和顺科技(301237) - 2024 Q3 - 季度财报

Report Overview Important Notice This report is Hangzhou Heshun Technology Co., Ltd.'s Q3 2024 report, with management assuring its truthfulness, accuracy, and completeness, and noting it is unaudited - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report[2] - The company's responsible person, head of accounting, and head of accounting department declare the truthfulness, accuracy, and completeness of the financial information[2] - This third-quarter report is unaudited[2][22] Key Financial Data Key Accounting Data and Financial Indicators The company's Q3 and year-to-date revenue grew, but net profit attributable to shareholders, non-recurring net profit, and operating cash flow significantly declined into losses, with EPS and ROE also worsening Key Financial Indicators for Q3 2024 and Year-to-Date | Indicator | Current Period (CNY) | YoY Change (%) | Year-to-Date (CNY) | Year-to-Date YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 134,817,527.13 | 8.12% | 366,257,518.96 | 17.71% | | Net Profit Attributable to Shareholders of Listed Company | -16,796,549.85 | -365.50% | -22,445,967.22 | -211.90% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | -20,704,177.22 | -652.97% | -30,315,317.21 | -410.78% | | Net Cash Flow from Operating Activities | -- | -- | -43,499,805.89 | -263.38% | | Basic Earnings Per Share (CNY/share) | -0.2107 | -366.42% | -0.2810 | -212.09% | | Diluted Earnings Per Share (CNY/share) | -0.2107 | -366.42% | -0.2810 | -212.09% | | Weighted Average Return on Net Assets | -1.19% | -1.63% | -1.58% | -2.94% | | Total Assets (Period-end) | 1,573,031,867.14 | -2.57% (vs. prior year-end) | | | | Owner's Equity Attributable to Shareholders of Listed Company (Period-end) | 1,383,221,459.24 | -3.57% (vs. prior year-end) | | | Non-recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses primarily stemmed from government subsidies and fair value changes in financial assets, positively impacting year-to-date net profit by approximately 7.87 million Yuan Non-recurring Gains and Losses Items and Amounts (Year-to-Date) | Item | Year-to-Date Amount (CNY) | | :--- | :--- | | Disposal gains and losses of non-current assets | -310.65 | | Government subsidies recognized in current profit or loss | 5,624,649.23 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 3,821,401.11 | | Other non-operating income and expenses | -187,680.88 | | Less: Income tax impact | 1,388,708.82 | | Total | 7,869,349.99 | - The company has not classified non-recurring gains and losses as recurring items[4] Changes and Reasons for Key Accounting Data and Financial Indicators Significant changes occurred across the balance sheet and income statement, with cash and financial assets decreasing due to project investments and reduced wealth management, while receivables, prepayments, fixed assets, intangibles, and other non-current assets increased from business growth and project capitalization. Liabilities saw increases in notes payable and deferred income, while income statement items like revenue and costs rose with sales, management expenses increased due to new project operations, financial expenses turned positive from reduced interest income, and asset impairment losses surged due to inventory provisions Balance Sheet Item Changes Period-end cash and financial assets decreased by 62.44% and 34.53% respectively due to project investments and reduced wealth management, while accounts receivable and financing receivables grew by 77.48% and 61.94% from increased revenue. Prepayments surged 554.26% for raw material stocking, fixed assets and intangible assets rose by 116.66% and 70.45% due to the Renhe project capitalization and land acquisition, and construction in progress dropped 97.71% also from the Renhe project capitalization. Other non-current assets increased 4007.38% for carbon fiber project equipment prepayments, notes payable rose 100% for increased payments, and treasury stock increased 100% due to share repurchases Major Balance Sheet Item Changes (Period-end vs. Prior Year-end) | Item | Period-end Amount (CNY) | Prior Year-end Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 87,082,826.03 | 231,840,173.02 | -62.44% | Funds invested in fundraising projects, partial funds used for wealth management | | Trading Financial Assets | 151,452,013.89 | 231,328,333.33 | -34.53% | Decrease in wealth management purchases | | Accounts Receivable | 101,729,795.07 | 57,317,455.73 | 77.48% | Increase in operating revenue | | Prepayments | 30,960,900.78 | 4,732,179.92 | 554.26% | Increase in raw material prepayments | | Fixed Assets | 791,436,528.23 | 365,285,603.80 | 