思源电气(002028) - 2025 Q3 - 季度财报

Report Overview This section provides an overview of the quarterly report, including important disclaimers and assurances from management Important Notice Sieyuan Electric's Board and management guarantee the report's accuracy and completeness, with financial information declared true and unaudited - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report and assume legal responsibility[3] - The company's head, chief accountant, and head of accounting department declare the financial information to be true, accurate, and complete[3] - This quarterly financial report has not been audited[4][22] Key Financial Data and Indicators This section presents the company's key financial performance metrics, non-recurring items, and an analysis of significant changes Key Accounting Data and Financial Indicators Sieyuan Electric reported strong Q3 and year-to-date financial performance with significant growth in revenue and net profit, despite a decrease in operating cash flow Key Financial Indicators for Q3 2025 and Year-to-Date | Indicator | Current Period (CNY) | Year-over-Year Change | Year-to-Date (CNY) | Year-to-Date Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,330,097,998.32 | 25.68% | 13,826,977,185.80 | 32.86% | | Net Profit Attributable to Shareholders | 898,674,904.69 | 48.73% | 2,191,372,868.35 | 46.94% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses | 799,819,609.74 | 41.62% | 2,035,888,160.77 | 44.87% | | Net Cash Flow from Operating Activities | — | — | 431,552,673.64 | -44.67% | | Basic Earnings Per Share (CNY/share) | 1.1500 | 47.44% | 2.81 | 46.35% | | Diluted Earnings Per Share (CNY/share) | 1.1500 | 47.44% | 2.81 | 46.35% | | Weighted Average Return on Net Assets | 6.46% | 1.16% | 16.11% | 2.83% | | Period-end Indicators | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-end | | | Total Assets | 27,256,893,256.09 | 23,473,702,058.27 | 16.12% | | | Owners' Equity Attributable to Shareholders | 14,455,101,089.06 | 12,379,549,868.31 | 16.77% | | Non-recurring Gains and Losses Items Non-recurring gains and losses totaled 98.86 million CNY for the quarter and 155.48 million CNY year-to-date, mainly from government subsidies and financial instrument changes Non-recurring Gains and Losses Items and Amounts | Item | Current Period Amount (CNY) | Year-to-Date Amount (CNY) | Description | | :--- | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -1,257,784.31 | -1,490,273.58 | Mainly losses from disposal of fixed assets by subsidiaries | | Government Subsidies Recognized in Current Profit and Loss | 107,267,251.00 | 167,922,827.32 | Mainly government subsidies recognized in current profit and loss | | Fair Value Changes and Gains/Losses from Disposal of Financial Assets | 15,319,806.82 | 29,045,981.06 | Mainly fair value changes and gains/losses from foreign exchange forward contracts and wealth management income | | Other Non-operating Income and Expenses | 853,486.59 | 1,196,975.96 | Mainly external donations, fine income, and expenses | | Less: Income Tax Impact | 20,387,410.24 | 36,017,607.14 | | | Impact on Minority Shareholders' Equity (After Tax) | 2,940,054.91 | 5,173,196.04 | | | Total | 98,855,294.95 | 155,484,707.58 | -- | - The company does not classify non-recurring gains and losses as recurring gains and losses[6] Analysis of Changes in Key Accounting Data and Financial Indicators Significant changes in balance sheet and income statement items are driven by business growth, investments, lease renewals, equity incentives, and exchange rate fluctuations, leading to decreased operating cash flow Balance Sheet Item Changes | Item | Period-end Balance (CNY) | Beginning-of-period Balance (CNY) | Change Rate | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 7,085,747,711.66 | 5,758,354,119.70 | 23.05% | Mainly due to increased revenue | | Prepayments | 791,142,513.23 | 534,250,029.53 | 48.08% | Mainly due to rapid growth in some businesses, leading to increased inventory and corresponding higher payments to suppliers | | Inventories | 5,026,989,289.71 | 3,476,970,033.07 | 44.58% | Mainly due