XWXN(SH:688778)2024-10-25 09:37Financial Performance - Revenue for Q3 2024 was CNY 3,582,218,960.05, a decrease of 28.37% year-over-year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 128,401,181.73, down 18.59% compared to the same period last year[4] - Net profit excluding non-recurring gains and losses for Q3 2024 was CNY 121,699,142.89, a decrease of 13.87% year-over-year[4] - Basic and diluted earnings per share for Q3 2024 were CNY 0.31, down 16.22% compared to the same period last year[4] - Total operating revenue for the first three quarters of 2024 was CNY 9,882,356,287.35, a decrease of 24.5% compared to CNY 13,122,438,075.54 in the same period of 2023[16] - Net profit for the first three quarters of 2024 was CNY 386,090,013.45, compared to CNY 448,286,947.83 in the same period of 2023, reflecting a decline of 13.9%[18] - The net profit attributable to the parent company shareholders for the current period is approximately ¥367.49 million, a decrease from ¥412.39 million in the same period last year, representing a decline of about 10.9%[19] - The total comprehensive income attributable to the parent company owners is approximately ¥369.15 million, down from ¥412.37 million, reflecting a decrease of around 10.5%[19] Research and Development - R&D investment totaled CNY 104,536,177.49 in Q3 2024, representing 2.92% of revenue, an increase of 0.88 percentage points year-over-year[4] - Research and development expenses for the first three quarters of 2024 amounted to CNY 312,017,035.20, slightly down from CNY 323,985,176.47 in 2023[18] - The company is collaborating with a well-known battery manufacturer to develop a new NL structure cathode material, which shows significant performance improvements over traditional products and is expected to be widely used in various fields[11] - The company plans to continue focusing on R&D and market expansion strategies to enhance future growth prospects[18] Assets and Liabilities - Total assets as of the end of Q3 2024 were CNY 14,611,739,241.56, an increase of 8.39% from the end of the previous year[4] - Total liabilities rose to CNY 5,726,151,419.95 in Q3 2024, compared to CNY 4,641,693,460.10 in Q3 2023, indicating an increase of 23.4%[15] - The company's total current assets as of September 30, 2024, were approximately RMB 8.63 billion, compared to RMB 7.83 billion at the end of 2023, indicating growth in asset management[13] - The company's long-term equity investments increased slightly to approximately RMB 400 million as of September 30, 2024, from RMB 397 million at the end of 2023[13] - Deferred income tax assets increased to CNY 140,145,132.64 in Q3 2024 from CNY 125,590,126.18 in Q3 2023, showing a growth of 11.6%[15] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 1,272,022,087.99, down 15.12% year-over-year[4] - The operating cash flow for the first three quarters of 2024 is approximately ¥7.16 billion, a decrease of about 32.9% compared to ¥10.58 billion in the same period of 2023[20] - The net cash flow from operating activities is approximately ¥1.27 billion, down from ¥1.50 billion, indicating a decline of about 15.1%[20] - The cash flow from investment activities shows a net outflow of approximately ¥746.60 million, an improvement from a net outflow of ¥1.07 billion in the previous year[21] - The cash flow from financing activities resulted in a net outflow of approximately ¥152.14 million, compared to a net outflow of ¥123.59 million in the same period last year[21] Inventory and Sales - The company's inventory increased to approximately RMB 2.49 billion as of September 30, 2024, up from RMB 1.96 billion at the end of 2023[13] - In Q3 2024, the company's lithium battery cathode material sales reached 26,300 tons, a quarter-on-quarter increase of 28.16%, with lithium cobalt oxide sales of 13,900 tons, up 38.22%[11] - The total sales of lithium battery cathode materials for the first three quarters reached 71,100 tons, with lithium cobalt oxide sales growing by 30.45% year-on-year to 32,300 tons, and ternary materials sales increasing by 64.86% year-on-year to 38,600 tons[11] - The cash received from sales of goods and services is approximately ¥7.09 billion, a decrease of about 32.7% from ¥10.47 billion in the same period last year[20] Market Strategy - The company has not reported any significant new product developments or market expansions in this quarter[2] - The company is focusing on expanding its market presence and enhancing its product offerings through strategic partnerships and technological advancements[11] - The company anticipates broad applications for its new cathode materials in consumer electronics, robotics, low-altitude economy, and solid-state batteries[11]