华鹏飞(300350) - 2024 Q3 - 季度财报

Important Content Disclosure This section confirms the board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report information, and states that the financial information is true, accurate, and complete, with this quarterly report being unaudited - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report and assume legal responsibility[2] - The company's head, chief accountant, and head of accounting department declare: they guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[2] - The third-quarter report is unaudited[2][21] I. Key Financial Data Key Accounting Data and Financial Indicators Huapengfei Co., Ltd.'s Q3 2024 report shows a 13.48% year-on-year decrease in operating revenue and a 100.71% year-on-year decline in net profit attributable to shareholders, resulting in a loss of 0.96 million CNY, while operating cash flow significantly improved by 97.07% year-to-date Key Accounting Data and Financial Indicators (Current Period and Year-to-Date) | Indicator | Current Period (CNY) | YoY Change (Current Period) | Year-to-Date (CNY) | YoY Change (Year-to-Date) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 95,633,606.71 | -13.48% | 255,423,227.25 | -16.73% | | Net Profit Attributable to Shareholders of Listed Company | -956,856.00 | -100.71% | 22,513,314.58 | -81.60% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 841,800.38 | 108.38% | -17,081,267.45 | 40.83% | | Net Cash Flow from Operating Activities | -- | -- | -2,314,933.77 | 97.07% | | Basic Earnings Per Share (CNY/share) | -0.0017 | -100.71% | 0.0400 | -81.60% | | Diluted Earnings Per Share (CNY/share) | -0.0017 | -100.71% | 0.0400 | -81.60% | | Weighted Average Return on Net Assets | -0.10% | -15.88% | 2.47% | -11.72% | Key Balance Sheet Indicators (End of Current Period and End of Previous Year) | Indicator | End of Current Period (CNY) | End of Previous Year (CNY) | Change from End of Previous Year | | :--- | :--- | :--- | :--- | | Total Assets | 1,118,267,032.74 | 1,171,154,060.78 | -4.52% | | Owners' Equity Attributable to Shareholders of Listed Company | 924,242,430.47 | 901,729,115.89 | 2.50% | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled -1.80 million CNY for the current period and 39.59 million CNY year-to-date, primarily influenced by performance compensation received from Li Changjun and Yang Yang Non-recurring Gains and Losses and Amounts | Item | Amount for Current Period (CNY) | Amount Year-to-Date (CNY) | Explanation | | :--- | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 174,797.20 | 370,913.99 | | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 100,499.90 | 355,606.43 | | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | -9,193.92 | -4,307,355.56 | | | Gains or losses from entrusted investment or asset management | 579,169.17 | 2,270,205.16 | | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | | 10,020.07 | | | Other non-operating income and expenses apart from the above | -2,643,950.73 | 40,913,906.52 | Primarily due to the company receiving performance compensation from Li Changjun and Yang Yang in the first quarter of the reporting period | | Less: Income tax impact | | 18,224.58 | | | Impact on minority interests (after tax) | -22.00 | 490.00 | | | Total | -1,798,656.38 | 39,594,582.03 | -- | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[5] Changes and Reasons for Key Accounting Data and Financial Indicators This section details significant changes in the company's balance sheet, income statement, and cash flow statement items during the reporting period, including notable shifts in monetary funds, financial assets held for trading, short-term borrowings, lease liabilities, administrative expenses, R&D expenses, investment income, non-operating income, and net cash flow from operating activities 1、Significant Changes and Explanations for Balance Sheet Items At the end of the reporting period, the company's monetary funds increased by 177.06% to 209.40 million CNY due to the redemption of bank wealth management products, while financial assets held for trading decreased significantly by 80.58%, and short-term borrowings decreased by 67.54% due to repayment of bank loans Significant Changes in Balance Sheet Items | Balance Sheet Item | 2024.9.30 (CNY) | 2023.12.31 (CNY) | Change from Beginning of Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 209,395,039.02 | 