广和通(300638) - 2018 Q3 - 季度财报

Part I Important Notice The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report Important Notice The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with key personnel affirming the financial statements - The company's Board of Directors, Supervisory Board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[4] - Company head Zhang Tianyu, accounting supervisor Chen Shijiang, and accounting manager Wang Junfei declare that the financial statements in the quarterly report are true, accurate, and complete[5] Part II Company Profile This section provides an overview of the company's key accounting data, financial indicators, and shareholder structure at the end of the reporting period I. Key Accounting Data and Financial Indicators The company demonstrated strong financial performance with significant growth in total assets, operating revenue, and net profit attributable to shareholders Key Accounting Data and Financial Indicators Overview | Indicator | End of Current Reporting Period (Yuan) | End of Previous Year (Yuan) | Change from Previous Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,002,249,624.91 | 614,245,574.50 | 63.17% | | Net Assets Attributable to Shareholders of Listed Company | 417,255,558.05 | 368,364,358.95 | 13.27% | | | Current Reporting Period (Yuan) | Change from Same Period Last Year (%) | Year-Beginning to Report End (Yuan) | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 326,810,341.05 | 140.92% | 865,838,342.38 | 174.74% | | Net Profit Attributable to Shareholders of Listed Company | 35,597,309.51 | 223.73% | 57,773,483.82 | 129.92% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 33,127,457.77 | 205.09% | 55,541,912.29 | 123.98% | | Net Cash Flow from Operating Activities | -- | -- | -26,160,984.45 | 77.44% | | Basic Earnings Per Share (Yuan/share) | 0.2966 | 223.80% | 0.4814 | 110.77% | | Diluted Earnings Per Share (Yuan/share) | 0.2966 | 223.80% | 0.4814 | 110.77% | | Weighted Average Return on Net Assets | 8.92% | 5.73% | 14.52% | 5.43% | Non-recurring Gains and Losses for the Period from Year-Beginning to Report End | Item | Amount from Year-Beginning to Report End (Yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -67,374.67 | Fixed asset scrap loss | | Government subsidies included in current profit and loss (excluding government subsidies closely related to the company's business and enjoyed at fixed or quantitative standards according to national unified standards) | 3,138,745.00 | Science and Technology Innovation Commission enterprise R&D funding, Nanshan District Science and Technology Bureau enterprise R&D investment subsidies, etc | | Other non-operating income and expenses apart from the above | -445,992.05 | Donation expenses, etc | | Less: Income tax impact | 393,806.75 | | | Total | 2,231,571.53 | -- | II. Total Number of Shareholders and Top Ten Shareholders' Holdings at the End of the Reporting Period As of the reporting period end, the company had 12,722 common shareholders, with controlling shareholder Mr. Zhang Tianyu holding shares directly and indirectly, and being the actual controller of Shenzhen Guanghe Chuangtong Investment Enterprise (Limited Partnership) - The total number of common shareholders at the end of the reporting period was 12,722[12] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held (shares) | Number of Shares with Restricted Sales Conditions (shares) | Pledge or Freeze Status (Share Status) | Pledged or Frozen Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Tianyu | Domestic Natural Person | 50.06% | 60,075,000 | 60,075,000 | Pledged | 19,365,000 | | Shenzhen Guanghe Chuangtong Investment Enterprise (Limited Partnership) | Domestic Non-State-Owned Legal Person | 10.01% | 12,015,000 | 12,015,000 | Pledged | 7,455,000 | | Intel Semiconductor (Dalian) Co., Ltd. | Domestic Non-State-Owned Legal Person | 7.24% | 8,690,000 | 0 | | | | Ying Lingpeng | Domestic Natural Person | 5.34% | 6,408,000 | 6,408,000 | Pledged | 1,500,000 | | Xu Ning | Domestic Natural Person | 1.34% | 1,602,000 | 1,602,000 | Pledged | 1,068,000 | | Zhong Xuesong | Domestic Natural Person | 0.70% | 845,100 | 0 | | | | Long Zaiping | Domestic Natural Person | 0.46% | 556,700 | 0 | | | | Qian Pingzhen | Domestic Natural Person | 0.26% | 309,943 | 0 | | | | Shenzhen Jinhuanan