雅创电子(301099) - 2024 Q1 - 季度财报(更新)

Main Financial Data Key Accounting Data and Financial Indicators The company's Q1 2024 operating revenue increased by 36.91% to 613.05 million yuan, net profit attributable to the parent company increased by 70.23% to 18.16 million yuan, and non-recurring net profit attributable to the parent company significantly increased by 111.52%, with net cash flow from operating activities turning positive, indicating significant operational improvement | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Current Period vs. Prior Year Period Change | End of Current Period (Yuan) | End of Prior Year (Yuan) | End of Current Period vs. Prior Year End Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 613,047,363.27 | 447,758,863.29 | 36.91% | - | - | - | | Net Profit Attributable to Parent Company Shareholders | 18,159,321.54 | 10,667,317.19 | 70.23% | - | - | - | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) | 21,475,771.93 | 10,152,956.29 | 111.52% | - | - | - | | Net Cash Flow from Operating Activities | 8,764,806.58 | -59,536,373.78 | 114.72% | - | - | - | | Basic Earnings Per Share (Yuan/Share) | 0.23 | 0.13 | 76.92% | - | - | - | | Diluted Earnings Per Share (Yuan/Share) | 0.23 | 0.13 | 76.92% | - | - | - | | Weighted Average Return on Net Assets | 1.66% | 1.08% | 0.58% | - | - | - | | Total Assets | - | - | - | 2,726,331,204.01 | 2,680,641,309.21 | 1.70% | | Owner's Equity Attributable to Parent Company Shareholders | - | - | - | 1,096,005,800.02 | 1,088,055,505.34 | 0.73% | Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses for the current period amounted to -3.32 million yuan, primarily influenced by fair value changes from financial assets and liabilities held by non-financial enterprises, with minor contributions from government grants and non-operating income/expenses | Item | Amount for Current Period (Yuan) | Description | | :--- | :--- | :--- | | Government grants included in current profit and loss | 296,675.32 | | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | -4,520,236.24 | | | Other non-operating income and expenses apart from the above | 786,273.20 | | | Less: Income tax impact | -145,112.74 | | | Minority interest impact (after tax) | 24,275.41 | | | Total | -3,316,450.39 | -- | Changes and Reasons for Key Accounting Data and Financial Indicators Revenue growth was primarily driven by the improved automotive electronics market, with increased sales volume leading to higher selling expenses; financial expenses significantly decreased due to exchange gains from the company's multi-currency withdrawal strategy, and net profit attributable to the parent company increased mainly due to higher gross profit - Operating revenue increased by 36.91% year-on-year, primarily due to the improved automotive electronics market and increased sales[10] - Selling expenses increased by 35.15% year-on-year, mainly due to the consolidation of WE and increased business expenses with expanding sales volume[10] - Financial expenses decreased by 185.37% year-on-year, primarily due to exchange gains from the company's multi-currency withdrawal strategy[10] - Net profit attributable to the parent company increased by 70.23% year-on-year, mainly due to increased gross profit[10] Shareholder Information Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 14,355 common shareholders; among the top ten shareholders, the actual controller, Xie Lishu, held the largest stake at 56.10%, with a portion of her shares pledged, and the company's dedicated share repurchase account held 0.3% of the shares - The total number of common shareholders at the end of the reporting period was 14,355[11] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (Shares) | Number of Restricted Shares Held (Shares) | Pledge, Mark, or Freeze Status | Number (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xie Lishu | Domestic Natural Person | 56.10% | 44,880,000.00 | 44,880,000.00 | Pledged | 3,600,000.00 | | Shanghai Shuqing Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.38% | 