Financial Performance - Revenue for the nine months ended September 30, 2019, was RMB 111,169,125, an increase of 8.4% compared to RMB 102,886,438 for the same period in 2018[13] - Gross profit for the same period was RMB 81,872,935, representing a 12.6% increase from RMB 72,686,426 in 2018[13] - Profit before income tax for the nine months was RMB 39,201,450, a decrease of 15% compared to RMB 46,079,967 in the previous year[13] - Earnings per share for the nine months was RMB 8.4, down from RMB 9.7 in 2018, reflecting a decline of 13.4%[13] - For the nine months ended September 30, 2019, profit attributable to equity owners of the Company was RMB 30,343,725, down 13.5% from RMB 34,947,308 in the same period of 2018[73] - For the three months ended September 30, 2019, profit attributable to equity owners of the Company was RMB 4,490,924, a decrease of 61.2% compared to RMB 11,582,549 for the same period in 2018[73] Operating Expenses - Operating expenses increased to RMB 15,978,759, up from RMB 9,228,476 in the previous year, indicating a rise of 73%[13] - Administrative expenses rose to RMB 25,560,676, compared to RMB 21,863,231 in 2018, marking an increase of 16.3%[13] - Staff costs for the nine months ended September 30, 2019, amounted to RMB 24,867,830, an increase of 37.2% from RMB 18,134,865 in the same period of 2018[63] - The Group's profit decreased to approximately RMB30.34 million, down approximately 13.19% from RMB34.95 million for the same period last year, mainly due to increased operating and administrative expenses[92] Income and Revenue Streams - For the nine months ended September 30, 2019, finance lease income was RMB 59,301,964, a decrease of 4.9% from RMB 62,339,448 in the same period of 2018[59] - Factoring income increased by 36.5% to RMB 19,558,157 for the nine months ended September 30, 2019, compared to RMB 14,388,669 in 2018[59] - Advisory service fee income rose significantly by 67.1% to RMB 21,987,135 for the nine months ended September 30, 2019, from RMB 13,155,005 in 2018[59] Taxation - The provision for enterprise income tax in the PRC is calculated based on a statutory tax rate of 25% of the estimated assessable profits[68] - The income tax expense for the three months ended September 30, 2019, was RMB 1,805,869, a decrease of 50.1% from RMB 3,617,733 in the same period of 2018[67] - The Group's income tax expense was approximately RMB8.86 million, a decrease of approximately 20.40% from RMB11.13 million for the same period last year, mainly due to a decrease in profit before income tax[102] Financial Reporting and Accounting Policies - The condensed consolidated financial statements have been prepared in accordance with the same accounting policies as the audited financial statements for the year ended 31 December 2018[22] - This is the first set of financial statements where HKFRS 16 Leases has been adopted, which may impact the financial reporting[22] - The financial statements are presented in Renminbi (RMB), which is the functional currency of the Company[26] - The adoption of HKFRS 16 did not have any significant impact on the Group's accounting policies, except for the changes related to leases[26] - The Group's application of HKFRS 16 has introduced new significant judgements and estimation uncertainties in the financial statements[54] Shareholder Information - As of September 30, 2019, Hong Kong Shanshan Resources Company Limited held 149,500,000 unlisted foreign shares, representing 100% of that class and 41.60% of the total share capital of the Company[114] - Ningbo Shanshan Co., Ltd. also held 149,500,000 unlisted foreign shares, equivalent to 100% of that class and 41.60% of the total share capital[114] - The Company confirmed that all directors and supervisors complied with the securities trading code during the reporting period[111] - The Company has adopted a code of conduct for securities trading that meets or exceeds the standards set forth in the GEM Listing Rules[111] Dividends - A final dividend of RMB 0.05 per share was approved for the year ended December 31, 2018, totaling RMB 17,967,000, compared to RMB 7,186,800 for the previous year[78] - The Company did not recommend the payment of a dividend for the reporting period, in contrast to the previous year where no dividend was declared[79] - The Board did not recommend any dividend for the Reporting Period, consistent with the previous period where no dividend was declared[152][156]
富银融资股份(08452) - 2019 Q3 - 季度财报