茂硕电源(002660) - 2025 Q3 - 季度财报

Report Overview This section provides an overview of the report, including important disclaimers and audit status Important Notice and Disclaimer The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report, with financial information affirmed by key financial personnel - Board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and bear individual and joint legal liabilities[3] - Company's principal, head of accounting, and head of accounting department declare the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3] Audit Status The financial accounting report for this reporting period is unaudited - The third-quarter financial accounting report is unaudited[4] Key Financial Data This section presents the company's key financial performance indicators for the quarter and year-to-date Key Accounting Data and Financial Indicators The company's Q3 2025 and year-to-date financial performance shows slight revenue growth year-to-date, but significant net losses attributable to shareholders and non-recurring items, leading to substantial declines in EPS and ROE, while operating cash flow increased significantly 2025 Q3 and Year-to-Date Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Current Period YoY Change | Year-to-Date (CNY) | Year-to-Date YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 292,839,966.47 | -9.88% | 945,195,713.14 | 2.95% | | Net Profit Attributable to Listed Company Shareholders | -35,391,058.80 | -811.46% | -57,920,920.52 | -252.32% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | -38,157,114.74 | -2,454.99% | -65,563,108.22 | -318.80% | | Net Cash Flow from Operating Activities | — | — | 24,660,253.23 | 48.02% | | Basic Earnings Per Share (CNY/share) | -0.0992 | -813.67% | -0.1624 | -252.35% | | Diluted Earnings Per Share (CNY/share) | -0.0992 | -813.67% | -0.1624 | -252.35% | | Weighted Average Return on Net Assets | -2.90% | -3.29% | -4.57% | -7.53% | | Period-End Indicators | Current Period-End (CNY) | Previous Year-End (CNY) | Current Period-End vs. Previous Year-End Change | | | Total Assets | 1,955,647,223.00 | 1,961,039,473.29 | -0.27% | | | Owner's Equity Attributable to Listed Company Shareholders | 1,201,889,410.25 | 1,296,965,807.63 | -7.33% | | Non-recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled CNY 2,766,055.94 for the current period and CNY 7,642,187.70 year-to-date, primarily from government subsidies, fair value changes of financial assets, and other non-operating income, offset by minor non-current asset disposal losses Non-recurring Gains and Losses Items and Amounts (Unit: CNY) | Item | Current Period Amount | Year-to-Date Amount | Explanation | | :--- | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -22,374.63 | -96,705.84 | Primarily due to the company's disposal of fixed assets | | Government Subsidies Included in Current Profit/Loss | 1,525,461.41 | 4,115,455.68 | Primarily export insurance subsidies, government interest subsidies, and amortization of deferred income from past enterprise technology upgrade and renovation projects | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises, and Gains/Losses from Disposal of Financial Assets and Liabilities | 1,951,114.26 | 4,954,408.94 | Primarily income from wealth management products and fair value changes | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 0.00 | 100,000.00 | Primarily due to recovery of accounts receivable for which full bad debt provisions had been made | | Debt Restructuring Gains/Losses | 0.00 | 39,251.13 | Primarily due to debt forgiveness for company payables | | Other Non-operating Income and Expenses Apart from the Above | 72,901.30 | 366,445.29 | Primarily long-aged accounts cleared and transferred to non-operating income | | Less: Income Tax Impact | 802,166.06 | 1,821,482.80 | | | Impact on Minority Interests (After Tax) | -41,119.66 | 15,184.70 | | | Total | 2,766,055.94 | 7,642,187.70 | -- | Changes and Reasons for Key Accounting Data and Financial Indicators Significant changes in financial indicators include substantial increases in trading financial assets, notes receivable, prepayments, and deferred income tax assets, alongside notable increases in short-term borrowings, notes payable, and other payables, reflecting increased financing needs and settlement adjustments, while investment income rose, fair value change income declined, and credit and asset impairment losses surged due to increased inventory write-downs and expected credit losses, leading to reduced retained earnings and minority interests from losses, with cash flow from operating activities and recovery of investments increasing, and cash paid for fixed asset purchases and other investment activities also rising Changes and Reasons for Key Accounting Data and Financial Indicators (Unit: CNY 10,000) | No. | Item | Period-End Balance/Current Year Amount | Period-Beginning Balance/Previous Year Amount | Change Amount | Change Percentage | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Trading Financial Assets | 27,587.31 | 19,914.53 | 7,672.78 | 38.53% | Primarily