润欣科技(300493) - 2024 Q3 - 季度财报

Major Financial Data This section provides an overview of the company's key financial performance indicators and balance sheet items, including significant changes and their underlying reasons Key Accounting Data and Financial Indicators As of Q3 2024, the company reported year-over-year growth in operating revenue and net profit, a significant decrease in operating cash flow, and increases in total assets and shareholders' equity | Indicator | Current Period (CNY) | YoY Change in Current Period | Year-to-Date (CNY) | YoY Change Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 755,655,905.73 | 24.54% | 1,922,293,362.70 | 23.97% | | Net Profit Attributable to Shareholders | 11,816,233.52 | 5.10% | 37,133,715.07 | 15.66% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 8,848,053.21 | -8.65% | 34,465,413.65 | 22.69% | | Net Cash Flow from Operating Activities | -- | -- | 40,357,651.93 | -62.69% | | Basic Earnings Per Share (CNY/share) | 0.02 | 0.00% | 0.07 | 16.67% | | Diluted Earnings Per Share (CNY/share) | 0.02 | 0.00% | 0.07 | 16.67% | | Weighted Average Return on Net Assets | 1.11% | Increased by 0.05 percentage points | 3.47% | Increased by 0.40 percentage points | | End of Current Period | End of Prior Year | Change from Prior Year-End | | | | Total Assets | 1,856,102,822.54 | 1,628,381,009.97 | 13.98% | | | Shareholders' Equity Attributable to Shareholders | 1,072,639,080.50 | 1,059,971,859.13 | 1.20% | | Non-Recurring Gains and Losses and Amounts During the reporting period, the company's non-recurring gains and losses totaled CNY 2.97 million, with year-to-date cumulative CNY 2.67 million, mainly from government subsidies and fair value changes from forward foreign exchange contracts | Item | Amount for Current Period (CNY) | Year-to-Date Amount (CNY) | Explanation | | :--- | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 18,361.18 | -6,764.30 | | | Government Grants Recognized in Current Profit/Loss | 2,725,515.17 | 3,512,100.30 | Mainly due to special funds for enterprise project development, employment stabilization subsidies, and individual income tax withholding fee refunds | | Fair Value Changes and Disposal Gains/Losses from Financial Assets/Liabilities (Excl. Hedging) | 693,373.81 | -288,600.66 | Mainly due to fair value changes and settlement gains/losses from forward foreign exchange contracts to mitigate excessive exchange rate fluctuations | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 60,994.80 | 60,994.80 | | | Other Non-Operating Income and Expenses (Excluding Above Items) | -4,856.51 | -166,214.05 | | | Less: Income Tax Impact | 525,208.14 | 446,406.20 | | | Minority Interest Impact (After Tax) | | -3,191.53 | | | Total | 2,968,180.31 | 2,668,301.42 | -- | Changes and Reasons for Key Accounting Data and Financial Indicators During the reporting period, the company experienced significant changes across its balance sheet, income statement, and cash flow statement, driven by business expansion, new investments, and shifts in operational and financing activities Balance Sheet Item Changes | Item | Balance at Period-End (CNY) | YoY Change | | :--- | :--- | :--- | | Receivables Financing | 80,044,625.56 | 236.96% | | Prepayments | 17,056,037.24 | 585.26% | | Other Receivables | 5,974,763.01 | -52.24% | | Other Current Assets | 1,289,070.90 | 53.35% | | Investments in Other Equity Instruments | 194,582,353.66 | 47.68% | | Intangible Assets | 11,394,981.81 | 504.84% | | Short-Term Borrowings | 150,289,546.89 | 38.82% | | Notes Payable | 111,450,000.00 | 193.29% | | Other Payables | 53,219,115.07 | 115.92% | | Other Current Liabilities | 3,289,290.03 | -70.84% | | Treasury Stock | 40,550,050.16 | 238.01% | Income Statement Item Changes | Item | Year-to-Date Amount (CNY) | YoY Change | | :--- | :--- | :--- | | Investment Income | -287,027.51 | -151.97% | | Gains from Fair Value Changes | -254,929.33 | -302.53% | | Credit Impairment Losses | -2,256,854.40 | -16,835.17% | | Income Tax Expense | 4,633,510.03 | -43.61% | | Exchange Differences on Translation of Foreign Currency Financial Statements | -7,884,952.70 | -134.27% | Cash Flow Statement Item Changes | Item | Year-to-Date Amount (CNY) | YoY Change | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 1,937,917,195.79 | 19.06% | | Subtotal of Cash Outflows from Operating Activities | 1,897,559,543.86 | 24.88% | | Net Cash Flow from Operating Activities | 40,357,651.93 | -62.69% | | Subtotal of Cash Inflows from Investing Activities | 41,730,363.93 | -44.14% | | Subtotal of Cash Outflows from Investing Activities | 77,584,019.65 | 6.01% | | Net Cash Flow from Investing Activities | -35,853,655.72 | -2,459.76% | | Subtotal of Cash Inflows from Financing Activities | 167,184,900.00 | 37.83% | | Subtotal of Cash Outflows from Financing Activities | 152,664,580.12 | -33.79% | | Net Cash Flow from Financing Activities | 14,520,319.88 | 113.29% | | Net Increase in Cash and Cash Equivalents | 17,692,270.97 | 357.44% | - Receivables financing increased by 236.96%, primarily due to an increase in unexpired notes receivable at the end of the reporting period[6] - Prepayments increased by 585.26%, mainly due to increased advance payments to suppliers for goods[6] - Intangible assets increased by 504.84%, primarily due to newly added intangible assets during the reporting period[6] - Investment income decreased by 151.97% year-over-year, mainly due to reduced investment income from Zhongdian Luolai and lower gains from forward foreign exchange settlements[7] - Net cash flow from operating activities decreased by 62.69% year-over-year, primarily due to increased payments for goods purchased as sales scale expanded[8] - Net cash flow from financing activities increased by 113.29% year-over-year, mainly due to the receipt of subscription payments for restricted shares from incentive plan participants during the reporting period[8] Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders, the top ten shareholders, and changes in restricted shares Total Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 28,255 common shareholders, with Shanghai Runxin Information Technology Co., Ltd. holding the largest stake at 20.65%, part of which is pledged - Total common shareholders at the end of the reporting period: 28,255[9] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Runxin Information Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 20.65% | 105,854,500 | Pledged | 8,300,000 | | Lingyuan Investment Consulting (Shanghai) Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.93% | 30,406,250 | N/A | 0 | | Shanghai Axing Investment Management Co., Ltd. - Axing Wuhou Private Securities Investment Fund | Other | 4.97% | 25,500,000 | N/A | 0 | | Shanghai Xuanding Asset Management Co., Ltd. - Xuanding Xingchen No. 1 Private Securities Investment Fund | Other | 3.97% | 20,368,900 | N/A | 0 | | Shanghai Yinye Investment Co., Ltd. - Yinye - Gongyu Theme Select 2nd Private Securities Investment Fund | Other | 2.27% | 11,656,800 | N/A | 0 | | CITIC Securities Co., Ltd. | State-Owned Legal Person | 2.24% | 11,473,061 | N/A | 0 | | Guangdong Guanfeng Asset Management Co., Ltd. - Guanfeng Tianxing No. 1 Private Securities Investment Fund | Other | 2.19% | 11,237,280 | N/A | 0 | | Shanghai Chengrui Investment Management Co., Ltd. - Chengrui Huaju Exclusive Private Securities Investment Fund | Other | 1.36% | 6,960,250 | N/A | 0 | | Chen Ying | Domestic Natural Person | 1.16% | 5,936,800 | N/A | 0 | | Shi Quanying | Domestic Natural Person | 0.93% | 4,786,700 | N/A | 0 | - Shanghai Runxin Information Technology Co., Ltd. and Lingyuan Investment Consulting (Shanghai) Co., Ltd. are enterprises controlled by the same ultimate beneficial owner[9] - Shanghai Chengrui Investment Management Co., Ltd. - Chengrui Huaju Exclusive Private Securities Investment Fund exited the top 10 shareholders compared to the previous period due to securities lending/return activities[10] Total Preferred Shareholders and Top 10 Preferred Shareholders' Holdings The company has no preferred shareholders - The company has no preferred shareholders[11] Changes in Restricted Shares During the reporting period, 3.40 million restricted shares from the 2021 incentive plan were repurchased and cancelled, while 11.37 million newly granted restricted shares from the 2024 plan were registered and listed, significantly increasing end-of-period restricted shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start (shares) | Shares Unlocked in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity incentive restricted shares held by 108 incentive recipients under the company's 2021 Restricted Stock Incentive Plan | 3,400,400 | 0 | 0 | 0 | Class I restricted shares granted under the company's 2021 Restricted Stock Incentive Plan | | Equity incentive restricted shares held by 162 initial grant recipients under the company's 2024 Restricted Stock Incentive Plan | 0 | 0 | 11,372,000 | 11,372,000 | Class I restricted shares initially granted under the company's 2024 Restricted Stock Incentive Plan | | Executive Locked-up Shares | 210,000 | 0 | 0 | 210,000 | Executive locked-up shares automatically converted from Class I restricted shares granted to Director Pang Jun and CFO Sun Jian under the 2021 Restricted Stock Incentive Plan after