汇得科技(603192) - 2018 Q3 - 季度财报

Important Notice This section confirms the report's integrity and the responsibility of management, while noting that the financial statements are unaudited Report Statement The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report and assume legal responsibility - The company's board of directors, supervisory board, and senior management pledge the truthfulness, accuracy, and completeness of the quarterly report, ensuring no false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[5] Financial Statements Unaudited This company's third-quarter report is unaudited - This company's third-quarter report is unaudited[5] Company Profile This section provides an overview of the company's key financial performance, including significant asset and equity growth, improved cash flow, and details on shareholder structure and controlling interests Key Financial Data At the end of the reporting period, the company's total assets and net assets attributable to shareholders significantly increased year-on-year, with a notable improvement in net cash flow from operating activities; operating revenue and net profit attributable to parent company shareholders grew, though the weighted average return on net assets decreased Overview of Consolidated Financial Data As of the end of the reporting period, the company's total assets and net assets attributable to shareholders increased by 59.80% and 108.39% year-on-year, respectively; from the beginning of the year to the end of the reporting period, net cash flow from operating activities surged by 489.02% year-on-year, operating revenue grew by 20.18%, and net profit attributable to shareholders increased by 6.42% Key Financial Data for Q3 2018 | Metric | Current Period End/Year-to-Date (Jan-Sep) | Prior Year End/Prior Year-to-Date (Jan-Sep) | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet (Period End): | | | | | Total Assets | 1,787,503,575.10 CNY | 1,118,571,681.96 CNY | 59.80 | | Net Assets attributable to shareholders | 1,092,180,943.60 CNY | 524,103,838.57 CNY | 108.39 | | Cash Flow Statement (Year-to-Date): | | | | | Net cash flow from operating activities | 66,710,005.08 CNY | 11,325,614.20 CNY | 489.02 | | Income Statement (Year-to-Date): | | | | | Operating Revenue | 1,261,747,341.97 CNY | 1,049,849,087.76 CNY | 20.18 | | Net Profit attributable to shareholders | 91,383,695.69 CNY | 85,869,006.70 CNY | 6.42 | | Net Profit attributable to shareholders (excluding non-recurring items) | 87,254,618.22 CNY | 70,301,637.95 CNY | 24.11 | | Weighted Average ROE (%) | 14.69 | 18.09 | decreased by 3.40 percentage points | | Basic EPS (CNY/share) | 1.10 | 1.07 | 2.80 | | Diluted EPS (CNY/share) | 1.10 | 1.07 | 2.80 | Non-recurring Gains and Losses and Amounts During the reporting period, the company's non-recurring gains and losses primarily included government subsidies, non-current asset disposal gains/losses, and income tax impacts, totaling 4,129,077.47 CNY from the beginning of the year to the end of the reporting period Non-recurring Gains and Losses for Q3 2018 (Jan-Sep) | Item | Year-to-Date Amount (Jan-Sep) (CNY) | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains/losses | 24,250.00 CNY | | | Government subsidies included in current profit/loss | 4,824,346.36 CNY | Mainly special support for achievement transformation products | | Reversal of impairment provision for receivables subject to separate impairment testing | 82,869.50 CNY | | | Other non-operating income and expenses | -71,981.35 CNY | | | Income tax impact | -730,407.04 CNY | | | Total | 4,129,077.47 CNY | | Shareholder Information As of the end of the reporting period, the company had 19,843 shareholders; among the top ten shareholders, Shanghai Huidi Enterprise Group Co., Ltd. is the controlling shareholder, and the actual controllers, Qian Jianzhong and Yan Qun, jointly hold 100% equity in Huidi Group Total Number of Shareholders and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 19,843 shareholders; among the top ten shareholders, Shanghai Huidi Enterprise Group Co., Ltd. held the highest proportion at 35.62%, and held all restricted shares - As of the end of the reporting period, the company had 19,843 households[10] Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Holding Ratio (%) | Number of Restricted Shares Held (shares) | Share Status | Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Huidi