富特科技(301607) - 2024 Q3 - 季度财报

I. Main Financial Data The company experienced a year-on-year decline in operating revenue and net profit in the first three quarters of 2024, with operating cash flow turning negative, while total assets and equity increased significantly 1.1 Main Accounting Data and Financial Indicators In the first three quarters of 2024, the company's operating revenue and net profit both declined year-on-year, with operating cash flow turning negative Key Financial Indicators for Q1-Q3 2024 | Indicator | Year-to-Date (YTD) | YTD Change vs. Prior Year | | :--- | :--- | :--- | | Operating Revenue (RMB) | 1,183,172,887.41 | -15.25% | | Net Profit Attributable to Shareholders (RMB) | 82,537,923.00 | -13.63% | | Net Profit Attributable to Shareholders (Excl. Non-Recurring Items) (RMB) | 69,998,980.51 | -24.89% | | Net Cash Flow from Operating Activities (RMB) | -38,754,867.53 | -131.04% | | Basic Earnings Per Share (RMB/share) | 0.96 | -16.52% | | Weighted Average Return on Net Assets | 12.46% | -6.21% | | Total Assets (RMB) | 1,972,654,005.75 | 20.25% (vs. end of prior year) | | Total Equity Attributable to Shareholders (RMB) | 983,671,878.27 | 70.38% (vs. end of prior year) | 1.2 Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled RMB 12.54 million in Q1-Q3 2024, primarily from government subsidies, impacting net profit after deduction Non-Recurring Gains and Losses Items for Q1-Q3 2024 | Item | Year-to-Date Amount (RMB) | | :--- | :--- | | Government Subsidies Recognized in Current P&L | 8,844,425.06 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Test | 2,296,012.71 | | Other Non-Operating Income and Expenses | 1,577,221.19 | | Other Gains and Losses Meeting Non-Recurring Definition | 201,610.48 | | Gains/Losses on Disposal of Non-Current Assets | -35,925.04 | | Total | 12,538,942.49 | - Other gains and losses meeting the non-recurring definition primarily include handling fee refunds received for withholding individual income tax[4] 1.3 Changes and Reasons for Main Accounting Data and Financial Indicators Significant balance sheet changes include increased receivables and inventory due to sales structure and strategic procurement, while IPO led to substantial equity growth - Key Balance Sheet Changes and Reasons: - Accounts Receivable: Increased by 67.48%, primarily due to a higher proportion of revenue from customers with longer credit terms - Inventory: Increased by 37.64%, mainly due to strategic procurement and increased customer stocking - Construction in Progress: Increased by 84.20%, primarily due to an increase in software and equipment awaiting installation - Intangible Assets: Increased by 111.54%, mainly due to an increase in completed and accepted software and systems - Notes Payable: Decreased by 62.32%, primarily due to matured note payments and fewer new notes issued - Share Capital and Capital Reserve: Increased by 33.33% and 58.83% respectively, primarily due to new share issuance and share premium from the IPO[5] - Key Income Statement Changes and Reasons: - Credit Impairment Losses: Loss widened by 663.58%, primarily due to increased accounts receivable balances and corresponding higher bad debt provisions - Asset Impairment Losses: Loss narrowed by 76.07%, primarily due to reduced inventory write-downs[5] II. Shareholder Information The company's common shareholder count reached 17,432, with the top ten shareholders including the controlling shareholder and strategic investors, and restricted shares increased due to post-IPO issuance 2.1 Total Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 17,432 common shareholders, with the top ten including the controlling shareholder and strategic investors - As of the end of the reporting period, the company had 17,432 common shareholders[6] Top Ten Shareholders' Holdings | Shareholder Name | Holding Percentage | Number of Shares Held | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | | Li Ningchuan | 14.32% | 15,893,930 | 15,893,930 | | Hubei Changjiang Weilai New Energy Industry Development