Bus Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.14% | 170,425 | 0 | | | | Wu Mingya | Domestic Natural Person | 0.14% | 162,300 | 0 | | | - The company's controlling shareholder and actual controller is Mr. Zhang Tianyu, who directly holds 50.06% of the company's shares, indirectly holds 2.03% through Shenzhen Guanghe Chuangtong Investment Enterprise (Limited Partnership), and also serves as the sole general partner of Shenzhen Guanghe Chuangtong Investment Enterprise (Limited Partnership), making him its actual controller[13] Part III Significant Matters This section details significant changes in financial data, the status of important matters, unfulfilled commitments, cash dividend policy, and future profit warnings I. Significant Changes in Key Financial Data and Indicators During the Reporting Period and Their Causes The company experienced substantial changes in assets, liabilities, and profit and loss items, primarily driven by sales expansion, increased working capital, higher R&D, and exchange rate fluctuations Asset Items Changes and Causes | Asset Item | Current Period Amount (Yuan) | Beginning of Period Amount (Yuan) | Increase (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 186,014,903.49 | 82,822,371.75 | 124.59% | Primarily due to new company borrowings during the reporting period | | Notes Receivable | 91,376,087.96 | 56,807,137.08 | 60.85% | Primarily due to expanded company sales and increased customer notes received | | Accounts Receivable | 310,458,574.83 | 195,010,995.57 | 59.20% | Primarily due to expanded company sales and increased unexpired receivables | | Inventories | 158,587,848.21 | 79,953,082.52 | 98.35% | Primarily due to expanded company sales, increased material stocking, and goods shipped | | Other Current Assets | 169,552,467.73 | 125,455,363.41 | 35.15% | Primarily due to increased wealth management products and increased supplier rebates receivable | | Long-term Equity Investments | 673,430.04 | 445,001.26 | 51.33% | Primarily due to profits realized by associate companies during the reporting period | | Fixed Assets | 19,472,234.39 | 12,997,834.15 | 49.81% | Primarily due to increased investment in R&D equipment during the current period | | Long-term Deferred Expenses | 5,132,752.91 | 458,659.13 | 1019.08% | Primarily due to new office renovation and certification expenses | | Deferred Income Tax Assets | 7,611,561.79 | 3,426,988.19 | 122.11% | Primarily due to increased provision for bad debts and inventory depreciation | | Other Non-current Assets | - | 6,273,040.00 | -100.00% | Primarily due to the investment in the German subsidiary not being fully registered in the previous period | Liability and Equity Items Changes and Causes | Liability and Equity Item | Current Period Amount (Yuan) | Beginning of Period Amount (Yuan) | Increase (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 190,763,140.00 | 53,568,400.00 | 256.11% | Primarily due to expanded company scale and increased working capital needs | | Notes Payable and Accounts Payable | 332,668,989.67 | 142,553,838.51 | 133.36% | Primarily due to expanded company scale and increased unexpired payables | | Advances from Customers | 1,839,157.75 | 3,577,948.61 | -48.60% | Primarily due to decreased advances from customers for goods | | Employee Benefits Payable | 25,100,586.51 | 18,697,262.33 | 34.25% | Primarily due to increased company personnel and provision for part of the current year's performance bonus | | Taxes Payable | 9,489,884.52 | 3,929,045.27 | 141.53% | Primarily due to increased profit in the current period and increased income tax payable | | Other Payables | 4,534,311.99 | 2,895,720.51 | 56.59% | Primarily due to increased reimbursement payables at quarter-end | | Share Capital | 120,000,000.00 | 80,000,000.00 | 50.00% | Primarily due to capital reserve capitalization this year | | Other Comprehensive Income | 1,445,786.40 | 328,071.12 | 340.69% | Exchange rate fluctuations leading to translation differences | | Retained Earnings | 152,878,001.54 | 105,104,517.72 | 45.45% | Primarily due to profits realized during the reporting period | Income Statement Items Changes and Causes (Jan-Sep 2018 vs Jan-Sep 2017) | Income Statement Item | Jan-Sep 2018 (Yuan) | Jan-Sep 2017 (Yuan) | Increase (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 865,838,342.38 | 315,145,258.35 | 