Zhejiang Yongtai Technology : 2024 Third Quarterly Report

About this update from Zhejiang Yongtai Technology Co., Ltd. Class A

2024 Third Quarterly Report of Zhejiang Yongtai Technology Co., Ltd. Zhejiang Yongtai Technology Co., Ltd. 2024 Third Quarterly Report Important Notice: 1.The board of directors, supervisory committee, directors, supervisors, and senior management warrant the truthfulness, accuracy and completeness of the contents of this quarterly report and that there is no false representation, misleading statements contained herein or material omission of this quarterly report, for which they will assume joint and several liabilities. 2.The person in charge of the Company, the responsible person for accounting work, and the person in charge of the accounting department (the principal officer of accounting), hereby warrant that the financial statements contained in this quarterly report are true, accurate and complete. 3.Whether the third quarterly report is audited or not □Yes  No I.MAJOR FINANCIAL DATA (I)Major Accounting Data and Financial Indicators Whether the Company needs to retroactively adjust or restate accounting data from previous years □Yes  No Increase/decrease Increase/decrease in From the beginning from the beginning of This reporting this reporting period the year to the end of Items of the year to the end period as compared with the reporting period as of reporting period same period last year compared with the same period last year Operating income (Yuan) 1,199,540,529.49 13.32% 3,338,764,469.83 7.30% Net profit attributable to shareholders of the -127,508,743.04 7.61% -89,858,428.78 9.57% listed company (Yuan) Net profit attributable to shareholders of the listed company after deducting non-recurring -132,723,409.24 6.82% -106,204,070.19 42.44% profits and losses (Yuan) Net cash flow from operating activities (Yuan) - - -59,662,531.82 7.65% Basic earnings per share (Yuan/share) -0.139 10.90% -0.098 10.91% Diluted earnings per share (Yuan/share) -0.139 10.90% -0.098 10.91% Weighted average return on net assets -4.06% Increase by 0.08 -2.87% Increase by 0.13 percentage points percentage points Increase / decrease at the end Items At the end of this reporting At the end of the previous of this reporting period period year compared to the end of the previous year Total assets (Yuan) 11,496,030,291.28 11,404,306,777.82 0.80% Net assets attributable to shareholders of the 3,080,099,947.09 3,162,895,712.22 -2.62% 1 2024 Third Quarterly Report of Zhejiang Yongtai Technology Co., Ltd. listed company (Yuan) (II) Non-recurring profit and loss items and amounts  Applicable □Not applicable Unit: yuan Amounts for the period Items Amounts for the from the beginning of Notes reporting period the year to the end of the reporting period Profits and losses from disposal of non-current assets (including the -2,718,387.08 -16,159,641.23 writing-off part of the assets with impairment provision withdrawn) Government subsidies included in the current profits and losses (except for those closely related to the Company's normal business 6,397,310.58 23,017,658.15 operations, in compliance with national policies and regulations, enjoyed according to the determined standards, and have a continuous impact on the Company's profits and losses) The profits and losses from changes in fair value arising from the holding of financial assets and financial liabilities as well as the profits and losses arising from the disposal of financial assets and 2,008,535.94 6,948,682.36 financial liabilities by non-financial enterprises, except for the effective hedging business related to the normal operation of the Company. Non-operating income and expenses other than those mentioned 864,441.92 8,978,458.60 above Less: amount impacted of income tax 1,215,803.28 4,802,935.62 Amount impacted of minority shareholders' equity (after tax) 121,431.88 1,636,580.85 In total 5,214,666.20 16,345,641.41 -- Specific situation of other profit and loss items that satisfy the definition of non-recurring profit and loss: □Applicable  Not applicable There was no specific situation of other profit and loss items that satisfy the definition of non-recurring profit and loss in the Company. Explanation of the circumstances in which the non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure by Public Issuers of Securities --Non-recurring Profit and Loss Items ( 《公开发行证券的公司信息披露解 释性公告第 1 号 -- 非经常性损益》 ) are defined as recurring profit and loss items. □Applicable  Not applicable There was no circumstance of