昊帆生物(301393) - 2024 Q3 - 季度财报

Report Overview Important Notice The report confirms the truthfulness, accuracy, and completeness of the quarterly financial information, certified by key personnel, and notes that it is unaudited - The Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report[2] - The company's head, chief accountant, and head of accounting department certify the truthfulness, accuracy, and completeness of the financial information[2] - The third-quarter report is unaudited[2] Key Financial Data Key Accounting Data and Financial Indicators The company achieved robust financial growth in Q3 and YTD, with significant increases in operating revenue, net profit, and operating cash flow | Indicator | Current Period (Yuan) | YoY Change (%) | YTD (Yuan) | YTD YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 103,101,467.64 | 10.23% | 328,158,737.06 | 8.08% | | Net Profit Attributable to Shareholders | 30,526,112.43 | 51.40% | 96,335,195.65 | 22.10% | | Net Profit Attributable to Shareholders, Excluding Non-Recurring Gains and Losses | 24,321,457.53 | 47.59% | 83,603,997.72 | 16.13% | | Net Cash Flow from Operating Activities | -- | -- | 106,599,489.96 | 151.60% | | Basic Earnings Per Share (Yuan/share) | 0.28 | 40.00% | 0.90 | -1.10% | | Diluted Earnings Per Share (Yuan/share) | 0.28 | 40.00% | 0.89 | -2.20% | | Weighted Average Return on Net Assets | 1.37% | 0.15% | 4.32% | -4.54% | | Total Assets (Yuan) | 2,336,105,611.51 | 2.15% (vs. End of Previous Year) | 2,336,105,611.51 | 2.15% (vs. End of Previous Year) | | Total Equity Attributable to Shareholders (Yuan) | 2,241,949,860.41 | 1.36% (vs. End of Previous Year) | 2,241,949,860.41 | 1.36% (vs. End of Previous Year) | Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses primarily arose from fair value changes of financial assets and government subsidies, totaling 6.20 million Yuan for the current period and 12.73 million Yuan YTD | Item | Current Period Amount (Yuan) | YTD Amount (Yuan) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -314,637.20 | -338,264.86 | | Government Subsidies Recognized in Current Profit/Loss | 443,237.92 | 5,772,927.28 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | 7,693,152.08 | 9,710,419.86 | | Other Non-Operating Income and Expenses Excluding the Above | -202,564.84 | -167,068.07 | | Less: Income Tax Impact | 1,414,533.06 | 2,246,816.28 | | Total | 6,204,654.90 | 12,731,197.93 | Changes and Reasons for Key Accounting Data and Financial Indicators Significant changes in financial statements are attributed to cash management, business cycles, increased R&D, government subsidies, and exchange rate fluctuations Balance Sheet Item Changes Balance sheet changes reflect a shift from cash to trading financial assets for cash management, with other items fluctuating due to increased business activity | Balance Sheet Item | September 30, 2024 (Yuan) | January 1, 2024 (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 352,522,855.53 | 1,739,510,856.63 | -79.73% | Primarily due to using idle funds for cash management | | Financial Assets Held for Trading | 1,392,695,205.54 | 30,757,337.02 | 4428.01% | Primarily due to using idle funds for cash management | | Accounts Receivable | 98,086,177.32 | 60,358,487.41 | 62.51% | Primarily due to accounts receivable not yet due for settlement | | Other Receivables | 21,720,919.97 | 493,431.57 | 4302.01% | Primarily due to land bid deposits | | Contract Liabilities | 1,340,663.47 | 613,356.81 | 118.58% | Primarily due to increased advance receipts for goods this period | | Taxes Payable | 11,396,056.52 | 4,665,674.34 | 144.25% | Primarily due to increased VAT payable this period | | Deferred Tax Liabilities | 826,189.35 | 65,345.37 | 1164.34% | Primarily due to increased taxable temporary differences | | Treasury Stock | 42,000,590.49 | - | Not Applicable | Primarily due to share repurchases | Income Statement Item Changes Income statement changes reflect increased operating expenses, reduced financial expenses from interest income, higher fair value gains, and impacts from exchange losses and share-based payments | Income Statement Item | Jan-Sep 2024 (Yuan) | Jan-Sep 2023 (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Taxes and Surcharges | 2,553,778.66 | 1,581,238.54 | 61.50% | Primarily due to increased surtaxes | | Administrative Expenses | 23,460,639.15 | 16,942,127.66 | 38.48% | Primarily due to increased employee compensation | | Research and Development (R&D) Expenses | 26,225,248.09 | 20,108,005.62 | 30.42% | Primarily