明月镜片(301101) - 2024 Q3 - 季度财报

Main Financial Data This section provides an overview of the company's key financial performance indicators and balance sheet items for the reporting period Key Accounting Data and Financial Indicators The company achieved year-over-year growth in operating revenue and net profit attributable to shareholders for Q3 and YTD 2024, alongside steady increases in total assets and owner's equity | Indicator | Amount for Current Period (CNY) | YoY Change in Current Period | YTD Amount (CNY) | YTD YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 198,262,404.64 | 0.64% | 583,282,748.51 | 3.61% | | Net Profit Attributable to Shareholders of Listed Company | 48,041,102.63 | 13.57% | 137,007,833.30 | 11.91% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 41,981,589.43 | 15.22% | 117,479,581.19 | 9.88% | | Net Cash Flow from Operating Activities | -- | -- | 138,419,622.55 | -3.56% | | Basic Earnings Per Share (CNY/share) | 0.2384 | 13.58% | 0.6799 | 11.92% | | Diluted Earnings Per Share (CNY/share) | 0.2384 | 13.58% | 0.6799 | 11.92% | | Weighted Average Return on Net Assets | 2.99% | 0.23% | 8.57% | 0.48% | | End of Current Period | End of Previous Year | | Change from End of Previous Year | | | Total Assets (CNY) | 1,843,063,976.44 | 1,752,743,944.92 | | 5.15% | | Owner's Equity Attributable to Shareholders of Listed Company (CNY) | 1,633,315,398.36 | 1,556,526,892.00 | | 4.93% | Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled CNY 6.06 million for the current period and CNY 19.53 million YTD, primarily from fair value changes of financial assets and government grants | Item | Amount for Current Period (CNY) | YTD Amount (CNY) | Notes | | :--- | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 66,562.95 | -229,250.18 | | | Government Grants Recognized in Current Profit/Loss | 1,109,493.68 | 4,936,957.24 | | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises, and from Disposal of Financial Assets and Liabilities | 5,955,594.68 | 17,175,611.90 | | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 239,032.43 | 646,142.79 | | | Other Non-Operating Income and Expenses Apart from the Above | 68,753.54 | 750,272.47 | | | Less: Income Tax Impact | 1,251,603.01 | 3,581,552.99 | | | Impact on Minority Interests (After Tax) | 128,321.07 | 169,929.12 | | | Total | 6,059,513.20 | 19,528,252.11 | -- | Changes and Reasons for Key Accounting Data and Financial Indicators Several financial indicators showed significant changes, including a 35.52% increase in R&D expenses, a 102.30% rise in financial expenses due to wealth management product adjustments, and substantial growth in investment and fair value change income Profit Statement Items | Item | YTD (CNY) | Prior Year Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 23,006,274.11 | 16,976,361.63 | 35.52% | Primarily due to increased R&D investment in the current period | | Financial Expenses | 209,800.95 | -9,117,944.97 | 102.30% | Primarily due to adjustment of the term for proprietary wealth management products, recognized as investment income according to accounting standards | | Other Income | 6,874,919.88 | 2,839,488.23 | 142.12% | Primarily due to an increase in income-related government grants in the current period | | Investment Income | 5,970,483.04 | 2,496,771.49 | 139.13% | Primarily due to increased interest income from debt investments maturing in over 3 months | | Gains from Fair Value Changes | 15,500,390.17 | 11,704,736.35 | 32.43% | Primarily due to increased estimated unrealized gains from wealth management products | | Credit Impairment Losses | -967,456.45 | -2,295,759.74 | -57.86% | Primarily due to improved accounts receivable turnover in the current period, leading to a corresponding reduction in provisions | | Asset Impairment Losses | 73,241.81 | -5,017,063.97 | -101.46% | Primarily due to improved inventory turnover in the current period, leading to a corresponding reduction in asset impairment | | Gains from Asset Disposal | -47,648.67 | -291,393.48 | 83.65% | Primarily due to reduced disposal of fixed assets in