厦门钨业(600549) - 2022 Q3 - 季度财报

Key Financial Data This section provides an overview of the company's financial performance and key indicators for the reporting period Key Accounting Data and Financial Indicators In the first three quarters of 2022, the company achieved significant growth in both operating revenue and net profit attributable to shareholders, increasing by 66.50% and 31.27% year-on-year respectively, with total assets growing by 24.50% from the end of the previous year Key Accounting Data and Financial Indicators for 9M 2022 | Item | 9M 2022 | 9M 2021 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 36,916,205,586.59 | 22,172,364,604.85 | 66.50% | | Net Profit Attributable to Shareholders (Yuan) | 1,306,198,993.51 | 995,056,387.23 | 31.27% | | Basic Earnings Per Share (Yuan/share) | 0.9290 | 0.7077 | 31.27% | | Weighted Average Return on Net Assets (%) | 13.20% | 11.89% | Increased by 1.31 percentage points | [4][5] Key Balance Sheet Data | Item | Sep 30, 2022 (Yuan) | Dec 31, 2021 (Yuan) | Change from Year-Beginning (%) | | :--- | :--- | :--- | :--- | | Total Assets (Yuan) | 40,964,745,260.93 | 32,902,374,255.10 | 24.50% | | Total Equity Attributable to Shareholders (Yuan) | 9,779,618,686.80 | 9,287,238,437.94 | 5.30% | [5] - The company retrospectively adjusted relevant financial data for prior periods due to the completion of a business combination under common control with Bobai Judian Mining Co., Ltd. in January 2022[5] Non-Recurring Gains and Losses Items and Amounts In the first three quarters of 2022, the company's total non-recurring gains and losses amounted to 142.72 million Yuan, with government subsidies recognized in current profit or loss being the largest item at 200.55 million Yuan Non-Recurring Gains and Losses for 9M 2022 | Item | Amount from Year-Beginning to End of Reporting Period (Yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 3,187,970.56 | | Government Subsidies Recognized in Current Profit or Loss | 200,553,010.80 | | Other Gains and Losses | 34,021,208.64 | | Total | 142,723,358.70 | [6] Analysis of Changes in Key Financial Indicators During the reporting period, significant changes occurred across multiple balance sheet and income statement accounts, driven by business expansion, increased sales, and strategic financing activities, leading to an overall improvement in profitability - Major Balance Sheet changes and reasons: - Cash and Cash Equivalents: Increased by 138.24%, primarily due to the subsidiary Xiamen Tungsten New Energy receiving proceeds from private placement[7] - Prepayments: Increased by 221.82%, mainly due to increased prepayments for raw material procurement by subsidiaries[7] - Notes Payable: Increased by 97.84%, due to an increase in outstanding notes issued to suppliers[8] - Bonds Payable: Increased by 266.66%, primarily due to the company's issuance of medium-term notes during the period[8] - Major Income Statement changes and reasons: - Operating Revenue: Increased by 66.50%, mainly due to increased sales of tungsten and molybdenum, rare earth, and battery material products[8] - Operating Cost: Increased by 72.68%, primarily due to expanded sales scale and rising raw material prices[8] - Research and Development Expenses: Increased by 57.52%, mainly due to increased R&D investment by subsidiaries[8] - Asset Impairment Losses: Increased by 156.96%, primarily due to increased inventory write-downs for some rare earth and battery material products[8] - The company's main businesses are generally performing well, with operating revenue increasing year-on-year, while effective cost control led to a decrease in expense ratios, improving overall profitability and driving synchronous growth in operating profit, total profit, and net profit[8] Shareholder Information This section details the company's shareholder structure and significant holdings as of the reporting period Total Number of Common Shareholders, Number of Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 73,942 common shareholders, with Fujian Rare Earth (Group) Co., Ltd. as the