三棵树(603737) - 2025 Q3 - 季度财报

Report Overview Overview of the company's key financial performance and operational highlights for the reporting period Important Notice Board and management guarantee report accuracy; quarterly financial statements are unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content[2] - The third-quarter financial statements are unaudited[2] Key Financial Data and Indicators Q3 and YTD 2025 profit growth driven by revenue, gross margin, and expense control; assets and equity increased Key Accounting Data and Financial Indicators Q3 and YTD saw steady revenue, strong profit and EPS growth, higher ROE, and increased assets and equity Key Financial Indicators for Q3 2025 and Year-to-Date | Item | Current Period (Q3) (RMB) | YoY Change (%) | Year-to-Date (YTD) (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3.58 billion | 5.62 | 9.39 billion | 2.69 | | Total Profit | 375.57 million | 60.25 | 920.61 million | 123.46 | | Net Profit Attributable to Shareholders | 307.77 million | 53.64 | 743.61 million | 81.22 | | Net Profit Attributable to Shareholders (Excl. Non-Recurring) | 272.34 million | 60.11 | 564.56 million | 126.37 | | Net Cash Flow from Operating Activities | 不适用 | 不适用 | 1.09 billion | 18.73 | | Basic EPS (RMB/share) | 0.42 | 55.56 | 1.01 | 80.36 | | Diluted EPS (RMB/share) | 0.42 | 55.56 | 1.01 | 80.36 | | Weighted Average ROE (%) | 9.77 | 2.35 | 24.92 | 9.22 | | Period-End Indicators | As of Current Period End | Change from Prior Year-End (%) | | | | Total Assets | 14.19 billion | 1.44 | | | | Total Equity Attributable to Shareholders | 3.25 billion | 20.92 | | | Non-Recurring Gains and Losses Non-recurring gains, mainly government subsidies, positively impacted net profit despite some asset disposal losses Non-Recurring Gains and Losses for Q3 2025 and Year-to-Date | Non-Recurring Gains and Losses Item | Amount for Current Period (RMB) | Amount Year-to-Date (RMB) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -3.28 million | -6.38 million | | Government Subsidies Included in Current Period's Profit/Loss | 50.49 million | 216.28 million | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | -2.08 million | -4.84 million | | Fund Occupation Fees Received from Non-Financial Enterprises Included in Current Period's Profit/Loss | 4.25 million | 19.47 million | | Other Non-Operating Income and Expenses | -3.00 million | -322.46 thousand | | Less: Income Tax Impact | 11.20 million | 45.83 million | | Impact on Minority Shareholders' Equity (After Tax) | -246.89 thousand | -665.71 thousand | | Total | 35.43 million | 179.05 million | Analysis of Changes in Financial Indicators Profit, net profit, and non-recurring net profit significantly increased from revenue growth, improved gross margin, and reduced expenses - Total profit, net profit attributable to shareholders, and net profit excluding non-recurring gains/losses significantly increased in the current period and year-to-date, primarily due to revenue growth, improved gross margin, and reduced expenses[7] - The significant growth in basic and diluted earnings per share is mainly attributable to increased profitability in the current period[7] Shareholder Information Details on the company's shareholder structure, including total common shareholders and top ten holdings Total Number of Common Shareholders and Top Ten Shareholders' Holdings 14,230 common shareholders; Mr. Hong Jie is largest (67.02% pledged), with employee stock plan and HKEX in top three - The total number of common shareholders at the end of the reporting period was 14,230[9] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Percentage (%) | Share Status | Pledged/Frozen Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Jie | Domestic Natural Person | 494,453,628 | 67.02 | Pledged | 135,562,854 | | Three Trees Paint Co., Ltd. - Fifth Employee Stock Ownership Plan | Other | 25,339,388 | 3.43 | None | 0 | | Hong Kong Securities Clearing Company Limited | Other | 19,314,423 | 2.62 | None | 0 | | Invesco Great Wall Fund - China Life Insurance Co., Ltd. - Participating Insurance - Invesco Great Wall Fund China Life Growth Stock Portfolio Single Asset Management Plan (Available for Sale) | Other | 14,174,146 | 1.92 | None | 0 | | National Social Security Fund 503 Portfolio | Other | 6,000,040 | 0.81 | None | 0 | | National Social Security Fund 404 Portfolio | Other | 4,885,376 | 0.66 | None | 0 | | Huatai Securities Co., Ltd. - Penghua CSI Sub-Industry Chemical Industry Theme ETF | Other | 4,441,676 | 0.60 | None | 0 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Other | 4,286,424 | 0.58 | None | 0 | | National Social Security Fund 413 Portfolio | Other | 4,138,596 | 0.56 | None | 0 | | China Construction Bank Co., Ltd. - Nord