75,577,038.88 | 177.06% | | | Financial Assets Held for Trading | 40,002,444.44 | 205,938,541.67 | -80.58% | Primarily due to the company redeeming bank wealth management products during the reporting period | | Notes Receivable | 10,674,925.05 | 16,211,051.37 | -34.15% | Primarily due to the maturity and payment of bank acceptance bills received by the company during the reporting period | | Prepayments | 5,814,525.57 | 4,146,244.31 | 40.24% | Primarily due to an increase in the company's prepaid business items during the reporting period | | Other Receivables | 6,146,504.31 | 13,057,365.19 | -52.93% | Primarily due to the company receiving dividend payments from Dongguan Jianguang Guangpeng Equity Investment Partnership (Limited Partnership) and receiving代收代付款 for supply chain business during the reporting period | | Right-of-Use Assets | 7,108,240.18 | 1,127,366.27 | 530.52% | Primarily due to the company's office space lease renewal during the reporting period | | Short-term Borrowings | 25,800,000.00 | 79,492,068.49 | -67.54% | Primarily due to the company repaying bank loans during the reporting period | | Non-current Liabilities Due Within One Year | 2,843,985.16 | 766,784.32 | 270.90% | | | Lease Liabilities | 4,270,753.33 | 423,417.05 | 908.64% | Primarily due to the company's office space lease renewal during the reporting period | | Provisions | 7,303,323.49 | 3,895,246.23 | 87.49% | Primarily due to an increase in the company's unresolved litigation cases related to the Beijing fire during the reporting period | 2、Significant Changes and Explanations for Income Statement Items Year-to-date, administrative and R&D expenses decreased by 40.16% and 72.59% respectively, mainly due to the disposal of part of Hongtu Chuangzhan's equity in the previous year, which is no longer consolidated, while investment income significantly declined by 99.40%, and non-operating income surged by 655.36% due to performance compensation Significant Changes in Income Statement Items | Income Statement Item | Jan-Sep 2024 (CNY) | Jan-Sep 2023 (CNY) | Change from Prior Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 35,782,927.66 | 59,795,043.70 | -40.16% | Primarily due to the company's disposal of part of the equity of Liaoning Hongtu Chuangzhan Surveying and Mapping Co., Ltd. (hereinafter referred to as "Hongtu Chuangzhan") in the previous year, which is no longer included in the consolidated financial statements | | Research and Development Expenses | 5,704,634.92 | 20,814,851.63 | -72.59% | | | Financial Expenses | 1,355,706.36 | 4,769,625.32 | -71.58% | Primarily due to the company's disposal of part of the equity of Liaoning Hongtu Chuangzhan Surveying and Mapping Co., Ltd. (hereinafter referred to as "Hongtu Chuangzhan") in the previous year, which is no longer included in the consolidated financial statements | | Other Income | 140,448.05 | 5,415,324.11 | -97.41% | Primarily due to the company's disposal of part of the equity of Liaoning Hongtu Chuangzhan Surveying and Mapping Co., Ltd. (hereinafter referred to as "Hongtu Chuangzhan") in the previous year, which is no longer included in the consolidated financial statements | | Credit Impairment Losses | -2,432,392.33 | -7,850,704.26 | 69.02% | | | Taxes and Surcharges | 3,951,833.41 | 2,940,601.69 | 34.39% | Primarily due to the company paying stamp duty during the reporting period | | Investment Income | 842,180.14 | 139,534,127.80 | -99.40% | Primarily due to the company's gain from disposing of part of Hongtu Chuangzhan's equity in the same period last year | | Fair Value Change Gains | -4,307,355.56 | 905,625.00 | -575.62% | Primarily due to changes in the fair value of other non-current financial assets held by the company at the end of the reporting period | | Asset Disposal Gains | 401,414.59 | -622,888.68 | 164.44% | Primarily due to the company's disposal of vehicle equipment | | Non-operating Income | 46,528,012.64 | 6,159,673.71 | 655.36% | Primarily due to the company receiving performance compensation from Li Changjun and Yang Yang in the first quarter of the reporting period | | Non-operating Expenses | 5,680,256.72 | -1,850,839.97 | 406.90% | Primarily due to an increase in the company's unresolved litigation cases related to the Beijing fire during the reporting period | 3、Significant Changes and Explanations for Cash Flow Statement Items Year-to-date, net cash flow from