南国置业(002305) - 2024 Q3 - 季度财报

Company Basic Information This section outlines fundamental company information and the declaration of report accuracy Report Declaration Nanguo Real Estate Co., Ltd.'s Board of Directors and management declare this quarterly report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions, and it remains unaudited - The Board of Directors, Supervisory Board, and senior management guarantee the quarterly report's truthfulness, accuracy, and completeness, assuming legal responsibility[2] - The company's head, chief accountant, and head of accounting department declare the financial information is true, accurate, and complete[2] - The third-quarter report is unaudited[2] Key Financial Data This section presents the company's key financial performance and position, including accounting data, financial indicators, and non-recurring items Key Accounting Data and Financial Indicators As of Q3 2024, the company's operating revenue significantly increased by 201.62% year-over-year, yet net profit attributable to shareholders remained a loss, with total assets and owners' equity declining from the year's beginning Key Accounting Data and Financial Indicators for Q3 2024 | Indicator | Current Period (RMB) | YoY Change in Current Period | Year-to-Date (RMB) | YoY Change Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 501,591,148.26 | 191.75% | 1,857,226,754.64 | 201.62% | | Net Profit Attributable to Shareholders of Listed Company | -238,966,658.30 | 27.74% | -234,594,174.68 | 76.74% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | -239,761,215.33 | 27.70% | -769,055,274.65 | 23.99% | | Net Cash Flow from Operating Activities | — | — | -1,063,577,859.93 | -219.96% | | Basic Earnings Per Share (RMB/share) | -0.1378 | 27.74% | -0.1353 | 76.74% | | Diluted Earnings Per Share (RMB/share) | -0.1378 | 27.74% | -0.1353 | 76.74% | | Weighted Average Return on Net Assets | -64.71% | -41.30% | -63.81% | -3.53% | | Period-End Indicator | Current Period End (RMB) | Prior Year End (RMB) | Change from Prior Year End | | | Total Assets | 24,200,246,880.54 | 28,288,719,445.16 | -14.45% | | | Owners' Equity Attributable to Shareholders of Listed Company | 250,342,172.50 | 484,936,347.18 | -48.38% | | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses were RMB 0.79 million, and RMB 534 million year-to-date, primarily from disposal gains/losses of non-current assets Non-recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (RMB) | Amount Year-to-Date (RMB) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 0.00 | 537,710,818.19 | | Government Subsidies Included in Current Profit/Loss | 0.00 | 100,000.00 | | Other Non-operating Income and Expenses Apart from the Above | 701,811.22 | -3,385,405.05 | | Less: Income Tax Impact | 28,525.65 | 28,730.22 | | Impact on Minority Shareholders' Equity (After Tax) | -121,271.46 | -64,417.05 | | Total | 794,557.03 | 534,461,099.97 | - The company has not classified any non-recurring gains and losses items as recurring gains and losses items[4] Changes and Reasons for Key Accounting Data and Financial Indicators The company's key financial indicators changed due to factors like real estate project delivery, subsidiary equity transfers, and shareholder loan repayments, impacting balance sheet items such as cash and contract liabilities, income statement items like revenue and investment income, and cash flow items across all activities Balance Sheet Item Changes Significant changes in balance sheet items include decreases in cash and receivables financing, and increases in notes payable - Cash and cash equivalents decreased by 53.92% from the beginning of the year, primarily due to the repayment of some shareholder loans[5] - Receivables financing decreased by 100% from the beginning of the year, mainly due to the recovery of supply chain financing receivables[5] - Other current assets decreased by 39.81% from the beginning of the year, primarily due to the transfer of equity in three subsidiaries, leading to a reduction in prepaid VAT and uncertified input tax as the scope of consolidation changed[5] - Notes payable increased by 222.26% from the beginning of the year, mainly due to the use of notes payable for settling engineering payments for real estate development projects[5] - Contract liabilities decreased by 55.19% from the beginning of the year, primarily due to the recognition of pre-sale funds from real estate development projects as operating revenue[5] Income Statement Item Changes Key income statement changes include significant increases in operating revenue and investment income, alongside