盾安环境(002011) - 2023 Q1 - 季度财报

Report Overview Important Notice The company's board of directors, supervisory board, and senior management declare this quarterly report's content to be true, accurate, and complete, assuming corresponding legal responsibilities - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[2] Audit Status The company's 2023 first-quarter report is unaudited - The company's first-quarter report is unaudited[4][50] Key Financial Data and Indicators Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 21.36% year-on-year, net profit attributable to shareholders surged by 95.20%, and net profit excluding non-recurring gains and losses grew by 139.79%, while net cash flow from operating activities decreased by 407.49% 2023 First Quarter Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Year Same Period (CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,440,763,774.21 | 2,011,200,440.37 | 21.36% | | Net Profit Attributable to Shareholders of Listed Company | 162,812,973.63 | 83,408,975.49 | 95.20% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 175,276,518.11 | 73,097,189.82 | 139.79% | | Net Cash Flow from Operating Activities | -171,560,790.02 | -33,805,719.47 | -407.49% | | Basic Earnings Per Share (CNY/share) | 0.15 | 0.09 | 66.67% | | Diluted Earnings Per Share (CNY/share) | 0.15 | 0.09 | 66.67% | | Weighted Average Return on Net Assets | 4.37% | 4.70% | Decreased by 0.33 percentage points | | Period-end Indicators | Current Period-end (CNY) | Prior Year-end (CNY) | Period-end vs. Prior Year-end Change (%) | | Total Assets | 8,737,670,385.29 | 8,154,201,491.86 | 7.16% | | Total Equity Attributable to Shareholders of Listed Company | 3,805,493,156.19 | 3,646,154,458.02 | 4.37% | Non-recurring Gains and Losses During the reporting period, the company's total non-recurring gains and losses amounted to -12.46 million CNY, primarily comprising government grants, fair value changes, and non-operating income/expenses 2023 First Quarter Non-recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -2,175,848.37 | | Government Grants Included in Current Profit and Loss | 9,357,056.80 | | Gains and Losses from Fair Value Changes and Investment Income from Disposal of Financial Assets | 447,553.71 | | Other Non-operating Income and Expenses | -19,442,846.30 | | Other Gains and Losses Items Meeting the Definition of Non-recurring Gains and Losses | 367,116.98 | | Less: Income Tax Impact | 1,015,980.64 | | Impact on Minority Shareholders' Equity (After Tax) | 596.66 | | Total | -12,463,544.48 | Analysis of Changes in Financial Indicators This period saw significant changes in multiple financial indicators, with construction in progress and short-term borrowings increasing substantially on the balance sheet, R&D expenses and investment income growing significantly on the income statement while credit and asset impairment losses surged, and operating cash outflows increasing, investment cash outflows also rising sharply, but net cash flow from financing activities turning positive - During the reporting period, the company continuously increased R&D investment, with R&D expenses growing by 52.64% year-on-year[8] - Financial expenses decreased by 36.55% year-on-year, primarily due to lower external financing amounts and interest rates[8] - Operating profit, total profit, net profit, and net profit attributable to parent company shareholders all achieved substantial growth, mainly benefiting from improved product structure, cost reduction efforts, and lower financing costs[8] Changes in Consolidated Balance Sheet Items Balance sheet item changes primarily reflect a decrease in other current assets, a 165.49% surge in construction in progress due to plant acquisition, and increases of 41.33% in short-term borrowings and 33.23% in notes payable to adjust financing structure Changes in Major Consolidated Balance Sheet Items | Item | Period-end Amount (CNY) | Period-beginning Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Other