meeting unlocking conditions | | Total | 3,610,400 | 0 | 11,372,000 | 11,582,000 | -- | - The 3.40 million restricted shares granted but not yet unlocked under the company's 2021 Restricted Stock Incentive Plan were repurchased and cancelled on August 16, 2024, marking the completion of the plan[11] - The 11.37 million restricted shares initially granted under the company's 2024 Restricted Stock Incentive Plan were registered and listed on September 9, 2024[11] Other Significant Matters This section covers the company's strategic business expansion into AI computing and vertical applications, alongside updates on its restricted stock incentive plans Business Expansion in Heterogeneous Computing Chips and AI Vertical Applications The company is actively expanding into heterogeneous computing chips and AI vertical applications, collaborating on AI computing chip services and signing agreements for large model vertical applications and server chip adaptation to provide next-generation data center AI solutions - The company has invested in and partnered with Qiyi Moore (Shanghai) Integrated Circuit Design Co., Ltd. to provide ASIC customization, die delivery, and industry integration services in the AI computing chip sector[12] - The company signed a 'Technical Development Cooperation and Server Chip Adaptation Agreement' with ecosystem partners to deepen collaboration on large model vertical applications and server chip adaptation businesses[12] - The company is actively developing new storage and logic chip product lines, promoting digital economy applications, and offering heterogeneous integration product services to provide AI solutions for next-generation data centers[12] Matters Related to Restricted Stock Incentive Plans The company completed the repurchase and cancellation of its 2021 Restricted Stock Incentive Plan and launched the 2024 plan, granting 11.37 million restricted shares to 162 incentive recipients to enhance its incentive mechanism 2021 Restricted Stock Incentive Plan Completed On August 16, 2024, the company completed the repurchase and cancellation of 3.40 million restricted shares from its 2021 incentive plan, changing its total share capital to 501.20 million shares and marking the plan's completion - On August 16, 2024, the company completed the repurchase and cancellation of 3.40 million restricted shares from its 2021 Restricted Stock Incentive Plan[13] - Following this repurchase and cancellation, the company's total share capital changed to 501.20 million shares, and the 2021 Restricted Stock Incentive Plan was completed[13] Progress of 2024 Restricted Stock Incentive Plan The company's 2024 Restricted Stock Incentive Plan draft was approved in July and by shareholders in August, with 11.37 million restricted shares granted to 162 recipients at CNY 3.575/share on August 12, registered and listed on September 9, increasing total share capital to 512.58 million shares - On July 19, 2024, the company's Board of Directors approved the '2024 Restricted Stock Incentive Plan (Draft)'[14] - On August 9, 2024, the incentive plan was approved by the company's First Interim Shareholders' Meeting of 2024[14] - On August 12, 2024, the Board of Directors set the initial grant date, granting 11.37 million restricted shares to 162 incentive recipients at CNY 3.575 per share[15] - On September 9, 2024, the 11.37 million restricted shares from the initial grant were registered and listed, changing the company's total share capital to 512.58 million shares[15] Quarterly Financial Statements This section presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement for the reporting period, along with notes on new accounting standards and audit status Financial Statements This section provides the company's consolidated balance sheet as of the reporting period end, and the consolidated income statement and cash flow statement for the year-to-date period, detailing financial position, operating results, and cash flows Consolidated Balance Sheet As of September 30, 2024, total assets were CNY 1.86 billion, a 13.98% increase from the beginning of the period, with total liabilities at CNY 778.06 million and total owners' equity at CNY 1.08 billion Key Consolidated Balance Sheet Data (As of September 30, 2024) | Item | Period-End Balance (CNY) | Period-Start Balance (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 272,556,888.01 | 258,081,107.31 | | Accounts Receivable | 812,928,474.66 | 709,671,550.64 | | Inventories | 296,868,834.89 | 306,003,328.62 | | Total Current Assets | 1,539,302,847.35 | 1,383,340,552.69 | | Long-Term Equity Investments | 26,287,214.33 | 29,223,550.51 | | Investments