北方股份(600262) - 2022 Q3 - 季度财报

I. Major Financial Data Key Accounting Data and Financial Indicators The company achieved significant financial growth in Q3 2022 and YTD, with double-digit increases in operating revenue and net profit attributable to shareholders, and a 75.51% surge in Q3 net profit. Operating cash flow significantly increased in Q3 but slightly decreased YTD | Item | Current Period (Q3 2022) (CNY) | YoY Change (%) | Year-to-Date (YTD 2022) (CNY) | YTD YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 412,334,478.40 | 13.89 | 1,546,818,300.49 | 38.81 | | Net Profit Attributable to Parent Company Shareholders | 26,932,444.48 | 75.51 | 74,898,934.80 | 25.77 | | Net Profit Attributable to Parent Company Shareholders Excluding Non-recurring Gains and Losses | 25,030,642.79 | 150.87 | 65,339,018.68 | 25.53 | | Net Cash Flow from Operating Activities | 256,461,576.82 | 4,681.30 | 24,498,568.38 | -11.57 | | Basic Earnings Per Share (CNY/share) | 0.1584 | 75.51 | 0.4406 | 25.77 | | Diluted Earnings Per Share (CNY/share) | 0.1584 | 75.51 | 0.4406 | 25.77 | | Weighted Average Return on Net Assets (%) | 2.03 | Increased by 0.81 percentage points | 5.67 | Increased by 0.91 percentage points | | Total Assets | 3,285,006,658.45 (Period-end) | 29.45 (vs. prior year-end) | - | - | | Total Equity Attributable to Parent Company Shareholders | 1,339,443,936.83 (Period-end) | 3.50 (vs. prior year-end) | - | - | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's non-recurring gains and losses primarily stemmed from government subsidies and other non-operating income/expenses, positively impacting net profit | Item | Amount for Current Period (Q3 2022) (CNY) | Amount Year-to-Date (YTD 2022) (CNY) | | :--- | :--- | :--- | | Government subsidies included in current profit or loss | 1,235,300.00 | 10,593,494.17 | | Other non-operating income and expenses apart from the above | 905,376.93 | 556,729.15 | | Less: Income tax impact | 307,374.28 | 1,658,806.24 | | Impact on minority interests (after tax) | -68,499.04 | -68,499.04 | | Total | 1,901,801.69 | 9,559,916.12 | Changes and Reasons for Major Accounting Data and Financial Indicators Several balance sheet and income statement items experienced significant changes, primarily influenced by sales growth, operational demands, exchange rate fluctuations, and increased R&D investment | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Accounts Receivable | 32.70 | Due to increased sales revenue | | Receivables Financing | 335.95 | Due to receiving bank acceptance bills for sales settlements | | Prepaid Accounts | -50.97 | Due to arrival of prepaid items | | Other Receivables | 230.22 | Due to payment of bid deposits | | Inventories | 86.87 | Due to increased spare parts reserves to meet sales demand | | Contract Assets | 137.83 | Due to increased product quality assurance receivables with rising sales revenue | | Other Current Assets | 281.31 | Due to reclassification of input VAT credit at period-end | | Construction in Progress | -82.94 | Due to transfer of construction in progress to fixed assets | | Other Non-current Assets | -81.23 | Due to arrival of prepaid equipment and transfer to fixed assets | | Short-term Borrowings | 100.00 | Due to new working capital loans for production and operation needs | | Notes Payable | 41.33 | Due to payment of some procurement costs with bills, which were not due at period-end | | Accounts Payable | 119.03 | Due to increased payables within supplier credit terms with rising production reserves | | Contract Liabilities | 61.26 | Due to receipt of advance payments for goods | | Taxes Payable | 63.07 | Due to property tax, land use tax, and subsidiary corporate income tax payable at period-end | | Other Payables | 42.70 | Due to new equipment payments and temporary intercompany receivables/payables | | Non-current Liabilities Due Within One Year | -99.74 | Due to loan repayment | | Long-term Borrowings | 150.00 | Due to new medium-to-long-term loans for production and operation needs | | Provisions | 49.87 | Due to accrual of after-sales service fees for mining truck sales | | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Total Operating Revenue | 38.81 | Due to effective market expansion and increased sales revenue; also due to revenue from newly consolidated subsidiaries | | Operating Costs | 35.67 | Due to increased sales revenue and