嘉环科技(603206) - 2024 Q3 - 季度财报

I. Key Financial Data Key Accounting Data and Financial Indicators Operating revenue grew, but net profit attributable to shareholders and non-recurring net profit significantly declined, alongside substantial negative operating cash flow Key Accounting Data and Financial Indicators | Item | Year-to-Date (CNY) | Year-to-Date YoY Change (%) | Current Period (Q3) (CNY) | Q3 YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,103,009,364.10 | 12.84% | 1,051,945,036.02 | 21.11% | | Net Profit Attributable to Shareholders | 75,329,113.27 | -31.96% | 13,945,891.61 | -55.24% | | Net Profit Attributable to Shareholders (Excl. Non-Recurring Items) | 65,967,408.19 | -29.37% | 12,142,953.23 | -51.79% | | Basic EPS (CNY/share) | 0.25 | -30.56% | 0.05 | -50.00% | | Net Cash Flow from Operating Activities | -1,222,880,786.74 | Not Applicable | Not Applicable | Not Applicable | Key Balance Sheet Indicators | Item | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,683,012,997.76 | 6,292,792,662.90 | 6.20% | | Owners' Equity Attributable to Shareholders | 2,219,147,483.56 | 2,202,280,734.77 | 0.77% | Non-Recurring Gains and Losses Items and Amounts Year-to-date non-recurring gains and losses totaled CNY 9.36 million, primarily from government grants and fair value changes of financial assets and liabilities Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Year-to-Date Amount (CNY) | Current Period Amount (CNY) | | :--- | :--- | :--- | | Government Grants Recognized in Current P&L | 5,695,031.27 | 310,878.53 | | Gains/Losses from Financial Assets/Liabilities | 5,631,346.48 | 2,512,526.58 | | Other Non-Operating Income and Expenses | -869,824.93 | -751,448.10 | | Total | 9,361,705.08 | 1,802,938.38 | Analysis of Changes in Key Financial Indicators The company attributes the significant decline in net profit and EPS to increased administrative and financial expenses, reduced other income, and higher credit impairment losses - Third-quarter net profit attributable to the parent company decreased by 55.24% year-over-year, primarily due to increased administrative and financial expenses and reduced other income in the current period[6] - Year-to-date net profit attributable to the parent company decreased by 31.96% year-over-year, mainly due to increased administrative and financial expenses, reduced other income, and increased credit impairment losses in the current period[6] - The decline in basic and diluted earnings per share (Q3 -50.00% YoY, YTD -30.56% YoY) is directly attributed to the decrease in net profit attributable to shareholders of the listed company[6][7] II. Shareholder Information Shareholding Status As of the reporting period end, the company had 22,918 common shareholders, with high ownership concentration and key shareholders acting in concert, reinforcing control - Total number of common shareholders at the end of the reporting period was 22,918[8] Top Ten Shareholders' Shareholding Status | Shareholder Name | Number of Shares Held | Shareholding Percentage (%) | | :--- | :--- | :--- | | Zong Yan | 90,329,450 | 29.60 | | Qin Weizhong | 90,309,450 | 29.59 | | Nanjing Huanzhi Investment Management Partnership (Limited Partnership) | 19,361,100 | 6.34 | | Nanjing Yuanyihe Equity Investment Partnership (Limited Partnership) | 9,000,000 | 2.95 | | Nanjing Changshengxing Equity Investment Partnership (Limited Partnership) | 9,000,000 | 2.95 | - Shareholders Zong Yan, Qin Weizhong, and investment partnerships Nanjing Huanzhi, Nanjing Yuanyihe, and Nanjing Changshengxing are identified as parties acting in concert. Shenzhen Lingyu Jishi Equity Investment Partnership and Anhui Xin'an Jishi Industrial Upgrading Fund Partnership are also parties acting in concert[10] IV. Quarterly Financial Statements Consolidated Balance Sheet Analysis Total assets grew, but cash significantly decreased while short-term borrowings surged, increasing total liabilities and the asset-liability ratio Key Balance Sheet Items (Consolidated) | Item | Sep 30, 2024 (CNY) | Dec 31, 2023 (CNY) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 312,099,811.77 | 909,532,508.36 | -65.7% | | Accounts Receivable | 1,987,139,932.35 | 1,810,340,428.58 | +9.8% | | Inventories | 3,290,440,835.80 | 2,626,999,705.89 | +25.3% | | Total Assets | 6,683,012,997.76 | 6,292,792,662.90 | +6.20% | | Short-term Borrowings | 1,239,152,677.49 | 424,288,663.11 | +192.1% | | Accounts Payable | 1,700,957,833.80 | 1,977,604,617.73 | -14.0% | | Total Liabilities | 4,462,802,919.29 | 4,089,817,159.89 | +9.1% | | Equity Attributable to Owners of Parent | 2,219,147,483.56 | 2,202,280,734.77 | +0.77% | Consolidated Income Statement Analysis Operating revenue grew, but total costs increased faster, leading to a significant decline in net profit, primarily due to higher administrative and financial expenses Key Income Statement Items (Consolidated) | Item | Q1-Q3 2024 (CNY) | Q1-Q3 2023 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,103,009,364.10 | 2,749,958,107.76 | +12.84% | | Operating Cost | 2,696,150,157.79 | 2,362,249,249.25 | +14.13% | | Administrative Expenses | 142,843,624.04 | 117,248,323.32 | +21.83% | | Financial Expenses | 20,969,902.02 | 9,422,591.81 | +122.54% | | Credit Impairment Losses | -15,474,459.50 | -4,494,035.87 | -244.33% | | Operating Profit | 81,271,792.78 | 119,506,018.41 | -31.99% | | Net Profit Attributable to Parent Company Shareholders | 75,329,113.27 | 110,709,462.81 | -31.96% | | Basic EPS (CNY/share) | 0.25 | 0.36 | -30.56% | Consolidated Cash Flow Statement Analysis Net cash flow from operating activities showed a significantly increased negative outflow, primarily due to higher cash payments for goods and services, with financing activities providing essential liquidity Key Cash Flow Items (Consolidated) | Item | Q1-Q3 2024 (CNY) | Q1-Q3 2023 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,222,880,786.74 | -762,303,924.06 | | Net Cash Flow from Investing Activities | 1,093,728.66 | 59,576,075.80 | | Net Cash Flow from Financing Activities | 726,778,956.21 | 449,029,611.02 | | Net Increase in Cash and Cash Equivalents | -495,008,101.87 | -253,698,237.24 | | Cash and Cash Equivalents at Period-End | 257,348,194.82 | 249,111,393.83 | Parent Company Financial Statements Parent company financial statements reflect similar trends to consolidated results, showing revenue growth, declining net profit, and significant negative operating cash flow Parent Company Balance Sheet Parent company total assets grew, but cash significantly decreased while inventories and short-term borrowings substantially increased, mirroring consolidated trends Key Balance Sheet Items (Parent Company) | Item | Sep 30, 2024 (CNY) | Dec 31, 2023 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 306,945,938.65 | 866,489,734.30 | | Inventories | 2,281,710,829.47 | 1,995,283,326.91 | | Total Assets | 6,125,404,698.04 | 5,806,438,206.32 | | Short-term Borrowings | 1,214,133,162.86 | 413,979,365.31 | | Total Liabilities | 3,978,949,463.80 | 3,685,108,877.86 | Parent Company Income Statement Parent company operating revenue grew, but net profit declined, mirroring the consolidated trend despite a smaller decrease in net profit Key Income Statement Items (Parent Company) | Item | Q1-Q3 2024 (CNY) | Q1-Q3 2023 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 2,680,571,122.14 | 2,272,273,930.57 | | Operating Profit | 86,615,358.51 | 97,063,484.48 | | Net Profit | 83,588,270.26 | 94,873,635.95 | Parent Company Cash Flow Statement Parent company operating cash flow showed a significant net outflow, similar to consolidated results, with financing activities providing essential liquidity to support operations Key Cash Flow Items (Parent Company) | Item | Q1-Q3 2024 (CNY) | Q1-Q3 2023 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,181,239,025.01 | -712,653,605.63 | | Net Cash Flow from Investing Activities | -10,904,090.96 | 45,043,387.38 | | Net Cash Flow from Financing Activities | 713,826,537.11 | 421,258,141.30 | | Cash and Cash Equivalents at Period-End | 255,194,321.70 | 238,258,735.20 |