Enterprise Group Co., Ltd. | 38,000,000 | 35.62 | 38,000,000 | None | 0 | Domestic Non-State-Owned Legal Person | | Yan Qun | 24,000,000 | 22.50 | 24,000,000 | None | 0 | Domestic Natural Person | | Shanghai Zhanran Equity Investment Management Partnership (Limited Partnership) | 13,000,000 | 12.19 | 13,000,000 | None | 0 | Domestic Non-State-Owned Legal Person | | Shanghai Yongteng Equity Investment Management Partnership (Limited Partnership) | 5,000,000 | 4.69 | 5,000,000 | None | 0 | Domestic Non-State-Owned Legal Person | | Wu Chang | 590,200 | 0.55 | 0 | None | 0 | Domestic Natural Person | | Li Qingchun | 200,000 | 0.19 | 0 | None | 0 | Domestic Natural Person | | Tianjin Xiandao Beier Electric Co., Ltd. | 190,000 | 0.18 | 0 | None | 0 | Domestic Non-State-Owned Legal Person | | Wu Dequan | 120,000 | 0.11 | 0 | None | 0 | Domestic Natural Person | | Wu Qingzi | 105,700 | 0.10 | 0 | None | 0 | Domestic Natural Person | | Jie Zhidao | 102,700 | 0.10 | 0 | None | 0 | Domestic Natural Person | Top Ten Unrestricted Shareholders' Holdings As of the end of the reporting period, Wu Chang held the largest number of unrestricted tradable shares at 590,200 shares; the actual controllers of Huidi Group, the company's controlling shareholder, Qian Jianzhong and Yan Qun, jointly hold 100% equity in Huidi Group, and Qian Jianzhong holds the general partner equity of Zhanran Partnership through Hongyan Investment Top Ten Unrestricted Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Number of Unrestricted Tradable Shares Held (shares) | Type and Quantity of Shares (RMB Common Shares) (shares) | | :--- | :--- | :--- | | Wu Chang | 590,200 | 590,200 | | Li Qingchun | 200,000 | 200,000 | | Tianjin Xiandao Beier Electric Co., Ltd. | 190,000 | 190,000 | | Wu Dequan | 120,000 | 120,000 | | Wu Qingzi | 105,700 | 105,700 | | Jie Zhidao | 102,700 | 102,700 | | Gong Jianzhong | 100,000 | 100,000 | | Hu Xiaolin | 94,700 | 94,700 | | Zang Junling | 80,000 | 80,000 | | Shan Guoli | 78,000 | 78,000 | - Huidi Group is the company's controlling shareholder, with actual controllers Qian Jianzhong and Yan Qun jointly holding 100% equity in Huidi Group; additionally, Hongyan Investment, the general partner of Zhanran Partnership, is 100% owned by actual controller Qian Jianzhong[12] Preferred Shareholder Information The company had no preferred shareholders at the end of the reporting period - The company had no preferred shareholders at the end of the reporting period[12] Significant Events This section details major changes in financial statement items driven by IPO proceeds and operational factors, outlines the progress of key initiatives like structured deposits and subsidiary capital injection, and confirms no unfulfilled commitments or negative profit forecasts Significant Changes in Key Financial Statement Items, Financial Indicators, and Reasons During the reporting period, several items in the company's balance sheet, income statement, and cash flow statement underwent significant changes, primarily influenced by IPO proceeds, increased investment in fundraising projects, adjustments to R&D expense super deduction ratios, and exchange gains Changes in Balance Sheet Items Cash and cash equivalents, construction in progress, paid-in capital, and capital reserves significantly increased due to IPO proceeds; prepayments and other receivables grew due to rising raw material prices and increased deposits; taxes payable decreased due to adjustments in R&D expense super deduction ratios; and minority interests became zero due to the acquisition of subsidiary equity Changes in Key Balance Sheet Items (Current Period End vs. Prior Year End) | Item | Current Period End Amount (CNY) | Prior Year End Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 778,260,382.50 | 368,182,072.13 | 111.38% | Mainly due to IPO proceeds in 2018 | | Prepayments | 33,637,480.33 | 23,570,246.72 | 42.71% | Mainly due to rising raw material prices, leading to increased prepayments | | Other receivables | 2,729,312.73 | 1,701,576.20 | 60.40% | Mainly due to deposits and guarantees | | Other current assets | 4,656,913.66 | 2,467,747.54 | 88.71% | Mainly due to VAT credit balance | | Construction in progress | 47,529,456.12 | 6,591,732.46 | 621.05% | Mainly due to increased investment in the IPO-funded project 'Annual Production of 180 thousand tons of Polyurethane Resin and Its Modified Products' in 2018 | | Short-term