达瑞电子(300976) - 2025 Q3 - 季度财报

I. Key Financial Data Key Accounting Data and Financial Indicators The company achieved significant Q3 and year-to-date growth in operating revenue and net profit, with operating cash flow increasing substantially and total assets and equity growing steadily | Indicator | Current Reporting Period (Yuan) | Prior Year Same Period (Adjusted) (Yuan) | Change from Prior Year Same Period | Year-to-Date (Yuan) | Prior Year Same Period (Adjusted) (Yuan) | Change from Prior Year Same Period (YTD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 873,463,526.00 | 674,579,638.97 | 29.48% | 2,278,362,203.67 | 1,771,844,933.56 | 28.59% | | Net Profit Attributable to Shareholders | 98,942,071.42 | 76,749,760.51 | 28.92% | 231,024,308.23 | 182,144,364.34 | 26.84% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 94,356,216.73 | 72,196,253.74 | 30.69% | 216,954,779.76 | 163,098,691.19 | 33.02% | | Net Cash Flow from Operating Activities | - | - | - | 142,891,959.48 | 80,531,894.29 | 77.44% | | Basic Earnings Per Share (Yuan/share) | 0.75 | 0.58 | 29.31% | 1.75 | 1.37 | 27.74% | | Diluted Earnings Per Share (Yuan/share) | 0.75 | 0.58 | 29.31% | 1.75 | 1.37 | 27.74% | | Weighted Average Return on Net Assets | 2.84% | 2.32% | 0.52% | 6.69% | 5.56% | 1.13% | | End of Current Reporting Period | Prior Year End (Adjusted) | Change from Prior Year End | | | | | Total Assets | 4,327,185,670.40 | 4,173,494,700.79 | 3.68% | | | | | Total Equity Attributable to Shareholders | 3,524,472,379.94 | 3,409,778,271.52 | 3.36% | | | | - On June 6, 2025, the company implemented a profit distribution plan, converting capital reserves into shares at a ratio of 4 shares for every 10 shares held, increasing total share capital to 133,114,976 shares, and recalculating EPS for Jan-Sep and Jul-Sep 2024 based on the new share capital[5] Non-Recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses for the period and year-to-date totaled 4.59 million Yuan and 14.07 million Yuan, primarily from entrusted investments and government grants | Item | Current Reporting Period Amount (Yuan) | Year-to-Date Amount (Yuan) | Description | | :--- | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 36,792.20 | 10,113.92 | | | Government Grants Recognized in Current Profit/Loss | 951,954.73 | 1,920,095.06 | | | Gains/Losses from Entrusted Investments or Asset Management | 4,202,034.64 | 13,539,092.43 | Primarily interest income from wealth management products in the current period | | Other Non-Operating Income and Expenses Excluding the Above | -108,035.21 | -469,617.32 | | | Other Items Meeting the Definition of Non-Recurring Gains/Losses | 413,947.01 | 1,559,354.42 | Primarily individual income tax refund handling fees and VAT additional deductions | | Less: Income Tax Impact | 890,780.63 | 2,470,893.85 | | | Impact on Minority Interests (After Tax) | 20,058.05 | 18,616.19 | | | Total | 4,585,854.69 | 14,069,528.47 | -- | Changes and Reasons for Major Accounting Data and Financial Indicators Significant changes in balance sheet, income statement, and cash flow items were driven by business growth, investments, capital operations, and exchange rate fluctuations Significant Changes and Explanations for Balance Sheet Items | Item | September 30, 2025 (Yuan) | January 1, 2025 (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Receivables Financing | 176,999,546.91 | 81,872,100.32 | 116.19% | | Notes Receivable | 31,453,572.09 | 45,640,625.68 | -31.08% | | Prepayments | 6,873,367.71 | 3,039,897.57 | 126.11% | | Other Receivables | 12,019,119.99 | 9,213,866.25 | 30.45% | | Non-Current Assets Due Within One Year | 88,582,388.96 | 55,737,615.91 | 58.93% | | Other Current Assets | 219,877,057.18 | 358,576,970.84 | -38.68% | | Other Non-Current Financial Assets | 161,373,129.68 | 124,034,428.21 | 30.10% | | Fixed Assets | 923,764,710.53 | 629,596,855.85 | 46.72% | | Construction in Progress | 60,282,035.90 | 320,031,955.98 | -81.16% | | Long-Term Equity Investments | 15,000,000.00 | - | Significant Growth | | Other Non-Current Assets | 25,304,781.48 | 95,237,969.79 | -73.43% | | Short-Term Borrowings | 49,880,436.01 | - | Significant Growth | | Contract Liabilities | 3,802,016.61 | 875,273.76 | 334.38% | | Other Current Liabilities | 20,699,071.91 | 34,935,049.85 | -40.75% | | Share Capital | 133,114,976.00 | 95,377,100.00 | 39.57% | | Treasury Stock | 50,724,320.11 | 33,810,183.75 | 50.03% | | Other Comprehensive Income | -1,331,605.26 | 80,628.99 | -1751.52% | - Receivables financing increased by 116.19%, primarily due to an increase in customer payments settled with high-credit bank acceptance