*ST佳沃(300268) - 2023 Q3 - 季度财报

Financial Performance - The company's revenue for Q3 2023 was ¥917,568,628.18, a decrease of 42.65% compared to the same period last year[4] - The net profit attributable to shareholders was a loss of ¥276,111,370.94, representing a 306.07% increase in loss compared to the previous year[4] - The basic earnings per share were -¥1.5850, reflecting a 306.10% increase in loss year-over-year[4] - Revenue for Q3 2023 was 63,226.85 million RMB, a decline of 53% from 133,195.61 million RMB in Q3 2022[18] - The net profit for Q3 2023 was -26,905.74 million RMB, compared to a net profit of 316.45 million RMB in Q3 2022, representing a decrease of 8602%[18] - The gross margin for Q3 2023 was -24.4%, down from 17.5% in Q3 2022, reflecting a 41.9% decline year-over-year[18] - Net loss for the period was approximately ¥760.04 million, compared to a profit of ¥144.51 million in the previous period[43] - Basic and diluted earnings per share were both -¥3.7428, compared to ¥0.4992 in the previous period[43] Assets and Liabilities - Total assets at the end of the reporting period were ¥10,634,491,914.56, a decrease of 4.98% from the end of the previous year[5] - Total liabilities amounted to approximately ¥11.42 billion, slightly up from ¥11.26 billion in the previous period[40] - Total equity attributable to shareholders of the parent company was approximately -¥902.74 million, compared to -¥301.39 million in the previous period[40] - As of September 30, 2023, the company's equity attributable to shareholders was -¥902.74 million, with a debt-to-asset ratio of 107.39%[32] - Total assets decreased from ¥11.19 billion on January 1, 2023, to ¥10.63 billion by September 30, 2023[39] Cash Flow - Cash flow from operating activities decreased by 87.21% year-over-year, amounting to ¥48,529,641.41[10] - Cash inflow from operating activities for Q3 2023 was CNY 4,652,985,672.90, a slight increase from CNY 4,608,019,554.76 in Q3 2022[44] - Net cash flow from operating activities decreased significantly to CNY 48,529,641.41 from CNY 379,390,250.94 in the previous year[44] - Cash outflow for purchasing goods and services rose to CNY 3,907,634,417.30, compared to CNY 3,489,393,808.47 in Q3 2022, reflecting a 12% increase[44] - Cash inflow from financing activities totaled CNY 1,108,428,876.54, down from CNY 1,380,160,078.12 in the same period last year[46] - The cash and cash equivalents balance at the end of Q3 2023 was CNY 132,313,822.78, down from CNY 140,257,653.86 at the end of Q3 2022[46] Operational Challenges - The decline in revenue was primarily driven by decreased sales prices and volumes due to increased supply and seasonal demand fluctuations in major markets[15] - The company's breeding costs faced significant upward pressure due to high raw material prices and the 24-36 month breeding cycle of salmon[16] - The company continues to face inventory pressure despite improved supply chain efficiency and flexible procurement strategies[17] - The company is focusing on cost control and operational efficiency to navigate the current financial challenges[41] - The company has been warned of delisting risks due to negative equity and has been under "delisting risk warning" since April 10, 2023[32] Subsidiary Performance - Australis Seafoods S.A. reported Q3 2023 revenue of RMB 632 million, a 53% year-over-year decline, with a net loss of RMB 269 million, down 8602% from the previous year[15] - For the first three quarters of 2023, Australis achieved revenue of RMB 2.423 billion, a 20% decrease, and a net loss of RMB 638 million, down 299% year-over-year[15] - The company's subsidiary, Australis, has temporarily suspended operations at its processing plant in Chile due to insufficient orders, but no goodwill impairment is currently anticipated[35] Management and Strategy - The company is actively expanding its product categories and enhancing its market presence through innovative offerings and channel development[17] - The domestic salmon business focused on channel repositioning and operational efficiency improvements, launching 3-5 new salmon dishes monthly to enhance consumer access[17] - Management expenses increased by 48.73% year-over-year, totaling an increase of ¥65,243,800[10] - The company will continue to seek funding through various channels, with support from controlling shareholders if necessary, although there is uncertainty in the funding process[32] Market Conditions - The average sales price for Atlantic Salmon in Q3 2023 was $6.10 per KG WFE, down from $7.03 in Q3 2022[25] - The cost of production for Atlantic Salmon in Q3 2023 was $5.56 per KG WFE, compared to $4.50 in Q3 2022, indicating an increase due to rising feed costs[26] - The fair value changes of biological assets showed significant fluctuations due to market price changes and weight variations[16]