borrowings | 121,000,000.00 | 81,000,000.00 | 49.38% | Mainly due to supplementing working capital | | Advances from customers | 8,885,300.59 | 15,452,555.82 | -42.50% | Mainly due to changes in sales volume for customers with different settlement models | | Taxes payable | 15,686,608.09 | 24,353,882.28 | -35.59% | Mainly due to R&D expense super deduction ratio of 75% in 2018 vs. 50% in 2017 | | Other payables | 2,516,439.88 | 1,623,537.99 | 55.00% | Mainly due to increased rental expenses in 2018 | | Paid-in capital (Share capital) | 106,666,667.00 | 80,000,000.00 | 33.33% | New share capital from 2018 IPO | | Capital reserves | 715,849,430.15 | 263,500,914.04 | 171.67% | Mainly due to increased IPO proceeds in 2018 | | Retained earnings | 242,206,996.89 | 150,823,301.20 | 60.59% | Mainly due to current period sales profit | | Minority interests | 0.00 | 6,022,530.32 | -100.00% | Minority interest became zero as of September 30, 2018, due to the acquisition of minority equity in a subsidiary in 2018 | Changes in Income Statement Items Taxes and surcharges increased due to higher VAT; financial expenses significantly decreased due to increased exchange gains; asset impairment losses doubled due to increased accounts receivable balances; investment income and asset disposal gains significantly reduced due to changes in wealth management products and land recovery; other income and non-operating income increased due to government subsidies and Commerce Commission subsidies Changes in Key Income Statement Items (Year-to-Date) | Item | Year-to-Date Amount (Jan-Sep) (CNY) | Prior Year-to-Date Amount (Jan-Sep) (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Taxes and surcharges | 3,050,712.88 | 2,245,175.07 | 35.88% | Mainly due to increased VAT | | Financial expenses | 204,403.44 | 2,635,624.10 | -92.24% | Mainly due to increased exchange gains in 2018 | | Asset impairment losses | 4,807,924.63 | 2,361,784.70 | 103.57% | Mainly due to increased accounts receivable balance in 2018, leading to higher provision for bad debts | | Investment income | 0.00 | 2,054,438.70 | -100.00% | Due to wealth management products purchased in 2017 generating income in 2017, while structured deposits purchased in 2018 had not yet generated income as of September 30, 2018 | | Asset disposal gains | 24,250.00 | 11,196,272.19 | -99.78% | Mainly due to asset disposal gains from government land use rights recovery in 2017 | | Other income | 4,811,046.36 | 3,409,952.35 | 41.09% | Mainly due to government subsidies | | Non-operating income | 41,918.65 | 23,357.97 | 79.46% | Mainly due to new Commerce Commission subsidies in 2018 | Changes in Cash Flow Statement Items Net cash flow from operating activities significantly increased due to changes in customer credit terms and sales revenue; net cash flow from investing activities turned from positive to negative due to the recovery of wealth management products and structured deposits not yet matured; net cash flow from financing activities significantly increased due to the receipt of IPO proceeds Changes in Key Cash Flow Statement Items (Year-to-Date) | Item | Year-to-Date Amount (Jan-Sep) (CNY) | Prior Year-to-Date Amount (Jan-Sep) (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 66,710,005.08 | 11,325,614.20 | 489.02% | Mainly due to changes in sales revenue from customers with different credit terms | | Net cash flow from investing activities | -174,819,032.56 | 167,665,722.77 | -204.27% | Mainly due to the recovery of wealth management products purchased in 2017, while structured deposits purchased in 2018 had not yet matured | | Net cash flow from financing activities | 429,769,991.14 | -113,590,227.78 | -478.35% | Mainly due to IPO proceeds | Progress of Significant Events The company used 120 million CNY of idle IPO proceeds to purchase bank structured deposits and injected 150 million CNY into its wholly-owned subsidiary, Fujian Huidi New Material Co., Ltd., to implement the IPO-funded project 'Annual Production of 180 thousand tons of Polyurethane Resin and Its Modified Products,' increasing the subsidiary's registered capital to 200 million CNY - The company used 120 million CNY of idle IPO proceeds to purchase bank structured deposits, with the value remaining 120 million CNY as of September 30, 2018[18] - The company injected 150 million CNY into its wholly-owned subsidiary, Fujian Huidi New Material Co., Ltd., to