to rapid growth in some businesses, leading to increased inventory and corresponding higher payments to suppliers | | Construction in Progress | 611,000,324.73 | 312,331,497.89 | 95.63% | Mainly investments in base construction | | Right-of-Use Assets | 78,741,711.17 | 31,093,101.05 | 153.24% | Mainly due to lease renewals for expiring assets, increasing right-of-use assets | | Trading Financial Liabilities | 5,265,983.00 | 556,840.00 | 845.69% | Mainly fair value changes of foreign exchange forward contracts | | Non-current Liabilities Due Within One Year | 41,628,250.97 | 14,118,508.94 | 194.85% | Mainly long-term borrowings due within one year | | Lease Liabilities | 63,028,569.51 | 16,422,345.20 | 283.80% | Mainly due to lease renewals for expiring assets, increasing lease liabilities | | Capital Reserves | 657,704,844.24 | 408,383,793.28 | 61.05% | Mainly option expenses from the 2023 stock option incentive plan and share premium from exercise | Income Statement and Cash Flow Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 13,826,977,185.80 | 10,407,267,185.30 | 32.86% | Business growth during the reporting period | | Selling Expenses | 704,329,194.53 | 487,796,917.76 | 44.39% | Increased market and sales investment during the reporting period | | Financial Expenses | -35,471,063.18 | 28,118,487.74 | -226.15% | Exchange rate changes affecting exchange gains/losses during the reporting period | | Other Income | 241,006,515.29 | 106,788,621.85 | 125.69% | Increased government subsidies received by the company during the reporting period and timing differences in receiving government support | | Gains/Losses from Fair Value Changes | -4,838,068.00 | 14,046,777.00 | -134.44% | Mainly fair value changes of foreign exchange forward contracts | | Income Tax Expense | 343,342,909.40 | 223,355,175.84 | 53.72% | Changes in total profit of consolidated entities and application of different tax rates | | Net Cash Flow from Operating Activities | 431,552,673.64 | 780,006,396.24 | -44.67% | Rapid growth in some businesses, leading to increased inventory and corresponding higher payments to suppliers | | Net Cash Flow from Investing Activities | -701,844,253.30 | -1,341,864,263.89 | 47.70% | Impact of changes in structured deposit products held, based on cash position | | Total Cash Inflows from Financing Activities | 406,003,300.00 | 184,390,163.00 | 120.19% | Impact of bank loans obtained by subsidiaries and dividend distribution | Shareholder Information This section details the company's common and preferred shareholder structure, including top holders and their respective stakes Total Number of Common Shareholders and Top Ten Shareholders' Holdings The company has 20,973 common shareholders, with Hong Kong Securities Clearing Company Limited, Dong Zengping, and Chen Bangdong as the top three holders - The total number of common shareholders at the end of the reporting period was 20,973 households[10] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 21.17% | 165,380,368 | 0 | | Dong Zengping | Domestic Natural Person | 16.83% | 131,444,820 | 98,583,615 | | Chen Bangdong | Domestic Natural Person | 12.34% | 96,383,042 | 72,287,281 | | Yang Xiaoqiang | Domestic Natural Person | 3.26% | 25,463,791 | 0 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Overseas Legal Person | 1.49% | 11,618,676 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Huatai-PineBridge CSI 300 ETF | Other | 1.36% | 10,620,886 | 0 | | National Social Security Fund 601 Portfolio | Other | 1.06% | 8,272,512 | 0 | | China Construction Bank Corporation - E Fund CSI 300 ETF Initiated Fund | Other | 0.98% | 7,662,100 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - ChinaAMC CSI 300 ETF | Other | 0.73% | 5,717,868 | 0 | | Tang Lanfang | Domestic Natural Person | 0.73% | 5,676,387 | 0 | - The company is unaware of any related party relationships among the top ten shareholders or whether there are any concerted parties as defined in the 'Measures for the Administration of the Acquisition of Listed Companies'[11] Preferred Shareholder Information The company had no preferred