厦工股份(600815) - 2020 Q3 - 季度财报

Important Notice The Board, Supervisory Board, and senior management affirm the truthfulness and completeness of this unaudited quarterly report, taking legal responsibility Board of Directors, Supervisory Board, and Senior Management Statement The Board of Directors, Supervisory Board, and senior management affirm the truthfulness and completeness of this unaudited quarterly report, taking legal responsibility - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, and assume legal responsibility[6] - All directors attended the Board of Directors meeting to review the quarterly report[6] - The company's head, chief accountant, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial statements[6] - This company's third-quarter report is unaudited[6] Company Profile This section provides an overview of the company's key financial performance and shareholder structure as of the reporting period Key Financial Data Total assets decreased by 3.83%, operating revenue declined by 12.41%, and net profit turned to 33.33 million RMB year-to-date Overview of Key Financial Data (As of September 30, 2020) | Item | Period-end (RMB) | Prior Year-end (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,667,554,296.89 | 3,813,811,456.43 | -3.83 | | Net Assets Attributable to Shareholders | 1,364,633,321.36 | 1,326,961,235.33 | 2.84 | | Year-to-Date (Jan-Sep) | | | | | Net Cash Flow from Operating Activities | -198,623,075.54 | 453,138,994.69 | -143.83 | | Operating Revenue | 1,310,141,276.83 | 1,495,721,446.00 | -12.41 | | Net Profit Attributable to Shareholders | 33,326,558.40 | -543,018,493.64 | N/A | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains/Losses | -34,440,795.84 | -601,596,318.38 | N/A | | Weighted Average Return on Net Assets (%) | 2.48 | N/A | N/A | | Basic Earnings Per Share (RMB/share) | 0.02 | -0.57 | N/A | Non-Recurring Gains and Losses (Year-to-Date) | Item | Amount Year-to-Date (Jan-Sep) (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 20,880,180.23 | | Government Grants Recognized in Current Profit/Loss | 34,228,544.65 | | Reversal of Impairment Provisions for Accounts Receivable and Contract Assets Subject to Separate Impairment Testing | 17,511,015.18 | | Other Non-Operating Income and Expenses | 4,867,800.47 | | Other Gains/Losses Meeting the Definition of Non-Recurring Items | 887,158.09 | | Impact of Minority Interests (After Tax) | -2,564,615.45 | | Income Tax Impact | -8,042,728.93 | | Total | 67,767,354.24 | Shareholding Information As of the end of the reporting period, the company had 34,086 shareholders; Xiamen Haiyi Group Co., Ltd. is the largest shareholder with 41.42% equity, forming a concerted party with its wholly-owned subsidiary, Xiamen XGMA Heavy Industry Co., Ltd., both among the top ten unrestricted shareholders - As of the end of the reporting period, the company had a total of 34,086 shareholders[8] Top Ten Shareholders' Holdings (As of September 30, 2020) | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Xiamen Haiyi Group Co., Ltd. | 734,789,208 | 41.42 | State-owned Legal Person | | Export-Import Bank of China Xiamen Branch | 122,239,488 | 6.89 | State-owned Legal Person | | China Construction Bank Corporation Xiamen Branch | 90,627,000 | 5.11 | State-owned Legal Person | | Xiamen XGMA Heavy Industry Co., Ltd. | 72,750,834 | 4.10 | State-owned Legal Person | | Agricultural Bank of China Xiamen Branch | 70,116,812 | 3.95 | State-owned Legal Person | | Industrial and Commercial Bank of China Xiamen Branch | 56,831,048 | 3.20 | State-owned Legal Person | | First Capital Investment Management Co., Ltd. - BRICS First Capital (Xiamen) Intelligent Manufacturing Industry Equity Investment Partnership (Limited Partnership) | 46,322,240 | 2.61 | Unknown | | Bank of China Xiamen Branch | 18,902,403 | 1.07 | State-owned Legal Person | | Xiamen Yuming Engineering Machinery Co., Ltd. | 17,083,159 | 0.96 | Domestic Non-State-owned Legal Person | | Quanzhou Bank Co., Ltd. Xiamen Branch | 9,392,443 | 0.53 | Unknown | - Xiamen Haiyi Group Co., Ltd. is the company's largest shareholder, and its wholly-owned subsidiary, Xiamen XGMA Heavy Industry Co., Ltd., is the fourth largest shareholder, forming a concerted party[10] Preferred Shareholding Information The company had no preferred shareholders at the end of the reporting period - The company's preferred shareholding information table is not applicable[10] Significant Events This section details significant changes in financial items, the progress of major events, unfulfilled commitments, and warnings regarding cumulative net profit Significant