corresponding cost of goods sold; also due to rising supply-side costs and increased fulfillment costs | | Selling Expenses | 38.71 | Due to increased sales revenue and corresponding increase in accrued product after-sales service fees | | R&D Expenses | 245.04 | Due to increased R&D projects and investment | | Financial Expenses | -391.22 | Due to exchange gains from exchange rate fluctuations | | Other Income | 9,781.76 | Due to receipt of government subsidies; also due to transfer of some deferred income items to profit or loss | | Investment Income | -69.76 | Due to recognition of long-term equity investment income from joint ventures accounted for by equity method in the prior year; the joint venture was acquired in Q4 of the prior year | | Credit Impairment Losses | -111.65 | Due to provision for bad debts in the current period; reversal of bad debt provision in the prior year | | Asset Impairment Losses | 94.42 | Due to improved inventory structure, leading to reduced provision for inventory depreciation compared to the prior year | | Gains on Disposal of Assets | 100.00 | Due to disposal of fixed assets in the prior year | | Non-operating Income | 345.05 | Due to increased claims income in the current period compared to the prior year | | Non-operating Expenses | 307.57 | Due to increased fixed asset disposal expenses; also due to non-operating expenses from newly consolidated subsidiaries | | Income Tax Expense | 117.82 | Due to increased total profit; also due to income tax expenses from newly consolidated subsidiaries | | Net Cash Flow from Investing Activities | -217.46 | Primarily due to cash dividends received from joint ventures in the prior year | II. Shareholder Information Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the reporting period end, the company had 10,707 common shareholders. The top ten shareholders exhibit high concentration, with Inner Mongolia North Heavy Industries Group Co., Ltd. and Tervo (Shanghai) Enterprise Management Consulting Co., Ltd. being the top two, holding over 52% combined - As of the reporting period end, the total number of common shareholders was 10,707, with no preferred shareholders with restored voting rights[12] | Shareholder Name | Shareholder Nature | Number of Shares Held | Holding Percentage (%) | Number of Restricted Shares Held | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia North Heavy Industries Group Co., Ltd. | State-owned Legal Person | 46,341,499 | 27.26 | 0 | None | | Tervo (Shanghai) Enterprise Management Consulting Co., Ltd. | Domestic Non-state-owned Legal Person | 42,780,000 | 25.16 | 0 | None | | China Ordnance Investment Management Co., Ltd. | State-owned Legal Person | 5,100,000 | 3.00 | 0 | None | | Qu Junwei | Domestic Natural Person | 3,000,065 | 1.76 | 0 | None | | Yang Yongxin | Domestic Natural Person | 1,500,000 | 0.88 | 0 | None | | Wang Shuyue | Domestic Natural Person | 1,251,800 | 0.74 | 0 | None | | Yu Xueli | Domestic Natural Person | 1,244,600 | 0.73 | 0 | None | | Yang Dongfei | Domestic Natural Person | 1,085,700 | 0.64 | 0 | None | | Ni Xiu'an | Domestic Natural Person | 1,042,000 | 0.61 | 0 | None | | Bi Ketao | Domestic Natural Person | 1,005,000 | 0.59 | 0 | None | - Inner Mongolia North Heavy Industries Group Co., Ltd. and China Ordnance Investment Management Co., Ltd. are under the same ultimate control of China North Industries Group Corporation Limited, acting as parties in concert[13] III. Other Reminders 1. Proposal on the Company's Mining Truck Procurement Contract with Walkworth Mining Co., Ltd. The first batch of the mining truck procurement contract signed with Walkworth Mining Co., Ltd. has received advance payment and is currently being executed - The company's board of directors approved the mining truck procurement contract with Walkworth Mining Co., Ltd. on March 13, 2020[14] - On April 8, 2020, 20% advance payment for the first batch of the contract (approximately USD 64.5 million) was received, initiating contract effectiveness[14] - The first batch of the contract remains under execution during the reporting period[14] 2. Proposal on the Major Contract for Mining Truck Procurement with Huibang Group Co., Ltd. and Related Party Transaction Changing Contract Party to Beishan Company The mining truck procurement contract with Huibang Group/Beishan Company experienced project delays due to the pandemic, resulting