安宁股份三季报增收不增利！举债买矿又扩产，财务承压｜看财报

Core Viewpoint - Anning Co., Ltd. (002978.SZ) reported a significant decline in Q3 profits, leading to a situation where revenue increased but profits did not, primarily due to rising costs and substantial capital expenditures [2][3][6]. Financial Performance - For the first three quarters, Anning achieved revenue of 1.607 billion yuan, a year-on-year increase of 18.19%, while net profit attributable to shareholders was 633 million yuan, a decrease of 7.28% [2]. - In Q3 alone, revenue was 499 million yuan, with net profit down 21.39% to 192 million yuan [2][6]. - The company's operating costs surged by 33.80% to 602 million yuan, significantly outpacing revenue growth [6]. Cost Structure - Management, research and interest expenses rose sharply, with management expenses increasing by 29.24%, research expenses by 66.95%, and interest expenses by 70.16% [6]. - Tax and additional charges also saw a 47.66% increase, reaching 64.81 million yuan [6]. Mining and Expansion Strategy - Anning has acquired 100% equity in Jingzhi Mining through a restructuring deal worth 6.508 billion yuan, which is expected to increase its mining capacity significantly [7][8]. - The company plans to extract 5 million tons per year from Jingzhi Mining, with a gradual return to profitability expected by 2027 [8]. Financial Pressure and Funding - To finance its acquisitions and projects, Anning has secured credit lines totaling 250 billion yuan from various banks, including a 30 billion yuan loan specifically for the acquisition [9][10]. - The company's debt levels have increased dramatically, with short-term loans rising by 97.26% and long-term loans by 2046.20% [10][11]. Future Projects - Anning is also pursuing a 7.2 billion yuan project to establish a full industrial chain for energy-grade titanium materials, with initial product output expected by the end of 2025 [10].