non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure by Public Issuers of Securities - Non-recurring Profit and Loss Items are defined as recurring profit and loss items in the Company. (III) Changes in major accounting data and financial indicators and reasons for such changes  Applicable □ Not applicable Overall performance: In the first three quarters of 2024, the Company achieved operating revenue of RMB 3.339 billion, an increase of 7.30% year-on- year. This was mainly due to the recovery of market conditions in the pesticide industry after destocking adjustments in the previous year, and the Company actively seized opportunities to expand its market, resulting in an increase in sales of its main products in the crop science and trading sectors. In the first three quarters of 2024, the Company actively implemented a series of cost reduction and efficiency improvement measures, resulting in an increase in overall gross profit margin from 15.30% in the same period last year to 2 2024 Third Quarterly Report of Zhejiang Yongtai Technology Co., Ltd. 17.62% in the current period. At the same time, period expenses such as management expenses, marketing expenses, and R&D expenses decreased compared to the same period last year, resulting in a net profit after deducting non-recurring profits and losses of RMB - 106.204 million, the losses were reduced by RMB 78.3042 million compared to the same period last year. In the third quarter of 2024, the Company achieved a net profit after deducting non-recurring profits and losses of RMB -132.7234 million, the losses were reduced by RMB 9.7205 million compared to the same period last year. However, this was a decrease compared to the first and second quarters of 2024, mainly due to a decrease in gross profit margin caused by a decline in market prices of some products, while period expenses such as management expenses, marketing expenses, and financial expenses remained relatively rigid, resulting in a loss. In terms of gross profit margin: in the first three quarters of 2024, the Company achieved gross profit margins of 24.11%, 19.00%, and 11.65%, respectively, mainly due to fierce market competition in the pharmaceutical and pesticide industries and a continuous decline in market prices of some products in this year. The gross profit margin in the third quarter decreased the most, mainly due to the expiration of patents for some of the Company's pharmaceutical products, resulting in an increase in the supply of generic drugs and upstream intermediates and raw materials, and thus a decrease in market prices. In terms of period expenses: in the third quarter, the Company's management expenses-environmental protection fees increased by RMB 13.4623 million and RMB 9.6738 million compared to the first and second quarters of this year, respectively, due to the centralized disposal of solid waste. In addition, in order to stimulate the enthusiasm of key technology, business and management personnel, the Company implemented a new restricted stock incentive plan in the third quarter and adjusted the salaries of some employees, resulting in an increase of RMB 18.7249 million and RMB 10.2227 million in employee compensation compared to the first and second quarters, respectively. These measures aim to enhance employee cohesion and stability and improve the Company's competitiveness. The Company's financial expenses in the third quarter were RMB 46.4896 million, an increase compared to the previous two quarters, mainly due to increased exchange losses caused by fluctuations in the US dollar exchange rate. Looking ahead, the Company will closely monitor market dynamics and adjust its business strategy in a timely manner. The Company will further reduce costs, improve efficiency, and enhance profitability through measures such as optimizing product structure, strengthening market development, and implementing effective employee incentives, in order to create greater value for shareholders. At the same time, the Company will continue to fulfill its social responsibilities and promote the sustainable development of the Company and the industry. 