鹏辉能源(300438) - 2019 Q3 - 季度财报

Important Notice The company's board, supervisory board, and senior management affirm the truthfulness, accuracy, and completeness of the quarterly report and financial statements - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the quarterly report, free from false statements, misleading representations, or major omissions[3] - Company head Xia Xinde, chief accountant Lu Hongli, and head of accounting department Wang Chenghua declare the financial statements are true, accurate, and complete[4] Company Profile This section presents key financial data, indicators, and the shareholding structure of the top ten shareholders at the end of the reporting period Key Accounting Data and Financial Indicators The company experienced growth in total assets, net assets, operating revenue, and net profit, with a significant increase in operating cash flow Key Accounting Data and Financial Indicators | Indicator | End of Current Period/Year-to-Date (RMB) | End of Prior Year/Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet | | | | | Total Assets | 5,603,186,749.69 | 5,042,790,634.73 | 11.11% | | Net Assets Attributable to Shareholders of Listed Company | 2,452,485,482.24 | 2,224,358,452.60 | 10.26% | | Income Statement (Current Period) | | | | | Operating Revenue | 1,048,815,444.58 | 808,440,709.36 | 29.73% | | Net Profit Attributable to Shareholders of Listed Company | 133,631,930.55 | 113,705,909.96 | 17.52% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 127,222,016.33 | 111,179,000.00 (Est.) | 14.43% | | Basic Earnings Per Share (RMB/share) | 0.47 | 0.40 | 17.50% | | Diluted Earnings Per Share (RMB/share) | 0.47 | 0.40 | 17.50% | | Weighted Average Return on Net Assets | 5.60% | 5.23% (Est.) | 0.37% | | Income Statement (Year-to-Date) | | | | | Operating Revenue | 2,494,812,608.91 | 1,770,133,126.33 | 40.94% | | Net Profit Attributable to Shareholders of Listed Company | 270,091,022.06 | 269,360,109.47 | 0.27% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 256,006,873.70 | 216,450,000.00 (Est.) | 18.28% | | Net Cash Flow from Operating Activities | 50,493,479.13 | -190,411,530.67 | 126.52% | | Basic Earnings Per Share (RMB/share) | 0.96 | 0.96 | 0.00% | | Diluted Earnings Per Share (RMB/share) | 0.96 | 0.96 | 0.00% | | Weighted Average Return on Net Assets | 11.45% | 12.60% (Est.) | -1.15% | Non-Recurring Gains and Losses Items Year-to-Date | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -158,386.19 | | Government Grants Recognized in Current Profit/Loss | 18,532,233.84 | | Gains and Losses from Fair Value Changes and Investment Income (Trading Financial Assets/Liabilities) | -973,030.10 | | Other Non-Operating Income and Expenses | -251,336.18 | | Less: Income Tax Impact | 2,873,548.35 | | Impact on Minority Interests (After Tax) | 191,784.66 | | Total | 14,084,148.36 | Total Shareholders and Top Ten Shareholders' Holdings at Period End As of the period end, the company had 22,695 common shareholders, with top shareholders like Xia Xinde holding significant pledged stakes - The total number of common shareholders at the end of the reporting period was 22,695[11] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xia Xinde | Domestic Natural Person | 31.94% | 89,812,794 | 67,359,595 | Pledged | 37,118,000 | | Xia Rende | Domestic Natural Person | 6.57% | 18,459,861 | - | Pledged | 12,710,000 | | Li Kewen | Domestic Natural Person | 4.21% | 11,843,528 | - | Pledged | 4,930,191 | | National Social Security Fund 118 Portfolio | Other | 4.06% | 11,414,441 | - | - | - | | Guangzhou Mingchi Enterprise Management Consulting Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.61% | 10,153,221 | - | Pledged | 1,040,000 | | Wei Mingzhen | Domestic Natural Person | 1.11% | 3,117,437 | - | - | - | | Xue Qixiang | Domestic Natural Person | 0.95% | 2,667,400 | - | - | - | | Lin Jiachun | Domestic Natural Person | 0.69% | 1,933,700 | - | - | - | | Liu Guozhen | Domestic Natural Person | 0.56% | 1,580,550 | - | - | - | | Li Gang | Domestic Natural Person | 0.53% | 1,499,003 | - | - | - | - Some shareholders, including Li Kewen, Guangzhou Mingchi Enterprise Management Consulting Co., Ltd., Wei Mingzhen, Xue Qixiang, and Liu Guozhen, hold shares through both ordinary and margin trading accounts[14] - Xia Rende is Xia Xinde's elder brother, Li Gang is Xia Xinde's brother-in-law, and Guangzhou Mingchi Enterprise Management Consulting Co., Ltd. is controlled by Xia Xinde; Xue Qixiang and Wei Mingzhen are a married couple[16] Significant Matters This section details significant changes in financial data, progress on convertible bonds and share repurchases, and confirms no unfulfilled commitments or violations Significant Changes in Key Financial Data and Indicators and Their Causes During the Reporting Period Significant changes occurred across the balance sheet, income statement, and cash flow statement, driven by increased assets, liabilities, operational expenses, and improved operating cash flow Major Balance Sheet Item Changes | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Monetary Funds | -33.95% | Increased fixed asset investment