in slow and uncertain procurement progress, with no purchases by Beishan Company during the reporting period - The mining truck procurement contract signed with Huibang Group Co., Ltd. was amended to change the contract party to Beishan Company after review[14] - Due to the project location at Tavan Tolgoi coal mine in Mongolia and pandemic impacts, the Northern International Mongolia mining project experienced delays, leading to slow and uncertain procurement of the company's mining trucks[14] - As of December 31, 2020, only one-third of the contracted mining trucks were procured, and Beishan Company made no purchases from the company during the reporting period[14][15] IV. Quarterly Financial Statements Type of Audit Opinion The financial statements for this quarter are unaudited - The third-quarter financial statements are unaudited[4][16] Consolidated Balance Sheet As of September 30, 2022, total assets increased by 29.45% from year-end 2021, driven by significant growth in current assets, particularly cash, accounts receivable, and inventory. Total liabilities also rose substantially due to increased short-term and long-term borrowings | Item | September 30, 2022 (CNY) | December 31, 2021 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 528,299,159.62 | 412,248,569.49 | 28.14 | | Accounts Receivable | 705,953,022.49 | 531,981,210.35 | 32.70 | | Inventories | 931,051,866.13 | 498,247,295.35 | 86.87 | | Total Current Assets | 2,794,234,132.85 | 2,040,469,116.20 | 36.94 | | Total Assets | 3,285,006,658.45 | 2,537,758,622.34 | 29.45 | | Short-term Borrowings | 85,499,000.00 | 0.00 | 100.00 | | Accounts Payable | 627,256,931.19 | 286,374,478.65 | 119.03 | | Total Current Liabilities | 1,409,782,423.88 | 890,005,381.83 | 58.40 | | Long-term Borrowings | 250,000,000.00 | 100,000,000.00 | 150.00 | | Total Liabilities | 1,855,238,730.87 | 1,161,044,640.20 | 59.79 | | Total Equity Attributable to Parent Company Shareholders | 1,339,443,936.83 | 1,294,169,724.84 | 3.50 | Consolidated Income Statement In the first three quarters of 2022, total operating revenue grew by 38.81% year-over-year, and net profit attributable to parent company shareholders increased by 25.77%. R&D expenses surged, while financial expenses significantly decreased due to exchange gains | Item | Q1-Q3 2022 (Jan-Sep) (CNY) | Q1-Q3 2021 (Jan-Sep) (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,546,818,300.49 | 1,114,331,399.08 | 38.81 | | Operating Costs | 1,282,119,153.33 | 945,009,290.24 | 35.67 | | Selling Expenses | 62,049,025.47 | 44,731,550.73 | 38.71 | | Administrative Expenses | 55,166,574.91 | 46,102,847.20 | 19.66 | | R&D Expenses | 50,915,660.87 | 14,756,400.07 | 245.04 | | Financial Expenses | -28,601,766.12 | -5,822,565.21 | -391.22 | | Operating Profit | 114,029,626.64 | 69,935,512.76 | 63.05 | | Total Profit | 114,619,355.79 | 70,058,964.28 | 63.62 | | Income Tax Expense | 22,890,317.73 | 10,508,844.64 | 117.82 | | Net Profit | 91,729,038.06 | 59,550,119.64 | 54.04 | | Net Profit Attributable to Parent Company Shareholders | 74,898,934.80 | 59,550,119.64 | 25.77 | | Basic Earnings Per Share (CNY/share) | 0.44 | 0.35 | 25.71 | | Diluted Earnings Per Share (CNY/share) | 0.44 | 0.35 | 25.71 | Consolidated Cash Flow Statement In the first three quarters of 2022, net cash flow from operating activities slightly decreased, while net cash flow from financing activities turned positive, primarily due to new borrowings. Net cash flow from investing activities shifted from positive to negative | Item | Q1-Q3 2022 (Jan-Sep) (CNY) | Q1-Q3 2021 (Jan-Sep) (CNY) | Change Amount (CNY) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 24,498,568.38 | 27,703,245.05 | -3,204,676.67 | | Net Cash Flow from Investing Activities | -10,618,257.59 | 9,039,783.90 | -19,658,041.49 | | Net Cash Flow from Financing Activities | 67,807,791.99 | -31,331,917.86 | 99,139,709.85 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 9,332,676.66 | -320,316.33 | 9,652,992.99 | | Net Increase in Cash and Cash Equivalents | 91,020,779.44 | 5,090,794.76 | 85,929,984.68 | | Cash and Cash Equivalents at Period End | 486,365,337.10 | 400,210,974.62 | 86,154,362.48 | - Total cash inflow from financing activities significantly increased from CNY 23,536,222.29 in Q1-Q3 2021 to CNY 252,403,011.83 in Q1-Q3 2022, primarily due to increased cash received from borrowings[25]