Fund | 10.65% | 11,822,440 | 11,822,440 | | Liang Yiqiao | 7.59% | 8,429,007 | 8,429,007 | | Changgao Electric New Technology Co., Ltd. | 7.24% | 8,041,202 | 8,041,202 | | Hubei Xiaomi Changjiang Industry Fund | 3.43% | 3,813,282 | 3,813,282 | - The company's controlling shareholder and de facto controller, Li Ningchuan, and company director Liang Yiqiao are parties acting in concert[7] 2.2 Changes in Restricted Shares Restricted shares increased by 5.39 million to 88.65 million, primarily due to new shares issued post-IPO, with no changes to pre-IPO restricted shares Overview of Restricted Share Changes | Item | Number of Shares | | :--- | :--- | | Restricted Shares at Beginning of Period | 83,260,928 | | Restricted Shares Increased This Period | 5,385,491 | | Restricted Shares Released This Period | 0 | | Restricted Shares at End of Period | 88,646,419 | - The increase in restricted shares this period primarily consists of post-IPO restricted shares, including those from strategic placement collective asset management plans, other strategic placement shareholders, and offline restricted share investors[9] III. Other Significant Matters The company completed its IPO on the Shenzhen Stock Exchange ChiNext on September 4, 2024, issuing 27.75 million A-shares and increasing total share capital - The company, approved by the China Securities Regulatory Commission, completed its initial public offering of 27.75 million A-shares[10] - The company's shares were listed on the Shenzhen Stock Exchange ChiNext on September 4, 2024, with stock abbreviation "Fute Technology" and code "301607"[10] - Post-listing, the company's total share capital is 111.01 million shares[10] IV. Quarterly Financial Statements The consolidated financial statements for Q1-Q3 2024 show a significant increase in total assets and equity due to IPO, despite a decline in operating revenue and net profit, and negative operating cash flow 4.1 Consolidated Balance Sheet As of September 30, 2024, total assets increased by 20.25% to RMB 1.97 billion, while total equity attributable to shareholders grew significantly by 70.38% due to IPO proceeds Key Items from Consolidated Balance Sheet | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 1,972,654,005.75 | 1,640,508,219.19 | 20.25% | | Total Liabilities | 988,982,127.48 | 1,063,175,300.18 | -6.98% | | Total Equity Attributable to Parent Company Shareholders | 983,671,878.27 | 577,332,919.01 | 70.38% | 4.2 Consolidated Income Statement In Q1-Q3 2024, total operating revenue decreased by 15.25% to RMB 1.18 billion, with net profit attributable to parent company shareholders declining by 13.63% Key Items from Consolidated Income Statement (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,183,172,887.41 | 1,396,077,671.36 | -15.25% | | Total Operating Costs | 1,112,191,180.81 | 1,306,069,431.43 | -14.85% | | Including: R&D Expenses | 129,017,088.78 | 156,408,928.28 | -17.51% | | Operating Profit | 81,107,378.47 | 92,692,896.44 | -12.50% | | Total Profit | 82,684,599.66 | 92,843,592.94 | -10.94% | | Net Profit Attributable to Parent Company Shareholders | 82,537,923.00 | 95,567,383.88 | -13.63% | | Basic Earnings Per Share | 0.96 | 1.15 | -16.52% | 4.3 Consolidated Cash Flow Statement Net cash flow from operating activities turned negative to RMB -38.75 million in Q1-Q3 2024, while financing activities generated significant cash inflow of RMB 323.86 million from the IPO Consolidated Cash Flow Statement Summary (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -38,754,867.53 | 124,867,130.43 | | Net Cash Flow from Investing Activities | -62,734,644.63 | -60,898,999.27 | | Net Cash Flow from Financing Activities | 323,856,188.14 | -20,021,443.23 | | Net Increase in Cash and Cash Equivalents | 222,136,684.16 | 42,285,296.53 | - Cash inflow from financing activities primarily stemmed from RMB 346 million received from investments, representing IPO proceeds[17] V. Audit Report The company's 2024 third-quarter report is unaudited - The company's third-quarter report is unaudited[18]