爱普股份(603020) - 2022 Q1 - 季度财报

Financial Summary and Operating Highlights Core Financial Data In Q1 2022, the company's operating revenue and net profit attributable to shareholders decreased by 4.09% and 22.24% year-on-year respectively, with basic earnings per share down 35.06%; despite a decline in profitability, total assets and owners' equity slightly increased from the beginning of the year, and net cash flow from operating activities significantly grew by 104.16%, indicating improved cash flow management Key Financial Performance | Indicator | Current Period | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | CNY 786.70 million | -4.09% | | Net Profit Attributable to Shareholders of Listed Company | CNY 47.21 million | -22.24% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | CNY 40.76 million | -28.03% | | Net Cash Flow from Operating Activities | CNY 67.72 million | 104.16% | | Basic Earnings Per Share (CNY/share) | 0.1232 | -35.06% | | Weighted Average Return on Net Assets | 1.52% | Decreased by 1.17 percentage points | Key Financial Position | Indicator | End of Current Period | Change from End of Previous Year (%) | | :--- | :--- | :--- | | Total Assets | CNY 3.95 billion | 2.11% | | Owners' Equity Attributable to Shareholders of Listed Company | CNY 3.14 billion | 1.53% | Non-Recurring Gains and Losses Analysis Total non-recurring gains and losses for the period amounted to CNY 6.45 million, positively contributing to current net profit, primarily from government grants (CNY 3.60 million) and fair value changes and investment income from financial assets (CNY 6.55 million) Non-Recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Government Grants Included in Current Profit/Loss | 3.60 million | | Fair Value Changes and Investment Income from Financial Assets Held for Trading, etc. | 6.55 million | | Net Other Non-Operating Income and Expenses | -0.64 million | | Total | 6.45 million | Analysis of Key Financial Indicator Changes During the reporting period, several financial indicators showed significant changes, with prepayments increasing by 59.42% due to increased raw material stocking, short-term borrowings surging by 176.56% due to subsidiary financing needs, and net cash flow from operating activities rising by 104.16% driven by improved sales collection and active cash management - Prepayments increased by 59.42% year-on-year, primarily due to the company increasing inventory during the reporting period[7] - Short-term borrowings increased by 176.56% year-on-year, primarily due to increased financing needs of subsidiaries during the reporting period[7] - Net cash flow from operating activities increased by 104.16% year-on-year, primarily due to increased cash received from sales of goods and provision of services during the reporting period[8] - Finance expenses significantly decreased by 226.98% year-on-year, primarily due to increased accrued interest on large-denomination certificates of deposit during the reporting period[7] Shareholders and Share Capital Structure Major Shareholder Holdings As of the end of the reporting period, the company had 23,224 shareholders, with a relatively concentrated equity structure where controlling shareholder and de facto controller Mr. Wei Zhonghao holds 30.53% and acts in concert with Shanghai Yile Industrial Co., Ltd. (3.48% stake), collectively controlling over one-third of the company's shares - Total number of common shareholders at the end of the reporting period was 23,224[10] - Controlling shareholder Mr. Wei Zhonghao held 117,014,266 shares, accounting for 30.53% of the total share capital[10] - Mr. Wei Zhonghao and Shanghai Yile Industrial Co., Ltd. (holding 3.48% of shares) are parties acting in concert[11] Share Capital Changes and Restricted Share Circulation The company completed a non-public offering in November 2021, increasing total share capital from 320 million to 383 million shares, with 59,443,508 restricted shares (approximately 15.5% of total share capital) from this offering set to become tradable on May 9, 2022, potentially creating short-term selling pressure on the stock price - The company completed a non-public offering in November 2021, adding 63,237,774 shares and increasing total share capital to 383,237,774 shares[12] - Restricted shares totaling 59,443,508 held by other subscribers (excluding the controlling shareholder) will become tradable on May 9, 2022, upon expiration of their lock-up period[12] Financial Statement Analysis Consolidated Balance Sheet Analysis As of March 31, 2022, total assets were CNY 3.95 billion, up 2.11% from the beginning of the year, driven by increases in financial assets held for trading (CNY 66.68 million) and prepayments (CNY 50.13 million); short-term borrowings surged by 176.56% to CNY 57.80 million, indicating increased short-term financing needs, while overall financial structure remains stable with owners' equity attributable to parent at CNY 3.14 billion Consolidated Balance Sheet Highlights | Key Balance Sheet Items (CNY) | March 31, 2022 | December 31, 2021 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 214.36 million | 247.39 million | -13.3% | | Financial Assets Held for Trading | 1.01 billion | 944.57 million | +7.1% | | Accounts Receivable | 511.82 million | 563.54 million | -9.2% | | Inventories | 524.83 million | 548.26 million | -4.3% | | Total Assets | 3.95 billion | 3.86 billion | +2.1% | | Short-term Borrowings | 57.80 million | 20.90 million | +176.6% | | Accounts Payable | 303.39 million | 292.71 million | +3.7% | | Total Liabilities | 533.95 million | 510.87 million | +4.5% | | Owners' Equity Attributable to Parent | 3.14 billion | 3.09 billion | +1.5% | Consolidated Income Statement Analysis In Q1 2022, operating revenue was CNY 786.70 million, down 4.09% year-on-year, and net profit attributable to parent was CNY 47.21 million, down 22.24%, primarily due to decreased revenue and increased credit impairment losses; notably, finance expenses significantly decreased due to higher interest income, partially offsetting the decline in core business profit, alongside fair value gains and government grants Consolidated Income Statement Highlights | Key Income Statement Items (CNY) | Q1 2022 | Q1 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 786.70 million | 820.22 million | -4.09% | | Operating Cost | 653.91 million | 666.58 million | -1.90% | | Selling Expenses | 22.57 million | 20.03 million | +12.71% | | Administrative Expenses | 30.13 million | 26.18 million | +15.08% | | Finance Expenses | -1.31 million | 1.03 million | -226.98% | | Operating Profit | 76.06 million | 98.45 million | -22.74% | | Net Profit Attributable to Parent | 47.21 million | 60.71 million | -22.24% | | Basic Earnings Per Share | 0.1232 | 0.1897 | -35.06% | Consolidated Cash Flow Statement Analysis During the reporting period, the company demonstrated strong cash flow performance, with net cash flow from operating activities significantly increasing by 104.16% to CNY 67.72 million, primarily due to improved sales collection; net cash outflow from investing activities was CNY 134 million, mainly for cash management, while net cash inflow from financing activities was CNY 33.25 million, primarily from new bank borrowings, resulting in a period-end cash and cash equivalents balance of CNY 214 million Consolidated Cash Flow Highlights | Key Cash Flow Items (CNY) | Q1 2022 | Q1 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 67.72 million | 33.17 million | +104.16% | | Net Cash Flow from Investing Activities | -133.96 million | -69.15 million | -93.72% | | Net Cash Flow from Financing Activities | 33.25 million | 10.21 million | +225.52% | | Net Increase in Cash and Cash Equivalents | -33.19 million | -26.09 million | -27.21% | - Cash inflow from operating activities primarily stemmed from cash received from sales of goods and provision of services, totaling CNY 946 million, a 3.6% year-on-year increase[23] - Cash outflow from investing activities was mainly due to cash paid for investments, amounting to CNY 1.56 billion, a 79.52% year-on-year increase, primarily attributable to the company's cash management activities during the reporting period[8][24]