扬杰科技(300373) - 2025 Q3 - 季度财报

Key Financial Data Key Accounting Data and Financial Indicators Yangjie Technology achieved significant financial growth in Q3 2025 and year-to-date, with double-digit increases in operating revenue and net profit attributable to shareholders, alongside substantial improvements in EPS and ROE, indicating enhanced profitability and asset efficiency Key Accounting Data and Financial Indicators for Q3 2025 and Year-to-Date | Indicator | Current Period (Q3 2025) (CNY) | YoY Change | Year-to-Date (YTD 2025) (CNY) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,892,876,459.89 | 21.47% | 5,347,737,516.95 | 20.89% | | Net Profit Attributable to Shareholders (CNY) | 372,260,173.04 | 52.40% | 973,605,335.27 | 45.51% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (CNY) | 339,957,479.63 | 46.93% | 898,988,222.15 | 37.50% | | Net Cash Flow from Operating Activities (CNY) | -- | -- | 1,017,314,498.92 | 15.00% | | Basic Earnings Per Share (CNY/share) | 0.7334 | 62.97% | 1.8557 | 50.63% | | Diluted Earnings Per Share (CNY/share) | 0.7334 | 62.97% | 1.8557 | 50.63% | | Weighted Average Return on Net Assets | 4.01% | 1.12% | 10.55% | 2.73% | | Indicator | End of Current Period (2025.09.30) (CNY) | End of Prior Year (2024.12.31) (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 16,320,064,809.98 | 14,271,620,366.91 | 14.35% | | Shareholders' Equity Attributable to Listed Company (CNY) | 9,244,357,475.25 | 8,764,548,513.12 | 5.47% | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 32.30 million CNY, with a year-to-date cumulative of 74.62 million CNY, primarily from fair value changes in financial assets, government subsidies, and entrusted investment income Non-Recurring Gains and Losses Items and Amounts for Q3 2025 and Year-to-Date | Item | Amount for Current Period (CNY) | Amount Year-to-Date (CNY) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -2,286,244.16 | -2,937,450.08 | | Government Subsidies Included in Current Profit/Loss | 4,244,319.31 | 9,178,238.78 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 29,191,746.49 | 64,992,467.14 | | Gains/Losses from Entrusted Investments or Asset Management | 4,638,033.87 | 18,934,949.37 | | Other Non-Operating Income and Expenses Apart from the Above | 2,415,186.69 | -1,096,246.98 | | Less: Income Tax Impact | 5,701,483.36 | 13,947,503.86 | | Minority Interest Impact | 198,865.43 | 507,341.25 | | Total | 32,302,693.41 | 74,617,113.12 | Changes and Reasons for Key Accounting Data and Financial Indicators This section details significant changes and their specific reasons across the company's balance sheet, income statement, and cash flow statement for Q3 2025, summarizing macro and internal drivers of quarterly performance growth Significant Changes and Reasons for Balance Sheet Items As of September 30, 2025, several balance sheet items showed significant changes, with substantial increases in trading financial assets, notes receivable financing, contract assets, intangible assets, short-term borrowings, accounts payable, and contract liabilities, primarily due to investments in wealth management products, increased bank acceptance bills, subsidiary acquisition, and bank financing Key Balance Sheet Item Changes as of September 30, 2025 | Item | Sept 30, 2025 (CNY) | Jan 1, 2025 (CNY) | Change Rate | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 361,079,150.00 | 248,289,829.99 | 45.43% | Purchase of short-term, controllable risk wealth management products | | Notes Receivable Financing | 315,430,654.75 | 221,615,999.99 | 42.33% | Increase in bank acceptance bills held | | Contract Assets | 1,888,648.29 | 1,104,772.28 | 70.95% | Increase in quality assurance receivables | | Intangible Assets | 282,553,595.81 | 198,961,777.64 | 42.01% | Acquisition of subsidiary Changsha Bodian included in consolidated statements | | Short-Term Borrowings | 2,111,856,394.54 | 1,056,002,216.99 | 99.99% | Increase in bank financing within one year | | Accounts Payable | 2,048,412,401.59 | 