due to increased R&D investment | | Financial Expenses | -24,880,501.99 | -11,069,150.37 | 124.77% | Primarily due to interest income from deposits | | Other Income | 6,400,906.92 | 3,638,540.83 | 75.92% | Primarily due to government subsidies received | | Gains from Fair Value Changes (Losses indicated by "-") | 8,537,868.52 | 2,965,416.43 | 187.91% | Primarily due to fair value changes of purchased wealth management products | | Credit Impairment Losses (Losses indicated by "-") | -3,248,675.25 | -756,491.85 | 329.44% | Primarily due to provision for bad debts | | Non-Operating Income | 118,889.22 | 13,340.61 | 791.18% | Primarily due to penalty income | - From July to September 2024, the company incurred exchange losses of 4.028 million Yuan due to fluctuations in the RMB to USD exchange rate[6] - Impacted by the 2024 Restricted Stock Incentive Plan, share-based payment expenses for the current period totaled 1.3133 million Yuan[6] Shareholder Information Total Number of Common Shareholders and Shareholding of Top Ten Shareholders The company had 10,703 common shareholders, with Zhu Yong holding the largest stake at 47.40%, including his concerted party, and Wu Weizhong leading unrestricted shareholdings - Total number of common shareholders at the end of the reporting period was 10,703[7] | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhu Yong | Domestic Natural Person | 47.40% | 51,192,000 | 51,192,000 | | Xu Jie | Domestic Natural Person | 4.85% | 5,234,000 | 5,184,000 | | Ningbo Haoqin Enterprise Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.50% | 4,860,000 | 2,120,000 | | Wu Weizhong | Domestic Natural Person | 3.75% | 4,050,000 | 0 | | Wang Chunlu | Domestic Natural Person | 2.89% | 3,126,000 | 2,916,000 | | Suzhou Haoqin Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.25% | 2,430,000 | 2,430,000 | | Dong Shengjun | Domestic Natural Person | 2.01% | 2,174,000 | 2,112,000 | | Lv Minjie | Domestic Natural Person | 1.85% | 1,994,300 | 1,944,000 | | Lu Xuegen | Domestic Natural Person | 1.85% | 1,994,000 | 1,944,000 | | Xu Liyan | Domestic Natural Person | 1.29% | 1,392,800 | 1,215,000 | - Zhu Yong is the general partner and executive partner of Suzhou Haoqin Venture Capital Partnership (Limited Partnership), which is a concerted party of Zhu Yong[8] Changes in Restricted Shares Restricted shares saw changes, mainly from pre-IPO unlocking; Dong Shengjun's increased by 168,000 due to executive shares, while others like Wu Weizhong had all restrictions lifted | Shareholder Name | Beginning Restricted Shares (shares) | Shares Unlocked This Period (shares) | Shares Added to Restriction This Period (shares) | Ending Restricted Shares (shares) | Reason for Restriction | Proposed Unlocking Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhu Yong | 51,192,000 | 0 | 0 | 51,192,000 | Pre-IPO Restricted Shares | January 12, 2027 | | Zhi Yu | 1,296,000 | 324,000 | 0 | 972,000 | Pre-IPO Restricted Shares | Unlocked in batches starting from July 12, 2025 | | Xu Liyan | 1,620,000 | 405,000 | 0 | 1,215,000 | Pre-IPO Restricted Shares | Unlocked in batches starting from July 12, 2025 | | Xu Jie | 5,184,000 | 0 | 0 | 5,184,000 | Pre-IPO Restricted Shares | January 12, 2025 | | Dong Shengjun | 1,944,000 | 0 | 168,000 | 2,112,000 | Pre-IPO Restricted Shares/Executive Restricted Shares | January 12, 2025/Unrestricted according to executive restricted share regulations | | Wu Weizhong | 4,050,000 | 4,050,000 | 0 | 0 | Pre-IPO Restricted Shares | Not Applicable | | China Insurance Investment Co., Ltd. - China Insurance Investment Fund (Limited Partnership) | 1,477,541 | 1,477,541 | 0 | 0 | Pre-IPO Restricted Shares | Not Applicable | | Total | 84,605,256 | 12,258,256 | 168,000 | 72,515,000 | -- | -- | Other Significant Matters Share Repurchase The company initiated a share repurchase program for investor confidence and equity incentives, repurchasing 1,028,148 shares (0.95% of total capital) for 41.9958 million Yuan by September 30, 2024 - Repurchase purpose: To implement equity incentive plans or employee stock ownership plans[11] - Repurchase amount range: Not less than 30 million Yuan and not exceeding 60 million Yuan[11] - Repurchase price cap: Not exceeding 59.75 Yuan/share (adjusted)[12] - As of September 30, 2024, a cumulative 1,028,148 shares have been repurchased, representing 0.95% of total share capital, with a total transaction amount of 41.9958 million Yuan[12] 2024 Restricted Stock Incentive Plan The company approved the 2024 Restricted Stock Incentive