隆华科技(300263) - 2024 Q3 - 季度财报

Key Financial Data Key Accounting Data and Financial Indicators In the first three quarters of 2024, the company reported 1.93 billion RMB in revenue with a 1.94% increase, but net profit attributable to parent company shareholders decreased by 12.64% to 155 million RMB, and operating cash flow significantly deteriorated to a 299 million RMB net outflow Key Accounting Data and Financial Indicators | Indicator | Current Period (Q3) | Year-to-Date | YTD YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 708,059,027.40 | 1,930,190,051.84 | 1.94% | | Net Profit Attributable to Parent Company Shareholders (RMB) | 49,253,922.06 | 154,710,273.82 | -12.64% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) (RMB) | 42,842,890.05 | 135,096,227.80 | -14.12% | | Net Cash Flow from Operating Activities (RMB) | -- | -299,186,434.51 | -305.62% | | Basic Earnings Per Share (RMB/share) | 0.0545 | 0.1711 | -12.61% | | Weighted Average Return on Net Assets | 1.54% | 4.77% | -0.83% | | Indicator | End of Current Period | End of Prior Year | Change from Beginning of Year | | Total Assets (RMB) | 6,610,317,400.44 | 6,323,489,956.25 | 4.54% | | Total Equity Attributable to Parent Company Shareholders (RMB) | 3,287,523,078.37 | 3,157,018,031.34 | 4.13% | Non-Recurring Gains and Losses Items and Amounts Year-to-date non-recurring gains and losses totaled 19.614 million RMB, primarily driven by financial asset-related gains/losses and government grants, explaining the difference in net profit metrics Non-Recurring Gains and Losses (Year-to-Date) | Item | Year-to-Date Amount (RMB) | | :--- | :--- | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 13,997,416.79 | | Government grants recognized in current profit or loss | 10,101,809.99 | | Funds occupation fees collected from non-financial enterprises recognized in current profit or loss | 4,229,072.23 | | Other non-operating income and expenses | -5,034,778.33 | | Total | 19,614,046.02 | Analysis of Major Financial Indicator Changes The company's financial position changes are primarily driven by operating and investment strategies, leading to significant cash outflow for raw material purchases and increased investments in new facilities and production lines Balance Sheet Item Variation Analysis At period-end, the balance sheet showed significant changes, including a 36.18% decrease in cash, a 193.28% surge in construction in progress, a 97.97% increase in long-term borrowings, and a 71.84% rise in prepayments - Cash and cash equivalents decreased by 36.18% from the beginning of the period, primarily due to increased cash purchases for material price locking and new investments[6] - Prepayments increased by 71.84% from the beginning of the period, mainly due to increased prepayments for locking in material prices[6] - Construction in progress increased by 193.28% from the beginning of the period, primarily due to new plant and production line construction by subsidiaries and grandchild companies[7] - Long-term borrowings increased by 97.97% from the beginning of the period, mainly due to new project loans[8] Income Statement Item Variation Analysis In the first three quarters of 2024, the income statement showed significant changes, with financial expenses increasing by 33.92%, investment income growing by 99.10%, and non-operating expenses surging by 721.73% - Financial expenses increased by 33.92% year-over-year, primarily due to increased loans and reduced interest income this year[9] - Investment income increased by 99.10% year-over-year, mainly due to increased long-term equity investment gains accounted for under the equity method[9] - Non-operating expenses increased by 721.73% year-over-year, primarily due to increased late payment fees[9] Cash Flow Statement Item Variation Analysis In the first three quarters of 2024, the company experienced significant cash flow pressure, with operating cash flow at a 299 million RMB net outflow and investing cash flow at a 221 million RMB net outflow, partially offset by a 207 million RMB net inflow from financing activities - Net cash flow from operating activities decreased by 305.62% year-over-year, primarily due to increased cash purchases of raw materials to lock in prices[10] - Net cash flow from investing activities decreased by 307.11% year-over-year, mainly due to new plant and production line construction by subsidiaries and grandchild companies[10] - Net cash flow from financing activities