controlling shareholder holding 31.77%, and a diversified top ten shareholder structure - The total number of common shareholders at the end of the reporting period was 73,942[9] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | | :--- | :--- | :--- | | Fujian Rare Earth (Group) Co., Ltd. | State-owned Legal Person | 31.77 | | China Minmetals Non-ferrous Metals Co., Ltd. | State-owned Legal Person | 8.60 | | Japan United Materials Co., Ltd. | Overseas Legal Person | 5.08 | | Hong Kong Securities Clearing Company Limited | Other | 3.29 | | Shanghai Hewei Investment Co., Ltd. | State-owned Legal Person | 1.50 | | National Social Security Fund 112 Portfolio | Other | 1.00 | [9][10] - There is no关联关系 or一致行动关系 between the company's controlling shareholder, Fujian Rare Earth (Group) Co., Ltd., and other top ten shareholders[11] Operating Performance Discussion and Analysis During the reporting period, the company maintained stable operations across its three core businesses (tungsten and molybdenum, new energy materials, rare earth), with overall profitability continuously improving, driven primarily by the new energy materials segment's robust growth Operating Performance by Business Segment The new energy materials business was the primary growth driver, benefiting from a 117% surge in ternary material sales, while tungsten and molybdenum and rare earth businesses showed steady growth, and real estate performance declined Tungsten and Molybdenum Business In the first three quarters, tungsten and molybdenum business revenue grew by 22.10% with a slight 2.40% increase in total profit, driven by a 181% surge in fine tungsten wire sales despite a 7% decline in cemented carbide sales Tungsten and Molybdenum Business Performance for 9M 2022 | Indicator | 9M 2022 | YoY Growth | | :--- | :--- | :--- | | Operating Revenue (billion Yuan) | 9.86 | 22.10% | | Total Profit (billion Yuan) | 1.17 | 2.40% | [13] - Major deep processing product sales volume: - Cutting Tools: Sales volume of 34.28 million pieces, up 6% year-on-year[13] - Fine Tungsten Wire: Sales volume of 17.4 billion meters, up 181% year-on-year[13] - Cemented Carbide: Sales volume of 4,403 tons, down 7% year-on-year[13] New Energy Materials Business The new energy materials business demonstrated exceptionally strong performance in the first three quarters, with revenue and total profit surging by 112.64% and 114.48% respectively, driven by a 117% increase in ternary material sales New Energy Materials Business Performance for 9M 2022 | Indicator | 9M 2022 | YoY Growth | | :--- | :--- | :--- | | Operating Revenue (billion Yuan) | 22.46 | 112.64% | | Total Profit (billion Yuan) | 0.99 | 114.48% | [13] - Major product sales volume: - Ternary Materials: Sales volume of 37.2 thousand tons, up 117% year-on-year[13] - Lithium Cobalt Oxide: Sales volume of 25.4 thousand tons, maintaining its leading position in the industry[13] Rare Earth Business The rare earth business showed overall improvement, with revenue growing by 31.53% and total profit by 50.51% in the first three quarters, or 19.10% after excluding the impact of Xiamen Tungsten Motor business divestiture Rare Earth Business Performance for 9M 2022 | Indicator | 9M 2022 | YoY Growth | | :--- | :--- | :--- | | Operating Revenue (billion Yuan) | 4.48 | 31.53% | | Total Profit (billion Yuan) | 0.24 | 50.51% | [13] - Magnetic material sales volume was 4,227 tons, up 5% year-on-year[13] Real Estate Business The real estate business showed weak performance, with revenue decreasing by 10.56% in the first three quarters and a total loss of 0.14 billion Yuan, largely consistent with the prior year Real Estate Business Performance for 9M 2022 | Indicator | 9M 2022 | YoY Change | | :--- | :--- | :--- | | Operating Revenue (billion Yuan) | 0.12 | -10.56% | | Total Profit (billion Yuan) | -0.14 | Largely consistent | [13] Quarterly Financial Statements This section presents the company's consolidated and parent company financial statements for the quarter Consolidated Balance Sheet As of September 30, 2022, total assets reached 40.96 