彩虹股份(600707) - 2023 Q3 - 季度财报

Report Overview Important Notes The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with financial statements unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content[3] - 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[3] - The third-quarter financial statements are unaudited[3] Key Financial Data Key Accounting Data and Financial Indicators The company achieved significant revenue growth and turned net profit to positive in Q3 2023 and year-to-date, with substantial increases in EPS and ROE, while total assets slightly decreased and equity attributable to shareholders modestly grew Key Accounting Data and Financial Indicators for Q3 2023 and Year-to-Date | Item | Current Period (2023 Q3) | YoY Change (%) | Year-to-Date (Jan-Sep 2023) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 3,366,924,746.32 | 66.81 | 8,606,070,141.66 | 32.48 | | Net Profit Attributable to Shareholders (RMB) | 575,827,304.39 | N/A (Turned Profitable) | 305,844,765.91 | N/A (Turned Profitable) | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB) | 544,146,481.96 | N/A (Turned Profitable) | 231,565,934.46 | N/A (Turned Profitable) | | Net Cash Flow from Operating Activities (RMB) | N/A | N/A | 1,884,298,324.33 | -26.10 | | Basic Earnings Per Share (RMB/share) | 0.160 | N/A (Turned Profitable) | 0.085 | N/A (Turned Profitable) | | Diluted Earnings Per Share (RMB/share) | 0.160 | N/A (Turned Profitable) | 0.085 | N/A (Turned Profitable) | | Weighted Average Return on Equity (%) | 2.93 | +7.64 percentage points | 1.55 | +11.52 percentage points | Balance Sheet Status (As of September 30, 2023) | Item | End of Current Period (Sep 30, 2023) | End of Prior Year (Dec 31, 2022) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets (RMB) | 39,536,454,216.01 | 40,754,034,165.46 | -2.99 | | Total Equity Attributable to Shareholders (RMB) | 19,921,636,271.66 | 19,623,732,814.53 | 1.52 | Non-recurring Gains and Losses Items and Amounts During the reporting period, non-recurring gains and losses primarily stemmed from government subsidies, fair value changes in financial assets, and other non-operating income/expenses, contributing 31.68 million RMB (current period) and 74.28 million RMB (year-to-date) to net profit Non-recurring Gains and Losses Items and Amounts (Unit: RMB) | Item | Amount for Current Period | Amount Year-to-Date | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 225,257.56 | -422,623.35 | | Government Subsidies Recognized in Current Profit/Loss | 25,766,923.16 | 66,162,445.85 | | Gains/Losses from Fair Value Changes of Financial Assets, Derivative Financial Instruments, and Investment Income | 5,713,363.77 | 8,430,125.41 | | Other Non-operating Income and Expenses | 784,308.04 | 2,419,526.17 | | Other Gains/Losses Meeting the Definition of Non-recurring Items | 18,402.17 | 250,738.57 | | Less: Impact on Minority Interests (After Tax) | 827,432.27 | 2,561,381.20 | | Total | 31,680,822.43 | 74,278,831.45 | - Other gains/losses meeting the definition of non-recurring items represent incidental business unrelated to ordinary operations, arising from property sales by a controlled subsidiary[7] Analysis of Changes in Financial Indicators and Causes During the reporting period, the company's operating revenue, net profit attributable to shareholders, and EPS significantly increased year-over-year, primarily due to improved supply-demand in the LCD panel market and rising panel prices, leading to a turnaround in operating performance - Operating revenue increased by 66.81% year-over-year for the current period and 32.48% year-to-date[8] - Net profit attributable to shareholders, net profit excluding non-recurring items, basic EPS, and diluted EPS all achieved significant year-over-year growth, resulting in a turnaround in operating performance[8] - The primary reasons are improved supply-demand in the LCD panel market and rising panel prices[8] Shareholder Information Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 78,466 common shareholders, with Xianyang Financial Holding, Xianyang CEC Rainbow Group, and Xianyang Urban Construction Investment as the top three, some shares pledged, and related party or concerted action relationships among major shareholders - The total number of common shareholders at the end of the reporting period was 78,466[9] Top Ten Shareholders' Holdings (As of Reporting Period End) | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Holding Percentage (%) | Share Status | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xianyang Financial Holding Group Co., Ltd. | State-owned Legal Person | 1,112,759,643 | 31.01 | Pledged | 599,561,929 | | Xianyang CEC Rainbow Group Holding Co., Ltd. | State-owned Legal Person | 720,098,538 | 20.07 | Pledged | 457,800,000 | | Xianyang Urban Construction Investment Holding Group Co., Ltd. | State-owned Legal Person | 314,336,098 | 8.76 | Pledged | 157,000,000 | | Hefei Core Screen Industry Investment Fund (Limited Partnership) | Other | 165,621,059 | 4.62 | None | 0 | | Shaanxi Electronics Information Group Co., Ltd. | State-owned Legal Person | 112,489,952 | 3.13 | None | 0 | | Shaanxi Ruyi Guangdian Technology Co., Ltd. | State-owned Legal Person | 108,884,454 | 3.03 | Pledged | 85,979,178 | | Hong Kong Securities Clearing Company Limited | Other | 57,500,541 | 1.60 | None | 0 | | Rainbow Group New Energy Co., Ltd. | State-owned Legal Person | 35,375,673 | 0.99 | None | 0 | | Baoning Capital Co., Ltd. - Baoning Emerging Markets Fund (USA) | Overseas Legal Person | 14,918,100 | 0.42 | None | 0 | | Foshan Shunde District Chengshun Asset Management Co., Ltd. | State-owned Legal Person | 14,821,958 | 