116.66% | Renhe project capitalized | | Construction in Progress | 9,924,318.30 | 432,639,210.67 | -97.71% | Renhe project capitalized | | Intangible Assets | 101,958,397.98 | 59,816,204.14 | 70.45% | Controlled subsidiary Hexing Carbon Fiber acquired construction land | | Other Non-current Assets | 49,846,831.39 | 1,213,590.89 | 4,007.38% | Prepayment for carbon fiber project equipment | | Notes Payable | 14,367,309.30 | 0.00 | 100.00% | Increase in notes for goods payments | | Treasury Stock | 20,799,770.00 | 0.00 | 100.00% | Company share repurchase | Income Statement Item Changes Year-to-date revenue grew 17.71% to 366.26 million Yuan due to increased production and sales, with cost of goods sold rising 24.49%. Management expenses increased 65.68% to 26.53 million Yuan due to the Renhe project's operational launch, while financial expenses turned positive with a 101.02% increase due to reduced interest income, and asset impairment losses surged 1587.00% to -19.51 million Yuan from inventory write-downs Major Income Statement Item Changes (Current Period vs. Prior Year Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 366,257,518.96 | 311,154,612.86 | 17.71% | Increase in production and sales volume | | Operating Cost | 336,113,220.20 | 269,986,959.64 | 24.49% | Increase in production and sales volume | | Administrative Expenses | 26,530,217.36 | 16,013,082.69 | 65.68% | Renhe base project put into operation, leading to increased labor and depreciation expenses | | Financial Expenses | 70,286.52 | -6,922,694.77 | 101.02% | Decrease in interest income | | Asset Impairment Losses | -19,509,496.03 | -1,156,462.74 | 1,587.00% | Provision for inventory depreciation | Shareholder Information Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 10,547 common shareholders, with the top three shareholders, Fan Heqiang, Zhang Jing, and Fan Shunhao, as actual controllers and their concerted parties, holding over 46% combined. The company's share repurchase account held 1,031,000 shares, representing 1.29% of the total share capital - The total number of common shareholders at the end of the reporting period was 10,547 households[8] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Fan Heqiang | Domestic Natural Person | 23.56% | 18,850,000.00 | 18,850,000.00 | | Zhang Jing | Domestic Natural Person | 12.69% | 10,150,000.00 | 10,150,000.00 | | Fan Shunhao | Domestic Natural Person | 10.00% | 8,000,000.00 | 8,000,000.00 | | Hangzhou Yuanning Huixin Venture Capital Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 5.88% | 4,700,000.00 | 0 | | Hangzhou Guangfeng Qiwo Equity Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 3.75% | 3,000,000.00 | 0 | | Hangzhou Yihao Equity Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 3.75% | 3,000,000.00 | 3,000,000.00 | | Zhang Yumei | Domestic Natural Person | 3.38% | 2,701,300.00 | 0 | | Hu Jiandong | Domestic Natural Person | 1.25% | 1,000,000.00 | 0 | | Hangzhou Jintou Zhiye Venture Capital Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 1.16% | 930,000.00 | 0 | | He Feng | Domestic Natural Person | 1.08% | 862,500.00 | 862,500.00 | - Fan Heqiang and Zhang Jing are the company's actual controllers, and Fan Shunhao is their son and a concerted party; Hangzhou Yihao Equity Investment Partnership (Limited Partnership) is an entity held by Fan Heqiang and Zhang Jing[9] - At the end of the reporting period, the company's share repurchase special securities account held 1,031,000 shares, accounting for 1.29% of the company's total share capital[9] Changes in Restricted Shares During the reporting period, the total number of restricted shares increased, primarily due to an increase in locked-up shares held by directors, supervisors, and senior management, with some restricted shares of Xie Xiaorui released, while those of Wu Xiqing, He Feng, Yao Huiming, and Zhou Wenhao increased Changes in Restricted Shares | Shareholder Name | Beginning Restricted Shares (shares) | Shares Released This Period (shares) | Shares Increased This Period (shares) | Ending Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Xie Xiaorui | 287,500 | 71,875 | 0 | 215,625 | Locked-up shares for Directors, Supervisors, Senior Management | | Wu Xiqing | 150,000 | 0 | 50,000 | 200,000 | Locked-up shares for Directors, Supervisors, Senior Management | | He Feng | 646,875 | 0 | 215,625 | 862,500 | Locked-up shares for Directors, Supervisors, Senior Management | | Yao Huiming | 150,000 | 0 | 50,000 | 200,000 | Locked-up shares for Directors, Supervisors, Senior Management | | Zhou Wenhao | 75,000 | 0 | 25,000 | 100,000 | Locked-up shares for Directors, Supervisors, Senior Management | | Total | 1,309,375 | 71,875 | 340,625 | 1,578,125 | -- | Other Important Matters Carbon Fiber Project Obtains Land Use Rights Hangzhou Hexing Carbon Fiber Technology Co., Ltd., a controlled subsidiary, acquired state-owned construction land use rights in June 2024, aligning with the company's strategic development plan to support its future carbon fiber business - Hangzhou Hexing Carbon Fiber Technology Co., Ltd., a controlled subsidiary, acquired state-owned construction land use rights in June 2024[12] - This acquisition aims to provide necessary land resources for the company's future carbon fiber business, aligning with its strategic development goals and operational needs[12] Share Repurchase Status As of September 30, 2024, the company had cumulatively repurchased 1,031,000 shares, representing 1.29% of its total share capital - As of September 30, 2024, the company had cumulatively repurchased 1,031,000 shares through centralized bidding[13] - The repurchased shares account for 1.29% of the company's total share capital (without deducting shares in the repurchase special account)[13] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2024, the company's total assets were 1.573 billion Yuan, a slight decrease from the beginning of the period, with total current assets at 611 million Yuan, non-current assets at 962 million Yuan, total liabilities at 170 million Yuan, and total owner's equity at 1.403 billion Yuan Consolidated Balance Sheet Key Data (As of September 30, 2024) | Item | Period-end Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,573,031,867.14 | 1,614,514,381.37 | | Total Current Assets | 610,677,860.94 | 752,641,655.05 | | Total Non-current Assets | 962,354,006.20 | 861,872,726.32 | | Total Liabilities | 170,187,474.64 | 180,090,986.90 | | Total Current Liabilities | 145,598,753.98 | 153,209,534.11 | | Total Non-current Liabilities | 24,588,720.66 | 26,881,452.79 | | Total Owner's Equity | 1,402,844,392.50 | 1,434,423,394.47 | | Total Owner's Equity Attributable to Parent Company | 1,383,221,459.24 | 1,434,454,196.46 | | Minority Interests | 19,622,933.26 | -30,801.99 | Consolidated Income Statement Year-to-Date As of September 30, 2024, the company's year-to-date total operating revenue was 366 million Yuan, a 17.71% increase year-over-year; however, a significant rise in total operating costs led to operating profit and total profit turning into losses, with net profit at -22.77 million Yuan, net profit attributable to parent company shareholders at -22.45 million Yuan, and basic earnings per share at -0.2810 Yuan Consolidated Income Statement Key Data (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 366,257,518.96 | 311,154,612.86 | | Total Operating Cost | 385,168,547.62 | 295,907,853.61 | | Operating Profit | -28,752,961.60 | 23,257,295.56 | | Total Profit | -28,940,642.48 | 23,211,080.81 | | Net Profit | -22,772,231.97 | 20,058,286.24 | | Net Profit Attributable to Parent Company Shareholders | -22,445,967.22 | 20,058,286.24 | | Basic Earnings Per Share | -0.2810 | 0.2507 | | Total Comprehensive Income | -22,772,231.97 | 20,058,286.24 | Consolidated Cash Flow Statement Year-to-Date As of September 30, 2024, the company's year-to-date net cash flow from operating activities was -43.50 million Yuan, a significant deterioration year-over-year; net cash flow from investing activities was -67.62 million Yuan, a reduced outflow compared to the prior year; net cash flow from financing activities was -34.41 million Yuan, and the period-end cash and cash equivalents balance was 85.20 million Yuan Consolidated Cash Flow Statement Key Data (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -43,499,805.89 | -11,970,983.28 | | Net Cash Flow from Investing Activities | -67,624,002.49 | -493,565,297.38 | | Net Cash Flow from Financing Activities | -34,413,416.86 | -55,880,547.35 | | Net Increase in Cash and Cash Equivalents | -145,477,067.51 | -561,103,197.04 | | Cash and Cash Equivalents at End of Period | 85,200,422.07 | 222,066,893.58 | - Total cash inflow from operating activities was 245 million Yuan, and total outflow was 288 million Yuan, resulting in negative net cash flow from operating activities[20][21] - Cash inflow from investing activities was 664 million Yuan, primarily from other cash related to investing activities of 660 million Yuan; cash outflow from investing activities was 731 million Yuan, mainly for the acquisition of fixed assets, intangible assets, and other long-term assets, and other cash payments related to investing activities[21] Audit Report The company's Q3 2024 report is unaudited - The company's third-quarter report is unaudited[22]