信雅达(600571) - 2022 Q3 - 季度财报

Report Overview The company's board, supervisors, and senior management guarantee the accuracy and completeness of this quarterly report Important Notice The company's board, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility for its content - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content and assume legal responsibility[3][4] - The company's principal officer, head of accounting, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[5] Key Financial Data The company's Q3 2022 revenue grew, but net profit was negative, with year-to-date net profit also negative due to non-operating factors Key Accounting Data and Financial Indicators In Q3 2022, revenue grew 33.35% to CNY 434 million, but net profit attributable to shareholders was negative CNY 14.49 million; year-to-date revenue grew 21.93% to CNY 1.181 billion, with net profit attributable to shareholders at negative CNY 84.48 million, mainly due to reduced non-current asset disposal gains and lower investment income from financial assets Key Accounting Data and Financial Indicators for Q3 2022 and Year-to-Date | Item | Current Period (Q3 2022) (yuan) | Year-on-Year Change (%) | Year-to-Date (YTD 2022) (yuan) | Period-end Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 434,191,382.15 | 33.35 | 1,181,453,637.38 | 21.93 | | Net Profit Attributable to Shareholders of Listed Company | -14,486,588.79 | N/A | -84,475,452.71 | N/A | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 9,958,763.16 | 211.81 | -21,626,834.63 | N/A | | Net Cash Flow from Operating Activities | N/A | N/A | -389,902,369.57 | N/A | | Basic Earnings Per Share (yuan/share) | -0.033 | N/A | -0.192 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.034 | N/A | -0.186 | N/A | | Weighted Average Return on Net Assets (%) | -1.21 | Decreased 2.85 percentage points | -6.83 | Decreased 29.94 percentage points | | Total Assets (Period-end) | 1,727,878,366.17 | | 1,985,241,404.84 | -12.96 | | Owners' Equity Attributable to Shareholders of Listed Company (Period-end) | 1,146,851,999.63 | | 1,242,118,719.60 | -7.67 | - Year-to-date net profit attributable to shareholders decreased year-on-year, primarily due to the absence of CNY 262 million in non-current asset disposal gains from the prior year and current period investment income from financial assets being negative CNY 72.37 million (compared to CNY 92.93 million in the prior year)[11] - Year-to-date net profit attributable to shareholders (excluding non-recurring gains/losses) decreased, mainly due to an increase of approximately CNY 26 million in equity incentive expense amortization (current period CNY 58.48 million, prior year CNY 32.35 million)[11] Non-Recurring Gains and Losses Items and Amounts During the reporting period, total non-recurring gains and losses were negative CNY 24.45 million, and year-to-date total was negative CNY 62.85 million, primarily due to negative fair value changes and investment income from holding and disposing of financial assets Non-Recurring Gains and Losses Items for Q3 2022 and Year-to-Date | Item | Current Period Amount (yuan) | Year-to-Date Amount (yuan) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 3,208.49 | 7,011.34 | | Tax Refunds or Reductions Due to Unauthorized Approvals, Lack of Formal Approval Documents, or Incidental Events | 787,919.39 | 1,858,576.15 | | Government Subsidies Recognized in Current Profit/Loss | 2,871,600.31 | 9,246,686.23 | | Gains/Losses from Changes in Fair Value of Financial Assets Held for Trading, Derivative Financial Assets, Financial Liabilities Held for Trading, Derivative Financial Liabilities, and Investment Income from Disposal of Financial Assets Held for Trading, Derivative Financial Assets, Financial Liabilities Held for Trading, Derivative Financial Liabilities, and Other Debt Investments, Excluding Effective Hedge Accounting Related to Normal Business Operations | -27,354,104.06 | -72,370,304.08 | | Other Non-Operating Income and Expenses Apart from the Above | -1,879.62 | -76,218.29 | | Less: Income Tax Impact | 739,773.15 | 825,736.54 | | Impact on Minority Interests (After Tax) | 12,323.31 | 688,632.89 | | Total | -24,445,351.95 | -62,848,618.08 | - Among non-recurring gains and losses, fair value changes and investment income from holding and disposing of financial assets were the primary negative factors, totaling negative CNY 72.37 million year-to-date[15] Changes and Reasons for Key Accounting Data and Financial Indicators During the reporting period, several financial indicators changed significantly: operating costs increased 31.84% due to revenue growth; investment income surged 135.78% from stock sales; asset impairment losses rose 594.66%; net profit attributable to shareholders declined due to financial asset investment income and non-current asset disposal gains; and accounts receivable increased 316.84% due