Current Assets | 49,036,625.40 | 84,659,487.05 | -42.08% | Termination of recognition due to maturity of bills | | Construction in Progress | 141,023,730.76 | 53,118,272.47 | 165.49% | New plant acquisition for DunAn Automotive Thermal Management | | Short-term Borrowings | 1,165,893,975.00 | 824,963,049.66 | 41.33% | Increased external borrowings due to structural adjustment | | Notes Payable | 699,332,743.64 | 524,897,067.76 | 33.23% | Increase in bank acceptance bills issued | Changes in Consolidated Income Statement Items Income statement items changed significantly, with R&D expenses growing by 52.64% due to continuous investment, financial expenses decreasing by 36.55% due to lower financing costs, and investment income increasing by 87.26% mainly from associate company earnings; credit impairment losses and asset impairment losses surged by 237.87% and 1252.17% respectively, primarily due to bad debt provisions for receivables and contract assets, while non-operating expenses increased by 1645.12% due to contingent liabilities from the prior sale of Tianjin Energy Saving Changes in Major Consolidated Income Statement Items | Item | Current Period Accumulated Amount (CNY) | Prior Year Same Period Accumulated Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 92,602,683.46 | 60,666,974.63 | 52.64% | Continuous strengthening of R&D investment | | Financial Expenses | 17,324,918.00 | 27,304,019.49 | -36.55% | Decrease in external financing amount and interest rates | | Investment Income | 28,391,412.76 | 15,161,539.92 | 87.26% | Increase in income from associates accounted for using equity method | | Credit Impairment Losses | -19,107,616.56 | 13,859,091.77 | -237.87% | Increase in receivables leading to bad debt provision | | Asset Impairment Losses | -10,526,660.49 | 913,639.12 | -1252.17% | Increase in contract assets leading to provision | | Non-operating Expenses | 22,337,695.70 | 1,280,011.80 | 1645.12% | Assumption of contingent liabilities from prior sale of Tianjin Energy Saving | | Operating Profit | 213,678,345.01 | 113,168,977.36 | 88.81% | Improvement in product structure, cost reduction, etc. | | Net Profit | 160,960,126.73 | 82,622,499.14 | 94.81% | Improvement in product structure, cost reduction, etc., and decrease in financing amount and interest rates | | Net Profit Attributable to Parent Company Shareholders | 162,812,973.63 | 83,408,975.49 | 95.20% | Improvement in product structure, cost reduction, etc., and decrease in financing amount and interest rates | Changes in Consolidated Cash Flow Statement Items Net cash flow from operating activities significantly decreased by 407.49%, mainly due to reduced bill discounting; net cash flow from investing activities decreased by 253.80%, primarily due to the acquisition of DunAn Automotive Thermal Management plant; net cash flow from financing activities turned positive, increasing by 237.91%, mainly due to reduced bank loan repayments during debt restructuring Changes in Major Consolidated Cash Flow Statement Items | Item | Current Period Amount (CNY) | Prior Year Same Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash Received Related to Other Operating Activities | 76,681,760.65 | 15,310,583.78 | 400.84% | Restricted funds at prior year-end released during the reporting period | | Taxes and Levies Paid | 93,951,103.88 | 37,890,590.65 | 147.95% | Increase in VAT and other taxes paid | | Net Cash Flow from Operating Activities | -171,560,790.02 | -33,805,719.47 | -407.49% | Decrease in bill discounting | | Cash Received from Disposal of Investments | 12,833,333.33 | 0.00 | Not applicable | Investment funds returned from capital reduction of associate company | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 160,323,751.86 | 45,017,777.05 | 256.13% | Acquisition of DunAn Automotive Thermal Management plant, etc. | | Net Cash Flow from Investing Activities | -143,360,551.33 | -40,520,142.20 | -253.80% | Acquisition