1 、 Explanation of reasons for changes in balance sheet items exceeding 30% Items Percentage Reasons for change change Transactional financing assets -59.46% Mainly due to the decrease in the purchase of financial products; Notes receivable 177.90% Mainly as a result of the increase in bank endorsed outstanding notes during the period; Receivables financing -86.70% Mainly as a result of higher settlement of bills receivable during the period; Right of use assets -36.15% Mainly as a result of the increase in accumulated depreciation of right of use assets during the period; Transaction financial liabilities -100.00% Mainly due to the closure of foreign exchange contract business in the current period; Remuneration payable to employees -62.60% Mainly as a result of the payment of last year's year-end bonus; Taxes payable -45.86% Mainly as a result of the payment of income tax and property tax; Long-term payables 120.53% Mainly as a result of the increase in finance leases. 3 2024 Third Quarterly Report of Zhejiang Yongtai Technology Co., Ltd. 2 、 Explanation of reasons for changes in income statement items exceeding 30% Items Percentage Reasons for change change Other income Mainly attributable to the decrease in government grants received during the -35.98% period; Income from investment Mainly as a result of the increase in profit on disposal of trading financial assets 159.32% and investment income from Anbison during the period; Gains from changes in fair value 48.07% Mainly as a result of changes in forward exchange rates during the period; Credit impairment loss Mainly due to the increase in the balance of accounts receivable during the period -112.95% and the corresponding increase in the provision of bad debts Asset impairment loss Mainly as a result of the reversal of inventory impairment provisions in the prior -100.00% period; Gain from disposal of assets Mainly as a result of the disposal of a patent at a significant loss during the -129.39% reporting period; Mainly attributable to the receipt of government compensation and incentives for Non-operating income -69.80% the relocation of Shanghai E-Tong and Shanghai Youngcobe during the previous period; Income tax expense Mainly as a result of the increase in provision for bad debts and deferred income 40.21% tax expense arising from losses; Minority shareholders' profits and Mainly as a result of the decrease in loss of Yongtai Hi-Tech in the current period losses 70.14% as compared to the same period of the previous year; Net after-tax amount of other Mainly as a result of the difference in translation of foreign currency financial comprehensive incomes 118.29% statements for the current period. 3 、 Explanation of reasons for changes in cash flow statement items exceeding 30% Items Percentage Reasons for change change Net cash flows from financing Mainly due to the increase in GDRs proceeds and bank borrowings received in activities -89.76% the same period of the previous year. II. SHAREHOLDER INFORMATION (I)Table of the total number of ordinary shareholders and number of preference shareholders with voting rights restored and shareholdings of the top 10 shareholders Unit: Share Total number of ordinary shareholders 125,169 Total number of preference shareholders with voting rights restored as at the end of Nil as at the end of the reporting period the reporting period (if any) Shareholdings of the top 10 shareholders(excluding the shares lent through refinancing) Number of shares Shares pledged, Name of Percentage of Number of shares marked or frozen Nature of shareholders held subject to shareholder shareholding held Status of selling restrictions Quantity shares Wang Yingmei Domestic natural person 15.59% 144,248,400 108,186,300 Pledge 84,794,100 He Renbao Domestic natural person 12.04% 111,400,000 0 Pledge 45,539,999 Zhejiang Yongtai Domestic non-state- 1.39% 12,887,500 0 Pledge 12,887,500 Holdings Co., Ltd. owned legal person Hong Kong Not 0 Securities Clearing Overseas legal person 0.91% 8,460,454 0 applicable Co., Ltd. Citibank, National Overseas legal person 0.79% 7,318,800 0 Not 0 Association applicable 4 2024 Third Quarterly Report of Zhejiang Yongtai Technology Co., Ltd. Jin Ying Domestic natural person 0.75% 6,977,680 0 Not 0 applicable Shanghai Axing Investment Management Co., Others 0.49% 4,530,000 0 Not 0 Ltd. - Axing Gezhi applicable No.12 Private Equity Investment Fund Wang Ping Domestic natural person 0.40% 3,719,376 0 Not 0 applicable Zheng Xiaoju Domestic natural person 0.34% 3,158,537 0 Not 0 applicable Mai Wangqiu Domestic natural person 0.33% 3,098,000 0 Not 0 applicable Shareholdings of the top 10 shareholders not subject to selling restrictions(excluding shares lent through refinancing, shares held by senior management under lock-up) Number of circulating shares Type and number of shares Name of shareholders held not subject to sales Type of shares Quantity restrictions He Renbao 111,400,000 RMB