to revenue growth Changes and Reasons for Key Accounting Data and Financial Indicators | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Operating Cost | 31.84 | Mainly due to current period revenue growth | | Financial Expenses | N/A | Mainly due to current period interest income growth | | Other Income | -39.73 | Mainly due to current period decrease in government subsidies | | Investment Income | 135.78 | Mainly due to current period disposal of Caitong and other stocks | | Gains from Changes in Fair Value | N/A | Mainly due to current period disposal of Caitong and other stocks | | Credit Impairment Losses | N/A | Mainly due to current period provision for bad debts | | Asset Impairment Losses | 594.66 | Mainly due to current period provision for asset impairment | | Asset Disposal Gains | -100.00 | Mainly due to prior period disposal of land | | Non-Operating Income | -96.05 | Mainly due to prior period litigation settlement | | Non-Operating Expenses | -86.05 | Mainly due to current period decrease in fines and donation expenses | | Net Profit Attributable to Shareholders of Listed Company | N/A | Mainly due to current period (Jan-Sep) investment income from holding and disposing of financial assets held for trading being approximately negative CNY 72.37 million, compared to approximately CNY 92.93 million in the prior year; and prior year non-current asset disposal gains being approximately CNY 262.33 million, with no such item in the current period | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | N/A | Mainly due to an increase of over CNY 26 million in equity incentive expense amortization, approximately CNY 58.48 million in the current period (Jan-Sep) compared to approximately CNY 32.35 million in the prior year | | Financial Assets Held for Trading | -54.44 | Mainly due to current period disposal of fund shares and stocks | | Accounts Receivable | 316.84 | Mainly due to current period revenue increase | | Receivables Financing | -45.90 | Mainly due to current period decrease in bills | | Inventories | 58.58 | Mainly due to current period increase in work-in-progress | | Contract Assets | -65.12 | Mainly due to current period increase in collections | | Other Current Assets | -32.28 | Mainly due to current period decrease in prepaid VAT | | Long-Term Equity Investments | -100.00 | Mainly due to current period deregistration of an associate | | Construction in Progress | 367.93 | Mainly due to current period office renovation | | Deferred Income Tax Assets | 252.66 | Mainly due to current period fair value changes of fund shares and stocks | | Financial Liabilities Held for Trading | -100.00 | Mainly due to current period disposal of financial assets held for trading | | Contract Liabilities | -30.05 | Mainly due to current period decrease in advance receipts | | Taxes Payable | -83.36 | Mainly due to current period decrease in VAT payable | | Non-Current Liabilities Due Within One Year | -75.00 | Mainly due to current period decrease in lease liabilities | | Other Current Liabilities | -88.73 | Mainly due to current period decrease in deferred output VAT | | Deferred Income Tax Liabilities | -31.71 | Mainly due to current period fair value changes of fund shares and stocks | | Cash Received Related to Other Operating Activities | -44.16 | Mainly due to current period decrease in recovery of deposits and loans | | Cash Paid to and for Employees | 41.15 | Mainly due to current period increase in personnel and salary growth | | Cash Paid Related to Other Operating Activities | -47.68 | Mainly due to current period decrease in expenses and deposit payments | | Cash Received from Investment Income | N/A | Mainly due to current period disposal of Caitong and other stocks | | Net Cash Received from Disposal of Fixed Assets, Intangible Assets, and Other Long-Term Assets | -99.99 | Mainly due to prior period receipt of Tianming land payment | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | -43.96 | Mainly due to current period decrease in fixed asset purchases | | Cash Received from Investments | -92.23 | Mainly due to prior period equity incentives | | Cash Received from Borrowings | N/A | Mainly due to current period borrowings | | Cash Paid for Debt Repayment | N/A | Mainly due to current period debt repayment | | Cash Paid Related to Other Financing Activities | N/A | Mainly due to current period repurchase of restricted shares | - Net profit attributable to shareholders of the listed company significantly decreased year-on-year, primarily due to the negative impact of non-current asset disposal gains (prior year CNY 262 million, none this period) and investment income from financial assets held for trading (current period negative CNY 72.37 million, prior year CNY 92.93 million)[21] - Net profit attributable to shareholders of the listed company (excluding non-recurring gains/losses) decreased, mainly