瑞德智能(301135) - 2023 Q3 - 季度财报

Key Highlights This report emphasizes the board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report, and states that this quarterly report has not been audited - Board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions[3] - Company's responsible person, head of accounting, and head of accounting department declare to guarantee the truthfulness, accuracy, and completeness of financial information[3] - The third quarter report has not been audited[4] I. Key Financial Data This section presents the company's key financial data and indicators, including revenue, net profit, and cash flow, along with explanations for significant changes Key Accounting Data and Financial Indicators In Q3 2023, operating revenue grew by 14.09%, while net profit attributable to shareholders declined by 23.99%; year-to-date, revenue slightly decreased by 0.08%, net profit by 17.64%, and operating cash flow by 39.84% 2023 Q3 and Year-to-Date Key Financial Indicators | Indicator | Current Period (CNY) | YoY Change (%) | Year-to-Date (CNY) | YTD Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 269,692,564.95 | 14.09% | 749,706,294.52 | -0.08% | | Net Profit Attributable to Shareholders | 8,598,772.87 | -23.99% | 26,856,939.57 | -17.64% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 8,179,670.31 | -21.26% | 24,553,342.97 | -1.97% | | Net Cash Flow from Operating Activities | -- | -- | 26,369,823.26 | -39.84% | | Basic Earnings Per Share (CNY/share) | 0.0839 | -24.41% | 0.2611 | -27.43% | | Diluted Earnings Per Share (CNY/share) | 0.0838 | -24.16% | 0.2607 | -27.42% | | Weighted Average Return on Net Assets | 0.67% | -0.22% | 2.09% | -1.34% | | Period-End Indicators | End of Current Period (CNY) | End of Previous Year (CNY) | Change from Previous Year-End (%) | | | Total Assets | 1,806,433,312.90 | 1,854,834,612.30 | -2.61% | | | Total Equity Attributable to Shareholders | 1,285,280,049.48 | 1,285,538,969.91 | -0.02% | | Non-Recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled CNY 419,102.56 in the current period and CNY 2,303,596.60 year-to-date, primarily comprising government grants and non-current asset disposal gains/losses Non-Recurring Gains and Losses Items and Amounts | Item | Current Period Amount (CNY) | Year-to-Date Amount (CNY) | Description | | :--- | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -76,446.27 | -114,405.56 | Disposal gains/losses of fixed assets | | Government Grants Recognized in Current P&L | 278,834.26 | 2,795,872.00 | Government subsidies | | Other Non-Operating Income and Expenses (Excluding Above) | 294,542.53 | 71,444.25 | | | Less: Income Tax Impact | 77,827.96 | 444,702.13 | | | Minority Interest Impact (After Tax) | -- | 4,611.96 | | | Total | 419,102.56 | 2,303,596.60 | -- | Changes and Reasons for Key Accounting Data and Financial Indicators Year-to-date net cash flow from operating activities decreased by 39.84% year-over-year, mainly due to a reduction in cash received from sales of goods and services - Net cash flow from operating activities (year-to-date) decreased by 39.84%, primarily due to a reduction in cash received from sales of goods and services compared to the same period last year[9] II. Shareholder Information This section provides details on the company's total number of common shareholders and the shareholding situation of the top ten shareholders Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 11,521 common shareholders; among the top ten, Wang Jun, Foshan Ruixiang Investment Co., Ltd., and Huang Zuhao were the top three, with Wang Jun, Huang Zuhao, and Pan Weiming forming a concerted action group - The total number of common shareholders at the end of the reporting period was 11,521[11] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Wang Jun | Domestic Natural Person | 20.38% | 20,905,400 | 20,905,400 | | Foshan Ruixiang Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 13.36% | 13,700,000 | 13,700,000 | | Huang Zuhao | Domestic Natural Person | 8.21% | 8,423,600 | 8,423,600 | | Pan Weiming | Domestic Natural Person | 3.25% | 3,334,000 | 3,334,000 | | Guangdong Midea Intelligent Technology Industry Investment Fund Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.76% | 2,832,000 | 0 | | Guangdong Hongde Investment Management Co., Ltd. - Guangdong Hongde Hengshun New Material Venture Capital Partnership (Limited Partnership) | Other | 2.76% | 2,832,000 | 2,832,000 | | You Zhihui | Domestic Natural Person | 1.93% | 1,980,000 | 1,980,000 | | Guoyuan Securities - China Merchants Bank - Guoyuan Securities Ruide Intelligent Employee Participation in ChiNext Strategic Placement Collective Asset Management Plan | Other | 1.62% | 1,657,285 | 0 | | He Hanteng | Domestic Natural Person | 1.61% | 1,655,024 | 0 | | Ye Hui | Domestic Natural Person | 1.39% | 1,429,200 | 1,320,000 | - Wang Jun controls Foshan Ruixiang Investment Co., Ltd.; Pan Weiming is Wang Jun's brother-in-law; Wang Jun, Huang Zuhao, and Pan Weiming signed a "Concerted Action Agreement," forming a concerted action group[12] Preferred Shareholder