bills at the end of the reporting period[8] - Fixed assets increased by 46.72%, mainly due to the transfer of construction in progress for Darui New Materials and Intelligent Equipment Headquarters Phase II to fixed assets[9] - Share capital increased by 39.57%, primarily due to the conversion of capital reserves into share capital during the reporting period[9] Significant Changes and Explanations for Income Statement Items | Item | Jan-Sep 2025 (Yuan) | Jan-Sep 2024 (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,278,362,203.67 | 1,771,844,933.56 | 28.59% | | Operating Cost | 1,751,822,526.94 | 1,334,942,528.01 | 31.23% | | Taxes and Surcharges | 14,583,220.79 | 9,194,202.82 | 58.61% | | Financial Expenses | -3,348,529.83 | -10,734,236.31 | 68.81% | | Investment Income | 8,761,251.37 | 15,444,582.22 | -43.27% | | Asset Impairment Losses | -544,589.15 | -14,882,377.71 | 96.34% | | Non-Operating Income | 416,601.83 | 1,401,888.88 | -70.28% | | Non-Operating Expenses | 906,661.30 | 584,310.17 | 55.17% | | Income Tax Expense | 39,510,897.99 | 26,127,154.10 | 51.23% | - Operating revenue increased by 28.59%, primarily due to increased revenue from structural components for electronic products and structural and functional components for new energy businesses[10] - Financial expenses changed by 68.81%, mainly due to increased exchange losses and decreased fund management income[11] - Investment income decreased by 43.27%, primarily due to reduced income from wealth management products[11] Significant Changes and Explanations for Cash Flow Statement Items | Item | Jan-Sep 2025 (Yuan) | Jan-Sep 2024 (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 142,891,959.48 | 80,531,894.29 | 77.44% | | Net Cash Flow from Investing Activities | -58,939,284.21 | -492,308,212.73 | 88.03% | | Net Cash Flow from Financing Activities | -105,374,025.90 | -72,906,757.67 | -44.53% | - Net cash flow from operating activities increased by 77.44%, primarily due to increased cash received from sales of goods[12] - Net cash flow from investing activities changed by 88.03%, primarily due to a decrease in funds used for cash management[12] - Net cash flow from financing activities decreased by 44.53%, primarily due to increased dividend distribution[12] II. Shareholder Information Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the reporting period end, the company had 13,458 common shareholders; Li Qingping and his concerted parties are the controlling shareholders, with 1.32 million shares held in the company's repurchase account - Total number of common shareholders at the end of the reporting period: 13,458[14] | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Li Qingping | Domestic Natural Person | 35.24% | 46,913,580 | | Li Dongping | Domestic Natural Person | 12.50% | 16,635,812 | | Luoyang Jingding Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.63% | 8,820,000 | | Fu Xuelin | Domestic Natural Person | 5.44% | 7,244,771 | | Li Yumei | Domestic Natural Person | 3.06% | 4,077,896 | - The company's controlling shareholder is Li Qingping, and the actual controllers are Li Qingping and Deng Ruiwen (couple); Li Dongping, Li Yumei, Luoyang Jingding Enterprise Management Partnership (Limited Partnership), and Luoyang Jingding Erhao Enterprise Management Partnership (Limited Partnership) are concerted parties of the controlling shareholder and actual controllers[15] - At the end of the reporting period, the company's dedicated share repurchase account held 1,316,309 shares of the company[15] Total Number of Preferred Shareholders and Top 10 Preferred Shareholders' Holdings The company has no preferred shareholders - The company has no preferred shareholders[17] Changes in Restricted Shares During the reporting period, the company's total restricted shares increased from 34,229,567 at the beginning to 47,904,944 at the end, primarily due to an increase in executive lock-up shares and equity incentive restricted shares | Shareholder Name | Restricted Shares at Beginning of Period | Shares Unrestricted in Current Period | Shares Restricted in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Qingping | 25,132,275 | 0 | 10,052,910 | 35,185,185 | Executive Lock-up Shares | | Li Dongping | 8,912,042 | 0 | 3,564,817 | 12,476,859 | Executive Lock-up Shares | | Total | 34,229,567 | 46,125 | 13,721,502 | 47,904,944 | -- | - The increase in restricted shares primarily resulted from executive lock-up shares and equity incentive restricted shares[17] III. Other Significant Matters Share Repurchase The board approved a share repurchase plan of 30-50 million Yuan for equity incentives or employee