北方稀土(600111) - 2020 Q3 - 季度财报

Important Notice The company's board, supervisors, and senior management guarantee the report's accuracy and completeness, with all directors attending the review, and the report remains unaudited Report Statement The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with all directors attending the review, and the financial statements are unaudited - The company's board of directors, supervisory board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[4] - All company directors attended the board meeting to review the quarterly report[4] - Company head Zhao Dianqing, chief accountant Wang Zhancheng, and head of accounting (accounting supervisor) Zhuang Bin guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[4] - This company's third-quarter report is unaudited[4] Company Basic Information This section provides an overview of the company's key financial performance indicators and detailed information on its shareholder structure Key Financial Data As of the end of the reporting period, the company's total assets and net assets attributable to shareholders both increased, with year-to-date operating revenue and net profit attributable to parent company shareholders growing over 10%, and operating cash flow significantly improving, while non-recurring gains and losses positively contributed to net profit Key Financial Data (As of September 30, 2020) | Indicator | End of Reporting Period (CNY) | End of Previous Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 25,489,260,274.11 | 23,160,906,959.34 | 10.05 | | Net Assets Attributable to Shareholders of Listed Company | 10,071,814,195.91 | 9,584,739,411.14 | 5.08 | | | Year-to-Date (Jan-Sep) (CNY) | Previous Year-to-Date (Jan-Sep) (CNY) | Change (%) | | Net Cash Flow from Operating Activities | 290,155,214.59 | 256,538,859.33 | 13.10 | | Operating Revenue | 15,528,960,902.13 | 14,084,534,616.96 | 10.26 | | Net Profit Attributable to Shareholders of Listed Company | 507,885,984.04 | 461,175,009.99 | 10.13 | | Net Profit After Deducting Non-Recurring Gains and Losses | 465,573,492.03 | 395,665,366.16 | 17.67 | | Weighted Average Return on Net Assets (%) | 5.17 | 5.02 | Increase 0.15 percentage points | | Basic Earnings Per Share (CNY/share) | 0.1405 | 0.1269 | 10.72 | | Diluted Earnings Per Share (CNY/share) | 0.1405 | 0.1269 | 10.72 | Non-Recurring Gains and Losses (Year-to-Date) | Item | Year-to-Date Amount (Jan-Sep) (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -11,223,222.29 | | Government Grants Included in Current Profit and Loss | 96,617,915.47 | | Gains and Losses from Fair Value Changes and Investment Income | 2,805,107.70 | | Other Non-Operating Income and Expenses Apart from the Above | -10,647,699.60 | | Other Income and Expense Items Meeting the Definition of Non-Recurring Gains and Losses | 10,177,346.34 | | Impact of Minority Interests (After Tax) | -28,423,374.06 | | Income Tax Impact | -16,993,581.55 | | Total | 42,312,492.01 | Shareholder Information As of the end of the reporting period, the company had 331,027 shareholders, with Baotou Iron and Steel (Group) Co., Ltd. as the largest shareholder holding 30.00% of shares, some of which are pledged, and the top ten shareholders include institutional and individual investors, with related party relationships disclosed - As of the end of the reporting period, the company had a total of 331,027 shareholders[7] Top Ten Shareholders' Holdings (As of September 30, 2020) | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Share Status | Pledged or Frozen Shares (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Baotou Iron and Steel (Group) Co., Ltd. | 1,089,921,219 | 30.00 | Pledged | 297,000,000 | State-owned Legal Person | | Baogang Group - Galaxy Securities - 20 Baogang EB Guarantee and Trust Property Special Account | 323,940,000 | 8.92 | Custody | 323,940,000 | Other | | Jiaxin Co., Ltd. | 271,979,020 | 7.49 | None | 0 | Overseas Legal Person | | Hong Kong Securities Clearing Company Limited | 63,157,526 | 1.74 | None | 0 | Overseas Legal Person | | Central Huijin Asset Management Co., Ltd. | 59,692,000 | 1.64 | None | 0 | State-owned Legal Person | | Wan Zhongbo | 19,682,900 | 0.54 | None | 0 | Domestic Natural Person | | China Northern Rare Earth (Group) High-Tech Co., Ltd. Repurchase Special Securities Account | 18,000,158 | 0.50 | None | 0 | State-owned Legal Person | | Baotou Gangxing Industrial (Group) Co., Ltd. | 18,000,000 | 0.50 | None | 0 | Domestic Non-state-owned Legal Person | | Zhang Wei | 15,000,000 | 0.41 | None | 0 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Southern CSI Shenwan Non-Ferrous Metals ETF | 11,019,751 | 0.30 | None | 0 | Other | - Among the top ten shareholders, Baogang (Group) Company and Jiaxin Co., Ltd., holding over 5% of the company's shares, are not considered concerted parties under the "Measures for the Administration of the Acquisition of Listed Companies" and have no related party relationships[9] - Shares held in the company's dedicated repurchase securities account are treasury shares resulting from the company's share repurchase program, and these shares do not carry voting rights, profit distribution, capital reserve conversion to share capital, subscription for new shares and rights issues, or pledging rights[9] Significant Matters This section details significant changes in financial statement items, progress of important events, unfulfilled commitments, and any warnings regarding cumulative net profit Analysis of Significant Changes in Key Financial Statement Items and Indicators During the reporting period, several balance sheet and income statement items experienced significant changes, with cash, accounts receivable, long-term borrowings, and bonds payable increasing due to new financing and procurement growth, while operating revenue and cost of goods sold both grew year-over-year driven by increased rare earth product sales, and net cash flow from investing activities saw a substantial outflow due to new investments, while net cash flow from financing activities experienced a significant inflow from increased financing Significant Balance Sheet Item Changes (As of September 30, 2020) | Item | Period-End Amount (CNY) | Beginning-of-Period Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,836,846,790.91 | 2,466,924,718.01 | 55.53 | During the reporting period, the company obtained new financing | | Notes Receivable | 199,421.78 | 51,827,421.68 | -99.62 | At the end of the reporting period, the company's unmatured notes receivable decreased compared to the beginning of the year | | Accounts Receivable | 2,690,004,586.57 | 1,934,150,723.78 | 39.08 | At the end of the reporting period, the company's accounts receivable within the credit period increased compared to the beginning of the year | | Non-Current Assets Due Within One Year | 15,912,307.92 | 5,727,445.70 | 177.83 | At the end of the reporting period, the company's receivables due within one year increased compared to the beginning of the year | | Other Current Assets | 364,914,032.86 | 716,348,946.37 | -49.06 | At the end of the reporting period, the company's deductible input VAT decreased compared to the beginning of the year, and some wealth management products were reclassified as financial assets at fair value through profit or loss | | Long-Term Receivables | 37,128,718.49 | 23,103,137.91 | 60.71 | At the end of the reporting period, the company's receivables from sales of goods on installment basis increased compared to the beginning of the year | | Long-Term Equity Investments | 82,285,461.05 | 62,336,236.52 | 32.00 | During the reporting period, the company made new investments | | Investments in Other Equity Instruments | 1,220,873,407.80 | 765,139,073.85 | 59.56 | During the reporting period, the company made new investments and designated them as financial assets measured at fair value through other comprehensive income | | Construction in Progress | 326,161,909.17 | 224,507,286.22 | 45.28 | During the reporting period, the company's investment in construction in progress increased | | Notes Payable | 421,290,428.02 | 806,309,428.76 | -47.75 | At the end of the reporting period, the company's unmatured notes payable decreased compared to the beginning of the year | | Accounts Payable | 1,024,211,259.42 | 642,791,418.23 | 59.34 | During the reporting period, the company's procurement business increased, and accounts payable increased compared to the beginning of the year | | Taxes Payable | 83,457,297.73 | 42,957,648.96 | 94.28 | At the end of the reporting period, the company's income tax payable and VAT payable increased compared to the beginning of the year | | Dividends Payable | 72,207,624.80 | 54,845,613.03 | 31.66 | At the end of the reporting period, the company's dividends payable to minority shareholders increased compared to the beginning of the year | | Long-Term Borrowings | 1,636,735,500.00 | 463,499,266.56 | 253.13 | During the reporting period, the company obtained new long-term borrowings | | Bonds Payable | 4,963,595,033.52 | 3,694,715,455.47 | 34.34 | During the reporting period, the company issued new corporate bonds and medium-term notes | | Long-Term Payables | 82,851,158.73 | 56,800,031.35 | 45.86 | At the end of the reporting period, the company's specific payables increased | Significant Income Statement Item Changes (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 15,528,960,902.13 | 14,084,534,616.96 | 10.26 | During the reporting period, the company's rare earth product sales increased | | Cost of Goods Sold | 13,870,570,960.95 | 12,594,911,050.77 | 10.13 | During the reporting period, the company's sales revenue increased, and cost of goods sold increased accordingly | | Selling Expenses | 86,207,764.04 | 69,866,136.21 | 23.39 | During the reporting period, the company's transportation and storage fees and payroll expenses increased year-on-year | | Research and Development Expenses | 59,926,278.96 | 48,107,331.79 | 24.57 | During the reporting period, the company's R&D expenses increased year-on-year | | Asset Impairment Losses | -18,580,458.05 | -272,664.53 | 6,714.40 | During the reporting period, the company's provision for inventory depreciation increased year-on-year | | Gains from Asset Disposal | -8,382,906.75 | 4,656,240.07 | Not applicable | During the reporting period, the company's gains from disposal of non-current assets decreased year-on-year | | Non-Operating Expenses | 20,086,573.07 | 13,147,041.27 | 52.78 | During the reporting period, the company's donations increased year-on-year | Significant Cash Flow Statement Item Changes (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 290,155,214.59 | 256,538,859.33 | 13.10 | During the reporting period, the company's sales collections increased year-on-year | | Net Cash Flow from Investing Activities | -458,831,389.73 | -75,709,798.04 | 506.04 | During the reporting period, the company made new investments | | Net Cash Flow from Financing Activities | 1,644,831,229.77 | -1,141,750,912.50 | Not applicable | During the reporting period, the company's financing scale increased | Analysis of Progress, Impact, and Solutions for Significant Matters There are no significant matters requiring disclosure regarding their progress, impact, or solutions during this reporting period - There is no analysis of the progress, impact, and solutions for significant matters during this reporting period[13] Overdue Unfulfilled Commitments During the Reporting Period There are no overdue unfulfilled commitments during this reporting period - There are no overdue unfulfilled commitments during this reporting period[13] Warning and Explanation for Potential Cumulative Net Profit Loss or Significant Change from Prior Period Year-to-Date to Next Reporting Period End There is no warning or explanation regarding potential cumulative net profit loss or significant change from the prior period year-to-date to the next reporting period end - There is no warning or explanation regarding potential cumulative net profit loss or significant change from the prior period year-to-date to the next reporting period end[13] Appendix This appendix includes the company's financial statements and details on adjustments made due to the first-time adoption of new accounting standards Financial Statements This section includes the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements, presenting the financial position as of September 30, 2020, and December 31, 2019, along with operating results and cash flows for the first three quarters of 2020 and 2019 Consolidated Balance Sheet This table presents the company's consolidated financial position as of the specified reporting dates Consolidated Balance Sheet Key Data (As of September 30, 2020) | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Assets | 25,489,260,274.11 | 23,160,906,959.34 | | Total Current Assets | 18,603,423,705.32 | 16,730,893,996.60 | | Total Non-Current Assets | 6,885,836,568.79 | 6,430,012,962.74 | | Total Liabilities | 12,086,201,112.45 | 10,270,201,045.13 | | Total Owners' Equity | 13,403,059,161.66 | 12,890,705,914.21 | | Total Owners' Equity Attributable to Parent Company | 10,071,814,195.91 | 9,584,739,411.14 | Parent Company Balance Sheet This table presents the parent company's financial position as of the specified reporting dates Parent Company Balance Sheet Key Data (As of September 30, 