康力电梯(002367) - 2023 Q1 - 季度财报

Key Financial Data This section provides an overview of the company's key financial performance and position for the reporting period Key Accounting Data and Financial Indicators Kangli Elevator's Q1 2023 operating revenue slightly decreased year-over-year, but net profit attributable to shareholders and non-recurring net profit both significantly increased, with substantial improvement in net cash flow from operating activities and higher EPS and ROE | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 911,620,179.83 | 941,464,469.47 | -3.17% | | Net Profit Attributable to Shareholders of Listed Company | 87,420,483.25 | 36,891,656.48 | 136.97% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 54,221,417.28 | 23,574,537.90 | 130.00% | | Net Cash Flow from Operating Activities | -24,048,586.19 | -280,827,179.55 | 91.44% | | Basic Earnings Per Share (RMB/share) | 0.1112 | 0.0468 | 137.61% | | Diluted Earnings Per Share (RMB/share) | 0.1109 | 0.0468 | 136.97% | | Weighted Average Return on Net Assets | 2.68% | 1.15% | 1.53% | | Period-End Indicator | End of Current Period (RMB) | End of Prior Year (RMB) | Change (%) | | Total Assets | 6,717,546,303.29 | 6,740,898,383.27 | -0.35% | | Total Equity Attributable to Shareholders of Listed Company | 3,310,214,897.64 | 3,220,153,340.47 | 2.80% | Non-Recurring Gains and Losses and Amounts Total non-recurring gains and losses for the current period amounted to 33.20 million RMB, primarily from fair value changes in financial assets held for trading and government subsidies | Item | Current Period Balance (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -116,339.91 | | Government Subsidies Included in Current Profit/Loss | 3,754,227.93 | | Gains/Losses from Changes in Fair Value of Financial Assets Held for Trading and Investment Income | 37,611,647.87 | | Other Non-Operating Income and Expenses | -2,145,750.51 | | Less: Income Tax Impact | 5,904,719.41 | | Total | 33,199,065.97 | - The company has no other profit or loss items meeting the definition of non-recurring gains and losses, nor has it classified any non-recurring items as recurring[11] Changes and Reasons for Key Accounting Data and Financial Indicators Several financial indicators changed significantly this period, with net profit growth driven by improved gross margin, reduced period expenses, and substantial fair value gains from partnership investments, while operating cash flow improved due to decreased procurement spending | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Other Current Assets | -42.75% | Decrease in deductible input VAT | | Construction in Progress | +32.66% | Asphalt paving of factory roads, workshop renovation, and ground repair | | Employee Benefits Payable | -56.91% | Payment of 2022 annual bonuses | | Taxes Payable | +43.70% | Increase in corporate income tax and VAT compared to the beginning of the year | | Financial Expenses | -52.25% | Increase in interest income; exchange gains in the current period versus exchange losses in the prior year period | | Other Income | +60.28% | Increase in tax refunds received for sales of embedded software products | | Investment Income (Losses indicated by "-") | -138.55% | Investment dividends received in the prior year period, no dividends in the current period | | Gains from Changes in Fair Value (Losses indicated by "-") | +135.83% | Significant increase in fair value of Suzhou Kangli Junzhuo Equity Investment Center (Limited Partnership) | | Gains on Asset Disposal (Losses indicated by "-") | -71.71% | Decrease in gains from asset disposals compared to the prior year period | | Income Tax Expense | +3,025.50% | Due to increased profit | | Net Profit (Net Loss indicated by "-") | +136.69% | Operating revenue remained stable, comprehensive gross margin rebounded; refined management, strict control of costs and expenses, decrease in period expenses, growth in operating profit; significant increase in fair value of partnership investments | | Minority Interest Income/Loss (Net Loss indicated by "-") | -12,657.54% | Non-wholly owned subsidiary (Sichuan Kangliwei Rail Transit Equipment Co., Ltd.) incurred losses in the current period | | Net Amount of Other Comprehensive Income After Tax | +97.74% | Changes in fair value of the company's investments in other equity instruments | | Net Cash Flow from Operating Activities | +91.44% | Decrease in raw material purchase prices, reduction in procurement expenditures; decrease in payments to suppliers; adjustment of component business, reduction in external sales of door machine business, corresponding decrease in procurement amount | | Net Cash Flow from Investing Activities | -94.30% | Adjustment of surplus fund wealth management strategy, reduction in investment in low-risk wealth management products, corresponding increase in deposits, leading to a decrease in principal recovered from matured bank wealth management products compared to the prior year period | | Net Cash Flow from Financing Activities | +104.71% | The company repurchased shares in the prior year period, but no repurchases in the current period | Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders and the holdings of the top ten shareholders Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 35,842 common shareholders; Mr. Wang Youlin held the largest stake at 44.93% and is an acting-in-concert party with Ms. Zhu Meijuan, while the company's share repurchase account held 1.50% of shares - As of the end of the reporting period, the total number