higher operating costs - Operating revenue increased by 201.62% year-over-year, primarily due to the recognition of profits from real estate development projects delivered during the reporting period[5] - Operating costs increased by 108.92% year-over-year, primarily due to the recognition of profits from real estate development projects delivered during the reporting period[5] - Investment income increased by 4794.36% year-over-year, primarily due to gains from the disposal of equity in three subsidiaries[5] - Credit impairment losses increased by 32.17% year-over-year, primarily due to the provision for bad debts on accounts receivable and other receivables[5] Cash Flow Statement Item Changes Cash flow changes reflect decreased operating and investing cash flows, offset by increased financing cash flows - Net cash flow from operating activities decreased by 219.96% year-over-year, primarily due to lower sales proceeds from real estate projects compared to the prior year[5] - Net cash flow from investing activities decreased by 276.58% year-over-year, primarily due to a reduction in consolidated cash and cash equivalents resulting from the transfer of equity in three subsidiaries[5] - Net cash flow from financing activities increased by 98.13% year-over-year, primarily due to a higher net increase in bank borrowings compared to the prior year[5] Shareholder Information This section details the company's shareholder structure, including common and preferred shareholders Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the top two shareholders are China Power Construction Real Estate Group Co., Ltd. and Wuhan Xintiandi Investment Co., Ltd., holding 22.43% and 18.06% respectively, acting in concert, with the top ten including institutional and individual investors Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | China Power Construction Real Estate Group Co., Ltd. | State-owned Legal Person | 22.43% | 388,986,313 | 0 | | Wuhan Xintiandi Investment Co., Ltd. | State-owned Legal Person | 18.06% | 313,215,984 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Southern CSI All-Share Real Estate ETF | Domestic Non-state-owned Legal Person | 0.80% | 13,807,500 | 0 | | Bank of China Co., Ltd. - Fullgoal Quality Growth 6-Month Holding Mixed Fund | Domestic Non-state-owned Legal Person | 0.45% | 7,813,500 | 0 | | China Construction Bank Co., Ltd. - Fullgoal New Vitality Flexible Allocation Mixed Initiated Fund | Domestic Non-state-owned Legal Person | 0.39% | 6,796,300 | 0 | | Yang Wen | Domestic Natural Person | 0.39% | 6,728,400 | 0 | | Zhang Xiujiang | Domestic Natural Person | 0.35% | 6,079,700 | 0 | | Xu Zhourong | Domestic Natural Person | 0.27% | 4,669,000 | 0 | | Goldman Sachs Co., Ltd. | Overseas Legal Person | 0.25% | 4,315,332 | 0 | | Deng Sheguang | Domestic Natural Person | 0.23% | 4,056,700 | 0 | - China Power Construction Real Estate Group Co., Ltd. and Wuhan Xintiandi Investment Co., Ltd. are parties acting in concert[7] Total Number of Preferred Shareholders and Top Ten Preferred Shareholders' Holdings The company has no preferred shareholders - The company has no preferred shareholders[8] Other Significant Matters There are no other significant matters requiring disclosure by the company during this reporting period - The company has no other significant matters to disclose[9] Quarterly Financial Statements This section presents the company's consolidated quarterly financial statements, including the balance sheet, income statement, and cash flow statement Consolidated Balance Sheet As of September 30, 2024, total assets were RMB 24.20 billion, a 14.45% decrease from year-start; total liabilities were RMB 22.19 billion, and total owners' equity was RMB 2.01 billion, reflecting significant reductions in both current assets and liabilities due to asset disposal and debt repayment activities Consolidated Balance Sheet Key Data (Period-End Balance vs. Year-Beginning Balance) | Item | Period-End Balance (RMB) | Year-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,121,489,183.13 | 2,433,853,404.22 | | Inventories | 11,046,786,901.74 | 13,188,135,586.80 | | Total Current Assets | 15,555,448,719.33 | 18,837,662,180.76 | | Total Non-current Assets | 8,644,798,161.21 | 9,451,057,264.40 | | Total Assets | 24,200,246,880.54 | 28,288,719,445.16 | | Notes Payable | 150,712,783.12 | 46,766,806.99 | | Contract Liabilities | 1,494,814,920.03 | 3,335,950,777.29 | | Total Current Liabilities | 17,267,365,346.16 | 21,705,907,967.71 | | Long-term Borrowings | 3,290,435,500.00 | 2,492,055,817.00 | | Total Non-current Liabilities | 4,927,657,386.71 | 