operating activities significantly improved by 97.07% to -2.31 million CNY, driven by increased sales collections and performance compensation, while net cash flow from investing activities surged by 536.30% due to redemption of bank wealth management products, and net cash flow from financing activities decreased by 299.86% due to reduced bank borrowings Significant Changes in Cash Flow Statement Items | Cash Flow Statement Item | Jan-Sep 2024 (CNY) | Jan-Sep 2023 (CNY) | Change from Prior Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -2,314,933.77 | -79,064,044.05 | 97.07% | Primarily due to increased sales collections and the receipt of performance compensation from Li Changjun and Yang Yang during the reporting period | | Net Cash Flow from Investing Activities | 167,080,262.99 | 26,258,257.34 | 536.30% | Primarily due to the company redeeming bank wealth management products during the reporting period | | Net Cash Flow from Financing Activities | -52,482,691.44 | 26,259,903.07 | -299.86% | Primarily due to the company's reduced bank borrowings during the reporting period | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -551,942.40 | -61,693.64 | 794.50% | | | Net Increase in Cash and Cash Equivalents | 111,730,695.38 | -26,607,577.28 | 519.92% | Primarily due to the company redeeming bank wealth management products during the reporting period | II. Shareholder Information Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 34,764 common shareholders, with Zhang Jingyu holding the largest stake at 15.72%, a significant portion of which is restricted and pledged - At the end of the reporting period, the total number of common shareholders was 34,764, with no preferred shareholders with restored voting rights[9] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Jingyu | Domestic Natural Person | 15.72% | 88,364,325 | 66,273,244 | Pledged 34,200,000 | | Zhang Qian | Domestic Natural Person | 3.86% | 21,704,016 | 16,278,012 | Not Applicable 0 | | Zheng Zhiqian | Domestic Natural Person | 3.01% | 16,915,460 | 0 | Not Applicable 0 | | Ding Bojian | Domestic Natural Person | 1.80% | 10,122,030 | 0 | Not Applicable 0 | | Wu Jianke | Domestic Natural Person | 1.48% | 8,317,955 | 0 | Not Applicable 0 | | Qi Changfeng | Domestic Natural Person | 1.33% | 7,449,975 | 5,587,481 | Not Applicable 0 | | Cai Binwei | 0.36% | 2,022,600 | 0 | Not Applicable 0 | | Xia Yu | 0.36% | 2,018,000 | 0 | Not Applicable 0 | | Lin Shuqin | 0.32% | 1,801,080 | 0 | Not Applicable 0 | | Ma Yuanpu | 0.31% | 1,756,000 | 0 | Not Applicable 0 | - Company shareholder Qi Changfeng is Zhang Jingyu's spouse, and Zhang Qian is the daughter of Zhang Jingyu and Qi Changfeng; Zhang Guangming and Zhang Chao are brothers to Zhang Jingyu[9] - Some of the top 10 shareholders hold shares through margin trading and securities lending accounts, such as Zheng Zhiqian, Cai Binwei, and Xia Yu[10] Total Number of Preferred Shareholders and Top 10 Preferred Shareholders' Holdings The company has no preferred shareholders - The company has no preferred shareholders[11] Changes in Restricted Shares During the reporting period, the total number of restricted shares slightly decreased, primarily due to the lifting of restrictions on equity incentive shares, while executive lock-up shares remain 75% of total holdings Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Date for Release of Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Jingyu | 66,273,244 | 0 | 0 | 66,273,244 | Executive Lock-up Shares | Executive lock-up shares are locked at 75% of total holdings annually | | Zhang Qian | 16,278,012 | 0 | 0 | 16,278,012 | Executive Lock-up Shares | Executive lock-up shares are locked at 75% of total holdings annually | | Zhang Guangming | 1,139,100 | 0 | 0 | 1,139,100 | Executive Lock-up Shares | Executive lock-up shares are locked at 75% of total holdings annually | | Zhang Chao | 1,140,000 | 0 | 0 | 1,140,000 | IPO Restricted Commitment | According to the IPO restricted share commitment, 75% of total holdings are locked annually during Mr. Zhang Jingyu's tenure | | Qi Changfeng | 5,587,481 | 0 | 0 | 5,587,481 | IPO Restricted Commitment | According to the IPO restricted share commitment, 75% of total holdings are locked annually during Mr. Zhang Jingyu's tenure | | Zhan Juan | 153,225 | 0 | -124,200 | 29,025 | Executive Lock-up Shares, Equity Incentive Restricted Shares | Executive lock-up shares are locked at 75% of total holdings annually; released from restriction according to the "2022 Restricted Stock Incentive Plan" | | Cheng Yuqi | 124,200 | 0 | -124,200 | 0 | Equity Incentive Restricted Shares | Released from restriction according to the "2022 Restricted Stock Incentive Plan" | | Wang Dongmei | 124,200 | 0 | -124,200 | 0 | Equity Incentive Restricted Shares | Released from restriction according to the "2022 Restricted Stock Incentive Plan" | | Xu Lihua | 69,000 | 0 | -69,000 | 0 | Equity Incentive Restricted Shares | Released from restriction according to the "2022 Restricted Stock Incentive Plan" | | Total | 90,888,462 | 0 | -441,600 | 90,446,862 | -- | -- | III. Other Significant Matters Major Litigation and Arbitration Matters The company won the final judgment in the equity dispute case with Gao Shengtao et al. regarding Suzhou Saifute Technology Co., Ltd. in 2020, and has cumulatively received 47.10 million CNY in judgment payments as of September 2024 - The company won the final judgment on July 27, 2020, in the equity dispute with Gao Shengtao, Yang Jianmin, Dai Weiming, Chen Anming, Jiangyin Lan Hai Investment Co., Ltd., Suzhou Heyu Technology Microfinance Co., Ltd., Suzhou Industrial Park Origin Venture Capital Co., Ltd., and Jiangsu Yueda Venture Capital Co., Ltd. regarding Suzhou Saifute Technology Co., Ltd[13] - As of September 2024, the company has received a total of 47.10 million CNY in judgment payments related to this case[13] External Investments The company established Yangzhou Huapengfei Smart Logistics Co., Ltd. with a 51% stake during the reporting period and completed the liquidation and deregistration of Shenzhen Huapengfei Logistics Co., Ltd - The company, in partnership with Yangzhou Economic Development Zone City Service Co., Ltd., established Yangzhou Huapengfei Smart Logistics Co., Ltd., investing 1.02 million CNY of its own funds for a 51% stake[13] - Shenzhen Huapengfei Logistics Co., Ltd. completed its industrial and commercial deregistration procedures on September 26, 2024[13] Cash Management and Wealth Management Activities The company utilized 40 million CNY of its own funds to purchase a principal-protected floating-rate structured deposit from Shanghai Pudong Development Bank, with an expected annualized yield between 1.10% and 2.40%, which remains outstanding at the end of the reporting period Cash Management and Wealth Management Activities | Entrusting Party | Trustee | Source of Funds | Product Name | Product Type | Amount (CNY in millions) | Start Date | Maturity Date | Expected Annualized Yield | Realized Income (CNY in millions) | Matured | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bohan Weiye (Beijing) Technology Co., Ltd. | Shanghai Pudong Development Bank Shenzhen Branch | Own Funds | Liduo Duo Corporate Stable 24JG6740 (Three-Layer Call) RMB Corporate Structured Deposit | Principal-Protected Floating-Rate | 40.00 | 2024/9/30 | 2024/10/30 | 1.10% 2.20% 2.40% | / | Not Matured | - Apart from the aforementioned cash management with its own funds, the company has no other wealth management activities[15] Matters Related to the 2022 Restricted Stock Incentive Plan The company's 2022 Restricted Stock Incentive Plan was terminated and approved by shareholders on May 15, 2024, with the repurchase and cancellation of restricted shares completed on July 8, 2024, reducing the total share capital from 562,453,879 shares to 562,012,279 shares - The company has terminated the 2022 Restricted Stock Incentive Plan and completed the repurchase and cancellation of Class I restricted shares and the invalidation of Class II restricted shares[15] - Following this cancellation, the company's total share capital decreased from 562,453,879 shares to 562,012,279 shares[15] IV. Quarterly Financial Statements Financial Statements This section presents Huapengfei Co., Ltd.'s consolidated balance sheet as of September 30, 2024, and the consolidated income statement and consolidated cash flow statement for the nine months ended September 30, 2024, illustrating the company's financial position at the end of the reporting period and its operating results and cash flows year-to-date 1、Consolidated Balance Sheet As of September 30, 2024, the company's total assets were 1.12 billion CNY, a 4.52% decrease from the beginning of the period, with monetary funds significantly