中南文化(002445) - 2024 Q3 - 季度财报

I. Key Financial Data 1.1 Key Accounting Data and Financial Indicators In the first three quarters of 2024, the company's operating revenue increased by 19.31% year-on-year, but net profit attributable to shareholders decreased significantly by 72.29%, while the third quarter alone showed a substantial year-on-year net profit growth of 2,588.46% and total assets increased by 6.65% compared to the end of the previous year | Financial Indicator | Q3 2024 (CNY) | Q3 YoY Change | YTD Q3 2024 (CNY) | YTD YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 222.46 million | -0.41% | 649.51 million | 19.31% | | Net Profit Attributable to Shareholders | 25.83 million | 2,588.46% | 35.60 million | -72.29% | | Net Profit after Non-recurring Items | 16.45 million | -48.07% | 65.20 million | -5.62% | | Basic EPS (CNY/share) | 0.0108 | 2,600.00% | 0.0149 | -72.25% | | Total Assets | 2.82 billion | 6.65% (vs. YE 2023) | 2.82 billion | 6.65% (vs. YE 2023) | | Equity Attributable to Shareholders | 2.18 billion | 1.07% (vs. YE 2023) | 2.18 billion | 1.07% (vs. YE 2023) | 1.2 Non-recurring Profit and Loss Items and Amounts For the first three quarters of 2024, the company recorded a net non-recurring loss of CNY 29.60 million, primarily driven by a CNY 51.53 million loss from fair value changes in XGIMI TECHNOLOGY stock, partially offset by CNY 18.31 million in wealth management income | Item | YTD Q3 2024 Amount (CNY) | Description | | :--- | :--- | :--- | | Fair value change P&L (Financial Assets/Liabilities) | -51.53 million | Mainly loss from changes in the fair value of XGIMI TECHNOLOGY stock held | | Gains/Losses from entrusted investments | 18.31 million | Mainly income from wealth management products from financial institutions | | Government Subsidies | 0.16 million | Mainly local government subsidies | | Total Non-recurring P&L | -29.60 million | -- | 1.3 Analysis of Changes in Key Financial Data and Indicators The company experienced significant changes across its financial statements, with the balance sheet impacted by increased cash and payables, the income statement reflecting higher R&D costs and a sharp drop in non-operating income, and operating cash flow improving significantly due to better collections 1.3.1 Balance Sheet Changes Key balance sheet changes include a 58.43% increase in cash from improved sales, a 244.25% surge in construction in progress for new photovoltaic projects, a 79.49% rise in accounts payable from increased inventory, and 226.06% growth in long-term borrowings for new power station projects - Cash and cash equivalents increased by 58.43% (CNY 38.38 million) due to improved sales collections[6] - Construction in progress rose by 244.25% (CNY 22.59 million), mainly for the construction of new photovoltaic power station projects[6] - Accounts payable increased by 79.49% (CNY 71.66 million) due to a rise in inventory purchases[6] - Long-term borrowings increased by 226.06% (CNY 32.74 million), primarily from loans for the photovoltaic power station projects[6] 1.3.2 Income Statement Changes Year-over-year, R&D expenses increased by 45.66% due to higher material costs, non-operating income declined 96.50% due to a prior-year one-time provision reversal, and investment income grew 96.53% as the prior year included affiliated company losses - R&D expenses increased by 45.66% YoY (CNY 6.73 million) due to increased material costs for R&D projects[6] - Non-operating income decreased by 96.50% YoY (CNY 119.20 million) mainly because the prior year included a large reversal of provisions related to the Zhenjiang Xinlituo guarantee case[6] - Investment income increased by 96.53% YoY (CNY 9.53 million) as the prior year period recognized investment losses from an affiliated company[6] 1.3.3 Cash Flow Statement Changes Operating cash flow improved by CNY 102.95 million year-over-year due to increased sales collections, investing activities saw a CNY 224.23 million decrease in net cash compared to prior year's inflow, and financing cash flow increased by CNY 242.15 million due to a prior-year guarantee deposit refund - Net cash from operating activities increased by CNY 102.95 million YoY, mainly due to increased cash receipts from sales[7] - Net cash from investing activities decreased by 182.58% YoY (CNY 224.23 million), primarily due to an increase in net investment in financial