水星家纺(603365) - 2024 Q3 - 季度财报

Important Notice The 2024 Q3 report of Shanghai Mercury Home Textile Co., Ltd. is guaranteed for accuracy by its management, and the financial statements are unaudited - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming legal responsibility[2] - The third-quarter financial statements are unaudited[2] Key Financial Data The company's Q3 and YTD 2024 revenue and net profit attributable to shareholders both decreased year-over-year, with a significant decline in YTD operating cash flow and a reduction in total assets and equity Key Accounting Data and Financial Indicators Q3 2024 revenue decreased by 8.38% and net profit by 22.80% YoY; YTD revenue decreased by 2.57% and net profit by 16.80%, with operating cash flow down 96.99% and total assets and equity declining by 2.18% and 2.82% respectively from year-end 2023 2024 Q3 and YTD Key Accounting Data and Financial Indicators | Item | Current Period (Q3 2024) (CNY) | YoY Change (%) | Year-to-Date (YTD 2024) (CNY) | YoY Change (%) | | :---------------------------------------------------------------- | :----------------------------- | :------------- | :---------------------------- | :------------- | | Operating Revenue | 877,238,677.85 | -8.38 | 2,682,895,518.57 | -2.57 | | Net Profit Attributable to Shareholders of Listed Company | 63,611,956.83 | -22.80 | 209,694,205.93 | -16.80 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 53,000,182.64 | -32.69 | 184,594,513.18 | -13.75 | | Net Cash Flow from Operating Activities | N/A | N/A | 7,351,239.20 | -96.99 | | Basic Earnings Per Share (CNY/share) | 0.25 | -19.35 | 0.79 | -17.71 | | Diluted Earnings Per Share (CNY/share) | 0.25 | -19.35 | 0.79 | -17.71 | | Weighted Average Return on Net Assets (%) | 2.25 | Decreased by 0.72 percentage points | 7.25 | Decreased by 1.75 percentage points | Asset and Liability Indicators as of September 30, 2024, and Year-End 2023 | Item | Current Period End (Sep 30, 2024) (CNY) | Prior Year End (Dec 31, 2023) (CNY) | YoY Change (%) | | :------------------------------------------ | :-------------------------------------- | :---------------------------------- | :------------- | | Total Assets | 3,567,642,196.57 | 3,647,155,297.02 | -2.18 | | Total Equity Attributable to Shareholders of Listed Company | 2,861,863,997.81 | 2,944,814,610.71 | -2.82 | Non-recurring Gains and Losses Items and Amounts YTD 2024 non-recurring gains and losses totaled 25.10 million CNY, primarily from government grants and fair value changes/disposal gains of financial assets 2024 Q3 and YTD Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Current Period Amount (Q3 2024) (CNY) | Year-to-Date Amount (YTD 2024) (CNY) | | :--------------------------------------------------------------------------------------------------------------------------------------------------------- | :------------------------------------ | :----------------------------------- | | Gains/Losses on Disposal of Non-current Assets | -166,328.69 | -254,168.75 | | Government Grants Recognized in Current Profit/Loss | 8,063,423.71 | 17,887,037.75 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities, and Disposal Gains/Losses of Financial Assets and Liabilities (Excluding Effective Hedging Related to Normal Business Operations) | 4,259,431.48 | 10,994,055.34 | | Other Non-operating Income and Expenses Apart from the Above | 956,241.54 | 2,324,640.04 | | Less: Income Tax Impact | | 5,851,871.63 | | Total | | 25,099,692.75 | Changes and Reasons for Key Accounting Data and Financial Indicators The Q3 net profit attributable to shareholders (excluding non-recurring items) decreased by 32.69% YoY due to lower net profit and increased non-recurring gains, while YTD operating cash flow significantly dropped by 96.99% due to reduced sales receipts and higher payments for goods and wages - Net profit attributable to shareholders (excluding non-recurring gains and losses) for the current period decreased by 32.69% YoY, primarily due to a decrease in net profit and an increase in non-recurring gains and losses[6] - Net cash flow from operating activities for the year-to-date decreased by 96.99% YoY, mainly due to a decrease in cash received from sales and an increase in payments for goods and employee wages[6] Shareholder Information As of the reporting period end, the company had 10,305 common shareholders, with Mercury Holding Group Co., Ltd. as the largest shareholder at 41.03%, and several top individual shareholders having related party or concerted action