4,312,918,000.84 | | Total Liabilities | 22,195,022,732.87 | 26,018,825,968.55 | | Total Owners' Equity Attributable to Parent Company | 250,342,172.50 | 484,936,347.18 | | Total Owners' Equity | 2,005,224,147.67 | 2,269,893,476.61 | - Cash and cash equivalents decreased by 53.92% from the beginning of the period, primarily due to the repayment of some shareholder loans[5][9] - Contract liabilities decreased by 55.19% from the beginning of the period, primarily due to the recognition of pre-sale funds from real estate development projects as operating revenue[5][10] Consolidated Income Statement from Year-Beginning to Report Period End As of Q3 2024, the company achieved total operating revenue of RMB 1.86 billion, a 201.62% year-over-year increase; despite significant revenue growth, net profit remained a loss of RMB 257 million due to increased total operating costs, particularly cost of sales, and credit impairment losses, though the loss narrowed significantly from the prior year Consolidated Income Statement Key Data (Current Period vs. Prior Period) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,857,226,754.64 | 615,754,136.15 | | Total Operating Costs | 2,626,013,283.63 | 1,621,073,012.16 | | Operating Costs | 2,083,042,825.99 | 997,067,118.57 | | Selling Expenses | 110,911,020.09 | 77,005,068.84 | | Financial Expenses | 371,631,427.55 | 514,464,859.04 | | Investment Income | 548,315,252.13 | -11,680,306.68 | | Credit Impairment Losses | -44,875,957.81 | -33,953,753.69 | | Operating Profit | -264,811,956.33 | -1,050,105,766.95 | | Total Profit | -268,557,163.08 | -1,047,276,060.49 | | Net Profit | -256,676,401.44 | -1,034,324,072.99 | | Net Profit Attributable to Parent Company Shareholders | -234,594,174.68 | -1,008,573,427.81 | | Basic Earnings Per Share (RMB/share) | -0.1353 | -0.5816 | - Operating revenue increased by 201.62% year-over-year, primarily benefiting from the recognition of profits from real estate development projects delivered[5][12] - Investment income significantly increased by 4794.36%, primarily due to gains from the disposal of equity in three subsidiaries[5][12] Consolidated Cash Flow Statement from Year-Beginning to Report Period End As of Q3 2024, net cash flow from operating activities was -RMB 1.06 billion, a 219.96% year-over-year decrease due to reduced real estate sales proceeds; net cash flow from investing activities was -RMB 151 million, from financing activities -RMB 35 million, resulting in a net decrease in cash and cash equivalents of -RMB 1.25 billion Consolidated Cash Flow Statement Key Data (Current Period vs. Prior Period) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 1,748,936,707.34 | 3,445,876,899.97 | | Subtotal of Cash Outflows from Operating Activities | 2,812,514,567.27 | 2,559,235,605.62 | | Net Cash Flow from Operating Activities | -1,063,577,859.93 | 886,641,294.35 | | Subtotal of Cash Inflows from Investing Activities | 144,376,444.64 | 85,619,305.69 | | Subtotal of Cash Outflows from Investing Activities | 295,544,642.63 | 9,080.00 | | Net Cash Flow from Investing Activities | -151,168,197.99 | 85,610,225.69 | | Subtotal of Cash Inflows from Financing Activities | 2,250,981,000.00 | 4,303,335,032.49 | | Subtotal of Cash Outflows from Financing Activities | 2,285,672,476.82 | 6,162,452,569.55 | | Net Cash Flow from Financing Activities | -34,691,476.82 | -1,859,117,537.06 | | Net Increase in Cash and Cash Equivalents | -1,249,437,534.74 | -886,866,017.02 | | Period-End Balance of Cash and Cash Equivalents | 1,101,649,311.16 | 1,506,854,132.54 | - Net cash flow from operating activities decreased by 219.96% year-over-year, primarily due to reduced sales proceeds from real estate projects[5][15] - Net cash flow from investing activities decreased by 276.58% year-over-year, primarily due to a reduction in consolidated cash and cash equivalents resulting from the transfer of equity in three subsidiaries[5][16] - Net cash flow from financing activities increased by 98.13% year-over-year, primarily due to a higher net increase in bank borrowings compared to the prior year[5][16] Adjustments for New Accounting Standards The company first adopted new accounting standards in 2024, but there were no adjustments to the year-beginning financial statement items related to this initial adoption during the reporting period - The company has no adjustments to year-beginning financial statement items related to the first-time adoption of new accounting standards starting in 2024[16] Audit Report The company's 2024 third-quarter report is unaudited - The company's third-quarter report is unaudited[16]