春兰股份(600854) - 2023 Q3 - 季度财报

Report Overview Important Notice The board, supervisory board, and senior management guarantee the report's accuracy, with key financial officers ensuring financial data integrity - The company's board of directors, supervisory board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[2] - The company's principal, chief accountant, and head of accounting department (accounting supervisor) guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[2] Audit Status This quarter's financial statements are unaudited - The third-quarter financial statements are unaudited[3] Key Financial Data and Indicators Key Accounting Data and Financial Indicators During the reporting period, operating revenue significantly decreased year-over-year, while net profit attributable to shareholders and non-recurring net profit both grew substantially, driven by non-recurring gains, particularly from other equity instrument investments; net cash flow from operating activities turned negative, with slight increases in total assets and owners' equity Key Financial Indicators for Q3 2023 and Year-to-Date | Item | Current Period (Q3 2023) | YoY Change (%) | Year-to-Date (YTD 2023) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 26,066,217.05 | -18.89 | 147,789,947.96 | -44.17 | | Net Profit Attributable to Shareholders (CNY) | 101,722,388.68 | 287.72 | 133,987,399.37 | 17.98 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (CNY) | 99,888,501.01 | 383.99 | 130,072,344.61 | 21.90 | | Net Cash Flow from Operating Activities (CNY) | 10,778,608.10 | Not applicable | -25,702,774.50 | -126.22 | | Basic Earnings Per Share (CNY/share) | 0.1958 | 287.72 | 0.2579 | 17.98 | | Diluted Earnings Per Share (CNY/share) | 0.1958 | 287.72 | 0.2579 | 17.98 | | Weighted Average ROE (%) | 4.4534 | Increased by 3.25 percentage points | 5.8833 | Increased by 0.57 percentage points | Balance Sheet Indicators as of Sep 30, 2023 and Year-End 2022 | Item | As of Sep 30, 2023 (CNY) | As of Dec 31, 2022 (CNY) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,414,623,441.83 | 2,414,551,402.12 | 0.003 | | Owners' Equity Attributable to Shareholders | 2,320,706,858.16 | 2,227,812,637.95 | 4.17 | Non-Recurring Gains and Losses During the reporting period, total non-recurring gains and losses amounted to CNY 1,833,887.67, with a year-to-date cumulative of CNY 3,915,054.76, primarily from disposal of non-current assets, government grants, and debt restructuring gains Non-Recurring Gains and Losses for Q3 2023 and Year-to-Date | Item | Current Period Balance (CNY) | Year-to-Date Amount (CNY) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 551,208.16 | 1,066,094.93 | | Government Grants Included in Current P&L | 182,901.27 | 1,358,683.06 | | Debt Restructuring Gains/Losses | 1,398,636.60 | 2,515,471.87 | | Other Non-Operating Income and Expenses | 218,141.71 | 219,629.10 | | Less: Income Tax Impact | 54,535.43 | 55,707.53 | | Minority Interest Impact (After Tax) | 462,464.64 | 1,189,116.67 | | Total | 1,833,887.67 | 3,915,054.76 | Analysis of Financial Indicator Changes Key financial indicators showed significant shifts, with increased receivables and investment income, while operating revenue, various payables, and cash flows from operating and financing activities declined, mainly due to reduced housing sales and increased investment gains Year-to-Date Key Financial Indicator Changes and Reasons | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Notes Receivable | 168.57 | Increase in transferred unexpired bank acceptance bills | | Financing Receivables | -49.58 | Decrease in unexpired bills held | | Other Receivables | 3,567.44 | Primarily due to uncollected dividends | | Accounts Payable | -35.92 | Decrease in project payments | | Contract Liabilities | -55.11 | Primarily due to reduced advance payments for commercial housing | | Operating Revenue | -44.17 | Primarily due to reduced housing sales | | Investment Income | 120.51 | Primarily due to increased gains recognized from investments in other equity instruments | | Credit Impairment Losses | -233.79 | Increase in bad debt provisions for receivables | | Asset Disposal Gains | 1,219.80 | Increase in gains from disposal of fixed assets | | Net Cash Flow from Operating Activities | -126.22 | Primarily due to reduced sales collections | | Net Cash Flow from Investing Activities | 285.97 | Primarily due to increased cash from investment income and disposal of fixed assets | | Net Cash Flow from Financing Activities | -33.32 | Primarily due to increased dividend distributions | | Net Profit Attributable to Shareholders (Current Period) | 287.72 | Primarily due to recognition of gains from investments in other equity instruments | Shareholder Information Total Common Shareholders and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 35,412 common shareholders, with Chunlan (Group) Company as the controlling shareholder, holding 25.34% of unrestricted shares, alongside other major shareholders including Taizhou City Construction Investment Group Co., Ltd. and Jiangsu Communications Holding Co., Ltd - As of the end of the reporting period, the total number of common shareholders was 35,412[12] Top 10 Shareholders' Holdings as of Report End | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Holding Percentage (%) | | :--- | :--- | :--- | :--- | | Chunlan (Group) Company | Other | 131,630,912 | 25.34 | | Taizhou City Construction Investment Group Co., Ltd. | State-owned Legal Person | 35,644,201 | 6.86 | | Jiangsu Communications Holding Co., Ltd. | State-owned Legal Person | 17,455,100 | 3.36 | | BERNIE INDUSTRIAL LIMITED | Overseas Legal Person | 11,614,100 | 2.24 | | Xu Yongzhao | Unknown | 5,070,578 | 0.98 | - Among the top ten shareholders, Chunlan (Group) Company is the controlling shareholder and has no related party relationship with the other nine shareholders[13] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2023, total assets slightly increased, with non-current assets growing due to increased investments in other equity instruments; both current and non-current liabilities decreased, leading to a reduction in total liabilities, while owners' equity attributable to the parent company significantly rose, reflecting improved net assets Consolidated Balance Sheet Key Item Changes (Sep 30, 2023 vs Dec 31, 2022) | Item | Sep 30, 2023 (CNY) | Dec 31, 2022 (CNY) | Change (CNY) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,002,180,626.45 | 1,027,109,493.86 | -24,928,867.41 | | Other Receivables | 51,980,045.76 | 1,417,340.48 | 50,562,705.28 | | Investments in Other Equity Instruments | 562,713,206.24 | 538,299,682.73 | 24,413,523.51 | | Investment Properties | 242,825,606.16 | 249,371,013.07 | -6,545,406.91 | | Fixed Assets | 107,234,008.57 | 119,527,496.47 | -12,293,487.90 | | Total Assets | 2,414,623,441.83 | 2,414,551,402.12 | 72,039.71 | | Accounts Payable | 46,299,251.12 | 72,252,846.19 | -25,953,595.07 | | Contract Liabilities | 59,270,274.36 | 132,031,992.82 | -72,761,718.46 | | Total Liabilities | 236,639,999.99 | 325,111,680.29 | -88,471,680.30 | | Total Owners' Equity Attributable to Parent Company | 2,320,706,858.16 | 2,227,812,637.95 | 92,894,220.21 | - Other receivables significantly increased, primarily due to uncollected dividends[9][15] - Contract liabilities significantly decreased, mainly due to reduced advance payments for commercial housing[9][16] Consolidated Income Statement In the first three quarters of 2023, total operating revenue significantly decreased by 44.17% year-over-year, yet net profit attributable to parent company shareholders grew by 17.98%, primarily driven by a substantial increase in investment income and reduced income tax expenses, with both operating profit and total profit increasing Consolidated Income Statement Key Item Changes (Q1-Q3 2023 vs Q1-Q3 2022) | Item | Q1-Q3 2023 (CNY) | Q1-Q3 2022 (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 147,789,947.96 | 264,691,011.14 | -44.17 | | Total Operating Costs | 93,309,861.29 | 157,515,186.81 | -40.76 | | Investment Income | 99,202,453.23 | 44,987,141.39 | 120.51 | | Operating Profit | 155,120,023.93 | 154,610,185.93 | 0.33 | | Total Profit | 154,384,816.25 | 153,563,076.76 | 0.53 | | Income Tax Expense | 14,235,688.81 | 27,783,297.61 | -48.76 | | Net Profit | 140,149,127.44 | 125,779,779.15 | 11.42 | | Net Profit Attributable to Parent Company Shareholders | 133,987,399.37 | 113,569,262.15 | 17.98 | | Basic Earnings Per Share (CNY/share) | 0.2579 | 0.2186 | 17.98 | - Operating revenue decreased primarily due to reduced housing sales[9][19] - Investment income significantly increased by 120.51%, mainly due to increased gains recognized from investments in other equity instruments[10][20] - Income tax expense decreased by 48.76%, primarily due to a decline in self-operated profit[10][20] Consolidated Cash Flow Statement In the first three quarters of 2023, net cash flow from operating activities turned negative due to reduced sales collections; net cash flow from investing activities significantly turned positive, driven by increased investment income and cash from asset disposals; net cash flow from financing activities remained negative with increased outflows, mainly due to higher dividend distributions, resulting in a year-over-year decrease in period-end cash and cash equivalents Consolidated Cash Flow Statement Key Item Changes (Q1-Q3 2023 vs Q1-Q3 2022) | Item | Q1-Q3 2023 (CNY) | Q1-Q3 2022 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 101,313,005.15 | 270,253,567.50 | -62.51% | | Net Cash Flow from Operating Activities | -25,702,774.50 | 98,025,149.26 | -126.22% | | Cash Received from Investment Income | 45,414,878.03 | 15,000,000.00 | 202.77% | | Net Cash Received from Disposal of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 11,247,475.99 | 110,330.44 | 10103.00% | | Net Cash Flow from Investing Activities | 56,461,318.14 | 14,628,436.86 | 285.97% | | Cash Paid for Dividends, Profits, or Interest Payments | 70,249,970.77 | 52,691,460.93 | 33.32% | | Net Cash Flow from Financing Activities | -70,249,970.77 | -52,691,460.93 | -33.32% (outflow increased) | | Net Increase in Cash and Cash Equivalents | -39,491,427.13 | 59,962,125.19 | -165.86% | | Period-End Cash and Cash Equivalents Balance | 952,050,385.52 | 975,797,997.08 | -2.43% | - Net cash flow from operating activities decreased by 126.22%, primarily due to reduced sales collections[10][22] - Net cash flow from investing activities increased by 285.97%, mainly due to increased cash received from investment income and disposal of fixed assets[10][22] - Net cash flow from financing activities outflow increased by 33.32%, primarily due to higher dividend distributions[10][23]