2020) | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Assets | 22,763,742,434.98 | 19,838,075,948.13 | | Total Current Assets | 16,436,600,382.73 | 13,948,365,675.18 | | Total Non-Current Assets | 6,327,142,052.25 | 5,889,710,272.95 | | Total Liabilities | 10,387,713,926.86 | 8,160,188,363.49 | | Total Owners' Equity | 12,376,028,508.12 | 11,677,887,584.64 | Consolidated Income Statement This table presents the company's consolidated operating results for the specified periods Consolidated Income Statement Key Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (CNY) | First Three Quarters of 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 15,528,960,902.13 | 14,084,534,616.96 | | Operating Profit | 708,024,079.79 | 620,463,910.96 | | Total Profit | 694,536,064.65 | 613,239,272.70 | | Net Profit | 537,551,270.84 | 471,200,759.53 | | Net Profit Attributable to Parent Company Shareholders | 507,885,984.04 | 461,175,009.99 | | Basic Earnings Per Share (CNY/share) | 0.1405 | 0.1269 | Parent Company Income Statement This table presents the parent company's operating results for the specified periods Parent Company Income Statement Key Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (CNY) | First Three Quarters of 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Operating Revenue | 7,368,738,084.62 | 8,557,874,400.77 | | Operating Profit | 865,579,382.01 | 397,442,824.30 | | Total Profit | 852,692,170.78 | 397,394,395.30 | | Net Profit | 731,388,368.05 | 339,305,614.44 | Consolidated Cash Flow Statement This table presents the company's consolidated cash flows for the specified periods Consolidated Cash Flow Statement Key Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (CNY) | First Three Quarters of 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 290,155,214.59 | 256,538,859.33 | | Net Cash Flow from Investing Activities | -458,831,389.73 | -75,709,798.04 | | Net Cash Flow from Financing Activities | 1,644,831,229.77 | -1,141,750,912.50 | | Net Increase in Cash and Cash Equivalents | 1,477,189,426.79 | -960,073,661.87 | | Cash and Cash Equivalents at Period End | 3,641,526,168.31 | 1,943,049,632.53 | Parent Company Cash Flow Statement This table presents the parent company's cash flows for the specified periods Parent Company Cash Flow Statement Key Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (CNY) | First Three Quarters of 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 185,243,520.41 | 622,363,769.49 | | Net Cash Flow from Investing Activities | -587,904,394.44 | -45,249,205.65 | | Net Cash Flow from Financing Activities | 1,918,034,288.06 | -556,487,005.20 | | Net Increase in Cash and Cash Equivalents | 1,516,493,299.92 | 21,475,138.58 | | Cash and Cash Equivalents at Period End | 2,869,906,806.84 | 1,082,852,707.03 | First-Time Adoption of New Revenue and Lease Standards from 2020: Adjustments to Financial Statements at the Beginning of the First Year of Implementation Effective January 1, 2020, the company first adopted new revenue standards, adjusting "Advance Receipts" and "Contract Liabilities" in consolidated and parent company financial statements by reclassifying "Advance Receipts" to "Contract Liabilities," without impacting total assets, liabilities, or owners' equity - The company first adopted new revenue standards effective January 1, 2020, adjusting relevant financial statement items[35] Consolidated Balance Sheet New Revenue Standard Adjustment (January 1, 2020) | Item | December 31, 2019 (CNY) | January 1, 2020 (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Advance Receipts | 258,465,901.36 | | -258,465,901.36 | | Contract Liabilities | | 258,465,901.36 | 258,465,901.36 | - The implementation of the new revenue standard had no impact on the total assets, total liabilities, or owners' equity of both the consolidated and parent company financial statements[37][40] Explanation of Retrospective Adjustment of Prior Period Comparative Data for First-Time Adoption of New Revenue and Lease Standards from 2020 The company did not retrospectively adjust prior period comparative data during this reporting period - The company did not retrospectively adjust prior period comparative data during this reporting period[41] Audit Report The company did not provide an audit report during this reporting period, and the quarterly report remains unaudited - This company's third-quarter report is unaudited[4] - The company did not provide an audit report during this reporting period[41]