the current period | | Non-Operating Income | 1,113,511.56 | 760,736.93 | 46.37% | Primarily due to increased non-operating intercompany income in the current period | | Non-Operating Expenses | 544,840.60 | 169,540.79 | 221.36% | Primarily due to increased non-operating intercompany expenses in the current period | Balance Sheet Items | Item | Period-End Balance (CNY) | Year-Beginning Balance (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 149,546,496.52 | 953,307,795.82 | -84.31% | Primarily due to the use of idle funds to purchase wealth management products in the current period | | Financial Assets Held for Trading | 1,080,865,642.40 | 122,474,089.44 | 782.53% | Primarily due to the use of idle funds to purchase wealth management products in the current period | | Financing for Receivables | 91,800.00 | | 100.00% | Primarily due to the receipt of bank acceptance bills from customers | | Other Current Assets | 13,497,779.71 | 136,601,545.89 | -90.12% | Primarily due to the maturity of debt investments maturing in over 3 months | | Construction in Progress | 2,934,035.77 | 5,515,050.76 | -46.80% | Primarily due to the completion and transfer of expansion projects to fixed assets | | Investments in Other Equity Instruments | 6,000,000.00 | | 100.00% | Primarily due to the investment in Huhuhu Health Technology (Hangzhou) Co., Ltd. in the current period | | Long-Term Deferred Expenses | 8,550,167.83 | 16,230,882.46 | -47.32% | Primarily due to the amortization of endorsement fees and renovation projects | | Deferred Income Tax Assets | 13,513,980.79 | 2,101,241.07 | 543.14% | Primarily due to an increase in deductible temporary differences for income tax at the end of the current period | | Taxes Payable | 31,452,011.77 | 8,185,662.07 | 284.23% | Primarily due to increased company profit and corresponding increase in income tax payable in the current period | | Other Current Liabilities | 24,780,273.28 | 15,261,367.96 | 62.37% | Primarily due to an increase in estimated returns corresponding to increased revenue | | Lease Liabilities | 891,503.80 | 3,311,030.03 | -73.07% | Primarily due to a decrease in lease liabilities as house rent was paid in the current period | | Deferred Income Tax Liabilities | 199,629.86 | 1,006,990.84 | -80.18% | Primarily due to a decrease in taxable temporary differences for income tax at the end of the current period | Cash Flow Statement Items | Item | YTD (CNY) | Prior Year Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Financing Activities | -74,379,994.83 | -54,761,291.73 | 35.83% | Primarily due to higher dividend distributions in the current period | Shareholder Information This section details the total number of ordinary shareholders, the top ten shareholders' holdings, and information on restricted shares Total Number of Ordinary Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the reporting period end, the company had 13,896 ordinary shareholders, with Shanghai Mingyue Industrial Co., Ltd. holding the largest stake at 55.09% and all restricted shares - The total number of ordinary shareholders was 13,896 at the end of the reporting period[12] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Shanghai Mingyue Industrial Co., Ltd. | Domestic Non-State-Owned Legal Person | 55.09% | 111,004,500 | 111,004,500 | | Shanghai Nuoweiqi Positioning Investment Management Co., Ltd. - Ningbo Meishan Bonded Port Area Nuoweiqi Positioning Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.29% | 12,667,564 | 0 | | Xie Gongxing | Domestic Natural Person | 2.45% | 4,933,500 | 4,933,500 | | Xie Gongwan | Domestic Natural Person | 2.45% | 4,933,500 | 4,933,500 | | National Social Security Fund 504 Portfolio | Other | 1.85% | 3,729,830 | 0 | | Danyang Zhiming Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.74% | 3,510,000 | 3,510,000 | | Zeng Zhe | Domestic Natural Person | 1.62% | 3,274,500 | 2,455,875 | | Zeng Shaohua | Domestic Natural Person | 1.22% | 2,467,500 | 2,467,500 | | Danyang Zhiyuan Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.20% | 2,419,500 | 0 | | CSC Financial