139,120,617.91, indicating a reduction of approximately 22.7%[21] Equity - The total equity attributable to shareholders of the parent company increased to CNY 13,431,385,285.98 from CNY 13,244,034,884.29, showing a growth of about 1.4%[19] - Long-term borrowings decreased to CNY 788,540,603.59 from CNY 1,494,545,895.67, a reduction of approximately 47.3%[19]

Financial Performance - The company reported a total revenue of 1,484,166,399 RMB for the year 2021, with a cash dividend of 1.38 RMB per 10 shares distributed to shareholders[4]. - The company's operating revenue for 2021 was ¥18.61 billion, an increase of 7.10% compared to ¥17.38 billion in 2020[23]. - The net profit attributable to shareholders for 2021 was ¥1.16 billion, a significant increase of 284.10% from ¥301.74 million in 2020[23]. - The net profit after deducting non-recurring gains and losses was ¥1.05 billion, up 279.68% from a loss of ¥585.94 million in 2020[23]. - The net cash flow from operating activities reached ¥4.01 billion, representing a 173.47% increase from ¥1.47 billion in 2020[23]. - The basic earnings per share for 2021 was ¥0.78, a 254.55% increase compared to ¥0.22 in 2020[23]. - The total assets at the end of 2021 were ¥28.77 billion, a decrease of 6.51% from ¥30.78 billion at the end of 2020[25]. - The net assets attributable to shareholders increased by 6.24% to ¥13.24 billion from ¥12.47 billion in 2020[25]. Market Trends - The LED industry is expected to grow, with a projected global market size of ¥458.65 billion in 2022, an 11.7% year-on-year increase[36]. - The demand for LED plant lighting is anticipated to grow at a compound annual growth rate of 13.0% from 2021 to 2026, reaching ¥19.64 billion by 2026[37]. - The UV LED market is projected to grow at a compound annual growth rate of 37.95% from 2021 to 2025, reaching ¥10.72 billion by 2025[37]. Brand Performance - The revenue from the "朗德万斯" brand amounted to 10.22 billion yuan, with a gross margin of 39.08%[38]. - The "木林森" brand generated revenue of 1.98 billion yuan, with a gross margin of 36.48%[41]. - The smart manufacturing business reported revenue of 6.01 billion yuan, with a gross margin of 23.72%[42]. Research and Development - The company invested 550.15 million yuan in R&D, an increase of 21.38% year-on-year, to support the acceleration of R&D projects[47]. - The company has established four international R&D centers and focuses on continuous technological innovation, with key projects including Mini LED direct display technology and various intelligent lighting systems[57]. - The company is actively developing Mini LED application solutions, focusing on new packaging materials and processes, and has successfully developed new Mini LED RGB display module manufacturing technology[51]. Operational Efficiency - The company has implemented a divisional management system to enhance operational efficiency and decision-making flexibility, resulting in record-high operating performance during the reporting period[53]. - The company operates over 40,000 active sales outlets in China and has a robust global distribution network through Langdawans, covering over 140 countries and regions[56]. - The company has a comprehensive quality assurance system and has passed multiple certifications, ensuring strict quality control throughout the production process[59]. Inventory and Cash Flow - The inventory level increased by 104.45% year-over-year, primarily due to expanded production and stockpiling[68]. - The net cash flow from operating activities increased by 173.47% compared to the previous year, amounting to ¥4,009,513,200.79[120]. - Cash inflow from operating activities totaled ¥22,062,136,614.01, reflecting a 13.86% increase year-on-year[117]. Investment and Financial Management - The total investment amount for the reporting period was CNY 1,221,499,846.50, a decrease of 57.07% compared to the previous year's investment of CNY 2,845,113,438.91[129]. - The company has implemented unified financial data reporting and regular board meetings to ensure strategic planning and financial control[125]. - The company has not engaged in any securities or derivative investments during the reporting period[131][132]. Challenges and Risks - The company is facing significant challenges and pressures due to increased market risks stemming from the Russia-Ukraine conflict and rising inflation expectations[195]. - The company is actively addressing raw material price volatility risks through strategic procurement and supply chain management[192]. - The company has accumulated practical experience in responding to COVID-19 challenges and has implemented various prevention and control measures[195]. Product Development and Innovation - The company has developed various new LED products, including the MACROLED switch power series and KING series linear bulbs, all of which are now in mass production[98]. - The company is focusing on market expansion in Europe and Latin America, with ongoing projects for panel lights and three-proof lights, which are expected to enhance competitiveness in the industry[102]. - The company is committed to energy-saving technology research and development services as part of its strategic initiatives[159].