stock plans, with 283,900 shares (0.21% of total capital) repurchased for 17.01 million Yuan - The company plans to repurchase shares totaling no less than 30 million Yuan and no more than 50 million Yuan, for equity incentive plans or employee stock ownership plans[18] | Indicator | Data | | :--- | :--- | | Accumulated Repurchased Shares | 283,900 shares | | Percentage of Total Share Capital | 0.21% | | Highest Transaction Price | 60.00 Yuan/share | | Lowest Transaction Price | 59.48 Yuan/share | | Total Transaction Amount | 17,007,311.73 Yuan | Strategic Acquisition of Weiside The company plans to acquire an 80% stake in Weiside, a key supplier for foldable phones, to enhance composite material solutions for high-end consumer electronics and AI hardware, and to expand into new high-demand sectors - The company plans to subscribe to Weiside's increased registered capital with 30 million Yuan of its own funds and acquire equity for 134 million Yuan, ultimately holding an 80% stake in Weiside[19] - Weiside is a key supplier of carbon fiber composite structural components (door panels, bamboo books) for leading global foldable smartphone brands like Huawei and Samsung[20] - Post-acquisition, the company will offer comprehensive composite material solutions (glass fiber, carbon fiber, light alloys) from material formulation to mass production, meeting lightweight and complex performance integration demands for high-end consumer electronics and emerging AI hardware like AI glasses and XR devices[20] - Weiside is actively expanding its technological applications, with initial applications in brain-computer interfaces, laying the foundation for future expansion into high-demand sectors such as low-altitude economy and robotics[20] Investment in Artificial Intelligence Fund The company's subsidiary invested 42 million Yuan in an AI venture fund to strategically deploy in hard-tech projects synergistic with its core business, including humanoid and special robots - The company's wholly-owned subsidiary invested 42 million Yuan of its own funds in Shenzhen Zhuoyuan Darui Artificial Intelligence Venture Capital Partnership (Limited Partnership)[21] - The investment aims to leverage the advantages of professional investment institutions for forward-looking deployment in hard-tech projects synergistic with the company's main business[21] - The AI fund has invested in projects such as Songyan Power (Beijing) Technology Co., Ltd. (humanoid robots) and Zhiyou Wujie (Shenzhen) Intelligent Technology Co., Ltd. (special robots)[21] IV. Quarterly Financial Statements Financial Statements This section presents the company's consolidated balance sheet (Q3 2025), income statement (YTD), and cash flow statement (YTD), detailing its financial position, operating results, and cash flows Consolidated Balance Sheet - As of September 30, 2025, the company's total assets were 4,327,185,670.40 Yuan, representing a 3.68% increase from the beginning of the period[25] - Total current assets amounted to 2,961,252,124.99 Yuan, and total non-current assets were 1,365,933,545.41 Yuan[24][25] - Total liabilities were 791,573,122.47 Yuan, and total owners' equity was 3,535,612,547.93 Yuan[25] Consolidated Income Statement for Year-to-Date - From January to September 2025, the company achieved total operating revenue of 2,278,362,203.67 Yuan, a 28.59% year-over-year increase[27] - Net profit attributable to parent company shareholders was 231,024,308.23 Yuan, increasing by 26.84% year-over-year[28] - Both basic and diluted earnings per share were 1.75 Yuan[29] Consolidated Cash Flow Statement for Year-to-Date - From January to September 2025, net cash flow from operating activities was 142,891,959.48 Yuan, a 77.44% year-over-year increase[31] - Net cash flow from investing activities was -58,939,284.21 Yuan, representing an 88.03% decrease in outflow compared to the prior year[31] - Net cash flow from financing activities was -105,374,025.90 Yuan, an increase in outflow of 44.53% compared to the prior year[31] Adjustments to Financial Statement Items at the Beginning of the First Year of Adopting New Accounting Standards from 2025 The company did not adopt new accounting standards for the first time in 2025, thus no adjustments to financial statement items at the beginning of the first year of adoption are required - The company is not subject to adjustments for financial statement items at the beginning of the first year of adopting new accounting standards from 2025[32] Audit Report The company's Q3 2025 financial accounting report is unaudited - The company's Q3 financial accounting report is unaudited[33]