Bestsun Energy(SH:600681)2020-10-28 16:00Financial Performance - Revenue for the first nine months decreased by 22.01% to CNY 2.84 billion compared to the same period last year[6]. - Net profit attributable to shareholders decreased by 37.51% to CNY 410.84 million for the first nine months compared to the same period last year[6]. - Basic earnings per share decreased by 36.96% to CNY 0.29 per share compared to the same period last year[7]. - Total operating revenue for Q3 2020 was approximately ¥605.63 million, a decrease of 28.05% compared to ¥841.00 million in Q3 2019[30]. - Net profit for Q3 2020 was approximately ¥82.41 million, a decline of 42.93% compared to ¥144.41 million in Q3 2019[32]. - The company reported a total profit of approximately ¥110.43 million for Q3 2020, down 44.06% from ¥197.49 million in Q3 2019[31]. - Total operating revenue for the first three quarters of 2020 was approximately ¥2.84 billion, a decrease of 22.03% compared to ¥3.64 billion in the same period of 2019[30]. - The company reported investment income of approximately ¥740.08 thousand in Q3 2020, a significant decrease from ¥21.06 million in Q3 2019[31]. Asset and Liability Changes - Total assets decreased by 14.92% to CNY 7.78 billion compared to the end of the previous year[6]. - Net assets attributable to shareholders decreased by 7.85% to CNY 4.16 billion compared to the end of the previous year[6]. - Cash and cash equivalents decreased by 69.24% to CNY 414.44 million compared to the end of the previous year[12]. - Short-term borrowings increased by 86.11% to CNY 549.85 million compared to the end of the previous year[12]. - Total liabilities decreased from CNY 4,481,703,658.14 in December 2019 to CNY 3,484,229,105.54 in September 2020, a decline of about 22%[24]. - The total equity decreased from CNY 4,665,632,672.97 in December 2019 to CNY 4,298,566,492.22 in September 2020, a decline of about 8%[24]. - The company's long-term borrowings decreased from CNY 749,000,000.00 in December 2019 to CNY 596,540,000.00 in September 2020, a reduction of approximately 20%[24]. Cash Flow and Expenses - Operating cash flow net amount decreased by 23.96% to CNY 323.38 million for the first nine months compared to the same period last year[6]. - The net cash flow from investing activities improved by 84.06%, reaching -¥103,995,648.51 compared to -¥652,452,071.60 in the previous period[22]. - Cash flow from operating activities for the first three quarters of 2020 was approximately ¥2.93 billion, down from ¥3.30 billion in the same period of 2019, representing a decrease of about 11.1%[38]. - The net cash flow from financing activities for the first three quarters of 2020 was a loss of approximately ¥1.13 billion, compared to a loss of ¥86 million in the same period of 2019[40]. - The company's financial expenses for Q3 2020 were approximately ¥6.85 billion, compared to ¥6.35 billion in Q3 2019, indicating an increase of about 7.9%[35]. - The company reported interest expenses of approximately ¥7.45 billion for Q3 2020, compared to ¥5.78 billion in Q3 2019, reflecting an increase of about 28.9%[35]. Shareholder Information - The total number of shareholders reached 25,511 at the end of the reporting period[11]. - The company repurchased a total of 27,127,535 shares, utilizing funds between ¥150 million and ¥300 million as part of its share buyback plan[18]. Research and Development - Research and development expenses increased by 93.16% to ¥2,549,507.09 from ¥1,319,878.98[22]. - R&D expenses increased to approximately ¥941.13 thousand in Q3 2020, up 74.41% from ¥539.12 thousand in Q3 2019[30]. Government Support - The company received government subsidies amounting to CNY 29.72 million for the first nine months[8]. Changes in Accounting Standards - The company executed a new revenue recognition standard, resulting in a reclassification of prepayments to contract liabilities[14]. - The company has implemented new revenue and leasing standards starting from 2020, which may impact future financial reporting[42].