金杯汽车(600609) - 2021 Q3 - 季度财报

Key Financial Data Q3 2021 saw revenue decline 8.04% but net profit surge 171.14%; YTD net profit soared 292.60%, despite a 64.97% drop in operating cash flow Key Accounting Data and Financial Indicators The company's Q3 2021 revenue declined 8.04% but net profit surged 171.14%; YTD revenue grew 1.02%, with net profit soaring 292.60% Key Financial Performance Indicators | Indicator | Current Reporting Period (Q3 2021) | YoY Change (%) | Year-to-Date (YTD Q3 2021) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,344,486,232.81 RMB | -8.04% | 3,985,925,502.72 RMB | 1.02% | | Net Profit Attributable to Shareholders of Listed Company | 78,742,405.08 RMB | 171.14% | 237,179,000.56 RMB | 292.60% | | Net Profit Attributable to Parent Company Excluding Non-Recurring Items | 75,716,946.54 RMB | 188.20% | 253,488,836.94 RMB | 432.46% | | Basic Earnings Per Share (RMB/share) | 0.060 | 171.14% | 0.181 | 292.60% | | Net Cash Flow from Operating Activities | Not Applicable | Not Applicable | 163,018,854.38 RMB | -64.97% | Key Financial Position Indicators | Indicator | As of End of Current Reporting Period (2021-09-30) | Change from End of Previous Year (%) | | :--- | :--- | :--- | | Total Assets | 4,559,545,587.87 RMB | -7.01% | | Total Equity Attributable to Shareholders of Listed Company | 803,571,563.77 RMB | 42.67% | Non-Recurring Gains and Losses Items and Amounts YTD non-recurring gains and losses totaled RMB -16.31 million, mainly government subsidies offset by other non-operating expenses Non-Recurring Gains and Losses | Item | Amount Year-to-Date (RMB) | Description | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 708,874.10 | - | | Government Subsidies Recognized in Current Profit/Loss | 23,463,551.18 | Primarily land acquisition compensation and subsidies for smart, green factories | | Gains/Losses from Debt Restructuring | 892,098.64 | - | | Other Non-Operating Income and Expenses | -26,776,960.82 | - | | Total | -16,309,836.38 | - | Analysis of Changes in Key Financial Indicators Net profit growth is driven by subsidiary performance, investment income, and cost optimization, while operating cash flow decreased due to guarantee payments - Net profit attributable to the parent company (YTD) increased by 292.60% year-over-year, primarily due to: - In Q2, 100% of the net profit of subsidiary Jinbei Lear was attributable to the parent company[11][15] - Gross profit increased due to incremental business from key customers and cost optimization[15] - Acquisition of 49% equity in Lear Jinbei and an increase in equity in Schilchi to 50% increased investment income[15] - Net cash flow from operating activities (YTD) decreased by 64.97% year-over-year, primarily due to the company fulfilling its guarantee obligations for Jinbei Vehicles during the period, paying related principal, interest, and litigation expenses[15] - Net assets attributable to shareholders of the listed company (YTD) increased by 42.67% year-over-year, primarily due to the significant increase in the company's net profit attributable to the parent company during the period[15] Shareholder Information As of period-end, the company had 45,940 common shareholders; top two shareholders act in concert, with some shares frozen or pledged - Total common shareholders at the end of the reporting period were 45,940[16] Top Ten Shareholders | Shareholder Name | Nature | Shareholding Ratio (%) | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | :--- | | Shenyang Automobile Industry Asset Management Co., Ltd. | State-owned | 18.53 | 242,967,345 | Frozen | | Liaoning M&A Equity Investment Fund Partnership (Limited Partnership) | Other | 16.67 | 218,533,426 | None | | Shenyang Industrial State-owned Asset Management Co., Ltd. | State-owned | 4.87 | 63,910,268 | None | | Shenyang Zhengda Enterprise Management Co., Ltd. | Unknown | 2.00 | 26,224,000 | None | | Zhong