海源复材(002529) - 2025 Q1 - 季度财报

Major Financial Data The company reported significant revenue growth and positive operating cash flow, though net profit attributable to shareholders remained a loss, with minor impact from non-recurring items Key Accounting Data and Financial Indicators Operating revenue surged by 124.28% to 96.44 million Yuan, while net profit attributable to shareholders remained a loss of 23.29 million Yuan, and operating cash flow turned significantly positive Q1 2025 Key Financial Data | Indicator | Current Period (Yuan) | Prior Year (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 96,436,346.06 | 42,998,065.39 | 124.28% | | Net Profit Attributable to Shareholders of the Listed Company | -23,286,836.04 | -23,276,487.87 | -0.04% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | -22,935,022.94 | -25,569,560.27 | 10.30% | | Net Cash Flow from Operating Activities | 18,244,172.23 | -35,790,642.91 | 150.97% | | Basic Earnings Per Share (Yuan/share) | -0.0896 | -0.0895 | -0.11% | | Diluted Earnings Per Share (Yuan/share) | -0.0896 | -0.0895 | -0.11% | | Weighted Average Return on Net Assets | -8.33% | -5.31% | -3.02% | | End of Period Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change from End of Prior Year (%) | | Total Assets | 874,653,216.11 | 871,787,343.08 | 0.33% | | Total Equity Attributable to Shareholders of the Listed Company | 268,057,264.02 | 291,009,696.75 | -7.89% | Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses were negative 0.35 million Yuan, mainly from asset disposal and government grants, with minor net profit impact Q1 2025 Non-Recurring Gains and Losses Items | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -622,102.10 | | Government Grants Recognized in Current Profit or Loss | 595,396.86 | | Other Non-Operating Income and Expenses | -346,164.95 | | Other Profit and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 21,057.09 | | Total | -351,813.10 | Changes and Reasons for Key Accounting Data and Financial Indicators Significant changes occurred across financial statements, with revenue and costs rising due to increased orders, R&D expenses up, and operating cash flow turning positive from higher sales collections - Cash and cash equivalents at the end of the period increased by 78.35% compared to the beginning of the period, primarily due to increased operating revenue and higher cash received from sales during the reporting period[8] - Operating revenue increased by 124.28% year-over-year, mainly due to increased customer orders in composite materials and photovoltaic businesses, leading to a rise in the company's sales scale[8] - Net cash flow from operating activities increased by 150.97% year-over-year, primarily due to higher cash received from sales of goods and provision of services in the current period compared to the prior period[9] - Research and development expenses increased by 34.83% year-over-year, attributed to increased investment in the company's R&D projects during the reporting period[8] Shareholder Information The company has over 30,000 common shareholders, with high concentration among the top ten, and the controlling shareholder's entire stake is pledged, with no preferred shareholders Total Common Shareholders and Top Ten Shareholders' Holdings The company had 33,899 common shareholders, with Jiangxi Sawei Power Group Co., Ltd. as the largest shareholder (18.14% stake), all of which are pledged - The total number of common shareholders at the end of the reporting period was 33,899[11] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held (Shares) | Share Status | Number (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Sawei Power Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 18.14% | 47,175,000.00 | Pledged | 47,175,000.00 | | Haiyuan Industrial Co., Ltd. | Overseas Legal Person | 3.20% | 8,308,750.00 | Not Applicable | 0.00 | | Shangyin Ruijin Capital - Bank of Shanghai - Wu Guoji | Other | 2.14% | 5,573,489.00 | Not Applicable | 0.00 | | He Xuechao | Domestic Natural Person | 0.68% | 1,757,200.00 | Not Applicable | 0.00 | | Lan Ping | Domestic Natural Person | 0.58% | 1,495,300.00 | Not Applicable | 0.00 | | Liu Qiang | Domestic Natural Person | 0.56% | 1,467,100.00 | Not Applicable | 0.00 | | Zhuang Yinghui | Domestic Natural Person | 0.47% | 1,221,413.00 | Not Applicable | 0.00 | | Xu Xin | Domestic Natural Person | 0.44% | 1,156,100.00 | Not Applicable | 0.00 | | Zhang Yong | Domestic Natural Person | 0.43% | 1,130,000.00 | Not Applicable | 0.00 | | Zhu Weihua | Domestic Natural Person | 0.42% | 1,090,200.00 | Not Applicable | 0.00 | - The controlling shareholder, Jiangxi Sawei Power Group Co., Ltd., has 47,175,000 shares fully pledged[11] Preferred Shareholder Information The company does not have any preferred shareholders - The company has no preferred shareholders[13] Other Significant Matters A proposed change in controlling ownership involves the transfer of 14.2981% of shares, which would make Xinyu Jinzixin the new controlling shareholder and introduce new co-actual controllers - The company's controlling shareholder, Jiangxi Sawei Power Group Co., Ltd., and actual controller Gan Shengquan, intend to transfer 37,175,000 shares, representing 14.2981% of the listed company's total shares, to Xinyu Jinzixin[13] - If this agreement transfer is successfully implemented and completed, the company's controlling shareholder