due to increased purchases of structured deposits and other wealth management products in the current period | | 2 | Notes Receivable | 9,202.70 | 5,692.03 | 3,510.67 | 61.68% | Primarily due to an increase in unexpired notes held at the end of the current period | | 4 | Deferred Income Tax Assets | 6,842.39 | 4,374.40 | 2,467.99 | 56.42% | Primarily due to an increase in deductible losses in the current period | | 5 | Short-term Borrowings | 6,765.68 | 4,603.35 | 2,162.33 | 46.97% | Primarily due to increased letter of credit financing and bank short-term borrowings in the current period | | 7 | Notes Payable | 14,831.98 | 9,819.44 | 5,012.54 | 51.05% | Primarily due to adjustment of settlement methods with suppliers in the current period | | 11 | Retained Earnings | 12,115.58 | 21,473.93 | -9,358.35 | -43.58% | Primarily due to losses incurred in the current period | | 12 | Minority Interests | -430.75 | 696.87 | -1,127.62 | -161.81% | Primarily due to losses incurred by non-wholly owned subsidiaries in the current period | | 15 | Investment Income (Losses indicated by "-") | 457.95 | 264.66 | 193.29 | 73.03% | Primarily due to increased income from matured wealth management products in the current period | | 16 | Fair Value Change Income (Losses indicated by "-") | 54.34 | 478.65 | -424.31 | -88.65% | Primarily due to fair value changes of unexpired wealth management products and forward foreign exchange contracts in the current period | | 17 | Credit Impairment Losses (Losses indicated by "-") | -575.58 | -52.18 | 523.40 | 1003.07% | Primarily due to increased provision for expected credit losses on accounts receivable in the current period | | 18 | Asset Impairment Losses (Losses indicated by "-") | -2,339.03 | 28.78 | 2,367.81 | 8227.28% | Primarily due to increased provision for inventory depreciation in the current period | | 21 | Cash Received Related to Other Operating Activities | 2,351.02 | 1,057.36 | 1,293.66 | 122.35% | Primarily due to increased receipt of intercompany balances in the current period | | 24 | Cash Received from Recovery of Investments | 40,882.88 | 30,029.30 | 10,853.58 | 36.14% | Primarily due to recovery of matured large-denomination certificates of deposit and other wealth management products in the current period | | 26 | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 2,869.90 | 1,719.42 | 1,150.48 | 66.91% | Primarily due to increased asset purchases for Vietnam factory expansion and manufacturing center equipment upgrades in the current period | | 27 | Cash Paid Related to Other Investing Activities | 977.72 | 98.63 | 879.09 | 891.30% | Primarily due to increased margin for forward foreign exchange contracts in the current period | Shareholder Information This section details the total number of common shareholders and the shareholding structure of the top ten shareholders Total Number of Common Shareholders and Top Ten Shareholders' Shareholding As of the end of the reporting period, the company had 37,414 common shareholders, with Jinan Chanfa Technology Group Co., Ltd. as the controlling shareholder, holding 35.77% and forming a concerted action with Jinan Energy Investment Co., Ltd., totaling 43.46% of shares, with some controlling shareholder shares pledged - Total common shareholders at the end of the reporting period was 37,414[11] Top 10 Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Number of Shares with Restricted Sales Conditions | Pledged, Marked, or Frozen Status (Share Status/Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jinan Chanfa Technology Group Co., Ltd. | State-owned Legal Person | 35.77% | 127,562,383 | 0 | Pledged/63,781,100 | | Jinan Energy Investment Co., Ltd. | State-owned Legal Person | 7.69% | 27,432,771 | 0 | Not applicable/0 | | Gu Yongde | Domestic Natural Person | 4.10% | 14,619,568 | 13,639,309 | Not applicable/0 | | Fang Xiaoqiu | Domestic Natural Person | 0.56% | 2,012,803 | 0 | Pledged/2,012,800 | - Jinan Chanfa Technology Group Co., Ltd. is the controlling shareholder, acting in concert with Jinan Energy Investment Co., Ltd., jointly holding 43.46% of the company's shares[12] Preferred Shareholder Information The company has no preferred shareholders - The company has no preferred shareholders[13] Other Important Matters There are no other important matters to disclose for this reporting period - The company has no other important matters[13] Quarterly Financial Statements This section presents the company's consolidated balance sheet, income statement, and cash flow statement for the quarter Consolidated Balance Sheet As of September 30, 2025, total assets were CNY 1,955,647,223.00, slightly down from the beginning of the period, with significant increases in trading financial assets and notes receivable, decreases in cash, accounts receivable, and inventory, and a substantial rise in deferred income tax assets, while total current liabilities increased significantly driven by short-term borrowings, notes payable, other payables, and non-current liabilities due within one year, and total owner's equity decreased due to