Co., Ltd. - China CITIC Bank - CSC Financial Mingyue Lens No. 1 Strategic Placement Collective Asset Management Plan | Other | 0.78% | 1,579,848 | 0 | - Xie Gongwan and Xie Gongxing are brothers, and Zeng Shaohua is the spouse of Xie Gongwan's sister; Xie Gongwan, Xie Gongxing, and Zeng Shaohua collectively hold 100% of Shanghai Mingyue Industrial Co., Ltd.; Xie Gongxing is the executive partner of Danyang Zhiming Enterprise Management Center (Limited Partnership), thus Xie Gongwan, Xie Gongxing, Zeng Shaohua, Shanghai Mingyue Industrial Co., Ltd., and Danyang Zhiming Enterprise Management Center (Limited Partnership) are considered parties acting in concert[12] Zeng Zhe is the executive partner of Danyang Zhiyuan Enterprise Management Center (Limited Partnership), therefore Zeng Zhe and Danyang Zhiyuan Enterprise Management Center (Limited Partnership) are considered parties acting in concert[12] Total Number of Preferred Shareholders and Top 10 Preferred Shareholders' Holdings The company has no preferred shareholders - The company has no preferred shareholders[13] Changes in Restricted Shares No changes occurred in the company's restricted shares during the reporting period - The company's restricted share changes are not applicable, indicating no changes during the reporting period[13] Other Significant Matters Despite a slow economic recovery, Mingyue Lens maintained resilient performance in Q3 with sustained main business growth, driven by successful product strategies, improved gross margins, new product launches, and strategic partnerships - Despite an unpronounced recovery in the macro economy and consumer market, the company maintained resilient performance with sustained growth in its main business during the reporting period[13] - Lens business revenue for the third quarter was CNY 166.9054 million, representing a 3.9% year-over-year increase after excluding export business[13] - The company's focus on a "big single product" strategy yielded significant results, with PMC Super Bright series product revenue growing by 50.62% and 1.71 series products by 16.5% in the first three quarters[13] - The company's overall business gross margin for the first three quarters of 2024 was 59.30%, an increase of 1.39 percentage points compared to the same period last year[13] - The company launched its new generation Easy Control PRO2.0 series products, demonstrating a 73.82% effective rate for equivalent spherical power after 12 months of wear, a significant improvement from PRO1.0's 60%[13] - The company proactively recalled Easy Control PRO1.0 series products from channels to promote PRO2.0; excluding the impact of product upgrade and recall, third-quarter sales of the "Easy Control PRO" series products increased by 34.2% year-over-year[13] - The company regularly conducted eye care public service campaigns on CCTV, organized summer promotions including Minions prize draws, movie screenings, and pop-up events, hosted expert science popularization courses, and expanded its presence on social media platforms like Douyin, Xiaohongshu, and Zhihu to empower and drive traffic to offline channels[14] - Mingyue and global optical giant Leica held the "New Vision Leica Eyecare China Launch Event," with future collaborations encompassing optical technology sharing, joint product R&D, and market channel expansion, aiming to enter the high-end lens market[14] Quarterly Financial Statements This section presents the company's consolidated balance sheet, income statement, and cash flow statement for the reporting period, offering a detailed view of its financial position, operating results, and cash movements Financial Statements This section provides the company's consolidated balance sheet as of the end of the reporting period, and the consolidated income statement and cash flow statement from the beginning of the year to the end of the reporting period Consolidated Balance Sheet As of the reporting period end, total assets reached CNY 1.843 billion, a 5.15% increase from the beginning of the year, with a significant rise in financial assets held