will change to Xinyu Jinzixin, and Liu Hongchao, Ding Lizhong, and Liu Hao will become the company's co-actual controllers[13] - The disclosure dates for this matter are March 31, 2025, and April 2, 2025[13] Quarterly Financial Statements This section presents the unaudited Q1 2025 consolidated financial statements, including the balance sheet, income statement, and cash flow statement, without new accounting standard adjustments Financial Statements This section presents the core consolidated financial statements for Q1 2025, covering the balance sheet, income statement, and cash flow statement Consolidated Balance Sheet As of March 31, 2025, total assets were 874.7 million Yuan (up 0.33%), total liabilities 606.6 million Yuan, and total equity 268.1 million Yuan (down 7.89%) Consolidated Balance Sheet Key Items (End of Period Balance vs. Beginning of Period Balance) | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 24,127,627.54 | 13,528,488.58 | | Notes Receivable | 41,168,737.59 | 39,444,948.55 | | Accounts Receivable | 88,915,147.74 | 78,103,906.34 | | Inventories | 122,953,319.89 | 129,682,172.34 | | Total Current Assets | 297,436,454.15 | 280,220,613.37 | | Fixed Assets | 316,446,285.20 | 324,145,115.00 | | Total Non-Current Assets | 577,216,761.96 | 591,566,729.71 | | Total Assets | 874,653,216.11 | 871,787,343.08 | | Short-term Borrowings | 60,422,475.46 | 74,384,522.21 | | Accounts Payable | 210,592,452.92 | 192,124,032.16 | | Total Current Liabilities | 533,438,761.17 | 501,224,606.86 | | Long-term Borrowings | 9,200,000.00 | 13,806,000.00 | | Total Non-Current Liabilities | 73,157,190.92 | 79,553,039.47 | | Total Liabilities | 606,595,952.09 | 580,777,646.33 | | Share Capital | 260,000,000.00 | 260,000,000.00 | | Undistributed Profits | -1,201,402,493.25 | -1,178,115,657.21 | | Total Equity Attributable to Parent Company Owners | 268,057,264.02 | 291,009,696.75 | | Total Equity | 268,057,264.02 | 291,009,696.75 | - Total equity attributable to shareholders of the listed company was 268,057,264.02 Yuan, a decrease of 7.89% from the end of the prior year[5][17] Consolidated Income Statement Operating revenue reached 96.44 million Yuan (up 124.28%), with operating costs rising 127.09%, and net profit attributable to parent company owners remaining a loss of 23.29 million Yuan Consolidated Income Statement Key Items (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 96,436,346.06 | 42,998,065.39 | | Total Operating Costs | 118,785,368.68 | 66,497,611.55 | | Of which: Operating Costs | 100,231,519.02 | 44,137,475.05 | | Administrative Expenses | 9,153,637.68 | 13,303,278.59 | | Research and Development Expenses | 4,667,075.76 | 3,461,440.00 | | Financial Expenses | 2,907,409.50 | 3,367,504.24 | | Operating Profit | -22,919,061.52 | -23,962,797.94 | | Total Profit | -23,285,864.37 | -23,276,487.87 | | Net Profit | -23,286,836.04 | -23,276,487.87 | | Net Profit Attributable to Parent Company Owners | -23,286,836.04 | -23,276,487.87 | | Basic Earnings Per Share | -0.0896 | -0.0895 | | Diluted Earnings Per Share | -0.0896 | -0.0895 | - Operating revenue was 96,436,346.06 Yuan, an increase of 124.28% year-over-year[18][5] - Net profit attributable to parent company owners was -23,286,836.04 Yuan, with basic earnings per share of -0.0896 Yuan/share[19][5] Consolidated Cash Flow Statement Net cash flow from operating activities turned positive to 18.24 million Yuan (up 150.97%), while investing and financing activities showed net outflows of -0.055 million Yuan and -8.50 million Yuan, respectively Consolidated Cash Flow Statement Key Items (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 86,732,985.68 | 40,680,433.81 | | Subtotal of Cash Outflows from Operating Activities | 68,488,813.45 | 76,471,076.72 | | Net Cash Flow from Operating Activities | 18,244,172.23 | -35,790,642.91 | | Subtotal of Cash Inflows from Investing Activities | 4,281.00 | 19,315,200.00 | | Subtotal of Cash Outflows from Investing Activities | 59,500.00 | 10,564,659.76 | | Net Cash Flow from Investing Activities | -55,219.00 | 8,750,540.24 | | Subtotal of Cash Inflows from Financing Activities | 1,851,420.59 | 142,001,959.79 | | Subtotal of Cash Outflows from Financing Activities | 10,347,572.92 | 123,647,832.09 | | Net Cash Flow from Financing Activities | -8,496,152.33 | 18,354,127.70 | | Net Increase in Cash and Cash Equivalents | 9,692,788.05 | -8,746,078.62 | | Cash and Cash Equivalents at End of Period | 13,701,549.74 | 20,277,342.64 | - Net cash flow from operating activities was 18,244,172.23 Yuan, an increase of 150.97% year-over-year, turning from negative to positive[20][5] - Net cash flow from investing activities was -55,219.00 Yuan, a decrease of 100.63% year-over-year, primarily due to reduced net cash recovered from disposal of fixed assets, intangible assets, and other long-term assets, as well as reduced net cash received from disposal of subsidiaries and other operating units[20][9] Adjustments for New Accounting Standards The company made no adjustments to opening financial statements for the first-time adoption of new accounting standards during the reporting period - The company has no adjustments to opening financial statements related to the first-time adoption of new accounting standards in the current year[22] Audit Report The company's first quarter 2025 report remains unaudited - The company's first quarter report is unaudited[22]