中欣氟材(002915) - 2024 Q3 - 季度财报

Main Financial Data Overview of Zhejiang Zhongxin Fluorine Materials Co., Ltd.'s Q3 2024 financial performance, key data, non-recurring items, and indicator changes Key Accounting Data and Financial Indicators Q3 2024 operating revenue grew 14.70% YoY, but net profit attributable to shareholders declined significantly in Q3 and YTD Major Financial Indicators for Q3 2024 and Year-to-Date | Indicator | Current Period (Q3 2024) (Yuan) | YoY Change in Current Period | Year-to-Date (YTD 2024) (Yuan) | YoY Change Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 381,888,431.56 | 14.70% | 1,028,100,032.30 | 12.05% | | Net Profit Attributable to Shareholders (Yuan) | -19,866,078.98 | 55.72% | -42,994,733.16 | -13.73% | | Net Profit Attributable to Shareholders, Excluding Non-Recurring Gains/Losses (Yuan) | -19,935,096.08 | 55.12% | -46,099,533.67 | -16.40% | | Net Cash Flow from Operating Activities (Yuan) | — | — | -81,386,641.26 | 50.26% | | Basic EPS (Yuan/share) | -0.0608 | 55.56% | -0.1313 | -13.88% | | Total Assets (Yuan) | 3,277,200,686.73 | 2.70% (Compared to End of Last Year) | | | | Total Equity Attributable to Shareholders (Yuan) | 1,442,423,020.48 | -2.81% (Compared to End of Last Year) | | | Non-Recurring Gains and Losses Items and Amounts Non-recurring gains/losses, including government subsidies, totaled 69,017.10 Yuan for the current period and 3,104,800.51 Yuan YTD Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (Yuan) | Amount Year-to-Date (Yuan) | Explanation | | :--- | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -723,440.28 | -1,453,975.82 | Dismantling machinery and equipment, etc | | Government Subsidies Recognized in Current P&L | 1,398,206.30 | 6,121,485.28 | Government subsidies and deferred income transfers | | Other Non-Operating Income and Expenses | -400,842.47 | -652,962.33 | Donation expenses, etc | | Less: Income Tax Impact | 63,077.93 | 709,050.97 | | | Impact on Minority Interests (After Tax) | 141,828.52 | 200,695.65 | | | Total | 69,017.10 | 3,104,800.51 | -- | Changes and Reasons for Major Accounting Data and Financial Indicators Significant changes in prepayments, deferred tax assets, and net profit, driven by new project costs and increased raw material prepayments Balance Sheet Items Major Changes and Reasons | Balance Sheet Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 27,772,201.77 | 12,243,595.49 | 126.83% | Primarily due to increased prepayments for raw materials | | Deferred Income Tax Assets | 34,755,945.05 | 17,179,775.41 | 102.31% | Primarily due to (1) increased credit impairment provisions and asset impairment provisions (2) increased deductible losses | | Other Non-Current Assets | 74,080,704.97 | 2,559,320.34 | 2794.55% | Primarily due to increased prepayments for equipment | | Long-Term Borrowings | 552,586,913.89 | 424,537,541.50 | 30.16% | Primarily due to increased bank loans | | Treasury Stock | 0.00 | 16,192,420.00 | -100.00% | Primarily due to employee equity incentive repurchase | Income Statement Items Major Changes and Reasons | Income Statement Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 26,232,882.06 | 18,884,312.72 | 38.91% | Primarily due to increased raw materials used for R&D | | Financial Expenses | 25,545,973.29 | 11,866,477.21 | 115.28% | Primarily due to increased bank loan interest | | Net Profit | -42,649,803.26 | -30,200,952.84 | -41.22% | Primarily due to new projects such as fluorobenzene, DFBP, and fourth-generation refrigerants still being in the process optimization and capacity ramp-up stages, leading to increased depreciation, energy consumption, and personnel costs impacting current period profit | Cash Flow Statement Items Major Changes and Reasons | Cash Flow Statement Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -81,386,641.26 | -163,638,453.28 | 50.26% | Primarily due to increased cash received from sales of goods and rendering of services | | Net Cash Flow from Investing Activities | -166,053,660.82 | -237,654,155.74 | 30.13% | Primarily due to decreased cash paid for fixed asset investments | Shareholder Information Discloses total common shareholders, top ten shareholders' holdings, and related party relationships as of the reporting period end Total Number of Common Shareholders, Number of Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Shareholding Table The company had 28,248 common shareholders; Zhejiang Baiyun Weiye Holding Group was the largest with 19.97% - Total number of common shareholders was 28,248 at the end of the reporting period[6] Top 10 Common Shareholders' Shareholding | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Baiyun Weiye Holding Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 19.97% | 64,993,393 | 0 | Pledged | 21,800,000 | | Shaoxing Zhongwei Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 8.04% | 26,164,700 | 0 | N/A | 0 | | Chen Yinhao | Domestic Natural Person | 6.01% | 19,574,100 | 14,680,575 | N/A | 0 | | Gaobao Mining Co., Ltd. | Overseas Legal Person | 5.67% | 18,439,390 | 0 | N/A | 0 | | Cao Guolu | Domestic Natural Person | 4.04% | 13,151,000 | 0 | Pledged | 3,400,000 | | Wang Chao | Domestic Natural Person | 3.98% | 12,967,500 | 9,725,625 | N/A | 0 | | Xu Jianguo | Domestic Natural Person | 3.09% | 10,046,400 | 7,534,800 | N/A | 0 | | Fujian Yaxin Electronic Materials Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.14% | 3,700,414 | 0 | Pledged | 3,700,000 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.07% | 3,474,819 | 0 | N/A | 0 | | Wang Dawei | Domestic Natural Person | 1.05% | 3,414,600 | 0 | N/A | 0 | - Shaoxing Zhongwei Investment Partnership (Limited Partnership) is a concerted action party of Zhejiang Baiyun Weiye Holding Group Co., Ltd., and Xu Jianguo is the Chairman of Baiyun Weiye and the executive partner of Zhongwei Investment[8] Total Number of Preferred Shareholders and Top 10 Preferred Shareholders' Shareholding Table The company has no preferred shareholders - The company has no preferred shareholders[9] Other Significant Matters Discloses the partial repurchase and cancellation of the company's restricted stock incentive plan during the reporting period Partial Repurchase and Cancellation of Restricted Stock Incentive Plan The company completed the repurchase and cancellation of 2.4892 million restricted shares from its 2021 incentive plan on July 10, 2024 - The company completed the repurchase and cancellation of 2.4892 million restricted shares from its 2021 Restricted Stock Incentive Plan that did not meet unlocking conditions on July 10, 2024[10] Quarterly Financial Statements Provides the company's unaudited consolidated financial statements for Q3 2024, reflecting financial position, operating results, and cash flows Financial Statements Details the company's consolidated balance sheet, income statement, and cash flow statement for Q3 2024 and year-to-date Consolidated Balance Sheet As of September 30, 2024, total assets were 3.28 billion Yuan (2.70% increase), with shareholder equity decreasing 2.81% Major Consolidated Balance Sheet Items (Period-End Balance vs. Period-Beginning Balance) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,277,200,686.73 | 3,191,156,380.44 | 2.70% | | Cash and Cash Equivalents | 198,121,076.03 | 247,025,337.67 | -19.88% | | Financial Assets Held for Trading | 100,000,000.00 | 0.00 | N/A | | Prepayments | 27,772,201.77 | 12,243,595.49 | 126.83% | | Deferred Income Tax Assets | 34,755,945.05 | 17,179,775.41 | 102.31% | | Other Non-Current Assets | 74,080,704.97 | 2,559,320.34 | 2794.55% | | Total Liabilities | 1,596,318,898.51 | 1,468,949,634.00 | 8.67% | | Total Equity Attributable to Parent Company Shareholders | 1,442,423,020.48 | 1,484,092,908.60 | -2.81% | Consolidated Income Statement (Year-to-Date) Total operating revenue grew 12.05% YTD, but net profit was -42.65 million Yuan, with losses expanding 41.22% Major Consolidated Income Statement Items (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,028,100,032.30 | 917,549,864.29 | 12.05% | | Total Operating Costs | 1,081,364,036.12 | 934,533,568.34 | 15.71% | | R&D Expenses | 26,232,882.06 | 18,884,312.72 | 38.91% | | Financial Expenses | 25,545,973.29 | 11,866,477.21 | 115.28% | | Net Profit | -42,649,803.26 | -30,200,952.84 | -41.22% | | Net Profit Attributable to Parent Company Shareholders | -42,994,733.16 | -37,803,283.73 | -13.73% | | Basic EPS | -0.1313 | -0.1153 | -13.88% | Consolidated Cash Flow Statement (Year-to-Date) Net cash flow from operating activities was -81.39 million Yuan, a 50.26% reduction in net outflow YoY Major Consolidated Cash Flow Statement Items (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -81,386,641.26 | -163,638,453.28 | 50.26% | | Net Cash Flow from Investing Activities | -166,053,660.82 | -237,654,155.74 | 30.13% | | Net Cash Flow from Financing Activities | 196,518,654.45 | 164,672,323.02 | 19.34% | | Net Increase in Cash and Cash Equivalents | -50,921,647.63 | -236,620,286.00 | 78.48% | | Cash and Cash Equivalents at Period End | 164,109,230.59 | 263,661,445.73 | -37.77% | Adjustments to Financial Statement Items at the Beginning of the First-Time Adoption Year for New Accounting Standards Starting in 2024 No adjustments were made to financial statement items due to the first-time adoption of new accounting standards - The company did not adjust any financial statement items at the beginning of the year due to the first-time adoption of new accounting standards[18] Audit Report This quarterly report is unaudited - This quarterly report is unaudited[18]