浙江力诺(300838) - 2024 Q3 - 季度财报

Main Financial Data This section provides an overview of the company's key financial performance and position indicators for the reporting period Key Accounting Data and Financial Indicators In the first three quarters of 2024, the company's revenue decreased by 10.88% to $712.14 million, and net profit attributable to shareholders sharply declined by 70.13% to $23.87 million Key Financial Indicators for Q1-Q3 and Q3 2024 | Indicator | Year-to-Date | YTD YoY Change | Current Period (Q3) | Q3 YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue ($) | 712,144,675.50 | -10.88% | 256,681,511.95 | -7.85% | | Net Profit Attributable to Shareholders ($) | 23,866,249.40 | -70.13% | 1,316,607.54 | -94.49% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) ($) | 21,016,815.59 | -70.63% | 1,322,365.71 | -92.42% | | Net Cash Flow from Operating Activities ($) | -70,104,238.54 | -462.09% | -- | -- | | Basic Earnings Per Share ($/share) | 0.17 | -71.19% | 0.01 | -94.67% | | Weighted Average Return on Net Assets | 2.37% | -6.06% | 0.13% | -2.44% | Key Balance Sheet Indicators at Period End | Indicator | Current Period End | Previous Year End | Change from Previous Year End | | :--- | :--- | :--- | :--- | | Total Assets ($) | 1,628,187,664.53 | 1,455,557,165.96 | 11.86% | | Owners' Equity Attributable to Shareholders ($) | 999,830,572.81 | 1,006,990,518.05 | -0.71% | Non-recurring Gains and Losses Items and Amounts In the first three quarters of 2024, non-recurring gains and losses totaled $2.85 million, primarily from government subsidies and debt restructuring gains Non-recurring Gains and Losses Items Year-to-Date | Item | Amount Year-to-Date ($) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 12,264.39 | | Government grants recognized in current profit or loss | 3,241,258.49 | | Gains or losses from debt restructuring | 1,986,666.67 | | Other non-operating income and expenses | -721,825.48 | | Less: Income tax impact | 677,754.61 | | Less: Impact on minority interests (after tax) | 991,175.65 | | Total | 2,849,433.81 | Changes and Reasons for Key Accounting Data and Financial Indicators The company experienced significant changes in financial indicators, including substantial increases in receivables, prepayments, and short-term borrowings, alongside notable shifts in profit and cash flow items Changes in Balance Sheet Items Significant changes in balance sheet items reflect shifts in cash, receivables, and various liabilities Major Balance Sheet Item Changes and Reasons | Item | YoY Change | Reason for Change | | :--- | :--- | :--- | | Cash and Bank Balances | -43.46% | Primarily due to cash dividend distribution and payments for raw materials | | Notes Receivable | 550.10% | Primarily due to an increase in commercial acceptance bills received | | Accounts Receivable Financing | 190.98% | Primarily due to an increase in bank acceptance bills received | | Prepayments | 231.44% | Primarily due to increased prepayments for raw material purchases | | Construction in Progress | 347.40% | Primarily due to renovation of production workshops | | Short-term Borrowings | 294.80% | Primarily due to an increase in bank borrowings | | Notes Payable | 56.49% | Primarily due to an increase in bank acceptance bills issued | | Taxes Payable | -81.01% | Primarily due to taxes payable at the beginning of the period being paid in the current period | | Other Payables | 382.43% | Primarily due to the consolidation of new subsidiary Crete Machinery | | Other Current Liabilities | 219.43% | Primarily due to an increase in endorsed but unmatured bank acceptance bills | | Long-term Borrowings | 288.00% | Primarily due to an increase in long-term borrowings | Changes in Income Statement Items Key income statement items, including financial expenses, investment income, and net profit, experienced significant fluctuations Major Income Statement Item Changes and Reasons | Item | YoY Change | Reason for Change | | :--- | :--- | :--- | | Financial Expenses | 207.42% | Primarily due to a decrease in interest income | | Investment Income | 768.90% | Primarily due to gain from debt restructuring of subsidiary | | Non-operating Expenses | 260.86% | Primarily due to public welfare donations | | Income Tax Expense | -91.82% | Primarily due to a decrease in total profit | | Net Profit | -70.93% | Primarily due to a decrease in revenue and gross margin | Changes in Cash Flow Statement Items Cash flow from operating, investing, and financing activities showed substantial changes during the period Major Cash Flow Statement Item Changes and Reasons | Item | YoY Change | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -462.09% | Primarily due to a decrease in cash received from sales of goods | | Net Cash Flow from Investing Activities | -10524.79% | Primarily due to an increase in external investments | | Net