Shede Spirits (SH:600702)2024-10-28 11:24Financial Performance - Revenue for the third quarter decreased by 30.92% year-over-year to RMB 1,189,320,180.96[2] - Net profit attributable to shareholders of the listed company dropped by 79.23% to RMB 78,044,788.71 in the third quarter[2] - Basic earnings per share (EPS) for the third quarter fell by 81.32% to RMB 0.211[3] - Total revenue for the first three quarters of 2024 was RMB 4,459,901,263.34, a decrease of 15.0% compared to RMB 5,248,851,493.41 in the same period of 2023[13] - Net profit for the first three quarters of 2024 was RMB 667,141,604.73, a significant decrease of 48.6% compared to RMB 1,297,385,741.93 in the same period of 2023[13] - Operating profit for the first three quarters of 2024 was RMB 893,017,046.12, a decrease of 47.3% compared to RMB 1,694,397,050.65 in the same period of 2023[13] - Basic earnings per share for the first three quarters of 2024 were RMB 1.9909, a decrease of 49.1% compared to RMB 3.9094 in the same period of 2023[14] - The decrease in net profit is primarily due to reduced sales revenue and changes in product sales structure leading to increased operating costs[5] Assets and Liabilities - Total assets increased by 4.61% to RMB 11,634,372,089.56 compared to the end of the previous year[3] - The company's total assets as of September 30, 2024, amounted to 11,634,372,089.56 RMB, showing an increase compared to 11,121,550,270.08 RMB at the end of 2023[9][10] - The company's inventory increased to 4,909,618,807.09 RMB as of September 30, 2024, up from 4,423,804,188.54 RMB at the end of 2023[9] - The company's fixed assets grew to 1,776,275,021.04 RMB as of September 30, 2024, compared to 1,599,637,827.61 RMB at the end of 2023[10] - The company's construction in progress significantly increased to 1,464,371,552.63 RMB as of September 30, 2024, from 725,762,273.31 RMB at the end of 2023[10] - The company's monetary funds decreased to 2,058,013,720.12 RMB as of September 30, 2024, from 2,421,970,931.35 RMB at the end of 2023[9] - The company's accounts receivable increased to 305,687,589.35 RMB as of September 30, 2024, up from 267,767,748.39 RMB at the end of 2023[9] - The company's prepayments rose to 49,408,846.90 RMB as of September 30, 2024, compared to 26,035,548.98 RMB at the end of 2023[9] - The company's deferred tax assets increased to 123,089,372.13 RMB as of September 30, 2024, from 88,550,389.72 RMB at the end of 2023[10] - The company's short-term borrowings stood at 543,507,642.66 RMB as of September 30, 2024[10] - The company's accounts payable increased to 975,464,890.12 RMB as of September 30, 2024, up from 654,970,441.06 RMB at the end of 2023[10] - Total liabilities as of the end of Q3 2024 were RMB 4,217,578,077.26, an increase of 18.6% compared to RMB 3,556,890,980.63 at the end of Q3 2023[11] - Total equity as of the end of Q3 2024 was RMB 7,416,794,012.30, a decrease of 2.0% compared to RMB 7,564,659,289.45 at the end of Q3 2023[11] - Long-term borrowings as of the end of Q3 2024 were RMB 190,579,487.37, a significant increase of 383.8% compared to RMB 39,406,988.98 at the end of Q3 2023[11] Cash Flow - Operating cash flow for the first three quarters decreased by 124.90% to RMB -144,275,175.51[3] - Operating cash flow for the quarter was -144.28 million RMB, compared to 579.45 million RMB in the same period last year[16] - Total cash inflow from operating activities was 4.85 billion RMB, a decrease from 5.76 billion RMB in the previous year[16] - Cash outflow from operating activities was 4.99 billion RMB, down from 5.18 billion RMB in the prior year[16] - Investment cash inflow was 1.11 billion RMB, significantly lower than the 3.09 billion RMB in the same period last year[16] - Cash outflow for investments was 1.02 billion RMB, compared to 3.09 billion RMB in the previous year[16] - Net cash flow from financing activities was -218.06 million RMB, an improvement from -701.21 million RMB in the prior year[17] - Total cash and cash equivalents at the end of the period were 1.91 billion RMB, down from 2.25 billion RMB at the end of the previous period[17] - The company received 973.96 million RMB in loans, a significant increase from 95.61 million RMB in the same period last year[16] - Dividend and interest payments totaled 714.12 million RMB, up from 501.18 million RMB in the previous year[16] - The company's cash and cash equivalents decreased by 272.82 million RMB during the quarter[17] Shareholder Information - The company's largest shareholder, Sichuan Tuopai Shede Group Co., Ltd., holds 30.22% of the shares[6] - The number of ordinary shareholders at the end of the reporting period was 118,213[6] Non-Recurring Items and Adjustments - Non-recurring gains and losses for the period amounted to RMB 3,194,599.76[4] - The company underwent a business combination in 2024, leading to retrospective adjustments in financial data[3] Expenses - R&D expenses for the first three quarters of 2024 were RMB 64,966,728.01, a decrease of 25.6% compared to RMB 87,294,071.10 in the same period of 2023[13] - Sales expenses for the first three quarters of 2024 were RMB 953,641,963.89, a decrease of 3.4% compared to RMB 987,330,405.39 in the same period of 2023[13] Revenue and Cash Flow from Operations - Cash received from selling goods and providing services in the first three quarters of 2024 was RMB 4,584,722,399.75, a decrease of 16.3% compared to RMB 5,476,671,053.71 in the same period of 2023[14]