reduced retained earnings from losses and negative minority interests Consolidated Balance Sheet Key Data (Unit: CNY) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Assets | | | | Cash and Cash Equivalents | 316,282,009.38 | 399,566,129.93 | | Trading Financial Assets | 275,873,083.38 | 199,145,293.43 | | Notes Receivable | 92,027,046.38 | 56,920,267.08 | | Accounts Receivable | 469,039,054.91 | 517,767,863.74 | | Inventories | 162,013,424.91 | 183,869,139.07 | | Deferred Income Tax Assets | 68,423,851.88 | 43,744,017.93 | | Total Assets | 1,955,647,223.00 | 1,961,039,473.29 | | Liabilities | | | | Short-term Borrowings | 67,656,767.37 | 46,033,458.37 | | Notes Payable | 148,319,783.17 | 98,194,419.79 | | Other Payables | 32,706,441.24 | 22,687,334.81 | | Non-current Liabilities Due Within One Year | 28,202,830.18 | 15,767,356.37 | | Total Current Liabilities | 733,002,957.31 | 625,560,688.32 | | Total Liabilities | 758,065,308.66 | 657,104,952.02 | | Owner's Equity | | | | Retained Earnings | 121,155,773.93 | 214,739,296.35 | | Minority Interests | -4,307,495.91 | 6,968,713.64 | | Total Owner's Equity | 1,197,581,914.34 | 1,303,934,521.27 | Consolidated Income Statement from Year-Beginning to End of Reporting Period Year-to-date total operating revenue increased by 2.95% to CNY 945 million, but total operating costs rose more sharply, turning operating profit into a loss, with net profit and net profit attributable to parent company shareholders both showing significant losses of CNY -69,249,442.25 and CNY -57,920,920.52 respectively, primarily due to higher operating costs, increased credit and asset impairment losses, and a substantial decline in fair value change income Consolidated Income Statement Key Data from Year-Beginning to End of Reporting Period (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 945,195,713.14 | 918,122,527.63 | | Total Operating Costs | 1,016,529,569.89 | 908,260,372.88 | | Operating Costs | 801,632,979.17 | 687,578,148.66 | | Investment Income (Losses indicated by "-") | 4,579,503.76 | 2,646,553.37 | | Fair Value Change Income (Losses indicated by "-") | 543,394.61 | 4,786,507.00 | | Credit Impairment Losses (Losses indicated by "-") | -5,755,811.89 | -521,788.15 | | Asset Impairment Losses (Losses indicated by "-") | -23,390,276.56 | 287,759.67 | | Operating Profit (Losses indicated by "-") | -89,053,542.54 | 23,887,933.59 | | Total Profit (Total Losses indicated by "-") | -88,799,689.54 | 23,213,013.23 | | Net Profit (Net Losses indicated by "-") | -69,249,442.25 | 28,500,268.84 | | Net Profit Attributable to Parent Company Shareholders (Net Losses indicated by "-") | -57,920,920.52 | 38,025,015.76 | | Basic Earnings Per Share | -0.1624 | 0.1066 | Consolidated Cash Flow Statement from Year-Beginning to End of Reporting Period Year-to-date net cash flow from operating activities was CNY 24,660,253.23, up 48.02%, driven by increased sales and other operating cash receipts, while net cash flow from investing activities was CNY -93,315,931.87, a reduced outflow due to significantly higher cash recovered from investments, though cash paid for fixed asset purchases and other investment activities also rose, and net cash flow from financing activities was CNY -25,132,790.34, an increased outflow mainly due to higher cash paid for debt repayment Consolidated Cash Flow Statement Key Data from Year-Beginning to End of Reporting Period (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Cash Received from Sales of Goods and Provision of Services | 860,724,468.61 | 775,337,546.37 | | Cash Received Related to Other Operating Activities | 23,510,156.35 | 10,573,592.15 | | Net Cash Flow from Operating Activities | 24,660,253.23 | 16,659,540.83 | | Cash Received from Recovery of Investments | 408,828,846.54 | 300,293,049.18 | | Net Cash Received from Disposal of Fixed Assets, Intangible Assets, and Other Long-term Assets | 11,433,853.10 | 0.00 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 28,699,032.32 | 17,194,216.90 | | Cash Paid for Investments | 479,576,256.40 | 440,440,675.86 | | Cash Paid Related to Other Investing Activities | 9,777,201.92 | 986,332.50 | | Net Cash Flow from Investing Activities | -93,315,931.87 | -153,873,434.31 | | Cash Received from Borrowings | 70,000,000.00 | 66,000,000.00 | | Cash Paid for Debt Repayment | 48,400,000.00 | 30,000,000.00 | | Net Cash Flow from Financing Activities | -25,132,790.34 | -9,529,232.81 | | Net Increase in Cash and Cash Equivalents | -94,410,051.32 | -147,531,716.81 | | Period-End Cash and Cash Equivalents Balance | 277,234,114.19 | 307,996,069.37 | Implementation of New Accounting Standards The company did not adopt new accounting standards starting in 2025, thus no adjustments to the opening financial statements are required - The company did not adjust relevant items in the opening financial statements for the first-time adoption of new accounting standards starting in 2025[22] Audit Report The financial accounting report for this quarter is unaudited - The company's third-quarter financial accounting report is unaudited[22]