0.41 | None | 0 | - Xianyang Financial Holding is the controlling shareholder of Ruyi Guangdian and a party acting in concert; CEC Rainbow and Rainbow New Energy are ultimately controlled by China Electronics, making them related shareholders of the company[10] Quarterly Financial Statements Type of Audit Opinion The financial statements for this quarter are unaudited - The financial statements for this quarter are unaudited[11] Consolidated Balance Sheet As of September 30, 2023, total assets were 39.54 billion RMB, a slight decrease from year-end, with significant changes in cash and accounts receivable, a decrease in construction in progress, and a notable increase in other non-current assets; total current liabilities decreased, non-current liabilities slightly increased, and equity attributable to parent company shareholders modestly grew Consolidated Balance Sheet Key Data (Unit: RMB) | Item | Sep 30, 2023 | Dec 31, 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 39,536,454,216.01 | 40,754,034,165.46 | -2.99% | | Cash and Cash Equivalents | 6,551,707,987.50 | 8,792,432,645.43 | -25.5% | | Financial Assets Held for Trading | 1,000,000,000.00 | 200,000,000.00 | +400% | | Accounts Receivable | 2,322,796,520.39 | 1,432,276,049.60 | +62.18% | | Construction in Progress | 2,046,132,050.43 | 3,226,434,624.71 | -36.59% | | Other Non-current Assets | 585,685,474.55 | 150,060,351.88 | +290.3% | | Total Liabilities | 19,437,345,948.92 | 20,963,329,639.79 | -7.2% | | Short-term Borrowings | 2,591,810,006.96 | 3,781,004,023.61 | -31.44% | | Notes Payable | 567,967,910.61 | 1,220,012,770.82 | -53.44% | | Long-term Borrowings | 9,893,635,778.92 | 9,635,863,979.00 | +2.68% | | Total Equity Attributable to Parent Company Shareholders | 19,921,636,271.66 | 19,623,732,814.53 | +1.52% | Consolidated Income Statement In the first three quarters of 2023, total operating revenue increased by 32.48% year-over-year, with operating profit and net profit turning profitable, net profit attributable to parent company shareholders reaching 306 million RMB, and basic EPS at 0.085 RMB; sales and R&D expenses significantly grew, while other income substantially decreased Consolidated Income Statement Key Data (Unit: RMB) | Item | First Three Quarters 2023 (Jan-Sep) | First Three Quarters 2022 (Jan-Sep) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 8,606,070,141.66 | 6,495,976,102.65 | +32.48% | | Total Operating Costs | 8,381,221,922.37 | 9,063,952,454.63 | -7.42% | | Selling Expenses | 65,496,682.79 | 21,469,751.30 | +205.07% | | Administrative Expenses | 171,807,016.29 | 221,728,502.61 | -22.51% | | Research and Development Expenses | 361,870,200.29 | 230,497,104.27 | +57.01% | | Financial Expenses | 346,775,513.45 | 379,379,574.60 | -8.59% | | Other Income | 66,162,445.85 | 501,061,152.01 | -86.78% | | Investment Income | 16,994,515.20 | 7,289,004.63 | +133.15% | | Operating Profit | 308,101,738.99 | -2,058,840,813.99 | Turned Profitable | | Net Profit | 308,403,741.42 | -2,123,715,567.17 | Turned Profitable | | Net Profit Attributable to Parent Company Shareholders | 305,844,765.91 | -2,117,952,708.81 | Turned Profitable | | Basic Earnings Per Share (RMB/share) | 0.085 | -0.590 | Turned Profitable | Consolidated Cash Flow Statement In the first three quarters of 2023, net cash flow from operating activities was 1.88 billion RMB, a 26.10% year-over-year decrease primarily due to reduced tax refunds; net cash flow from investing activities was -2.41 billion RMB due to significantly increased outflows; and net cash flow from financing activities shifted from inflow to outflow, mainly from increased debt repayments Consolidated Cash Flow Statement Key Data (Unit: RMB) | Item | First Three Quarters 2023 (Jan-Sep) | First Three Quarters 2022 (Jan-Sep) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,884,298,324.33 | 2,549,939,106.90 | -26.10% | | Cash Received from Sales of Goods and Services | 7,882,253,621.57 | 7,525,634,050.81 | +4.74% | | Cash Received Relating to Other Operating Activities | 722,777,013.43 | 1,150,242,833.80 | -37.25% | | Receipts of Tax Refunds | 602,613,259.03 | 1,578,858,458.59 | -61.83% | | Net Cash Flow from Investing Activities | -2,412,881,262.27 | -3,570,298,643.49 | Decrease in Outflow | | Cash Received from Disposal of Investments | 1,608,430,125.41 | 0 | Significant Increase | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 1,650,345,708.91 | 3,648,572,700.49 | -54.77% | | Cash Paid for Investments | 2,400,000,000.00 | 0 | Significant Increase | | Net Cash Flow from Financing Activities | -1,338,711,210.64 | 1,936,866,995.96 | Shifted from Inflow to Outflow | | Cash Received from Borrowings | 5,371,586,600.00 | 6,551,000,000.00 | -17.99% | | Cash Paid for Repayment of Debts | 6,234,074,622.00 | 3,806,114,776.89 | +63.81% | | Net Increase in Cash and Cash Equivalents | -1,858,419,375.75 | 951,736,022.98 | Shifted from Increase to Decrease | Other Matters Other Reminders There is no other significant information regarding the company's operating performance during the reporting period that requires special attention from investors - No other significant information regarding the company's operating performance during the reporting period requires investor attention[11] Implementation of New Accounting Standards The company did not adopt new accounting standards or interpretations requiring adjustments to the opening financial statements of the first year of implementation starting from 2023 - The company did not adopt new accounting standards or interpretations requiring adjustments to the opening financial statements of the first year of implementation starting from 2023[20]