秉扬科技(836675) - 2022 Q3 - 季度财报

Section I Important Notice This section outlines the company's declarations, audit status, and the directory of reference documents 1.1 Statement and Guarantee Company directors, supervisors, senior management, and relevant personnel guarantee the truthfulness, accuracy, and completeness of the report and assume corresponding responsibilities - Company directors, supervisors, and senior management guarantee that this report contains no false records, misleading statements, or major omissions, and assume individual and joint liability for its truthfulness, accuracy, and completeness[8] - Company head Fan Rong, chief accountant Bai Huaqin, and accounting department head Guo Xiaoqun guarantee the truthfulness, accuracy, and completeness of the financial report within the quarterly report[8] 1.2 Audit Status This quarterly report has not been audited by an accounting firm, and no directors, supervisors, or senior management have objections or cannot guarantee its content - This quarterly report has not been audited by an accounting firm[9] - No company directors, supervisors, or senior management have objections to the quarterly report content or cannot guarantee its truthfulness, accuracy, and completeness[10] 1.3 Directory of Reference Documents Reference documents include signed and stamped financial statements and all publicly disclosed company documents and announcements, stored in the Board Secretary's office - Reference documents include financial statements bearing the signatures and seals of the company head, chief accountant, and head of the accounting department[11] - Reference documents include all original company documents and announcements publicly disclosed on designated information disclosure platforms during the reporting period[11] - Documents are stored in the Board Secretary's office[11] Section II Company Basic Information This section provides the company's fundamental details, key financial data, and explanations for significant financial changes 2.1 Basic Information Panzhihua Bingyang Technology Co., Ltd. (stock code 836675) operates in special ceramic product manufacturing, with Fan Rong as legal representative and a registered capital of 172,198,000 yuan Basic Information Overview | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Bingyang Technology | | Stock Code | 836675 | | Industry | Manufacturing (C) - Non-metallic Mineral Products Industry (C30) - Ceramic Products Manufacturing (C307) - Special Ceramic Products Manufacturing (C3072) | | Legal Representative | Fan Rong | | Registered Capital (Yuan) | 172,198,000 | | Registered Address | Vanadium-Titanium Industrial Park, Renhe District, Panzhihua City, Sichuan Province | | Office Address | Within Vanadium-Titanium Industrial Park, Renhe District, Panzhihua City, Sichuan Province | | Sponsor Institution | Huaxi Securities Co., Ltd | 2.2 Major Financial Data As of September 30, 2022, total assets reached 784 million yuan, up 13.19%; year-to-date revenue was 294 million yuan, up 34.18%, but operating cash flow significantly decreased by 317.64% to -32.8 million yuan, while Q3 revenue and net profit grew substantially Major Financial Data Overview (End of Reporting Period) | Item | End of Reporting Period (September 30, 2022) (Yuan) | End of Previous Year (December 31, 2021) (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Total Assets | 783,629,224.41 | 692,339,828.45 | 13.19% | | Net Assets Attributable to Shareholders of Listed Company | 528,215,218.95 | 516,138,596.51 | 2.34% | | Asset-Liability Ratio (Consolidated) | 32.59% | 25.45% | - | Major Financial Data Overview (Year-to-Date) | Item | Year-to-Date (January-September 2022) (Yuan) | Same Period Last Year (January-September 2021) (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 294,105,136.94 | 219,186,911.28 | 34.18% | | Net Profit Attributable to Shareholders of Listed Company | 45,884,150.82 | 46,001,755.20 | -0.26% | | Net Cash Flow from Operating Activities | -32,795,878.65 | -7,852,758.85 | -317.64% | | Basic Earnings Per Share (Yuan/Share) | 0.27 | 0.27 | 0.00% | Major Financial Data Overview (Current Reporting Period July-September 2022) | Item | Current Reporting Period (July-September 2022) (Yuan) | Same Period Last Year (July-September 2021) (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 113,410,626.60 | 63,528,125.62 | 78.52% | | Net Profit Attributable to Shareholders of Listed Company | 14,220,256.31 | 10,723,539.30 | 32.61% | | Net Cash Flow from Operating Activities | -33,085,421.31 | -14,143,037.41 | -133.93% | | Basic Earnings Per Share (Yuan/Share) | 0.08 | 0.06 | 33.33% | 2.3 Reasons for Significant Changes in Financial Data Company financial data changes are primarily due to operating activities, investment activities, and policy impacts, affecting