佳先股份(430489) - 2022 Q3 - 季度财报

Section I. Important Notice Core Declarations Management guarantees the report's accuracy and completeness, which is unaudited and includes non-binding forward-looking statements - The company's directors, supervisors, and senior management assure the truthfulness, accuracy, and completeness of the report content[9] - This quarterly report has not been audited by an accounting firm[10][11] - Forward-looking statements regarding future plans in this report do not constitute substantive commitments to investors, who should be aware of associated risks[10] - All directors, supervisors, and senior management of the company have no objections to the content of this quarterly report[11] Section II. Company Profile Key Financial Data Q1-Q3 2022 revenue grew 23.56% and net profit 9.33%, but Q3 performance declined due to planned shutdowns and raw material price volatility Key Financial Data for the Period from Year-Beginning to Report End (January-September 2022) | Indicator | Jan-Sep 2022 (Million CNY) | Jan-Sep 2021 (Million CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 409.48 | 331.40 | 23.56% | | Net Profit Attributable to Shareholders | 46.53 | 42.56 | 9.33% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 33.01 | 41.19 | -19.87% | | Net Cash Flow from Operating Activities | 7.12 | 10.59 | -32.74% | | Basic Earnings Per Share (CNY/share) | 0.34 | 0.50 | -32% | Key Financial Data for Q3 (July-September 2022) | Indicator | Jul-Sep 2022 (Million CNY) | Jul-Sep 2021 (Million CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 118.22 | 135.08 | -12.48% | | Net Profit Attributable to Shareholders | 10.03 | 22.16 | -54.76% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 7.18 | 22.01 | -67.36% | | Net Cash Flow from Operating Activities | 16.59 | -4.88 | 439.86% | - Primary reasons for the year-on-year decline in Q3 performance: - Planned Production Halt: Jiaxian's main plant underwent a planned shutdown during the summer high-temperature period for DBM Phase II construction, raw material self-production, and technical upgrade projects, impacting output and sales - Raw Material Price Volatility: Subsidiary Shafeng New Material experienced sharp fluctuations in stearic acid prices, leading to performance decline as high-cost inventory faced falling market prices[17] - Reasons for significant changes in financial data: - Prepayments: Increased by 526.27% year-on-year, primarily due to subsidiaries prepaying for raw materials for National Day production[19][22] - Short-term Borrowings: Increased by 123.95% year-on-year, mainly due to an increase in bank credit borrowings[29] - Financial Expenses: Decreased by 560.57% year-on-year, primarily due to increased exchange gains from USD deposits[30] - Other Income: Increased by 643.44% year-on-year, mainly due to an increase in government grants received[30] Non-recurring Gains and Losses for the First Three Quarters of 2022 | Item | Amount (Million CNY) | | :--- | :--- | | Government Grants Included in Current Profit/Loss | 15.26 | | Other Non-operating Income and Expenses | 0.93 | | Total Non-recurring Gains and Losses | 16.19 | | Net Non-recurring Gains and Losses | 13.53 | Share Capital Structure and Top Shareholders at Report End Total share capital was 136.46 million shares, with top shareholders Bengbu Energy Group and Bengbu Zhongcheng Venture Capital both controlled by Bengbu SASAC Shareholding of Top Two Shareholders | Shareholder Name | Shareholder Type | Shares Held at Period End (Million Shares) | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | | Bengbu Energy Group Co, Ltd | State-owned Legal Person | 37.44 | 27.4368% | | Bengbu Zhongcheng Venture Capital Co, Ltd | State-owned Legal Person | 10.01 | 7.3381% | - The actual controller of both the controlling shareholder, Bengbu Energy Group, and the second-largest shareholder, Bengbu Zhongcheng Venture Capital, is the State-owned Assets Supervision and Administration Commission of Bengbu Municipal People's