Bestechnic (Shanghai) (688608)2023-10-24 16:00Financial Performance - In Q3 2023, the company achieved operating revenue of CNY 653,946,959.75, a year-on-year increase of 35.67%[8] - The net profit attributable to shareholders was CNY 68,521,367.17, a slight decrease of 0.79% compared to the same period last year[13] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 46,553,674.80, reflecting a year-on-year growth of 19.21%[8] - The cumulative operating revenue for the first nine months of 2023 reached CNY 1,564,060,240.55, up 33.75% year-on-year[8] - Operating profit decreased to ¥119,908,624.97 in 2023 from ¥149,800,349.02 in 2022, reflecting a decline of 20%[38] - Net profit for the first three quarters of 2023 was ¥117,774,751.85, down 21.5% from ¥150,156,307.71 in 2022[38] - Comprehensive income totalled ¥118,910,046.04 in 2023, compared to ¥152,599,636.03 in 2022, reflecting a decline of 22.1%[39] Research and Development - R&D investment totaled CNY 132,154,961.18, an increase of 12.64% year-on-year, accounting for 20.21% of operating revenue[12] - Research and development expenses rose to ¥367,371,100.62 in 2023, compared to ¥326,744,896.18 in 2022, indicating an increase of 12.4%[37] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 6,483,679,740.81, representing a 1.10% increase from the end of the previous year[12] - The total assets of the company reached RMB 6,483,679,740.81, a slight increase from RMB 6,413,264,617.13 at the end of 2022, indicating a growth of approximately 1.1%[21] - The total liabilities decreased to ¥393,171,657.34 in 2023 from ¥450,500,338.26 in 2022, a reduction of approximately 12.7%[36] - The total equity attributable to shareholders increased to ¥6,090,508,083.47 in 2023, up from ¥5,962,764,278.87 in 2022, representing a growth of 2.1%[36] Cash Flow - The company reported a net cash flow from operating activities of CNY 314,731,854.35 for the year-to-date period[12] - The net cash flow from operating activities for the first nine months of 2023 was RMB 315 million, a turnaround from a net outflow of RMB 402 million in the same period last year, driven by revenue growth and ongoing inventory reduction efforts[27] - Operating cash inflows totaled 1,388,147,826.98 in the previous period[41] - Net cash flow from operating activities was 402,030,960.65 in the prior period[41] - The net increase in cash and cash equivalents was 355,827,554.62 in the previous period[42] - The ending balance of cash and cash equivalents reached 1,810,073,724.77[42] Profitability Metrics - The gross profit margin decreased by 5.83 percentage points compared to the same period last year, impacting net profit growth[13] - The company's gross profit margin for the first nine months of 2023 was 34.84%, a decrease of 4.93 percentage points compared to the previous year, primarily due to rising upstream costs and inventory destocking pressures[26] - The basic earnings per share for Q3 2023 was CNY 0.5708, down 0.83% year-on-year[12] - Basic earnings per share for the first three quarters of 2023 were ¥0.9812, down from ¥1.2513 in 2022, a decrease of 21.6%[39] Other Financial Metrics - The weighted average return on equity was 1.13%, a decrease of 0.02 percentage points year-on-year[12] - The company received tax refunds amounting to RMB 30,152,188.03 in the first nine months of 2023, compared to RMB 103,528,667.50 in the same period last year, reflecting a decrease of about 70.9%[25] - The company's accounts receivable increased significantly to RMB 449,270,123.53 from RMB 267,892,565.05, representing a growth of about 67.5% year-over-year[20] - The company's fixed assets increased to RMB 82,799,414.70 from RMB 56,637,800.84, showing a growth of approximately 46.2% year-over-year[21] - The company reported a significant increase in other non-current assets, which rose to RMB 279,218,550.35 from RMB 203,105,791.04, representing a growth of about 37.4%[21] - The company's total current assets as of September 30, 2023, were RMB 5,880,049,855.98, slightly down from RMB 5,953,964,530.90 at the end of 2022, reflecting a decrease of about 1.2%[20] - The company's short-term borrowings decreased to RMB 10,000,000.00 from RMB 110,087,822.58, indicating a reduction of approximately 90.9%[21]