弘讯科技(603015) - 2020 Q3 - 季度财报

Important Notice The board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with the financial statements certified by key personnel; the report is unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility[7] - Company head Xiong Yulin, chief accountant Ye Haiping, and head of accounting department Ye Haiping guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[7] - This company's third-quarter report is unaudited[7] Company Basic Information This chapter outlines key financial data, including assets, net assets, cash flow, revenue, and net profit changes, details non-recurring gains/losses, and discloses shareholder information as of the reporting period-end Key Financial Data As of the reporting period-end, total assets and net assets attributable to shareholders increased; year-to-date revenue and net profit grew significantly, while net cash flow from operating activities decreased; non-recurring gains/losses positively impacted net profit Major Financial Data Overview | Indicator | As of Reporting Period-End (CNY) | As of Prior Year-End (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet (Period-End): | | | | | Total Assets | 1,977,115,720.21 | 1,743,631,047.36 | 13.39 | | Net Assets Attributable to Shareholders of Listed Company | 1,256,271,541.96 | 1,208,001,521.62 | 4.00 | | Income Statement (Year-to-Date): | | | | | Operating Revenue | 521,119,070.06 | 422,303,633.63 | 23.40 | | Net Profit Attributable to Shareholders of Listed Company | 46,788,031.74 | 15,913,221.47 | 194.02 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 39,464,754.13 | 7,121,579.73 | 454.16 | | Weighted Average Return on Net Assets (%) | 3.80 | 1.32 | Increased by 2.48 percentage points | | Basic Earnings Per Share (CNY/share) | 0.12 | 0.04 | 200.00 | | Diluted Earnings Per Share (CNY/share) | 0.12 | 0.04 | 200.00 | | Cash Flow Statement (Year-to-Date): | | | | | Net Cash Flow from Operating Activities | 60,633,074.17 | 85,392,712.25 | -29.00 | Total Non-recurring Gains and Losses Year-to-Date | Item | Amount (CNY) | | :--- | :--- | | Total | 7,323,277.61 | Shareholder Information as of Reporting Period-End As of the reporting period-end, the company had 24,057 shareholders; controlling shareholder RED FACTOR LIMITED held 50.28% of shares, with 109.62 million shares pledged; RED FACTOR LIMITED and Ningbo Bangbangmang Trading Co., Ltd. are parties acting in concert - Total shareholders: 24,057 households[13] - Controlling shareholder RED FACTOR LIMITED held 203,257,700 shares, accounting for 50.28%, of which 109,620,000 shares were pledged[13] - Controlling shareholder RED FACTOR LIMITED and Ningbo Bangbangmang Trading Co., Ltd. are parties acting in concert[14] Preferred Shareholder Information as of Reporting Period-End The company had no preferred shareholders as of the reporting period-end - Not applicable to preferred shareholder information[14] Significant Events This chapter details significant changes and reasons for key financial statement items and indicators across the balance sheet, income statement, and cash flow statement, with no overdue unfulfilled commitments or profit warnings Significant Changes and Reasons for Key Financial Statement Items and Indicators This section analyzes major changes and drivers in balance sheet, income statement, and cash flow items, reflecting shifts in construction, fund management, investment income, and financing activities Significant Changes and Reasons for Balance Sheet Items Other receivables, other current assets, construction in progress, notes payable, and accounts payable significantly increased due to project deposits, redeemable bonds, plant construction, and purchase/engineering payments; non-current liabilities due within one year decreased due to reduced foreign subsidiary borrowings Significant Changes in Balance Sheet Items | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Other Receivables | 8,064,581.92 | 4,819,405.72 | 67.34 | Mainly due to increased project deposits by subsidiaries in this period | | Other Current Assets | 49,611,411.20 | 27,626,026.46 | 79.58 | Mainly due to increased redeemable bonds balance of overseas subsidiaries at period-end | | Construction in Progress | 100,101,045.82 | 41,948,752.31 | 138.63 | Mainly due to investment in plant construction projects by subsidiaries Taiwan Hongxun and Yixuesong | | Notes Payable | 27,897,237.27 | 5,665,937.40 | 392.37 | Mainly due to increased engineering payments by overseas subsidiaries | | Accounts Payable | 164,999,729.13 | 105,022,520.56 | 57.11 | Mainly due to increased purchase payments and engineering payments | | Non-current Liabilities Due Within One Year | 201,260.69 | 2,564,037.11 | -92.15 | Mainly due to decreased borrowings of overseas subsidiaries due within 1 year | Significant Changes and Reasons for Income Statement Items Year-to-date investment income surged by 679.79% due to increased associate investment income; non-operating expenses significantly increased due to reclassification of buyer's credit provision; income tax expense rose by 65.88% with increased revenue and total profit Significant Changes in Income Statement Items | Item | January-September 2020 (CNY) | January-September 2019 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,888,301.62 | -670,640.07 | 679.79 | Mainly due to increased investment income from associates in this period | | Non-operating Expenses | 535,524.53 | -52,262.32 | 1124.69 | Mainly due to buyer's credit provision expenses being reflected in non-operating expenses in the prior year, and in credit impairment losses in this period | | Income Tax Expense | 10,230,944.39 | 6,167,708.85 | 65.88 | Mainly due to increased operating revenue and total profit in this period, leading to a corresponding increase in corporate income tax provision | Significant Changes and Reasons for Cash Flow Statement Items Year-to-date net cash flow from investing activities decreased by 53.09% due to prior year's foreign subsidiary long-term asset purchases; net cash flow from financing activities surged by 437.49% due to no cash dividends this period; exchange rate changes impacted cash and cash equivalents negatively Significant Changes in Cash Flow Statement Items | Item | January-September 2020 (CNY) | January-September 2019 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Investing Activities | -90,032,554.82 | -191,910,073.32 | 53.09 | Overseas subsidiary Taiwan Hongxun purchased long-term assets (land ownership) in the prior year | | Net Cash Flow from Financing Activities | 73,366,266.51 | -21,738,926.37 | 437.49 | Cash dividends for 2018 were distributed in the prior year, with no profit distribution in this period | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -1,360,969.11 | 1,589,070.91 | -185.65 | Mainly due to exchange rate fluctuations between years | Analysis of Progress, Impact, and Solutions for Significant Events No significant events requiring disclosure occurred during the reporting period - Not applicable to analysis of progress, impact, and solutions for significant events[20] Overdue Unfulfilled Commitments During the Reporting Period The company had no overdue unfulfilled commitments during the reporting period - Not applicable to overdue unfulfilled commitments during the reporting period[20] Warning and Explanation for Potential Cumulative Net Profit Loss or Significant Change from Year-Ago Period The company has not issued any warning regarding potential cumulative net profit loss or significant change from the year-ago period - Not applicable to warning and explanation for potential cumulative net profit loss or significant change from year-ago period[21] Appendix This appendix provides the company's unaudited consolidated and parent company financial statements for Q3 2020, including balance sheets, income statements, and cash flow statements, offering detailed financial data Financial Statements This section includes the company's consolidated and parent company balance sheets, income statements, and cash flow statements, detailing financial data as of September 30, 2020, and for the corresponding period in 2019, providing a basis for comprehensive financial assessment Consolidated Balance Sheet As of September 30, 2020, consolidated total assets reached CNY 1.977 billion, up 13.39% year-on-year, with significant growth in construction in progress; total liabilities also increased - Consolidated total assets: CNY 1,977,115,720.21 (September 30, 2020), a 13.39% increase from year-end 2019[25][7] - Consolidated total liabilities: CNY 715,234,317.58 (September 30, 2020), a 36.01% increase from year-end 2019[25] - Total owner's equity attributable to parent company: CNY 1,256,271,541.96 (September 30, 2020), a 4.00% increase from year-end 2019[25][7] Parent Company Balance Sheet As of September 30, 2020, parent