海正药业(600267) - 2021 Q3 - 季度财报

Financial Summary Key Accounting Data and Financial Indicators In the first three quarters of 2021, the company achieved an 11.69% year-on-year increase in operating revenue and a significant 45.83% increase in net profit attributable to shareholders, with a strong 115.37% surge in Q3 alone, and a 126.54% growth in non-recurring net profit, indicating enhanced core business profitability Key Accounting Data and Financial Indicators | Indicator | Year-to-Date (CNY) | YoY Growth (%) | Current Period (CNY) | YoY Growth (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 9.107 billion | 11.69% | 3.103 billion | 9.44% | | Net Profit Attributable to Shareholders of Listed Company | 499 million | 45.83% | 219 million | 115.37% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 166 million | 126.54% | 8.47 million | Not Applicable | | Net Cash Flow from Operating Activities | 1.051 billion | -17.73% | Not Applicable | Not Applicable | | Basic Earnings Per Share (CNY/share) | 0.443 | 24.79% | 0.189 | 78.30% | Non-Recurring Gains and Losses Items In the first three quarters of 2021, the company's non-recurring gains and losses totaled CNY 333 million, significantly contributing to net profit attributable to shareholders, with the largest item being disposal gains/losses of non-current assets at CNY 206 million, alongside CNY 72 million from government grants Non-Recurring Gains and Losses Items | Item | Year-to-Date Amount (CNY) | | :--- | :--- | | Disposal Gains/Losses of Non-Current Assets | 205,898,930.75 | | Government Grants Included in Current Profit/Loss | 72,044,057.46 | | One-time Adjustments to Current Profit/Loss Based on Tax, Accounting, and Other Laws and Regulations | 46,686,872.72 | | Total | 333,116,839.37 | Analysis of Changes in Key Financial Indicators The substantial growth in the company's net profit attributable to shareholders and non-recurring net profit is primarily driven by strong core business performance and external factors, including increased sales and profitability of pharmaceutical preparations, and significant investment income from the approval of BioRay's restructuring-related products - Net profit attributable to shareholders (year-to-date YoY increase of 45.83%) primarily benefited from the growth in the company's non-recurring operating profit and increased investment income from the timely approval of products related to the BioRay restructuring[16] - Net profit attributable to shareholders excluding non-recurring gains and losses (year-to-date YoY increase of 126.54%) primarily resulted from increased operating revenue, especially from the growth in pharmaceutical preparation sales and enhanced profitability, leading to an increase in the company's non-recurring operating profit[16] Shareholder Information Shareholder Holdings As of the end of the reporting period, the company had 55,056 common shareholders, with Zhejiang Hisun Group Co., Ltd. as the controlling shareholder holding 26.82%, and state-owned corporate shareholders dominating the top ten, indicating a relatively concentrated equity structure - The total number of common shareholders at the end of the reporting period was 55,056[17] Top Ten Shareholders' Holdings | Shareholder Name | Nature | Holding Percentage (%) | | :--- | :--- | :--- | | Zhejiang Hisun Group Co., Ltd. | State-owned Legal Person | 26.82 | | HPPC Holding SARL | Overseas Legal Person | 11.99 | | Zhejiang International Trade Group Co., Ltd. | State-owned Legal Person | 7.17 | | Taizhou Jiaojiang District State-owned Capital Operation Group Co., Ltd. | State-owned Legal Person | 5.01 | - Controlling shareholder Zhejiang Hisun Group Co., Ltd. has an associated relationship with the fourth largest shareholder, Taizhou Jiaojiang District State-owned Capital Operation Group Co., Ltd., which is the company's actual controller[21] Operating Performance and Important Matters Other Important Matters During the reporting period, the company actively pursued several strategic initiatives, including capital operations such as investing in YunKaiYaMei's overseas entity, selling Fudan-Zhangjiang shares for capital recovery, and implementing a restricted stock incentive plan, alongside business expansion efforts like establishing a wholly-owned Japanese subsidiary and increasing capital in its animal health subsidiary - The company completed the capital reduction in its associate YunKaiYaMei (domestic) and capital contribution to the newly established Cayman company (overseas), ultimately holding 14.45% equity