due to an increase of approximately CNY 26 million in equity incentive expense amortization[21] Shareholder Information The company had 53,125 common shareholders at period-end, with Hangzhou Xinyada Electronics Co., Ltd. as the largest shareholder Total Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 53,125 common shareholders; Hangzhou Xinyada Electronics Co., Ltd. was the largest shareholder with 16.27% of shares, with key individuals holding positions in both companies - At the end of the reporting period, the total number of common shareholders was 53,125[25] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Number of Shares Held | Shareholding Ratio (%) | Number of Restricted Shares Held | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Xinyada Electronics Co., Ltd. | Domestic Non-State-Owned Legal Person | 78,106,006 | 16.27 | 0 | Unknown | | Guo Huaqiang | Domestic Natural Person | 18,490,152 | 3.85 | 0 | Unknown | | Ningbo Economic and Technological Development Zone Chunqiu Technology Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 15,200,000 | 3.17 | 0 | Unknown | | Hong Zhipeng | Domestic Natural Person | 8,036,593 | 1.67 | 5,497,000 | Unknown | | Lin Weiwei | Domestic Natural Person | 5,310,677 | 1.11 | 0 | Unknown | | Dou Ke | Domestic Natural Person | 4,632,600 | 0.96 | 0 | Unknown | | Huang Qi | Domestic Natural Person | 4,443,117 | 0.93 | 0 | Unknown | | Zhu Baowen | Domestic Natural Person | 3,894,000 | 0.81 | 360,000 | Unknown | | Zhang Jian | Domestic Natural Person | 2,980,000 | 0.62 | 360,000 | Unknown | | Peng Zhigang | Domestic Natural Person | 2,942,334 | 0.61 | 0 | Unknown | - Guo Huaqiang, Zhu Baowen, and Zhang Jian are directors of Hangzhou Xinyada Electronics Co., Ltd., each holding equity in it; Guo Huaqiang and Zhu Baowen are also directors of the company[27] Other Reminders During the reporting period, the company had no other significant operating information requiring investor attention - The company has no other important operating information for the reporting period that requires investor attention[28] Quarterly Financial Statements This section presents the unaudited quarterly financial statements, including the consolidated balance sheet, income statement, and cash flow statement Type of Audit Opinion The financial statements for this quarter are unaudited - The financial statements for this reporting period are unaudited[6][28] Consolidated Balance Sheet As of September 30, 2022, total assets were CNY 1.728 billion, a 12.96% decrease from year-end; current assets totaled CNY 1.274 billion, non-current assets CNY 454 million; total liabilities were CNY 469 million, and total owners' equity CNY 1.259 billion, with significant changes in financial assets held for trading and accounts receivable Consolidated Balance Sheet Key Data (As of September 30, 2022 vs December 31, 2021) | Item | September 30, 2022 (yuan) | December 31, 2021 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Assets | | | | | Cash and Cash Equivalents | 108,336,449.33 | 137,080,273.11 | -21.00 | | Financial Assets Held for Trading | 507,999,619.13 | 1,115,022,623.36 | -54.44 | | Accounts Receivable | 368,382,105.51 | 88,375,352.18 | 316.84 | | Inventories | 159,291,451.76 | 100,449,313.40 | 58.58 | | Total Current Assets | 1,274,192,930.09 | 1,589,475,442.17 | -19.84 | | Other Non-Current Financial Assets | 369,516,706.81 | 314,690,046.00 | 17.42 | | Deferred Income Tax Assets | 5,777,111.64 | 1,638,168.11 | 252.66 | | Total Non-Current Assets | 453,685,436.08 | 395,765,962.67 | 14.64 | | Total Assets | 1,727,878,366.17 | 1,985,241,404.84 | -12.96 | | Liabilities | | | | | Short-Term Borrowings | 500,000.00 | 0.00 | N/A | | Contract Liabilities | 109,250,133.53 | 156,190,356.49 | -30.05 | | Taxes Payable | 3,591,186.35 | 21,576,756.31 | -83.36 | | Total Current Liabilities | 421,060,865.77 | 563,091,582.72 | -25.23 | | Deferred Income Tax Liabilities | 44,775,209.71 | 65,567,794.27 | -31.71 | | Total Liabilities | 469,138,781.44 | 632,438,349.01 | -25.82 | | Owners' Equity | | | | | Total Owners' Equity Attributable to Parent Company | 1,146,851,999.63 | 1,242,118,719.60 | -7.67 | | Total Owners' Equity | 1,258,739,584.73 | 1,352,803,055.83 | -6.95 | - Financial assets held for trading significantly decreased from CNY 1.115 billion to CNY 508 million, a 54.44% decline, primarily due to the disposal of fund shares and stocks during the period[32][21] - Accounts receivable significantly increased from CNY 88.38 million to CNY 368 million, a 316.84% increase, primarily due to increased revenue during the period[32][21] Consolidated Income Statement In the first three quarters of 2022, total operating revenue grew 21.93% to CNY 1.181 billion, but net profit was negative CNY 83.27 million, and net profit attributable to parent company shareholders was negative CNY 84.48 million, a significant swing from CNY 263 