increased by 205.19% year-over-year, primarily due to increased bank loans this year[10] Shareholder Information Shareholding Structure As of period-end, the company had 43,348 shareholders, with a concentrated equity structure where the four de facto controllers hold over 20% combined, and Genertec Investment Management Co., Ltd. is the second largest shareholder at 6.70% - Total common shareholders at the end of the reporting period were 43,348[11] - The company's shareholders Li Zhanming, Li Zhanqiang, Li Mingqiang, and Li Mingwei are brothers and serve as the company's joint de facto controllers[12] Shareholding of Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Li Zhanming | 10.56% | 95,501,092 | | Genertec Investment Management Co., Ltd. | 6.70% | 60,600,000 | | Li Mingqiang | 4.41% | 39,841,600 | | Li Zhanqiang | 4.20% | 37,988,400 | | Li Mingwei | 2.58% | 23,300,000 | Changes in Restricted Shares During the period, total restricted shares increased from 132 million to 156 million, primarily due to additional locked-up shares for de facto controller Li Zhanming following his resignation Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Increased This Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Li Zhanming | 71,625,819 | 23,875,273 | 95,501,092 | Resignation Lock-up | | Other Senior Executives | 60,320,906 | 0 | 60,320,906 | Senior Executive Lock-up / Resignation Lock-up | | Total | 131,946,725 | 23,875,273 | 155,821,998 | -- | Other Significant Matters During the period, the company achieved significant progress with the official commencement of production for ITO target material and high-performance extractant projects, expanding market share in key sectors, and completed the deregistration of a subsidiary - Grandchild company Jinglian Optoelectronics' 500-ton annual ITO target material (Phase I) project officially commenced production on July 6, 2024, aiming to accelerate market expansion in the photovoltaic sector[15] - Subsidiary Sannuo New Material's 60,000-ton annual high-performance extractant project officially commenced production on October 8, 2024, aiming to drive performance growth in the company's energy-saving and environmental protection segment[15] - The company deregistered its subsidiary Xiamen Longhua Xinke Equity Investment Management Partnership (Limited Partnership) on September 29, 2024[15] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2024, total assets reached 6.61 billion RMB, up 4.54% from year-start, with total liabilities at 3.182 billion RMB and parent company equity at 3.288 billion RMB Consolidated Balance Sheet | Item | End of Period Balance (RMB) | Beginning of Period Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 6,610,317,400.44 | 6,323,489,956.25 | | Total Liabilities | 3,182,469,271.40 | 3,039,949,882.01 | | Total Equity Attributable to Parent Company Shareholders | 3,287,523,078.37 | 3,157,018,031.34 | | Total Equity | 3,427,848,129.04 | 3,283,540,074.24 | Consolidated Income Statement (Year-to-Date) In the first three quarters of 2024, total operating revenue reached 1.93 billion RMB, increasing by 1.94%, while total operating costs grew faster at 3.32%, leading to a 12.64% decrease in net profit attributable to parent company shareholders to 155 million RMB Consolidated Income Statement (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,930,190,051.84 | 1,893,501,952.03 | | II. Total Operating Costs | 1,762,436,104.38 | 1,705,845,763.21 | | III. Operating Profit | 209,191,359.00 | 217,898,561.22 | | IV. Total Profit | 206,148,053.28 | 218,954,622.06 | | Net Profit Attributable to Parent Company Shareholders | 154,710,273.82 | 177,103,759.53 | | Basic Earnings Per Share | 0.1711 | 0.1958 | Consolidated Cash Flow Statement (Year-to-Date) In the first three quarters of 2024, the company faced increased cash flow pressure, with net outflows of 299 million RMB from operating activities and 221 million RMB from investing activities, partially offset by a 207 million RMB net inflow from financing activities Consolidated Cash Flow Statement (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -299,186,434.51 | -73,759,513.07 | | Net Cash Flow from Investing Activities | -221,265,761.40 | 106,833,667.52 | | Net Cash Flow from Financing Activities | 207,362,783.61 | -197,124,440.01 | | Net Increase in Cash and Cash Equivalents | -312,369,629.96 | -163,803,736.73 | | Cash and Cash Equivalents at End of Period | 475,521,423.88 | 537,682,107.46 |