174.74% | Primarily due to increased shipments in smart payment and PC industries | | Operating Costs | 667,236,064.62 | 225,244,420.32 | 196.23% | Primarily due to increased revenue leading to corresponding cost increases | | Taxes and Surcharges | 3,194,189.76 | 1,543,271.30 | 106.98% | Primarily due to expanded sales, increased stamp duty, and increased turnover taxes leading to more surcharges | | Selling Expenses | 31,771,632.83 | 18,426,327.82 | 72.43% | Primarily due to the company's continued increased investment in overseas markets and payment of market development fees for the PC industry | | Administrative Expenses | 18,768,507.47 | 12,285,324.95 | 52.77% | Primarily due to increased personnel expenses from expanded scale | | Research and Development Expenses | 81,485,434.67 | 29,642,569.88 | 174.89% | Primarily due to the company's continued increased R&D investment, leading to increased personnel and corresponding expenditures | | Financial Expenses | -125,270.75 | 436,536.64 | -128.70% | Primarily due to exchange gains and losses caused by exchange rate fluctuations | | Asset Impairment Losses | 9,704,945.30 | 4,264,076.96 | 127.60% | Primarily due to increased unexpired receivables | | Other Income (Government Subsidies) | 10,761,543.64 | 2,585,339.64 | 316.25% | Primarily due to increased software tax refunds and government subsidies | | Income Tax Expense | 6,516,068.47 | 2,667,791.39 | 144.25% | Primarily due to increased profit in the current period | | Net Profit | 57,773,483.82 | 25,127,639.61 | 129.92% | Primarily due to increased revenue leading to increased profit during the reporting period | II. Analysis and Explanation of Progress, Impact, and Solutions for Significant Matters The company had no significant matters requiring disclosure regarding their progress, impact, or solutions during the reporting period - The company had no significant matters requiring analysis of their progress, impact, or solutions during the reporting period[20] III. Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period There were no overdue unfulfilled commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company itself during the reporting period - The company had no overdue unfulfilled commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company itself during the reporting period[20] IV. Implementation of Cash Dividend Policy During the Reporting Period The company had no implementation of its cash dividend policy during the reporting period - The company had no implementation of its cash dividend policy during the reporting period[21] V. Warning and Explanation of Potential Cumulative Net Profit Loss or Significant Change from Year-Beginning to the End of the Next Reporting Period Compared to the Same Period Last Year The company did not issue any forecast regarding potential cumulative net profit loss or significant changes for the period from year-beginning to the end of the next reporting period - The company did not forecast a potential cumulative net profit loss or significant change from year-beginning to the end of the next reporting period compared to the same period last year[22] VI. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[22] VII. Non-Operating Funds Occupied by Controlling Shareholder and Related Parties from the Listed Company There were no non-operating funds occupied by the controlling shareholder or its related parties from the listed company during the reporting period - The company had no non-operating funds occupied by its controlling shareholder or related parties from the listed company during the reporting period[23] Part IV Financial Statements This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements 1. Consolidated Balance Sheet The company's consolidated total assets reached 1.002 billion Yuan, a 63.17% increase from the previous year-end, driven by significant growth in current assets, particularly cash, notes and accounts receivable, and inventories. Total liabilities also increased substantially to 585 million Yuan Consolidated Balance Sheet Key Data | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Current Assets: | | | | Cash and Bank Balances | 186,014,903.49 | 82,822,371.75 | | Notes and Accounts Receivable | 401,834,662.79 | 251,818,132.65 | | Inventories | 158,587,848.21 | 79,953,082.52 | | Other Current Assets | 169,552,467.73 | 125,455,363.41 | | Total Current Assets | 930,313,971.07 | 554,158,303.40 | | Non-current Assets: | | | | Long-term Equity Investments | 673,430.04 | 445,001.26 | | Fixed Assets | 19,472,234.39 | 12,997,834.15 | | Deferred Income Tax Assets | 7,611,561.79 | 3,426,988.19 | | Total Non-current Assets | 71,935,653.84 | 60,087,271.10 | | Total Assets | 1,002,249,624.91 | 614,245,574.50 | | Current Liabilities: | | | | Short-term Borrowings | 190,763,140.00 | 53,568,400.00 | | Notes Payable and Accounts Payable | 332,668,989.67 | 142,553,838.51 | | Total Current Liabilities | 579,396,070.44 | 240,222,215.23 | | Total Liabilities | 584,994,066.86 | 245,881,215.55 | | Total Owners' Equity | 417,255,558.05 | 368,364,358.95 | 2. Parent Company Balance Sheet The parent company's balance sheet shows total assets reaching 978 million Yuan at period-end, a significant increase from the beginning of the period, with both current and non-current assets growing, notably long-term equity investments. Total liabilities also increased accordingly Parent Company Balance Sheet Key Data | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Current Assets: | | | | Cash and Bank Balances | 119,836,692.35 | 60,854,016.77 | | Notes and Accounts Receivable | 401,886,525.87 | 235,430,461.78 | | Inventories | 155,547,320.81 | 73,310,225.87 | | Total Current Assets | 861,505,160.08 | 517,410,394.76 | | Non-current Assets: | | | | Long-term Equity Investments | 82,483,380.04 | 41,485,661.26 | | Total Non-current Assets | 116,577,171.41 | 67,641,458.76 | | Total Assets | 978,082,331.49 | 585,051,853.52 | | Current Liabilities: | | | | Short-term Borrowings | 171,263,140.00 | 48,068,400.00 | | Notes Payable and Accounts Payable | 318,257,877.10 | 155,164,657.91 | | Total Current Liabilities | 608,895,004.23 | 251,142,338.38 | | Total Liabilities | 613,895,004.23 | 256,142,338.38 | | Total Owners' Equity | 364,187,327.26 | 328,909,515.14 | 3. Consolidated Income Statement for the Current Reporting Period For the current reporting period (Q3), the company's consolidated total operating revenue reached 327 million Yuan, a 140.92% year-on-year increase, with net profit at 35.60 million Yuan, up 223.73%, demonstrating strong profitability and business expansion Consolidated Income Statement Key Data for the Current Reporting Period | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 326,810,341.05 | 135,650,180.25 | | Operating Costs | 246,585,104.58 | 97,114,473.90 | | Selling Expenses | 9,956,879.64 | 7,199,783.26 | | Research and Development Expenses | 27,107,698.38 | 14,622,966.64 | | Financial Expenses | -2,283,072.28 | 162,400.10 | | Operating Profit | 40,716,549.01 | 11,906,341.32 | | Total Profit | 40,705,665.07 | 12,114,291.16 | | Net Profit | 35,597,309.51 | 10,995,906.03 | | Basic Earnings Per Share | 0.2966 | 0.0916 | 4. Parent Company Income Statement for the Current Reporting Period The parent company achieved operating revenue of 283 million Yuan and net profit of 13.27 million Yuan for the current reporting period (Q3), both showing significant year-on-year growth, reflecting a positive development trend for the parent company's business Parent Company Income Statement Key Data for the Current Reporting Period | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 283,222,804.46 | 130,200,340.82 | | Operating Costs | 245,983,712.60 | 105,920,986.25 | | Selling Expenses | 7,722,774.02 | 3,709,928.80 | | Research and Development Expenses | 13,951,917.45 | 11,261,772.47 | | Financial Expenses | -1,430,174.50 | 51,553.34 | | Operating Profit | 13,762,040.79 | 5,073,595.42 | | Total Profit | 13,751,156.85 | 5,165,992.17 | | Net Profit | 13,274,422.05 | 5,057,717.55 | 5. Consolidated Income Statement from Year-Beginning to Report End As of the end of the reporting period, the company's consolidated total operating revenue cumulatively reached 866 million Yuan, a 174.74% year-on-year increase, with cumulative net profit at 57.77 million Yuan, up 129.92%, reflecting explosive growth in the company's overall performance for the first three quarters Consolidated Income Statement Key Data from Year-Beginning to Report End | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 865,838,342.38 | 315,145,258.35 | | Operating Costs | 667,236,064.62 | 225,244,420.32 | | Selling Expenses | 31,771,632.83 | 18,426,327.82 | | Research