million profit in the prior year, mainly due to negative fair value changes and reduced asset disposal gains Consolidated Income Statement Key Data (First Three Quarters of 2022 vs First Three Quarters of 2021) | Item | First Three Quarters of 2022 (yuan) | First Three Quarters of 2021 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,181,453,637.38 | 968,982,730.70 | 21.93 | | Total Operating Costs | 1,206,637,376.86 | 986,159,914.17 | 22.36 | | Operating Cost | 572,779,360.75 | 434,455,519.25 | 31.84 | | Selling Expenses | 43,716,482.09 | 37,434,798.59 | 16.78 | | Administrative Expenses | 213,128,973.80 | 171,013,172.57 | 24.63 | | R&D Expenses | 372,011,992.60 | 338,526,128.62 | 9.89 | | Financial Expenses | -459,918.19 | -129,200.12 | -256.05 | | Other Income | 14,671,904.39 | 24,341,979.94 | -39.73 | | Investment Income | 92,244,864.45 | 39,123,805.88 | 135.78 | | Gains from Changes in Fair Value | -164,947,092.12 | 53,802,061.06 | N/A (from positive to negative) | | Credit Impairment Losses | -20,612,448.02 | -5,949,089.18 | 246.50 | | Asset Impairment Losses | 1,074,438.18 | 154,671.61 | 594.66 | | Asset Disposal Gains | 0.00 | 262,357,110.62 | -100.00 | | Operating Profit | -102,752,072.60 | 356,653,356.46 | N/A (from positive to negative) | | Total Profit | -102,821,228.21 | 356,603,322.36 | N/A (from positive to negative) | | Net Profit | -83,272,203.84 | 314,132,060.92 | N/A (from positive to negative) | | Net Profit Attributable to Parent Company Shareholders | -84,475,452.71 | 262,733,279.59 | N/A (from positive to negative) | | Basic Earnings Per Share (yuan/share) | -0.192 | 0.598 | N/A (from positive to negative) | - Gains from changes in fair value shifted from CNY 53.80 million in the prior year to negative CNY 165 million this period, a significant factor in the substantial net profit loss[40] - Asset disposal gains decreased from CNY 262 million in the prior year to CNY 0 this period, significantly impacting net profit negatively[40] Consolidated Cash Flow Statement In the first three quarters of 2022, net cash flow from operating activities further deteriorated to negative CNY 390 million from negative CNY 333 million in the prior year; net cash flow from investing activities was CNY 473 million, mainly due to a significant increase in cash received from investment recovery; and net cash flow from financing activities was negative CNY 109 million, primarily affected by debt repayment and dividend distribution Consolidated Cash Flow Statement Key Data (First Three Quarters of 2022 vs First Three Quarters of 2021) | Item | First Three Quarters of 2022 (yuan) | First Three Quarters of 2021 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 916,944,418.68 | 809,210,296.29 | 13.31 | | Subtotal Cash Inflows from Operating Activities | 974,273,149.64 | 903,551,297.17 | 7.83 | | Cash Paid to and for Employees | 887,045,162.31 | 628,445,178.62 | 41.15 | | Cash Paid Related to Other Operating Activities | 152,847,437.27 | 292,163,484.96 | -47.68 | | Subtotal Cash Outflows from Operating Activities | 1,364,175,519.21 | 1,236,679,255.17 | 10.31 | | Net Cash Flow from Operating Activities | -389,902,369.57 | -333,127,958.00 | -17.04 | | Cash Received from Investment Recovery | 2,387,435,627.91 | 2,096,111,964.51 | 13.89 | | Cash Received from Investment Income | 95,002,712.60 | 35,225,862.79 | 169.70 | | Net Cash Received from Disposal of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 10,510.00 | 180,803,636.84 | -99.99 | | Cash Paid for Investments | 2,007,872,193.33 | 1,954,797,498.05 | 2.71 | | Net Cash Flow from Investing Activities | 473,053,512.29 | 354,626,036.03 | 33.39 | | Cash Received from Investments | 11,062,270.00 | 142,320,512.00 | -92.23 | | Cash Received from Borrowings | 33,500,000.00 | 0.00 | N/A | | Cash Paid for Debt Repayment | 33,000,000.00 | 0.00 | N/A | | Cash Paid for Dividends, Profits, or Interest Payments | 119,273,599.90 | 123,344,303.05 | -3.29 | | Net Cash Flow from Financing Activities | -109,128,781.35 | 18,976,208.95 | N/A (from positive to negative) | | Net Increase in Cash and Cash Equivalents | -25,974,152.73 | 40,240,663.17 | N/A (from positive to negative) | - Net cash flow from operating activities was negative CNY 390 million, a 17.04% year-on-year decrease, primarily due to a 41.15% increase in cash paid to and for employees[46][21] - Net cash flow from investing activities was CNY 473 million, a 33.39% year-on-year increase, mainly driven by a 13.89% increase in cash received from investment recovery and a 169.70% surge in cash received from investment income[46][48][24] - Net cash flow from financing activities turned from positive to negative, primarily due to a 92.23% significant decrease in cash received from investments (attributable to prior period equity incentives) and current period expenditures for debt repayment and restricted stock repurchases[48][24]