balance sheet items, profit growth, and cash flow 2.3.1 Explanation of Significant Changes in Balance Sheet Data Significant balance sheet changes include increases in notes and accounts receivable due to customer settlements, construction in progress from new projects, and decreases in other current assets from cash management withdrawals, alongside increases in accounts payable and taxes payable - Notes receivable at the end of the reporting period increased by 140.68% compared to the end of the previous year, primarily due to increased commercial acceptance bill settlements by customers from January to September 2022[18] - Accounts receivable at the end of the reporting period increased by 121.22% compared to the end of the previous year, primarily due to customer funding arrangements from January to September 2022[18] - Construction in progress at the end of the reporting period increased by 849.46% compared to the end of the previous year, primarily due to increased expenditures on the company's fundraising projects "400,000 tons/year ceramsite clay technical renovation and expansion project" and "600,000 tons/year quartz sand fracturing proppant project" from January to September 2022[19] - Other current assets at the end of the reporting period decreased by 96.19% compared to the end of the previous year, primarily due to the recovery of 40 million yuan from large-denomination certificates of deposit used for cash management of idle raised funds from January to September 2022[18][19] - Accounts payable at the end of the reporting period increased by 69.45% compared to the end of the previous year, primarily due to increased purchases and an increase in un-derecognized commercial acceptance bills endorsed but not yet due from January to September 2022[18][19] - Taxes payable at the end of the reporting period increased by 84.10% compared to the end of the previous year, primarily due to the company benefiting from tax deferral policies[18][19] 2.3.2 Explanation of Significant Changes in Income Statement Data Profit statement changes reflect increased revenue from sales volume, higher costs due to raw material and energy prices, increased credit impairment losses, and significant non-operating income from a new associate - Operating revenue from January to September 2022 increased by 34.18% compared to the same period last year, primarily due to increased product sales volume[20] - Operating costs from January to September 2022 increased by 48.87% compared to the same period last year, primarily due to increased product sales volume and higher purchase prices for major raw materials and energy costs[20] - Credit impairment losses from January to September 2022 increased by 891.15% compared to the same period last year, primarily due to increased provision for bad debts from higher balances of accounts receivable and notes receivable at period-end[21] - Non-operating income from January to September 2022 increased by 3,615.37% compared to the same period last year, primarily due to the recognition of the difference between the initial investment cost and the fair value of identifiable assets from the newly added associate Leshan Taizhong[22] 2.3.3 Explanation of Significant Changes in Cash Flow Statement Data Operating cash flow significantly decreased due to increased payments for goods and services, while investing cash flow improved due to the recovery of cash management funds - Net cash flow from operating activities from January to September 2022 decreased by 317.64% compared to the same period last year, primarily due to increased cash payments for goods and services[22] - Net cash flow from investing activities from January to September 2022 increased by 89.92% compared to the same period last year, primarily due to the recovery of 40 million yuan from large-denomination certificates of deposit used for cash management of idle raised funds[22] 2.4 Non-recurring Gains and Losses Items and Amounts Year-to-date non-recurring net gains totaled 872,453.77 yuan, primarily from government subsidies, gains from investment cost differences, and fair value changes of financial assets Non-recurring Gains and Losses Items and Amounts (Year-to-Date) | Item | Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit and loss | 666,598.97 | | Gains from investment cost being less than the fair value of identifiable net assets of the invested entity at the time of acquisition of subsidiaries, associates, and joint ventures | 194,300.32 | | Fair value changes of transactional financial assets, derivative financial assets, transactional financial liabilities, derivative financial liabilities, and investment income from disposal of transactional financial assets, derivative financial assets, transactional financial liabilities, derivative financial