福莱特玻璃(06865) - 2024 Q1 - 季度业绩

Important Notice Company Statement and Audit Status of Financial Data The company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness; financial data is unaudited - The company's board of directors, supervisory board, and senior management guarantee the quarterly report's truthfulness, accuracy, and completeness, assuming individual and joint legal responsibility[2] - Company executives Ruan Hongliang (Chairman), Jiang Weijie (Head of Accounting), and Jin Huiping (Head of Accounting Department) guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[2] - The financial data in this first quarterly report is unaudited[2] Key Financial Data Key Accounting Data and Financial Indicators In Q1 2024, operating revenue grew 6.73%, net profit attributable to shareholders increased 48.57%, and operating cash flow decreased 224.97% Key Accounting Data and Financial Indicators for Q1 2024 | Item | Current Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 5.73 billion CNY | 6.73 | | Net Profit Attributable to Listed Company Shareholders | 759.88 million CNY | 48.57 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 760.08 million CNY | 51.89 | | Net Cash Flow from Operating Activities | 600.98 million CNY | (224.97) | | Basic EPS (CNY/share) | 0.32 | 35.57 | | Diluted EPS (CNY/share) | 0.32 | 35.63 | | Weighted Avg ROE (%) | 3.37 | decreased by 0.21 percentage points | Key Balance Sheet Indicators as of Q1 2024 End | Item | Current Period End (CNY) | Previous Year End (CNY) | YoY Change at Period End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 43.38 billion CNY | 42.98 billion CNY | 0.94 | | Owners' Equity Attributable to Listed Company Shareholders | 22.88 billion CNY | 22.22 billion CNY | 2.98 | Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for the period amounted to (199,880.82) CNY, primarily from non-current asset disposal losses, government subsidies, and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts for Q1 2024 | Item | Current Period Amount (CNY) | | :--- | :--- | | Gains or Losses from Disposal of Non-Current Assets | (9,621,461.73) CNY | | Government Subsidies Included in Current Profit and Loss | 7,951,793.70 CNY | | Gains or Losses from Changes in Fair Value of Financial Assets and Liabilities, and from Disposal of Financial Assets and Liabilities | 824,090.29 CNY | | Other Non-Operating Income and Expenses Apart from the Above | 836,532.21 CNY | | Less: Income Tax Impact | 158,033.21 CNY | | Less: Impact on Minority Interests (After Tax) | 32,802.07 CNY | | Total | (199,880.82) CNY | Changes and Reasons for Key Accounting Data and Financial Indicators Intangible assets surged 100.70% due to mining rights, treasury stock rose 508.65% from H-share repurchases, and net profit increased due to higher solar glass sales and lower raw material costs Changes and Reasons for Key Accounting Data and Financial Indicators in Q1 2024 | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Other Receivables | 53.35 | Mainly due to new land auction deposits and gas deposits | | Other Current Assets | 39.71 | Mainly due to increased input VAT to be deducted | | Construction in Progress | 31.62 | Mainly due to the progress of Anhui solar glass production line and distributed power station projects | | Intangible Assets | 100.70 | Mainly due to the completion of procedures for previously acquired mining rights | | Other Non-Current Assets | (74.25) | Mainly due to the reclassification of previously acquired mining rights to intangible assets after completing procedures | | Treasury Stock | 508.65 | Mainly due to H-share repurchases not yet cancelled | | Basic EPS (CNY/share) | 35.57 | Mainly due to increased net profit during the reporting period | | Diluted EPS (CNY/share) | 35.63 | Mainly due to increased net profit during the reporting period | | Net Profit Attributable to Listed Company Shareholders | 48.57 | Mainly due to increased solar glass sales volume and decreased raw material prices year-over-year | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 51.89 | Mainly due to increased solar glass sales volume and decreased raw material prices year-over-year | | Net Cash Flow from Operating Activities | (224.97) | Mainly due to increased cash received from sales and decreased cash paid for goods purchased | | Net Cash Flow from Investing Activities | 77.68 | Mainly due to payments for engineering costs for Anhui and Nantong solar glass production line projects | | Net Cash Flow from Financing Activities | (103.28) | Mainly due to repayment of borrowings | Shareholder Information Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of March 31, 2024, the company had 40,699 common shareholders; HKSCC NOMINEES LIMITED held 19.14%, with some top shareholders having pledged shares and acting in concert - As of the end of the reporting period, the company had 40,699 common shareholders and no preferred shareholders with restored voting rights[7] Top Ten Shareholders' Holdings as of March 31, 2024 | Shareholder Name | Shareholder Type | Number of Shares | Holding Ratio (%) | Restricted Shares Held | Share Status | Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HKSCC NOMINEES LIMITED | Other | 449.94 million shares | 19.14 | 0 shares | Unknown | 0 shares | | Ruan Hongliang | Domestic Natural Person | 439.36 million shares | 18.69 | 0 shares | Pledged | 41.65 million shares | | Ruan Zeyun | Domestic Natural Person | 350.53 million shares | 14.91 | 0 shares | Pledged | 11.30 million shares | | Jiang Jinhua | Domestic Natural Person | 324.08 million shares | 13.78 | 0 shares | Pledged | 3.60 million shares | | Zheng Wenrong | Domestic Natural Person | 46.80 million shares | 1.99 | 0 shares | None | 0 shares | | Shanghai Ruiyang Investment Management Co., Ltd. – Ruiyang Emerging Growth Private Securities Investment Fund | Domestic Non-State-Owned Legal Person | 34.70 million shares | 1.48 | 0 shares | None | 0 shares | | Zhu Quanming | Domestic Natural Person | 31.20 million shares | 1.33 | 0 shares | Pledged | 5.50 million shares | | Shen Fuquan | Domestic Natural Person | 31.20 million shares | 1.33 | 0 shares | None | 0 shares | | Hong Kong Securities Clearing Company Limited | Other | 28.38 million shares | 1.21 | 0 shares | None | 0 shares | | Shanghai Pudong Development Bank Co., Ltd. – GF High-End Manufacturing Stock Initiated Securities Investment Fund | Domestic Non-State-Owned Legal Person | 18.75 million shares | 0.80 | 0 shares | None | 0 shares | - Mr. Ruan Hongliang, Ms. Jiang Jinhua, Ms. Ruan Zeyun, and Mr. Zhao Xiaofei are considered persons acting in concert[9] Quarterly Financial Statements Consolidated Financial Statements This section presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement as of March 31, 2024, detailing its Q1 financial position, operating results, and cash flows Consolidated Balance Sheet Key Consolidated Balance Sheet Items as of March 31, 2024 | Item | March 31, 2024 (CNY) | December 31, 2023 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 5.90 billion CNY | 6.62 billion CNY | | Accounts Receivable | 4.15 billion CNY | 3.69 billion CNY | | Inventories | 1.53 billion CNY | 2.00 billion CNY | | Total Current Assets | 16.50 billion CNY | 16.83 billion CNY | | Fixed Assets | 15.08 billion CNY | 15.11 billion CNY | | Construction in Progress | 2.31 billion CNY | 1.76 billion CNY | | Intangible Assets | 6.58 billion CNY | 3.28 billion CNY | | Total Non-Current Assets | 26.89 billion CNY | 26.15 billion CNY | | Total Assets | 43.38 billion CNY | 42.98 billion CNY | | Total Current Liabilities | 8.35 billion CNY | 9.18 billion CNY | | Total Non-Current Liabilities | 12.08 billion CNY | 11.51 billion CNY | | Total Liabilities | 20.43 billion CNY | 20.69 billion CNY | | Total Owners' Equity Attributable to Parent Company | 22.88 billion CNY | 22.22 billion CNY | | Total Owners' Equity | 22.95 billion CNY | 22.29 billion CNY | - Intangible assets increased by 100.70% from 3.28 billion CNY at the end of 2023 to 6.58 billion CNY as of March 31, 2024, primarily due to the completion of mining rights procedures[6][12] - Other non-current assets decreased by 74.25% from 4.31 billion CNY at the end of 2023 to 1.11 billion CNY, mainly because mining rights were reclassified to intangible assets after procedures were completed[6][12] Consolidated Income Statement Key Consolidated Income Statement Items for Q1 2024 | Item | Q1 2024 (CNY) | Q1 2023 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 5.73 billion CNY | 5.36 billion CNY | | Total Operating Costs | 4.91 billion CNY | 4.81 billion CNY | | Operating Profit | 860.68 million CNY | 560.03 million CNY | | Total Profit | 861.51 million CNY | 560.39 million CNY | | Net Profit | 758.63 million CNY | 511.45 million CNY | | Net Profit Attributable to Parent Company Shareholders | 759.88 million CNY | 511.45 million CNY | | Basic EPS (CNY/share) | 0.32 | 0.24 | | Diluted EPS (CNY/share) | 0.32 | 0.24 | - Income tax expense increased by 110.22% from 48.94 million CNY in Q1 2023 to 103 million CNY in Q1 2024[14] - Net other comprehensive income after tax was (26.88 million) CNY, primarily impacted by foreign currency financial statement translation differences[15] Consolidated Cash Flow Statement Key Consolidated Cash Flow Statement Items for Q1 2024 | Item | Q1 2024 (CNY) | Q1 2023 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 600.98 million CNY | (480.91 million) CNY | | Net Cash Flow from Investing Activities | (1.32 billion) CNY | (742.63 million) CNY | | Net Cash Flow from Financing Activities | (40.83 million) CNY | 1.24 billion CNY | | Net Increase in Cash and Cash Equivalents | (760.16 million) CNY | 76.05 million CNY | | Cash and Cash Equivalents at End of Period | 4.72 billion CNY | 2.40 billion CNY | - Cash received from sales of goods and rendering of services increased by 21.06% year-over-year to 2.66 billion CNY[17] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets increased by 86.32% year-over-year to 1.29 billion CNY, indicating sustained capital expenditure[17]