航天电子(600879) - 2020 Q3 - 季度财报

Important Notes This section outlines the company's declarations regarding the authenticity of the report, board approval, responsible persons' statements, and audit status Statement on Report Authenticity The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, assuming corresponding legal responsibilities - The company's board of directors, supervisory board, and all directors, supervisors, and senior management pledge the truthfulness, accuracy, and completeness of the quarterly report content, with no false records, misleading statements, or major omissions[4] Board of Directors' Review All directors of the company attended the board meeting and approved this quarterly report - All company directors attended the board meeting to review the quarterly report[4] Statements by Responsible Persons Ren Demin (Company Head), Xu Hongsuo (Head of Accounting Work), and Wei Haiqing (Head of Accounting Department) guarantee the truthfulness, accuracy, and completeness of the financial statements - Ren Demin (Company Head), Xu Hongsuo (Head of Accounting Work), and Wei Haiqing (Head of Accounting Department) guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[4] Audit Status This company's third-quarter report is unaudited - This company's third-quarter report is unaudited[4] Company Profile This section presents the company's key financial performance and position, along with details of its shareholding structure as of the reporting period end Key Financial Data As of September 30, 2020, total assets grew by 4.42% and net assets attributable to shareholders by 1.70%; year-to-date, operating revenue declined by 6.09%, net profit by 2.23%, and operating cash flow by 31.97% Key Financial Data (As of September 30, 2020) | Indicator | End of Current Reporting Period (CNY) | End of Previous Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 30,519,146,746.69 | 29,228,268,358.95 | 4.42 | | Net Assets Attributable to Shareholders of Listed Company | 12,583,153,188.61 | 12,373,364,087.91 | 1.70 | | Indicator | YTD as of End of Reporting Period (Jan-Sep) (CNY) | YTD as of End of Previous Year's Reporting Period (Jan-Sep) (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,520,805,474.08 | -1,152,425,003.35 | -31.97 | | Operating Revenue | 8,716,100,429.22 | 9,281,346,042.28 | -6.09 | | Net Profit Attributable to Shareholders of Listed Company | 342,989,343.24 | 350,811,865.25 | -2.23 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 301,656,615.03 | 326,424,593.32 | -7.59 | | Weighted Average Return on Net Assets (%) | 2.734 | 2.911 | Decrease of 0.18 percentage points | | Basic Earnings Per Share (CNY/share) | 0.126 | 0.129 | -2.33 | | Diluted Earnings Per Share (CNY/share) | 0.126 | 0.129 | -2.33 | Non-Recurring Gains and Losses (YTD as of End of Reporting Period) | Item | YTD Amount (Jan-Sep) (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 305,912.21 | | Government grants recognized in current profit and loss | 47,266,495.55 | | Gains and losses from debt restructuring | 398,200.00 | | Other non-operating income and expenses apart from the above | 2,992,147.25 | | Impact of minority interests (after tax) | -2,295,912.20 | | Income tax impact | -7,334,114.60 | | Total | 41,332,728.21 | Shareholding Structure As of the reporting period end, the company had 175,389 shareholders, with China Aerospace Times Electronics Co., Ltd. being the largest at 21.57% ownership, alongside its subsidiaries in the top ten - As of the end of the reporting period, the company had 175,389 shareholders[9] Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Restricted Shares Held (shares) | Share Status | Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Aerospace Times Electronics Co., Ltd. | 586,634,344 | 21.57 | 0 | Unrestricted | - | State-owned Legal Person | | Shaanxi Aerospace Navigation Equipment Co., Ltd. | 53,277,182 | 1.96 | 0 | Unrestricted | - | State-owned Legal Person | | Hubei Juyuan Technology Investment Co., Ltd. | 49,427,214 | 1.82 | 0 | Unrestricted | - | State-owned Legal Person | | Shaanxi