COMEC(SH:600685)2014-10-28 16:00Financial Performance - Net profit attributable to shareholders was a loss of CNY 614.57 million, compared to a profit of CNY 65.75 million in the same period last year[8]. - The company's net profit attributable to shareholders showed a significant decline, with retained earnings dropping by 90.35% to ¥66,775,379.89 from ¥691,646,062.40, primarily due to cumulative losses in the current period[16]. - The net loss for Q3 2014 was ¥343,231,786.84, worsening from a loss of ¥56,797,007.83 in Q3 2013[33]. - The net profit for the period was a loss of CNY 174.60 million, compared to a profit of CNY 386.46 million in Q3 2013[35]. - The total profit for the period was a loss of CNY 134.80 million, contrasting with a profit of CNY 1.53 million in the previous year[35]. - The company reported a comprehensive loss of ¥333,788,286.84 for Q3 2014, compared to a loss of ¥57,145,546.42 in the same quarter last year[33]. Revenue and Costs - Operating revenue increased by 63.28% to CNY 6.12 billion compared to CNY 3.75 billion in the same period last year[8]. - The company's operating revenue for the third quarter reached ¥6,122,924,905.59, a 63.28% increase compared to ¥3,749,950,780.78 in the same period last year, primarily due to the merger with Longxue Shipbuilding and increased production capacity[16]. - Operating costs rose to ¥6,227,806,824.23, reflecting a 72.45% increase from ¥3,611,376,188.28, attributed to improved market conditions and higher production output[17]. - Total operating revenue for Q3 2014 reached ¥2,236,040,732.61, a significant increase from ¥1,112,952,500.91 in Q3 2013, representing a year-over-year growth of approximately 100.5%[33]. - Total operating costs for Q3 2014 were ¥2,647,332,005.11, compared to ¥1,333,514,895.56 in the same period last year, indicating an increase of about 98.5%[33]. Cash Flow - The net cash flow from operating activities was a negative CNY 1.96 billion, compared to a negative CNY 798.70 million in the same period last year[7]. - The net cash flow from operating activities for the current period was -1,956,846,827.41 RMB, compared to -798,700,299.30 RMB in the same period last year, indicating a significant increase in construction and procurement costs[18]. - The net cash flow from investing activities was -1,506,083,638.67 RMB, a decrease from 335,646,522.78 RMB in the previous year, primarily due to increased acquisition costs for equity stakes[18]. - The net cash flow from financing activities improved to 602,014,229.46 RMB, compared to -604,888,273.70 RMB in the previous year, attributed to the issuance of H shares raising 2.169 billion RMB[18]. - Cash flow from operating activities showed a net outflow of CNY 1.96 billion, worsening from a net outflow of CNY 798.70 million in the same period last year[38]. - Cash flow from investing activities resulted in a net outflow of CNY 1.51 billion, compared to a net inflow of CNY 335.65 million in Q3 2013[39]. - Cash flow from financing activities generated a net inflow of CNY 602.01 million, a recovery from a net outflow of CNY 604.89 million in the previous year[39]. Assets and Liabilities - Total assets decreased by 3.63% to CNY 20.78 billion compared to the end of the previous year[7]. - The total assets as of September 30, 2014, amounted to ¥15,817,857,949.71, up from ¥12,388,558,012.69 at the beginning of the year, reflecting a growth of approximately 27.5%[30]. - Current liabilities increased to ¥7,018,590,234.09 from ¥5,928,856,222.85 at the start of the year, marking an increase of about 18.4%[30]. - The company's total liabilities reached ¥10,270,540,676.23, compared to ¥8,440,056,887.41 at the beginning of the year, representing an increase of approximately 21.7%[30]. - The company's short-term borrowings increased by 67.79% to ¥4,597,732,473.58 from ¥2,740,220,723.02, indicating a shift in borrowing structure[16]. - The company's total liabilities decreased by 55.74% for current liabilities, reflecting a reduction in short-term borrowings due to repayment[16]. Shareholder and Equity Information - The number of shareholders reached 50,798 by the end of the reporting period[11]. - The company completed a non-public offering of H shares, increasing its share capital from 643,080,854 shares to 1,030,534,651 shares[8]. - The net asset per share decreased by 22.86% to CNY 4.69 per share[7]. - The owner's equity totaled ¥5,547,317,273.48, up from ¥3,948,501,125.28 at the beginning of the year, indicating a growth of about 40.5%[30]. Government Support and Investments - The company received government subsidies totaling CNY 31.97 million during the reporting period[10]. - The company reported a foreign exchange impact of approximately $27.75 million on cash and cash equivalents[42]. - The company received approximately $2.20 billion from investment contributions, indicating strong investor confidence[42]. Strategic Initiatives - The company is undergoing a major asset restructuring, with stock trading suspended since April 8, 2014, due to this significant event[19]. - The board approved the disposal of several assets, including properties and equity stakes, to optimize the asset structure[20]. - The company plans to continue expanding its market presence and enhance production capabilities through strategic investments and potential mergers[16].