均瑶健康(605388) - 2024 Q3 - 季度财报

Key Financial Data Key Accounting Data and Financial Indicators In the first three quarters of 2024, the company experienced a comprehensive decline in core financial indicators, including a 13.20% decrease in operating revenue, a 40.11% drop in net profit attributable to shareholders, and negative operating cash flow Key Financial Indicators for Q1-Q3 2024 | Indicator | Year-to-Date (Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 1,176,808,904.85 | -13.20% | | Net Profit Attributable to Shareholders | 49,421,033.21 | -40.11% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 34,865,514.52 | -39.72% | | Net Cash Flow from Operating Activities | -77,301,998.80 | Not Applicable | | Basic Earnings Per Share (Yuan/share) | 0.08 | -42.86% | | Weighted Average Return on Net Assets (%) | 2.58% | Decreased by 1.67 percentage points | | Indicator | As of End of Reporting Period (Yuan) | Change from End of Previous Year (%) | | Total Assets | 2,273,148,963.19 | -9.17% | | Owners' Equity Attributable to Shareholders | 1,895,500,620.75 | -2.12% | Non-recurring Gains and Losses Items and Amounts In the first three quarters of 2024, the company's non-recurring gains and losses totaled 14.56 million Yuan, primarily from government subsidies, fair value changes and disposal gains of financial assets, and non-current asset disposal gains, contributing to current net profit Major Non-recurring Gains and Losses Items for Q1-Q3 2024 | Non-recurring Gains and Losses Item | Year-to-Date Amount (Yuan) | | :--- | :--- | | Disposal Gains and Losses of Non-current Assets | 5,510,883.16 | | Government Subsidies Included in Current Profit and Loss | 11,835,849.82 | | Gains and Losses from Financial Assets and Liabilities | 5,663,763.76 | | Net Other Non-operating Income and Expenses | -1,965,139.43 | | Total | 14,555,518.69 | Analysis of Changes in Key Financial Indicators The significant decline in net profit for the first three quarters is primarily attributed to decreased operating revenue, increased marketing expenses for high-margin direct sales, reduced government subsidies, and higher credit impairment losses, while negative operating cash flow resulted from higher advance payments from distributors at the beginning of the year - Net profit attributable to shareholders (year-to-date) decreased by 40.11% year-on-year, primarily due to: - Decreased operating revenue - Increased market investment expenses due to the promotion of high-margin direct sales business - Reduced government subsidies leading to lower other income - Increased credit impairment losses[7] - Net cash flow from operating activities (year-to-date) recorded a negative value, mainly because the balance of advance payments from distributors for the Spring Festival activities at the beginning of this year increased compared to the beginning of the previous year, leading to a year-on-year decrease in operating cash flow for the current period[7] Shareholder Information Shareholding Status of Shareholders As of the end of the reporting period, the company had 26,185 common shareholders, with a highly concentrated equity structure where the top three shareholders, Shanghai Junyao (Group), Wang Jinjun, and Wang Junhao, collectively held 67.26% of shares, all with high pledge ratios, including Mr. Wang Junhao's nearly 100% pledge ratio Shareholding and Pledge Status of Top Three Shareholders | Shareholder Name | Shareholding Ratio (%) | Pledged Shares (Units) | | :--- | :--- | :--- | | Shanghai Junyao (Group) Co., Ltd. | 32.75% | 131,600,000 | | Wang Jinjun | 24.25% | 69,816,272 | | Wang Junhao | 10.26% | 61,628,401 | - Mr. Wang Jinjun is the actual controller of Shanghai Junyao (Group) Co., Ltd., and Mr. Wang Junhao is his brother, forming a concerted action relationship[10] Management Discussion and Analysis Operational Highlights and Strategic Focus Despite overall revenue decline, the company demonstrated strong resilience and achieved progress through business structure upgrades in the first three quarters, strategically positioning the probiotic business as a "second growth curve" with significant growth across direct sales, e-commerce, and overseas channels, becoming a new driver for future development - The company's business structure upgraded, with outstanding performance in high-growth areas: - Direct sales revenue: Increased by 25.18% year-on-year - Probiotic food revenue: Reached 142.21 million Yuan, an 18.12% year-on-year increase - E-commerce sales scale: Increased by 93.11% year-on-year - Overseas channel business: Increased by 19.21% year-on-year[12] - The company established the vision of becoming a "global leader in probiotic raw materials," with a strategic core of empowering its subsidiary Junyao Runying to build a large-scale probiotic product manufacturing enterprise integrating "high-tech + star strains"[12] Analysis of Main Business While stabilizing its ambient temperature lactic acid bacteria base, the company vigorously developed its probiotic business and expanded supply chain services, enhancing gross margins in traditional business through refined operations, achieving breakthroughs in both B2B and B2C probiotic segments, and completing a "raw material-product-channel" ecosystem through supply chain operations Ambient Temperature Lactic Acid Bacteria Business As the company's traditional core business, ambient temperature lactic acid bacteria products (Weidongli) achieved improved gross margins through refined operations and cost optimization, while the company continued to revitalize product vitality by launching new products and expanding into consumption scenarios like catering - Through refined operational management and cost structure optimization, the gross margin of probiotic beverages reached 40.38% in the first three quarters of 2024[12] - The company launched multiple new products to expand into segmented markets, such as AD Calcium Milk focusing on distribution channels, 1.25L Hawthorn flavor targeting catering channels, and a co-branded sugar-free product with Juneyao Air[12] Probiotic Business The probiotic business, serving as the company's second growth curve, demonstrated strong momentum with significant revenue growth in B2B operations (Junyao Runying), successfully exporting fermenting agents to leading overseas enterprises and breaking foreign technological monopolies, while launching the "Ti Qingsong" series for middle-class women in the B2C segment - Subsidiary Junyao Runying (B2B business) saw revenue increase by 34.58% year-on-year, with shipment value growing by 25.97% year-on-year[13] - The B2C business launched the "Ti Qingsong" brand, with initial releases of "Blood Orange Fiber Drink" and "Dietary Fiber Solid Beverage," targeting middle-class female consumers in second and third-tier cities[13] - The company achieved breakthroughs in the international market, with Junyao Runying being included in the list of internationally renowned fermenting agent suppliers and exporting products to leading overseas enterprises, breaking foreign technological monopolies[13] Supply Chain and Channel Development Through its Fanyuan supply chain business, the company established an integrated "raw material-product-channel" ecosystem, successfully expanding into new e-commerce channels like Pinduoduo and signing strategic agreements with key clients such as OLE, Costco, and Huazhu during the reporting period, demonstrating significant achievements in channel development - Fanyuan Supply Chain added Pinduoduo as a new e-commerce channel and completed strategic agreements with important clients such as OLE, Costco, and Huazhu[13] - The company strengthened integrated online and offline marketing, promoting its brand through high-speed rail LED screen advertisements combined with new media platforms like Douyin and Xiaohongshu[13] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2024, the company's total assets were 2.273 billion Yuan, a 9.17% decrease from the beginning of the year, primarily due to a 57.7% reduction in monetary funds, while contract liabilities significantly decreased by 75.7% due to lower advance receipts, leading to a notable reduction in current liabilities Key Balance Sheet Item Changes (Unit: Yuan) | Item | September 30, 2024 | December 31, 2023 | Change Rate | | :--- | :--- | :--- | :--- | | Monetary Funds | 211,165,263.42 | 499,059,528.33 | -57.7% | | Accounts Receivable | 154,226,184.30 | 136,134,758.14 | +13.3% | | Inventories | 184,964,562.78 | 206,544,456.14 | -10.4% | | Fixed Assets | 766,400,447.66 | 633,223,159.42 | +21.0% | | Total Assets | 2,273,148,963.19 | 2,502,684,164.15 | -9.17% | | Contract Liabilities | 53,226,398.79 | 219,116,778.76 | -75.7% | | Total Liabilities | 383,839,497.88 | 569,854,807.86 | -32.6% | | Total Owners' Equity Attributable to Parent Company | 1,895,500,620.75 | 1,936,638,836.60 | -2.12% | Consolidated Income Statement In the first three quarters of 2024, the company's total operating revenue decreased by 13.20% to 1.177 billion Yuan; despite a 19.0% reduction in operating costs, significant increases in selling, general, and administrative, and R&D expenses, coupled with reduced other income and expanded credit impairment losses, led to a more than 40% decline in both operating profit and net profit Key Income Statement Items (Q1-Q3 2024 vs Q1-Q3 2023) | Item | Jan-Sep 2024 (Yuan) | Jan-Sep 2023 (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,176,808,904.85 | 1,355,751,246.59 | -13.20% | | Operating Cost | 825,951,535.95 | 1,020,276,347.45 | -19.05% | | Selling Expenses | 168,176,285.41 | 144,481,100.26 | +16.40% | | Administrative Expenses | 101,885,171.52 | 88,156,299.43 | +15.57% | | Research and Development Expenses | 23,749,319.78 | 16,582,456.97 | +43.22% | | Operating Profit | 64,980,494.86 | 114,609,785.73 | -43.30% | | Net Profit Attributable to Parent Company Shareholders | 49,421,033.21 | 82,515,039.58 | -40.11% | Consolidated Cash Flow Statement In the first three quarters of 2024, the company's cash flow significantly deteriorated, with net cash flow from operating activities turning from -24.54 million Yuan to -77.30 million Yuan, while investing activities continued to see a net outflow of 106.18 million Yuan, and financing activities resulted in a net outflow of 87.38 million Yuan, collectively leading to a substantial 270.42 million Yuan decrease in cash and cash equivalents from the beginning of the period Key Cash Flow Statement Items (Q1-Q3 2024 vs Q1-Q3 2023) | Item | Jan-Sep 2024 (Yuan) | Jan-Sep 2023 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -77,301,998.80 | -24,541,298.70 | | Net Cash Flow from Investing Activities | -106,178,718.47 | -295,221,066.59 | | Net Cash Flow from Financing Activities | -87,380,733.01 | -48,596,671.42 | | Net Increase in Cash and Cash Equivalents | -270,424,148.05 | -367,991,112.57 |