billion Yuan, a 24.50% increase from year-end, with total liabilities at 25.32 billion Yuan, reflecting asset and liability expansion driven by business growth and financing activities Consolidated Balance Sheet as of Sep 30, 2022 | Item | Sep 30, 2022 (Yuan) | Dec 31, 2021 (Yuan) | Change from Year-Beginning | | :--- | :--- | :--- | :--- | | Total Assets | 40,964,745,260.93 | 32,902,374,255.10 | +24.50% | | Cash and Cash Equivalents | 3,694,178,028.17 | 1,550,600,661.67 | +138.24% | | Accounts Receivable | 7,808,836,182.71 | 5,100,930,320.61 | +53.09% | | Inventories | 9,341,232,868.20 | 8,076,589,023.08 | +15.66% | | Total Liabilities | 25,315,365,986.74 | 19,847,804,529.69 | +27.55% | | Long-term Borrowings | 5,712,960,336.25 | 3,515,621,007.51 | +62.50% | | Bonds Payable | 2,225,051,167.91 | 606,848,706.66 | +266.66% | | Total Equity | 15,649,379,274.19 | 13,054,569,725.41 | +19.88% | [15][16][17] Consolidated Income Statement In the first three quarters of 2022, total operating revenue reached 36.92 billion Yuan, up 66.50%, with net profit attributable to shareholders at 1.31 billion Yuan, up 31.27%, reflecting both revenue growth and increased R&D investment Consolidated Income Statement for 9M 2022 | Item | 9M 2022 (Yuan) | 9M 2021 (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 36,916,205,586.59 | 22,172,364,604.85 | +66.50% | | Total Operating Cost | 34,562,386,637.90 | 20,614,641,632.47 | +67.66% | | Of which: Operating Cost | 31,838,112,110.71 | 18,438,022,815.45 | +72.68% | | Research and Development Expenses | 1,306,256,137.53 | 829,256,422.26 | +57.52% | | Operating Profit | 2,265,906,988.93 | 1,650,739,660.83 | +37.27% | | Total Profit | 2,264,409,048.21 | 1,624,727,132.08 | +39.37% | | Net Profit Attributable to Shareholders | 1,306,198,993.51 | 995,056,387.23 | +31.27% | | Basic Earnings Per Share (Yuan/share) | 0.9290 | 0.7077 | +31.27% | [18][19][20][21] Consolidated Cash Flow Statement In the first three quarters of 2022, net cash flow from operating activities significantly declined to -0.78 billion Yuan from a 1.46 billion Yuan inflow, primarily due to increased operating expenditures, while financing activities provided 3.60 billion Yuan in net cash Consolidated Cash Flow Statement for 9M 2022 | Item | 9M 2022 (Yuan) | 9M 2021 (Yuan) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -780,232,729.16 | 1,459,908,497.07 | Turned from positive to negative | | Net Cash Flow from Investing Activities | -715,035,311.04 | -784,782,833.12 | Net outflow decreased | | Net Cash Flow from Financing Activities | 3,599,696,896.63 | 730,245,652.57 | Net inflow significantly increased | | Cash and Cash Equivalents at Period End | 3,682,631,564.74 | 2,539,768,088.06 | Significantly increased | [22][23][24] - Operating cash inflow was 25.31 billion Yuan, but cash paid for goods and services reached 22.77 billion Yuan, resulting in a net cash outflow from operating activities[22] - Net cash inflow from financing activities primarily stemmed from capital contributions of 1.05 billion Yuan and proceeds from borrowings of 9.19 billion Yuan, effectively supporting the company's operations and investment activities[23] Parent Company Financial Statements At the parent company level, operating revenue for the first three quarters of 2022 decreased to 2.76 billion Yuan, but net profit surged by 97.88% to 0.50 billion Yuan, primarily driven by 0.55 billion Yuan in investment income from subsidiaries Parent Company Key Financial Data for 9M 2022 | Item | 9M 2022 (Yuan) | 9M 2021 (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,756,848,889.86 | 3,537,730,197.93 | -22.07% | | Investment Income | 545,257,615.36 | 415,966,796.43 | +31.08% | | Net Profit | 496,611,698.40 | 250,970,995.36 | +97.88% | [28][29] - The parent company's net cash flow from operating activities was -0.03 billion Yuan, while net cash flow from investing activities was -2.41 billion Yuan, mainly due to 3.02 billion Yuan in cash paid for investments, reflecting the parent company's capital injection and industrial layout into its subsidiaries[31]