Cangsang Machinery Co., Ltd. | 45,345,306 | 1.67 | 0 | Unrestricted | - | State-owned Legal Person | | Beijing Xinghua Machinery Factory Co., Ltd. | 38,049,810 | 1.40 | 0 | Unrestricted | - | State-owned Legal Person | | China Construction Bank Co., Ltd. - Penghua CSI National Defense Index Graded Fund | 32,817,774 | 1.21 | 0 | Unknown | - | Unknown | | Beijing Dongzi Yuancheng Investment Center (Limited Partnership) | 32,179,720 | 1.18 | 0 | Unknown | - | Domestic Non-state-owned Legal Person | | China North Industries Corporation | 30,358,226 | 1.12 | 0 | Unknown | - | State-owned Legal Person | | Sinomach Capital Holdings Co., Ltd. | 30,358,226 | 1.12 | 0 | Unknown | - | State-owned Legal Person | | China Construction Bank Co., Ltd. - Fuguo CSI Military Industry Index Graded Fund | 28,653,973 | 1.05 | 0 | Unknown | - | Unknown | - Shaanxi Aerospace Navigation Equipment Co., Ltd., Shaanxi Cangsang Machinery Co., Ltd., and Beijing Xinghua Machinery Factory Co., Ltd. are wholly-owned subsidiaries of China Aerospace Times Electronics Co., Ltd.; Hubei Juyuan Technology Investment Co., Ltd. is a controlled subsidiary of China Aerospace Times Electronics Co., Ltd[10] Material Matters This section details significant changes in financial statement items, the progress of material matters, the use of raised funds, and any unfulfilled commitments or profit warnings Analysis of Major Changes in Key Financial Statement Items and Indicators Significant changes occurred in balance sheet and cash flow items, including a 20.82% rise in inventories, a 38.67% decrease in short-term borrowings, and a 31.97% decline in operating cash flow, primarily due to increased orders, bond issuance, and reduced sales collections Major Balance Sheet Changes (Current Period-End vs. Previous Year-End) | Item Name | Current Period-End Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Inventories | 12,102,164,493.18 | 20.82 | Increase in orders led to increased input, coupled with pandemic impact, some products had delayed delivery | | Other Current Assets | 30,593,944.44 | -48.73 | Due to decrease in deductible input VAT | | Investments in Other Equity Instruments | 37,502,093.23 | 167.87 | Due to recognition of changes in net assets of investees | | Construction in Progress | 660,135,969.30 | -42.32 | Due to increased transfer of construction in progress to fixed assets | | Development Expenditures | 6,181,964.18 | -91.45 | Due to project completion and transfer out | | Deferred Income Tax Assets | 45,648,386.15 | 25.09 | Due to increase in deductible temporary differences | | Short-term Borrowings | 1,819,000,000.00 | -38.67 | Increase in short-term bond issuance, correspondingly reducing short-term borrowings | | Employee Benefits Payable | 204,510,732.34 | 40.43 | Increase in accruals for pension insurance and other wage-related items | | Other Current Liabilities | 5,000,000,000.00 | 66.67 | Due to increase in short-term bond issuance | | Long-term Payables | 136,155,874.02 | -34.73 | Due to project completion and transfer out of special technical renovation and research funds | | Deferred Income Tax Liabilities | 7,110,609.01 | 38.37 | Due to increase in taxable temporary differences | Major Cash Flow Statement Changes (YTD as of End of Reporting Period) | Item | Current Period Amount (CNY) | Previous Year Same Period Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,520,805,474.08 | -1,152,425,003.35 | -31.97 | Due to reduced sales collections impacted by the pandemic | | Net Cash Flow from Investing Activities | -253,661,258.19 | -333,156,012.23 | 23.86 | Due to reduced investment expenditures on fixed assets etc. impacted by the pandemic | | Net Cash Flow from Financing Activities | -214,343,315.49 | 741,855,245.21 | -128.89 | Due to increased repayment of debts and interest | Progress of Material Matters and Use of Raised Funds By the reporting period end, the company had cumulatively invested 1.94 billion CNY of raised funds, representing 87.36% of the committed amount, with the working capital replenishment project fully utilized Use of