company total assets were CNY 1.493 billion, up from year-end 2019, with significant growth in construction in progress; current liabilities increased due to short-term borrowings and accounts payable - Parent company total assets: CNY 1,493,251,550.27 (September 30, 2020), a 14.62% increase from year-end 2019[28] - Parent company total current liabilities: CNY 391,337,497.71 (September 30, 2020), a 55.88% increase from year-end 2019[28] - Parent company total owner's equity: CNY 1,100,055,251.58 (September 30, 2020), a 4.83% increase from year-end 2019[29] Consolidated Income Statement In the first three quarters of 2020, consolidated total operating revenue grew by 23.40%, and net profit attributable to parent company shareholders increased by 194.02%, indicating significantly improved profitability Consolidated Income Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | January-September 2020 (CNY) | January-September 2019 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 521,119,070.06 | 422,303,633.63 | 23.40 | | Operating Profit | 52,077,313.82 | 14,548,795.43 | 258.09 | | Total Profit | 52,587,361.59 | 16,186,752.47 | 224.89 | | Net Profit Attributable to Parent Company Shareholders | 46,788,031.74 | 15,913,221.47 | 194.02 | | Basic Earnings Per Share (CNY/share) | 0.12 | 0.04 | 200.00 | Parent Company Income Statement In the first three quarters of 2020, parent company operating revenue grew by 24.93%, and net profit increased by 25.25%, with investment income significantly contributing to profit and financial expenses being negative due to increased interest income Parent Company Income Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | January-September 2020 (CNY) | January-September 2019 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 392,580,707.52 | 314,251,161.63 | 24.93 | | Net Profit | 50,672,730.46 | 40,457,808.32 | 25.25 | | Investment Income | 39,544,335.51 | 41,110,716.19 | -3.81 | Consolidated Cash Flow Statement In the first three quarters of 2020, net cash flow from operating activities decreased by 29.00%, net cash outflow from investing activities reduced by 53.09%, and net cash flow from financing activities turned positive, surging by 437.49%, mainly due to no cash dividends this period Consolidated Cash Flow Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | January-September 2020 (CNY) | January-September 2019 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 60,633,074.17 | 85,392,712.25 | -29.00 | | Net Cash Flow from Investing Activities | -90,032,554.82 | -191,910,073.32 | 53.09 | | Net Cash Flow from Financing Activities | 73,366,266.51 | -21,738,926.37 | 437.49 | | Net Increase in Cash and Cash Equivalents | 42,605,816.75 | -126,667,216.53 | 133.64 | Parent Company Cash Flow Statement In the first three quarters of 2020, parent company net cash flow from operating activities turned negative, net cash flow from investing activities slightly decreased, and net cash flow from financing activities turned positive, surging due to increased borrowings and no profit distribution this period Parent Company Cash Flow Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | January-September 2020 (CNY) | January-September 2019 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -4,548,582.38 | 51,990,900.94 | -108.75 | | Net Cash Flow from Investing Activities | 41,983,860.15 | 45,450,393.40 | -7.52 | | Net Cash Flow from Financing Activities | 66,984,758.96 | -141,109,346.23 | 147.47 | | Net Increase in Cash and Cash Equivalents | 107,168,769.72 | -44,845,225.88 | 339.06 | First-time Adoption of New Revenue and Lease Standards and Adjustment of Opening Financial Statements from 2020 The company did not first adopt new revenue and lease standards or adjust opening financial statements from 2020 - Not applicable to first-time adoption of new revenue and lease standards and adjustment of opening financial statements from 2020[41] Explanation of Retrospective Adjustment of Prior Period Comparative Data for First-time Adoption of New Revenue and Lease Standards from 2020 The company did not first adopt new revenue and lease standards or retrospectively adjust prior period comparative data from 2020 - Not applicable to explanation of retrospective adjustment of prior period comparative data for first-time adoption of new revenue and lease standards from 2020[41] Audit Report This report is unaudited - Not applicable to audit report[41]