Better Life(002251)2023-10-30 16:00Financial Performance - The company's operating revenue for Q3 2023 was ¥603,433,667.11, a decrease of 71.76% compared to the same period last year[5] - The net profit attributable to shareholders was -¥202,259,992.80, reflecting a significant decline of 5,145.74% year-on-year[5] - The basic earnings per share for the period was -¥0.2407, down 5,132.61% from the previous year[5] - The company experienced a 69.95% decrease in operating income for the first nine months of 2023, totaling ¥2,390,940,432.59[10] - The company reported a 72.92% decrease in operating costs, amounting to ¥1,361,696,872.63 for the same period[10] - Net profit attributable to shareholders of the listed company decreased to -651,687,606.26 RMB, a decline of 3734.69% compared to the same period last year[11] - Basic earnings per share fell to -0.7756 RMB, a decrease of 3690.74% compared to the previous year[11] - Operating profit for the current period shows a loss of approximately ¥401.57 million, compared to a profit of ¥50.11 million in the previous period[25] - Net profit for the current period is a loss of approximately ¥641.78 million, contrasting with a profit of ¥33.60 million in the previous period, marking a significant downturn[25] Assets and Liabilities - Total assets decreased by 11.68% to ¥24,647,238,279.45 compared to the end of the previous year[5] - The company’s equity attributable to shareholders decreased by 15.41% to ¥4,079,008,872.95 compared to the end of the previous year[5] - The company's total liabilities decreased significantly, with a notable reduction in notes payable by 98.87% to ¥6,389,768.46[9] - The company's total liabilities were CNY 20.23 billion as of September 30, 2023, compared to CNY 22.72 billion at the start of the year, reflecting a decrease of approximately 10.9%[22] - The company's current assets totaled CNY 1.52 billion, down from CNY 2.61 billion at the beginning of the year, indicating a reduction of about 41.8%[21] - The company's inventory dropped significantly from CNY 311.67 million to CNY 173.16 million, a reduction of approximately 44.5%[21] Cash Flow - The company reported a cash flow from operating activities of -¥949,516,626.85, a decline of 166.28% year-to-date[5] - Cash flow from operating activities showed a net outflow of -949,516,626.85 RMB, a decrease of 166.28% year-on-year, mainly due to strategic adjustments and tight liquidity[13] - Cash inflow from operating activities is approximately ¥3.31 billion, down from ¥9.69 billion in the previous period, reflecting a decrease of about 66%[27] - Cash outflow from operating activities totaled CNY 4,264,004,329.47, a decrease of 48.3% compared to CNY 8,256,038,109.44 in the previous period[28] - Net cash flow from operating activities was negative at CNY -949,516,626.85, contrasting with a positive CNY 1,432,537,214.09 in the same period last year[28] Investment and Financing Activities - Cash flow from investing activities increased by 117.69% to 218,505,547.56 RMB, primarily from the sale of infrastructure and Kangfu equity[13] - Cash inflow from investment activities amounted to CNY 636,383,694.56, up 30.0% from CNY 489,697,307.71 in the previous period[28] - Net cash flow from investment activities was CNY 218,505,547.56, a significant improvement from CNY -1,235,304,802.43 in the prior year[28] - Cash flow from financing activities rose by 248.49% to 976,714,143.73 RMB, mainly due to increased borrowing for operational needs[13] - Cash inflow from financing activities reached CNY 6,120,265,207.17, down 13.2% from CNY 7,047,585,264.84 in the previous period[28] - Net cash flow from financing activities was CNY 976,714,143.73, compared to a negative CNY -657,748,118.54 in the same period last year[28] Regulatory and Restructuring Issues - The company received a warning from the China Securities Regulatory Commission due to significant discrepancies between the projected and audited net profits for 2022[19] - The company has been placed under delisting risk warning, with its stock name changed to "*ST 步高" effective October 31, 2023, limiting daily price fluctuations to 5%[18] - The company is undergoing a restructuring process initiated by the Xiangtan Intermediate People's Court due to its inability to repay debts[18] - The company has been designated a temporary administrator for the restructuring process, indicating ongoing financial challenges[18] Other Financial Metrics - Interest income dropped by 77.69% to 15,815,419.44 RMB, primarily due to a reduction in loans issued by the micro-loan company[11] - Sales expenses decreased by 50.20% to 1,113,223,084.17 RMB, mainly due to strategic adjustments and store closures[11] - Investment income surged by 7818.43% to 171,003,885.04 RMB, attributed to the disposal of equity in Xiangtan Infrastructure Management Co., Ltd. and Yiyang Kangfu Commercial Management Co., Ltd.[11] - Other income decreased by 76.45% to 7,990,641.69 RMB, mainly due to a reduction in government subsidies[11] - Research and development expenses for the current period are approximately ¥17.29 million, slightly down from ¥18.27 million in the previous period[25] - Financial expenses for the current period are approximately ¥456.35 million, compared to ¥445.13 million in the previous period, showing a slight increase[25] Accounting Changes - The company did not undergo an audit for the third quarter report[29] - The company implemented new accounting standards starting in 2023, affecting the financial statements[29]