On November 16 at 5 AM EST (November 16 at 4 PM Beijing Time), Yooz RELX (Huaxin Technology) released their 2022 Q3 financial performance report on NASDAQ. Here are the key takeaways gathered by 2FIRSTS.
In the third quarter of 2022, Yuke Technology reported a net income of 1.044 billion yuan, a 37.7% decrease from the same period last year, due primarily to paused store expansion and discontinued old products. The gross profit margin increased by 10.9% to 50% compared to the same period last year. Adjusted net income according to U.S. GAAP was 505.2 million yuan, a 48.4% decrease from the same period in the previous year. R&D investment saw a slight increase to 46 million yuan, compared to 44.6 million yuan in the same period last year. The company's cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments, long-term bank deposits, net, and long-term investment securities totalled 16.405 billion yuan (approximately 2.306 billion USD) as of September 30, 2022, up from 14.72 billion yuan as of September 30, 2021. Yuke Technology is leading the way with its S&P CSA ESG score, which surpasses 67% of its peers globally. The company implemented cost control measures and reduced shipments of old products to adapt to new national standards and gradually shifted to a region-based national trading platform for complete national coverage. However, regulatory changes may lead to additional taxes and expenses, which could significantly impact profitability. As a result, there is significant uncertainty surrounding the company's future business performance. Cost control measures will remain a top strategic priority while maintaining sustainable long-term growth in the face of evolving regulatory environments.
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