LONCIN(603766)2023-10-25 16:00Revenue and Profit Performance - Revenue for the third quarter was 3.39 billion RMB, a year-on-year increase of 16.69%[5] - Net profit attributable to shareholders was 289.06 million RMB, up 25.77% year-on-year[5] - Revenue for the third quarter of 2023 was 9.364 billion yuan, a decrease of 1.46% year-over-year, with the "motorcycle + engine" main business contributing 8.804 billion yuan, accounting for 94.02% of total revenue[36] - Net profit attributable to the parent company was 791 million yuan, a decrease of 0.41% year-over-year, while non-GAAP net profit was 705 million yuan, down 8.09% year-over-year[36] - Revenue for the first three quarters of 2023 reached 5,187,393,824.42 RMB, a significant increase from 3,016,338,075.14 RMB in the same period of 2022[58] - Net profit for the first three quarters of 2023 was 268,606,085.43 RMB, up from 226,497,655.74 RMB in the same period of 2022[58] - Net profit for the quarter was 754.53 million, compared to 795.53 million in the same period last year[71] - Total comprehensive income for the period was 761.46 million, slightly down from 798.08 million in the same period last year[72] Motorcycle Business Performance - Motorcycle business revenue reached 6.69 billion RMB, a year-on-year increase of 12.35%, with the VOGE brand achieving 1.07 billion RMB in sales, up 43.42%[16] - Domestic sales of the VOGE brand increased by 16.79% to 583 million RMB, while exports surged by 97.57% to 485 million RMB[16] - The company launched two new motorcycle models, RR350 and RR660, during the Chongqing Motorcycle Expo[16] General Machinery Business Performance - General machinery business revenue declined by 24.17% to 2.12 billion RMB due to market downturns in North America and Europe[16] Financial Position and Assets - Total assets increased by 9.97% to 13.84 billion RMB compared to the end of the previous year[6] - Shareholders' equity attributable to the parent company rose by 8.27% to 8.46 billion RMB[6] - Total assets increased to 13.84 billion, up from 12.59 billion in the previous period[66] - Total current assets increased to 9.04 billion from 7.69 billion in the previous period[66] - Total non-current assets decreased slightly to 4.80 billion from 4.90 billion in the previous period[66] - Total assets grew to 9,803,654,164.63 in 2023 from 7,649,259,183.44 in 2022[77] - Total liabilities increased to 4,655,648,461.77 in 2023 from 2,604,273,835.39 in 2022[78] - Shareholders' equity rose to 5,148,005,702.86 in 2023 from 5,044,985,348.05 in 2022[78] Cash Flow and Liquidity - Operating cash flow for the period surged by 222.16% to 1.87 billion RMB, driven by reduced credit periods and lower accounts payable[11] - Operating cash flow for the first three quarters of 2023 was 1,386,472,110.76 RMB, a substantial increase from 35,815,135.57 RMB in the same period of 2022[61] - Investment cash flow for the first three quarters of 2023 was 10,530,827.28 RMB, a decrease from 236,636,516.76 RMB in the same period of 2022[61] - Total cash and cash equivalents at the end of the third quarter of 2023 were 1,995,059,525.88 RMB, up from 958,041,118.01 RMB at the end of the same period in 2022[61] - Operating cash flow increased significantly to 1,874,642,124.09 in the first three quarters of 2023, compared to 581,895,999.08 in the same period of 2022[74] - Cash received from investment activities surged to 20,929,271,153.89 in 2023, up from 10,967,631,008.28 in 2022[74] - Cash paid for goods and services decreased to 5,775,770,611.10 in 2023 from 7,260,651,780.12 in 2022[74] - Cash received from tax refunds dropped to 559,982,675.00 in 2023 from 647,689,020.15 in 2022[74] - Cash paid to employees increased to 818,646,461.56 in 2023 from 743,687,000.74 in 2022[74] - Cash paid for taxes rose to 366,519,662.02 in 2023 from 326,216,739.03 in 2022[74] Equity and Investments - The company completed the transfer of the remaining 19% equity in Shandong Leichi for 182.25 million yuan, receiving full payment on October 17, 2023, and no longer holds any equity in Shandong Leichi[38] - The company's subsidiary, Chongqing Loncin Motorcycle, acquired an additional 10% equity in Henan Loncin for 28.448 million yuan, increasing its total equity in Henan Loncin to 89.80%[42] - The company's capital reserve increased by 16.7648 million yuan due to the equity acquisition in Henan Loncin[42] - The company terminated the transfer of its 66% equity in Jinye Machinery due to the expiration of the valuation report and is currently in discussions with potential new buyers[39] - The company's securities investment yielded a cumulative return of 87,487,800 RMB in the first three quarters of 2023[64] - Investment income increased to 78.76 million, up from 36.89 million in the same period last year[71] - Fair value change gains were 12.93 million, a significant turnaround from a loss of 33.84 million in the previous year[71] Legal and Risk Management - The company's subsidiary, Guangzhou Weiner, has filed lawsuits against 26 distributors for high-risk accounts receivable, with 6 cases won and 15 cases dismissed due to potential criminal involvement[40] Shareholder and Equity Information - The company's controlling shareholder, Longxin Holdings, holds 50.07% of the shares, with 99.94% of its shares pledged and 100% frozen[22] - The company's minority interest impact on net profit was -7.2512 million yuan, reflecting a decrease in minority shareholders' share of losses[31] R&D and Innovation - R&D expenses for the first three quarters of 2023 were 137,763,670.72 RMB, a decrease from 172,508,891.44 RMB in the same period of 2022[58] - R&D expenses decreased to 306.96 million from 454.65 million year-over-year[71] Sales and Market Performance - Sales revenue from goods and services for the first three quarters of 2023 was 3,140,733,120.84 RMB, up from 2,813,629,081.80 RMB in the same period of 2022[59] - Sales revenue from goods and services slightly decreased to 8,339,308,027.07 in 2023 from 8,435,891,429.13 in 2022[74] Financial Metrics and Ratios - Comprehensive gross margin improved by 0.12 percentage points to 18.46% year-over-year[36] - Financial income showed a significant improvement, with a net financial income of 54.82 million compared to a net financial expense of 201.87 million in the previous year[71] - Basic earnings per share were 0.3851, slightly down from 0.3867 in the same period last year[72] Liabilities and Borrowings - Total liabilities increased to 5,157,236,318.81 RMB, up from 4,458,190,660.00 RMB in the previous period[47] - Short-term borrowings increased to 321,485,530.62 RMB, up from 310,793,557.17 RMB in the previous period[47] - Accounts payable rose to 2,033,639,149.34 RMB, compared to 1,737,092,627.80 RMB in the prior period[47] Non-Recurring Items - The company's non-recurring gains and losses totaled 32.7134 million yuan, with a significant portion coming from gains on financial assets and derivatives[31]