CRRC(01766)2024-10-30 13:57Financial Performance - Operating revenue for the third quarter was RMB 62.54 billion, representing a year-on-year increase of 12.22%[4] - Net profit attributable to shareholders for the third quarter was RMB 3.04 billion, up 13.11% year-on-year[4] - The basic earnings per share for the third quarter was RMB 0.11, reflecting a 22.22% increase compared to the same period last year[4] - Total operating revenue for the first nine months of 2024 was RMB 152,582,851, compared to RMB 143,035,486 in the same period last year, resulting in an increase of RMB 9,547,365[9] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 7.24 billion, up 17.8% from RMB 6.15 billion in the same period of 2023[28] - Total profit for the first three quarters of 2024 was RMB 11.03 billion, an increase of 18.8% from RMB 9.29 billion in the same period of 2023[27] - The company reported a basic earnings per share of RMB 0.25 for the first three quarters of 2024, up from RMB 0.21 in the same period of 2023[29] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date was RMB 76.22 billion, a significant improvement from a cash outflow of RMB 39.92 billion in the same period last year[8] - The net cash flow from operating activities for the first three quarters of 2024 was RMB 7.62 billion, compared to a negative cash flow of RMB 3.99 billion in the same period of 2023[30] - Cash and cash equivalents at the end of the third quarter of 2024 amounted to RMB 35.55 billion, down from RMB 38.20 billion at the end of the third quarter of 2023[32] - The company's cash and cash equivalents decreased to RMB 48,760,864 thousand as of September 30, 2024, from RMB 55,929,833 thousand at the end of 2023, a decline of approximately 12.8%[23] - The net increase in cash and cash equivalents was -10,517,055 in 2024, compared to -6,857,810 in 2023, indicating a worsening cash position[39] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 501.50 billion, an increase of 6.30% compared to the end of the previous year[4] - Total assets as of September 30, 2024, were RMB 145,761,048 million, down 9.3% from RMB 160,635,286 million at the end of 2023[34] - Total liabilities as of September 30, 2024, were RMB 44,846,036 million, a decrease of 17.8% from RMB 54,578,100 million at the end of 2023[35] - Current assets totaled RMB 19,911,693 million as of September 30, 2024, a decrease of 43.9% from RMB 35,537,305 million at the end of 2023[34] Revenue Breakdown - Railway equipment business revenue reached RMB 71,765,238, an increase of 36.69% compared to the previous year[9] - Urban rail and urban infrastructure business revenue decreased by 5.63% to RMB 28,421,291, mainly due to reduced income from urban infrastructure[10] - New industry business revenue fell by 10.40% to RMB 50,105,800, primarily due to decreased income from wind power and energy storage equipment[10] - Modern service business revenue decreased significantly by 49.03% to RMB 2,290,522, mainly due to a reduction in logistics and financing leasing business[11] Shareholder Information - The company’s major shareholder, China CNR Corporation Limited, holds 50.83% of the shares[11] - The total number of ordinary shareholders at the end of the reporting period was 539,942[13] - As of April 29, 2024, CRRC Group holds a total of 14,765,441,250 shares, accounting for approximately 51.45% of the company's total issued share capital[19] Research and Development - Research and development expenses increased to RMB 9.70 billion, representing a 21.6% rise from RMB 7.98 billion in the previous year[27] - The company reported a significant increase in R&D expenses, totaling RMB 322,670 million for the first three quarters of 2024, compared to RMB 127,962 million in the same period of 2023[37] Other Financial Metrics - Investment income increased by 40.50% year-on-year, driven by higher returns from joint ventures[8] - Non-operating income for the third quarter included government subsidies amounting to RMB 400.92 million, contributing to overall profitability[5] - The weighted average return on equity for the reporting period was 1.88%, an increase of 0.14 percentage points compared to the previous year[4] - The company experienced a 43.83% increase in credit impairment losses, mainly due to higher provisions for accounts receivable[8] Management Changes - The company appointed Ma Yunshuang as the president on February 22, 2024, and several vice presidents were also appointed on the same day[21] Future Outlook - The company will implement new accounting standards starting in 2024, which may affect the financial statements[40]