of common shareholders was 35,842, with no preferred shareholders with restored voting rights[20] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage (%) | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Wang Youlin | Domestic Natural Person | 44.93% | 358,591,306 | 268,943,479 | | Kangli Elevator Co., Ltd. - First Employee Stock Ownership Plan | Other | 3.77% | 30,084,286 | 0 | | Zhu Meijuan | Domestic Natural Person | 2.17% | 17,280,000 | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.65% | 13,202,234 | 0 | | Ningbo Meishan Bonded Port Area Shouchang Investment Management Co., Ltd. - Guiyuan Shouchang Tengfei No. 5 Private Equity Fund | Other | 0.54% | 4,288,727 | 0 | | Wuhu Changyuan Equity Investment Fund (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.50% | 3,951,361 | 0 | | Gu Xingsheng | Domestic Natural Person | 0.47% | 3,732,400 | 0 | | Taikang Life Insurance Co., Ltd. - Investment-Linked - Preferred Growth | Other | 0.45% | 3,597,700 | 0 | | Taikang Life Insurance Co., Ltd. - Investment-Linked - Multi-Strategy Preferred | Other | 0.44% | 3,548,843 | 0 | | Ningbo Meishan Bonded Port Area Shouchang Investment Management Co., Ltd. - Guiyuan Shouchang No. 1 Private Securities Investment Fund | Other | 0.41% | 3,250,000 | 0 | - Mr. Wang Youlin and Ms. Zhu Meijuan are acting-in-concert parties; the company's share repurchase special account holds 11,934,731 shares, representing a 1.50% stake[23] Total Number of Preferred Shareholders and Top 10 Preferred Shareholders' Holdings The company has no preferred shareholders - The company has no preferred shareholders[24] Other Significant Matters This section covers other important operational and financial events, including order status, contract performance, employee stock plans, equity incentives, and wealth management activities Effective Orders in Progress As of March 31, 2023, the company had 7.757 billion RMB in effective orders in progress, with an additional 423.1664 million RMB in awarded projects for which deposits have not yet been received - As of March 31, 2023, the company had 7.757 billion RMB in effective orders in progress[24] - Additionally, projects such as the Chengdu-Lanzhou Railway and Xuzhou Urban Rail Transit, which have been awarded but for which deposits have not yet been received, total 423.1664 million RMB[24] - Multiple Chengdu rail transit projects have a combined awarded amount of 3.1842634 billion RMB, with 1.1367578 billion RMB for construction phase contracts already included in effective orders, and 2.0475056 billion RMB for operation and maintenance services to be included upon receipt of future deposits[25][27] Performance of Significant Sales Contracts The company has signed construction phase contracts with clients for multiple Chengdu rail transit projects, receiving 113.6758 million RMB in deposits; all contracts are performing normally, but no sales revenue has been recognized in the current reporting period Performance of Significant Sales Contracts for Chengdu Rail Transit (Construction Phase) | Contract Subject | Counterparty | Total Contract Amount (RMB 10,000) | Amount Performed in Current Period (RMB 10,000) | Amount Pending Performance (RMB 10,000) | Normal Performance | | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Rail Transit Line 8 Phase II Project Elevator and Escalator Equipment Procurement, Installation, and O&M Services | Chengdu Rail Transit Group Co., Ltd. | 8,892.49 | 0 | 8,892.49 | Yes | | Chengdu Rail Transit Line 13 Phase I Project Elevator and Escalator Equipment Procurement, Installation, and O&M Services | Chengdu Rail Transit Group Co., Ltd. | 31,866.95 | 0 | 31,866.95 | Yes | | Chengdu Rail Transit Line 10 Phase III Project Elevator and Escalator Equipment Procurement, Installation, and O&M Services | Chengdu Rail Transit Group Co., Ltd. | 9,075.63 | 0 | 9,075.63 | Yes | | Chengdu Rail Transit Line 17 Phase II Project Elevator and Escalator Equipment Procurement, Installation, and O&M Services | Chengdu Rail Transit Group Co., Ltd. | 23,689.7 | 0 | 23,689.7 | Yes | | Chengdu Rail Transit Line 18 Phase III Project Elevator and Escalator Equipment Procurement, Installation, and O&M Services | Chengdu Rail Transit Group Co., Ltd. | 10,190.54 | 0 | 10,190.54 | Yes | | Chengdu Rail Transit Line 30 Phase I Project Elevator and Escalator Equipment Procurement, Installation, and O&M Services | Chengdu Rail Transit Group Co., Ltd. | 26,669.38 | 0 | 26,669.38 | Yes | | Rail Transit Ziyang Line Project Elevator and Escalator Equipment Procurement, Installation, and O&M Services | Chengdu Rail Transit Group Co., Ltd. | 3,291.09 | 0 | 3,291.09 | Yes | - The company has signed construction phase contracts with clients for the aforementioned awarded projects and has received corresponding deposits totaling 113.6758 million RMB[31] Employee Stock Ownership Plan The first employee stock ownership plan saw some shares transferred due to the disqualification of departing employees, while the second plan remained unchanged; shares purchased under the employee stock ownership plans are not pledged or encumbered - First Employee Stock Ownership Plan: covering 1,901 employees including some directors, supervisors, senior management, and key personnel, holding a total of 30,084,286 shares, representing 3.77% of the company's total share capital[32] - The management committee of the first employee stock ownership plan approved the disqualification of 594 departing employees, with their corresponding shares transferred to eligible