通润装备(002150) - 2024 Q3 - 季度财报

Report Overview This unaudited Q3 2024 report for Jiangsu Tongrun Equipment Technology Co., Ltd. is guaranteed for accuracy by its board and management - This report is the Q3 2024 report for Jiangsu Tongrun Equipment Technology Co., Ltd[1] - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report[1] - This quarterly report is unaudited[1] Key Financial Data and Indicators Q3 and year-to-date financial data reveal significant growth in revenue and net profit attributable to shareholders, though operating cash flow decreased, with non-recurring gains contributing Key Accounting Data and Financial Indicators As of Q3 2024, the company reported substantial year-over-year growth in revenue and net profit, with net profit attributable to shareholders increasing by 151.47% year-to-date, while net operating cash flow decreased by 50.06% Key Accounting Data and Financial Indicators (As of Q3 2024) | Indicator | Current Period (RMB) | YoY Change (%) | Year-to-Date (RMB) | YTD YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 833,515,876.82 | 10.94% | 2,440,496,411.23 | 45.41% | | Net Profit Attributable to Shareholders | 30,397,185.58 | 50.05% | 107,434,395.97 | 151.47% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses | 28,239,483.12 | 103.65% | 100,007,720.78 | 171.74% | | Net Cash Flow from Operating Activities | - | - | 95,281,418.95 | -50.06% | | Basic Earnings Per Share (RMB/share) | 0.08 | 33.33% | 0.30 | 150.00% | | Diluted Earnings Per Share (RMB/share) | 0.08 | 33.33% | 0.30 | 150.00% | | Weighted Average Return on Net Assets | 1.71% | 0.45% | 6.27% | 3.59% | | Period-End Data | Current Period-End (RMB) | Prior Year-End (RMB) | Period-End vs. Prior Year-End Change (%) | | | Total Assets | 4,650,395,954.87 | 4,166,094,056.49 | 11.62% | | | Owners' Equity Attributable to Shareholders of the Parent Company | 1,772,587,706.86 | 1,652,992,322.03 | 7.24% | | Non-Recurring Gains and Losses During the reporting period, total non-recurring gains and losses amounted to RMB 2.16 million, with a year-to-date cumulative of RMB 7.43 million, primarily from government subsidies, disposal of non-current assets, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts (Unit: RMB) | Item | Current Period Amount (RMB) | Year-to-Date Amount (RMB) | Notes | | :--- | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | 14,073.87 | 551,887.30 | | | Government subsidies recognized in current profit or loss | 2,466,271.09 | 5,063,188.03 | | | Gains or losses from changes in fair value of financial assets and liabilities, and investment gains from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | -362.43 | 203,346.73 | | | Other non-operating income and expenses apart from the above | 191,463.21 | 2,736,616.90 | | | Other income and expenses that meet the definition of non-recurring gains and losses | | 559,395.55 | | | Less: Income tax impact | 432,097.64 | 1,462,436.54 | | | Less: Impact on minority interests (after tax) | 81,645.64 | 225,322.78 | | | Total | 2,157,702.46 | 7,426,675.19 | | Analysis of Financial Indicator Changes Significant changes across financial statements include reduced receivables financing, increased payables, and higher non-current liabilities, driven by business growth and increased purchasing, impacting operating cash flow Balance Sheet Item Changes Balance sheet items showed significant changes from the beginning of the year, with receivables financing decreasing by 68.02% due to bill maturity and discounting, prepayments increasing by 36.10% for inventory, and contract assets rising by 97.87% from increased customer quality assurance receivables; payables increased by 44.93% for inventory, and non-current liabilities due within one year grew by 157.26% due to increased long-term borrowings Balance Sheet Major Item Changes (Compared to Year-Start) | Item | Change from Year-Start (RMB) | Change Rate (%) | Reason | | :--- | :--- | :--- | :--- | | Receivables Financing | -84,592,994.94 | -68.02% | Primarily due to maturity and discounting of bank acceptance bills in the current period | | Prepayments | 18,442,496.38 | 36.10% | Primarily due to increased prepayments for inventory in the current period | | Contract Assets | 11,891,300.44 | 97.87% | Primarily due to increased customer quality assurance receivables in the current period | | Right-of-Use Assets | 31,192,234.30 | 101.89% | Primarily due to new leases of buildings in the current period | | Accounts Payable | 221,006,629.75 | 44.93% | Primarily due to increased payables to suppliers for inventory in the current period | | Non-Current Liabilities Due Within One Year | 49,298,582.42 | 157.26% | Primarily due to increased long-term borrowings due within one year in the current period | | Other Comprehensive Income | 10,184,455.00 | 468.61% | Primarily due to foreign currency translation differences