5,100,000.00 | 5,100,000.00 | Not Applicable | 0.00 | | Xie Liyu | Domestic Natural Person | 1.28% | 1,020,000.00 | 1,020,000.00 | Not Applicable | 0.00 | | Guoxin Capital Co., Ltd. | State-Owned Legal Person | 1.25% | 1,000,000.00 | 0.00 | Not Applicable | 0.00 | | Shenzhen Tongchuang Jinxiu Asset Management Co., Ltd. - Shenzhen Tongchuang Jinrong New OTC Market Investment Enterprise (Limited Partnership) | Other | 0.82% | 658,100.00 | 0.00 | Not Applicable | 0.00 | | Hefei Tongchuang Anyuan Phase II Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.70% | 558,100.00 | 0.00 | Not Applicable | 0.00 | | Bank of China Co., Ltd. - Huabao Competitive Advantage Mixed Securities Investment Fund | Other | 0.32% | 252,034.00 | 0.00 | Not Applicable | 0.00 | | Shanghai Yachuang Electronics Group Co., Ltd. Repurchase Dedicated Securities Account | Domestic Non-State-Owned Legal Person | 0.30% | 240,000.00 | 0.00 | Not Applicable | 0.00 | | China Merchants Bank Co., Ltd. - Qianhai Open Source Shanghai-Hong Kong-Shenzhen New Hardware Theme Flexible Allocation Mixed Securities Investment Fund | Other | 0.25% | 201,100.00 | 0.00 | Not Applicable | 0.00 | | Liu Jian | Domestic Natural Person | 0.23% | 183,001.00 | 0.00 | Not Applicable | 0.00 | Total Number of Preferred Shareholders and Top 10 Preferred Shareholders' Holdings The company had no preferred shareholders during the current reporting period - The company had no preferred shareholders during the current reporting period, thus the preferred shareholder situation table is not applicable[14] Changes in Restricted Shares During the reporting period, the total number of restricted shares remained unchanged, primarily consisting of pre-IPO restricted shares, which are expected to be released on November 22, 2024 Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start (Shares) | Restricted Shares Released This Period (Shares) | Restricted Shares Increased This Period (Shares) | Restricted Shares at Period End (Shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xie Lishu | 44,880,000.00 | 0.00 | 0.00 | 44,880,000.00 | Pre-IPO Restricted Shares | 2024/11/22 | | Shuqing Partnership | 5,100,000.00 | 0.00 | 0.00 | 5,100,000.00 | Pre-IPO Restricted Shares | 2024/11/22 | | Xie Liyu | 1,020,000.00 | 0.00 | 0.00 | 1,020,000.00 | Pre-IPO Restricted Shares | 2024/11/22 | | Total | 51,000,000.00 | 0.00 | 0.00 | 51,000,000.00 | | | Other Significant Matters Analysis of Operating Performance In Q1 2024, the company achieved sales of 613.05 million yuan, a 36.91% year-on-year increase, benefiting from the gradual recovery of the semiconductor industry and a robust automotive sector, with gross margin rising to 19.06%; both electronic component distribution and self-developed IC businesses saw significant growth, with the latter's gross margin reaching 44.86% - In Q1 2024, the company achieved sales of 613.05 million yuan, a 36.91% increase compared to the prior year period[14] - Gross margin was 19.06%, an increase of 0.65 percentage points year-on-year; non-recurring net profit attributable to the parent company reached 21.48 million yuan, an increase of 111.52% compared to the prior year period[14] Business Segment Operating Performance | Business Type | Operating Revenue (10K Yuan) | Year-on-Year Growth | Gross Margin | Gross Profit (10K Yuan) | Gross Profit Year-on-Year Growth | | :--- | :--- | :--- | :--- | :--- | :--- | | Electronic Component Distribution Business | 54,042.09 | 36.02% | 15.51% | 8,381.72 | 32.13% | | Self-developed IC Business | 7,093.86 | 41.17% | 44.86% | 3,182.28 | 68.48% | Other Significant Matters The company is advancing a major asset restructuring of Weiyali Electronics and has initiated a share repurchase plan for employee stock ownership or equity incentives; additionally, through external investment in Furui Kun Microelectronics and the establishment of a new associate company, the company is accelerating its technological layout and business expansion in automotive Bluetooth chips and self-developed ICs Major Asset Restructuring The