and employee compensation payments | | Financial Assets Measured at Fair Value with Changes Recognized in Current Profit or Loss | -100% | Wealth management products from prior period recovered in current period | | Notes Receivable | +240.21% | Increased notes receivable at period end | | Prepayments | +92.01% | Increased prepayments for goods and insurance expenses | | Other Current Assets | -38.01% | Decreased input VAT to be deducted | | Construction in Progress | +52.16% | Increased construction in progress for Henan, Changzhou, Liuzhou, and Shida production bases | | Intangible Assets | +266.09% | Increased land use rights assets for Changzhou Penghui | | Development Expenditures | +52.16% | Increased capitalized R&D expenditures in current period | | Other Non-Current Assets | -36.07% | Increased transfer of prepayments for equipment to fixed assets for Henan Penghui | | Taxes Payable | +34.73% | Increased operating revenue leading to increased taxes payable | | Other Payables | +70.9% | Increased share incentive restricted stock repurchase obligations and subsidiary car rental deposit receipts | | Provisions | +41.37% | Increased provision for after-sales service fees | | Deferred Income Tax Liabilities | +269.34% | Increased one-time deduction amount for fixed assets in current period | Major Income Statement Item Changes (Year-to-Date) | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Operating Revenue | +40.94% | Increased revenue from battery products in energy storage, automotive power, other power, and consumer sectors | | Operating Cost | +38.32% | Increased revenue leading to increased costs | | Selling Expenses | +84.57% | Increased marketing team building and revenue, increased logistics and packaging fees | | Administrative Expenses | +75.93% | Increased business scale | | R&D Expenditures | +92.71% | Increased R&D investment in current period | | Finance Costs | +498.23% | Increased interest expenses due to increased borrowings in current period | | Investment Income | -81.19% | Decreased investment income from associates | | Other Income | -71.95% | Decreased government grants | Major Cash Flow Statement Item Changes (Year-to-Date) | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | +126.52% | Significant increase in cash received from sales of goods | | Net Cash Flow from Investing Activities | +45.76% | Decreased external investments | | Net Cash Flow from Financing Activities | -88.97% | Increased repayment of borrowings | Progress of Significant Matters The public issuance of convertible bonds is progressing, and the share repurchase plan has been partially executed with an extended deadline - The company's public issuance of convertible corporate bonds is in progress, having received a notice from the China Securities Regulatory Commission to resume review of the administrative license application, and has submitted a revised response to feedback[24] - The company has cumulatively repurchased 1,404,581 shares, representing 0.50% of the total share capital, with a total transaction amount of RMB 27,621,650.95[27] - The share repurchase implementation period has been extended to December 25, 2019[27] Commitments, Cash Dividends, Performance Forecasts, and Illegal Guarantees The company had no overdue commitments, cash dividends, performance warnings, illegal guarantees, or non-operating fund occupation by controlling shareholders - The company had no overdue unfulfilled commitments during the reporting period[27] - The company had no illegal external guarantees during the reporting period[28] - There was no non-operating occupation of listed company funds by controlling shareholders or their related parties during the reporting period[29] Financial Statements This section presents the unaudited consolidated and parent company financial statements for Q3 2019, including adjustments for new financial instrument standards Consolidated Balance Sheet As of September 30, 2019, consolidated total assets reached RMB 5.603 billion, with owners' equity attributable to the parent company at RMB 2.452 billion Consolidated Balance Sheet Key Data (September 30, 2019) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 5,603,186,749.69 | | Total Current Assets | 3,396,210,607.07 | | Total Non-Current Assets | 2,206,976,142.62 | | Total Liabilities | 2,996,953,098.54 | | Total Current Liabilities | 2,764,598,965.84 | | Total Non-Current Liabilities | 232,354,132.70 | | Total Owners' Equity | 2,606,233,651.15 | | Total Owners' Equity Attributable to Parent Company | 2,452,485,482.24 | | Minority Interests | 153,748,168.91 | Parent Company Balance Sheet As of September 30, 2019, parent company total assets were RMB 3.066 billion, with total owners' equity at RMB 1.730 billion Parent Company Balance Sheet Key Data (September 30, 2019) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 3,065,636,099.63 | | Total Current Assets | 2,226,719,784.20 | | Total Non-Current Assets | 838,916,315.43 | | Total Liabilities | 1,335,608,656.41 | | Total Current Liabilities | 1,285,472,940.45 | | Total Non-Current Liabilities | 50,135,715.96 | | Total Owners' Equity | 