Financial Performance - The company's operating revenue for Q3 2023 was CNY 8,575,931,902.40, a decrease of 17.14% compared to the same period last year[2]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was CNY 1,572,484,555.67, down 72.12% year-on-year[2]. - Basic and diluted earnings per share were both CNY 1.00, reflecting a decline of 71.35% compared to the previous year[2]. - The weighted average return on equity decreased to 3.17%, down 12.57 percentage points from the previous year[2]. - Operating revenue for the period reached CNY 33,399,166,232.91, a 35.52% increase compared to CNY 24,645,952,756.05 in the same period last year, primarily due to higher sales volume and average selling price of lithium products[9]. - Net profit attributable to shareholders was CNY 8,098,513,756.30, a decrease of 49.33% from CNY 15,981,408,779.72 year-on-year, mainly due to a decline in average selling prices of lithium chemical products[9]. - Basic and diluted earnings per share were CNY 4.93, down 52.96% from CNY 10.48 in the same period last year, reflecting the decrease in net profit attributable to shareholders[9]. - The weighted average return on equity was 15.79%, down 49.40% from 65.19% year-on-year, attributed to the decrease in net profit and an increase in net assets[9]. - Total operating revenue for the current period reached CNY 33.40 billion, a 35.5% increase from CNY 24.65 billion in the previous period[26]. - Net profit for the current period was CNY 22.37 billion, up 14.5% from CNY 19.55 billion in the previous period[27]. - Operating profit increased to CNY 31.68 billion, representing a growth of 25.0% compared to CNY 25.17 billion in the previous period[27]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was CNY 20,035,216,823.45, an increase of 70.73%[2]. - Net cash flow from operating activities increased by 70.73% to CNY 20,035,216,823.45, driven by higher sales revenue and gross profit compared to the previous year[9]. - As of September 30, 2023, current assets totaled RMB 22,421.96 million, down from RMB 25,989.78 million at the beginning of the year, indicating a decrease of approximately 10.5%[22]. - Non-current assets increased to RMB 52,009.64 million from RMB 44,856.71 million, reflecting a growth of about 15.5%[23]. - Total liabilities rose to RMB 22,768.26 million from RMB 17,778.73 million, marking an increase of approximately 28.0%[25]. - As of September 30, 2023, cash and cash equivalents decreased to RMB 8,124.42 million from RMB 12,461.01 million, a decline of about 34.0%[22]. - The company reported a significant increase in inventory, which rose to RMB 3,375.90 million from RMB 2,143.94 million, an increase of approximately 57.5%[22]. - The company’s total equity decreased to RMB 51,663.34 million from RMB 53,067.76 million, a decline of about 2.6%[25]. - The net increase in cash and cash equivalents was -¥4,594,897,326.67, compared to an increase of ¥4,934,914,988.58 in the prior period[30]. - The ending balance of cash and cash equivalents was ¥7,695,051,066.63, up from ¥6,701,010,842.19 in the previous period[30]. Investments and Projects - The company confirmed a significant decrease in investment income from its joint venture SQM, which is expected to decline year-on-year in Q3 2023[7]. - The company’s investment income from joint ventures decreased significantly due to the anticipated decline in performance from SQM compared to the previous year[9]. - The company plans to invest 250 million and $300 million[14]. - The total investment for the Anju project, which involves building a lithium carbonate factory with an annual capacity of 20,000 tons, is approximately RMB 1.43 billion[19]. - The company plans to gradually resume the construction pace of the Anju project after improving its financial situation and optimizing project planning[19]. - The lithium hydroxide project in Australia aims for an annual production capacity of 24,000 tons, with commercial production achieved since December 2022[17]. - The company has distributed lithium hydroxide samples to potential customers, with SK On's samples already certified, while awaiting feedback from other customers[17]. - The project budget was increased to RMB 148,419.28 million, later finalized at RMB 147,780.71 million, and has now entered the trial operation phase[20]. - The company has authorized management to handle the application process for the lithium carbonate delivery warehouse, indicating a strategic move to enhance operational capabilities[16]. Challenges and Risks - The decline in net profit was primarily due to lower sales volume and average selling prices of lithium compounds compared to the same period last year[7]. - The company has faced challenges in the lithium hydroxide project due to high quality requirements from downstream battery manufacturers, which may delay revenue realization[18]. - Lithium product prices have shown volatility due to various factors, which may adversely affect project economics if prices decline significantly[20]. - The company emphasizes the need for rational investment and awareness of investment risks due to potential delays in project revenue realization[20]. - The impact of exchange rate changes on cash and cash equivalents was -¥498,399,308.34, contrasting with a positive impact of ¥491,289,171.24 in the previous period[30]. Shareholder Information - The company completed the 2022 profit distribution, distributing a cash dividend of CNY 30.00 per 10 shares, totaling CNY 4,429,894,251.00 for A-shares and CNY 492,366,600.00 for H-shares[13]. - The company’s major shareholder, Chengdu Tianqi Industrial (Group) Co., Ltd., holds a 25.35% stake, with 416,043,732 shares, of which 11,500,000 shares are pledged[10]. - The total number of ordinary shareholders at the end of the reporting period was 331,561, with 46 preferred shareholders[10]. - The company completed a capital increase by introducing strategic investor Zijin Mining Group, maintaining control over its subsidiary Sichuan Tianqi Shenghe Lithium Industry Co., Ltd. with a 39.20% stake[21]. Other Financial Metrics - Research and development expenses rose to CNY 20.94 million, compared to CNY 18.36 million in the previous period, indicating a focus on innovation[26]. - The total operating costs amounted to CNY 4.96 billion, an increase from CNY 4.51 billion in the previous period[26]. - The company recorded investment income of CNY 3.13 billion, a decrease from CNY 5.96 billion in the previous period[26]. - Other comprehensive income after tax totaled CNY 523.09 million, down from CNY 1.38 billion in the previous period[27]. - Cash inflow from investment activities totaled ¥1,939,354,865.11, up from ¥1,218,516,319.58 in the previous period, representing a significant increase[30]. - Cash outflow from investment activities was ¥2,840,874,577.84, compared to ¥1,152,946,277.83 in the prior period, indicating a substantial rise in investment expenditures[30]. - Net cash flow from investment activities was -¥901,519,712.73, a decline from a positive cash flow of ¥65,570,041.75 in the previous period[30]. - Cash inflow from financing activities amounted to ¥7,540,421,688.89, down from ¥15,272,321,616.93 in the prior period, reflecting a decrease in financing received[30]. - Cash outflow from financing activities reached ¥30,770,616,817.94, compared to ¥22,629,627,565.77 in the previous period, indicating increased cash distributions[30]. - Net cash flow from financing activities was -¥23,230,195,129.05, worsening from -¥7,357,305,948.84 in the prior period[30]. - The third quarter report was not audited, indicating that the financial results are preliminary and subject to change[31].
天齐锂业(09696) - 2023 Q3 - 季度业绩