芳源股份(688148) - 2023 Q3 - 季度财报

Financial Performance - The company's operating revenue for Q3 2023 was ¥473,080,990.50, a decrease of 49.62% compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2023 was -¥68,693,007.74, representing a decline of 455.79% year-on-year[5]. - The basic earnings per share for Q3 2023 was -¥0.13, down 425.00% from the previous year[6]. - The net profit for the third quarter of 2023 was a loss of ¥82,953,519.15, a significant decline from a profit of ¥21,996,547.36 in the same quarter of 2022[27]. - In Q3 2023, the total comprehensive income attributable to the parent company was -82,870,197.90 RMB, compared to 22,124,971.96 RMB in the same period last year[28]. - The basic and diluted earnings per share for Q3 2023 were both -0.16 RMB, down from 0.04 RMB in Q3 2022[28]. Research and Development - Research and development expenses totaled ¥32,273,111.83 in Q3 2023, a decrease of 20.79% year-on-year, accounting for 6.82% of operating revenue[6]. - The company plans to continue focusing on R&D despite the decrease in revenue, with R&D investment remaining a priority[11]. - Research and development expenses for the first three quarters of 2023 were ¥83,407,762.96, slightly down from ¥89,702,879.76 in the same period of 2022[26]. Assets and Liabilities - Total assets at the end of Q3 2023 were ¥3,546,915,290.80, a decrease of 15.63% from the end of the previous year[6]. - The company's total assets decreased to ¥3,546,915,290.80 in Q3 2023 from ¥4,204,038,988.04 in Q3 2022, reflecting a reduction of approximately 15.6%[25]. - Current liabilities totaled ¥1,011,018,419.41 in Q3 2023, down from ¥1,671,632,903.86 in Q3 2022, representing a decrease of about 39.4%[24]. - Non-current liabilities increased to ¥1,086,936,775.56 in Q3 2023 from ¥1,016,416,920.09 in Q3 2022, showing an increase of approximately 6.5%[24]. - The total equity attributable to shareholders decreased to ¥1,437,807,791.45 in Q3 2023 from ¥1,504,771,469.09 in Q3 2022, indicating a decline of approximately 4.4%[24]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥270,050,824.49, a decline of 634.30%[6]. - Cash inflow from operating activities for the first three quarters of 2023 was 2,514,427,532.48 RMB, an increase from 2,085,959,038.29 RMB in the same period of 2022[30]. - The net cash flow from operating activities for the first three quarters of 2023 was -270,050,824.49 RMB, compared to 50,542,560.69 RMB in the previous year[30]. - The net cash flow from investing activities for the first three quarters of 2023 was -338,238,535.15 RMB, worsening from -227,176,971.64 RMB in the same period of 2022[31]. - The net cash flow from financing activities for the first three quarters of 2023 was 150,090,345.42 RMB, a significant decrease from 1,037,648,886.21 RMB in the previous year[31]. - The cash and cash equivalents at the end of Q3 2023 were 154,422,365.48 RMB, down from 1,090,370,473.61 RMB at the end of Q3 2022[31]. Market Conditions and Strategy - The company attributed the revenue decline to a slowdown in the overall growth of the new energy vehicle industry and reduced customer demand[11]. - The company is facing uncertainties in operations due to the decline in prices of nickel, cobalt, and lithium, as well as a weakening downstream demand[20]. - The company will continue to maintain close communication with customers and actively explore markets to adjust production expansion plans according to market conditions[20]. Investment and Projects - The company plans to invest up to RMB 3 billion in two phases for the "battery-grade lithium carbonate production and comprehensive utilization of waste lithium iron phosphate batteries project," with the first phase targeting an annual production of 30,000 tons of battery-grade lithium carbonate and 46,000 tons of lithium iron phosphate precursor[16]. - The company has established a wholly-owned subsidiary, Jiangmen Fangyuan Lithium Industry Technology Co., Ltd., as the implementation entity for the investment project and has acquired land for construction[16]. - The company completed the construction of the "annual production of 50,000 tons of high-end ternary lithium battery precursors (NCA, NCM) and 10,000 tons of battery-grade lithium hydroxide project" by the end of June 2023[19]. - The company reported a total sales revenue of 2,386,472,191.23 RMB for the first three quarters of 2023, compared to 1,884,382,917.80 RMB in the same period of 2022[29]. - The company reported cash and cash equivalents of RMB 193,149,433.95 as of September 30, 2023, down from RMB 678,453,648.89 at the end of 2022[22]. - Accounts receivable decreased to RMB 179,344,289.07 from RMB 424,862,827.24 at the end of 2022[22]. Stock and Shareholder Actions - The company terminated the 2021 restricted stock incentive plan, repurchasing and canceling 1,433,000 shares of the first category of restricted stock and voiding 11,372,000 shares of the second category[17]. - The company has completed project filing procedures for the production of lithium hydroxide and lithium carbonate, enhancing its product structure to meet diverse customer needs[19].