of DunAn Automotive Thermal Management plant, etc. | | Cash Received Related to Other Financing Activities | 0.00 | 100,000,000.00 | -100.00% | Factoring loan received in prior year same period | | Cash Paid for Repayment of Debts | 285,650,000.00 | 844,200,000.00 | -66.16% | Decrease in bank loan repayments during debt restructuring | | Cash Paid for Distribution of Dividends, Profits, or Interest Payments | 13,161,929.38 | 32,430,624.81 | -59.42% | Decrease in external financing amount and interest rates | | Cash Paid Related to Other Financing Activities | 3,609,865.57 | 184,745,311.30 | -98.05% | Factoring loan repaid in prior year same period | | Net Cash Flow from Financing Activities | 273,578,205.05 | -198,375,936.11 | 237.91% | Decrease in bank loan repayments during debt restructuring | | Net Increase in Cash and Cash Equivalents | -45,499,579.99 | -283,604,550.00 | 83.96% | Impact of reduced financing compared to prior year same period, etc. | Shareholder Information Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 61,324 common shareholders; among the top ten, Zhuhai Gree Electric Appliances Co., Ltd. held 38.78% as the controlling shareholder, and Zijin Mining Investment (Shanghai) Co., Ltd. held 8.43% - The total number of common shareholders at the end of the reporting period was 61,324[10] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage (%) | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhuhai Gree Electric Appliances Co., Ltd. | Domestic Non-state-owned Legal Person | 38.78% | 409,774,802.00 | 139,414,802.00 | | Zijin Mining Investment (Shanghai) Co., Ltd. | State-owned Legal Person | 8.43% | 89,069,416.00 | 0.00 | | China Construction Bank Corporation - Qianhai Open Source Public Utility Industry Stock Investment Fund | Other | 1.92% | 20,266,800.00 | 0.00 | | Industrial and Commercial Bank of China Co., Ltd. - Qianhai Open Source New Economy Flexible Allocation Mixed Securities Investment Fund | Other | 1.57% | 16,600,435.00 | 0.00 | | China Merchants Bank Co., Ltd. - Xingzheng Global Herui Mixed Securities Investment Fund | Other | 1.42% | 15,047,752.00 | 0.00 | | Basic Pension Insurance Fund 1204 Portfolio | Other | 1.04% | 10,952,300.00 | 0.00 | | Bank of China Co., Ltd. - Penghua Huizhi Optimal Selection Mixed Securities Investment Fund | Other | 0.98% | 10,314,600.00 | 0.00 | | China Construction Bank Corporation - Penghua Selected Growth Mixed Securities Investment Fund | Other | 0.91% | 9,653,048.00 | 0.00 | | Bank of China Co., Ltd. - Penghua High-Quality Growth Mixed Securities Investment Fund | Other | 0.83% | 8,719,900.00 | 0.00 | | China Merchants Bank Co., Ltd. - Penghua Emerging Industry Mixed Securities Investment Fund | Other | 0.69% | 7,337,911.00 | 0.00 | Top Ten Shareholders with Unrestricted Shares Zhuhai Gree Electric Appliances Co., Ltd. held 270,360,000 unrestricted shares, and Zijin Mining Investment (Shanghai) Co., Ltd. held 89,069,416 unrestricted shares, ranking as the top two Top 10 Shareholders with Unrestricted Shares | Shareholder Name | Number of Unrestricted Shares Held (shares) | Type of Shares | | :--- | :--- | :--- | | Zhuhai Gree Electric Appliances Co., Ltd. | 270,360,000.00 | RMB Common Stock | | Zijin Mining Investment (Shanghai) Co., Ltd. | 89,069,416.00 | RMB Common Stock | | China Construction Bank Corporation - Qianhai Open Source Public Utility Industry Stock Investment Fund | 20,266,800.00 | RMB Common Stock | | Industrial and Commercial Bank of China Co., Ltd. - Qianhai Open Source New Economy Flexible Allocation Mixed Securities Investment Fund | 16,600,435.00 | RMB Common Stock | | China Merchants Bank Co., Ltd. - Xingzheng Global Herui Mixed Securities Investment Fund | 15,047,752.00 | RMB Common Stock | | Basic Pension Insurance Fund 1204 Portfolio | 10,952,300.00 | RMB Common Stock | | Bank of China Co., Ltd. - Penghua Huizhi Optimal Selection Mixed Securities Investment Fund | 10,314,600.00 | RMB Common Stock | | China Construction