arising from exchange rate changes in the current period | Income Statement Item Changes Income statement items showed significant year-over-year changes, with revenue growing by 45.41% driven by metal products business growth and the consolidation of new energy business; sales and R&D expenses increased by 144.48% and 190.34% respectively, primarily due to the new energy business consolidation, and financial expenses rose by 154.17% due to increased interest costs Income Statement Major Item Changes (Compared to Prior Year) | Item | Change from Prior Year (RMB) | Change Rate (%) | Reason | | :--- | :--- | :--- | :--- | | Operating Revenue | 762,149,114.96 | 45.41% | Primarily due to year-over-year growth in metal products business and revenue contribution from consolidated new energy business | | Operating Cost | 380,504,353.68 | 29.60% | Primarily due to year-over-year growth in metal products business and revenue contribution from consolidated new energy business | | Selling Expenses | 146,798,836.04 | 144.48% | Primarily due to the consolidation of new energy business | | Research and Development Expenses | 71,018,622.25 | 190.34% | Primarily due to the consolidation of new energy business | | Financial Expenses | 26,435,434.90 | 154.17% | Primarily due to increased interest expenses | | Investment Income | -1,343,035.45 | -86.85% | Primarily due to investment income from disposal of subsidiaries in the prior year, with no such income in the current period | | Asset Impairment Losses | -5,134,649.20 | -362.72% | Primarily due to increased provision for inventory depreciation in the current period compared to the prior year | Cash Flow Statement Item Changes Net cash flow from operating activities decreased by 50.06% year-over-year, primarily due to increased cash payments for goods and services; net cash flow from investing activities increased by 82.67% year-over-year, mainly because the prior year included significant cash payments for acquiring subsidiaries, which were absent this period Cash Flow Statement Major Item Changes (Compared to Prior Year) | Item | Change from Prior Year (RMB) | Change Rate (%) | Reason | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -95,529,127.13 | -50.06% | Primarily due to a significant year-over-year increase in cash paid for goods and services in the current period | | Net Cash Flow from Investing Activities | 223,217,779.77 | 82.67% | Primarily due to significant cash payments for acquiring subsidiaries and other operating units in the prior year, with no such expenditure in the current period | Shareholder Information As of the reporting period end, the company had 20,648 common shareholders, with high concentration among the top ten, led by Zhejiang Chint Electrics Co., Ltd. at 24.53%, and some shareholders having related party or concerted action relationships Common Shareholder Holdings At the end of the reporting period, there were 20,648 common shareholders; among the top ten, Zhejiang Chint Electrics Co., Ltd. held 24.53% and Changshu Qianjinding Factory held 12.89%, all being unrestricted shares, with some shareholders having related party or concerted action relationships - Total common shareholders at the end of the reporting period numbered 20,648[7] Top Ten Shareholder Holdings (As of Reporting Period End) | Shareholder Name | Shareholder Nature | Holding Percentage (%) | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Chint Electrics Co., Ltd. | Domestic Non-State-Owned Legal Person | 24.53% | 89,129,262 | 0 | | Changshu Qianjinding Factory | Domestic Non-State-Owned Legal Person | 12.89% | 46,827,130 | 0 | | Zhuhai Yuening Management Consulting Partnership (Limited Partnership) | Other | 5.54% | 20,149,274 | 0 | | Zhuhai Kangdong Equity Investment Partnership (Limited Partnership) | Other | 4.91% | 17,825,853 | 0 | | Wenzhou Zhuotai Enterprise Management Partnership (Limited Partnership) | Other | 4.91% | 17,825,853 | 0 | | Shanghai Pudong Development Bank Co., Ltd. - GF High-End Manufacturing Stock Initiated Securities Investment Fund | Other | 4.78% | 17,373,239 | 0 | | China Merchants Bank Co., Ltd. - Xingquan Herun Mixed Securities Investment Fund | Other | 2.11% | 7,679,509 | 0 | | Suzhou Great Wall Precision Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.24% | 4,500,016 | 0 | | Bank of China Co., Ltd. - HFT Stock Mixed Securities Investment Fund | Other | 1.24% | 4,489,600 | 0 | | Industrial Bank Co., Ltd. - GF Xingcheng Mixed Securities Investment Fund | Other | 0.87% | 3,153,119 | 0 | - Some directors, supervisors, and senior management of Zhejiang Chint Electrics Co., Ltd. are limited partners of Wenzhou Zhuotai Enterprise Management Partnership (Limited Partnership); Zhuhai Yuening Management Consulting Partnership (Limited Partnership) and Zhuhai Kangdong Equity Investment Partnership (Limited Partnership) are managed by the