for trading and a corresponding decrease in cash and cash equivalents | Item | Period-End Balance (CNY) | Year-Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 149,546,496.52 | 953,307,795.82 | | Financial Assets Held for Trading | 1,080,865,642.40 | 122,474,089.44 | | Accounts Receivable | 154,754,576.80 | 123,942,521.94 | | Inventories | 86,051,719.51 | 75,882,367.79 | | Total Current Assets | 1,509,571,781.17 | 1,435,931,851.17 | | Fixed Assets | 232,178,620.07 | 227,166,151.35 | | Intangible Assets | 45,864,345.78 | 39,813,725.91 | | Deferred Income Tax Assets | 13,513,980.79 | 2,101,241.07 | | Total Non-Current Assets | 333,492,195.27 | 316,812,093.75 | | Total Assets | 1,843,063,976.44 | 1,752,743,944.92 | | Accounts Payable | 45,122,304.75 | 58,521,563.04 | | Taxes Payable | 31,452,011.77 | 8,185,662.07 | | Other Current Liabilities | 24,780,273.28 | 15,261,367.96 | | Total Current Liabilities | 153,055,877.19 | 132,254,092.93 | | Total Liabilities | 165,399,651.30 | 149,206,399.59 | | Total Owner's Equity Attributable to Parent Company | 1,633,315,398.36 | 1,556,526,892.00 | | Total Owner's Equity | 1,677,664,325.14 | 1,603,537,545.33 | Consolidated Income Statement from Year-Beginning to End of Reporting Period From the beginning of the year to the end of the reporting period, total operating revenue was CNY 583.28 million, up 3.61% year-over-year, with net profit attributable to parent company shareholders reaching CNY 137.01 million, an 11.91% increase | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 583,282,748.51 | 562,949,775.72 | | Total Operating Costs | 442,542,952.40 | 419,649,680.72 | | Operating Costs | 237,410,140.62 | 236,947,292.53 | | Selling Expenses | 110,413,909.02 | 112,497,467.78 | | Administrative Expenses | 64,655,835.53 | 55,813,475.72 | | R&D Expenses | 23,006,274.11 | 16,976,361.63 | | Financial Expenses | 209,800.95 | -9,117,944.97 | | Other Income | 6,874,919.88 | 2,839,488.23 | | Investment Income | 5,970,483.04 | 2,496,771.49 | | Gains from Fair Value Changes | 15,500,390.17 | 11,704,736.35 | | Operating Profit | 168,143,725.89 | 152,736,873.88 | | Total Profit | 168,712,396.85 | 153,328,070.02 | | Net Profit | 144,914,741.36 | 133,282,845.33 | | Net Profit Attributable to Parent Company Shareholders | 137,007,833.30 | 122,421,875.85 | | Basic Earnings Per Share | 0.6799 | 0.6075 | | Diluted Earnings Per Share | 0.6799 | 0.6075 | Consolidated Cash Flow Statement from Year-Beginning to End of Reporting Period Net cash flow from operating activities was CNY 138.42 million YTD, a slight decrease year-over-year, while investment activities saw a significant increase in cash outflows, and financing activities were negative due to higher dividend distributions | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 138,419,622.55 | 143,534,071.82 | | Net Cash Flow from Investing Activities | -663,457,112.69 | -558,628,624.53 | | Net Cash Flow from Financing Activities | -74,379,994.83 | -54,761,291.73 | | Net Increase in Cash and Cash Equivalents | -599,465,807.42 | -469,576,768.79 | | Cash and Cash Equivalents at Period End | 88,705,526.20 | 464,429,321.13 | - Total cash outflow from investing activities was CNY 2,747,246,387.10, with cash paid for investments amounting to CNY 2,697,000,000.00, a substantial increase from the prior period[20] - Net cash flow from financing activities was negative, primarily due to higher dividend distributions in the current period, with cash paid for dividends, profits, or interest amounting to CNY 70,788,765.86[21] Adjustments to Financial Statement Items at the Beginning of the First Year of New Accounting Standards Implementation from 2024 The company did not adjust any financial statement items at the beginning of the year due to the first-time adoption of new accounting standards - The company did not adjust any financial statement items at the beginning of the first year of implementation due to the first-time adoption of new accounting standards[21] Audit Report This quarterly report is unaudited - The company's third-quarter report is unaudited[21]