九联科技(688609) - 2023 Q3 - 季度财报

Company Profile and Key Financial Performance Important Notice The report confirms legal responsibility for content accuracy, with unaudited financial statements and no modified opinion - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content and bear legal responsibility[2] - The third-quarter financial statements are unaudited[2] - No modified audit opinion was issued by the auditors[2] Key Financial Data and Indicators In Q1-Q3 2023, operating revenue decreased by 16.38%, and net profit attributable to parent company shareholders declined 355.33% to a 121 million yuan loss Key Accounting Data and Financial Indicators In Q1-Q3 2023, operating revenue decreased by 16.38%, net profit turned to loss, and operating cash flow became negative Key Financial Indicators for Q1-Q3 2023 | Indicator | Current Period (Q3) | YoY Change (%) | YTD | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 416,802,521.20 | -19.65 | 1,573,089,067.72 | -16.38 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | -92,252,688.03 | N/A | -120,649,220.05 | -355.33 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains/Losses (yuan) | -91,869,188.17 | N/A | -121,121,723.54 | -360.75 | | Net Cash Flow from Operating Activities (yuan) | N/A | N/A | -287,818,034.69 | -249.10 | | Basic Earnings Per Share (yuan/share) | -0.1876 | N/A | -0.2447 | -357.58 | | Diluted Earnings Per Share (yuan/share) | -0.1876 | N/A | -0.2447 | -357.58 | | Weighted Average Return on Net Assets (%) | -8.08 | Decreased 7.77 percentage points | -10.16 | Decreased 13.80 percentage points | | Total R&D Investment (yuan) | 46,117,200.67 | 15.24 | 123,477,356.73 | 2.28 | | R&D Investment as % of Operating Revenue (%) | 11.06 | Increased 3.35 percentage points | 7.85 | Increased 1.43 percentage points | | As of Report End | | | | | | Total Assets (yuan) | 2,939,847,398.64 | 4.27 (vs. End of Last Year) | | | | Total Equity Attributable to Shareholders of Listed Company (yuan) | 1,112,968,739.61 | -13.60 (vs. End of Last Year) | | | - The decline in operating revenue and net profit is primarily due to the global macroeconomic environment and the semiconductor industry downturn, with downstream demand not fully recovering and market competition leading to lower product selling prices[5] - The company continues to implement its medium-to-long-term development strategy, increasing investment and personnel reserves related to technological innovation, new product development, new businesses, and overseas market expansion, leading to an increase in R&D expenses and their proportion to operating revenue[5] Non-Recurring Gains and Losses During the period, total non-recurring gains and losses were negative, mainly from asset disposal, government grants, and other non-operating items Non-Recurring Gains and Losses Items for Q1-Q3 2023 | Item | Amount for Current Period (Q3) (yuan) | Amount YTD (yuan) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -19,871.29 | -302,887.42 | | Government Grants Recognized in Current Profit/Loss | 1,043,085.94 | 2,677,114.66 | | Gains from Investment Cost Less Than Fair Value of Identifiable Net Assets Acquired from Subsidiaries, Associates, and Joint Ventures | 148,277.23 | 148,277.23 | | Fair Value Changes and Investment Income from Trading Financial Assets/Liabilities, Derivative Financial Assets/Liabilities, and Other Debt Investments (excluding effective hedge accounting) | 0 | 462,000.00 | | Other Non-Operating Income and Expenses | -1,991,887.08 | -2,983,713.30 | | Other Income/Loss Items Meeting the Definition of Non-Recurring Gains/Losses | 0 | 184,843.40 | | Less: Income Tax Impact | 426,496.45 | 573,702.34 | | Minority