神驰机电(603109) - 2022 Q3 - 季度财报

Key Financial and Operating Performance Key Financial Data In Q3 2022, revenue declined 19.84% YoY due to power restrictions, while YTD revenue grew 5.99%; net profit decreased due to fair value losses, but core business profitability (excluding non-recurring items) showed strong growth Key Financial Data and Indicators | Item | Q3 2022 | YoY Change (%) | YTD 2022 | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 544,313,667.43 | -19.84 | 1,940,450,683.36 | 5.99 | | Net Profit Attributable to Owners of the Parent Company (RMB) | 52,978,882.76 | -15.98 | 135,283,341.32 | -8.28 | | Net Profit Attributable to Owners of the Parent Company (Excluding Non-Recurring Items) (RMB) | 58,585,915.11 | 22.36 | 156,775,243.17 | 32.19 | | Net Cash Flow from Operating Activities (RMB) | N/A | N/A | 334,341,599.16 | 263.62 | | Basic Earnings Per Share (RMB/share) | 0.2627 | -38.89 | 0.6554 | -34.82 | - The primary reason for the Q3 revenue decline was the impact of high temperatures and power restrictions in August, leading to delayed order deliveries[7] - Net profit was lower than net profit excluding non-recurring items, primarily due to the decline in the market value of Zhuhai Guanyu shares held by the company; the stock's market value decreased by 33.71 million RMB year-to-date, with a 10.22 million RMB decline in Q3[8] Non-Recurring Gains and Losses During the reporting period, non-recurring gains and losses had a significant negative impact on net profit, totaling -21.49 million RMB year-to-date, primarily due to 33.96 million RMB in fair value losses from financial assets, partially offset by 8.98 million RMB in government grants Non-Recurring Gains and Losses (YTD) | Item | YTD Amount (RMB) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -235,982.83 | - | | Government Grants Included in Current Profit/Loss | 8,977,411.01 | - | | Fair Value Change Gains/Losses and Investment Income | -33,962,515.18 | Primarily gains/losses from financial assets held for trading | | Net Non-Operating Income and Expenses | -63,503.41 | - | | Income Tax Impact | -3,792,688.56 | - | | Total | -21,491,901.85 | - | Analysis of Key Financial Indicator Changes As of the reporting period, several financial indicators significantly changed from year-end, with cash and cash equivalents increasing 93.53% due to increased collections and wealth management redemptions, short-term borrowings rising 58.78% from policy loans, and administrative and R&D expenses growing 37.62% and 29.17% respectively due to increased compensation and investment, while financial expenses significantly decreased due to exchange gains Key Financial Indicator Changes and Reasons | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Cash and Cash Equivalents | 93.53 | Increased revenue, collection of accounts receivable, and redemption of wealth management products | | Inventories | -15.05 | Enhanced inventory management, reduced stock levels | | Intangible Assets | 57.01 | Acquisition of Shenchi Power (holding land) | | Short-term Borrowings | 58.78 | Increased policy-backed loans | | Administrative Expenses | 37.62 | Increased personnel compensation and equity incentive expenses | | Research and Development (R&D) Expenses | 29.17 | Increased R&D investment, personnel compensation, and material costs | | Financial Expenses | N/A | RMB depreciation against USD, significant increase in exchange gains during the reporting period | Shareholder Information Major Shareholder Holdings As of Q3 2022, the company had 18,383 common shareholders, with a relatively concentrated ownership structure where the top four shareholders, including controlling shareholder Ai Chun, collectively held over 66% of shares, and Ai Chun and Ai Li are siblings acting in concert - As of the reporting period, the company had a total of 18,383 common shareholders[15] Top Five Shareholder Holdings | Shareholder Name | Holding Percentage (%) | Share Nature | | :--- | :--- | :--- | | Ai Chun | 35.07 | Domestic Natural Person | | Chongqing Shenchi Investment Co., Ltd. | 13.36 | Domestic Non-State-Owned Legal Entity | | Chongqing Shenchi Industrial Group Co., Ltd. | 12.99 | Domestic Non-State-Owned Legal Entity | | Ai Li | 5.38 | Domestic Natural Person | | Ren Juan | 1.96 | Domestic Natural Person | - Shareholder Ai Chun holds 98% equity in Chongqing Shenchi Investment Co., Ltd., and along with Ai Li, holds 90% and 10% respectively in Chongqing Shenchi Industrial Group Co., Ltd.; Ai Chun and Ai Li are siblings and constitute parties acting in concert[16] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2022, total assets were 2.76 billion RMB (up 6.27%), total liabilities 1.17 billion RMB (up 4.75%), and equity attributable to owners of the parent company 1.59 billion RMB (up 7.41%); cash and cash equivalents significantly increased 93.5% to 996.38 million RMB, while financial assets held for trading decreased sharply Consolidated Balance Sheet (Selected Items) | Item | September 30, 2022 (RMB) | December 31, 2021 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,761,748,667.82 | 2,598,896,843.88 | 6.27% | | Cash and Cash Equivalents | 996,382,574.88 | 514,850,770.75 | 93.53% | | Financial Assets Held for Trading | 22,869,000.00 | 323,501,531.97 | -92.93% | | Inventories | 488,550,264.98 | 575,120,054.74 | -15.05% | | Total Liabilities | 1,168,833,591.39 | 1,115,807,661.11 | 4.75% | | Short-term Borrowings | 200,272,394.68 | 126,130,668.66 | 58.78% | | Notes Payable | 222,226,680.04 | 133,164,981.97 | 66.88% | | Equity Attributable to Owners of the Parent Company | 1,592,915,076.43 | 1,483,089,182.77 | 7.41% | Consolidated Income Statement In YTD 2022, revenue grew 5.99% to 1.94 billion RMB, but operating profit declined 9.02% to 159.22 million RMB and net profit attributable to owners of the parent company decreased 8.28% to 135.28 million RMB, primarily due to 35.80 million RMB in fair value losses, while financial expenses significantly decreased due to exchange gains Consolidated Income Statement (Selected Items) | Item | YTD 2022 (RMB) | YTD 2021 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,940,450,683.36 | 1,830,861,971.36 | 5.99% | | Operating Cost | 1,524,706,712.76 | 1,409,504,137.09 | 8.17% | | Financial Expenses | -70,833,383.91 | -262,617.83 | N/A | | Fair Value Change Gains | -35,804,165.70 | 9,125,038.35 | -492.37% | | Operating Profit | 159,216,655.16 | 175,003,303.83 | -9.02% | | Net Profit | 135,283,341.32 | 147,492,488.17 | -8.28% | Consolidated Cash Flow Statement In YTD 2022, net cash flow from operating activities significantly improved to 334.34 million RMB (from a 204.34 million RMB outflow last year), driven by increased cash from sales and reduced cash paid for purchases, leading to a 493.71 million RMB net increase in cash and cash equivalents, with the period-end balance reaching 849.53 million RMB Consolidated Cash Flow Statement (Selected Items) | Item | YTD 2022 (RMB) | YTD 2021 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 334,341,599.16 | -204,339,219.82 | | Net Cash Flow from Investing Activities | 146,541,810.75 | 191,014,383.49 | | Net Cash Flow from Financing Activities | -12,446,120.92 | -29,829,306.80 | | Effect of Exchange Rate Changes on Cash | 25,273,422.14 | -690,563.45 | | Net Increase in Cash and Cash Equivalents | 493,710,711.13 | -43,844,706.58 | | Cash and Cash Equivalents at End of Period | 849,531,296.29 | 290,973,785.53 |