transferees[32] - Second Employee Stock Ownership Plan: covering 8 employees including some directors, supervisors, and senior management, holding a total of 1,350,000 shares, representing 0.17% of the company's total share capital, with no changes[32] - As of the end of the reporting period, the company's first employee stock ownership plan had not sold any shares, and all purchased company shares were not pledged, mortgaged, guaranteed, or used to repay debts[36] - As of the end of the reporting period, the company's second employee stock ownership plan had a remaining holding of 540,000 shares[36] Equity Incentive Portions of the company's 2020 stock option incentive plan options have been cancelled, while the first exercise period conditions for reserved stock options have been met, resulting in 71,500 stock options being exercised during the current reporting period and an increase in the company's total share capital - The company repeatedly cancelled a significant number of granted but unexercised stock options from the 2020 stock option incentive plan in 2021 and 2022[36][37] - The first exercise period conditions for the reserved stock options under the 2020 stock option incentive plan have been met, allowing 59 incentive recipients to exercise 588,500 stock options at an exercise price of 6.63 RMB/share[39] - During the current reporting period, incentive recipients under the 2020 equity incentive plan exercised 71,500 reserved stock options, leading to a corresponding increase in the company's total share capital[40] Wealth Management The company adjusted its surplus fund wealth management strategy, reducing investments in low-risk products and increasing deposits; as of the reporting period end, 179 million RMB in wealth management remains overdue and unrecovered, with 162 million RMB already provisioned for impairment, and related lawsuits are ongoing - The company adjusted its surplus fund wealth management strategy, reducing investments in low-risk wealth management products and increasing deposits, resulting in a decrease in bank wealth management products held this year compared to the prior year period[40] Overview of Wealth Management (As of Reporting Period End) | Specific Type | Amount of Wealth Management Transactions (RMB 10,000) | Unmatured Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | Impairment Provision for Overdue Unrecovered Wealth Management (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 29,500 | 21,500 | 0 | 0 | | Trust Wealth Management Products | 3,000 | 0 | 3,000 | 3,000 | | Other Categories | 14,918.97 | 18.97 | 14,900 | 13,200 | | Total | 47,418.97 | 21,518.97 | 17,900 | 16,200 | - The company has filed a lawsuit regarding the overdue and unpaid Liangzhuo Asset Stable and Far-reaching Bill Investment Private Equity Fund, with the case currently in execution; as of the end of 2022, cumulative impairment provisions totaled 93 million RMB[49] - The Datong Yangming No. 18 Phase I Asset Management Plan is overdue and unpaid; the company won the first instance, with the defendant ordered to compensate 30 million RMB in investment principal and interest, and the second instance is currently under review[50] - Private equity wealth management products issued by Shanghai Hualing Asset Management Co., Ltd. are overdue and unpaid; the defendant has been convicted of suspected fundraising fraud, and stolen funds will be returned to victims proportionally[51] Quarterly Financial Statements This section presents the company's unaudited consolidated financial statements for the first quarter, including the balance sheet, income statement, and cash flow statement Financial Statements This chapter provides Kangli Elevator Co., Ltd.'s Q1 2023 consolidated balance sheet, income statement, and cash flow statement, detailing the company's financial position, operating results, and cash flows for the period Consolidated Balance Sheet The consolidated balance sheet presents the detailed composition of the company's assets, liabilities, and owner's equity as of March 31, 2023, reflecting its financial position at period-end - As of March 31, 2023, the company's total assets were 6.718 billion RMB, a slight decrease of 0.35% from the beginning of the year[6][61] - Total equity attributable to shareholders of the listed company was 3.310 billion RMB, an increase of 2.80% from the beginning of the year[6][61] Consolidated Income Statement The consolidated income statement presents the company's Q1 2023 operating results, including operating revenue, operating costs, various expenses, total profit, and net profit - Total operating revenue for the current period was 911.62 million RMB, operating profit was 105.36 million RMB, and net profit was 87.32 million RMB[65][68] - Net profit attributable to owners of the parent company was 87.42 million RMB, with basic earnings per share of 0.1112 RMB/share[68] Consolidated Cash Flow Statement The consolidated cash flow statement reflects the company's Q1 2023 net cash flows from operating, investing, and financing activities, as well as changes in cash and cash equivalents - Net cash flow from operating activities was -24.05 million RMB, a significant improvement compared to the prior year period[71] - Net cash flow from investing activities was 28.23 million RMB, and net cash flow from financing activities was 0.47 million RMB[74] - Cash and cash equivalents balance at period-end was 1.606 billion RMB[74] Audit Report The company's Q1 2023 report is unaudited - The company's first quarter report is unaudited[75]