佛燃能源(002911) - 2025 Q3 - 季度财报

Important Notice This section confirms the accuracy and completeness of the quarterly report by key personnel and states that the financial report is unaudited Report Statement The board, supervisory board, senior management, and key financial officers guarantee the truthfulness, accuracy, and completeness of the quarterly report, which remains unaudited - The board of directors, supervisory board, and senior management guarantee the quarterly report is true, accurate, and complete, free from false records, misleading statements, or major omissions, and assume legal responsibility[3] - The company's responsible person, chief accountant, and head of the accounting department declare and guarantee the financial information is true, accurate, and complete[3] - The third-quarter financial accounting report is unaudited[4][25] Key Financial Data The company experienced slight revenue decline in the quarter but year-to-date growth, positive net profit growth, and a significant decrease in year-to-date operating cash flow Key Accounting Data and Financial Indicators Year-to-date operating revenue increased by 5.38%, net profits showed positive growth, but net cash flow from operating activities significantly decreased by 57.74% Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Current Period YoY Change (%) | Year-to-Date (Yuan) | Year-to-Date YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 8,163,601,363.52 | -0.16% | 23,501,474,128.61 | 5.38% | | Net Profit Attributable to Parent Company Shareholders | 180,619,313.48 | 4.07% | 490,306,728.66 | 6.07% | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-recurring Gains and Losses | 173,275,548.55 | 2.23% | 479,829,784.37 | 8.06% | | Net Cash Flow from Operating Activities | — | — | 523,694,130.45 | -57.74% | | Basic Earnings Per Share (Yuan/share) | 0.12 | 0.00% | 0.32 | -8.57% | | Diluted Earnings Per Share (Yuan/share) | 0.12 | 0.00% | 0.32 | -8.57% | | Weighted Average Return on Net Assets | 3.96% | -0.26% | 8.86% | -2.10% | | End of Period Indicators | End of Current Period (Yuan) | End of Previous Year (Yuan) | Change from End of Previous Year (%) | | | Total Assets | 21,051,979,314.89 | 19,311,097,547.80 | 9.01% | | | Total Equity Attributable to Parent Company Shareholders | 8,563,246,869.48 | 8,424,608,187.23 | 1.65% | | - Perpetual bond principal remained unchanged, and the comprehensive interest rate decreased, but due to differences in interest payment times, the total actual interest paid in the current period increased year-on-year, with 68.48 million yuan paid for perpetual bond interest from January to September 2025, an increase of 46.50 million yuan compared to the same period last year, reducing basic earnings per share by 0.05 yuan in the current period[5] Non-recurring Gains and Losses Items and Amounts Year-to-date non-recurring gains and losses totaled 10.48 million yuan, primarily from asset disposals and government subsidies, with certain items reclassified as recurring Non-recurring Gains and Losses Items and Amounts (Year-to-Date) | Item | Current Period Amount (Yuan) | Year-to-Date Amount (Yuan) | | :--- | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | 2,595,082.46 | 4,102,963.44 | | Government Subsidies Recognized in Profit or Loss for the Current Period (Excluding) | 1,535,085.14 | 5,057,815.64 | | Other Non-operating Income and Expenses Apart from the Above | 7,713,030.39 | 7,141,047.86 | | Other Income and Expense Items that Meet the Definition of Non-recurring Gains and Losses | -162.64 | 202,228.53 | | Less: Income Tax Impact | 3,529,064.28 | 4,744,151.58 | | Impact on Minority Interests (After Tax) | 970,206.14 | 1,282,959.60 | | Total | 7,343,764.93 | 10,476,944.29 | - Value-added tax refunds for pipeline transportation services (9.65 million yuan) recognized in other income are classified as recurring gains and losses, as they are closely related to the company's normal operations, comply with national policies, and have a continuous impact on the company's profit and loss[7] - Net gains and losses (118.90 million yuan) from LNG long-term contracts accounted for as financial assets are classified as recurring gains and losses, given the stable business model, sustainable operational capability, stable business team, and matching operational management capabilities[7] Changes and Reasons for Key Accounting Data and Financial Indicators The 