products[7] - Net cash from financing activities increased by CNY 242.15 million YoY, as the prior year included a refund of a guarantee deposit in the Zhenjiang Xinlituo case[8] II. Shareholder Information 2.1 Shareholder Structure and Top 10 Shareholders As of the reporting period end, the company had 46,333 common shareholders, with the largest shareholder, Jiangyin Chengbang Enterprise Management Development Center (LP), holding 28.84% of shares, and the top ten shareholders collectively holding over 44% with no reported pledging or freezing - The total number of common shareholders at the end of the reporting period was 46,333[9] | Shareholder Name | Nature | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | :--- | | Jiangyin Chengbang Enterprise Management Development Center (LP) | Domestic Non-SOE Legal Person | 28.84% | 689.80 million | | Zhongrong Dingxin - Dingrong Jiaying No. 6 Investment Fund | Other | 6.71% | 160.54 million | | Yao Bo | Domestic Natural Person | 1.76% | 42.13 million | | Yao Xiaoyan | Domestic Natural Person | 1.43% | 34.10 million | | Jiangyin City Xinguolian Power Development Co., Ltd. | State-owned Legal Person | 1.13% | 27.00 million | III. Other Important Matters 3.1 Disclosure of Other Important Matters The company reported no other significant matters during the reporting period - The company reported no other significant matters during the reporting period[10] IV. Quarterly Financial Statements 4.1 Financial Statements The unaudited financial statements show 6.65% growth in total assets to CNY 2.82 billion since year-start, with year-to-date revenue growing 19.31% to CNY 649.51 million, but net profit attributable to shareholders fell sharply by 72.29% to CNY 35.60 million, while operating cash flow turned positive 4.1.1 Consolidated Balance Sheet As of September 30, 2024, total assets reached CNY 2.82 billion, up from CNY 2.65 billion at year-start, with total liabilities increasing to CNY 559.76 million from CNY 451.06 million, and equity attributable to the parent company slightly increasing to CNY 2.18 billion | Balance Sheet Item | End of Q3 2024 (CNY) | Beginning of 2024 (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 2.82 billion | 2.65 billion | +6.65% | | Total Current Assets | 2.03 billion | 1.83 billion | +10.65% | | Total Non-current Assets | 793.51 million | 812.85 million | -2.38% | | Total Liabilities | 559.76 million | 451.06 million | +24.10% | | Total Current Liabilities | 456.26 million | 397.29 million | +14.84% | | Total Non-current Liabilities | 103.49 million | 53.77 million | +92.45% | | Equity Attributable to Parent | 2.18 billion | 2.16 billion | +1.07% | 4.1.2 Consolidated Income Statement (YTD) For the first nine months of 2024, total operating revenue was CNY 649.51 million, a 19.31% increase year-over-year, but a significant CNY 52.00 million fair value loss and a high prior-year non-operating income base led to a 72.29% decline in net profit attributable to parent company shareholders, which stood at CNY 35.60 million | Income Statement Item | YTD Q3 2024 (CNY) | YTD Q3 2023 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 649.51 million | 544.40 million | +19.31% | | Operating Profit | 39.01 million | 11.02 million | +253.88% | | Profit Before Tax | 42.75 million | 128.71 million | -66.79% | | Net Profit Attributable to Parent | 35.60 million | 128.46 million | -72.29% | | Basic Earnings Per Share (CNY/share) | 0.0149 | 0.0537 | -72.25% | 4.1.3 Consolidated Cash Flow Statement (YTD) For the first nine months of 2024, net cash flow from operating activities was CNY 81.40 million, a significant turnaround from a CNY 21.55 million net outflow last year, with a CNY 101.42 million net outflow from investing activities and a CNY 54.39 million net inflow from financing activities, resulting in a CNY 35.07 million net increase in cash and cash equivalents | Cash Flow Item | YTD Q3 2024 (CNY) | YTD Q3 2023 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 81.40 million | -21.55 million | | Net Cash Flow from Investing Activities | -101.42 million | 122.81 million | | Net Cash Flow from Financing Activities | 54.39 million | -187.76 million | | Net Increase in Cash & Cash Equivalents | 35.07 million | -85.91 million | 4.2 Audit Report The company's financial report for the third quarter of 2024 is unaudited - The third quarter report is unaudited[17]