Interest Impact (After Tax) | -863,391.79 | -860,571.26 | | Total | -383,499.86 | 472,503.49 | Analysis of Changes in Financial Indicators Net profit, EPS, and operating cash flow significantly decreased due to reduced revenue and lower gross margin - Net profit attributable to shareholders of the listed company (for the current period and YTD) decreased, mainly due to reduced operating revenue and lower gross margin[10] - Net cash flow from operating activities (for the current period) decreased, primarily due to increased cash payments to suppliers[11] - Net cash flow from operating activities (YTD) decreased by 249.10%, mainly due to reduced cash received from sales of goods and services and decreased tax refunds received[11] Shareholder Information Total Number of Common Shareholders and Top Ten Shareholders' Shareholding As of report end, the company had 21,559 common shareholders, with Zhan Qijun holding 12.27% and several top shareholders acting in concert - As of the end of the reporting period, the total number of common shareholders was 21,559[13] Top 10 Shareholders' Shareholding as of Report End | Shareholder Name | Shareholder Type | Number of Shares Held (shares) | Shareholding Ratio (%) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhan Qijun | Domestic Natural Person | 61,345,440 | 12.27 | 61,345,440 | | Lin Rong | Domestic Natural Person | 41,127,280 | 8.23 | 41,127,280 | | Hu Jiahui | Domestic Natural Person | 26,181,820 | 5.24 | 26,181,820 | | Huiwen Tianfu (Suzhou) Investment Enterprise (Limited Partnership) | Other | 22,009,503 | 4.40 | 0 | | Lai Weilin | Domestic Natural Person | 16,181,820 | 3.24 | 16,181,820 | | Xu Hua | Domestic Natural Person | 16,181,820 | 3.24 | 16,181,820 | | Ling Jun | Domestic Natural Person | 10,200,000 | 2.04 | 10,200,000 | | Zhang Jiabin | Domestic Natural Person | 8,578,000 | 1.72 | 0 | | Guangdong Jiulian Technology Co., Ltd. - 2023 Employee Stock Ownership Plan | Other | 6,980,000 | 1.40 | 0 | | Guangdong Jiulian Technology Co., Ltd. Repurchase Special Securities Account | Other | 5,964,592 | 1.19 | 0 | - Zhan Qijun, Lin Rong, Hu Jiahui, Ling Jun, Xu Hua, and Lai Weilin are parties acting in concert[14] Financial Statement Details Audit Opinion The financial statements for this quarter are unaudited - The financial statements for this quarter are unaudited[16] Consolidated Balance Sheet As of September 30, 2023, total assets were 2.94 billion yuan, up 4.27%, with increased liabilities and decreased equity Key Data from Consolidated Balance Sheet as of September 30, 2023 | Item | September 30, 2023 (yuan) | December 31, 2022 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents (yuan) | 291,065,069.66 | 289,705,247.04 | 0.47 | | Notes Receivable (yuan) | 53,208,036.05 | 175,822,540.21 | -69.74 | | Accounts Receivable (yuan) | 856,597,938.47 | 795,361,701.12 | 7.70 | | Inventories (yuan) | 489,253,851.04 | 576,728,536.97 | -15.29 | | Total Current Assets (yuan) | 1,960,226,595.17 | 1,962,830,303.95 | -0.13 | | Fixed Assets (yuan) | 605,299,149.30 | 405,722,036.63 | 49.19 | | Construction in Progress (yuan) | 83,262,730.84 | 174,322,674.83 | -52.24 | | Total Non-Current Assets (yuan) | 979,620,803.47 | 856,746,644.62 | 14.34 | | Total Assets (yuan) | 2,939,847,398.64 | 2,819,576,948.57 | 4.27 | | Short-Term Borrowings (yuan) | 778,437,973.17 | 458,909,524.94 | 69.62 | | Notes Payable (yuan) | 6,470,000.00 | 105,421,736.54 | -93.86 | | Accounts Payable (yuan) | 477,767,793.14 | 414,643,004.00 | 15.22 | | Total Current Liabilities (yuan) | 1,482,651,912.03 | 1,277,238,742.00 | 16.08 | | Long-Term Borrowings (yuan) | 300,046,692.71 | 180,285,480.56 | 66.43 | | Total Non-Current Liabilities (yuan) | 348,168,226.16 | 255,751,367.71 | 36.13 | | Total Liabilities (yuan) | 1,830,820,138.19 | 1,532,990,109.71 | 19.43 | | Total Equity Attributable to Parent Company Shareholders (yuan) | 1,112,968,739.61 | 1,288,148,177.31 | -13.60 | | Total Shareholders' Equity (yuan) | 1,109,027,260.45 | 1,286,586,838.86 | -13.79 | - Short-term and long-term borrowings significantly increased, leading to a substantial rise in total liabilities[18][19] - Total equity attributable to parent company shareholders decreased by 13.60%, reflecting the impact of the company's declining profitability on net assets[19] Consolidated Income Statement In Q1-Q3 2023, total operating revenue decreased by 16.38%, and both operating profit and net profit turned to loss Key Data from Consolidated Income Statement for Q1-Q3 2023 | Item | Q1-Q3 2023 (Jan-Sep) (yuan) | Q1-Q3 2022 (Jan-Sep) (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue (yuan) | 1,573,089,067.72 | 1,881,193,232.52 | -16.38 | | Operating Cost (yuan) | 1,365,137,230.61 | 1,474,843,793.38 | -7.44 | | Selling Expenses (yuan) | 120,230,067.65 | 141,520,245.12 | -15.05 | | Administrative Expenses (yuan) | 68,146,299.01 | 54,047,961.53 | 26.09 | | R&D Expenses (yuan) | 123,477,356.73 | 120,720,223.68 | 2.28 | | Financial Expenses (yuan) | 21,242,198.60 | 28,821,258.78 | -26.30 | | Operating Profit (yuan) | -146,834,314.57 | 47,007,979.95 | -412.37 | | Total Profit (yuan) | -149,741,791.60 | 43,301,405.67 | -445.99 | | Net Profit (yuan) | -124,339,666.95 | 45,502,084.87 | -373.27 | | Net Profit Attributable to Parent Company Shareholders (yuan) | -120,649,220.05 | 47,252,434.42 | -355.33 | | Basic Earnings Per Share (yuan/share) | -0.2447 | 0.0950 | -357.58 | - Operating profit, total profit, and net profit all turned from profit to loss compared to the same period last year, reflecting the severe challenges faced by the company's operations[22][23] - Administrative expenses increased by 26.09% year-on-year, and R&D expenses increased by 2.28% year-on-year, indicating increased company investment in operations and R&D[22] Consolidated Cash Flow Statement In Q1-Q3 2023, operating cash flow turned negative to -288 million yuan, while financing cash flow turned positive due to increased borrowings Key Data from Consolidated Cash Flow Statement for Q1-Q3 2023 | Item | Q1-Q3 2023 (Jan-Sep) (yuan) | Q1-Q3 2022 (Jan-Sep) (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services (yuan) | 1,520,266,551.38 | 2,033,018,048.61 | -25.22 | | Cash Paid for Goods and Services (yuan) | 1,401,291,013.46 | 1,372,044,076.75 | 2.13 | | Net Cash Flow from Operating Activities (yuan) | -287,818,034.69 | 193,033,803.52 | -249.10 | | Net Cash Flow from Investing Activities (yuan) | -124,581,317.15 | -148,295,552.67 | 15.99 | | Cash Received from Borrowings (yuan) | 844,918,671.55 | 503,081,734.54 | 68.00 | | Cash Paid for Debt Repayment (yuan) | 331,683,120.18 | 692,220,850.00 | -52.09 | | Net Cash Flow from Financing Activities (yuan) | 435,123,760.20 | -402,742,030.31 | 208.19 | | Net Increase in Cash and Cash Equivalents (yuan) | 24,414,480.39 | -355,711,594.54 | 106.86 | | Cash and Cash Equivalents at Period End (yuan) | 269,939,618.53 | 197,706,919.77 | 36.54 | - Net cash flow from operating activities turned from a positive value in the same period last year to a significant negative, primarily due to decreased cash received from sales of goods and increased cash paid for purchases of goods[26][27] - Net cash flow from financing activities turned from negative to positive, mainly benefiting from a substantial increase in cash received from borrowings, compensating for the shortfall in operating cash flow[27][28]