圣龙股份(603178) - 2025 Q3 - 季度财报

Important Notice This report is an unaudited quarterly report, and the company's board of directors, senior management, and head of accounting department guarantee the truthfulness, accuracy, and completeness of its content, assuming legal responsibility - This quarter's financial statements are unaudited[3] I. Key Financial Data 1. Key Accounting Data and Financial Indicators In the first three quarters of 2025, the company's operating revenue increased by 10.35% to CNY 1.254 billion, but total profit and net profit attributable to shareholders were negative, at -CNY 72.94 million and -CNY 72.95 million, respectively. Net cash flow from operating activities in the current quarter (Q3) significantly increased by 326.62% to CNY 74.48 million Key Accounting Data and Financial Indicators for Q3 and YTD 2025 | Item | Current Period (Q3 2025) (CNY) | YoY Change (%) | Year-to-Date (YTD 2025) (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 420,799,029.30 | -0.19 | 1,253,799,233.62 | 10.35 | | Total Profit | -17,808,492.21 | -27.67 | -72,943,858.69 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | -17,810,142.19 | -27.70 | -72,951,323.48 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | -16,735,337.23 | -14.29 | -82,064,866.58 | -59.42 | | Net Cash Flow from Operating Activities | 74,481,675.86 | 326.62 | 67,139,479.22 | 8.70 | | Basic Earnings Per Share (CNY/share) | -0.08 | -27.70 | -0.31 | Not Applicable | | Total Assets (Period-end) | 2,259,058,043.50 | -4.24 (vs. prior year-end) | | | | Owners' Equity Attributable to Shareholders of Listed Company (Period-end) | 1,214,533,382.46 | -6.36 (vs. prior year-end) | | | 2. Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses were -CNY 1.07 million, and CNY 9.11 million year-to-date. Certain government grants and fee rebates were classified as recurring gains and losses due to their close relation to normal operations and continuous impact Non-recurring Gains and Losses Items and Amounts (YTD 2025) | Non-recurring Gains and Losses Item | Current Period Amount (CNY) | Year-to-Date Amount (CNY) | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | -3,573,443.55 | -3,580,089.11 | | Government grants recognized in current profit or loss | 2,688,914.68 | 10,448,233.70 | | Gains or losses from changes in fair value and disposal of financial assets | 100,917.54 | 620,180.39 | | Gains or losses from entrusted investment or asset management | - | 1,660,256.97 | | Other non-operating income and expenses | -169,659.20 | -915,137.48 | | Other items that meet the definition of non-recurring gains and losses | 153,989.11 | 2,501,209.97 | | Less: Income tax impact | 275,523.54 | 1,621,111.34 | | Total | -1,074,804.96 | 9,113,543.10 | - Value-added tax additional deductions (CNY 2.52 million) and fee rebates (CNY 0.13 million) were recognized as recurring gains and losses, as they comply with national policies and have a continuous impact on the company's profit and loss[8] 3. Changes and Reasons for Key Accounting Data and Financial Indicators The decline in total profit and net profit was primarily due to increased North American new factory relocation costs, higher R&D investment in new energy projects, gross profit fluctuations during new product ramp-up, and investment income from overseas asset sales in the prior year. The significant increase in net cash flow from operating activities was mainly due to increased sales collections - Reasons for Decline in Total Profit and Net Profit: * Increased temporary inventory and additional relocation costs due to the North American new factory relocation in the first half of the year * Significant investment in new energy project development, with increased R&D spending on key projects like electronic and high-pressure pumps * Rapid increase in the proportion of new energy products, impacting gross profit margins during new product ramp-up * Investment income from overseas asset sales in the prior year, with no such item in the current period[9] - Reasons for Increase in Net Cash Flow from Operating Activities: * Primarily due to increased sales collections[9] II. Shareholder Information 1. Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 33,478 common shareholders. Among the top ten shareholders, Ningbo Shenglong (Group) Co., Ltd. held 124.01 million shares, accounting for 52.45%, as the controlling shareholder. There are parent-subsidiary and concerted action relationships among the top ten shareholders - The total number of common shareholders at the end of the reporting period was 33,478[11] Top 10 Shareholders' Holdings (September 30, 2025) | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | | Ningbo Shenglong (Group) Co., Ltd. | Domestic Non-state-owned Legal Person | 124,007,390 | 52.45 | | Ningbo Yushun Trading Co., Ltd. | Domestic Non-state-owned Legal Person | 10,294,100 | 4.35 | | Ningbo Shengdaer Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 5,720,000 | 2.42 | | Luo Licheng | Domestic Natural Person | 5,147,100 | 2.18 | | Chen Yaqing | Domestic Natural Person | 3,860,300 | 1.63 | | Chen Wu | Unknown | 987,300 | 0.42 | | Bai Nan | Unknown | 724,900 | 0.31 | | Chen Suguo | Unknown | 681,000 | 0.29 | | You Lianhua | Unknown | 651,200 | 0.28 | | Xiang Youfu | Unknown | 609,800 | 0.26 | - Chen Yaqing and Luo Licheng hold 25% and 35% equity in Ningbo Shenglong (Group) Co., Ltd., respectively; Ningbo Yushun Trading Co., Ltd. is a wholly-owned subsidiary of Ningbo Shenglong (Group) Co., Ltd.; Chen Yaqing is the appointed representative of the executive partner of Ningbo Shengdaer Investment Partnership (Limited Partnership); Chen Yaqing and Luo Licheng have a mother-son relationship[12] III. Other Reminders There is no other significant information regarding the company's operating performance during the reporting period that requires special attention from investors - No other significant information regarding the company's operating performance during the reporting period requires investor attention[13] IV. Quarterly Financial Statements 1. Type of Audit Opinion This quarter's financial statements are unaudited - Financial statements are unaudited[13] 2. Financial Statements This section details the company's unaudited consolidated balance sheet as of September 30, 2025, and consolidated income statement and cash flow statement for January-September 2025, providing financial data for investor reference Consolidated Balance Sheet As of September 30, 2025, total assets were CNY 2.259 billion, a 4.24% decrease from year-end 2024; owners' equity attributable to shareholders was CNY 1.215 billion, a 6.36% decrease from year-end 2024. Total current liabilities were CNY 933.13 million, and total non-current liabilities were CNY 111.39 million Consolidated Balance Sheet Key Data (September 30, 2025 vs December 31, 2024) | Item | September 30, 2025 (CNY) | December 31, 2024 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 189,417,915.55 | 158,919,962.60 | 19.19 | | Trading Financial Assets | 10,000,000.00 | 70,000,000.00 | -85.71 | | Accounts Receivable | 443,486,829.71 | 484,008,979.42 | -8.37 | | Inventories | 245,754,648.51 | 273,895,240.27 | -10.27 | | Total Current Assets | 961,403,270.75 | 1,040,111,617.93 | -7.57 | | Fixed Assets | 618,481,192.28 | 671,210,108.73 | -7.86 | | Construction in Progress | 222,676,014.01 | 196,546,601.57 | 13.30 | | Total Non-current Assets | 1,297,654,772.75 | 1,319,070,974.84 | -1.62 | | Total Assets | 2,259,058,043.50 | 2,359,182,592.77 | -4.24 | | Short-term Borrowings | 142,081,987.50 | 152,042,138.89 | -6.55 | | Notes Payable | 213,897,110.47 | 168,596,491.10 | 26.87 | | Accounts Payable | 