森萱医药(830946) - 2024 Q3 - 季度财报

Important Notice Statement on Report Authenticity and Forward-Looking Statements The company's management ensures the truthfulness, accuracy, and completeness of this quarterly report and assumes corresponding legal responsibilities; the unaudited report contains forward-looking statements regarding future plans that do not constitute substantive commitments to investors, who are advised to note related risks - The company's directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[1] - This quarterly report has not been audited by an accounting firm[1][2] - Forward-looking statements contained in the report do not constitute substantive commitments, and investors should be aware of the risks[1] Company Profile Key Financial Data In the first three quarters of 2024, the company's operating revenue and net profit attributable to shareholders both declined year-on-year, with a more significant decline in net profit during the third quarter; despite pressure on profitability, net cash flow from operating activities maintained positive growth Key Financial Indicators (Year-to-Date) | Indicator (Year-to-Date) | Jan-Sep 2024 (CNY) | Jan-Sep 2023 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 388,292,807.26 | 445,083,009.80 | -12.76% | | Net Profit Attributable to Shareholders | 91,366,685.53 | 103,319,227.37 | -11.57% | | Net Cash Flow from Operating Activities | 116,438,888.77 | 110,327,988.09 | 5.54% | | Basic Earnings Per Share | 0.2140/share | 0.2420/share | -11.57% | Key Financial Indicators (Third Quarter) | Indicator (Q3) | Jul-Sep 2024 (CNY) | Jul-Sep 2023 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 116,208,103.80 | 127,494,237.26 | -8.85% | | Net Profit Attributable to Shareholders | 21,686,078.51 | 26,687,012.52 | -18.74% | Analysis of Significant Changes in Financial Data Multiple accounts across the company's balance sheet, income statement, and cash flow statement showed significant changes, primarily due to adjustments in wealth management product investments, recovery of large loans, increased investment in construction in progress, and administrative penalties imposed on subsidiaries, notably a 175.22% increase in construction in progress, a 974.32% surge in non-operating expenses, and a 346.75% improvement in net cash flow from investing activities - The ending balance of construction in progress increased by 175.22% compared to the beginning of the period, primarily due to an additional 16.4166 million Yuan investment by subsidiary Nantong Company in construction projects for Ritonavir and Hubuzong APIs[5] - Non-operating expenses increased by 974.32% year-on-year, mainly due to subsidiary Ningxia Senxuan paying a 0.9 million Yuan administrative fine for wastewater treatment and prepaying 2.5 million Yuan for environmental restoration in the current period[6] - Net cash flow from investing activities increased by 346.75% year-on-year, primarily due to increased net inflows from bank wealth management products and the recovery of a 44 million Yuan five-year loan from Taixing Hongqiaoyuan Industrial Development Co., Ltd[7] - Financial expenses decreased by 54.49% year-on-year, mainly due to a 9.5178 million Yuan increase in interest income in the current period[6] Shareholder Information As of the end of the reporting period, the company's total share capital was 426,918,340 shares with 10,433 shareholders in total; the equity structure is highly concentrated, with controlling shareholder Jinghua Pharmaceutical Group Co., Ltd. holding 72.31%, and the top ten shareholders collectively holding 79.30% Top Shareholders | Shareholder Name | Number of Shares Held | Shareholding Percentage | | :--- | :--- | :--- | | Jinghua Pharmaceutical Group Co., Ltd. | 308,724,340 | 72.3146% | | Tong Zhenming | 19,397,743 | 4.5437% | | Total Top Ten Shareholders | 338,554,252 | 79.3020% | - The total number of common shareholders at the end of the reporting period was 10,433[10] Significant Events Details of Significant Events During the reporting period, the company addressed several significant events, including the positive recovery of a 44 million Yuan external loan principal and interest, and the negative impact of subsidiary Ningxia Senxuan receiving a 0.9 million Yuan fine and temporary shutdown for environmental violations, though it has since resumed production; additionally, some company assets were pledged for bank loans - Subsidiary Ningxia Senxuan Pharmaceutical Co., Ltd. was ordered to suspend operations for rectification and fined 0.9 million Yuan for violating the Water Pollution Prevention and Control Law; as of the report disclosure date, the company has resumed normal production and operation after rectification and acceptance[18] - The 44 million Yuan loan provided by the company to Taixing Hongqiaoyuan Industrial Development Co., Ltd. in 2019, along with interest, has been fully recovered within this reporting period[16] - Some of the company's fixed assets and intangible assets, with a total book value of 21.8476 million Yuan, representing 1.66% of total assets, were pledged for bank loans; the company believes this will not have a significant adverse impact on normal operations[17] Financial Accounting Report Audit Status This quarterly financial report has not been audited - The financial report has not been audited[19] Financial Statements As of September 30, 2024, financial statements indicate a slight decrease in total assets but a significant reduction in liabilities, leading to an increase in net assets; the income statement reflects operational pressure from declining revenue and net profit in the first three quarters, while the cash flow statement highlights robust growth in operating cash flow and a positive shift in investing cash flow, significantly improving overall cash position Consolidated Balance Sheet As of September 30, 2024, the company's total assets were 1.323 billion Yuan, a slight decrease of 0.30% from the beginning of the year; total liabilities significantly decreased from 118 million Yuan to 89 million Yuan, primarily due to reductions in short-term borrowings and notes payable; equity attributable to parent company owners increased to 1.160 billion Yuan, up 2.12% year-on-year, with the consolidated asset-liability ratio decreasing from 8.87% to 6.75% Consolidated Balance Sheet Summary | Item | Sep 30, 2024 (CNY) | Dec 31, 2023 (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,323,320,689.81 | 1,327,313,296.09 | -0.30% | | Total Liabilities | 89,281,060.30 | 117,735,441.12 | -24.17% | | Total Equity Attributable to Parent Company Owners | 1,160,097,307.09 | 1,135,998,008.43 | +2.12% | Consolidated Income Statement In the first three quarters of 2024, the company achieved 388 million Yuan in operating revenue, a 12.76% year-on-year decrease, and 91.37 million Yuan in net profit attributable to parent company owners, an 11.57% year-on-year decrease; despite some cost and expense control, the decline in revenue negatively impacted overall profitability Consolidated Income Statement Summary | Item | Jan-Sep 2024 (CNY) | Jan-Sep 2023 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 388,292,807.26 | 445,083,009.80 | -12.76% | | Operating Profit | 112,006,123.54 | 125,962,261.96 | -11.08% | | Net Profit Attributable to Parent Company Owners | 91,366,685.53 | 103,319,227.37 | -11.57% | | Basic Earnings Per Share | 0.2140/share | 0.2420/share | -11.57% | Consolidated Cash Flow Statement In the first three quarters of 2024, the company's cash flow performance was strong, with net cash flow from operating activities at 116 million Yuan, a 5.54% year-on-year increase; investing cash flow shifted from a 50 million Yuan net outflow in the prior year to a 123 million Yuan net inflow, primarily due to investment and loan recoveries; the ending balance of cash and cash equivalents significantly increased to 657 million Yuan Consolidated Cash Flow Statement Summary | Item | Jan-Sep 2024 (CNY) | Jan-Sep 2023 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 116,438,888.77 | 110,327,988.09 | +5.54% | | Net Cash Flow from Investing Activities | 123,329,348.58 | -49,980,528.60 | +346.75% | | Net Cash Flow from Financing Activities | -86,772,239.94 | -89,194,684.67 | +2.71% | | Net Increase in Cash and Cash Equivalents | 152,643,436.47 | -26,737,596.22 | +670.89% |