恒而达：前净利润下降44.24% 收购SMS并表推升管理费用

Core Viewpoint - The company reported steady revenue growth in Q3 and the first three quarters of the year, but faced significant declines in net profit due to increased expenses and integration challenges from an acquisition [1] Revenue Performance - Q3 revenue reached 158 million yuan, representing a year-on-year increase of 11.56% [1] - Revenue for the first three quarters totaled 478 million yuan, showing a year-on-year growth of 8.37% [1] Profitability Challenges - Net profit attributable to shareholders in Q3 was 943,700 yuan, a drastic decline of 95.96% year-on-year [1] - For the first three quarters, net profit attributable to shareholders was 44.05 million yuan, down 44.24% year-on-year [1] - Net profit excluding non-recurring gains and losses also fell by 43.75% year-on-year [1] Expense Factors - Increased management and sales expenses due to enhanced R&D and market expansion efforts [1] - Acquisition of German SMS Maschinenbau GmbH led to higher intermediary service fees and travel expenses, contributing to increased management costs [1] - The integration of SMS into the financial statements since June resulted in higher operational costs without corresponding revenue from long production cycle orders [1] Cash Flow Situation - The net cash flow from operating activities was -18.21 million yuan, a decrease of 52.13% year-on-year [1] - The decline in cash flow was primarily due to increased operational funding needs following the acquisition and limited cash inflow from undelivered orders [1]