昊华能源(601101) - 2023 Q3 - 季度财报

Key Financial and Shareholder Information Key Accounting Data and Financial Indicators The company experienced a year-on-year decline in performance during the first three quarters of 2023, with significant decreases in revenue and net profit, while total assets and equity showed growth Key Financial Indicators for the First Three Quarters of 2023 (Unit: Billion CNY) | Item | Year-to-Date | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 6.12 | -10.15% | | Net Profit Attributable to Shareholders of Listed Company | 1.01 | -33.87% | | Net Cash Flow from Operating Activities | 3.06 | -19.81% | | Basic Earnings Per Share (CNY/share) | 0.70 | -33.78% | Key Balance Sheet Indicators as of Q3 2023 (Unit: Billion CNY) | Item | As of Current Period End | Change from Prior Year-End (%) | | :--- | :--- | :--- | | Total Assets | 30.48 | 2.26% | | Total Equity Attributable to Shareholders of Listed Company | 11.27 | 7.71% | - The company attributed the significant year-on-year decline in net profit primarily to falling coal sales prices and increased provisions for coal production and safety expenses[42] Non-Recurring Gains and Losses Items and Amounts For the first three quarters of 2023, the company's total non-recurring gains and losses amounted to CNY 39.51 million, primarily comprising gains on disposal of non-current assets and net other non-operating income and expenses Key Non-Recurring Gains and Losses Items for the First Three Quarters of 2023 (Unit: Million CNY) | Item | Year-to-Date Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 60.94 | | Government Grants Recognized in Current Profit/Loss | 3.85 | | Other Non-Operating Income and Expenses | -35.83 | | Total | 39.51 | Analysis of Significant Financial Indicator Changes During the reporting period, several financial indicators experienced significant changes, including substantial increases in prepayments, fixed assets, and contract liabilities, alongside a notable rise in gains on asset disposal and administrative expenses due to specific operational and asset transfer events - Significant Balance Sheet Item Changes: * Prepayments (+233.65%): Primarily due to prepaid freight and capacity replacement quota fees[45] * Fixed Assets (+42.91%): Mainly due to the transfer of some construction in progress at Hongdunzi Coal Industry's Hongyi Coal Mine to fixed assets upon reaching intended usable condition[45] * Construction in Progress (-58.72%): Change reason is the same as fixed assets[45] * Contract Liabilities (+158.78%): Primarily due to an increase in unsettled advance receipts for coal sales[45] * Payroll Payable (+342.39%): Mainly due to a larger balance of performance-based wages pending payment in the current period[45] - Significant Income Statement and Cash Flow Statement Item Changes: * Administrative Expenses (+58.34%): Primarily due to increased administrative costs from Hongyi Coal Mine entering trial operation and accrual of management performance wages in the current period[45] * Gains on Asset Disposal (+10,232.85%): Primarily due to the transfer of Jingxi Sikang's real estate in the current period[45][42] * Net Cash Recovered from Disposal of Fixed Assets and Other Assets (+6,684.67%): Primarily due to receiving proceeds from the transfer of Jingxi Sikang's real estate in the current period[45][42] Shareholder Information As of the end of the reporting period, the company had 49,234 common shareholders, with Beijing Energy Group Co., Ltd. as the controlling shareholder holding 63.31%, followed by Hong Kong Securities Clearing Company Limited and China National Coal Group Corporation as the second and third largest shareholders - As of the end of the reporting period, the company had a total of 49,234 common shareholders[47] Top Ten Shareholders' Shareholding | Shareholder Name | Number of Shares Held | Shareholding Percentage (%) | | :--- | :--- | :--- | | Beijing Energy Group Co., Ltd. | 911,613,544 | 63.31 | | Hong Kong Securities Clearing Company Limited | 31,013,938 | 2.15 | | China National Coal Group Corporation | 26,777,110 | 1.86 | | Wang Jialing | 18,000,000 | 1.25 | | Bank of China Ltd. - China Merchants CSI Coal Equal Weight Index Graded Fund | 5,731,500 | 0.40 | Quarterly Financial Statements Consolidated Financial Statements As of September 30, 2023, the company's consolidated total assets were CNY 30.48 billion, with total liabilities of CNY 15.93 billion and equity attributable to the parent company of CNY 11.27 billion, while year-to-date operating revenue and net profit attributable to the parent company decreased by 10.15% and 33.87% respectively Consolidated Balance Sheet As of September 30, 2023, total consolidated assets reached CNY 30.48 billion, increasing by 2.26% from the year-start, driven by higher cash and fixed assets due to construction