increasing by 177.06% to 209.40 million CNY, while financial assets held for trading decreased by 80.58% Consolidated Balance Sheet (Period-End Balance vs. Period-Beginning Balance) | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Current Assets: | | | | Monetary Funds | 209,395,039.02 | 75,577,038.88 | | Financial Assets Held for Trading | 40,002,444.44 | 205,938,541.67 | | Notes Receivable | 10,674,925.05 | 16,211,051.37 | | Accounts Receivable | 283,885,270.68 | 286,725,775.36 | | Prepayments | 5,814,525.57 | 4,146,244.31 | | Other Receivables | 6,146,504.31 | 13,057,365.19 | | Inventories | 4,122,293.44 | 3,801,384.53 | | Other Current Assets | 4,935,825.95 | 5,350,742.43 | | Total Current Assets | 594,670,846.06 | 637,336,406.70 | | Non-current Assets: | | | | Long-term Equity Investments | 167,486,270.03 | 168,996,239.87 | | Other Non-current Financial Assets | 122,134,400.00 | 126,444,200.00 | | Fixed Assets | 188,945,383.33 | 201,199,031.54 | | Right-of-Use Assets | 7,108,240.18 | 1,127,366.27 | | Intangible Assets | 36,154,279.81 | 33,782,129.77 | | Deferred Income Tax Assets | 618,018.86 | 783,650.18 | | Total Non-current Assets | 523,596,186.68 | 533,817,654.08 | | Total Assets | 1,118,267,032.74 | 1,171,154,060.78 | | Current Liabilities: | | | | Short-term Borrowings | 25,800,000.00 | 79,492,068.49 | | Accounts Payable | 84,422,312.73 | 103,972,385.48 | | Contract Liabilities | 38,403,765.52 | 47,167,937.81 | | Employee Benefits Payable | 2,243,980.17 | 2,646,743.06 | | Taxes Payable | 8,086,595.20 | 8,957,313.80 | | Other Payables | 18,827,954.52 | 18,739,145.81 | | Non-current Liabilities Due Within One Year | 2,843,985.16 | 766,784.32 | | Total Current Liabilities | 187,717,227.08 | 270,611,475.31 | | Non-current Liabilities: | | | | Lease Liabilities | 4,270,753.33 | 423,417.05 | | Provisions | 7,303,323.49 | 3,895,246.23 | | Total Non-current Liabilities | 11,590,233.01 | 4,320,969.17 | | Total Liabilities | 199,307,460.09 | 274,932,444.48 | | Owners' Equity: | | | | Share Capital | 562,012,279.00 | 562,453,879.00 | | Capital Reserve | 1,015,504,134.74 | 1,016,661,126.74 | | Retained Earnings | -697,841,360.01 | -720,354,674.59 | | Total Owners' Equity Attributable to Parent Company | 924,242,430.47 | 901,729,115.89 | | Minority Interests | -5,282,857.82 | -5,507,499.59 | | Total Owners' Equity | 918,959,572.65 | 896,221,616.30 | | Total Liabilities and Owners' Equity | 1,118,267,032.74 | 1,171,154,060.78 | 2、Consolidated Income Statement Year-to-Date For the nine months ended September 30, 2024, the company's total operating revenue was 255.42 million CNY, a 16.73% year-on-year decrease, and net profit attributable to parent company shareholders significantly declined by 81.60% to 22.51 million CNY, despite a substantial increase in non-operating income due to performance compensation Consolidated Income Statement Year-to-Date (Current Period Amount vs. Prior Period Amount) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 255,423,227.25 | 306,746,979.95 | | Including: Operating Revenue | 255,423,227.25 | 306,746,979.95 | | II. Total Operating Costs | 267,550,307.39 | 336,509,980.93 | | Including: Operating Costs | 216,410,989.10 | 242,086,602.95 | | Taxes and Surcharges | 3,951,833.41 | 2,940,601.69 | | Selling Expenses | 4,344,215.94 | 6,103,255.64 | | Administrative Expenses | 35,782,927.66 | 59,795,043.70 | | Research and Development Expenses | 5,704,634.92 | 20,814,851.63 | | Financial Expenses | 1,355,706.36 | 4,769,625.32 | | Add: Other Income | 140,448.05 | 5,415,324.11 | | Investment Income (Losses indicated by "－") | 842,180.14 | 139,534,127.80 | | Fair Value Change Gains (Losses indicated by "－") | -4,307,355.56 | 905,625.00 | | Credit Impairment Losses (Losses indicated by "－") | -2,432,392.33 | -7,850,704.26 | | Asset Disposal Gains (Losses indicated by "－") | 401,414.59 | -622,888.68 | | III. Operating Profit (Losses indicated by "－") | -17,482,785.25 | 107,618,482.99 | | Add: Non-operating Income | 46,528,012.64 | 6,159,673.71 | | Less: Non-operating Expenses | 5,680,256.72 | -1,850,839.97 | | IV. Total Profit (Total Losses indicated by "－") | 23,364,970.67 | 115,628,996.67 | | Less: Income Tax Expense | 800,235.14 | 2,032,039.10 | | V. Net Profit (Net Losses indicated by "－") | 22,564,735.53 | 113,596,957.57 | | Net Profit Attributable to Parent Company Shareholders | 22,513,314.58 | 