Changes and Reasons for Key Financial Statement Items and Indicators Major changes in financial statements were driven by reduced expenses, increased government subsidies, and land disposal gains, leading to a net profit turnaround Significant Balance Sheet Item Changes (Period-end Balance vs. Prior Year-end) | Item | Change Rate (%) | Reason for Change | | :--- | :--- | :--- | | Cash and Cash Equivalents | -34.54 | Mainly due to payment for goods in the current period | | Receivables Financing | -53.02 | Mainly due to endorsement of bills for payment of goods | | Prepayments | 51.49 | Mainly due to increased prepayments for goods in the current period | | Long-term Equity Investments | 158.69 | Additional investment in the second phase of Zhonglixing project in the current period | | Investment Properties | 160.06 | Mainly due to leasing out some idle properties and land in the current period | | Construction in Progress | -54.72 | Mainly due to disposal of long-term assets by subsidiary XGMA Machinery (Jiaozuo) Co., Ltd. | | Intangible Assets | -44.95 | Mainly due to disposal of some idle land in the second phase by subsidiary XGMA Machinery (Jiaozuo) Co., Ltd. | | Other Non-current Assets | 731.09 | Mainly due to increased fixed-deposit certificates from banks | | Short-term Borrowings | N/A | New bank borrowings in the current period | | Advances from Customers | -88.77 | Impact of reclassification adjustment according to new revenue recognition standard implementation requirements | | Contract Liabilities | N/A | Impact of reclassification adjustment according to new revenue recognition standard implementation requirements | | Employee Benefits Payable | -37.10 | Mainly due to payment of internal employee expenses and distribution of last year's performance bonuses in the current period | | Taxes Payable | -60.00 | Mainly due to payment of some taxes payable | | Other Current Liabilities | N/A | Impact of reclassification adjustment according to new revenue recognition standard implementation requirements | | Deferred Tax Liabilities | N/A | Mainly due to recognition of taxable temporary differences from forward foreign exchange contracts by subsidiary Xiamen XGMA International Trade Co., Ltd. | | Other Comprehensive Income | -202.25 | Mainly due to increased differences from foreign currency financial statement translation by subsidiary Xiamen XGMA International Trade Co., Ltd. in the current period | Significant Income Statement Item Changes (Year-to-Date vs. Prior Year-to-Date) | Item | Change Rate (%) | Reason for Change | | :--- | :--- | :--- | | Taxes and Surcharges | -35.38 | Mainly due to reduced value-added tax payable in the current period, leading to lower surcharges | | Selling Expenses | -34.57 | Mainly due to changes in freight settlement methods and effective savings in selling expenses in the current period | | Administrative Expenses | -72.13 | Mainly due to severance benefits incurred from personnel streamlining in the prior year | | Research and Development Expenses | -31.40 | Mainly due to reduced R&D investment in the current period | | Financial Expenses | -89.42 | Mainly due to reduced interest expenses after the company's debt-to-equity swap in October 2019 and increased interest income from fixed deposits of idle funds | | Other Income | 89.87 | Mainly due to increased government grants received in the current period | | Investment Income | 657.54 | Mainly due to debt restructuring gains from partial principal forgiveness and entrusted loan income | | Gains from Changes in Fair Value | N/A | Mainly due to fair value changes in forward foreign exchange contracts of subsidiary Xiamen XGMA International Trade Co., Ltd. | | Credit Impairment Losses | N/A | Mainly due to a significant year-on-year decrease in single impairment provisions for accounts receivable, resulting from the restructuring auction and transfer of accounts receivable from 328 entities on October 15, 2019 | | Asset Impairment Losses | N/A | Mainly due to impairment provisions for obsolete inventory in the prior year | | Gains from Asset Disposal | 734.16 | Mainly due to gains from disposal of second-phase land by subsidiary XGMA Machinery (Jiaozuo) Co., Ltd. | | Operating Profit | N/A | Mainly due to reduced period expenses and partial gains from disposal of second-phase land by subsidiary XGMA Machinery (Jiaozuo) Co., Ltd. | | Non-operating Income | -62.57 | Mainly due to subsidiary's forfeiture of customer deposits in the prior period | | Non-operating Expenses | -92.71 | Mainly due to reduced losses from disposal of scrapped fixed assets in the current period | | Total