denominated ordinary shares 111,400,000 Wang Yingmei 36,062,100 RMB denominated ordinary shares 36,062,100 Zhejiang Yongtai Holdings Co., Ltd. 12,887,500 RMB denominated ordinary shares 12,887,500 Hong Kong Securities Clearing Co., Ltd. 8,460,454 RMB denominated ordinary shares 8,460,454 Citibank, National Association 7,318,800 RMB denominated ordinary shares 7,318,800 Jin Ying 6,977,680 RMB denominated ordinary shares 6,977,680 Shanghai Axing Investment Management Co., Ltd. - Axing Gezhi No.12 Private Equity Investment 4,530,000 RMB denominated ordinary shares 4,530,000 Fund Wang Ping 3,719,376 RMB denominated ordinary shares 3,719,376 Zheng Xiaoju 3,158,537 RMB denominated ordinary shares 3,158,537 Mai Wangqiu 3,098,000 RMB denominated ordinary shares 3,098,000 Mr. He Renbao, Ms. Wang Yingmei, Zhejiang Yongtai Holdings Co., Ltd. and Shanghai Axing Investment Management Co., Ltd. - Axing Gezhi No.12 Private Equity Investment Fund are parties acting in concert. Explanation on the related relationship Among them, Mr. He Renbao and Ms. Wang Yingmei are spouses, who collectively held 100% equity interest in Zhejiang Yongtai Technology Holdings Co., Ltd., and Mr. He Kuang, the son of Mr. He Renbao or concerted action of the above- and Ms. Wang Yingmei, held 100% equity interest in Shanghai Axing Investment Management Co., Ltd. mentioned shareholders - Axing Gezhi No.12 Private Equity Investment Fund. Moreover, the Company is not aware of any related relationship among other shareholders or whether they are parties acting in concert. Explanation on the top ten 6,145,972 shares were held by Jin Ying through an investor credit securities account; 4,530,000 shares were held by Shanghai Axing Investment Management Co., Ltd. - Axing Gezhi No.12 Private Equity shareholders participating in Investment Fund through an investor credit securities account; 206,400 shares were held by Wang Ping securities margin trading business (if through an investor credit securities account;and 2,605,719 shares were held by Zheng Xiaoju through an any) investor credit securities account. Participation in securities lending by shareholders holding more than 5%, the top 10 shareholders, and the top 10 unrestricted circulating shareholders □ Applicable  Not applicable Changes among the top 10 shareholders and the top 10 unrestricted circulating shareholders due to securities lending/repayment compared to the previous period □ Applicable  Not applicable 5 2024 Third Quarterly Report of Zhejiang Yongtai Technology Co., Ltd. (II)Table of the total number of preference shareholders and shareholdings of the top 10 preference shareholders of the company □Applicable  Not applicable III.OTHER IMPORTANT MATTERS  Applicable □ Not applicable On July 16, 2024, the Company carried out the registration of the 2024 Restricted Stock Incentive Plan, and the newly added 11,640,000 shares were listed on the Shenzhen Stock Exchange on July 30, 2024. As a result, the total number of the Company's shares changed from 913,760,795 shares to 925,400,795 shares. On September 13, 2024, the Company held its third extraordinary General meeting of 2024, and passed the proposal of "To Change the Registered Capital of the Company and Amend the Articles of Association ". On September 20, 2024, the Company completed the registration procedures for increasing its registered capital at the industrial and commercial bureau, and the Company's registered capital changed from RMB 913,760,795 to RMB 925,400,795. For more details, please refer to the relevant announcements published by the Company on July 17, July 29, September 14, and September 21 on Securities Times, China Securities Journal, Shanghai Securities Journal, Securities Daily, and Juchao Information Website ( http://www.cninfo.com.cn) . In order to further optimize resource allocation, reduce operating and management costs, and improve operational efficiency, the Company has decided to deregister its wholly-owned subsidiaries Shandong Yonghong Lithium Industry Technology Co., Ltd., Zhejiang Yongtai Trading Co., Ltd., and Inner Mongolia Hehui Technology Co., Ltd. This deregistration will not have a significant impact on the overall business development and profitability of the Company, and there is no situation that would harm the interests of the Company and its shareholders. For more details, please refer to the relevant announcements published by the Company on July 31 and September 3 on Securities Times, China Securities Journal, Shanghai Securities Journal, Securities Daily, and Juchao