Jiangsu (688426)2024-10-29 10:56Revenue and Profit Performance - Revenue for the third quarter was RMB 31.14 million, a 4.15% increase year-over-year, while year-to-date revenue was RMB 98.28 million, a 35.11% decrease compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 was RMB 98.28 million, a decrease of 35.1% compared to RMB 151.45 million in the same period of 2023[17] - Net profit attributable to shareholders for the year-to-date was a loss of RMB 45.59 million, a 77.60% decrease year-over-year, and a total loss of RMB 95.65 million year-to-date, a 169.09% decrease[2] - Net profit for the first three quarters of 2024 was a loss of RMB 95.91 million, compared to a loss of RMB 30.04 million in the same period of 2023[18] - The decrease in revenue was primarily due to slow growth in traditional business and lower-than-expected sales of new products[7] - The decrease in net profit was mainly due to a decline in revenue and an increase in fixed costs[7] R&D Investment - R&D investment for the third quarter was RMB 26.03 million, a 20.52% increase year-over-year, and year-to-date R&D investment was RMB 72.05 million, a 13.62% increase[2] - R&D investment as a percentage of revenue for the third quarter was 83.60%, an increase of 11.36 percentage points year-over-year, and year-to-date R&D investment as a percentage of revenue was 73.31%, an increase of 10.29 percentage points[3] - R&D expenses for the first three quarters of 2024 increased to RMB 72.05 million, up 13.6% from RMB 63.41 million in the same period of 2023[17] Financial Position and Assets - Total assets at the end of the reporting period were RMB 1.67 billion, an 8.33% decrease compared to the end of the previous year[3] - Total assets as of Q3 2024 were RMB 1.67 billion, a decrease of 8.3% from RMB 1.82 billion in the same period of 2023[16] - Total liabilities as of Q3 2024 were RMB 120.91 million, a decrease of 15.2% from RMB 142.67 million in the same period of 2023[16] - Total equity attributable to the parent company as of Q3 2024 was RMB 1.53 billion, a decrease of 7.8% from RMB 1.66 billion in the same period of 2023[16] Cash Flow and Liquidity - Net cash flow from operating activities for the third quarter was a negative RMB 33.61 million, a 61.58% decrease year-over-year, and year-to-date net cash flow from operating activities was a negative RMB 92.83 million, a 386.33% decrease[2] - Net cash flow from operating activities was negative RMB 92.83 million in the first three quarters of 2024, compared to negative RMB 19.09 million in the same period of 2023[19] - Cash received from investments was RMB 694.80 million in the first three quarters of 2024, compared to RMB 1.55 billion in the same period of 2023[19] - Net cash flow from investing activities was RMB 70.05 million in the first three quarters of 2024, compared to negative RMB 587.10 million in the same period of 2023[20] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets was RMB 41.28 million in the first three quarters of 2024, compared to RMB 143.55 million in the same period of 2023[20] - Net cash flow from financing activities was negative RMB 51.27 million in the first three quarters of 2024, compared to negative RMB 50.09 million in the same period of 2023[20] - The net increase in cash and cash equivalents was negative RMB 74.43 million in the first three quarters of 2024, compared to negative RMB 654.85 million in the same period of 2023[20] - The ending balance of cash and cash equivalents was RMB 272.81 million as of September 2024, compared to RMB 376.69 million as of September 2023[20] Earnings and Shareholder Metrics - Basic earnings per share for the third quarter was a loss of RMB 0.41, a 57.69% decrease year-over-year, and year-to-date basic earnings per share was a loss of RMB 0.86, a 138.89% decrease[2] - Basic earnings per share for the first three quarters of 2024 were RMB -0.86, compared to RMB -0.36 in the same period of 2023[18] - Weighted average return on equity for the third quarter was -2.92%, a decrease of 1.45 percentage points year-over-year, and year-to-date weighted average return on equity was -5.97%, a decrease of 3.94 percentage points[2] - The total number of ordinary shareholders at the end of the reporting period is 3,784[11] Shareholder Structure - Beijing Kangwei Century Biotechnology Co., Ltd. holds 50,400,000 shares, accounting for 44.80% of the total shares[11] - Taizhou Kangwei Co-Creation Enterprise Management Consulting Partnership holds 21,600,000 shares, accounting for 19.20% of the total shares[11] - The Industrial and Commercial Bank of China Limited - Rongtong Health Industry Flexible Allocation Mixed Securities Investment Fund holds 2,850,000 shares, accounting for 2.53% of the total shares[11] - Jiangsu Kangwei Century Biotechnology Co., Ltd. repurchase special securities account holds 2,388,091 shares, accounting for 2.12% of the total shares[11] - CITIC Securities - CITIC Bank - CITIC Securities Kangwei Century Employee Participation in Sci-Tech Innovation Board Strategic Placement Collective Asset Management Plan holds 1,708,891 shares, accounting for 1.52% of the total shares[11] - Mao Aiying holds 1,577,087 shares, accounting for 1.40% of the total shares[11] - Jiangsu Yida Achievement Innovation and Venture Investment Fund holds 1,506,000 shares, accounting for 1.34% of the total shares[11] - Taizhou Transformation and Upgrading Industrial Investment Fund holds 1,500,000 shares, accounting for 1.33% of the total shares[11] - CITIC Securities Investment Co., Ltd. holds 1,117,933 shares, accounting for 0.99% of the total shares[11] Expenses and Other Financial Metrics - Sales expenses for the first three quarters of 2024 increased to RMB 57.05 million, up 6.9% from RMB 53.35 million in the same period of 2023[17] - Financial expenses for the first three quarters of 2024 were RMB -4.29 million, compared to RMB -9.21 million in the same period of 2023[17] - Other comprehensive income for the first three quarters of 2024 was RMB 5,959.49, a significant decrease from RMB 617,428.47 in the same period of 2023[18] - Sales of goods and services received cash of RMB 90.53 million in the first three quarters of 2024, compared to RMB 174.58 million in the same period of 2023[19]