Information The company has no preferred shareholders - The company has no preferred shareholders[13] Changes in Restricted Shares At the end of the reporting period, the company's total restricted shares were 53,112,500 shares; 26,289,785 shares were unrestricted this period, mainly involving initial public offering (IPO) restricted shares and equity incentive restricted shares; concurrently, 178,100 shares were added due to equity incentive plans Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Unrestricted This Period (shares) | Shares Added This Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Planned Unrestriction Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Jun | 20,905,400 | 0 | 0 | 20,905,400 | IPO Restricted Shares | October 12, 2025 | | Foshan Ruixiang Investment Co., Ltd. | 13,700,000 | 0 | 0 | 13,700,000 | IPO Restricted Shares | October 12, 2025 | | Huang Zuhao | 8,423,600 | 0 | 0 | 8,423,600 | IPO Restricted Shares | October 12, 2025 | | Ningbo Junshi Venture Capital Co., Ltd. | 3,680,000 | 3,680,000 | 0 | 0 | IPO Restricted Shares | April 20, 2023 | | Pan Weiming | 3,334,000 | 0 | 0 | 3,334,000 | IPO Restricted Shares | October 12, 2025 | | Beijing Fuchun Investment Management Co., Ltd. | 3,300,000 | 3,300,000 | 0 | 0 | IPO Restricted Shares | April 20, 2023 | | Guangdong Midea Intelligent Technology Industry Investment Fund Management Center (Limited Partnership) | 2,832,000 | 2,832,000 | 0 | 0 | IPO Restricted Shares | June 12, 2023 | | Guangdong Hongde Investment Management Co., Ltd. - Guangdong Hongde Hengshun New Material Venture Capital Partnership (Limited Partnership) | 2,832,000 | 0 | 0 | 2,832,000 | IPO Restricted Shares | April 12, 2025 | | He Hanteng | 1,980,000 | 1,980,000 | 0 | 0 | IPO Restricted Shares | April 20, 2023 | | You Zhihui | 1,980,000 | 0 | 0 | 1,980,000 | IPO Restricted Shares | April 12, 2025 | | Ye Hui | 1,320,000 | 0 | 0 | 1,320,000 | IPO Restricted Shares | April 12, 2025 | | Ye Hui | 200,000 | 200,000 | 0 | 0 | IPO Restricted Shares | April 20, 2023 | | Other IPO Shareholders | 11,977,000 | 11,977,000 | 0 | 0 | IPO Restricted Shares | April 20, 2023 | | Guoyuan Securities - China Merchants Bank - Guoyuan Securities Ruide Intelligent Employee Participation in ChiNext Strategic Placement Collective Asset Management Plan | 1,566,185 | 1,657,285 | 91,100 | 0 | Strategic Placement Restricted Shares Returned After Lending and Listed for Circulation | April 20, 2023 | | Company's 2022 Equity Incentive Plan | 1,194,000 | 663,500 | 87,000 | 617,500 | Equity Incentive Restricted Shares | Unrestricted in batches according to equity incentive plan | | Total | 79,224,185 | 26,289,785 | 178,100 | 53,112,500 | -- | -- | - For the company's 2022 equity incentive plan, shares unrestricted this period represent the number of repurchased and cancelled shares due to employee departures and unfulfilled un-restriction conditions; shares added this period represent the number of restricted shares granted to incentive recipients from the reserved portion[15] III. Other Significant Matters This section covers the implementation of the 2022 equity incentive plan and the establishment of an intelligent technology industry research institute with Anhui University of Technology Implementation of 2022 Equity Incentive Plan The company continues to advance its 2022 equity incentive plan to motivate senior management and core technical/business personnel, involving repurchase and cancellation of some granted but un-restricted shares, invalidation of some stock options, and granting of reserved restricted shares - The company implemented the 2022 equity incentive plan to establish a sound incentive and restraint mechanism and enhance corporate competitiveness[17] - On September 1, 2022, the company initially granted 1.194 million Class I restricted shares to 135 incentive recipients, 620,000 Class II restricted shares to 26 incentive recipients, and 295,000 stock options to 8 incentive recipients[18] - On April 25, 2023, due to the departure of some incentive recipients and unfulfilled performance targets, the company repurchased and cancelled 663,500 Class I restricted shares, invalidated 327,000 Class II restricted shares, and cancelled 147,500 stock options[19] - On July 3, 2023, the company granted 87,000 Class I restricted shares to 13 incentive recipients and 155,000 Class II restricted shares to 10 incentive recipients as a reserved portion[20] Joint Establishment of Intelligent Technology Industry Research Institute with Anhui University of Technology The company signed an agreement with Anhui University of Technology to jointly establish an "Intelligent Technology Industry Research Institute" to strengthen talent cultivation and industry-university-research cooperation, committing to invest no less than CNY 5 million annually - The company signed a "Joint Establishment Agreement for Intelligent Technology Industry Research Institute" with Anhui University of Technology, aiming to strengthen talent cultivation and industry-university-research cooperation[21] - The agreement stipulates