and Development Expenses | 81,485,434.67 | 29,642,569.88 | | Financial Expenses | -125,270.75 | 436,536.64 | | Operating Profit | 64,725,436.23 | 27,361,370.16 | | Total Profit | 64,289,552.29 | 27,795,431.00 | | Net Profit | 57,773,483.82 | 25,127,639.61 | | Basic Earnings Per Share | 0.4814 | 0.2284 | 6. Parent Company Income Statement from Year-Beginning to Report End As of the end of the reporting period, the parent company's cumulative operating revenue reached 789 million Yuan and net profit 45.28 million Yuan, both achieving substantial growth, indicating strong performance in the parent company's core business Parent Company Income Statement Key Data from Year-Beginning to Report End | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 789,439,199.87 | 301,207,969.66 | | Operating Costs | 686,692,869.10 | 242,878,312.77 | | Taxes and Surcharges | 1,799,269.90 | 1,032,304.33 | | Selling Expenses | 19,094,991.03 | 9,430,637.82 | | Administrative Expenses | 15,322,432.90 | 8,993,037.76 | | Research and Development Expenses | 44,746,376.22 | 22,703,655.53 | | Financial Expenses | -306,132.49 | 294,744.78 | | Asset Impairment Losses | 4,921,227.96 | 3,590,359.18 | | Other Income | 2,375,745.00 | | | Investment Income (Losses indicated by "-") | 25,228,428.78 | 11,519,164.06 | | Operating Profit | 44,755,975.86 | 23,758,217.53 | | Total Profit | 44,320,091.92 | 23,884,625.28 | | Net Profit | 45,277,812.12 | 23,317,026.99 | 7. Consolidated Cash Flow Statement from Year-Beginning to Report End As of the end of the reporting period, the company's consolidated net cash flow from operating activities was -26.16 million Yuan, but significantly improved by 77.44% year-on-year. Net cash flow from investing activities turned positive, and net cash flow from financing activities remained high Consolidated Cash Flow Statement Key Data from Year-Beginning to Report End | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 834,142,404.84 | 325,335,100.37 | | Subtotal of Cash Outflows from Operating Activities | 860,303,389.29 | 441,282,967.28 | | Net Cash Flow from Operating Activities | -26,160,984.45 | -115,947,866.91 | | Subtotal of Cash Inflows from Investing Activities | 20,959,394.41 | 0 | | Subtotal of Cash Outflows from Investing Activities | 14,517,777.65 | 120,298,615.23 | | Net Cash Flow from Investing Activities | 6,441,616.76 | -120,298,615.23 | | Subtotal of Cash Inflows from Financing Activities | 197,210,255.82 | 209,016,329.75 | | Subtotal of Cash Outflows from Financing Activities | 99,692,334.92 | 14,747,930.40 | | Net Cash Flow from Financing Activities | 97,517,920.90 | 194,268,399.35 | | Net Increase in Cash and Cash Equivalents | 81,114,536.75 | -42,951,026.73 | | Cash and Cash Equivalents at End of Period | 153,739,108.43 | 71,455,777.78 | 8. Parent Company Cash Flow Statement from Year-Beginning to Report End As of the end of the reporting period, the parent company's net cash flow from operating activities was -15.67 million Yuan, a significant improvement year-on-year. Net cash flow from investing activities was negative, while net cash flow from financing activities was positive, indicating the company's reliance on financing to support operations and investments Parent Company Cash Flow Statement Key Data from Year-Beginning to Report End | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 806,127,506.96 | 313,685,314.27 | | Subtotal of Cash Outflows from Operating Activities | 821,794,733.72 | 429,802,366.64 | | Net Cash Flow from Operating Activities | -15,667,226.76 | -116,117,052.37 | | Subtotal of Cash Inflows from Investing Activities | 20,959,394.41 | 11,403,354.34 | | Subtotal of Cash Outflows from Investing Activities | 46,882,216.69 | 123,239,892.03 | | Net Cash Flow from Investing Activities | -25,922,822.28 | -111,836,537.69 | | Subtotal of Cash Inflows from Financing Activities | 168,937,215.82 | 209,016,329.75 | | Subtotal of Cash Outflows from Financing Activities | 91,205,147.41 | 14,747,930.40 | | Net Cash Flow from Financing Activities | 77,732,068.41 | 194,268,399.35 | | Net Increase in Cash and Cash Equivalents | 36,904,680.59 | -34,014,910.07 | | Cash and Cash Equivalents at End of Period | 87,560,897.29 | 66,524,757.97 | II. Audit Report The company's 2018 third-quarter report is unaudited - The company's third-quarter report is unaudited[56]