Value Advantage Mixed Securities Investment Fund | Other | 4,103,216 | 0.56 | None | 0 | - Mr. Hong Jie has no related party relationship or acting-in-concert relationship with the company's fifth employee stock ownership plan[10] Quarterly Financial Statements Unaudited consolidated financial statements for the quarter: balance sheet, income statement, and cash flow statement Audit Opinion The quarterly financial statements presented are unaudited - The quarterly financial statements are unaudited[11] Consolidated Balance Sheet As of Sep 30, 2025, assets increased, liabilities decreased, and owner's equity grew from higher paid-in capital and retained earnings Consolidated Balance Sheet Key Data Comparison (Sep 30, 2025 vs Dec 31, 2024) | Item | Sep 30, 2025 (RMB) | Dec 31, 2024 (RMB) | Change Amount (RMB) | Change Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 14.19 billion | 13.99 billion | 201.93 million | 1.44 | | Total Current Assets | 6.88 billion | 6.76 billion | 114.82 million | 1.70 | | Total Non-Current Assets | 7.32 billion | 7.23 billion | 87.11 million | 1.20 | | Total Liabilities | 10.76 billion | 11.02 billion | -263.80 million | -2.39 | | Total Owner's Equity | 3.44 billion | 2.97 billion | 465.74 million | 15.67 | | Total Equity Attributable to Parent Company Shareholders | 3.25 billion | 2.69 billion | 561.93 million | 20.92 | | Paid-in Capital (or Share Capital) | 737.82 million | 527.01 million | 210.80 million | 40.00 | | Retained Earnings | 2.15 billion | 1.57 billion | 574.96 million | 36.62 | - Intangible assets increased from RMB 467 million at year-end 2024 to RMB 776 million as of September 30, 2025, while goodwill rose from RMB 68.43 million to RMB 141 million[14] Consolidated Income Statement Q1-Q3 2025 saw steady revenue, reduced costs, substantial profit and net profit increases, and strong EPS growth Consolidated Income Statement Key Data Comparison (Jan-Sep 2025 vs Jan-Sep 2024) | Item | Jan-Sep 2025 (RMB) | Jan-Sep 2024 (RMB) | Change Amount (RMB) | Change Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 9.39 billion | 9.15 billion | 245.91 million | 2.69 | | Total Operating Costs | 8.51 billion | 8.79 billion | -276.38 million | -3.15 | | Operating Profit | 922.14 million | 414.24 million | 507.90 million | 122.61 | | Total Profit | 920.61 million | 411.99 million | 508.62 million | 123.46 | | Net Profit | 731.41 million | 406.06 million | 325.34 million | 80.12 | | Net Profit Attributable to Parent Company Shareholders | 743.61 million | 410.34 million | 333.27 million | 81.22 | | Basic EPS (RMB/share) | 1.01 | 0.56 | 0.45 | 80.36 | | Diluted EPS (RMB/share) | 1.01 | 0.56 | 0.45 | 80.36 | - Selling expenses decreased by 3.12% year-over-year, financial expenses decreased by 24.62% year-over-year, credit impairment losses decreased by 24.87% year-over-year, and asset impairment losses shifted from positive to negative, indicating improved cost control and asset quality improvement[18] Consolidated Cash Flow Statement Q1-Q3 2025 operating cash flow increased 18.73%, investing outflow decreased, and financing cash flow turned negative from debt repayments Consolidated Cash Flow Statement Key Data Comparison (Jan-Sep 2025 vs Jan-Sep 2024) | Item | Jan-Sep 2025 (RMB) | Jan-Sep 2024 (RMB) | Change Amount (RMB) | Change Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1.09 billion | 916.13 million | 171.63 million | 18.73 | | Net Cash Flow from Investing Activities | -447.54 million | -753.35 million | 305.81 million | -40.60 | | Net Cash Flow from Financing Activities | -729.13 million | 170.11 million | -899.24 million | -528.61 | | Net Increase in Cash and Cash Equivalents | -88.85 million | 332.96 million | -421.82 million | -126.68 | - Cash received from sales of goods and rendering of services increased by 8.22% year-over-year, while cash paid for goods and services increased by 11.70% year-over-year[21] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets decreased by 42.04% year-over-year, indicating a slowdown in capital expenditure[22] Other Matters Other relevant information, including investor reminders and new accounting standards implementation Other Reminders No other significant operational information requiring special investor attention was identified - There is no other significant operational information regarding the company's reporting period that requires investors' attention[11] Implementation of New Accounting Standards Initial adoption of new accounting standards from 2025 does not adjust financial statements at the beginning of implementation - The initial adoption of new accounting standards or interpretations from 2025 does not involve adjusting the financial statements at the beginning of the first year of implementation[23]