421,324,399.79 | 470,325,754.17 | -10.39 | | Non-current Liabilities Due Within One Year | 105,150,603.18 | 63,307,971.75 | 66.09 | | Total Current Liabilities | 933,129,668.10 | 905,120,731.08 | 3.10 | | Long-term Borrowings | 39,955,954.50 | 88,024,860.01 | -54.61 | | Total Non-current Liabilities | 111,394,992.94 | 157,034,648.84 | -29.07 | | Total Liabilities | 1,044,524,661.04 | 1,062,155,379.92 | -1.66 | | Retained Earnings | 167,730,917.78 | 250,134,323.00 | -32.94 | | Total Owners' Equity | 1,214,533,382.46 | 1,297,027,212.85 | -6.36 | Consolidated Income Statement In the first three quarters of 2025, the company achieved total operating revenue of CNY 1.254 billion, a 10.35% year-over-year increase. However, operating profit, total profit, and net profit all turned from profit to loss, with a net loss of CNY 72.95 million and basic earnings per share of -CNY 0.31/share Consolidated Income Statement Key Data (YTD 2025 vs YTD 2024) | Item | YTD 2025 (CNY) | YTD 2024 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,253,799,233.62 | 1,136,210,800.66 | 10.35 | | Operating Costs | 1,184,520,662.98 | 1,028,541,534.74 | 15.17 | | Selling Expenses | 12,852,944.38 | 16,075,037.67 | -20.04 | | Administrative Expenses | 60,286,054.52 | 59,464,434.16 | 1.38 | | Research and Development Expenses | 81,883,496.24 | 83,524,572.56 | -1.96 | | Financial Expenses | 7,165,419.03 | 3,773,615.59 | 89.88 | | Investment Income | 16,815,090.75 | 63,922,393.55 | -73.70 | | Operating Profit | -72,028,721.21 | 7,918,187.30 | Turned from profit to loss | | Total Profit | -72,943,858.69 | 7,519,646.75 | Turned from profit to loss | | Net Profit | -72,951,323.48 | 6,861,995.71 | Turned from profit to loss | | Net Profit Attributable to Parent Company Shareholders | -72,951,323.48 | 6,861,995.71 | Turned from profit to loss | | Basic Earnings Per Share (CNY/share) | -0.31 | 0.03 | Turned from profit to loss | - Effective January 1, 2024, the company implemented the provisions of Interpretation No. 18 of Accounting Standards for Business Enterprises, retrospectively adjusting comparable period information, resulting in a CNY 5.66 million increase in operating costs and a CNY 5.66 million decrease in selling expenses in the consolidated income statement for the same period in 2024[22] Consolidated Cash Flow Statement In the first three quarters of 2025, net cash flow from operating activities was CNY 67.14 million, an 8.70% year-over-year increase. Net cash flows from investing and financing activities were both negative, at -CNY 12.06 million and -CNY 13.80 million, respectively Consolidated Cash Flow Statement Key Data (YTD 2025 vs YTD 2024) | Item | YTD 2025 (CNY) | YTD 2024 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 1,342,650,562.70 | 1,196,581,452.67 | 12.21 | | Subtotal of Cash Inflows from Operating Activities | 1,376,298,543.26 | 1,223,628,576.88 | 12.48 | | Cash Paid for Goods and Services | 1,021,478,190.75 | 880,527,835.84 | 16.01 | | Subtotal of Cash Outflows from Operating Activities | 1,309,159,064.04 | 1,161,862,189.15 | 12.68 | | Net Cash Flow from Operating Activities | 67,139,479.22 | 61,766,387.73 | 8.70 | | Subtotal of Cash Inflows from Investing Activities | 129,070,922.93 | 314,188,990.26 | -58.92 | | Subtotal of Cash Outflows from Investing Activities | 141,129,298.12 | 381,763,199.01 | -63.04 | | Net Cash Flow from Investing Activities | -12,058,375.19 | -67,574,208.75 | 82.16 (Loss narrowed) | | Subtotal of Cash Inflows from Financing Activities | 143,000,000.00 | 323,678,696.67 | -55.84 | | Subtotal of Cash Outflows from Financing Activities | 156,801,957.11 | 239,399,797.91 | -34.59 | | Net Cash Flow from Financing Activities | -13,801,957.11 | 84,278,898.76 | Turned from profit to loss | | Net Increase in Cash and Cash Equivalents | 40,439,188.98 | 75,964,953.27 | -46.77 |