that from the signing date until December 31, 2028, the company will invest no less than CNY 5 million annually in research and development expenses for the institute[21] IV. Quarterly Financial Statements This section presents the company's consolidated balance sheet, income statement, and cash flow statement for the quarter and year-to-date, providing a comprehensive overview of its financial performance Financial Statements This section provides the company's consolidated balance sheet as of September 30, 2023, and consolidated income statement and cash flow statement from year-start to the end of the reporting period, detailing the company's financial position, operating results, and cash flow Consolidated Balance Sheet As of September 30, 2023, total assets were CNY 1.806 billion, a 2.61% decrease year-to-date, with total liabilities at CNY 521 million and owner's equity at CNY 1.286 billion Consolidated Balance Sheet (September 30, 2023 vs January 1, 2023) | Item | September 30, 2023 (CNY) | January 1, 2023 (CNY) | | :--- | :--- | :--- | | Assets | | | | Total Current Assets | 1,328,106,944.93 | 1,438,020,040.10 | | Total Non-Current Assets | 478,326,367.97 | 416,814,572.20 | | Total Assets | 1,806,433,312.90 | 1,854,834,612.30 | | Liabilities | | | | Total Current Liabilities | 468,822,393.70 | 550,386,294.56 | | Total Non-Current Liabilities | 51,883,440.12 | 18,402,304.09 | | Total Liabilities | 520,705,833.82 | 568,788,598.65 | | Owners' Equity | | | | Total Equity Attributable to Parent Company Shareholders | 1,285,280,049.48 | 1,285,538,969.91 | | Minority Interests | 447,429.60 | 507,043.74 | | Total Owners' Equity | 1,285,727,479.08 | 1,286,046,013.65 | | Total Liabilities and Owners' Equity | 1,806,433,312.90 | 1,854,834,612.30 | - Cash and cash equivalents decreased from CNY 824 million at the beginning of the year to CNY 694 million[23] - Construction in progress significantly increased from CNY 19.9 million at the beginning of the year to CNY 54.3 million[24] - Long-term borrowings significantly increased from CNY 13.19 million at the beginning of the year to CNY 47.92 million[25] Consolidated Income Statement from Year-Start to End of Reporting Period Year-to-date total operating revenue remained flat at CNY 750 million, while net profit decreased by 16.95% to CNY 26.80 million, influenced by increased interest income Consolidated Income Statement (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 749,706,294.52 | 750,321,322.83 | | Total Operating Costs | 733,527,296.99 | 739,230,022.47 | | Selling Expenses | 19,773,196.81 | 18,911,231.36 | | Administrative Expenses | 64,583,077.45 | 56,683,413.56 | | R&D Expenses | 56,457,793.73 | 51,791,332.15 | | Financial Expenses | -13,612,192.50 | -6,945,536.18 | | Of which: Interest Expense | 3,378,198.34 | 4,057,992.70 | | Interest Income | 17,897,953.35 | 10,802,015.22 | | Operating Profit | 20,617,027.68 | 27,133,458.16 | | Total Profit | 20,688,471.93 | 26,728,833.12 | | Net Profit | 26,797,325.43 | 32,207,270.05 | | Net Profit Attributable to Parent Company Shareholders | 26,856,939.57 | 32,608,447.97 | | Basic Earnings Per Share | 0.2611 | 0.3598 | | Diluted Earnings Per Share | 0.2607 | 0.3592 | - Financial expenses decreased year-over-year, mainly due to interest income increasing from CNY 10.80 million to CNY 17.90 million[29] - R&D expenses increased by 9.01% year-over-year, demonstrating the company's continued investment in research and development[29] Consolidated Cash Flow Statement from Year-Start to End of Reporting Period Year-to-date net cash flow from operating activities decreased by 39.84% to CNY 26.37 million, with investing activities showing increased outflow and financing activities turning negative due to higher debt repayments Consolidated Cash Flow Statement (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 26,369,823.26 | 43,831,815.82 | | Net Cash Flow from Investing Activities | -86,733,814.73 | -82,234,885.43 | | Net Cash Flow from Financing Activities | -70,786,420.02 | 722,353,702.42 | | Net Increase in Cash and Cash Equivalents | -131,118,850.61 | 684,063,093.55 | | Cash and Cash Equivalents at End of Period | 676,176,650.45 | 811,575,053.44 | - Cash received from sales of goods and services decreased by 10.79% year-over-year[32] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets increased by 14.94% year-over-year[33] - Cash paid for debt repayment significantly increased from CNY 4.28 million in the prior period to CNY 65.73 million[33] Adjustments for First-Time Adoption of New Accounting Standards The company did not adopt new accounting standards for the first time in 2023, thus no adjustments were made to the opening financial statements - The company did not have any adjustments to its opening financial statements for the first-time adoption of new accounting standards starting in 2023[34] (III) Audit Report This section confirms that the quarterly financial report has not been audited Audit Report This quarterly report has not been audited - The company's third quarter report has not been audited[35]