57.74% year-to-date decrease in net cash flow from operating activities is primarily attributed to increased inventory holdings to support business expansion - Year-to-date net cash flow from operating activities was 524 million yuan, a 57.74% decrease year-on-year[8] - The primary reason for the decrease in net cash flow is the overall increase in the company's business this year, leading to increased inventory holdings to expand operations[8] Shareholder Information The company has 27,096 common shareholders, with the top two shareholders holding over 76% of the shares, indicating concentrated ownership Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 27,096 common shareholders, with the top two shareholders, Foshan Investment Holdings and Towngas China, holding a combined 76.48% stake - The total number of common shareholders at the end of the reporting period was 27,096[10] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | | :--- | :--- | :--- | :--- | | Foshan Investment Holdings Group Co., Ltd. | State-owned Legal Person | 39.89% | 517,990,089 | | Towngas China Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 36.59% | 475,118,896 | | Hainan Zhongcheng Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 6.41% | 83,199,039 | | National Council for Social Security Fund Transfer Account I | Other | 0.95% | 12,375,190 | | China Merchants Securities Co., Ltd. | State-owned Legal Person | 0.63% | 8,226,668 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.55% | 7,145,131 | | Orient Securities Co., Ltd. | State-owned Legal Person | 0.38% | 4,885,545 | | Yin Xiang | Domestic Natural Person | 0.30% | 3,886,160 | | Xu Qing | Domestic Natural Person | 0.24% | 3,142,934 | | Wu Zishuo | Domestic Natural Person | 0.23% | 3,009,452 | - Among the company's top 10 shareholders, Yin Xiang is the chairman of Hainan Zhongcheng Investment Co., Ltd. The company is unaware of any associated relationships or concerted actions among the other aforementioned shareholders[10] Other Important Matters Year-to-date total operating revenue grew by 5.38% driven by supply chain expansion, while net profit increased, but operating cash flow significantly declined due to inventory growth Overview of Operating Performance and Financial Status Year-to-date total operating revenue increased by 5.38% to 23.50 billion yuan, with natural gas supply at 3.52 billion cubic meters and supply chain revenue up 20.67%, while operating cash flow decreased significantly due to inventory - Year-to-date, the company's total operating revenue was 23.50 billion yuan, a 5.38% increase year-on-year, primarily due to the company's vigorous expansion of supply chain and other businesses[12] - Natural gas supply reached 3.52 billion cubic meters, and revenue from supply chain and other businesses was 13.62 billion yuan, a 20.67% increase year-on-year[12] Year-to-Date Key Financial Indicators | Indicator | Amount (billion Yuan) | Year-to-Date YoY Change (%) | | :--- | :--- | :--- | | Total Profit | 8.74 | 6.48% | | Net Profit Attributable to Parent Company Shareholders | 4.90 | 6.07% | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-recurring Gains and Losses | 4.80 | 8.06% | | Net Cash Flow from Operating Activities | 5.24 | -57.74% | Asset and Equity Changes | Indicator | End of Period Amount | Change from Beginning of Period (%) | | :--- | :--- | :--- | | Total Assets | 210.52 billion Yuan | 9.01% | | Total Equity Attributable to Parent Company Shareholders | 85.63 billion Yuan | 1.65% | | Net Assets Per Share Attributable to Parent Company Shareholders | 6.60 Yuan | 1.62% | Quarterly Financial Statements This section presents the consolidated balance sheet, income statement, and cash flow statement, detailing the company's financial position, performance, and liquidity Consolidated Balance Sheet As of September 30, 2025, total assets increased by 9.01% to 21.05 billion yuan, driven by higher monetary funds, derivative financial assets, and inventories, alongside increased short-term borrowings and bonds payable Consolidated Balance Sheet Major Items (End of Period vs Beginning of Period) | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | Change (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Assets | | | | | | Monetary Funds | 3,354,183,398.72 | 2,788,918,229.03 | 565,265,169.69 | 20.27% | | Derivative Financial Assets | 324,090,068.75 | 17,284,418.92 | 306,805,649.83 | 1775.00% | | Inventories | 1,729,645,959.45 | 968,763,551.88 | 760,882,407.57 | 78.54% | | Total Assets | 21,051,979,314.89 | 19,311,097,547.80 | 1,740,881,767.09 | 9.01% | | Liabilities | | | | | | Short-term Borrowings | 1,518,428,586.30 | 451,791,575.99 | 1,066,637,010.31 | 236.09% | | Financial Liabilities Held for Trading | 1,474,318,204.45 | 1,238,032,700.00 | 236,285,504.45 | 19.09% | | Notes Payable | 325,698,166.92 | 15,000,000.00 | 310,698,166.92 | 2071.32% | | Bonds Payable | 1,000,000,000.00 | 500,000,000.00 | 500,000,000.00 | 100.00% | | Total Liabilities | 11,457,652,733.49 | 9,859,196,588.31 | 1,598,456,145.18 | 16.21% | | Shareholders' Equity | | | | | | Total Equity Attributable to Parent Company | 8,563,246,869.48 | 8,424,608,187.23 | 138,638,682.25 | 1.65% | Consolidated Income Statement from Year-Beginning to End of Reporting Period Year-to-date total operating revenue grew by 5.38% to 23.50 billion yuan, with net profit attributable to parent company shareholders increasing by 6.07% and other comprehensive income turning positive Consolidated Income Statement Major Items (Current Period Amount vs Prior Period Amount) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 23,501,474,128.61 | 22,301,386,750.90 | 1,200,087,377.71 | 5.38% | | Total Operating Costs | 22,760,496,706.89 | 21,671,663,987.16 | 1,088,832,719.73 | 5.02% | | Operating Profit | 866,729,337.06 | 824,474,683.41 | 42,254,653.65 | 5.12% | | Total Profit | 873,870,384.92 | 820,680,738.61 | 53,189,646.31 | 6.48% | | Net Profit | 590,242,760.71 | 508,146,148.15 | 82,096,612.56 | 16.16% | | Net Profit Attributable to Parent Company Shareholders | 490,306,728.66 | 462,265,146.33 | 28,041,582.33 | 6.07% | | Minority Interests | 99,936,032.05 | 45,881,001.82 | 54,055,030.23 | 117.82% | | Net After-tax Other Comprehensive Income | 273,387,533.22 | -59,353,831.55 | 332,741,364.77 | -560.62% | | Total Comprehensive Income | 863,630,293.93 | 448,792,316.60 | 414,837,977.33 | 92.43% | | Basic Earnings Per Share (Yuan) | 0.32 | 0.35 | -0.03 | -8.57% | - Financial expenses decreased year-on-year, primarily due to reduced interest expenses (77.88 million yuan vs 94.39 million yuan) and increased interest income (51.20 million yuan vs 44.69 million yuan)[19][20] - Credit impairment losses and asset impairment losses were both negative in the current period, at -33.17 million yuan and -45.00 million yuan respectively, negatively impacting profit[20] Consolidated Cash Flow Statement from Year-Beginning to End of Reporting Period Year-to-date net cash flow from operating activities significantly decreased by 57.74% to 524 million yuan, primarily due to increased cash payments for goods and services, while investing and financing cash flows also saw notable changes Consolidated Cash Flow Statement Major Items (Current Period Amount vs Prior Period Amount) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 523,694,130.45 | 1,239,123,058.51 | -715,428,928.06 | -57.74% | | Net Cash Flow from Investing Activities | -104,100,058.17 | -492,794,223.74 | 388,694,165.57 | 78.88% | | Net Cash Flow from Financing Activities | 138,229,857.91 | 680,146,244.77 | -541,916,386.86 | -79.68% | | Net Increase in Cash and Cash Equivalents | 548,416,408.56 | 1,412,767,957.15 | -864,351,548.59 | -61.18% | - Cash paid for goods and services in operating activities was 26.60 billion yuan in the current period, compared to 25.15 billion yuan in the prior period, an increase of approximately 1.44 billion yuan year-on-year[23][24] - Cash inflow from investing activities significantly improved due to a substantial increase in net cash received from the disposal of fixed assets, intangible assets, and other long-term assets (200.30 million yuan in the current period vs 0.40 million yuan in the prior period)[24] - Cash outflow from financing activities saw increases in cash paid for debt repayment and cash paid for distribution of dividends, profits, or interest payments[24] Accounting Standard Adjustments and Audit Status The company confirms no adjustments were made to the beginning-of-year financial statements due to new accounting standards adopted in 2025, and the quarterly financial report remains unaudited - The company did not adjust relevant items in the financial statements at the beginning of the year for the first-time adoption of new accounting standards from 2025[25] - The company's third-quarter financial accounting report is unaudited[25]