北方稀土(600111) - 2021 Q3 - 季度财报

Key Financial Data and Analysis Core Financial Indicators The company's Q3 and first three quarters of 2021 saw explosive growth, with revenue up 51.61% and net profit attributable to shareholders surging 495.03% driven by rare earth product sales and price increases Key Financial Data for the First Three Quarters of 2021 | Indicator | Current Period (2021 Q3) | Year-to-Date (2021 Q1-Q3) | YTD Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 9,370,752,349.27 | 24,091,058,044.99 | 51.61% | | Net Profit Attributable to Shareholders (CNY) | 1,113,252,078.82 | 3,149,058,015.71 | 495.03% | | Net Cash Flow from Operating Activities (CNY) | N/A | 2,155,641,975.40 | 558.48% | | Basic Earnings Per Share (CNY/share) | 0.3080 | 0.8711 | 495.03% | | Weighted Average ROE (%) | 8.70% | 25.59% | Increase of 20.21 percentage points | Key Balance Sheet Data at Period End | Indicator | As of Period End (2021-09-30) | As of Prior Year End (2020-12-31) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 31,229,518,117.08 | 26,883,450,803.87 | 16.17% | | Total Equity Attributable to Shareholders (CNY) | 13,418,208,173.37 | 11,194,980,569.94 | 19.86% | Non-recurring Gains and Losses Non-recurring gains and losses for the first three quarters of 2021 totaled approximately CNY 190 million, primarily from government subsidies and business combination gains Key Non-recurring Gains and Losses for Year-to-Date | Item | Amount (CNY) | | :--- | :--- | | Government subsidies recognized in current profit/loss | 101,309,177.82 | | Net profit/loss of subsidiaries from beginning of period to merger date arising from business combinations under common control | 119,980,997.26 | | Fair value change gains/losses on transactional financial assets/liabilities and investment income | 34,186,015.96 | | Gains/losses on disposal of non-current assets | -34,443,682.70 | | Total | 189,974,973.36 | Analysis of Major Financial Data Changes The company's financial indicators showed significant changes, with substantial increases in prepayments, payables, revenue, and operating cash flow, reflecting business expansion - Operating revenue increased by 51.61% year-on-year, primarily due to increased sales volume and rising prices of the company's main rare earth products during the reporting period[7] - Net cash flow from operating activities significantly increased by 558.48% year-on-year, mainly due to increased cash received from sales of goods and provision of services[7] - Research and development expenses increased by 113.66% year-on-year, reflecting the company's increased R&D investment during the reporting period[7] Changes in Selected Balance Sheet Items | Item Name | Change (%) | Primary Reason | | :--- | :--- | :--- | | Prepayments | 204.87% | Prepayments for goods increased at the end of the reporting period compared to the beginning of the year | | Contract Liabilities | 111.49% | Advance receipts for goods increased at the end of the reporting period compared to the beginning of the year | | Notes Payable | 101.01% | Unmatured notes payable increased at the end of the reporting period compared to the beginning of the year | | Accounts Payable | 68.53% | Increased procurement activities led to higher accounts payable at the end of the reporting period compared to the beginning of the year | Shareholder Information Shareholding Status of Shareholders As of the reporting period end, the company had 405,387 common shareholders, with controlling shareholder Baotou Steel Group holding 37.93% of shares, reflecting a diversified structure - As of the reporting period end, the company had 405,387 common shareholders[9] - Controlling shareholder Baotou Steel (Group) Co, Ltd. held a total of 1,377,960,969 shares, representing 37.93% of the company's shares, through its ordinary securities account, credit securities account, and trust property special account[10][12] Top Five Shareholders' Shareholding Status | Shareholder Name | Number of Shares Held (shares) | Shareholding Percentage (%) | | :--- | :--- | :--- | | Baotou Steel (Group) Co, Ltd. | 1,054,020,969 | 29.01% | | Baogang Group - Galaxy Securities - 20 Baogang EB Guarantee and Trust Property Special Account | 323,940,000 | 8.92% | | Jiaxin Co, Ltd. | 204,577,348 | 5.63% | | Hong Kong Securities Clearing Company Limited | 94,876,301 | 2.61% | | Hangzhou Zhichun Investment Management Co, Ltd. - Zhichun Elite Phase I Private Securities Investment Fund | 20,729,526 | 0.57% | Significant Operating Matters Major Investments and Capital Operations The company actively pursued major investments and capital operations, including equity purchases, mixed-ownership reforms, and strategic investments to expand