in YunKaiYaMei Cayman Company[23] - The company recovered the remaining payment of CNY 16.6005 million from the transfer of 51% equity in Hisun-Syntech, and related litigation has been resolved[25][27] - To recover funds, the company decided to sell its shares in Fudan-Zhangjiang, having sold 3,606,112 shares as of the end of the reporting period, while still holding 3,393,888 shares[28] - The company completed the initial grant registration of its 2021 Restricted Stock Incentive Plan, granting 27.3611 million shares to 656 incentive recipients, which increased the total share capital[32] - The company's wholly-owned Japanese subsidiary, "Hisun Pharmaceutical Japan Co., Ltd.," has completed registration and its first capital contribution of JPY 100 million, aiming to expand overseas markets[33] - Controlling subsidiary Hisun Animal Health increased capital in its wholly-owned subsidiary Yunsheng Company by CNY 50 million to support the development of its animal health products business[34] Financial Statements Consolidated Balance Sheet As of September 30, 2021, the company's total assets were CNY 19.960 billion, a 4.31% decrease from the end of the previous year, while total owner's equity attributable to shareholders was CNY 7.355 billion, a 10.12% increase due to profit growth and equity incentive plan implementation, with total liabilities of CNY 12.482 billion remaining largely stable Consolidated Balance Sheet | Item | September 30, 2021 (CNY) | December 31, 2020 (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 19,960,204,369.95 | 20,859,772,184.12 | -4.31% | | Total Liabilities | 12,482,406,910.09 | 12,603,176,219.43 | -0.96% | | Total Owner's Equity Attributable to Parent Company Shareholders | 7,354,714,435.82 | 6,678,665,195.35 | +10.12% | Consolidated Income Statement In the first three quarters of 2021, the company achieved total operating revenue of CNY 9.107 billion, up 11.69%, with total operating costs of CNY 8.628 billion, up 12.13%, and despite costs growing slightly faster than revenue, a significant increase in investment income from CNY 43.69 million to CNY 158 million led to a 45.83% growth in net profit attributable to shareholders, reaching CNY 499 million Consolidated Income Statement | Item | First Three Quarters of 2021 (CNY) | First Three Quarters of 2020 (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 9,107,442,471.65 | 8,153,921,841.13 | +11.69% | | Total Operating Costs | 8,627,644,412.73 | 7,694,046,794.08 | +12.13% | | Investment Income | 157,762,419.57 | 43,689,693.35 | +261.08% | | Total Profit | 637,054,724.98 | 726,752,447.81 | -12.34% | | Net Profit Attributable to Parent Company Shareholders | 499,461,077.10 | 342,504,813.74 | +45.83% | Consolidated Cash Flow Statement In the first three quarters of 2021, the company's net cash flow from operating activities was CNY 1.051 billion, a 17.73% year-on-year decrease, indicating weakened operating cash collection, while net cash outflow from investing activities was CNY 318 million (compared to a CNY 690 million inflow last year) due to increased investment payments and reduced investment recovery, and net cash outflow from financing activities was CNY 1.309 billion, primarily for debt repayment Consolidated Cash Flow Statement | Item | First Three Quarters of 2021 (CNY) | First Three Quarters of 2020 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,050,741,265.48 | 1,277,116,822.14 | | Net Cash Flow from Investing Activities | -317,770,156.96 | 690,257,668.18 | | Net Cash Flow from Financing Activities | -1,309,449,958.99 | -1,570,015,125.60 | | Net Increase in Cash and Cash Equivalents | -579,024,534.74 | 396,650,138.37 | Accounting Standard Change Impact Effective January 1, 2021, the company adopted the revised "Accounting Standard for Business Enterprises No. 21 – Leases," making retrospective adjustments to its financial statements, recognizing right-of-use assets and corresponding lease liabilities (including current portion) of CNY 22.6003 million at the beginning of 2021, with no impact on owner's equity - The company adopted the new lease standard effective January 1, 2021, and adjusted relevant items in its financial statements[64] Adjustments Due to New Lease Standard Adoption | Adjustment Item | Adjustment Amount (CNY) | | :--- | :--- | | Right-of-Use Assets | +22,600,316.93 | | Non-Current Liabilities Due Within One Year | +7,594,040.47 | | Lease Liabilities | +15,006,276.46 | | Total Asset Adjustment | +22,600,316.93 | | Total Liability Adjustment | +22,600,316.93 |