Government[40] - As of the report end, the company's total share capital was 136.46 million shares, with 61.40% being unrestricted shares and 38.60% restricted shares[38] Section III. Significant Events Compliance with Significant Matters Major events, including guarantees and related-party transactions, complied with disclosure procedures, with no other significant legal or operational issues reported - The company provided a guarantee not exceeding 50 million CNY for its controlling subsidiary, Anhui Shafeng New Material Co, Ltd, with a guarantee balance of 40 million CNY at the end of the reporting period[44] - The company provided a guarantee not exceeding 50 million CNY for its wholly-owned subsidiary, Anhui Jiaxian International Trade Co, Ltd, with a guarantee balance of 3.5 million CNY at the end of the reporting period[44] Execution of Routine Related-Party Transactions | Specific Transaction Type | Estimated Amount (Million CNY) | Actual Amount (Million CNY) | | :--- | :--- | :--- | | Purchase of Raw Materials, Fuels, Power, and Acceptance of Services | 20.00 | 8.78 | | Other | 0.72 | 0.54 | - During the reporting period, the company had no significant matters such as lawsuits, arbitrations, shareholder fund occupation, major acquisitions, equity incentives, or share repurchases[43] Profit Distribution and Capitalization of Capital Reserves During the reporting period, the company neither implemented nor proposed any profit distribution or capital reserve capitalization plans - The company did not implement profit distribution or capitalization of capital reserves during the reporting period, nor did it propose any new equity distribution plans[45] Section IV. Financial Accounting Report Financial Statements This section provides the company's unaudited consolidated and parent financial statements, showing asset growth but Q3 profitability and cash flow pressures - All financial statements in this section are unaudited[48] Consolidated Balance Sheet As of Sep 30, 2022, total assets grew 6.88% to 887.51 million CNY, driven by construction in progress, receivables, and inventory, while total liabilities were 355.91 million CNY with a 123.95% rise in short-term borrowings Key Items from Consolidated Balance Sheet (Million CNY) | Item | Sep 30, 2022 | Dec 31, 2021 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 887.51 | 830.39 | +6.88% | | Cash and Cash Equivalents | 157.40 | 166.92 | -5.71% | | Accounts Receivable | 66.54 | 45.47 | +46.36% | | Inventories | 60.66 | 45.07 | +34.58% | | Construction in Progress | 105.33 | 81.62 | +29.05% | | Total Liabilities | 355.91 | 328.95 | +8.20% | | Short-term Borrowings | 127.78 | 57.06 | +123.95% | | Total Equity Attributable to Parent Company Shareholders | 505.59 | 477.86 | +5.80% | Consolidated Income Statement Q1-Q3 2022 revenue was 409.48 million CNY (+23.56%) and net profit 46.53 million CNY (+9.33%); Q3 revenue declined 12.48% and net profit 54.76% due to planned shutdowns and raw material costs Key Items from Consolidated Income Statement (Million CNY) | Item | Jan-Sep 2022 | Jan-Sep 2021 | Jul-Sep 2022 | Jul-Sep 2021 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 409.48 | 331.40 | 118.22 | 135.08 | | Operating Costs | 339.51 | 249.79 | 105.87 | 97.00 | | Net Profit Attributable to Parent Company Shareholders | 46.53 | 42.56 | 10.03 | 22.16 | | Basic Earnings Per Share (CNY/share) | 0.34 | 0.50 | 0.07 | 0.26 | Consolidated Cash Flow Statement Q1-Q3 2022 operating cash flow was 7.12 million CNY (-32.74%) due to inventory; investing activities had a 56.23 million CNY net outflow for fixed assets, and financing activities a 34.02 million CNY net inflow from new borrowings Consolidated Cash Flow Statement Summary (Million CNY) | Item | Jan-Sep 2022 | Jan-Sep 2021 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 7.12 | 10.59 | | Net Cash Flow from Investing Activities | -56.23 | -56.17 | | Net Cash Flow from Financing Activities | 34.02 | -29.10 | | Net Increase in Cash and Cash Equivalents | -9.52 | -74.87 |