in progress transfers, while total liabilities slightly decreased and equity attributable to the parent company increased Consolidated Balance Sheet Key Items (Unit: Billion CNY) | Item | September 30, 2023 | December 31, 2022 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 5.69 | 5.46 | +4.23% | | Fixed Assets | 10.66 | 7.46 | +42.91% | | Construction in Progress | 1.93 | 4.68 | -58.72% | | Total Assets | 30.48 | 29.81 | +2.26% | | Long-term Borrowings | 7.59 | 7.73 | -1.77% | | Total Liabilities | 15.93 | 16.08 | -0.94% | | Equity Attributable to Parent Company | 11.27 | 10.46 | +7.71% | | Total Liabilities and Equity | 30.48 | 29.81 | +2.26% | Consolidated Income Statement For the first three quarters of 2023, total operating revenue decreased by 10.15% to CNY 6.12 billion, leading to a 33.15% decline in operating profit to CNY 1.86 billion, and a 33.87% drop in net profit attributable to parent company shareholders to CNY 1.01 billion Consolidated Income Statement Key Items (Unit: Billion CNY) | Item | First Three Quarters of 2023 | First Three Quarters of 2022 | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 6.12 | 6.81 | -10.15% | | Total Operating Costs | 4.32 | 4.03 | +7.09% | | Operating Profit | 1.86 | 2.78 | -33.15% | | Total Profit | 1.83 | 2.76 | -33.60% | | Net Profit | 1.52 | 2.25 | -32.50% | | Net Profit Attributable to Parent Company Shareholders | 1.01 | 1.53 | -33.87% | | Basic Earnings Per Share (CNY/share) | 0.70 | 1.06 | -33.96% | Consolidated Cash Flow Statement For the first three quarters of 2023, net cash flow from operating activities decreased by 19.81% to CNY 3.06 billion, while net cash outflow from financing activities significantly expanded to CNY 1.82 billion primarily due to increased debt repayments, resulting in a period-end cash and cash equivalents balance of CNY 5.34 billion Consolidated Cash Flow Statement Key Items (Unit: Billion CNY) | Item | First Three Quarters of 2023 | First Three Quarters of 2022 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3.06 | 3.82 | | Net Cash Flow from Investing Activities | -1.05 | -1.02 | | Net Cash Flow from Financing Activities | -1.82 | -0.83 | | Net Increase in Cash and Cash Equivalents | 0.20 | 1.96 | | Cash and Cash Equivalents at Period End | 5.34 | 5.99 | Parent Company Financial Statements At the parent company level, as of September 30, 2023, total assets were CNY 12.70 billion and total liabilities were CNY 3.09 billion, with year-to-date net profit of CNY 1.65 billion primarily driven by significant investment income, while operating cash flow was negative and investing cash flow was positive Parent Company Balance Sheet As of September 30, 2023, the parent company's total assets increased by 6.08% to CNY 12.70 billion, primarily composed of cash and long-term equity investments, while total liabilities decreased by 12.33% to CNY 3.09 billion due to debt repayments, and total equity reached CNY 9.62 billion Parent Company Balance Sheet Key Items (Unit: Billion CNY) | Item | September 30, 2023 | December 31, 2022 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3.04 | 2.24 | +35.61% | | Long-term Equity Investments | 7.07 | 7.07 | -0.01% | | Total Assets | 12.70 | 11.97 | +6.08% | | Long-term Borrowings | 2.06 | 2.20 | -6.36% | | Total Liabilities | 3.09 | 3.52 | -12.33% | | Total Equity | 9.62 | 8.45 | +13.75% | Parent Company Income Statement For the first three quarters of 2023, the parent company's operating revenue increased by 121.08% to CNY 18.6 million, with net profit reaching CNY 1.65 billion, primarily driven by CNY 1.76 billion in investment income despite a 7.89% year-on-year decrease in such income Parent Company Income Statement Key Items (Unit: Billion CNY) | Item | First Three Quarters of 2023 | First Three Quarters of 2022 | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 0.02 | 0.01 | +121.08% | | Investment Income | 1.76 | 1.91 | -7.89% | | Operating Profit | 1.65 | 1.77 | -6.34% | | Net Profit | 1.65 | 1.76 | -6.33% | Parent Company Cash Flow Statement For the first three quarters of 2023, the parent company experienced a net cash outflow of CNY 186 million from operating activities, while investing activities generated a net inflow of CNY 1.96 billion primarily from investment income, and financing activities resulted in a net outflow of CNY 971 million due to debt repayments and dividend distributions Parent Company Cash Flow Statement Key Items (Unit: Billion CNY) | Item | First Three Quarters of 2023 | First Three Quarters of 2022 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -0.19 | -0.15 | | Net Cash Flow from Investing Activities | 1.96 | 4.39 | | Net Cash Flow from Financing Activities | -0.97 | -3.14 | | Net Increase in Cash and Cash Equivalents | 0.80 | 1.10 | | Cash and Cash Equivalents at Period End | 3.00 | 2.60 |