1,567,952,586.19 | 30.64% | Increase in payables for equipment and engineering | | Contract Liabilities | 19,203,858.75 | 11,243,387.05 | 70.80% | Increase in customer prepayments for goods | | Treasury Stock | 131,512,027.80 | 90,528,153.80 | 45.27% | Company share repurchases | Significant Changes and Reasons for Income Statement Items From January to September 2025, several income statement items showed significant changes, with substantial increases in investment income and fair value change gains, primarily due to gains from disposing of trading financial assets, wealth management products, and stock price fluctuations. Concurrently, asset impairment losses and non-operating expenses also significantly increased, reflecting higher inventory write-downs and external donations Key Income Statement Item Changes for Jan-Sep 2025 | Item | Jan-Sep 2025 (CNY) | Jan-Sep 2024 (CNY) | Change Rate | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | -32,378,279.37 | -54,227,167.22 | 40.29% | Increase in interest expenses | | Investment Income | 14,323,205.58 | 595,495.39 | 2305.26% | Gains from disposal of trading financial assets and wealth management products | | Gains from Fair Value Changes | 64,992,467.13 | -3,569,835.35 | 1920.60% | Fluctuations in stock prices held | | Asset Impairment Losses | -40,780,702.24 | -4,813,903.27 | -747.14% | Increase in provision for inventory write-downs | | Non-Operating Expenses | 14,672,774.67 | 6,092,883.15 | 140.82% | Increase in external donation expenses and losses from disposal of non-current assets | | Income Tax Expense | 161,273,857.78 | 112,901,611.09 | 42.84% | Increase in taxable income | | Minority Interest Income/Loss | -8,344,391.01 | 23,087.22 | -36242.90% | Decrease in profit of controlled subsidiaries | Significant Changes and Reasons for Cash Flow Statement Items From January to September 2025, net cash flow from investing activities showed a significant outflow, primarily due to increased cash payments for the acquisition of fixed assets, intangible assets, and other long-term assets. Concurrently, net cash flow from financing activities significantly increased, mainly driven by higher short-term borrowings Key Cash Flow Statement Item Changes for Jan-Sep 2025 | Item | Jan-Sep 2025 (CNY) | Jan-Sep 2024 (CNY) | Change Rate | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Investing Activities | -902,609,136.71 | -524,317,812.95 | -72.15% | Increase in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets | | Net Cash Flow from Financing Activities | 546,563,601.95 | 115,414,857.21 | 373.56% | Increase in short-term borrowings | | Net Increase in Cash and Cash Equivalents | 631,753,722.75 | 446,375,804.82 | 41.53% | Increase in short-term borrowings | Explanation of Q3 Performance Changes The company's Q3 performance growth was primarily driven by an upturn in the semiconductor industry, particularly strong growth in automotive electronics, artificial intelligence, and consumer electronics. The company enhanced operational efficiency and gross margin through continuous R&D investment in high-value-added new products, optimized product structure, and deepened lean production management - The semiconductor industry's prosperity continued to rise, with strong growth in automotive electronics, artificial intelligence, and consumer electronics, driving significant growth in the company's main business[12] - The company adheres to a product-leading technology strategy, continuously increasing R&D investment in high-value-added new products, and optimizing its product structure[12] - The company deeply integrates lean production concepts into the entire power semiconductor manufacturing process, comprehensively improving operational efficiency and achieving quarter-over-quarter gross margin increases through production process optimization, strengthened quality control, and refined cost management[12] Shareholder Information Total Number of Common Shareholders, Number of Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 