relationships Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, there were 10,305 common shareholders; Mercury Holding Group Co., Ltd. is the largest shareholder with 41.03% equity, and several top ten individual shareholders are related parties or acting in concert - Total number of common shareholders at the end of the reporting period: 10,305[7] Top 10 Shareholders' Holdings at the End of the Reporting Period | Shareholder Name | Shareholder Nature | Number of Shares Held | Holding Percentage (%) | Number of Restricted Shares Held | Pledge, Mark or Freeze Status | Quantity | | :--------------------------- | :-------------------------- | :-------------------- | :--------------------- | :------------------------------- | :---------------------------- | :------- | | Mercury Holding Group Co., Ltd. | Domestic Non-state-owned Legal Person | 107,800,000 | 41.03 | 0 | None | 0 | | Li Laibin | Domestic Natural Person | 16,867,520 | 6.42 | 0 | None | 0 | | Xie Qiuhua | Domestic Natural Person | 10,167,520 | 3.87 | 0 | None | 0 | | Han Hongchang | Domestic Natural Person | 7,091,677 | 2.70 | 0 | None | 0 | | Li Yulu | Domestic Natural Person | 7,013,600 | 2.67 | 0 | None | 0 | | Li Lijun | Domestic Natural Person | 6,100,000 | 2.32 | 0 | None | 0 | | Li Yugao | Domestic Natural Person | 6,089,600 | 2.32 | 0 | None | 0 | | Liang Xiangyuan | Domestic Natural Person | 5,325,600 | 2.03 | 0 | None | 0 | | Li Yujiang | Domestic Natural Person | 5,165,600 | 1.97 | 0 | None | 0 | | Li Fanglei | Domestic Natural Person | 4,600,000 | 1.75 | 0 | None | 0 | - Among the top 10 shareholders, Xie Qiuhua and Li Laibin are mother and son; Xie Qiuhua is mother to Li Lijun and Li Fanglei; Li Yujiang, Li Yugao, and Li Yulu are brothers; Li Yujiang, Li Yugao, Li Yulu are brothers-in-law to Xie Qiuhua; Li Laibin, Xie Qiuhua, Li Yugao, and Li Yulu are persons acting in concert[9] Other Important Reminders The company has no other significant operational information requiring investor attention during the reporting period - No other significant operational information in the reporting period requires investor attention[10] Quarterly Financial Statements This section presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement for Q3 and YTD 2024, detailing financial position, operating results, and cash flows Type of Audit Opinion The quarterly financial statements are unaudited - The quarterly financial statements are unaudited[11] Financial Statements This section details the company's consolidated balance sheet as of September 30, 2024, and the consolidated income statement and cash flow statement for January-September 2024 Consolidated Balance Sheet As of September 30, 2024, total assets were 3.568 billion CNY, down 2.18% from year-end 2023, with cash significantly decreasing by 45.48%, inventory increasing by 25.62%, and short-term borrowings surging by 848.25% Consolidated Balance Sheet Key Item Changes (Sep 30, 2024 vs Dec 31, 2023) | Item | Sep 30, 2024 (CNY) | Dec 31, 2023 (CNY) | Change Amount (CNY) | Change Percentage (%) | | :------------------------- | :----------------- | :----------------- | :------------------ | :-------------------- | | Cash and Cash Equivalents | 612,868,851.61 | 1,124,022,442.94 | -511,153,591.33 | -45.48 | | Financial Assets Held for Trading | 554,090,266.11 | 363,475,875.40 | 190,614,390.71 | 52.44 | | Accounts Receivable | 279,535,139.09 | 332,591,816.19 | -53,056,677.10 | -15.95 | | Inventories | 1,208,499,767.83 | 962,040,092.95 | 246,459,674.88 | 25.62 | | Total Current Assets | 2,858,172,321.99 | 3,005,746,097.39 | -147,573,775.40 | -4.91 | | Fixed Assets | 341,478,584.54 | 365,718,790.91 | -24,240,206.37 | -6.63 | | Construction in Progress | 62,336,114.78 | 334,167.74 | 62,001,947.04 | 18553.00 | | Intangible Assets | 138,386,651.38 | 112,206,393.71 | 26,180,257.67 | 23.33 | | Total Non-current Assets | 709,469,874.58 | 641,409,199.63 | 68,060,674.95 | 10.61 | | Total Assets | 3,567,642,196.57 | 3,647,155,297.02 | -79,513,100.45 | -2.18 | | Short-term Borrowings | 57,673,251.17 | 6,082,093.05 | 51,591,158.12 | 848.25 | | Accounts Payable | 253,879,668.50 | 293,280,346.04 | -39,400,677.54 | -13.43 | | Other Payables | 131,923,152.65 | 96,588,677.46 | 35,334,475.19 | 36.58 | | Total Current Liabilities | 648,123,027.23 | 649,279,488.56 | -1,156,461.33 | -0.18 | | Long-term Borrowings | 10,000,000.00 | 0 | 10,000,000.00 | N/A | | Total Non-current Liabilities | 57,655,171.53 | 53,061,197.75 | 4,593,973.78 | 8.66 | | Total Liabilities | 705,778,198.76 | 702,340,686.31 | 3,437,512.45 | 0.49 | | Equity Attributable to Owners of the Parent Company | 2,861,863,997.81 | 2,944,814,610.71 | -82,950,612.90 | -2.82 | Consolidated Income Statement YTD 2024 total operating revenue was 2.683 billion CNY, down 2.57% YoY, with net profit attributable to parent company shareholders at 209.69 million CNY, down 16.80%, while financial expenses significantly decreased and other income surged by 236.69% Consolidated Income Statement Key Item Changes (YTD 2024 vs YTD 2023) | Item | YTD 2024 (CNY) | YTD 2023 (CNY) | Change Amount (CNY) | Change Percentage (%) | | :------------------------------------------ | :----------------- | :----------------- | :------------------ | :-------------------- | | Total Operating Revenue | 2,682,895,518.57 | 2,753,744,517.07 | -70,848,998.50 | -2.57 | | Operating Costs | 1,571,529,630.79 | 1,650,847,636.53 | -79,318,005.74 | -4.80 | | Selling Expenses | 671,853,402.64 | 648,004,958.25 | 23,848,444.39 | 3.68 | | Administrative Expenses | 144,265,441.88 | 132,564,664.11 | 11,700,777.77 | 8.83 | | R&D Expenses | 59,528,685.97 | 55,183,352.36 | 4,345,333.61 | 7.87 | | Financial Expenses | -6,677,081.53 | -14,565,094.90 | 7,888,013.37 | -54.16 | | Other Income | 10,312,332.68 | 3,062,934.68 | 7,249,398.00 | 236.69 | | Operating Profit | 234,620,428.73 | 257,440,722.53 | -22,820,293.80 | -8.86 | | Non-operating Income | 15,561,811.83 | 46,370,048.63 | -30,808,236.80 | -66.44 | | Total Profit | 249,400,171.66 | 297,908,290.26 | -48,508,118.60 | -16.28 | | Net Profit | 209,694,205.93 | 252,045,143.43 | -42,350,937.50 | -16.80 | | Net Profit Attributable to Owners of the Parent Company | 209,694,205.93 | 252,045,143.43 | -42,350,937.50 | -16.80 | | Basic Earnings Per Share (CNY/share) | 0.79 | 0.96 | -0.17 | -17.71 | Consolidated Cash Flow Statement YTD 2024 net cash flow from operating activities was 7.35 million CNY, a 96.99% YoY decrease, driven by lower sales receipts and higher payments; net cash outflow from investing activities increased by 82.64% due to increased investments and asset purchases, and net cash outflow from financing activities increased by 31.11% due to higher debt repayments and dividend distributions Consolidated Cash Flow Statement Key Item Changes (YTD 2024 vs YTD 2023) | Item | YTD 2024 (CNY) | YTD 2023 (CNY) | Change Amount (CNY) | Change Percentage (%) | | :---------------------------------------------------------------- | :----------------- | :----------------- | :------------------ | :-------------------- | | Cash Received from Sales of Goods and Services | 3,032,694,291.31 | 3,121,846,039.87 | -89,151,748.56 | -2.86 | | Cash Received Relating to Other Operating Activities | 40,824,382.48 | 77,522,257.09 | -36,697,874.61 | -47.34 | | Subtotal of Cash Inflows from Operating Activities | 3,075,689,987.31 | 3,203,041,518.35 | -127,351,531.04 | -3.98 | | Cash Paid for Goods and Services | 1,864,025,031.78 | 1,743,304,163.30 | 120,720,868.48 | 6.92 | | Cash Paid to and on Behalf of Employees | 456,142,710.22 | 413,846,122.83 | 42,296,587.39 | 10.22 | | Subtotal of Cash Outflows from Operating Activities | 3,068,338,748.11 | 2,959,077,611.86 | 109,261,136.25 | 3.69 | | Net Cash Flow from Operating Activities | 7,351,239.20 | 243,963,906.49 | -236,612,667.29 | -96.99 | | Cash Received from Disposal of Investments | 1,062,000,000.00 | 360,000,000.00 | 702,000,000.00 | 195.00 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets and Other Long-term Assets | 135,705,043.85 | 21,111,097.72 | 114,593,946.13 | 542.81 | | Cash Paid for Investments | 1,230,000,000.00 | 502,000,000.00 | 728,000,000.00 | 145.02 | | Net Cash Flow from Investing Activities | -292,839,951.44 | -160,336,332.65 | -132,503,618.79 | -82.64 | | Cash Received from Borrowings | 142,110,316.84 | 50,397,893.16 | 91,712,423.68 | 182.00 | | Cash Paid for Repayment of Debts | 80,519,158.72 | 0 | 80,519,158.72 | N/A | | Cash Paid for Distribution of Dividends, Profits or Interest Payments | 236,721,740.98 | 184,502,542.56 | 52,219,198.42 | 28.30 | | Net Cash Flow from Financing Activities | -235,163,058.07 | -179,368,523.49 | -55,794,534.58 | -31.11 | | Net Increase in Cash and Cash Equivalents | -520,683,497.83 | -95,696,452.22 | -424,987,045.61 | -444.13 | Announcement and Signature This report was released by the Board of Directors of Shanghai Mercury Home Textile Co., Ltd. on October 28, 2024 - This report was released by the Board of Directors of Shanghai Mercury Home Textile Co., Ltd. on October 28, 2024[19]