liabilities, and other debt investments, excluding effective hedge accounting related to normal business operations | 148,750.75 | | Other non-operating income and expenses apart from the above items | 16,766.16 | | Total non-recurring gains and losses | 1,026,416.20 | | Income tax impact | 153,962.43 | | Net non-recurring gains and losses | 872,453.77 | 2.5 Common Stock Capital Structure and Shareholder Information As of the reporting period, total share capital increased to 172.198 million shares, with 6,007 common shareholders; unrestricted shares accounted for 45.33%, and restricted shares for 54.67%; controlling shareholder Fan Rong and his concerted party Sang Hongmei collectively hold 71.11% with no pledges or judicial freezes Common Stock Capital Structure Changes | Share Nature | Beginning of Period Quantity (Shares) | Beginning of Period Ratio (%) | Current Period Change (Shares) | End of Period Quantity (Shares) | End of Period Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Unrestricted Shares | 45,790,360 | 26.80% | 32,271,710 | 78,062,070 | 45.33% | | Total Restricted Shares | 125,089,640 | 73.20% | -30,953,710 | 94,135,930 | 54.67% | | Total Share Capital | 170,880,000 | - | 1,318,000 | 172,198,000 | - | | Number of Common Shareholders | - | - | - | - | 6,007 | Top Ten Shareholders or Shareholders Holding 5% or More at Period-End | No. | Shareholder Name | Shareholder Nature | Shares Held at Period-End (Shares) | Holding Ratio (%) | Restricted Shares Held at Period-End (Shares) | Unrestricted Shares Held at Period-End (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Fan Rong | Domestic Natural Person | 80,442,720 | 46.72% | 60,332,040 | 20,110,680 | | 2 | Sang Hongmei | Domestic Natural Person | 41,990,880 | 24.39% | 31,493,160 | 10,497,720 | | Total | - | - | 129,451,868 | 75.19% | 92,344,200 | 37,107,668 | - Controlling shareholder Fan Rong and Sang Hongmei are a married couple; Fan Liang and Fan Rong are brothers; Fan Liang and Sang Hongmei are uncle and sister-in-law; other shareholders have no associated relationship[29] 2.6 Preferred Stock Related Information The company had no preferred stock related situations during the reporting period - The company had no preferred stock related situations during the reporting period[31] Section III Significant Events This section details the company's compliance with significant events, including related party transactions, equity incentive plans, and asset pledges 3.1 Compliance with Significant Matters During the reporting period, the company complied with internal review procedures and timely disclosure requirements for routine and other significant related party transactions, equity incentive plans, disclosed commitments, and asset pledges - During the reporting period, routine related party transactions, other significant related party transactions, equity incentive plans, disclosed commitments, and situations where assets were seized, attached, frozen, mortgaged, or pledged were all subject to internal review procedures and timely disclosure[33] - No lawsuits, arbitrations, external guarantees, external loans, occupation or transfer of company funds by shareholders or related parties, share repurchases, investigations, penalties, or dishonesty occurred during the reporting period[33] 3.2 Details and Progress of Significant Matters Significant events include new routine related party transactions with Leshan Taizhong, credit applications with related party banks secured by actual controllers and mining rights, implementation of a restricted stock equity incentive plan, and multiple asset pledges for bank credit, with all disclosed commitments being fulfilled 3.2.1 Routine Related Party Transactions The company added routine related party transactions with Leshan Taizhong, with an estimated amount not exceeding 50 million yuan, and cumulative transactions totaling 23.0214 million yuan by the end of the reporting period - The company added routine related party transactions with associate Leshan Taizhong, with an estimated amount not exceeding 50 million yuan, and cumulative transactions totaling 23.0214 million yuan by the end of the reporting period[34] 3.2.2 Other Significant Related Party Transactions The company and its subsidiaries applied for credit lines up to 73 million yuan from Panzhihua Rural Commercial Bank, secured by actual controllers and mining rights, and up to 100 million yuan from Kunlun Bank Xi'an Branch, secured by accounts receivable and actual controllers - The company and its subsidiaries applied for a credit line not exceeding 73 million yuan from related party Panzhihua Rural Commercial Bank Co., Ltd., with 70.45 million yuan utilized by the end of the reporting period[34] - The credit line from Panzhihua Rural Commercial Bank is guaranteed by the company's