海通发展(603162) - 2025 Q3 - 季度财报

Report Overview This section provides an overview of the quarterly report, including important disclaimers and the audit status of the financial statements Important Notice The company's board of directors, senior management, and accounting personnel guarantee the truthfulness, accuracy, and completeness of this quarterly report and assume corresponding legal responsibilities - The company's board of directors and management guarantee the truthfulness, accuracy, and completeness of the quarterly report content and assume legal responsibility[2] - The company's principal officer, head of accounting, and head of the accounting department guarantee the truthfulness, accuracy, and completeness of financial information[3] Audit Status of Financial Statements The financial statements for the current reporting period are unaudited - The third-quarter financial statements are unaudited[3] Key Financial Data and Indicators This section presents the company's key financial performance and position, including revenue, net profit, cash flow, and balance sheet items Key Accounting Data and Financial Indicators In the current period, operating revenue increased by 34.27% year-on-year, but net profit attributable to shareholders decreased by 1.49% Overview of Key Accounting Data and Financial Indicators | Indicator | Current Period (Q3 2025) | Year-on-year Change (%) | Year-to-date (YTD 2025) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,208,808,679.57 | 34.27 | 3,009,119,957.58 | 16.32 | | Total Profit (CNY) | 173,596,107.01 | 3.07 | 264,374,905.24 | -35.70 | | Net Profit Attributable to Shareholders (CNY) | 165,726,405.04 | -1.49 | 252,592,481.32 | -38.47 | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses (CNY) | 163,863,194.40 | -2.52 | 249,694,608.42 | -33.23 | | Net Cash Flow from Operating Activities (CNY) | N/A | N/A | 791,408,323.39 | 2.84 | | Basic Earnings Per Share (CNY/share) | 0.18 | - | 0.28 | -37.78 | | Diluted Earnings Per Share (CNY/share) | 0.18 | - | 0.28 | -37.78 | | Weighted Average Return on Net Assets (%) | 3.93 | decreased by 0.5 percentage points | 5.99 | decreased by 4.82 percentage points | | Period-end Indicators | End of Current Period (Sep 30, 2025) | Change from Prior Year-end (%) | End of Prior Year (Dec 31, 2024) | | | Total Assets (CNY) | 6,765,543,391.52 | 15.89 | 5,837,845,808.42 | | | Shareholders' Equity Attributable to Listed Company (CNY) | 4,328,811,620.53 | 5.09 | 4,119,260,024.71 | | Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 1,863,210.64 CNY for the current period, primarily from fair value changes and disposal gains/losses of financial assets and liabilities Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Current Period Amount (CNY) | Year-to-date Amount (CNY) | | :--- | :--- | :--- | | Government grants recognized in current profit or loss | 0 | 94,752.47 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to the company's normal business operations | 632,974.97 | 1,577,432.65 | | Other non-operating income and expenses apart from the above | 1,264,371.10 | 1,386,910.61 | | Less: Income tax impact | 34,135.43 | 161,222.83 | | Total | 1,863,210.64 | 2,897,872.90 | Changes and Reasons for Key Accounting Data and Financial Indicators Operating revenue growth was driven by a rebound in the overseas dry bulk shipping market and expanded shipping capacity, while profit decline was due to market price drops and increased operating costs - Operating revenue increased by 34.27% in the current period, primarily due to a rebound in overseas dry bulk shipping market prices in Q3 and the company's continuous expansion of its self-operated fleet to enhance market capacity utilization and global market reach[9] - Total profit decreased by 35.70% and net profit attributable to the parent company decreased by 38.47% year-to-date, mainly due to a year-on-year decline in market prices, increased operating costs with business expansion, significantly