shareholders at the end of the reporting period - The company has no preferred shareholders[12] Other Significant Matters This section confirms that there are no other significant matters requiring disclosure during the reporting period Other Significant Matters The company had no other significant matters requiring disclosure during the reporting period - The company had no other significant matters requiring disclosure[12] Quarterly Financial Statements This section presents the consolidated balance sheet, income statement, and cash flow statement for the reporting period Consolidated Balance Sheet As of September 30, 2025, total assets reached 27.26 billion CNY, growing 16.12% from the period's start, with corresponding increases in liabilities and owners' equity Consolidated Balance Sheet Key Data (September 30, 2025) | Item | Period-end Balance (CNY) | Beginning-of-period Balance (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 27,256,893,256.09 | 23,473,702,058.27 | 16.12% | | Total Current Assets | 22,128,797,165.06 | 18,910,986,760.56 | 17.01% | | Total Non-current Assets | 5,128,096,091.03 | 4,562,715,297.71 | 12.39% | | Total Liabilities | 12,522,289,134.96 | 10,818,360,027.95 | 15.75% | | Total Owners' Equity | 14,734,604,121.13 | 12,655,342,030.32 | 16.43% | | Total Owners' Equity Attributable to Parent Company | 14,455,101,089.06 | 12,379,549,868.31 | 16.77% | Consolidated Income Statement Year-to-date total operating revenue reached 13.83 billion CNY, growing 32.86%, with net profit attributable to parent company shareholders increasing 46.94% Consolidated Income Statement Key Data (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 13,826,977,185.80 | 10,407,267,185.30 | 32.86% | | Total Operating Costs | 11,346,473,918.77 | 8,705,514,181.20 | 30.34% | | Financial Expenses | -35,471,063.18 | 28,118,487.74 | -226.15% | | Other Income | 241,006,515.29 | 106,788,621.85 | 125.69% | | Operating Profit | 2,614,938,136.27 | 1,744,703,846.31 | 49.88% | | Total Profit | 2,614,245,630.04 | 1,742,722,234.31 | 50.01% | | Net Profit | 2,270,902,720.64 | 1,519,367,058.47 | 49.47% | | Net Profit Attributable to Parent Company Shareholders | 2,191,372,868.35 | 1,491,370,179.34 | 46.94% | | Basic Earnings Per Share (CNY) | 2.81 | 1.92 | 46.35% | | Diluted Earnings Per Share (CNY) | 2.81 | 1.92 | 46.35% | Consolidated Cash Flow Statement Year-to-date net operating cash flow decreased 44.67% to 431.55 million CNY due to inventory and supplier payments, while financing cash inflows grew 120.19% Consolidated Cash Flow Statement Key Data (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Cash Inflows from Operating Activities | 13,647,830,600.75 | 10,428,132,000.02 | 30.88% | | Total Cash Outflows from Operating Activities | 13,216,277,927.11 | 9,648,125,603.78 | 36.98% | | Net Cash Flow from Operating Activities | 431,552,673.64 | 780,006,396.24 | -44.67% | | Total Cash Inflows from Investing Activities | 6,851,968,127.97 | 6,178,970,364.90 | 10.89% | | Total Cash Outflows from Investing Activities | 7,553,812,381.27 | 7,520,834,628.79 | 0.44% | | Net Cash Flow from Investing Activities | -701,844,253.30 | -1,341,864,263.89 | 47.70% | | Total Cash Inflows from Financing Activities | 406,003,300.00 | 184,390,163.00 | 120.19% | | Total Cash Outflows from Financing Activities | 595,990,427.77 | 384,373,580.20 | 55.05% | | Net Cash Flow from Financing Activities | -189,987,127.77 | -199,983,417.20 | 5.00% | | Net Increase in Cash and Cash Equivalents | -459,652,499.58 | -784,495,210.90 | 41.41% | | Period-end Cash and Cash Equivalents Balance | 3,236,087,415.44 | 2,361,345,695.76 | 37.04% | Implementation of New Accounting Standards The company began implementing new accounting standards in 2025, with no adjustments to opening financial statements during this period - The company has not made any adjustments to the opening financial statements for the first year of implementing new accounting standards starting from 2025[22] Audit Report This quarterly financial report has not been audited - The company's third-quarter financial report has not been audited[22]