Information Website ( http://www.cninfo.com.cn) . IV.QUARTERLY FINANCIAL STATEMENTS (I) Financial Statements 1 、 Consolidated Balance Sheet Prepared by: Zhejiang Yongtai Technology Co., Ltd. 30 September 2024 Item Period-ending balance Current assets: Monetary funds 789,737,379.82 Deposit reservation for balance Lending funds Transactional financial assets 15,000,000.00 Derivative financial assets Notes receivable 438,907,321.34 Accounts receivable 1,127,689,811.43 Receivables financing 21,463,861.54 Advance payment 125,908,721.13 Premium receivable Reinsurance receivables Reinsurance contract reserves receivable Unit: yuan Balance at the beginning of the period 1,109,138,410.05 37,000,000.00 157,936,185.71 905,514,989.36 161,377,815.36 98,366,504.06 6 2024 Third Quarterly Report of Zhejiang Yongtai Technology Co., Ltd. Item Period-ending balance Other receivables 30,486,941.78 Of which: Interest receivable Dividend receivable Purchase of resale financial assets Inventories 1,219,860,708.94 Of which: Data resources Contract assets Assets held for sale 599,943.92 Non-current assets due within one year Other current assets 201,012,589.62 Total current assets 3,970,667,279.52 Non-current assets: Loans and advances issued Debt investment Other debt investments Long-term receivables Long-term equity investment 269,502,441.31 Investment in other equity instruments 64,194,692.70 Other non-current financial assets Real estate for investment purposes 19,934,408.14 Fixed assets 3,872,018,148.87 Construction in progress 1,683,162,214.73 Productive biological assets Oil and gas assets Right of use assets 3,307,868.17 Intangible assets 508,322,204.25 Of which: Data resources Development expenditure 97,935,944.73 Of which: Data resources Goodwill 600,936,834.86 Long-term deferred expenses 18,584,120.19 Deferred income tax assets 270,714,885.90 Other non-current assets 116,749,247.91 Total non-current assets 7,525,363,011.76 Total assets 11,496,030,291.28 Current liabilities: Short-term loan 1,791,337,220.01 Borrowings from the Central Bank Borrowing funds Transaction financial liabilities Derivative financial liabilities Notes payable 610,787,461.02 Balance at the beginning of the period 30,838,849.38 1,098,700,493.90 599,943.92 196,460,999.99 3,795,934,191.73 266,469,783.28 64,194,692.70 24,784,293.94 3,554,687,028.57 2,110,290,652.02 5,180,945.20 486,665,271.65 90,917,228.14 600,936,834.86 23,505,002.13 263,850,165.15 116,890,688.45 7,608,372,586.09 11,404,306,777.82 1,701,718,161.88 519,898.30 704,947,900.98 7 2024 Third Quarterly Report of Zhejiang Yongtai Technology Co., Ltd. Item Period-ending balance Accounts payable 987,259,878.09 Advance payment Contractual liabilities 695,973,401.23 Financial assets sold for repurchase Savings absorption and interbank deposits Acting trading securities Acting underwriting securities Remuneration payable to employees 30,721,291.47 Taxes payable 19,281,790.17 Other payables 49,442,783.70 Of which: Interest payable Dividend payable Handling charges and commissions payable Accounts payable reinsurance Liabilities held for sale Non-current liabilities due within one 1,145,891,189.72 year Other current liabilities 1,059,210,350.23 Total current liabilities 6,389,905,365.64 Non-current liabilities: Provision for insurance contracts Long-term loan 1,449,305,380.33 Bonds payable Of which: Preferred shares Perpetual debt Lease liabilities 2,880,154.68 Long-term payables 196,795,978.73 Long-term remuneration payable to employees Estimated liabilities Deferred benefits 134,224,732.23 Deferred income tax liabilities 7,801,973.25 Other non-current liabilities 30,031,200.00 Total non-current liabilities 1,821,039,419.22 Total liabilities 8,210,944,784.86 Owner's equity: Capital stock 925,400,795.00 Other equity instruments Of which: Preferred shares Perpetual debt Capital reserves 691,414,223.24 Less: treasury shares 50,052,000.00 Other comprehensive incomes 32,569,793.70 Balance at the beginning of the period 862,218,150.32 891,679,158.45 82,144,342.49 35,617,679.60 54,849,843.53 1,062,284,456.76 820,885,552.61 6,216,865,144.92 1,562,568,363.63 2,500,445.31 89,237,605.41 145,621,385.39 8,630,103.13 1,808,557,902.87 8,025,423,047.79 913,760,795.00 648,399,583.24 29,826,973.84 8 2024 Third Quarterly Report of Zhejiang Yongtai Technology Co., Ltd. Item Period-ending balance Special reserves 8,414,229.55 212,549,555.18 Surplus reserves General risk provision Retained earnings 1,259,803,350.42 Total owner's equity attributable to the 3,080,099,947.09 parent company