Raised Funds (As of End of Current Reporting Period) | Project Name | Committed Investment Amount (10,000 CNY) | Cumulative Investment Amount (10,000 CNY) | | :--- | :--- | :--- | | R&D and Industrialization Capacity Building Project for Intelligent Defense Equipment Systems | 34,000.00 | 15,585.39 | | R&D and Capacity Building Project for New Generation Measurement & Control Communication and Aerospace Electronic Components | 51,425.00 | 42,941.55 | | Industrialization Project for High-end Intelligent Inertial Navigation Products | 49,300.00 | 48,097.39 | | Replenishment of Working Capital for Listed Company | 87,597.33 | 87,597.33 | | Total | 222,322.33 | 194,221.66 | 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[15] Cumulative Net Profit Forecast Warning The company has not issued a warning regarding a potential cumulative net loss or significant change in net profit from the beginning of the year to the end of the next reporting period - The company has not issued a warning regarding a potential cumulative net loss or significant change in net profit from the beginning of the year to the end of the next reporting period compared to the same period last year[15] Appendix This section contains the company's unaudited financial statements and explanations of accounting policy adjustments Financial Statements This section provides the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements for the specified periods Consolidated Balance Sheet As of September 30, 2020, consolidated total assets reached 30.52 billion CNY, liabilities 17.30 billion CNY, and owners' equity 13.22 billion CNY, with total assets growing 4.42% and current liabilities 6.71% year-on-year Consolidated Balance Sheet Key Data (As of September 30, 2020) | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Current Assets | 24,731,121,051.97 | 23,323,410,913.55 | | Total Non-Current Assets | 5,788,025,694.72 | 5,904,857,445.40 | | Total Assets | 30,519,146,746.69 | 29,228,268,358.95 | | Total Current Liabilities | 17,036,261,073.24 | 15,965,062,907.63 | | Total Non-Current Liabilities | 263,242,440.59 | 273,663,192.14 | | Total Liabilities | 17,299,503,513.83 | 16,238,726,099.77 | | Total Equity Attributable to Parent Company Owners | 12,583,153,188.61 | 12,373,364,087.91 | | Minority Interests | 636,490,044.25 | 616,178,171.27 | | Total Owners' Equity | 13,219,643,232.86 | 12,989,542,259.18 | Parent Company Balance Sheet As of September 30, 2020, parent company total assets were 15.28 billion CNY, liabilities 6.83 billion CNY, and owners' equity 8.45 billion CNY, with total assets increasing 12.12% and current liabilities 38.37% year-on-year Parent Company Balance Sheet Key Data (As of September 30, 2020) | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Current Assets | 8,800,499,245.60 | 6,715,566,131.40 | | Total Non-Current Assets | 6,482,328,130.42 | 6,915,631,973.91 | | Total Assets | 15,282,827,376.02 | 13,631,198,105.31 | | Total Current Liabilities | 6,821,704,790.54 | 4,930,201,990.22 | | Total Non-Current Liabilities | 11,986,299.11 | 11,986,299.11 | | Total Liabilities | 6,833,691,089.65 | 4,942,188,289.33 | | Total Owners' Equity | 8,449,136,286.37 | 8,689,009,815.98 | Consolidated Income Statement For the first three quarters of 2020, consolidated total operating revenue decreased by 6.09% to 8.72 billion CNY, and net profit attributable to parent company shareholders decreased by 2.23% to 343.0 million CNY; Q3 revenue grew 0.47% to 3.14 billion CNY, with net profit up 18.24% to 137.2 million CNY Consolidated Income Statement Key Data | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 8,716,100,429.22 | 9,281,346,042.28 | -6.09 | | Total Operating Costs | 8,336,157,752.73 | 8,864,568,949.38 | -5.96 | | Operating Profit | 416,660,056.07 | 442,520,321.75 | -5.84 | | Total Profit | 427,876,921.91 | 443,670,837.04 | -3.56 | | Net Profit | 362,417,239.99 | 377,437,444.56 | -3.98 | | Net Profit Attributable to Parent Company Shareholders | 342,989,343.24 | 350,811,865.25 | -2.23 | | Item | Jul-Sep 2020 (CNY) | Jul-Sep 2019 (CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 3,141,220,235.62 | 3,126,416,402.86 | 0.47 | | Net Profit Attributable to Parent Company Shareholders | 137,246,415.44 | 116,077,100.21 | 18.24 | Parent Company Income Statement For the first three quarters of 2020, parent company operating revenue decreased by 23.86% to 388.68 million CNY, with a net loss of 92.99 million CNY, a narrower loss year-on-year; Q3 revenue fell 82.51% to 35.60 million CNY, and net loss expanded to 52.59 million CNY Parent Company Income Statement Key Data | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 388,681,740.70 | 509,831,684.95 | -23.86 | | Operating Profit | -94,561,516.68 | -93,166,899.74 | -1.50 | | Total Profit | -92,986,696.49 | -95,349,406.68 | 2.48 | | Net Profit | -92,986,696.49 | -95,349,406.68 | 2.48 | | Item | Jul-Sep 2020 (CNY) | Jul-Sep 2019 (CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 35,601,043.19 | 203,504,642.72 | -82.51 | | Net Profit | -52,591,385.47 | -29,097,405.41 | -80.74 | Consolidated Cash Flow Statement For the first three quarters of 2020, consolidated net operating cash flow was -1.52 billion CNY, down 31.97% due to reduced sales collections; net investing cash flow was -253.66 million CNY, narrowing by 23.86%; net financing cash flow turned negative to -214.34 million CNY, a 128.89% decrease due to increased debt repayments Consolidated Cash Flow Statement Key Data (Jan-Sep 2020) | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,520,805,474.08 | -1,152,425,003.35 | -31.97 | | Net Cash Flow from Investing Activities | -253,661,258.19 | -333,156,012.23 | 23.86 | | Net Cash Flow from Financing Activities | -214,343,315.49 | 741,855,245.21 | -128.89 | | Net Increase in Cash and Cash Equivalents | -1,988,601,858.79 | -743,517,756.83 | -167.47 | | Cash and Cash Equivalents at Period-End | 625,878,129.10 | 680,300,533.10 | -8.00 | Parent Company Cash Flow Statement For the first three quarters of 2020, parent company net operating cash flow was -217.35 million CNY, a 214.09% decrease; net investing cash flow significantly increased to 997.94 million CNY; net financing cash flow turned negative to -1.05 billion CNY, a 1438.09% decrease Parent Company Cash Flow Statement Key Data (Jan-Sep 2020) | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -217,345,081.00 | -69,225,552.47 | -214.09 | | Net Cash Flow from Investing Activities | 997,938,168.51 | -26,730,624.89 | 3833.00 | | Net Cash Flow from Financing Activities | -1,054,776,471.00 | 78,825,931.59 | -1438.09 | | Net Increase in Cash and Cash Equivalents | -274,183,383.49 | -17,130,245.77 | -1500.52 | | Cash and Cash Equivalents at Period-End | 96,246,223.81 | 219,689,623.40 | -56.11 | Adjustments for New Revenue Standard The company adopted the new revenue standard from January 1, 2020, adjusting opening consolidated and parent company balance sheets by reclassifying advances from customers to contract liabilities, with no impact on total assets or liabilities - The company adopted the new revenue recognition standard (Accounting Standard for Business Enterprises No. 14 – Revenue (Revised 2017)) from January 1, 2020[43][46] Consolidated Balance Sheet Adjustments (January 1, 2020) | Item | December 31, 2019 (CNY) | January 1, 2020 (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Advances from Customers | 1,513,246,589.57 | | -1,513,246,589.57 | | Contract Liabilities | | 1,513,246,589.57 | 1,513,246,589.57 | Parent Company Balance Sheet Adjustments (January 1, 2020) | Item | December 31, 2019 (CNY) | January 1, 2020 (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Advances from Customers | 219,927,042.00 | | -219,927,042.00 | | Contract Liabilities | | 219,927,042.00 | 219,927,042.00 | Explanation of Retrospective Adjustment of Prior Period Comparative Data The company did not retrospectively adjust prior period comparative data - The company did not retrospectively adjust prior period comparative data[47] Audit Report This quarterly report does not include an audit report - This quarterly report does not include an audit report[47]