zhenhua chemical(SH:603067)2023-10-29 16:00Financial Performance - The company's operating revenue for Q3 2023 reached ¥1,047,624,526.81, representing a 36.48% increase compared to the same period last year[5]. - Net profit attributable to shareholders was ¥95,335,825.44, a 26.60% increase year-on-year, while net profit after deducting non-recurring gains and losses was ¥98,931,438.93, up 34.12%[5]. - Year-to-date revenue as of the end of Q3 2023 was ¥2,752,629,321.20, reflecting a 6.84% increase compared to the previous year[5]. - Basic and diluted earnings per share for Q3 2023 were both ¥0.19, showing a 26.67% increase compared to the same period last year[6]. - Total operating revenue for the first three quarters of 2023 reached ¥2,752,629,321.20, an increase of 6.8% compared to ¥2,576,495,190.51 in the same period of 2022[22]. - Net profit for the first three quarters of 2023 was ¥290,281,784.91, a decrease of 10% from ¥322,571,626.20 in the same period of 2022[24]. - Operating revenue for the first three quarters of 2023 reached ¥1,368,902,425.79, up from ¥1,319,823,433.31 in the same period of 2022, representing an increase of about 3.7%[32]. - Net profit for the first three quarters of 2023 was ¥167,595,529.64, compared to ¥141,084,058.76 in 2022, marking a growth of approximately 18.8%[33]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period decreased by 40.97% to ¥189,968,446.05, primarily due to increased cash payments for goods and services[6]. - The company's cash flow from operating activities showed a positive trend, contributing to the overall financial stability despite the decrease in net profit[24]. - Cash inflow from operating activities increased to ¥1,784,643,909.07 in 2023 from ¥1,664,010,328.53 in 2022, representing a growth of approximately 7.2%[26]. - Net cash flow from operating activities decreased to ¥189,968,446.05 in 2023 from ¥321,821,458.85 in 2022, a decline of about 40.9%[26]. - Total assets at the end of Q3 2023 amounted to ¥4,250,229,112.30, marking a 6.76% increase from the end of the previous year[6]. - As of September 30, 2023, the company's total current assets amounted to approximately RMB 1.92 billion, an increase from RMB 1.85 billion at the end of 2022[18]. - The company's cash and cash equivalents stood at approximately RMB 166 million as of September 30, 2023[18]. - The company's inventory increased to approximately RMB 664 million as of September 30, 2023, compared to RMB 615 million at the end of 2022[18]. - Total liabilities as of Q3 2023 amounted to ¥1,482,132,925.68, a slight increase from ¥1,424,979,052.98 in Q3 2022[20]. - The company's total assets increased to ¥4,250,229,112.30 in Q3 2023, compared to ¥3,981,262,232.97 in Q3 2022, reflecting a growth of 6.7%[20]. - Current assets decreased to ¥1,738,961,604.09 as of September 30, 2023, from ¥1,808,783,805.25 as of December 31, 2022, a decline of approximately 3.8%[30]. - Cash and cash equivalents decreased to ¥154,355,689.78 as of September 30, 2023, from ¥215,705,815.87 as of December 31, 2022, a decline of approximately 28.4%[27]. - The total current liabilities decreased to ¥505,410,963.22 as of September 30, 2023, from ¥849,082,401.94 at the end of 2022, a reduction of approximately 40.5%[31]. - Long-term borrowings increased significantly to ¥726,887,389.71 in Q3 2023, compared to ¥332,884,455.85 at the end of 2022, reflecting a growth of about 118.5%[31]. Sales and Market Strategy - The company reported a significant increase in sales volume, which contributed to the rise in operating revenue[10]. - In Q3 2023, the company reported a significant increase in sales volume for its two main products, with heavy chromium salt and chromium oxide sales growing approximately 70% and 34% quarter-over-quarter, reaching peak levels in recent years[15]. - The company is actively expanding its product structure and implementing a moderate sales strategy, resulting in performance significantly outperforming the economic recovery pace, further consolidating its market share[15]. - The company is expanding its potassium sulfate product line and ultra-fine aluminum hydroxide production line as planned, enhancing its product structure and economic efficiency[16]. - The company aims to maximize resource allocation and investment returns by focusing on segments and products that reflect its competitive advantages in the flow battery industry[16]. Research and Development - Research and development expenses for the first three quarters of 2023 were ¥80,410,750.26, slightly down from ¥82,385,706.58 in the same period of 2022[23]. - Research and development expenses for the first three quarters of 2023 totaled ¥44,900,522.79, slightly down from ¥46,592,568.90 in 2022, showing a decrease of about 3.6%[32]. - The company has achieved significant progress in cost reduction and performance optimization for flow battery electrolyte and key components, with some products already entering multi-batch mass production and delivery[16]. Financial Management - The company did not conduct an audit for the Q3 financial statements[4]. - The company is advancing the issuance of convertible bonds, having prudently reduced the total amount of funds to be raised, while the "key materials research and demonstration project for flow battery energy storage" will be funded through self-raised or self-owned funds[16]. - The company reported a financial expense of ¥23,909,909.53 for the first three quarters of 2023, compared to ¥14,965,399.85 in the previous year, indicating an increase of 59.5%[23]. - The cash flow from financing activities showed a net inflow of ¥30,822,263.34 in the first three quarters of 2023, contrasting with a net outflow of ¥82,230,822.47 in the same period of 2022[37].