Equity of minority shareholders 204,985,559.33 Total owner's equity 3,285,085,506.42 Total liabilities and owner's equity 11,496,030,291.28 Legal representative: Wang Yingmei Person in charge of accounting work: Chen Lijie Balance at the beginning of the period 8,697,025.76 212,549,555.18 1,349,661,779.20 3,162,895,712.22 215,988,017.81 3,378,883,730.03 11,404,306,777.82 Head of accounting agency: Ni Xiaoyan 2 、 Consolidated income statement from the beginning of the year to the end of the reporting period Item Amount incurred in the current period I. Total operating income 3,338,764,469.83 Of which: Operating income 3,338,764,469.83 Interest income Premium earned Incomes for handling charges and commissions II. Total operating cost 3,476,214,865.44 Including: Operating costs 2,750,572,856.12 Interest expenses Expenditures for handling charges and commissions Surrender value Net amount of compensation expenses Net insurance liability reserve withdrawn Policyholder dividend expense Reinsurance expenses Taxes and surcharges 28,785,113.31 Marketing expenses 77,104,459.42 Management expenses 431,759,375.09 R&D expenses 84,528,878.86 Financial expenses 103,464,182.64 Of which: Interest expense 121,208,209.47 Interest income 15,155,977.18 Plus: Other income 22,677,525.59 Income from investment (loss expressed with "-") 28,163,730.54 Of which: investment benefits to the 18,836,064.61 associated enterprise and joint venture Income from derecognition of financial assets measured at amortized cost Exchange gain (loss expressed with "-") Net exposure hedging income (loss expressed with Unit: yuan Incurred amount during the previous period 3,111,758,954.98 3,111,758,954.98 3,395,987,457.89 2,635,712,907.11 27,966,307.22 82,866,896.75 457,056,075.80 109,604,939.99 82,780,331.02 117,816,607.36 20,483,232.76 35,423,677.92 10,860,552.38 15,759,084.35 9 2024 Third Quarterly Report of Zhejiang Yongtai Technology Co., Ltd. Item Amount incurred in the current period "-") Gains from changes in fair value (loss expressed 311,698.00 with "-") Credit impairment loss (loss expressed with "-") -1,987,089.63 Asset impairment loss (loss expressed with "-") Gains from disposal of assets (loss expressed with -13,700,706.20 "-") III. Operating profit (loss expressed with "-") -101,985,237.31 Plus: non-operating income 12,958,519.12 Less: non-operating expenses 6,098,862.99 IV. Total profit (total loss expressed with "-") -95,125,581.18 Less: income tax expense 7,748,435.35 V. Net profit (net loss expressed with "-") -102,874,016.53 (I) Classification by business continuity 1. Net profit from going concern (net loss expressed -104,475,722.84 with "-") 2. Net profit from discontinued operations (net loss 1,601,706.31 expressed with "-") (II) Classification by ownership 1. Net profit attributable to shareholders of the parent -89,858,428.78 company (net loss expressed with "-") 2. Minority shareholders' profits and losses (net loss -13,015,587.75 expressed with "-") VI. Net after-tax amount of other comprehensive incomes 2,742,819.86 Net after-tax amount of other comprehensive income 2,742,819.86 attributable to the owner of the parent company (I) Other comprehensive incomes not to be -15,909,067.77 reclassified into profits and losses 1. Remeasurement of changes in defined benefit plans 2. Other comprehensive income that cannot be -15,909,067.77 transferred to profits and losses under equity method Changes in fair value of other equity instrument investments Changes in fair value of enterprise's own credit risk Others (II) Other comprehensive incomes to be reclassified 18,651,887.63 into profits and losses 1. Other comprehensive income that can be transferred to profits and losses under equity method 2. Changes in fair value of other debt investments 3. Amount of financial assets reclassified into other comprehensive income 4. Provision for credit impairment of other debt investments 5. Cash flow hedging reserve 6. The balance arisen from the translation of 18,651,887.63 foreign currency financial statements 7. Others Net after-tax amount of other comprehensive income attributable to minority shareholders Incurred amount during the previous period 210,507.38 15,346,740.88 1,082,137.42 46,623,825.31 -174,681,061.62 42,912,640.24 5,662,646.67 -137,431,068.05 5,526,401.07 -142,957,469.12 -142,468,221.78 -489,247.34 -99,364,621.22 -43,592,847.90-14,992,407.35-14,992,407.35 -14,992,407.35 -14,992,407.35 10 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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