Profit | N/A | Mainly due to reduced period expenses, increased government subsidies, and gains from disposal of Jiaozuo second-phase land, increasing profit | | Income Tax Expense | 254.22 | Mainly due to increased total profit in the current period | | Net Profit | N/A | Mainly due to reduced period expenses, increased government subsidies, and gains from disposal of Jiaozuo second-phase land, increasing profit | Significant Cash Flow Statement Item Changes (Year-to-Date vs. Prior Year-to-Date) | Item | Change Rate (%) | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -143.83 | Mainly due to reduced cash receipts from sales in the current period | | Net Cash Flow from Investing Activities | 491.21 | Mainly due to the parent company's disposal of subsidiary XGMA (Tai'an) Mobile Crane Co., Ltd. and subsidiary XGMA Machinery (Jiaozuo) Co., Ltd.'s disposal of second-phase land | | Net Cash Flow from Financing Activities | N/A | Mainly due to reduced debt and interest repayments | Progress and Impact Analysis of Significant Events The company transferred accounts receivable claims through judicial auction in 2019, but some related lawsuits continue under the company's name, requiring strict adherence to the transfer agreement and timely disclosure - In 2019, the company transferred the principal claims of accounts receivable from 328 enterprises through judicial auction[15] - Despite the transfer of claims, some litigation cases continue to be accepted with XGMA Co., Ltd. as the plaintiff[15] - The company will strictly fulfill its rights and obligations as per the agreement and timely disclose the progress of litigation cases involving transferred claims[15] Overdue Unfulfilled Commitments The company had no overdue unfulfilled commitments during the reporting period - The company had no overdue unfulfilled commitments during the reporting period[16] Warning and Reasons for Significant Changes in Cumulative Net Profit The company anticipates a significant change in cumulative net profit year-to-date to the next reporting period, expecting a substantial reduction in losses for 2020 after three consecutive quarters of profitability, contrasting with the large loss in 2019 due to asset stripping and impairment - The company forecasts a significant change in cumulative net profit from the beginning of the year to the end of the next reporting period compared to the same period last year[18] - In 2019, a significant loss was incurred due to the stripping of inefficient assets and impairment provisions during bankruptcy reorganization[16] - As of the disclosure date of this report, the company has maintained profitability for three consecutive quarters, expecting a substantial reduction in losses for 2020[16] Appendix This appendix provides detailed financial statements, adjustments related to new accounting standards, and confirms the unaudited status of the report Financial Statements This section presents the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for the third quarter of 2020, detailing financial position, operating results, and cash flows Consolidated Balance Sheet As of September 30, 2020, consolidated total assets were 3.67 billion RMB, a 3.83% decrease from year-end, while equity attributable to parent company owners was 1.36 billion RMB, up 2.84% Key Consolidated Balance Sheet Data (As of September 30, 2020) | Item | September 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Total Assets | 3,667,554,296.89 | 3,813,811,456.43 | | Total Liabilities | 2,149,344,089.62 | 2,340,836,047.95 | | Total Equity Attributable to Parent Company Owners | 1,364,633,321.36 | 1,326,961,235.33 | | Minority Interests | 153,576,885.91 | 146,014,173.15 | | Total Equity | 1,518,210,207.27 | 1,472,975,408.48 | Parent Company Balance Sheet As of September 30, 2020, parent company total assets were 2.81 billion RMB, a 6.26% decrease from year-end, with total owner's equity at 1.35 billion RMB, up 0.61% Key Parent Company Balance Sheet Data (As of September 30, 2020) | Item | September 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Total Assets | 2,805,604,499.82 | 2,993,040,920.76 | | Total Liabilities | 1,459,264,467.29 | 1,654,826,003.01 | | Total Equity | 1,346,340,032.53 | 1,338,214,917.75 | Consolidated Income Statement For the first three quarters of 2020, consolidated operating revenue was 1.31 billion RMB, down 12.41% year-over-year, while net profit attributable to parent company shareholders turned from a significant loss to a profit of 33.33 million RMB, driven by reduced expenses and increased other income Key Consolidated Income