胜利精密(002426) - 2018 Q3 - 季度财报

Important Notice The company's board, supervisory board, and senior management affirm the truthfulness, accuracy, and completeness of this quarterly report - The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with no false records, misleading statements, or major omissions[4] - The company's responsible person, chief accountant, and head of accounting department declare that the financial statements in the quarterly report are true, accurate, and complete[5] Company Profile Provides an overview of the company's key financial performance and shareholder structure Key Accounting Data and Financial Indicators In the first three quarters of 2018, revenue grew by 7.52%, but Q3 saw a loss of CNY 16.59 million in net profit attributable to shareholders, while non-recurring net profit increased by 113.05% Key Accounting Data and Financial Indicators | Indicator | End of Reporting Period / Year-to-Date | End of Prior Year / Prior Period | Change Rate | | :--- | :--- | :--- | :--- | | Balance Sheet | | | | | Total Assets (CNY) | 20,658,380,118.47 | 18,492,953,855.79 | 11.71% | | Net Assets attributable to shareholders (CNY) | 9,068,483,944.42 | 8,760,793,085.21 | 3.51% | | Income Statement (Year-to-Date) | | | | | Operating Revenue (CNY) | 12,816,295,138.53 | - | 7.52% | | Net Profit attributable to shareholders (CNY) | 307,049,707.41 | - | -21.90% | | Net Profit attributable to shareholders (after non-recurring items) (CNY) | 389,588,971.87 | - | 113.05% | | Basic EPS (CNY/share) | 0.0896 | - | -22.02% | | Cash Flow Statement (Year-to-Date) | | | | | Net Cash Flow from Operating Activities (CNY) | -290,344,881.15 | - | 35.52% | Non-Recurring Gains and Losses (Year-to-Date) | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains/losses | -11,172,158.42 | - | | Government grants | 23,100,876.65 | - | | Financial asset related gains/losses | -103,830,233.55 | Primarily from fund redemption gains of CNY 13.38 million and fair value change losses of CNY 117 million for unredeemed funds | | Other non-operating income/expenses | 2,149,175.56 | - | | Income tax impact | -12,951,317.40 | - | | Minority interest impact | 5,739,885.14 | - | | Total | -82,539,264.46 | - | - The company's net profit attributable to shareholders for the first three quarters was CNY 307 million, but total non-recurring gains and losses amounted to -CNY 83 million, primarily due to fair value change losses from held-for-trading financial assets, significantly impacting current period profit[8][9] Shareholder Information As of the reporting period end, the company had 66,094 common shareholders, with the controlling shareholder, Gao Yugen, holding 27.37% of shares, of which 93.7% are pledged, indicating higher financial risk - As of the end of the reporting period, the company had 66,094 common shareholders[12] Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | Number of Pledged or Frozen Shares | | :--- | :--- | :--- | :--- | | Gao Yugen | 27.37% | 941,845,445 | 882,680,900 | | Baonian Life Insurance - Traditional Insurance Products | 5.93% | 204,214,013 | 0 | | Chen Zhu | 5.16% | 177,709,274 | 175,339,271 | | Chen Yanliang | 4.29% | 147,745,940 | 0 | | Ningxia Wenjiashunjing Investment Management Center | 3.96% | 136,363,636 | 136,363,636 | - Controlling shareholder Mr. Gao Yugen holds 27.37% of the company's shares, with 882,680,900 shares pledged, accounting for 93.7% of his total holdings[12] - Shareholder Gao Yugen and Suzhou Fulecheng Equity Investment Partnership (Limited Partnership) are parties acting in concert[13] Significant Events Details major financial changes, performance forecasts, and financial asset management activities during the reporting period Analysis of Major Financial Data Changes and Reasons Major financial data changes stemmed from acquisitions (Suonuoer and JOT), business growth, and financial asset investments, impacting assets, liabilities, and profit, with financial asset fair value losses being a key factor in net profit decline Balance Sheet Item Variation Analysis Balance sheet changes were primarily driven by acquisitions (Suonuoer and JOT) and business expansion, leading to significant increases in goodwill, construction in progress, and receivables, while cash decreased due to acquisition payments - Cash and cash equivalents at period-end decreased by 57.86% from the beginning of the