implement the IPO-funded project 'Annual Production of 180 thousand tons of Polyurethane Resin and Its Modified Products,' increasing the subsidiary's registered capital from 50 million CNY to 200 million CNY[17][18] Commitments During the reporting period, the company had no overdue unfulfilled commitments - During the reporting period, the company had no overdue unfulfilled commitments[18] Net Profit Forecast Warning The company has not forecasted that the cumulative net profit from the beginning of the year to the end of the next reporting period might be a loss or undergo significant changes - The company has not forecasted that the cumulative net profit from the beginning of the year to the end of the next reporting period might be a loss or undergo significant changes compared to the same period last year[19] Appendix This section contains the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements, providing detailed financial performance and position data Financial Statements This section provides the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements, detailing financial positions at the end and beginning of the reporting period, as well as operating results and cash flows from the beginning of the year to the end of the reporting period Consolidated Balance Sheet As of September 30, 2018, the company's total consolidated assets amounted to 1,787,503,575.10 CNY, a 59.80% increase from the beginning of the year; total equity attributable to parent company owners was 1,092,180,943.60 CNY, a 108.39% increase from the beginning of the year - As of September 30, 2018, the company's total consolidated assets were 1,787,503,575.10 CNY, and total equity attributable to parent company owners was 1,092,180,943.60 CNY[21][22][23] Parent Company Balance Sheet As of September 30, 2018, the parent company's total assets amounted to 1,756,234,234.07 CNY, a 59.64% increase from the beginning of the year; total owner's equity was 1,082,088,181.65 CNY, a 107.79% increase from the beginning of the year - As of September 30, 2018, the parent company's total assets were 1,756,234,234.07 CNY, and total owner's equity was 1,082,088,181.65 CNY[26][27] Consolidated Income Statement From January to September 2018, the company achieved total consolidated operating revenue of 1,261,747,341.97 CNY, a 20.18% year-on-year increase; net profit attributable to parent company owners was 91,383,695.69 CNY, a 6.42% year-on-year increase - From January to September 2018, the company's total consolidated operating revenue was 1,261,747,341.97 CNY, and net profit attributable to parent company owners was 91,383,695.69 CNY[30][31][32] Parent Company Income Statement From January to September 2018, the parent company achieved operating revenue of 1,208,349,792.84 CNY, a 19.43% year-on-year increase; net profit was 84,749,537.45 CNY, a 1.45% year-on-year decrease - From January to September 2018, the parent company's operating revenue was 1,208,349,792.84 CNY, and net profit was 84,749,537.45 CNY[34][35] Consolidated Cash Flow Statement From January to September 2018, the company's consolidated net cash flow from operating activities was 66,710,005.08 CNY, net cash flow from investing activities was -174,819,032.56 CNY, and net cash flow from financing activities was 429,769,991.14 CNY - From January to September 2018, the company's consolidated net cash flow from operating activities was 66,710,005.08 CNY[37] - From January to September 2018, the company's consolidated net cash flow from investing activities was -174,819,032.56 CNY[38] - From January to September 2018, the company's consolidated net cash flow from financing activities was 429,769,991.14 CNY[38] Parent Company Cash Flow Statement From January to September 2018, the parent company's net cash flow from operating activities was 44,275,390.00 CNY, net cash flow from investing activities was -188,465,213.30 CNY, and net cash flow from financing activities was 433,760,491.14 CNY - From January to September 2018, the parent company's net cash flow from operating activities was 44,275,390.00 CNY[41] - From January to September 2018, the parent company's net cash flow from investing activities was -188,465,213.30 CNY[41] - From January to September 2018, the parent company's net cash flow from financing activities was 433,760,491.14 CNY[41] Audit Report This quarterly report is unaudited - This quarterly report is unaudited[42]