Statement Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (RMB) | First Three Quarters of 2019 (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,310,141,276.83 | 1,495,721,446.00 | -12.41 | | Total Operating Costs | 1,330,046,438.37 | 1,705,653,570.82 | -22.02 | | Operating Profit | 57,094,192.50 | -515,905,014.86 | N/A | | Total Profit | 62,058,146.12 | -507,170,039.45 | N/A | | Net Profit | 48,874,068.25 | -510,892,056.60 | N/A | | Net Profit Attributable to Parent Company Shareholders | 33,326,558.40 | -543,018,493.64 | N/A | | Basic Earnings Per Share (RMB/share) | 0.02 | -0.57 | N/A | Parent Company Income Statement For the first three quarters of 2020, parent company operating revenue was 640.79 million RMB, down 22.19% year-over-year, with net profit turning from a significant loss to a profit of 8.13 million RMB Key Parent Company Income Statement Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (RMB) | First Three Quarters of 2019 (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 640,785,543.55 | 823,472,942.60 | -22.19 | | Operating Profit | 5,480,453.12 | -490,739,113.52 | N/A | | Total Profit | 8,125,114.78 | -484,241,520.50 | N/A | | Net Profit | 8,125,114.78 | -484,241,520.50 | N/A | Consolidated Cash Flow Statement For the first three quarters of 2020, consolidated net cash flow from operating activities was -198.62 million RMB, a 143.83% decrease, while net cash flow from investing activities significantly increased by 491.21% to 109.86 million RMB, and financing activities improved significantly Key Consolidated Cash Flow Statement Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (RMB) | First Three Quarters of 2019 (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -198,623,075.54 | 453,138,994.69 | -143.83 | | Net Cash Flow from Investing Activities | 109,858,198.34 | -28,081,483.45 | 491.21 | | Net Cash Flow from Financing Activities | -26,664,678.46 | -554,361,978.22 | N/A | | Net Increase in Cash and Cash Equivalents | -118,339,285.47 | -130,204,619.54 | N/A | Parent Company Cash Flow Statement For the first three quarters of 2020, parent company net cash flow from operating activities was -33.37 million RMB, a 108.84% decrease, while investing activities increased by 46.09% to 61.63 million RMB, and financing activities significantly improved Key Parent Company Cash Flow Statement Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (RMB) | First Three Quarters of 2019 (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -33,373,578.18 | 377,376,871.24 | -108.84 | | Net Cash Flow from Investing Activities | 61,631,422.88 | 42,189,282.03 | 46.09 | | Net Cash Flow from Financing Activities | -25,755,002.19 | -534,990,638.35 | N/A | | Net Increase in Cash and Cash Equivalents | 2,502,842.51 | -115,424,485.08 | N/A | Adjustments to Financial Statements at the Beginning of the First Year of Adopting New Revenue Recognition Standards Effective January 1, 2020, the company adopted new revenue recognition standards, reclassifying 'Advances from Customers' to 'Contract Liabilities' and 'Other Current Liabilities' in the opening balance sheets, without retrospective adjustment to comparative periods - The company adopted new revenue recognition standards effective January 1, 2020[42][46] - The cumulative effect of initial adoption of new revenue recognition standards adjusted retained earnings and other related financial statement items as of January 1, 2020, with no adjustments to comparative period information[42][46] Consolidated Balance Sheet New Revenue Standard Adjustment Details (January 1, 2020) | Item | December 31, 2019 (RMB) | January 1, 2020 (RMB) | Adjustment (RMB) | | :--- | :--- | :--- | :--- | | Advances from Customers | 235,360,965.82 | | -235,360,965.82 | | Contract Liabilities | | 235,360,965.82 | 235,360,965.82 | Parent Company Balance Sheet New Revenue Standard Adjustment Details (January 1, 2020) | Item | December 31, 2019 (RMB) | January 1, 2020 (RMB) | Adjustment (RMB) | | :--- | :--- | :--- | :--- | | Advances from Customers | 48,036,431.63 | | -48,036,431.63 | | Contract Liabilities | | 48,036,431.63 | 48,036,431.63 | Explanation of Retrospective Adjustments to Prior Period Comparative Data under New Revenue Recognition Standards The company did not retrospectively adjust prior period comparative data upon initial adoption of new revenue and lease standards from 2020 - The company did not retrospectively adjust prior period comparative data upon initial adoption of new revenue recognition and new lease standards from 2020[47] Audit Report This quarterly report is unaudited - This quarterly report is unaudited[6][47]