higher vessel maintenance and material spare parts expenses, and the benefits of new capacity not yet fully realized[9][10] - Basic and diluted earnings per share both decreased by 37.78% year-to-date, primarily due to the reduction in net profit during the period[10] Shareholder Information This section details the company's shareholder structure, including the total number of shareholders and the holdings of top shareholders Total Number of Ordinary Shareholders and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 26,373 ordinary shareholders, with actual controller Zeng Erbin holding the largest stake at 58.05% - The total number of ordinary shareholders at the end of the reporting period was 26,373[12] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Percentage (%) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Zeng Erbin | Domestic Natural Person | 537,592,161 | 58.05 | 537,592,161 | | Pingtan Qunhang Investment Partnership (Limited Partnership) | Other | 43,545,152 | 4.70 | 43,545,152 | | Fujian Xinghai Trading Co., Ltd. | Domestic Non-State-Owned Legal Entity | 36,798,720 | 3.97 | 36,798,720 | | Zheng Yufang | Domestic Natural Person | 13,510,240 | 1.46 | 737,600 | | Wang Aijin | Domestic Natural Person | 12,470,779 | 1.35 | 12,470,779 | Top Ten Shareholders of Unrestricted Shares Zheng Yufang held the largest number of unrestricted tradable shares at 12,772,640, followed by Fuzhou JinKong Financial Leasing Co., Ltd Top 10 Shareholders of Unrestricted Shares | Shareholder Name | Number of Unrestricted Tradable Shares Held (shares) | Share Type | | :--- | :--- | :--- | | Zheng Yufang | 12,772,640 | RMB Ordinary Shares | | Fuzhou JinKong Financial Leasing Co., Ltd. | 12,266,240 | RMB Ordinary Shares | | Pingtan Qilin No. 1 Shipping Industry Equity Investment Partnership (Limited Partnership) | 11,039,616 | RMB Ordinary Shares | | Wang Sheng | 8,000,601 | RMB Ordinary Shares | | China Foreign Economy and Trade Trust Co., Ltd. - Foreign Trade Trust - Chongyang Target Return Phase 1 Securities Investment Collective Fund Trust Plan | 7,791,890 | RMB Ordinary Shares | Explanation of Shareholder Related Party Relationships or Concerted Actions The company's actual controller Zeng Erbin and his controlled entities and family members are identified as parties acting in concert, with some having signed concerted action agreements - Zeng Erbin, Pingtan Qunhang Investment Partnership, Fujian Xinghai Trading Co., Ltd., Wang Aijin, Sun Ying, and Zeng Lich are parties acting in concert with the company's actual controller, Zeng Erbin[13] - Pingtan Qunhang, Xinghai Trading, and Wang Aijin have signed a "Concerted Action Agreement" with Zeng Erbin[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 6,765,543,391.52 CNY, a 15.89% increase from the prior year-end, with liabilities significantly rising by 41.78% Consolidated Balance Sheet Key Data | Item | Sep 30, 2025 (CNY) | Dec 31, 2024 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Assets | | | | | Cash and Cash Equivalents | 500,938,707.26 | 550,361,893.14 | -8.98 | | Prepayments | 75,082,433.27 | 16,964,417.94 | 342.59 | | Other Receivables | 342,540,046.35 | 212,526,187.33 | 61.18 | | Total Current Assets | 1,390,364,474.11 | 1,218,531,139.74 | 14.10 | | Fixed Assets | 4,637,407,818.06 | 3,888,625,839.37 | 19.26 | | Other Non-current Assets | 50,938,072.45 | 3,723,585.23 | 1267.99 | | Total Non-current Assets | 5,375,178,917.41 | 4,619,314,668.68 | 16.36 | | Total Assets | 6,765,543,391.52 | 5,837,845,808.42 | 15.89 | | Liabilities | | | | | Accounts Payable | 164,192,021.99 | 106,833,344.11 | 53.70 | | Contract Liabilities | 47,747,975.48 | 21,216,576.03 | 125.05 | | Non-current Liabilities Due Within One Year | 621,154,515.31 | 508,925,674.25 | 22.05 | | Total Current Liabilities | 1,075,264,859.72 | 850,384,717.97 | 26.45 | | Long-term Borrowings | 298,438,965.84 | 39,916,148.92 | 647.66 | | Long-term Payables | 886,595,814.42 | 670,744,603.58 | 32.18 | | Total Non-current Liabilities | 1,361,466,911.27 | 868,201,065.74 | 56.81 | | Total Liabilities | 2,436,731,770.99 | 1,718,585,783.71 | 41.78 | | Shareholders' Equity | | | | | Paid-in Capital (or Share Capital) | 926,031,628.00 | 916,878,708.00 | 0.99 | | Capital Reserve | 1,172,439,191.40 | 1,106,505,096.18 | 5.96 | | Total Shareholders' Equity Attributable to Parent Company | 4,328,811,620.53 | 4,119,260,024.71 | 5.09 | Consolidated Income Statement In the first three quarters of 2025, total operating revenue increased by 16.32%, but total operating costs rose more sharply, leading to significant declines in operating profit and net profit Consolidated Income Statement Key Data | Item | Q1-Q3 2025 (Jan-Sep) (CNY) | Q1-Q3 2024 (Jan-Sep) (CNY) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 3,009,119,957.58 | 2,586,952,266.40 | 16.32 | | Total Operating Costs | 2,744,673,755.79 | 2,211,095,811.63 | 24.13 | | Operating Costs | 2,592,302,640.94 | 2,120,636,208.05 | 22.24 | | Financial Expenses | 54,194,717.93 | 11,544,805.48 | 369.44 | | Operating Profit | 262,987,994.63 | 408,456,845.55 | -35.59 | | Total Profit | 264,374,905.24 | 411,177,087.65 | -35.70 | | Income Tax Expense | 11,782,423.92 | 683,760.27 | 1622.00 | | Net Profit | 252,592,481.32 | 410,493,327.38 | -38.47 | | Net Profit Attributable to Parent Company Shareholders | 252,592,481.32 | 410,493,327.38 | -38.47 | | Basic Earnings Per Share (CNY/share) | 0.28 | 0.45 | -37.78 | Consolidated Cash Flow Statement Net cash flow from operating activities increased by 2.84% year-to-date, while net cash flow from investing activities remained a significant outflow, and financing cash flow decreased by 50.93% Consolidated Cash Flow Statement Key Data | Item | Q1-Q3 2025 (Jan-Sep) (CNY) | Q1-Q3 2024 (Jan-Sep) (CNY) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Cash received from sales of goods and rendering of services | 3,094,683,528.58 | 2,677,642,734.22 | 15.57 | | Subtotal of Cash Inflows from Operating Activities | 3,139,830,919.31 | 2,726,043,026.50 | 15.11 | | Cash paid to and on behalf of employees | 312,246,446.10 | 216,922,998.82 | 43.94 | | Payments of all types of taxes | 23,098,042.51 | 1,284,647.62 | 1698.86 | | Subtotal of Cash Outflows from Operating Activities | 2,348,422,595.92 | 1,956,525,882.18 | 20.03 | | Net Cash Flow from Operating Activities | 791,408,323.39 | 769,517,144.32 | 2.84 | | Cash paid for acquisition of fixed assets, intangible assets, and other long-term assets | 1,008,461,222.05 | 1,682,431,973.12 | -40.06 | | Net Cash Flow from Investing Activities | -1,017,811,601.68 | -1,155,723,041.57 | 11.93 (Outflow decreased) | | Cash received from borrowings | 329,828,174.00 | 121,088,581.60 | 172.39 | | Cash received relating to other financing activities | 398,131,889.25 | 708,942,097.40 | -43.84 | | Subtotal of Cash Inflows from Financing Activities | 772,233,793.25 | 866,380,256.00 | -10.86 | | Cash paid relating to other financing activities | 451,111,173.99 | 361,455,268.81 | 24.80 | | Net Cash Flow from Financing Activities | 182,500,870.77 | 371,936,011.22 | -50.93 | | Net increase in cash and cash equivalents | -49,321,200.76 | -24,046,546.46 | -105.19 | Other Matters This section covers additional important information and the company's adoption of new accounting standards Other Reminders The company has no other significant operating information requiring investor attention during the reporting period - The company's operating performance during the reporting period has no other significant information requiring investor attention[14] Implementation of New Accounting Standards The company did not adopt new accounting standards or interpretations requiring adjustments to the opening financial statements in 2025 - Starting from 2025, the company has not initially implemented new accounting standards or interpretations that require adjustments to the opening financial statements of the first year of implementation[26]