company plans to acquire all shares of Weiyali Electronics (Group) Co., Ltd. through its wholly-owned subsidiary, Hong Kong Taixin, an offer expected to constitute a major asset restructuring; the application for concentration review has been submitted and is currently under review by the State Administration for Market Regulation - The company plans to acquire all shares of Weiyali Electronics (Group) Co., Ltd. through a tender offer by its wholly-owned subsidiary, Hong Kong Yachuang Taixin Electronics Co., Ltd[15] - This transaction is expected to constitute a major asset restructuring; as of March 31, 2024, the application for concentration review has been submitted and is currently under review by the State Administration for Market Regulation[15] Share Repurchase and Progress The company's board has approved a share repurchase plan to use no less than 25 million yuan and no more than 50 million yuan of its own funds within 12 months for employee stock ownership or equity incentives; as of the announcement date, 800,000 shares have been repurchased, representing 1.00% of the total share capital, with a total transaction amount of 29.59 million yuan - The company plans to use no less than 25 million yuan and no more than 50 million yuan of its own funds to repurchase a portion of its issued RMB common shares (A-shares) through centralized bidding, for implementing employee stock ownership plans or equity incentives[16] - As of the announcement date, the company has cumulatively repurchased 800,000 shares, representing 1.00% of the company's current total share capital of 80 million shares, with a total transaction amount of 29.59 million yuan[17] External Investment Matters The company acquired a 2.5% equity stake in Shanghai Furui Kun Microelectronics Co., Ltd. for a total of 12 million yuan, a company specializing in automotive-grade Bluetooth SoC chips, which will accelerate the company's business layout in the automotive Bluetooth chip sector; concurrently, its wholly-owned subsidiary, Shanghai Tanmu Semiconductor Technology Co., Ltd., invested 10 million yuan to establish a new associate company, aiming to acquire technical resources, accelerate technological accumulation in self-developed ICs, and diversify business categories - The company acquired a 2.5% equity stake in Shanghai Furui Kun Microelectronics Co., Ltd. for a total of 12 million yuan through capital increase and equity transfer; this company's main products are dual-mode Bluetooth SoC chips and ultra-low power Bluetooth SoC chips, which have passed automotive-grade certification, helping to accelerate the company's business layout in the automotive Bluetooth chip sector[18] - The company's wholly-owned subsidiary, Shanghai Tanmu Semiconductor Technology Co., Ltd., invested 10 million yuan to establish a new associate company, holding a 25% equity stake, which will enable the company to directly acquire technical resources and R&D capabilities, accelerate technological accumulation in self-developed ICs, and diversify self-developed IC business categories[19] Quarterly Financial Statements Financial Statements This section presents the company's consolidated balance sheet, consolidated income statement, and consolidated cash flow statement for Q1 2024, detailing the assets, liabilities, and owner's equity at the end of the reporting period, as well as operating results and cash flow during the period Consolidated Balance Sheet As of March 31, 2024, the company's total assets were 2.73 billion yuan, a 1.70% increase from the beginning of the period; within current assets, cash and cash equivalents, other receivables, and inventories increased, while financial assets held for trading, notes receivable, and accounts receivable decreased; on the liability side, short-term borrowings and notes payable increased, while accounts payable and other payables decreased Consolidated Balance Sheet Major Items (Unit: Yuan) | Item | Period-End Balance (Yuan) | Period-Start Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 520,348,299.35 | 452,261,095.39 | | Financial Assets Held for Trading | 39,705,584.01 | 119,826,581.06 | | Notes Receivable | 73,688,256.26 | 83,438,059.72 | | Accounts Receivable | 812,535,904.97 | 877,397,234.50 | | Other Receivables | 183,301,088.14 | 60,051,350.13 | | Inventories | 343,663,241.86 | 304,108,657.33 | | Total Current Assets | 2,107,712,679.11 | 2,048,115,961.69 | | Long-term Equity Investments | 120,967,201.28 | 132,139,207.15 | | Fixed Assets | 41,061,095.01 | 30,032,350.86 | | Intangible Assets | 248,321,660.95 | 256,064,127.49 | | Total Assets | 2,726,331,204.01 | 2,680,641,309.21 | | Short-term Borrowings | 788,399,097.50 | 724,445,957.76 | | Financial Liabilities Held for Trading | 1,389,535.31 | 0.00 | | Notes Payable | 75,322,149.79 | 0.00 | | Accounts Payable | 155,299,464.65 | 199,500,492.83 | | Other Payables | 65,336,216.25 | 136,203,544.41 | | Total Current Liabilities | 1,129,822,709.41 | 1,102,456,825.00 | | Bonds Payable | 271,826,310.44 | 265,698,874.49 | | Total Liabilities | 1,449,614,136.45 | 1,417,275,776.20 | | Total Owner's Equity Attributable to Parent Company | 1,096,005,800.02 | 1,088,055,505.34 | | Total Owner's Equity | 1,276,717,067.56 | 1,263,365,533.01 | Consolidated Income Statement In Q1 2024, the company's total operating revenue was 613.05 million yuan, a 36.91% year-on-year increase; both operating profit and net profit achieved substantial growth, with net profit attributable to the parent company increasing by 70.23% year-on-year, and minority interest income turning positive Consolidated Income Statement Major Items (Unit: Yuan) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 613,047,363.27 | 447,758,863.29 | | Total Operating Costs | 566,160,762.96 | 435,164,492.34 | | Selling Expenses | 30,696,971.06 | 22,713,942.82 | | Administrative Expenses | 28,338,252.89 | 25,082,324.82 | | Research and Development Expenses | 14,752,654.31 | 15,950,502.33 | | Financial Expenses | -4,737,393.98 | 5,549,124.78 | | Operating Profit | 29,905,308.08 | 11,967,556.64 | | Total Profit | 30,691,581.28 | 12,045,020.25 | | Net Profit | 23,599,845.80 | 10,268,390.84 | | Net Profit Attributable to Parent Company Shareholders | 18,159,321.54 | 10,667,317.19 | | Minority Interest Income/Loss | 5,440,524.26 | -398,926.35 | | Basic Earnings Per Share | 0.23 | 0.13 | | Diluted Earnings Per Share | 0.23 | 0.13 | Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities turned positive to 8.76 million yuan from a negative value in the prior year period, indicating improved operating cash flow; cash outflow from investing activities significantly increased, mainly due to cash paid for investments and for acquiring subsidiaries, while cash inflow from financing activities primarily came from borrowings Consolidated Cash Flow Statement Major Items (Unit: Yuan) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 8,764,806.58 | -59,536,373.78 | | Net Cash Flow from Investing Activities | -281,475,474.98 | -21,399,055.48 | | Net Cash Flow from Financing Activities | 114,257,628.74 | 215,025,681.89 | | Net Increase in Cash and Cash Equivalents | -157,706,409.67 | 130,392,584.07 | | Cash and Cash Equivalents at End of Period | 289,918,518.06 | 340,080,230.49 | - Cash outflow from investing activities significantly increased, mainly due to 291.35 million yuan paid for investments and 89.94 million yuan net cash paid for acquiring subsidiaries and other business units in the current period[30] Adjustments to Financial Statement Items at the Beginning of the First Year of New Accounting Standards Implementation from 2024 The company did not involve adjustments to financial statement items at the beginning of the year due to the first-time adoption of new accounting standards in the current reporting period - The company did not apply adjustments to financial statement items at the beginning of the first year of new accounting standards implementation in the current reporting period[31] Audit Report The company's Q1 2024 report is unaudited - The company's first-quarter report is unaudited[31]