in Other Equity Instruments | 194,582,353.66 | 131,763,460.40 | | Intangible Assets | 11,394,981.81 | 1,883,953.47 | | Total Non-Current Assets | 316,799,975.19 | 245,040,457.28 | | Total Assets | 1,856,102,822.54 | 1,628,381,009.97 | | Short-Term Borrowings | 150,289,546.89 | 108,261,088.85 | | Notes Payable | 111,450,000.00 | 38,000,000.00 | | Accounts Payable | 393,967,245.70 | 317,036,001.42 | | Total Current Liabilities | 752,157,341.73 | 534,631,375.16 | | Total Liabilities | 778,060,914.79 | 562,774,891.19 | | Share Capital | 512,575,047.00 | 504,603,447.00 | | Total Equity Attributable to Parent Company Shareholders | 1,072,639,080.50 | 1,059,971,859.13 | | Total Owners' Equity | 1,078,041,907.75 | 1,065,606,118.78 | | Total Liabilities and Owners' Equity | 1,856,102,822.54 | 1,628,381,009.97 | Consolidated Income Statement Year-to-Date As of Q3 2024, total operating revenue reached CNY 1.92 billion, a 23.97% year-over-year increase, with net profit attributable to parent company shareholders at CNY 37.13 million, up 15.66%, while investment income and fair value gains were negative and credit impairment losses significantly increased Key Consolidated Income Statement Data (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,922,293,362.70 | 1,550,573,159.89 | | Total Operating Costs | 1,867,788,585.92 | 1,503,306,121.76 | | Operating Profit | 41,242,229.37 | 38,463,573.79 | | Total Profit | 41,094,376.50 | 38,396,065.29 | | Net Profit | 36,460,866.47 | 30,178,618.84 | | Net Profit Attributable to Parent Company Shareholders | 37,133,715.07 | 32,105,625.89 | | Net Other Comprehensive Income After Tax | -7,993,536.50 | 22,811,627.98 | | Total Comprehensive Income | 28,467,329.97 | 52,990,246.82 | | Basic Earnings Per Share | 0.07 | 0.06 | | Diluted Earnings Per Share | 0.07 | 0.06 | - Total operating revenue increased by 23.97% year-to-date[19] - Net profit attributable to parent company shareholders increased by 15.66% year-to-date[21] - Investment income was -CNY 287,027.51, compared to CNY 552,264.52 in the prior period, representing a year-over-year decrease of 151.97%[19] - Credit impairment losses were -CNY 2,256,854.40, compared to CNY 13,485.70 in the prior period, representing a year-over-year decrease of 16,835.17%[19] Consolidated Cash Flow Statement Year-to-Date As of Q3 2024, net cash flow from operating activities was CNY 40.36 million, a 62.69% year-over-year decrease, while net cash flow from investing activities was -CNY 35.85 million, and net cash flow from financing activities significantly increased by 113.29% to CNY 14.52 million Key Consolidated Cash Flow Statement Data (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 1,937,917,195.79 | 1,627,622,912.83 | | Subtotal of Cash Outflows from Operating Activities | 1,897,559,543.86 | 1,519,463,506.78 | | Net Cash Flow from Operating Activities | 40,357,651.93 | 108,159,406.05 | | Subtotal of Cash Inflows from Investing Activities | 41,730,363.93 | 74,705,303.07 | | Subtotal of Cash Outflows from Investing Activities | 77,584,019.65 | 73,185,928.53 | | Net Cash Flow from Investing Activities | -35,853,655.72 | 1,519,374.54 | | Subtotal of Cash Inflows from Financing Activities | 167,184,900.00 | 121,297,530.30 | | Subtotal of Cash Outflows from Financing Activities | 152,664,580.12 | 230,587,771.04 | | Net Cash Flow from Financing Activities | 14,520,319.88 | -109,290,240.74 | | Net Increase in Cash and Cash Equivalents | 17,692,270.97 | 3,867,689.05 | | Cash and Cash Equivalents at Period-End | 227,370,346.59 | 144,829,972.06 | - Net cash flow from operating activities decreased by 62.69% year-over-year, primarily due to increased payments for goods purchased as sales scale expanded[22] - Net cash flow from investing activities decreased by 2,459.76% year-over-year, mainly due to increased equity investment payments in the current period and the prior year's income from Chengrui Optics share transfer[22] - Net cash flow from financing activities increased significantly by 113.29% year-over-year, primarily due to the receipt of subscription payments from restricted stock incentive recipients during the current period[23] Adjustments for First-Time Adoption of New Accounting Standards from 2024 The company adopted new accounting standards from 2024, with no adjustments to the opening financial statements for the year of first-time adoption in this reporting period - The company has no adjustments to the opening financial statements for the year of first-time adoption of new accounting standards from 2024[23] Audit Report The company's Q3 2024 report is unaudited - The company's third-quarter report is unaudited[24]