Cash Flow from Financing Activities | 291.54% | Primarily due to an increase in bank borrowings | Shareholder Information This section details the company's common and preferred shareholder structure, including top shareholders and restricted share movements Total Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 10,443 common shareholders, with the top ten holding approximately 61.05%, and is jointly controlled by six parties acting in concert - At the end of the reporting period, the total number of common shareholders was 10,443 accounts[10] Top 10 Shareholders' Shareholding Information | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Chen Xiaoyu | Domestic Individual | 21.01% | 28,812,500 | | Ren Xiang | Domestic Individual | 8.92% | 12,237,000 | | Wang Xiuguo | Domestic Individual | 7.94% | 10,892,000 | | Dai Meichun | Domestic Individual | 7.85% | 10,768,000 | | Wu Ping | Domestic Individual | 5.81% | 7,964,500 | | Yu Jianping | Domestic Individual | 5.80% | 7,952,500 | | Ruian Nuode Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.17% | 2,979,000 | | Bank of China Co., Ltd. - Dacheng Jingheng Mixed Securities Investment Fund | Other | 0.61% | 832,200 | | Chen Beibei | Domestic Individual | 0.49% | 668,200 | | Chen Chaohang | Domestic Individual | 0.45% | 618,300 | - The company is jointly controlled by six parties acting in concert: Chen Xiaoyu, Ren Xiang, Wang Xiuguo, Dai Meichun, Wu Ping, and Yu Jianping. Wang Xiuguo and Dai Meichun are brothers-in-law to Chen Xiaoyu, and Ruian Nuode Investment Partnership (Limited Partnership) is jointly held by Chen Xiaoyu and Yu Jianping[11] Preferred Shareholder Information The company has no preferred shareholders - During the reporting period, the company had no preferred shareholders[12] Changes in Restricted Shares During the reporting period, the total number of restricted shares remained unchanged at 35,839,875, all held by directors, supervisors, and senior management Restricted Share Information | Shareholder Name | Restricted Shares at Beginning of Period | Shares Unrestricted This Period | Shares Restricted This Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Xiaoyu | 21,609,375 | 0 | 0 | 21,609,375 | Locked-up shares of Directors, Supervisors, and Senior Management | | Wang Xiuguo | 8,169,000 | 0 | 0 | 8,169,000 | Locked-up shares of Directors, Supervisors, and Senior Management | | Yu Jianping | 5,964,375 | 0 | 0 | 5,964,375 | Locked-up shares of Directors, Supervisors, and Senior Management | | Feng Huibin | 26,250 | 0 | 0 | 26,250 | Locked-up shares of Directors, Supervisors, and Senior Management | | Li Xuemei | 31,500 | 0 | 0 | 31,500 | Locked-up shares of Directors, Supervisors, and Senior Management | | Lu Zhengyuan | 39,375 | 0 | 0 | 39,375 | Locked-up shares of Directors, Supervisors, and Senior Management | | Total | 35,839,875 | 0 | 0 | 35,839,875 | -- | Other Significant Matters During the reporting period, the company had no other significant matters requiring disclosure - The company had no other significant matters in this reporting period[13] Quarterly Financial Statements This section presents the company's unaudited consolidated financial statements for the third quarter of 2024 Financial Statements This section presents the company's consolidated balance sheet as of September 30, 2024, and consolidated income and cash flow statements for the year-to-date period Consolidated Balance Sheet The consolidated balance sheet provides a snapshot of the company's assets, liabilities, and equity as of September 30, 2024 - As of September 30, 2024, the company's total assets were $1.628 billion, total liabilities were $638 million, and equity attributable to parent company owners was $1 billion[13][14][15] Consolidated Income Statement Year-to-Date The consolidated income statement details the company's revenues, costs, and profits for the first three quarters of 2024 - In the first three quarters of 2024, the company achieved total operating revenue of $712.14 million, total operating costs of $683 million, total profit of $23.98 million, and net profit of $23.23 million[17] - Net profit attributable to parent company shareholders was $23.87 million, with basic earnings per share at $0.17[18] Consolidated Cash Flow Statement Year-to-Date The consolidated cash flow statement outlines the cash inflows and outflows from operating, investing, and financing activities for the year-to-date period - In the first three quarters of 2024, net cash flow from operating activities was -$70.10 million, from investing activities was -$33.20 million, and from financing activities was $56.75 million[20][21] - Cash and cash equivalents at period end totaled $40.45 million, a decrease of $46.81 million from the beginning of the period[21] Audit Report The company's Q3 2024 report is unaudited - The company's third-quarter report is unaudited[21]