时代新材(600458) - 2017 Q3 - 季度财报

Item I. Important Notice 1.1 Core Statements The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, confirming it is unaudited - Management assures the quarterly report's content is true, accurate, and complete, free from false records, misleading statements, or material omissions[5] - This company's third-quarter report is unaudited[6] Item II. Company Overview 2.1 Key Financial Data As of Q3 2017, total assets slightly increased by 2.73% from year-end, but year-to-date operating performance significantly declined with revenue down 3.39%, net profit attributable to shareholders down 75.25%, and operating cash flow turning negative with a 4,568.07% decrease Key Financial Data for Q1-Q3 2017 | Indicator | Year-Beginning to End of Reporting Period (Jan-Sep) | Prior Year Same Period (Jan-Sep) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 7,985,492,731.80 | CNY 8,265,386,181.54 | -3.39% | | Net Profit Attributable to Shareholders of Listed Company | CNY 50,477,229.04 | CNY 203,933,404.33 | -75.25% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | CNY 15,203,104.24 | CNY 126,925,406.22 | -88.02% | | Net Cash Flow from Operating Activities | CNY -469,551,924.69 | CNY 10,509,065.96 | -4,568.07% | | Basic Earnings Per Share (CNY/share) | CNY 0.06 | CNY 0.25 | -76.00% | | Weighted Average Return on Net Assets | 1.02% | 4.26% | Decreased by 3.24 percentage points | | Balance Sheet Items | End of This Reporting Period | End of Prior Year | Change from Year-Beginning to Period End (%) | | Total Assets | CNY 13,773,767,592.11 | CNY 13,407,106,792.09 | 2.73% | | Net Assets Attributable to Shareholders of Listed Company | CNY 4,847,920,697.68 | CNY 4,836,310,836.63 | 0.24% | - In Q1-Q3 2017, the company's total non-recurring gains and losses amounted to CNY 35.27 million, primarily from government subsidies and non-operating income/expenses[8] 2.2 Shareholder Ownership As of the reporting period end, the company had 56,262 shareholders, with CRRC Zhuzhou Institute Co., Ltd. as the controlling shareholder holding 36.43%, indicating a concentrated equity structure with most top ten shareholders being CRRC Group affiliates - As of the reporting period end, the company had a total of 56,262 shareholders[9] Top Ten Shareholders' Ownership | Shareholder Name | Shares Held at Period End | Percentage (%) | | :--- | :--- | :--- | | CRRC Zhuzhou Institute Co., Ltd. | 292,494,103 | 36.43 | | CSR Investment Management Co., Ltd. | 66,029,078 | 8.22 | | Central Huijin Asset Management Co., Ltd. | 17,434,400 | 2.17 | | CRRC Zhuzhou Electric Locomotive Co., Ltd. | 12,338,786 | 1.54 | | CRRC Group Zhuzhou Rolling Stock Plant | 8,909,666 | 1.11 | | CRRC Ziyang Co., Ltd. | 7,179,675 | 0.89 | | CRRC Group Nanjing Puzhen Rolling Stock Plant | 7,070,109 | 0.88 | | PICC Property and Casualty Company Limited - Traditional - Income Portfolio | 7,003,108 | 0.87 | | National Council for Social Security Fund 404 Portfolio | 5,815,525 | 0.72 | | China People's Health Insurance Company Limited - Traditional - Ordinary Insurance Product | 5,671,798 | 0.71 | - Among the top ten shareholders, several have CRRC Corporation Limited or CRRC Group as their controlling shareholder, indicating related party relationships or concerted actions[10] 2.3 Preferred Shareholder Information At the end of the reporting period, the company had no preferred shareholders - The company had no preferred share-related matters during this reporting period[10] Item III. Significant Matters 3.1 Analysis of Significant Changes in Key Financial Statement Items and Indicators During the reporting period, several financial indicators underwent significant changes: net cash flow from operating activities turned sharply negative due to declining collections; inventory surged by 45.06% due to delayed wind blade deliveries; short-term borrowings increased by 312.31% for liquidity; and non-current liabilities due within one year plummeted by 80.03% due to repayment of medium-term notes Significant Changes in Financial Indicators | Item | Change Percentage (%) | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -4568.07 | Decline in collection amount and low cash collection ratio during the reporting period | | Inventory | 45.06 | Delayed delivery period in the wind blade industry led to an increase in blade inventory | | Short-term Borrowings | 312.31 | New short-term bank borrowings during the reporting period | | Non-current Liabilities Due Within One Year | -80.03 | Repayment of matured CNY 700 million medium-term notes during the reporting period | | Financial Expenses | 33.07 | Increased exchange losses due to changes in Euro and US Dollar exchange rates | | Other Current Assets | -75.07 | Collection of matured short-term bank wealth management products | 3.3 Unfulfilled Commitments Beyond Due Date During the Reporting Period The controlling shareholder, CRRC Corporation Limited, committed to resolving the horizontal competition issue