Plan, granting 895,000 Category II restricted shares, with 716,000 initially to 125 recipients at 22.30 Yuan/share - Incentive instrument: Category II restricted shares[13] - Total proposed grant: 895,000 shares (716,000 shares for initial grant, 179,000 shares reserved)[13] - Grant price: 22.30 Yuan/share[13] - Number of initial incentive recipients: 125[13] Election of New Board of Directors, Board of Supervisors, and Appointment of Senior Management The company completed the election of its new Board of Directors and Board of Supervisors, appointed new senior management, and noted no term-expired departures - The company has completed the election of its fourth Board of Directors and Board of Supervisors[14] - New senior management, head of the internal audit department, and securities affairs representative have been appointed[14] - No directors, supervisors, or senior management members retired due to term expiration in this election[14] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2024, total assets were 2.34 billion Yuan, with shareholder equity at 2.24 billion Yuan, reflecting a shift from cash to trading financial assets | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 352,522,855.53 | 1,739,510,856.63 | | Financial Assets Held for Trading | 1,392,695,205.54 | 30,757,337.02 | | Accounts Receivable | 98,086,177.32 | 60,358,487.41 | | Inventory | 103,245,887.36 | 114,997,735.93 | | Total Current Assets | 1,987,411,570.04 | 1,964,007,891.97 | | Total Non-Current Assets | 348,694,041.47 | 322,934,047.31 | | Total Assets | 2,336,105,611.51 | 2,286,941,939.28 | | Total Current Liabilities | 84,893,307.60 | 65,835,493.86 | | Total Non-Current Liabilities | 9,262,443.50 | 9,242,126.05 | | Total Liabilities | 94,155,751.10 | 75,077,619.91 | | Total Equity Attributable to Parent Company Shareholders | 2,241,949,860.41 | 2,211,864,319.37 | | Total Liabilities and Equity | 2,336,105,611.51 | 2,286,941,939.28 | Consolidated Income Statement (YTD) YTD Jan-Sep 2024, total operating revenue reached 328.16 million Yuan (up 8.08% YoY), with net profit at 96.34 million Yuan (up 22.10% YoY), driven by reduced financial expenses and increased fair value gains | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 328,158,737.06 | 303,638,966.94 | | Total Operating Costs | 228,599,500.59 | 219,999,151.53 | | Operating Costs | 191,553,471.00 | 182,973,935.82 | | Taxes and Surcharges | 2,553,778.66 | 1,581,238.54 | | Selling Expenses | 9,686,865.68 | 9,462,994.26 | | Administrative Expenses | 23,460,639.15 | 16,942,127.66 | | Research and Development (R&D) Expenses | 26,225,248.09 | 20,108,005.62 | | Financial Expenses | -24,880,501.99 | -11,069,150.37 | | Other Income | 6,400,906.92 | 3,638,540.83 | | Gains from Fair Value Changes (Losses indicated by "-") | 8,537,868.52 | 2,965,416.43 | | Operating Profit | 110,993,701.69 | 90,027,097.29 | | Total Profit | 110,547,344.17 | 90,040,392.90 | | Net Profit | 96,335,195.65 | 78,899,903.86 | | Net Profit Attributable to Parent Company Shareholders | 96,335,195.65 | 78,899,903.86 | | Basic Earnings Per Share | 0.90 | 0.91 | | Diluted Earnings Per Share | 0.89 | 0.91 | Consolidated Cash Flow Statement (YTD) YTD Jan-Sep 2024, net operating cash flow surged by 151.60% to 106.60 million Yuan, while investing activities resulted in a net outflow of 950.30 million Yuan due to increased investments, and financing activities had a net outflow of 57.55 million Yuan | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Subtotal Cash Inflows from Operating Activities | 368,404,311.40 | 286,049,429.02 | | Subtotal Cash Outflows from Operating Activities | 261,804,821.44 | 243,680,106.85 | | Net Cash Flow from Operating Activities | 106,599,489.96 | 42,369,322.17 | | Subtotal Cash Inflows from Investing Activities | 739,050,803.89 | 131,659,192.22 | | Subtotal Cash Outflows from Investing Activities | 1,689,348,822.56 | 270,663,790.89 | | Net Cash Flow from Investing Activities | -950,298,018.67 | -139,004,598.67 | | Subtotal Cash Inflows from Financing Activities | 11,500,000.00 | 1,655,388,729.45 | | Subtotal Cash Outflows from Financing Activities | 69,049,790.33 | 28,149,408.04 | | Net Cash Flow from Financing Activities | -57,549,790.33 | 1,627,239,321.41 | | Net Increase in Cash and Cash Equivalents | -904,270,070.47 | 1,532,033,128.48 | | Period-End Cash and Cash Equivalents Balance | 350,966,384.30 | 1,631,206,757.39 | Audit Report The company's 2024 third-quarter report is unaudited - The company's third-quarter report is unaudited[25]