美之高(834765) - 2024 Q3 - 季度财报

Section 1: Important Notes Important Notes The company's directors, supervisors, and senior management confirm the authenticity, accuracy, and completeness of the Q3 2024 report and assume joint and several liability - The company's management guarantees that the financial report is true, accurate, and complete[2] - This quarterly report has not been audited[2][3] - The report contains forward-looking statements which do not constitute substantive commitments to investors[2] Section 2: Company Profile I. Key Financial Data For the first nine months of 2024, revenue grew by 25.20% to ¥393.8 million, and net profit increased by 13.93% to ¥16.3 million, though Q3 net profit declined by 10.66% Balance Sheet Highlights (as of Sep 30, 2024) | Metric | 2024-09-30 | 2023-12-31 | Change | | :--- | :--- | :--- | :--- | | Total Assets (¥) | 487,142,191.62 | 446,590,863.50 | 9.08% | | Net Assets Attributable to Shareholders (¥) | 328,799,135.90 | 332,496,866.38 | -1.11% | | Consolidated Asset-Liability Ratio (%) | 32.50% | 25.55% | +6.95pp | Income Statement Highlights (Jan-Sep 2024 vs Jan-Sep 2023) | Metric | Jan-Sep 2024 (¥) | Jan-Sep 2023 (¥) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 393,809,734.17 | 314,551,891.57 | 25.20% | | Net Profit Attributable to Shareholders | 16,308,055.13 | 14,313,925.27 | 13.93% | | Net Operating Cash Flow | -18,202,695.88 | -8,507,011.48 | -113.97% | | Basic EPS (¥/share) | 0.23 | 0.21 | 9.52% | Q3 2024 vs Q3 2023 Performance | Metric | Q3 2024 (¥) | Q3 2023 (¥) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 156,105,500.86 | 103,603,795.30 | 50.68% | | Net Profit Attributable to Shareholders | 4,485,517.66 | 5,020,737.91 | -10.66% | | Net Operating Cash Flow | 14,661,621.73 | -9,515,222.36 | 254.09% | - Accounts receivable surged by 159.95% primarily because the company discontinued its bank factoring arrangement with a major client, LG SOURCING INC[8] - Inventory increased by 47.19% mainly due to the expansion of cross-border e-commerce operations, which required higher stock levels in overseas platforms[8] - The significant deterioration in net operating cash flow (-113.97%) was attributed to increased payments for goods and labor due to sales growth, and the impact of discontinuing the bank factoring business with LG SOURCING INC, which affected cash collection timing[9][12] - Sales expenses rose by 52.91% due to increased promotion, platform, and warehousing fees associated with the new cross-border e-commerce and foreign trade business units[9] II. Shareholding Structure and Major Shareholders As of September 30, 2024, the company's total share capital was 69,613,044 shares, with the top ten shareholders collectively holding 80.81% Share Capital Structure | Share Type | Number of Shares | Percentage | | :--- | :--- | :--- | | Total Unlimited Shares | 43,997,295 | 63.20% | | Total Limited Shares | 25,615,749 | 36.80% | | Total Share Capital | 69,613,044 | 100.00% | Top 5 Shareholders | Shareholder Name | Number of Shares | Percentage | | :--- | :--- | :--- | | Huang Huaqiao | 21,500,000 | 30.8850% | | Cai Xiuying | 10,154,331 | 14.5868% | | Shenzhen Huahuitongding Investment | 10,000,000 | 14.3651% | | Xinyu Meigao Investment Management | 5,000,000 | 7.1826% | | Company Buyback Account | 2,751,446 | 3.9525% | - Key relationships among major shareholders: Cai Xiuying is the spouse of Huang Huaqiao, and Huang Jiayin is their daughter, with two other major shareholders being investment platforms[13] Section 3: Major Events Compliance Status of Major Events During the reporting period, the company engaged in significant related-party transactions, primarily guarantees provided by the controlling shareholder for company financing, and disclosed pledged assets - The controlling shareholder and actual controller, Huang Huaqiao, provided guarantees for the company's and its subsidiaries' financing needs, which were approved by the board and shareholders[16][17] - The company reported that certain assets were pledged or mortgaged, and these actions were properly disclosed[15] Pledged and Mortgaged Assets | Asset Type | Restriction Type | Book Value (¥) | % of Total Assets | Purpose | | :--- | :--- | :--- | :--- | :--- | | Cash | Pledge | 3,996,059.36 | 0.82% | Bank acceptance bill margin | | Fixed Assets (Buildings) | Mortgage | 5,403,574.08 | 1.11% | Collateral for loans | | Intangible Assets (Land Use Rights) | Mortgage | 3,779,215.55 | 0.78% | Collateral for loans | | Total | - | 13,178,848.99 | 2.71% | - | Section 4: Financial Accounting Report I. Audit Status of Financial Report The financial statements included in this quarterly report have not been audited - The financial report is unaudited[18] II. Financial Statements The financial statements detail the company's financial position and performance, showing asset growth, a 25.2% YoY revenue increase, and a net cash outflow from operations Consolidated Balance Sheet As of September 30, 2024, total assets grew by 9.08% to ¥487.1 million, driven by increases in accounts receivable and inventory, while total liabilities rose by 38.8% Key Consolidated Balance Sheet Items (¥) | Item | 2024-09-30 | 2023-12-31 | | :--- | :--- | :--- | | Total Assets | 487,142,191.62 | 446,590,863.50 | | Cash and Equivalents | 184,449,166.41 | 218,217,899.31 | | Accounts Receivable | 89,493,970.01 | 34,426,806.34 | | Inventory | 77,468,730.69 | 52,632,880.84 | | Total Liabilities | 158,343,055.72 | 114,093,997.12 | | Short-term Borrowings | 33,039,166.67 | 18,020,891.66 | | Total Equity | 328,799,135.90 | 332,496,866.38 | Consolidated Income Statement For the first nine months of 2024, total operating revenue increased by 25.20% YoY to ¥393.8 million, resulting in a 14.2% rise in operating profit and a 13.93% increase in net profit attributable to shareholders Consolidated Income Statement Summary (Jan-Sep, ¥) | Item | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 393,809,734.17 | 314,551,891.57 | 25.20% | | Total Operating Costs | 368,994,484.17 | 295,186,951.38 | 25.00% | | Operating Profit | 24,281,750.89 | 21,261,625.85 | 14.20% | | Net Profit | 16,308,055.13 | 14,313,925.27 | 13.93% | | Basic EPS (¥/share) | 0.23 | 0.21 | 9.52% | Consolidated Cash Flow Statement For the first nine months of 2024, net cash flow from operating activities was a net outflow of ¥18.2 million, a significant decline from the prior year, contributing to a net decrease in cash and cash equivalents of ¥35.7 million Consolidated Cash Flow Summary (Jan-Sep, ¥) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -18,202,695.88 | -8,507,011.48 | | Net Cash Flow from Investing Activities | -12,018,666.57 | -52,871,521.85 | | Net Cash Flow from Financing Activities | -7,297,393.98 | -26,739,103.40 | | Net Increase in Cash & Equivalents | -35,655,972.18 | -87,862,358.96 | | Cash & Equivalents at End of Period | 180,481,151.73 | 172,715,159.67 |