with Times New Material by August 4, 2020, through asset restructuring and business integration, a commitment currently being fulfilled - Controlling shareholder CRRC Corporation Limited committed to resolving horizontal competition issues with the company within five years (by August 4, 2020)[14] 3.4 Warning and Explanation Regarding Potential Loss or Significant Change in Cumulative Net Profit from Year-Beginning to End of Next Reporting Period The company has not issued a warning regarding potential losses or significant changes in cumulative net profit from the beginning of the year to the end of the next reporting period - The company has not issued a forecast warning for significant changes or losses in future performance[14] Item IV. Appendix 4.1 Financial Statements This appendix includes the company's unaudited consolidated and parent company financial statements for Q3 2017, comprising the balance sheet, income statement, and cash flow statement Consolidated Balance Sheet As of September 30, 2017, the company's consolidated total assets were CNY 13.77 billion, total liabilities CNY 8.79 billion, and equity attributable to parent company owners CNY 4.85 billion, with a debt-to-asset ratio of 63.83% Key Items from Consolidated Balance Sheet (September 30, 2017) | Item | Balance at Period End (CNY) | | :--- | :--- | | Total Assets | 13,773,767,592.11 | | Total Current Assets | 8,404,597,723.06 | | Total Non-current Assets | 5,369,169,869.05 | | Total Liabilities | 8,791,614,503.91 | | Total Current Liabilities | 5,494,984,693.77 | | Total Non-current Liabilities | 3,296,629,810.14 | | Total Owners' Equity | 4,982,153,088.20 | | Total Owners' Equity Attributable to Parent Company | 4,847,920,697.68 | Parent Company Balance Sheet As of September 30, 2017, the parent company's total assets were CNY 10.80 billion, total liabilities CNY 6.20 billion, and owners' equity CNY 4.60 billion Key Items from Parent Company Balance Sheet (September 30, 2017) | Item | Balance at Period End (CNY) | | :--- | :--- | | Total Assets | 10,800,053,013.03 | | Total Liabilities | 6,199,448,091.43 | | Total Owners' Equity | 4,600,604,921.60 | Consolidated Income Statement In Q1-Q3 2017, the company's total operating revenue was CNY 7.99 billion, a 3.39% year-over-year decrease, with net profit attributable to parent company owners at CNY 50.48 million, a significant 75.25% year-over-year decline Key Items from Consolidated Income Statement (January-September 2017) | Item | Amount from Year-Beginning to End of Reporting Period (CNY) | | :--- | :--- | | I. Total Operating Revenue | 7,985,492,731.80 | | II. Total Operating Costs | 7,953,525,834.77 | | III. Operating Profit | 35,037,462.93 | | IV. Total Profit | 79,249,757.61 | | V. Net Profit | 45,384,818.87 | | Net Profit Attributable to Parent Company Owners | 50,477,229.04 | Parent Company Income Statement In Q1-Q3 2017, the parent company's operating revenue was CNY 3.05 billion, a year-over-year decrease, with net profit at CNY 3.52 million, a significant reduction from CNY 136 million in the prior year Key Items from Parent Company Income Statement (January-September 2017) | Item | Amount from Year-Beginning to End of Reporting Period (CNY) | | :--- | :--- | | I. Operating Revenue | 3,048,171,987.28 | | II. Operating Profit | -20,498,242.26 | | III. Total Profit | 4,650,716.66 | | IV. Net Profit | 3,515,709.14 | Consolidated Cash Flow Statement In Q1-Q3 2017, net cash flow from operating activities was -CNY 470 million, a significant deterioration from the prior year's net inflow, with net cash inflow from investing activities at CNY 73 million and net cash outflow from financing activities at CNY 150 million, resulting in an ending cash and cash equivalents balance of CNY 986.41 million Consolidated Cash Flow Statement Summary (January-September 2017) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -469,551,924.69 | | Net Cash Flow from Investing Activities | 73,353,601.79 | | Net Cash Flow from Financing Activities | -150,033,816.43 | | Net Increase in Cash and Cash Equivalents | -552,984,900.46 | | Cash and Cash Equivalents at Period End | 986,412,706.36 | Parent Company Cash Flow Statement In Q1-Q3 2017, the parent company's net cash flow from operating activities was -CNY 675 million, also showing a net outflow, with an ending cash and cash equivalents balance of CNY 571.73 million Parent Company Cash Flow Statement Summary (January-September 2017) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -674,554,018.47 | | Net Cash Flow from Investing Activities | 293,667,895.37 | | Net Cash Flow from Financing Activities | -95,295,036.96 | | Net Increase in Cash and Cash Equivalents | -481,276,018.03 | | Cash and Cash Equivalents at Period End | 571,726,863.90 | 4.2 Audit Report The financial statements in this quarterly report are unaudited - The company explicitly states that the audit report is not applicable, confirming this quarterly report is unaudited[36]