Financial Performance - The company's operating revenue for Q3 2021 was ¥4,326,842,844.21, a decrease of 6.02% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2021 was ¥290,618,205.58, down 36.69% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased significantly by 9,051.46% to ¥268,866,895.36 in Q3 2021[2]. - Net profit increased by 37.39% year-on-year, driven by an increase in total profit[6]. - The operating profit for the quarter was ¥1,142,037,332.21, compared to ¥1,066,216,822.35 in the same quarter last year, indicating a growth of 7.1%[22]. - The total comprehensive income attributable to the parent company reached CNY 866,980,548.86, a significant increase from CNY 529,122,881.63 in the previous period, reflecting a growth of approximately 64%[24]. - Basic and diluted earnings per share improved to CNY 0.63, compared to CNY 0.53 in the same period last year, indicating a growth of 18.87%[24]. Cash Flow - The cash flow from operating activities for the year-to-date period reached ¥2,301,687,652.32, an increase of 77.84% compared to the same period last year[2]. - Cash flow from operating activities generated a net amount of CNY 2,301,687,652.32, up from CNY 1,294,234,804.20, representing an increase of approximately 77.9%[27]. - Total cash inflow from operating activities was CNY 14,342,634,978.11, compared to CNY 13,906,917,722.64 in the previous year, showing a growth of about 3.1%[27]. - Cash outflow from operating activities decreased to CNY 12,040,947,325.79 from CNY 12,612,682,918.44, a reduction of approximately 4.5%[27]. - Cash flow from investing activities generated a net inflow of CNY 528,820,818.81, a significant recovery from a net outflow of CNY 1,794,129,601.31 in the previous period[27]. - Cash flow from financing activities resulted in a net outflow of CNY 3,425,944,946.23, compared to a net outflow of CNY 1,023,050,922.58 last year, indicating increased financing activities[27]. Assets and Liabilities - The total assets at the end of the reporting period were ¥29,532,329,786.78, reflecting a decrease of 4.04% from the end of the previous year[3]. - Total assets as of September 30, 2021, are ¥29,532,329,786.78, down from ¥30,775,237,621.62 at the end of 2020[15]. - Total liabilities decreased to ¥16,343,579,988.68 from ¥18,253,213,055.33, a reduction of 10.0%[19]. - The total non-current liabilities amounted to CNY 3,309,348,854.92, a decrease from CNY 3,517,873,767.88[33]. - The company reported a total current liability of ¥2,564,679,906.95, a decrease from ¥6,006,761,245.26 year-over-year[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 44,191, with the largest shareholder, Sun Qinghuan, holding 45.99% of shares, totaling 682,534,600 shares[10]. - The largest shareholder, Sun Qinghuan, has pledged 153,655,631 shares[10]. - Minority interests' profit increased by 299.44% year-on-year, reflecting an increase in earnings attributable to minority shareholders[6]. Research and Development - R&D expenses increased by 51.25% compared to the same period last year, primarily due to increased investment in R&D projects[6]. - Research and development expenses amounted to ¥413,707,154.28, representing a 51.3% increase from ¥273,516,944.18 year-on-year[20]. Inventory and Financial Assets - The company reported a significant increase in inventory by 43.05% due to expanded production and sales scale[4]. - The company experienced a 92.82% decrease in trading financial assets, primarily due to a reduction in wealth management products[4]. - Accounts receivable decreased to ¥3,706,214,426.16 from ¥4,403,881,299.69 year-over-year[15]. - The company has a total of 1,176,840,000.00 in debt investments, down from 2,301,840,000.00 year-over-year[15]. Other Income and Expenses - Other income decreased by 89.50% year-on-year, primarily due to a reduction in government subsidies[6]. - The company received government subsidies amounting to ¥11,187,599.53 during the reporting period[3]. - The company paid CNY 2,461,910,817.17 to employees, a decrease from CNY 2,868,054,640.41, indicating a reduction of about 14.2% in employee-related expenses[27]. Miscellaneous - The company has not disclosed any new product developments or market expansion strategies in the current report[12]. - The company has not audited the third-quarter report[34].