Fynex Textile(SH:600493)2021-10-29 16:00Financial Performance - The company's operating revenue for the third quarter reached ¥371,513,186.43, an increase of 34.98% compared to the same period last year[5] - The net profit attributable to shareholders was ¥41,931,977.12, reflecting a significant increase of 446.26% year-over-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥35,229,123.08, up 793.22% from the previous year[5] - The basic earnings per share for the quarter was ¥0.1542, representing a 444.88% increase compared to the same period last year[6] - The company's net profit for the first nine months of 2021 was CNY 263,617,375.41, an increase from CNY 200,919,672.32 in the same period of the previous year[26] - Net profit for the first three quarters of 2021 was ¥73,577,703.09, significantly higher than ¥16,716,553.65 in the same period of 2020, representing a 340.5% increase[28] - Basic and diluted earnings per share for the first three quarters of 2021 were both ¥0.2705, compared to ¥0.0615 in the previous year[28] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥1,959,005,914.53, a slight increase of 2.52% from the end of the previous year[6] - As of September 30, 2021, the total assets of Fujian Fengzhu Textile Technology Co., Ltd. amounted to CNY 1,959,005,914.53, an increase from CNY 1,910,833,283.78 at the end of 2020[23] - The company's current assets reached CNY 1,016,869,522.73, up from CNY 935,531,866.50 in the previous year, reflecting a growth of approximately 8.7%[24] - The total liabilities decreased slightly to CNY 1,129,373,295.05 from CNY 1,143,898,367.39, indicating a reduction of approximately 1.3%[25] - The long-term borrowings decreased to CNY 254,650,000.00 from CNY 344,000,000.00, a reduction of about 26%[25] - The total equity attributable to shareholders increased to CNY 829,632,619.48 from CNY 766,934,916.39, representing a growth of approximately 8.2%[26] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥69,729,215.04, down 40.61% compared to the same period last year[5] - Cash flow from operating activities for the first three quarters of 2021 was ¥69,729,215.04, down from ¥117,400,514.94 in the same period of 2020[31] - Cash inflow from investment activities for the first three quarters of 2021 was ¥144,379,282.52, compared to ¥10,884,009.01 in the previous year[31] - Cash flow from financing activities resulted in a net outflow of ¥205,801,322.67 in the first three quarters of 2021, contrasting with a net inflow of ¥1,462,734.95 in the same period of 2020[32] - The ending balance of cash and cash equivalents as of the end of September 2021 was ¥123,609,511.58, down from ¥215,037,836.81 at the end of September 2020[32] - The company's cash and cash equivalents were CNY 255,274,395.07, down from CNY 333,100,075.74, reflecting a decrease of approximately 23.3%[24] Investments and Projects - The company attributed the increase in operating revenue to higher sales of exported self-produced light fabrics[9] - The company received government subsidies amounting to ¥3,282,300.00 during the quarter, contributing to the net profit increase[8] - The new factory project in An Dong is expected to have an annual production capacity of 100,000 tons of knitted printed fabric, 7,500 tons of knitted printing fabric, and 3,000 tons of yarn, with a total investment of approximately RMB 850 million[14] - The first phase of the An Dong factory's production workshop and equipment installation has entered the trial production stage, with full production expected by the end of the year[15] - The company has completed land reserve for the Henan project, acquiring a total of 424.08 acres of land for the establishment of a wholly-owned subsidiary in Anyang[18] - The investment for the Henan Fengzhu (Anyang) 30,000 tons dyeing project is estimated to be around RMB 300 million, with the main structure of the dyeing workshop already completed[18] - The company has successfully completed the transfer of equity in the joint venture and the transfer of land use rights, with all related payments received by August 10, 2021[19] Financial Management - The company has engaged in various financial management activities, including structured deposit products with amounts ranging from RMB 4 million to RMB 20 million, achieving annualized returns between 2.61% and 3.65%[21] - The total amount of structured deposits managed by the company is approximately RMB 92.2 million, with a total income of RMB 2,200,000 from these investments[21] - The company reported a total of CNY 252,300,000 in structured deposit products, indicating a significant investment strategy[24] Operational Strategy - The company is focused on upgrading its product structure and enhancing product quality and competitiveness through technological transformation[14] - The company has authorized management to make adjustments to project investments based on changes in laws and regulations during the implementation of the An Dong project[14] - The company aims to transform its 30-year-old factory into a modern, intelligent, and environmentally friendly dyeing and finishing enterprise[14] Inventory and Receivables - Inventory increased significantly to CNY 340,728,155.01, compared to CNY 211,004,233.65 in the previous year, marking a rise of about 61.4%[24] - The accounts receivable rose to CNY 226,916,568.11, compared to CNY 188,352,851.92 at the end of 2020, showing an increase of about 20.4%[23] Investment Income - The company reported a significant increase in investment income, reaching ¥2,925,416.27 in the first three quarters of 2021, compared to ¥69,017.80 in the previous year[27] - The company experienced a credit impairment loss of -¥3,913,133.63 in the first three quarters of 2021, an improvement from -¥8,208,410.63 in the same period of 2020[28]