Bestechnic (Shanghai) (SH:688608)2022-10-27 16:00Revenue Performance - In Q3 2022, the company's revenue was RMB 482,029,714.13, a decrease of 3.17% year-over-year, while the revenue for the first nine months was RMB 1,169,428,138.49, down 5.02% compared to the same period last year[2]. - The company's operating revenue for the current reporting period decreased by 3.17% due to the impact of the COVID-19 pandemic and macroeconomic slowdown[10]. - Year-to-date operating revenue declined by 5.02%, attributed to weak consumer electronics demand and international geopolitical conflicts[10]. - Total revenue for the first three quarters of 2022 was CNY 1,169,428,138.49, a decrease from CNY 1,231,234,136.46 in the same period of 2021, representing a decline of approximately 5.03%[19]. Profitability - The net profit attributable to shareholders was RMB 69,068,661.91 in Q3 2022, representing a decline of 34.19%, and for the first nine months, it was RMB 150,156,307.71, down 48.93% year-over-year[2]. - Net profit attributable to shareholders for the year-to-date period fell by 48.93%, primarily due to a decrease in operating revenue and increased R&D expenses[10]. - The net profit excluding non-recurring gains and losses for the year-to-date period dropped by 69.75%, reflecting the same underlying issues[10]. - The net profit for Q3 2022 was CNY 150,156,307.71, a decrease from CNY 294,033,708.77 in Q3 2021, representing a decline of approximately 49%[20]. - Basic earnings per share for the year-to-date period decreased by 48.93% to CNY 1.22 billion[10]. - Basic earnings per share for Q3 2022 were CNY 1.2513, down from CNY 2.4503 in the same quarter last year, a decline of approximately 48.9%[21]. Research and Development - Research and development (R&D) expenses totaled RMB 117,325,844.59 in Q3 2022, an increase of 30.54%, and RMB 326,744,896.18 for the first nine months, up 59.49% year-over-year[4]. - The proportion of R&D expenses to revenue was 24.34% in Q3 2022, an increase of 6.29 percentage points, and 27.94% for the first nine months, up 11.30 percentage points year-over-year[4]. - R&D investment increased by 30.54% in the current reporting period, with R&D personnel exceeding 500, a 63% increase year-over-year[10]. - The company had over 500 R&D personnel by the end of the reporting period, a 63% increase compared to the same period last year[4]. Cash Flow and Assets - The company reported a net cash flow from operating activities of RMB -402,030,960.65 for the first nine months, a decrease of RMB 335 million year-over-year, primarily due to increased inventory purchases and labor costs[5]. - The net cash flow from operating activities decreased compared to the same period last year, reflecting increased cash payments for labor and inventory[12]. - The cash and cash equivalents at the end of the period were CNY 1,810,073,724.77, an increase from CNY 1,611,669,185.53 at the end of Q3 2021[23]. - The company's total assets at the end of the reporting period were RMB 6,494,645,500.48, a 2.15% increase from the end of the previous year[4]. - Total assets reached CNY 6,494,645,500.48, up from CNY 6,357,763,950.51, representing a growth of about 2.15%[18]. Operating Costs and Liabilities - Total operating costs increased to CNY 1,085,061,096.50 from CNY 1,015,196,225.45, marking an increase of about 6.87% year-over-year[19]. - Total liabilities amounted to CNY 504,060,281.66, an increase from CNY 454,431,282.83, reflecting a rise of approximately 10.93%[17]. - Current liabilities totaled CNY 481,546,738.65, an increase from CNY 426,288,301.00, representing a rise of about 12.97%[17]. Market and Product Insights - Bluetooth audio chips accounted for approximately 70% of the company's revenue structure in the first nine months, with significant growth in other categories such as smartwatch chips[4]. - The company experienced a 20.45% quarter-over-quarter revenue growth driven by the mass production of a new generation of chip products[10].