长飞光纤(601869) - 2023 Q3 - 季度财报

Key Financial Data The company's operating revenue and net profit attributable to shareholders decreased year-on-year, but year-to-date net profit attributable to parent company shareholders slightly increased, while total assets and equity grew Key Accounting Data and Financial Indicators The company's operating revenue and net profit declined year-on-year, while year-to-date net profit attributable to parent company shareholders saw a slight increase Key Financial Data for Q3 2023 and Year-to-Date | Item | Current Period (3 months) (RMB) | YoY Change (%) | Year-to-Date (9 months) (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,114,139,105 | -19.14 | 10,029,322,250 | -2.08 | | Net Profit Attributable to Shareholders of Listed Company | 273,575,652 | -21.84 | 880,590,578 | 0.59 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 146,366,413 | -55.33 | 710,021,393 | -10.23 | | Net Cash Flow from Operating Activities | N/A | N/A | 670,377,436 | -28.95 | | Basic Earnings Per Share (RMB/share) | 0.36 | -23.40 | 1.16 | 0 | | Diluted Earnings Per Share (RMB/share) | 0.36 | -23.40 | 1.16 | 0 | | Weighted Average Return on Net Assets (%) | 2.48 | decreased by 1.14 percentage points | 8.36 | decreased by 0.44 percentage points | Key Balance Sheet Indicators as of September 30, 2023 | Item | End of Current Period (RMB) | End of Prior Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 29,640,189,577 | 28,203,306,647 | 5.09 | | Total Equity Attributable to Shareholders of Listed Company | 11,403,795,776 | 10,144,245,884 | 12.42 | Changes and Reasons for Key Accounting Data and Financial Indicators Net profit excluding non-recurring gains and losses decreased by 55.33% year-on-year, primarily due to reduced operating revenue - Net profit attributable to shareholders excluding non-recurring gains and losses decreased by 55.33% year-on-year in the current period[7] - This was primarily due to a decrease in the company's operating revenue compared to the same period last year[7] Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses amounted to RMB 127.21 million, primarily from government subsidies and other defined items Non-Recurring Gains and Losses for Q3 2023 and Year-to-Date | Item | Amount for Current Period (RMB) | Amount Year-to-Date (RMB) | | :--- | :--- | :--- | | Gains and Losses on Disposal of Non-Current Assets | 962,034 | 2,418,670 | | Government Subsidies Included in Current Profit and Loss | 55,158,033 | 117,457,364 | | Gains and Losses from Fair Value Changes and Investment Income | 2,092,098 | 21,809,144 | | Other Non-Operating Income and Expenses | 7,472,094 | 820,291 | | Other Gains and Losses Items Defined as Non-Recurring | 36,490,117 | 137,673,827 | | Less: Income Tax Impact | -5,167,671 | -33,743,751 | | Impact on Minority Interests (After Tax) | 30,202,534 | -75,866,360 | | Total | 127,209,239 | 170,569,185 | Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 24,371 common shareholders, with the top two holding 23.73% each and no pledged shares - The total number of common shareholders at the end of the reporting period was 24,371[9] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Number of Shares Held (shares) | Shareholding (%) | Share Status | Pledged Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Huaxin Post and Telecommunication Technology Co., Ltd. | State-owned Legal Person | 179,827,794 | 23.73 | None | 0 | | Draka Communications Netherlands B.V. | Overseas Legal Person | 179,827,794 | 23.73 | None | 0 | | HKSCC Nominees Limited | Overseas Legal Person | 171,613,849 | 22.64 | None | 0 | | Wuhan Yangtze Communications Industry Group Co., Ltd. | State-owned Legal Person | 119,937,010 | 15.82 | None | 0 | | Ningbo Ruitu Enterprise