59,086 common shareholders. Among the top ten shareholders, Jiangsu Yangjie Investment Co., Ltd. and Jianshui Jie Jie Enterprise Management Co., Ltd. are parties acting in concert, holding over 47% combined, indicating concentrated control by the actual controller - As of the end of the reporting period, the total number of common shareholders was 59,086, with no preferred shareholders having restored voting rights[14] Top 10 Shareholders' Holdings (Excluding Shares Lent via Securities Refinancing) | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Yangjie Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 36.10% | 196,151,100.00 | 0 | N/A | 0 | | Jianshui Jie Jie Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 11.73% | 63,723,520.00 | 0 | Pledged | 2,250,000.00 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.53% | 8,312,018.00 | 0 | N/A | 0 | | Industrial and Commercial Bank of China Co., Ltd. - E Fund ChiNext ETF | Other | 1.13% | 6,165,405.00 | 0 | N/A | 0 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Other | 0.87% | 4,743,459.00 | 0 | N/A | 0 | | Shanghai Ruijun Asset Management Co., Ltd. - Ruijun Youfu No. 1 Private Securities Investment Fund | Other | 0.84% | 4,557,872.00 | 0 | N/A | 0 | | Shanghai Ruijun Asset Management Co., Ltd. - Ruijun Youfu No. 3 Private Securities Investment Fund | Other | 0.69% | 3,771,100.00 | 0 | N/A | 0 | | Wang Yan | Domestic Natural Person | 0.69% | 3,766,000.00 | 0 | N/A | 0 | | Yangzhou Yangjie Electronic Technology Co., Ltd. - "Striver Plan (Phase VI)" Employee Stock Ownership Plan | Other | 0.63% | 3,421,105.00 | 0 | N/A | 0 | | Shanghai Ruijun Asset Management Co., Ltd. - Ruijun Youfu No. 2 Private Securities Investment Fund | Other | 0.48% | 2,630,778.00 | 0 | N/A | 0 | - The actual controller of Jiangsu Yangjie Investment Co., Ltd. and Jianshui Jie Jie Enterprise Management Co., Ltd. is Ms. Liang Qin, who are parties acting in concert; Ms. Wang Yan is the sister of Ms. Liang Qin's spouse[15] Total Number of Company Preferred Shareholders and Top 10 Preferred Shareholders' Holdings During the reporting period, the company had no preferred shareholders - The company has no preferred shareholders[16] Changes in Restricted Shares During the reporting period, the company's restricted shares primarily consisted of executive restricted shares, with 4,500 new restricted shares added this period, bringing the total restricted shares at period-end to 4,500, held by Qin Nan Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released This Period (shares) | Restricted Shares Increased This Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Qin Nan | 0.00 | 0.00 | 4,500.00 | 4,500.00 | Executive Restricted Shares | | Total | 0.00 | 0.00 | 4,500.00 | 4,500.00 | N/A | Other Significant Matters During the reporting period, the company approved the acquisition of 100% equity in Dongguan Better Electronic Technology Co., Ltd. for 2.218 billion CNY in cash, making Better Electronic a wholly-owned subsidiary. The transaction includes performance commitments, with Better Electronic shareholders purchasing and pledging Yangjie Technology shares through a holding platform as performance guarantee - The company has approved the acquisition of 100% equity in Dongguan Better Electronic Technology Co., Ltd. for 2.218 billion CNY in cash, making Better Electronic a wholly-owned subsidiary[18] - The transaction includes performance commitments, with Better Electronic shareholders purchasing no less than 716 million CNY worth of Yangjie Technology shares through a holding platform and pledging them until June 30, 2028, as performance guarantee[18] Quarterly Financial Statements Financial Statements This section presents the company's consolidated balance sheet, consolidated income statement, and consolidated cash flow statement for Q3 2025 and year-to-date, providing detailed financial data reflecting assets, liabilities, equity, revenue, expenses, and cash flows during the reporting period Consolidated Balance