Zhejiang Furun(SH:600070)2014-10-24 16:00Financial Performance - Operating revenue decreased by 10.22% to CNY 719,035,385.19 for the first nine months compared to the same period last year[8] - Net profit attributable to shareholders decreased by 61.60% to CNY 13,973,510.04 for the first nine months compared to the same period last year[8] - Basic and diluted earnings per share decreased by 61.54% to CNY 0.05 compared to the same period last year[8] - The company reported a net loss of CNY 118,339.99 for Q3 2014, compared to a net profit in Q3 2013[30] - Net profit attributable to shareholders was CNY 5,770,046.43, compared to CNY 10,263,284.22 in the same period last year, reflecting a decline of approximately 43.5%[31] - The company reported a total profit of CNY 6,813,958.33, down from CNY 24,901,708.51 in Q3 2013[31] Cash Flow - Cash flow from operating activities showed a significant decline of 209.31%, resulting in a net cash outflow of CNY -54,207,690.24 for the first nine months[8] - Cash flow from operating activities totaled CNY 4,689,265.40 in Q3 2014, compared to CNY 2,304,481.39 in Q3 2013, representing an increase of 103.5%[42] - Cash flow from investment activities decreased by 99.53% to CNY 1,480,544.74, as there were no significant income sources like last year's recovery of entrusted loans[13] - Cash flow from financing activities showed a net outflow of CNY 40,656,732.14 in Q3 2014, compared to a net outflow of CNY 304,771,036.62 in Q3 2013, indicating a significant improvement[39] - The total cash inflow from investment activities was CNY 56,613,234.46 in Q3 2014, a decrease of 81.5% compared to CNY 306,188,851.72 in Q3 2013[42] Assets and Liabilities - Total assets increased by 8.59% to CNY 1,921,494,318.94 compared to the end of the previous year[8] - Total current assets increased to CNY 747,105,064.95 from CNY 720,016,419.47, reflecting a growth in liquidity[22] - Current liabilities rose to CNY 551,651,746.44, compared to CNY 471,372,288.66 in the previous year, indicating an increase of 17.0%[24] - The company’s long-term liabilities totaled CNY 186,693,632.54, an increase from CNY 155,922,870.44, reflecting a rise of 19.7%[24] - The company’s total liabilities reached CNY 738,345,378.98, up from CNY 627,295,159.10, indicating an increase of 17.7%[24] Shareholder Information - The total number of shareholders reached 18,831 by the end of the reporting period[10] - The largest shareholder, Furun Holdings Group, holds 26.76% of the shares, with a decrease of 2,700,000 shares during the reporting period[10] Inventory and Receivables - Accounts receivable increased by 109.70% to CNY 64,677,453.78 due to increased collections from Minghe Steel Pipe Company and Textile Company[12] - Prepayments increased by 96.79% to CNY 38,657,046.42, primarily due to increased procurement of steel billets by Minghe Steel Pipe Company[13] - Inventory impairment provision rose by 48.40% to CNY 8,047,731.60, mainly due to declining prices of raw materials and inventory goods[13] - Accounts payable increased by 157.88% to CNY 63,180,000.00, attributed to an increase in payments settled by notes during the period[13] Government Support and Income - The company received government subsidies amounting to CNY 1,776,439.50 during the first nine months[11] - Investment income decreased by 33.00% to CNY 14,266,983.56, as there were no similar gains from the sale of Honglei Copper Industry stocks in the current period[13] - The company reported a 71.24% decrease in income tax expenses to CNY 3,105,955.09, primarily due to reduced profits during the period[13] Capital and Equity - The company’s capital stock increased by 50.00% to CNY 274,317,732.00, following a capital reserve conversion approved at the 2013 shareholders' meeting[13] - The total equity attributable to shareholders increased to CNY 919,127,295.31 from CNY 864,216,487.45, marking a growth of 6.4%[24] Market Strategy - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[30]