year, primarily due to payments for equity acquisitions of Suonuoer and JOT, and initial capital investment for business growth[16] - Goodwill increased by 43.24% from the beginning of the year, mainly due to the acquisitions of Suonuoer and JOT[17] - Construction in progress increased by 71.82% from the beginning of the year, primarily due to investments in the 3D cover glass R&D and production project[17] - Operating assets such as accounts receivable, prepayments, and inventories all showed significant growth (30%-96%), reflecting the impact of business expansion and increased consolidation scope[16][17] - Notes payable and accounts payable significantly increased by 131.83% and 42.98% respectively from the beginning of the year, mainly due to increased procurement for inventory and expanded consolidation scope[17] Income Statement Item Variation Analysis Income statement changes were dominated by a 266.31% decrease in fair value change gains, primarily due to CNY 118 million in fund investment losses, significantly impacting net profit, while management expenses rose due to acquisitions and R&D - Fair value change gains decreased by 266.31% year-on-year (from a CNY 71 million profit in the prior period to a CNY 118 million loss in the current period), mainly due to CNY 118 million in fair value losses recognized from fund investments[18][19] - Management expenses increased by 38.68% year-on-year, primarily due to increased R&D expenses from smart manufacturing business growth and the consolidation of JOT and Suonuoer[18][19] - Non-operating income decreased by 94.79% year-on-year, mainly because the prior period included a significant performance-based compensation from a subsidiary, which was absent in the current period[18][19] - Investment income increased by 168.28% year-on-year, primarily due to CNY 13.38 million in investment gains recognized from fund redemptions in the current period[18][19] Cash Flow Statement Item Variation Analysis Cash flow changes primarily reflect a positive impact from exchange rate fluctuations and a significant decrease in cash paid for investments due to large fund purchases in the prior year - The impact of exchange rate changes on cash and cash equivalents increased by 292.93% year-on-year, mainly due to USD exchange rate fluctuations[19] - Cash paid for investments decreased by 100% year-on-year, primarily due to a large expenditure of CNY 600 million for fund purchases in the prior year[19] 2018 Annual Operating Performance Forecast The company forecasts 2018 net profit attributable to shareholders to be between CNY 310 million and CNY 403 million, a 12.82% to 32.94% year-on-year decrease, mainly due to fair value losses on financial assets and declining mobile terminal business 2018 Annual Performance Forecast | Item | Forecast | | :--- | :--- | | Net Profit attributable to shareholders change range | -32.94% to -12.82% | | Net Profit attributable to shareholders range (CNY 10,000) | 31,000 to 40,300 | | 2017 Net Profit attributable to shareholders (CNY 10,000) | 46,232.92 | - The main reasons for performance change are: 1) significant fair value losses on held-for-trading financial asset investments; 2) decline in mobile terminal product business due to market conditions[21] Financial Assets Measured at Fair Value At period-end, the company held CNY 222 million in fair value measured financial assets (funds), significantly reduced from the initial CNY 542 million investment, with CNY 118 million in fair value losses recognized this period Financial Assets Measured at Fair Value (Funds) | Item | Amount (CNY) | | :--- | :--- | | Initial investment cost | 541,836,050.12 | | Fair value change gains/losses for the period | -117,657,198.23 | | Amount sold during the reporting period | 202,524,518.73 | | Cumulative investment income | 13,376,701.87 | | Period-end amount | 221,654,333.16 | - The company's fund-type financial assets incurred CNY 118 million in fair value change losses during this reporting period, which is one of the main factors affecting the company's net profit[23] Wealth Management During the reporting period, the company invested CNY 1 million of raised funds in bank wealth management products, with no overdue unrecovered amounts - The company used raised funds to purchase CNY 1 million in bank wealth management products, with a zero outstanding balance at period-end[27]