Sinomine(002738)2024-10-28 10:49Revenue and Profit Performance - Revenue for the third quarter was RMB 1.15 billion, a decrease of 18.25% year-over-year[1] - Net profit attributable to shareholders was RMB 72.76 million, down 87.18% year-over-year[1] - Operating revenue decreased by 28.69% to 3,569,349,314.96 RMB, primarily due to a decline in lithium battery material prices[4] - Operating income for the period was 3,569,349,314.96 RMB, a decrease of 28.69% compared to the previous year's 5,005,495,445.65 RMB[12] - Net profit attributable to the parent company's owners decreased to 11,919,733,514.05 RMB from 12,177,935,356.68 RMB, a decline of 2.12%[11] - Net profit attributable to parent company shareholders was RMB 545.75 million, compared to RMB 2.07 billion in the previous period[13] - Operating profit was RMB 598.31 million, a significant decrease from RMB 2.36 billion in the previous period[13] - Total comprehensive income attributable to parent company shareholders was RMB 501.09 million, down from RMB 1.90 billion in the previous period[13] - Basic earnings per share decreased by 87.32% to RMB 0.1009[1] - Basic earnings per share were RMB 0.7564, compared to RMB 2.9966 in the previous period[13] - Diluted earnings per share were RMB 0.7564, compared to RMB 2.9255 in the previous period[13] Asset and Liability Changes - Total assets increased by 2.29% to RMB 16.25 billion compared to the end of the previous year[1] - Total assets increased to 16,248,679,108.21 RMB from 15,884,832,497.44 RMB, reflecting a growth of 2.29%[10] - Total liabilities rose to 4,022,888,696.88 RMB from 3,661,359,349.19 RMB, an increase of 9.87%[10] - Fixed assets increased by 37.76% to 3,000,304,609.21 RMB, mainly due to the completion of Chunpeng and Bikita construction projects[4] - Fixed assets increased to RMB 3,000,304,609.21 from RMB 2,177,955,358.83 at the beginning of the period[9] - Intangible assets increased to RMB 2,382,701,597.32 from RMB 1,852,634,132.41 at the beginning of the period[9] - Deferred tax assets grew to 185,869,202.35 RMB from 144,637,404.28 RMB, an increase of 28.51%[10] - Construction in progress decreased by 39.92% to 478,627,902.44 RMB, primarily due to increased construction expenditures at Tanco and the completion of Chunpeng and Bikita projects[4] - Short-term borrowings decreased by 62.99% to 338,163,898.35 RMB, mainly due to the repayment of bank loans[4] - Accounts payable increased by 82.39% to 341,910,906.49 RMB, driven by higher material and freight costs[4] - Minority interests increased significantly to 306,056,897.28 RMB from 45,537,791.57 RMB, a growth of 572.10%[11] - Total equity slightly increased to 12,225,790,411.33 RMB from 12,223,473,148.25 RMB, a marginal growth of 0.02%[11] Cash Flow and Liquidity - Cash and cash equivalents decreased by 47.96% to RMB 2.56 billion due to repayment of bank loans, dividend distribution, and share repurchase[3] - Cash and cash equivalents decreased to RMB 2,558,028,370.93 from RMB 4,915,300,196.12 at the beginning of the period[9] - Cash flow from operating activities was negative RMB 168.29 million year-to-date, a decrease of 106.39%[1] - Net cash flow from operating activities decreased by 106.39% to -168,289,144.97 RMB, impacted by lower lithium battery material prices and changes in sales collection policies[4] - Cash flow from operating activities was negative RMB 168.29 million, compared to positive RMB 2.63 billion in the previous period[14] - Total cash inflows from operating activities were RMB 4.18 billion, down from RMB 6.09 billion in the previous period[14] - Cash flow from investing activities was negative RMB 1.20 billion, an improvement from negative RMB 1.69 billion in the previous period[15] - Cash flow from financing activities was negative RMB 504.88 million, compared to positive RMB 1.87 billion in the previous period[15] - Cash and cash equivalents at the end of the period were RMB 2.36 billion, down from RMB 5.04 billion at the beginning of the period[15] Inventory and Receivables - Trade receivables increased by 33.32% to RMB 498.15 million due to expanded consolidation scope[3] - Trade receivables increased to RMB 498,148,229.03 from RMB 373,636,622.90 at the beginning of the period[9] - Inventory increased by 50.54% to RMB 2.18 billion, mainly due to higher stock and goods in transit[3] - Inventory increased to RMB 2,175,055,988.29 from RMB 1,444,864,790.98 at the beginning of the period[9] Investment and Acquisitions - Non-recurring gains amounted to RMB 102.28 million for the quarter, primarily from disposal of long-term equity investments and government subsidies[2] - Investment income surged by 2,058.48% to 33,586,152.72 RMB, driven by gains from the disposal of long-term equity investments[4] - Acquired 65% equity in Zambia's Kitumba copper mine project for a total consideration of $58.5 million, with estimated copper resources of 2.79 million tons and copper metal content of 614,000 tons at an average grade of 2.20%[8] - Acquired 98% equity in Namibia's Tsumeb smelter, which holds 294.35 million tons of polymetallic smelting slag with 746.21 tons of germanium, 409.62 tons of gallium, and 209,458.72 tons of zinc[8] - Repurchased 8,319,817 shares for a total of RMB 302,016,696.64, with the repurchased shares subsequently canceled to reduce registered capital[8] Expenses and Costs - R&D expenses decreased by 33.01% to 100,798,689.84 RMB, reflecting a reduction in the number of R&D projects[4] - R&D expenses decreased to 100,798,689.84 RMB from 150,474,751.98 RMB, a reduction of 33.01%[12] - Financial expenses increased by 71.64% to 248,675,784.45 RMB, mainly due to exchange rate losses from Zimbabwean and US dollar fluctuations[4] - Interest expenses rose to 248,675,784.45 RMB from 144,881,753.22 RMB, an increase of 71.64%[12] - Operating costs increased to 3,093,935,248.78 RMB from 2,699,394,046.11 RMB, up 14.61%[12] Shareholder and Equity Information - The top shareholder, China Nonferrous Metal Mining Group Co., Ltd., holds 13.97% of the shares, totaling 101,920,000 shares[5] - Weighted average return on equity dropped by 4.22 percentage points to 0.61%[1] Accounting and Reporting - The company's third quarter report for 2024 is unaudited[16] - The company did not apply new accounting standards adjustments for the first time in 2024[16]