Ge | Unknown | 1.82 | 23,858,174 | None | - Explanation of Shareholder Related Party Relationships: - The largest shareholder, Shenyang Automobile Industry Asset Management Co., Ltd., and the second largest shareholder, Liaoning M&A Equity Investment Fund Partnership (Limited Partnership), are parties acting in concert[19] - Among the top ten unrestricted shareholders, Zhou Xiaoyu, Peng Lu, and Zhu Jiaying are parties acting in concert[19] Quarterly Financial Statements This section presents the company's unaudited consolidated financial statements as of September 30, 2021, including new lease standard adjustments Consolidated Balance Sheet As of September 30, 2021, total assets decreased 7.01% to RMB 4.56 billion, while parent company equity increased 42.67% to RMB 804 million due to profit growth Consolidated Balance Sheet Data | Item | September 30, 2021 (RMB) | December 31, 2020 (RMB) | | :--- | :--- | :--- | | Total Assets | 4,559,545,587.87 | 4,903,124,191.87 | | Total Current Assets | 3,007,706,384.58 | 3,665,259,907.35 | | Total Non-Current Assets | 1,551,839,203.29 | 1,237,864,284.52 | | Total Liabilities | 3,496,329,499.90 | 3,753,102,467.12 | | Total Current Liabilities | 2,858,624,239.50 | 3,109,423,367.08 | | Total Non-Current Liabilities | 637,705,260.40 | 643,679,100.04 | | Total Equity | 1,063,216,087.97 | 1,150,021,724.75 | | Total Equity Attributable to Parent Company Shareholders | 803,571,563.77 | 563,221,551.06 | Consolidated Income Statement YTD 2021, total operating revenue grew 1.02% to RMB 3.986 billion, with net profit attributable to parent company shareholders surging 292.60% Consolidated Income Statement Data | Item | First Three Quarters 2021 (RMB) | First Three Quarters 2020 (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 3,985,925,502.72 | 3,945,674,613.71 | | II. Total Operating Costs | 3,566,225,518.78 | 3,700,380,597.43 | | Investment Income | 42,359,599.23 | 23,645,099.70 | | III. Operating Profit | 470,461,186.13 | 275,075,381.97 | | IV. Total Profit | 444,576,323.95 | 277,822,786.77 | | V. Net Profit | 380,133,179.27 | 223,502,612.71 | | Net Profit Attributable to Parent Company Shareholders | 237,179,000.56 | 60,411,847.20 | | Basic Earnings Per Share (RMB/share) | 0.181 | 0.046 | Consolidated Cash Flow Statement YTD 2021, net cash flow from operating activities decreased 64.97% to RMB 163 million due to guarantee payments, while investing cash outflows expanded Consolidated Cash Flow Statement Data | Item | First Three Quarters 2021 (RMB) | First Three Quarters 2020 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 163,018,854.38 RMB | 465,403,277.90 RMB | | Net Cash Flow from Investing Activities | -435,590,974.28 RMB | -266,544,986.38 RMB | | Net Cash Flow from Financing Activities | -16,547,132.18 RMB | -1,118,375,103.37 RMB | | Net Increase in Cash and Cash Equivalents | -289,119,252.08 RMB | -919,516,811.85 RMB | | Cash and Cash Equivalents at Period-End | 1,512,045,969.07 RMB | 1,596,501,319.50 RMB | First-Time Adoption Adjustments for New Lease Standards New lease standards adopted January 1, 2021, led to opening financial statement adjustments, recognizing RMB 5.60 million in right-of-use assets and RMB 4.44 million in lease liabilities - The company adopted the newly revised "Accounting Standard for Business Enterprises No. 21 – Leases" effective January 1, 2021, adjusting relevant financial statement items at the beginning of 2021 as required by the standard, without adjusting comparative period data[43] Impact of New Lease Standard Adoption | Adjustment Item | Adjustment Amount (RMB) | Impact | | :--- | :--- | :--- | | Fixed Assets | -4,130,036.07 | Decrease | | Right-of-Use Assets | 5,598,341.82 | New Recognition | | Non-Current Liabilities Due Within One Year | 955,159.10 | Increase | | Lease Liabilities | 4,442,453.62 | New Recognition | | Long-Term Payables | -3,929,306.97 | Decrease |