Financial Performance - For the nine months ended September 30, 2023, the company's revenue was RMB 36,252,000, a decrease of 8.9% compared to RMB 39,605,000 for the same period in 2022[5] - The gross profit for the nine months ended September 30, 2023, was RMB 7,161,000, down 30.0% from RMB 10,386,000 in the same period of 2022[5] - The operating loss for the nine months ended September 30, 2023, was RMB 379,000, compared to an operating profit of RMB 2,348,000 for the same period in 2022[5] - The net loss for the nine months ended September 30, 2023, was RMB 1,602,000, compared to a net profit of RMB 776,000 in the same period of 2022[5] - Basic and diluted loss per share for the nine months ended September 30, 2023, was RMB (0.40), compared to RMB 0.19 for the same period in 2022[5] - The company reported total comprehensive loss of RMB 1,602,000 for the nine months ended September 30, 2023, compared to total comprehensive income of RMB 776,000 for the same period in 2022[5] Expenses and Costs - The company’s administrative expenses for the nine months ended September 30, 2023, were RMB 6,093,000, a decrease of 30.5% from RMB 8,768,000 in the same period of 2022[5] - The company’s financial costs for the nine months ended September 30, 2023, increased to RMB 213,000 from RMB 46,000 in the same period of 2022[5] - The cost of inventory for the nine months ended September 30, 2023, was RMB 25,984,000, a decrease from RMB 27,962,000 in 2022[13] - Research and development costs for the nine months ended September 30, 2023, were RMB 805,000, down from RMB 1,554,000 in 2022[13] - The company incurred a total tax expense of RMB 1,010,000 for the nine months ended September 30, 2023, compared to RMB 1,526,000 in 2022[15] - Distribution costs increased by approximately RMB 0.5 million or 32.8% to approximately RMB 2.0 million for the nine months ended September 30, 2023, mainly due to increased wages and salaries[38] - Administrative expenses decreased by approximately RMB 2.7 million or 30.5% to approximately RMB 6.1 million for the nine months ended September 30, 2023, primarily due to a reduction in rental expenses classified as cost of sales during the period[38] Revenue Breakdown - Revenue from fiberglass products for the three months ended September 30, 2023, was RMB 10,639,000, a decrease of 34.3% compared to RMB 16,264,000 for the same period in 2022[12] - For the nine months ended September 30, 2023, revenue from fiberglass products was RMB 36,252,000, down 8.9% from RMB 39,605,000 in 2022[12] - Revenue from fiberglass grating products decreased by 15.9% to approximately RMB 15.4 million for the nine months ended September 30, 2023, primarily due to rising raw material and transportation costs[36] - Revenue from epoxy wedge products slightly decreased by 2.0% to approximately RMB 20.8 million for the nine months ended September 30, 2023, with a gross margin drop from 20.0% to 12.8%[36] - The overall domestic market sales decreased by approximately 4.1% to about RMB 29.9 million for the nine months ended September 30, 2023[33] - Domestic sales accounted for approximately 82.3% of total sales for the nine months ended September 30, 2023, an increase of 3.7 percentage points from 78.6% in the same period of 2022[33] Future Plans and Developments - The company plans to commence production and sales of industrial silica sand materials in the second half of 2024, anticipating significant economic benefits from this initiative[31] - The company is currently constructing a new facility in Inner Mongolia to support its silica sand business segment, responding to increasing domestic demand[31] - The company aims to enhance its R&D capabilities by controlling raw material sources, acquiring new equipment, and hiring specialized personnel[29] - Management expects steady growth in the overall fiberglass market in China in the coming years due to the material's superior performance and potential applications in various industries[28] Shareholder Information - As of September 30, 2023, Mr. Li holds 163,600,000 shares of the company, representing 40.9% of the company's equity[41] - Major shareholders include LFS and LFB, each holding 123,600,000 shares, representing 30.9% of the company's equity[46] - The company did not purchase, sell, or redeem any of its listed securities during the nine months ended September 30, 2023[50] Corporate Governance - The company confirmed that there were no directors or their close associates holding interests in any business that competes directly or indirectly with the group during the nine months ended September 30, 2023[51] - The company has adopted the GEM Listing Rules as a code of conduct for directors trading in the company's securities, and all directors complied with these standards during the nine months ended September 30, 2023[52] - The company believes it has complied with all applicable corporate governance code provisions during the nine months ended September 30, 2023[53] - The Audit Committee was established on December 16, 2016, consisting of three independent non-executive directors, with Mr. Wu Shiliang as the chairman[55] - The Audit Committee's main responsibilities include reviewing and supervising financial reporting procedures, internal controls, and risk management systems[55] - The group reviewed its unaudited performance for the nine months ending September 30, 2023[55]
硅鑫集团(08349) - 2023 Q4 - 季度财报