JONJEE(SH:600872)2021-12-03 16:00Financial Performance - Q3 2021 revenue was CNY 1,095,738,159.42, a decrease of 12.70% year-over-year[4] - Net profit attributable to shareholders was CNY 86,907,608.17, down 59.15% compared to the same period last year[4] - Basic earnings per share for Q3 2021 was CNY 0.1099, a decline of 58.85% year-over-year[5] - The net profit attributable to shareholders for the year-to-date was CNY 366,726,933.87, down 45.09% year-over-year[4] - The net profit for the first three quarters was 396 million yuan, down 45.59% compared to the previous year[22] - The company reported a total revenue of 3.412 billion yuan for the first three quarters of 2021, a decrease of 10.45% year-on-year[20] - Net profit for the third quarter of 2021 was CNY 396,204,756.05, a decline of 45.6% from CNY 728,156,266.06 in the same quarter of 2020[43] - The total comprehensive income for Q3 2021 was ¥396,185,587.33, down from ¥728,164,540.75 in Q3 2020[45] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,988,742,943.78, a decrease of 10.06% from the previous year[5] - Total assets decreased to CNY 5,988,742,943.78 from CNY 6,658,923,560.27 at the end of 2020, showing a reduction in overall asset base[40] - Total liabilities increased to CNY 2,126,323,701.39 from CNY 1,667,284,387.78 at the end of 2020, indicating higher leverage[40] - Total liabilities were reported at ¥1,667,284,387.78, with current liabilities constituting ¥1,557,355,939.04[51] - The company's total equity decreased to CNY 3,862,419,242.39 from CNY 4,991,639,172.49 at the end of 2020, reflecting a decline in shareholder value[40] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 561,977,240.64, down 36.98% year-over-year[5] - The net cash flow from operating activities for the first three quarters of 2021 was ¥4,064,003,460.78, down from ¥4,258,375,766.16 in the same period of 2020[47] - The cash and cash equivalents at the end of Q3 2021 amounted to ¥444,685,479.21, a decrease from ¥1,309,564,933.74 at the end of Q3 2020[48] - Cash and cash equivalents increased to CNY 603,917,556.32 as of September 30, 2021, compared to CNY 241,700,996.57 at the end of 2020, indicating improved liquidity[38] Shareholder Actions - The company completed a share repurchase of 14,388,000 shares, accounting for 1.81% of the total share capital, with a total expenditure of approximately RMB 599.79 million[12] - The company initiated a second share repurchase, acquiring a total of 11,261,244 shares, representing 1.41% of the total share capital, with a total expenditure of approximately RMB 383.73 million[13] - The company’s stock repurchase program has a total budget between RMB 300 million and RMB 600 million, with a maximum repurchase price of RMB 60.00 per share[11] Government Support and Subsidies - The company received government subsidies amounting to CNY 3,402,887.51 during the reporting period[6] Challenges and Market Conditions - The company reported a significant impact on profits due to decreased sales and rising raw material prices[7] - The company’s overall performance has been impacted by the weak recovery in the catering market and increased competition[26] - The company faces challenges in the sale of its real estate subsidiary due to opposition from a third-party shareholder and legal issues regarding the freezing of shares[16] Inventory and Procurement - Inventory as of September 30, 2021, was CNY 1,753,198,129.88, an increase from CNY 1,681,910,969.77 at the end of 2020, suggesting potential challenges in inventory turnover[38] - The average procurement prices for key raw materials increased significantly, with soybean prices rising by 24.34% year-on-year[26] - The company has implemented cost control measures, including bulk purchasing strategies to mitigate the impact of rising material prices[30] - The company is exploring new procurement models to reduce costs by collaborating with suppliers for production[30] Future Plans and Strategies - The company plans to publicly sell 89.24% of its subsidiary, Guangdong Zhonghui Hechuang Real Estate Co., Ltd., with a starting price of RMB 11.169 billion[15] - The company has proposed a non-public issuance of A-shares, aiming to raise up to RMB 7.79 billion through the issuance of 238,991,158 shares[14] - The company plans to launch new high-end soy sauce, oyster sauce, and Chinese seasoning products in 2022, focusing on enhancing product appeal[28] - The company aims to expand its distributor network, targeting underdeveloped cities and enhancing management of existing distributors[28] - The company has a strategy to develop online channels to attract new consumer demographics[28] Research and Development - Research and development expenses for the third quarter of 2021 were CNY 125,372,450.80, up from CNY 111,729,662.71 in the same quarter of 2020, reflecting a commitment to innovation[43]