actual controllers Fan Rong and Sang Hongmei, and secured by the subsidiary's mining rights, with a guarantee balance of 70.45 million yuan[35][38][39] - The company applied for a credit line not exceeding 100 million yuan from Kunlun Bank Co., Ltd. Xi'an Branch, secured by accounts receivable and guaranteed by the company's actual controllers Fan Rong and Sang Hongmei, with a guarantee balance of 29.20 million yuan by the end of the reporting period[36] 3.2.3 Equity Incentive Plan On February 14, 2022, the company granted 1.318 million restricted shares to 37 incentive recipients at 5.2 yuan/share, completing registration by March 24, 2022, and receiving 6.8536 million yuan in subscription payments - On February 14, 2022, the company granted 1,318,000 restricted shares to 37 incentive recipients at 5.2 yuan/share, completing the registration of restricted share grants on March 24, 2022[36] - By the end of the reporting period, the company had received 6,853,600.00 yuan in subscription payments for restricted shares from 37 incentive recipients[36] 3.2.4 Disclosed Commitments All disclosed commitments were being normally fulfilled during the reporting period, with no overdue or violated commitments - All disclosed commitments were being normally fulfilled during the reporting period, with no overdue or violated commitments[37] 3.2.5 Asset Mortgage and Pledge Status The company mortgaged machinery, property, and land for a 25 million yuan credit line from Agricultural Bank of China, and pledged subsidiary mining rights and accounts receivable for other credit lines - The company mortgaged machinery, property, and land for a credit line not exceeding 25 million yuan from Agricultural Bank of China Panzhihua Bingcaogang Branch, with 24.50 million yuan utilized by the end of the reporting period[37] - Subsidiary Panzhihua Bingyang Mining Co., Ltd.'s mining rights were used as collateral, with a guarantee balance of 70.45 million yuan[38][39] - The company pledged accounts receivable as collateral, with a guarantee balance of 29.20 million yuan[36] 3.3 Profit Distribution and Capital Reserve to Share Capital Increase The company did not implement profit distribution or capital reserve to share capital increase during the reporting period, nor did the board of directors propose any such plans - The company did not implement profit distribution or capital reserve to share capital increase during the reporting period[40] - The board of directors did not propose any equity distribution plan when reviewing the quarterly report[40] Section IV Financial Accounting Report This section presents the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for the third quarter of 2022 4.1 Audit Status of Financial Report This quarterly financial report has not been audited by an accounting firm - This quarterly financial report has not been audited[42] 4.2 Financial Statements This section provides the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for the third quarter of 2022, detailing financial position, operating results, and cash flows 4.2.1 Consolidated Balance Sheet This subsection presents the consolidated balance sheet data as of September 30, 2022, and December 31, 2021 - Presents consolidated balance sheet data as of September 30, 2022, and December 31, 2021[43][44][45] 4.2.2 Parent Company Balance Sheet This subsection presents the parent company balance sheet data as of September 30, 2022, and December 31, 2021 - Presents parent company balance sheet data as of September 30, 2022, and December 31, 2021[47][48][49] 4.2.3 Consolidated Income Statement This subsection presents the consolidated income statement data for July-September 2022, July-September 2021, January-September 2022, and January-September 2021 - Presents consolidated income statement data for July-September 2022, July-September 2021, January-September 2022, and January-September 2021[51][52][53][54] 4.2.4 Parent Company Income Statement This subsection presents the parent company income statement data for July-September 2022, July-September 2021, January-September 2022, and January-September 2021 - Presents parent company income statement data for July-September 2022, July-September 2021, January-September 2022, and January-September 2021[56][57][58] 4.2.5 Consolidated Cash Flow Statement This subsection presents the consolidated cash flow statement data for January-September 2022 and January-September 2021 - Presents consolidated cash flow statement data for January-September 2022 and January-September 2021[59][60] 4.2.6 Parent Company Cash Flow Statement This subsection presents the parent company cash flow statement data for January-September 2022 and January-September 2021 - Presents parent company cash flow statement data for January-September 2022 and January-September 2021[62][63]