Bank Corporation - Penghua Selected Growth Mixed Securities Investment Fund | 9,653,048.00 | RMB Common Stock | | Bank of China Co., Ltd. - Penghua High-Quality Growth Mixed Securities Investment Fund | 8,719,900.00 | RMB Common Stock | | China Merchants Bank Co., Ltd. - Penghua Emerging Industry Mixed Securities Investment Fund | 7,337,911.00 | RMB Common Stock | Explanation of Shareholder Related Party Relationships and Concerted Actions Zhuhai Gree Electric Appliances Co., Ltd. is the controlling shareholder; it is unknown whether other shareholders have related party relationships or act in concert - Zhuhai Gree Electric Appliances Co., Ltd. is the controlling shareholder[34] - It is unknown whether other shareholders have related party relationships or are considered concerted parties as defined in the "Measures for the Administration of the Takeover of Listed Companies"[34] Other Significant Matters Other Significant Matters The company had no other significant matters requiring disclosure during the reporting period - The company had no other significant matters requiring disclosure during the reporting period[15] Quarterly Financial Statements Consolidated Balance Sheet As of the end of the reporting period, the company's total assets were 8.738 billion CNY, a 7.16% increase from the beginning of the year, with total current assets at 6.822 billion CNY, total non-current assets at 1.916 billion CNY, total liabilities at 5.038 billion CNY, and total owners' equity at 3.700 billion CNY 2023 First Quarter Major Consolidated Balance Sheet Data | Item | Period-end Balance (CNY) | Year-beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 8,737,670,385.29 | 8,154,201,491.86 | | Total Current Assets | 6,821,658,184.79 | 6,354,812,862.18 | | Total Non-current Assets | 1,916,012,200.50 | 1,799,388,629.68 | | Total Liabilities | 5,037,998,161.96 | 4,612,026,900.29 | | Total Current Liabilities | 4,638,257,846.69 | 4,153,632,683.71 | | Total Non-current Liabilities | 399,740,315.27 | 458,394,216.58 | | Total Owners' Equity | 3,699,672,223.33 | 3,542,174,591.57 | | Total Owners' Equity Attributable to Parent Company | 3,805,493,156.19 | 3,646,154,458.02 | Consolidated Income Statement During the reporting period, the company achieved total operating revenue of 2.441 billion CNY, a 21.36% year-on-year increase; operating profit was 214 million CNY, up 88.81%; net profit reached 161 million CNY, growing 94.81%, with net profit attributable to parent company owners at 163 million CNY; basic earnings per share were 0.15 CNY 2023 First Quarter Major Consolidated Income Statement Data | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 2,440,763,774.21 | 2,011,200,440.37 | | Total Operating Costs | 2,238,655,134.46 | 1,942,423,009.82 | | Operating Profit | 213,678,345.01 | 113,168,977.36 | | Total Profit | 192,479,560.76 | 113,696,342.00 | | Net Profit | 160,960,126.73 | 82,622,499.14 | | Net Profit Attributable to Parent Company Owners | 162,812,973.63 | 83,408,975.49 | | Basic Earnings Per Share (CNY) | 0.15 | 0.09 | | Diluted Earnings Per Share (CNY) | 0.15 | 0.09 | Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities was -172 million CNY, a significant decrease from the prior period; net cash flow from investing activities was -143 million CNY, mainly due to increased expenditures for acquiring fixed assets; net cash flow from financing activities turned positive at 274 million CNY, primarily due to reduced cash payments for debt repayment 2023 First Quarter Major Consolidated Cash Flow Statement Data | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -171,560,790.02 | -33,805,719.47 | | Net Cash Flow from Investing Activities | -143,360,551.33 | -40,520,142.20 | | Net Cash Flow from Financing Activities | 273,578,205.05 | -198,375,936.11 | | Net Increase in Cash and Cash Equivalents | -45,499,579.99 | -283,604,550.00 | | Period-end Balance of Cash and Cash Equivalents | 1,178,480,084.75 | 353,940,454.39 |