same executive partner[8] Quarterly Financial Statements This section presents the company's consolidated balance sheet as of September 30, 2024, and the consolidated income statement and cash flow statement for the year-to-date, showing expanded assets, altered liability structure, significantly improved profitability, but strained operating cash flow Consolidated Balance Sheet As of September 30, 2024, total assets reached RMB 4.65 billion, an 11.62% increase from the beginning of the period, with growth in monetary funds, accounts receivable, inventory, and contract assets, alongside increases in right-of-use assets and construction in progress; liabilities saw significant increases in short-term borrowings, accounts payable, contract liabilities, and non-current liabilities due within one year Consolidated Balance Sheet Major Items (Unit: RMB) | Item | Period-End Balance (2024.09.30) (RMB) | Period-Start Balance (2024.01.01) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,650,395,954.87 | 4,166,094,056.49 | +11.62% | | Monetary Funds | 1,055,519,353.57 | 948,662,378.50 | +11.26% | | Accounts Receivable | 848,763,169.77 | 702,142,689.80 | +20.88% | | Receivables Financing | 39,779,203.29 | 124,372,198.23 | -68.02% | | Inventories | 1,142,418,707.93 | 890,782,339.12 | +28.25% | | Contract Assets | 24,041,415.80 | 12,150,115.36 | +97.87% | | Right-of-Use Assets | 61,806,860.63 | 30,614,626.33 | +101.89% | | Total Liabilities | 2,647,690,087.01 | 2,301,928,763.21 | +15.02% | | Short-Term Borrowings | 392,806,442.78 | 305,823,016.30 | +28.44% | | Accounts Payable | 712,915,134.19 | 491,908,504.44 | +44.93% | | Contract Liabilities | 117,177,767.47 | 83,114,545.86 | +40.98% | | Non-Current Liabilities Due Within One Year | 80,647,061.23 | 31,348,478.81 | +157.26% | | Lease Liabilities | 35,529,289.16 | 17,723,115.48 | +100.47% | | Total Owners' Equity Attributable to Parent Company | 1,772,587,706.86 | 1,652,992,322.03 | +7.24% | Consolidated Income Statement Year-to-date, total operating revenue reached RMB 2.44 billion, a 45.41% increase year-over-year; net profit was RMB 149.65 million, up 126.41%, with net profit attributable to parent company shareholders at RMB 107.43 million, up 151.47%, while sales and R&D expenses significantly increased due to the consolidation of new energy business Consolidated Income Statement Major Items (Year-to-Date, Unit: RMB) | Item | Current Period Amount (2024 YTD) (RMB) | Prior Period Amount (2023 YTD) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,440,496,411.23 | 1,678,347,296.27 | +45.41% | | Operating Cost | 1,666,109,092.21 | 1,285,604,738.53 | +29.60% | | Taxes and Surcharges | 13,486,758.72 | 7,185,989.81 | +87.68% | | Selling Expenses | 248,402,782.26 | 101,603,946.22 | +144.48% | | Administrative Expenses | 172,817,516.24 | 164,542,813.34 | +5.03% | | Research and Development Expenses | 108,330,348.66 | 37,311,726.41 | +190.34% | | Financial Expenses | 9,288,196.49 | -17,147,238.41 | Turned from loss to profit | | Net Profit | 149,652,288.55 | 66,096,186.72 | +126.41% | | Net Profit Attributable to Parent Company Shareholders | 107,434,395.97 | 42,722,167.54 | +151.47% | | Minority Interests | 42,217,892.58 | 23,374,019.18 | +80.62% | | Net Other Comprehensive Income After Tax | 14,497,640.83 | -5,848,693.16 | Turned from loss to profit | | Basic Earnings Per Share | 0.30 | 0.12 | +150.00% | Consolidated Cash Flow Statement Year-to-date, net cash flow from operating activities was RMB 95.28 million, a 50.06% decrease year-over-year, primarily due to significantly increased cash payments for goods and services; net cash flow from investing activities was -RMB 46.80 million, a reduced outflow compared to the prior year; net cash flow from financing activities was RMB 82.10 million, a slight year-over-year decrease Consolidated Cash Flow Statement Major Items (Year-to-Date, Unit: RMB) | Item | Current Period Amount (2024 YTD) (RMB) | Prior Period Amount (2023 YTD) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 95,281,418.95 | 190,810,546.08 | -50.06% | | Cash Paid for Goods and Services | 1,799,999,670.73 | 969,298,563.15 | +85.70% | | Net Cash Flow from Investing Activities | -46,795,774.37 | -270,013,554.14 | Outflow decreased by 82.67% | | Net Cash Flow from Financing Activities | 82,096,556.35 | 100,259,356.61 | -18.11% | | Net Increase in Cash and Cash Equivalents | 138,863,902.58 | 12,686,382.13 | +994.59% | | Cash and Cash Equivalents at Period-End | 1,016,837,001.14 | 841,151,626.61 | +20.88% | Other Significant Matters and Audit Status The company had no other significant matters during the reporting period, and this quarterly report is unaudited - The company has no other specific items that meet the definition of non-recurring gains and losses[4] - The company has no other significant matters[9] - The company's Q3 report is unaudited[17]