122,341,802.58 | | Minority Interest Income/Loss | 51,420.95 | -8,744,845.01 | | VII. Total Comprehensive Income | 22,564,735.53 | 113,596,957.57 | | Total Comprehensive Income Attributable to Parent Company Owners | 22,513,314.58 | 122,341,802.58 | | Total Comprehensive Income Attributable to Minority Shareholders | 51,420.95 | -8,744,845.01 | | VIII. Earnings Per Share: | | | | Basic Earnings Per Share | 0.0400 | 0.2174 | | Diluted Earnings Per Share | 0.0400 | 0.2174 | 3、Consolidated Cash Flow Statement Year-to-Date For the nine months ended September 30, 2024, net cash flow from operating activities was -2.31 million CNY, a 97.07% improvement year-on-year, while net cash flow from investing activities increased by 536.30% to 167.08 million CNY due to redemption of bank wealth management products, and net cash flow from financing activities decreased by 299.86% to -52.48 million CNY due to reduced bank borrowings Consolidated Cash Flow Statement Year-to-Date (Current Period Amount vs. Prior Period Amount) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | I. Cash Flows from Operating Activities: | | | | Cash received from sales of goods and rendering of services | 273,768,105.08 | 304,042,864.97 | | Cash received relating to other operating activities | 53,511,596.77 | 35,241,038.09 | | Subtotal of Cash Inflows from Operating Activities | 327,279,701.85 | 339,283,903.06 | | Cash paid for goods and services | 245,322,268.19 | 288,466,900.38 | | Cash paid to and on behalf of employees | 25,865,743.87 | 76,546,407.25 | | Payments of all types of taxes | 11,816,854.13 | 11,850,413.38 | | Cash paid relating to other operating activities | 46,589,769.43 | 41,484,226.10 | | Subtotal of Cash Outflows from Operating Activities | 329,594,635.62 | 418,347,947.11 | | Net Cash Flow from Operating Activities | -2,314,933.77 | -79,064,044.05 | | II. Cash Flows from Investing Activities: | | | | Cash received from investment income | 4,266,721.18 | 800,000.00 | | Net cash received from disposal of fixed assets, intangible assets, and other long-term assets | 246,500.00 | 4,053.88 | | Net cash received from disposal of subsidiaries and other business units | | 708,517.18 | | Cash received relating to other investing activities | 828,208,748.39 | 462,231,340.18 | | Subtotal of Cash Inflows from Investing Activities | 832,721,969.57 | 463,743,911.24 | | Cash paid for acquisition of fixed assets, intangible assets, and other long-term assets | 5,109,269.64 | 12,485,653.90 | | Cash paid for investments | 400,000.00 | | | Cash paid relating to other investing activities | 660,132,436.94 | 425,000,000.00 | | Subtotal of Cash Outflows from Investing Activities | 665,641,706.58 | 437,485,653.90 | | Net Cash Flow from Investing Activities | 167,080,262.99 | 26,258,257.34 | | III. Cash Flows from Financing Activities: | | | | Cash received from minority shareholders' investment in subsidiaries | 236,639.34 | 15,175,000.00 | | Cash received from borrowings | 30,000,000.00 | 116,135,860.23 | | Subtotal of Cash Inflows from Financing Activities | 30,236,639.34 | 131,310,860.23 | | Cash paid for repayment of debts | 77,639,750.00 | 78,711,557.70 | | Cash paid for distribution of dividends, profits, or interest payments | 1,265,795.14 | 14,506,341.46 | | Cash paid relating to other financing activities | 3,813,785.64 | 11,833,058.00 | | Subtotal of Cash Outflows from Financing Activities | 82,719,330.78 | 105,050,957.16 | | Net Cash Flow from Financing Activities | -52,482,691.44 | 26,259,903.07 | | IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents | -551,942.40 | -61,693.64 | | V. Net Increase in Cash and Cash Equivalents | 111,730,695.38 | -26,607,577.28 | | Add: Cash and Cash Equivalents at Beginning of Period | 75,343,649.17 | 78,492,593.19 | | VI. Cash and Cash Equivalents at End of Period | 187,074,344.55 | 51,885,015.91 | Adjustments to Financial Statement Items at the Beginning of the First Execution Year of New Accounting Standards in 2024 The company did not have any adjustments to financial statement items at the beginning of the first execution year of new accounting standards in 2024 - The company has no adjustments to financial statement items at the beginning of the first execution year of new accounting standards in 2024[21] Audit Report The company's 2024 third-quarter report is unaudited - The company's third-quarter report is unaudited[21]