Sheet As of September 30, 2025, the company's total assets reached 16.32 billion CNY, a 14.35% increase from the beginning of the period. Both current and non-current assets grew, with significant increases in monetary funds, trading financial assets, accounts receivable, inventories, fixed assets, and construction in progress. On the liabilities side, short-term borrowings substantially increased, leading to a significant rise in total current liabilities Key Consolidated Balance Sheet Data as of September 30, 2025 | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Monetary Funds | 4,756,393,969.70 | 3,942,231,888.63 | | Trading Financial Assets | 361,079,150.00 | 248,289,829.99 | | Accounts Receivable | 2,110,994,795.65 | 1,875,353,558.04 | | Inventories | 1,478,102,331.29 | 1,227,175,102.44 | | Total Current Assets | 9,188,048,309.55 | 7,746,484,092.35 | | Fixed Assets | 3,694,953,257.69 | 3,467,212,945.22 | | Construction in Progress | 1,679,621,013.58 | 1,359,312,665.99 | | Total Non-Current Assets | 7,132,016,500.43 | 6,525,136,274.56 | | Total Assets | 16,320,064,809.98 | 14,271,620,366.91 | | Short-Term Borrowings | 2,111,856,394.54 | 1,056,002,216.99 | | Accounts Payable | 2,048,412,401.59 | 1,567,952,586.19 | | Total Current Liabilities | 5,406,123,567.70 | 3,862,201,020.55 | | Total Liabilities | 6,721,089,417.47 | 5,108,749,598.41 | | Total Equity Attributable to Parent Company Shareholders | 9,244,357,475.25 | 8,764,548,513.12 | | Total Shareholders' Equity | 9,598,975,392.51 | 9,162,870,768.50 | Consolidated Income Statement Year-to-Date As of September 30, 2025, the company achieved total operating revenue of 5.348 billion CNY, a 20.89% year-over-year increase; net profit attributable to parent company shareholders was 974 million CNY, up 45.51% year-over-year. Investment income and fair value change gains significantly increased, while asset impairment losses and non-operating expenses also rose Key Consolidated Income Statement Data Year-to-Date 2025 | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 5,347,737,516.95 | 4,423,617,833.34 | | Total Operating Costs | 4,315,776,104.69 | 3,727,516,232.46 | | Operating Profit | 1,131,627,914.34 | 781,170,261.27 | | Total Profit | 1,126,534,802.04 | 782,034,783.85 | | Net Profit | 965,260,944.26 | 669,133,172.76 | | Net Profit Attributable to Parent Company Shareholders | 973,605,335.27 | 669,110,085.54 | | Minority Interest Income/Loss | -8,344,391.01 | 23,087.22 | | Basic Earnings Per Share | 1.8557 | 1.2320 | | Diluted Earnings Per Share | 1.8557 | 1.2320 | Consolidated Cash Flow Statement Year-to-Date As of September 30, 2025, net cash flow from operating activities was 1.017 billion CNY, a 15.00% year-over-year increase. Cash outflow from investing activities significantly rose, primarily for acquiring fixed and intangible assets. Cash inflow from financing activities grew substantially, mainly due to increased short-term borrowings Key Consolidated Cash Flow Statement Data Year-to-Date 2025 | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,017,314,498.92 | 884,592,553.08 | | Net Cash Flow from Investing Activities | -902,609,136.71 | -524,317,812.95 | | Net Cash Flow from Financing Activities | 546,563,601.95 | 115,414,857.21 | | Net Increase in Cash and Cash Equivalents | 631,753,722.75 | 446,375,804.82 | | Cash and Cash Equivalents at Period-End | 4,486,608,645.75 | 3,921,212,752.01 | Adjustments to Financial Statement Items at the Beginning of the First Year of New Accounting Standards Adoption from 2025 The company began adopting new accounting standards in 2025, but there were no adjustments required for financial statement items at the beginning of the first year of adoption during this reporting period - The company has no adjustments to financial statement items at the beginning of the first year of new accounting standards adoption from 2025[28] Audit Report This quarterly financial accounting report is unaudited - The company's Q3 financial accounting report is unaudited[28][29]