Management Consulting Partnership (Limited Partnership) | Other | 7,914,855 | 1.04 | None | 0 | | CRRC Trust Co., Ltd. - CRRC Trust Shengli No. 5 Single Fund Trust | Other | 5,386,676 | 0.71 | None | 0 | | Ningbo Ruiying Enterprise Management Consulting Partnership (Limited Partnership) | Other | 4,572,500 | 0.60 | None | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 4,167,972 | 0.55 | None | 0 | | Shaanxi International Trust Co., Ltd. - Shanguotou Wealth No. 59 Single Fund Trust | Other | 2,496,466 | 0.33 | None | 0 | | Shanghai Zhentou Asset Management Co., Ltd. - Zhentou Chuangxin No. 45 Private Securities Investment Fund | Other | 2,141,419 | 0.28 | None | 0 | - Ningbo Ruitu Enterprise Management Consulting Partnership (Limited Partnership) and Ningbo Ruiying Enterprise Management Consulting Partnership (Limited Partnership) have an associated relationship[10] Other Reminders The company has no other significant operating information requiring special attention from investors during the reporting period - The company has no other important information requiring investor attention during the reporting period[11] Financial Statements The financial statements reveal changes in assets, liabilities, and equity, alongside shifts in revenue, expenses, and cash flows across operating, investing, and financing activities Consolidated Balance Sheet As of September 30, 2023, total assets increased by 5.09% and equity attributable to shareholders grew by 12.42%, driven by higher long-term equity investments and increased liabilities Consolidated Balance Sheet Key Item Changes (September 30, 2023 vs December 31, 2022) | Item | 2023年9月30日 (RMB) | 2022年12月31日 (RMB) | Change (RMB) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 29,640,189,577 | 28,203,306,647 | 1,436,882,930 | 5.09 | | Cash and Cash Equivalents | 4,173,658,219 | 4,323,893,889 | -150,235,670 | -3.47 | | Financial Assets Held for Trading | 1,134,362,216 | 1,347,947,294 | -213,585,078 | -15.85 | | Accounts Receivable | 5,361,050,737 | 5,035,236,390 | 325,814,347 | 6.47 | | Long-Term Equity Investments | 3,350,581,237 | 1,828,164,430 | 1,522,416,807 | 83.28 | | Fixed Assets | 6,069,537,613 | 5,749,362,064 | 320,175,549 | 5.57 | | Construction in Progress | 910,373,058 | 1,644,132,850 | -733,759,792 | -44.63 | | Total Liabilities | 14,866,112,405 | 13,666,245,433 | 1,199,866,972 | 8.78 | | Short-Term Borrowings | 2,395,899,135 | 1,754,882,426 | 641,016,709 | 36.53 | | Accounts Payable | 1,671,153,986 | 2,031,652,081 | -360,498,095 | -17.74 | | Non-Current Liabilities Due Within One Year | 1,239,169,261 | 732,895,951 | 506,273,310 | 69.08 | | Long-Term Borrowings | 4,807,714,062 | 3,950,988,482 | 856,725,580 | 21.68 | | Total Equity | 14,774,077,172 | 14,537,061,214 | 237,015,958 | 1.63 | | Total Equity Attributable to Parent Company Shareholders | 11,403,795,776 | 10,144,245,884 | 1,259,549,892 | 12.42 | | Minority Interests | 3,370,281,396 | 4,392,815,330 | -1,022,533,934 | -23.28 | - Long-term equity investments significantly increased by 83.28%, while construction in progress decreased by 44.63%, indicating a shift in the company's investment structure[15][17] - Short-term borrowings and non-current liabilities due within one year significantly increased, alongside a substantial rise in long-term borrowings, reflecting an expansion in the company's financing scale[17] Consolidated Income Statement In the first three quarters of 2023, total operating revenue slightly decreased, but net profit attributable to parent company shareholders saw a small increase, supported by higher investment and other income despite rising expenses Consolidated Income Statement Key Item Changes (First Three Quarters 2023 vs First Three Quarters 