its downstream rare earth industrial chain - The company completed the purchase of shares in its associate, Inner Mongolia Baogang Steel Union Co, Ltd., in the secondary market, with a cumulative payment of approximately CNY 800 million[15] - Mixed-ownership reform was initiated for the wholly-owned subsidiary Baogang Group Energy Saving and Environmental Protection Technology Industry Co, Ltd., introducing strategic investors and concurrent capital increase by associate Baogang Steel Union[16] - The company invested CNY 38.25 million to establish a new joint venture with its research institute for a PVC rare earth heat stabilizer industrialization project with an annual output of 10,000 tons[16] - A capital increase of CNY 54.216 million was made to the controlling subsidiary Northern Rare Earth (Anhui) Permanent Magnet Technology Co, Ltd., for the construction of a high-performance neodymium iron boron alloy thin sheet project with an annual output of 8,000 tons[17] Corporate Governance and Personnel Changes The company completed the re-election of its Board of Directors, Supervisory Board, and management team, ensuring stable corporate governance and continuous operations - The company completed the re-election of its Board of Directors and Supervisory Board, electing members for the Eighth Board of Directors and Supervisory Board[15] - Mr. Li Jinling was elected as the new Chairman of the Eighth Board of Directors, and Mr. Qu Yedong was re-appointed as the company's General Manager, with Mr. Wang Zhancheng re-appointed as Deputy General Manager and Chief Financial Officer[15][16] Change in Accounting Estimates To accurately reflect fixed asset usage and improve cost accounting, the company changed its accounting estimates for fixed asset depreciation periods, effective September 1, 2021 - The company changed its accounting estimates for fixed asset depreciation periods to match the actual useful life of assets and improve cost accounting accuracy, with the new rules effective from September 1, 2021[18] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2021, total assets reached CNY 31.23 billion, up 16.17%, with total liabilities at CNY 14.10 billion and equity attributable to parent company at CNY 13.42 billion, up 19.86% Consolidated Balance Sheet Key Items (Unit: CNY) | Item | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Assets | 31,229,518,117.08 | 26,883,450,803.87 | | Total Liabilities | 14,097,239,421.97 | 12,320,124,011.85 | | Total Equity Attributable to Parent Company Shareholders | 13,418,208,173.37 | 11,194,980,569.94 | | Total Owners' Equity | 17,132,278,695.11 | 14,563,326,792.02 | Consolidated Income Statement In the first three quarters of 2021, the company achieved total operating revenue of CNY 24.09 billion, up 51.61%, and net profit attributable to parent company shareholders of CNY 3.15 billion, surging 495.03% Consolidated Income Statement Key Items (Unit: CNY) | Item | First Three Quarters of 2021 | First Three Quarters of 2020 | | :--- | :--- | :--- | | I. Total Operating Revenue | 24,091,058,044.99 | 15,889,663,747.82 | | III. Operating Profit | 4,147,559,716.20 | 733,914,535.09 | | Net Profit Attributable to Parent Company Shareholders | 3,149,058,015.71 | 529,225,059.65 | | Basic Earnings Per Share (CNY/share) | 0.8711 | 0.1464 | Consolidated Cash Flow Statement In the first three quarters of 2021, net cash flow from operating activities surged 558.48% to CNY 2.16 billion, with net outflows from investing activities of CNY 1.72 billion and financing activities of CNY 491 million Consolidated Cash Flow Statement Key Items (Unit: CNY) | Item | First Three Quarters of 2021 | First Three Quarters of 2020 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 2,155,641,975.40 | 327,366,471.53 | | Net Cash Flow from Investing Activities | -1,716,818,989.87 | -467,612,659.01 | | Net Cash Flow from Financing Activities | -491,308,832.88 | 1,652,803,392.55 | | Cash and Cash Equivalents at Period End | 3,804,019,470.23 | 3,708,572,502.07 | Accounting Standard Change Adjustments Effective January 1, 2021, the company adopted new lease accounting standards, retrospectively adjusting the consolidated balance sheet to recognize CNY 36.53 million in right-of-use assets and lease liabilities, with no impact on equity - The company first adopted the new lease accounting standards starting from January 1, 2021, and made corresponding adjustments to its financial statements at the beginning of the year[28] Impact of New Lease Standard Adoption on Beginning-of-Year Financial Statements | Adjustment Item | Adjustment Amount (CNY) | | :--- | :--- | | Right-of-Use Assets | +36,530,349.99 | | Lease Liabilities | +36,530,349.99 |