1,730,027,443.22 | Consolidated Income Statement for the Current Period In Q3 2019, consolidated total operating revenue reached RMB 1.049 billion, with net profit attributable to the parent company at RMB 0.134 billion Consolidated Income Statement Key Data (Q3 2019) | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,048,815,444.58 | 808,440,709.36 | | Total Operating Costs | 875,435,173.99 | 667,779,364.15 | | Operating Profit | 160,903,076.34 | 131,017,034.80 | | Total Profit | 163,697,960.03 | 131,101,180.66 | | Net Profit | 143,950,261.37 | 114,088,242.83 | | Net Profit Attributable to Owners of Parent Company | 133,631,930.55 | 113,705,909.96 | | Basic Earnings Per Share (RMB/share) | 0.47 | 0.40 | | Diluted Earnings Per Share (RMB/share) | 0.47 | 0.40 | Parent Company Income Statement for the Current Period In Q3 2019, parent company operating revenue was RMB 0.360 billion, with net profit at RMB 51.947 million, despite increased expenses Parent Company Income Statement Key Data (Q3 2019) | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Operating Revenue | 359,648,839.04 | 529,342,022.02 | | Operating Cost | 239,396,856.57 | 438,013,451.19 | | Operating Profit | 57,214,207.20 | 50,676,667.93 | | Total Profit | 56,764,921.97 | 50,686,509.42 | | Net Profit | 51,947,032.19 | 43,806,567.34 | Consolidated Income Statement Year-to-Date Year-to-date consolidated total operating revenue reached RMB 2.495 billion, with net profit attributable to the parent company at RMB 0.270 billion, despite increased costs Consolidated Income Statement Key Data (Jan-Sep 2019) | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 2,494,812,608.91 | 1,770,133,126.33 | | Total Operating Costs | 2,149,854,576.03 | 1,502,473,877.42 | | Operating Profit | 320,785,813.71 | 315,735,669.98 | | Total Profit | 323,569,335.89 | 316,529,922.69 | | Net Profit | 283,259,548.03 | 268,882,223.89 | | Net Profit Attributable to Owners of Parent Company | 270,091,022.06 | 269,360,109.47 | | Basic Earnings Per Share (RMB/share) | 0.96 | 0.96 | | Diluted Earnings Per Share (RMB/share) | 0.96 | 0.96 | Parent Company Income Statement Year-to-Date Year-to-date parent company operating revenue was RMB 0.784 billion, with net profit at RMB 83.3737 million, reflecting a slight decrease Parent Company Income Statement Key Data (Jan-Sep 2019) | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Operating Revenue | 783,654,558.75 | 999,438,293.89 | | Operating Cost | 555,332,791.30 | 817,690,354.89 | | Operating Profit | 92,097,522.04 | 98,584,953.38 | | Total Profit | 91,795,944.56 | 98,619,257.34 | | Net Profit | 83,373,676.06 | 85,494,944.89 | Consolidated Cash Flow Statement Year-to-Date Year-to-date consolidated net cash flow from operating activities turned positive to RMB 50.4935 million, while financing cash flow significantly decreased Consolidated Cash Flow Statement Key Data (Jan-Sep 2019) | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 50,493,479.13 | -190,411,530.67 | | Net Cash Flow from Investing Activities | -240,285,694.27 | -442,987,245.34 | | Net Cash Flow from Financing Activities | 23,795,641.57 | 215,739,637.38 | | Net Increase in Cash and Cash Equivalents | -166,565,052.11 | -415,814,835.39 | | Cash and Cash Equivalents at End of Period | 180,463,415.35 | 127,229,882.66 | Parent Company Cash Flow Statement Year-to-Date Year-to-date parent company net cash flow from operating activities was RMB -0.153 billion, with reduced outflows from investing and financing activities Parent Company Cash Flow Statement Key Data (Jan-Sep 2019) | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -153,059,735.85 | -293,759,563.70 | | Net Cash Flow from Investing Activities | -28,345,803.27 | -291,428,610.47 | | Net Cash Flow from Financing Activities | 44,424,115.58 | 132,615,694.81 | | Net Increase in Cash and Cash Equivalents | -137,541,563.08 | -451,105,518.61 | | Cash and Cash Equivalents at End of Period | 50,553,912.09 | 65,001,925.81 | Explanation of Financial Statement Adjustments The company adjusted its opening financial statements in 2019 to comply with new financial instrument standards, reclassifying certain financial assets - The company adjusted relevant items in its opening financial statements starting from 2019 due to the implementation of new financial instrument standards[98] Consolidated Balance Sheet Adjustment Example (January 1, 2019) | Item | December 31, 2018 (RMB) | January 1, 2019 (RMB) | Adjustment Amount (RMB) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | - | 20,626,142.09 | 20,626,142.09 | | Financial Assets Measured at Fair Value with Changes Recognized in Current Profit or Loss | 20,626,142.09 | - | -20,626,142.09 | | Available-for-Sale Financial Assets | 22,500,000.00 | - | -22,500,000.00 | | Other Equity Instrument Investments | - | 22,500,000.00 | 22,500,000.00 | - The parent company's balance sheet also underwent similar adjustments, reclassifying available-for-sale financial assets to other equity instrument investments[110] Audit Report The company's third-quarter report for 2019 is unaudited - The company's third-quarter report is unaudited[119]