2022) | Item | 2023年前三季度 (RMB) | 2022年前三季度 (RMB) | Change (RMB) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 10,029,322,250 | 10,242,432,745 | -213,110,495 | -2.08 | | Operating Cost | 7,423,871,437 | 7,864,954,165 | -441,082,728 | -5.61 | | Selling Expenses | 347,720,278 | 271,887,697 | 75,832,581 | 27.89 | | General and Administrative Expenses | 738,377,605 | 534,806,285 | 203,571,320 | 38.07 | | Research and Development Expenses | 558,709,760 | 544,429,763 | 14,279,997 | 2.62 | | Financial Expenses | 101,181,229 | 60,358,156 | 40,823,073 | 67.63 | | Other Income | 120,827,864 | 66,839,162 | 53,988,702 | 80.77 | | Investment Income | 136,865,126 | 45,749,409 | 91,115,717 | 199.17 | | Credit Impairment Losses | -114,445,040 | -64,236,517 | -50,208,523 | 78.16 | | Operating Profit | 891,610,052 | 913,851,851 | -22,241,799 | -2.43 | | Total Profit | 892,430,451 | 913,629,008 | -21,198,557 | -2.32 | | Net Profit | 825,270,755 | 863,827,194 | -38,556,439 | -4.46 | | Net Profit Attributable to Parent Company Shareholders | 880,590,578 | 875,424,913 | 5,165,665 | 0.59 | | Minority Shareholder Profit/Loss | -55,319,823 | -11,597,719 | -43,722,104 | 376.99 | - Selling, general and administrative, and financial expenses increased by 27.89%, 38.07%, and 67.63% year-on-year, respectively, indicating rising operating and financing costs[21] - Investment income surged by 199.17%, offsetting some of the decline in operating revenue and increased expenses, resulting in a slight increase in net profit attributable to parent company shareholders[21][22] Consolidated Cash Flow Statement In the first three quarters of 2023, net cash flow from operating activities decreased by 28.95%, investing cash outflow expanded significantly, and financing cash flow also declined, resulting in a negative net increase in cash and cash equivalents Consolidated Cash Flow Statement Key Item Changes (First Three Quarters 2023 vs First Three Quarters 2022) | Item | 2023年前三季度 (RMB) | 2022年前三季度 (RMB) | Change (RMB) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 670,377,436 | 943,500,233 | -273,122,797 | -28.95 | | Cash Received from Sales of Goods and Services | 10,744,056,883 | 9,061,429,375 | 1,682,627,508 | 18.57 | | Cash Paid for Goods and Services | 8,833,401,099 | 7,194,248,311 | 1,639,152,788 | 22.78 | | Cash Paid to and for Employees | 1,255,261,189 | 1,007,008,939 | 248,252,250 | 24.65 | | Net Cash Flow from Investing Activities | -2,269,539,134 | -1,536,714,650 | -732,824,484 | 47.69 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 1,347,570,855 | 1,446,972,268 | -99,401,413 | -6.87 | | Cash Paid for Investments | 1,571,856,129 | 2,050,204,397 | -478,348,268 | -23.33 | | Net Cash Paid for Acquisition of Subsidiaries and Other Business Units | 490,791,750 | 355,687,052 | 135,104,698 | 37.99 | | Net Cash Flow from Financing Activities | 1,483,380,887 | 2,085,348,919 | -601,968,032 | -28.87 | | Cash Received from Borrowings | 4,344,203,915 | 5,298,775,127 | -954,571,212 | -18.01 | | Cash Paid for Debt Repayment | 2,344,531,807 | 2,971,667,942 | -627,136,135 | -21.10 | | Net Increase in Cash and Cash Equivalents | -85,800,142 | 1,578,292,778 | -1,664,092,920 | -105.44 | - While cash inflows from operating activities increased, significant increases in cash paid for goods and services and to employees led to a decrease in net operating cash flow[23] - Net cash outflow from investing activities expanded, primarily due to increased cash paid for acquiring subsidiaries and other business units, alongside sustained high levels of cash paid for investments[24] - Net cash flow from financing activities decreased, influenced by a combination of reduced cash received from borrowings and lower cash paid for debt repayment[24]