华翔股份(603112) - 2021 Q1 - 季度财报

Important Notice This section confirms the board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, explicitly stating it is unaudited - The company's board of directors, supervisory board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[6] - All company directors attended the board meeting to review the quarterly report[6] - This company's first-quarter report is unaudited[6] Company Profile This section outlines the company's key financial data for Q1 2021, including significant growth in assets, revenue, and profit, along with details on non-recurring gains and losses and shareholder holdings at period-end Key Financial Data The company's key financial indicators for Q1 2021 showed strong performance, with significant growth in total assets, operating revenue, and net profit attributable to shareholders Overview of Key Financial Data for Q1 2021 | Indicator | End of Current Period / Year-to-Date (Yuan) | End of Prior Year / Prior Year-to-Date (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,153,165,970.47 | 2,630,385,682.45 | 19.87 | | Net Assets Attributable to Shareholders | 1,909,341,286.17 | 1,775,552,340.94 | 7.54 | | Net Cash Flow from Operating Activities | 6,228,199.63 | -11,404,643.36 | 154.61 | | Operating Revenue | 591,465,674.17 | 416,279,528.81 | 42.08 | | Net Profit Attributable to Shareholders | 72,703,845.01 | 44,291,577.85 | 64.15 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 66,658,660.29 | 36,891,281.27 | 80.69 | | Weighted Average Return on Net Assets (%) | 4.01 | 3.73 | Increase 0.28 percentage points | | Basic Earnings Per Share (Yuan/share) | 0.17 | 0.12 | 41.67 | | Diluted Earnings Per Share (Yuan/share) | 0.17 | 0.12 | 41.67 | Non-Recurring Gains and Losses and Amounts Total non-recurring gains and losses for the period amounted to 6.05 million Yuan, primarily comprising government subsidies and non-current asset disposal gains/losses Non-Recurring Gains and Losses for Q1 2021 | Item | Amount for Current Period (Yuan) | Explanation | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -4,784,077.74 | | | Government Subsidies Included in Current Profit/Loss | 10,098,645.21 | | | Fair Value Changes and Investment Income from Trading Financial Assets, Derivative Financial Assets, etc. | 1,143,095.18 | | | Other Non-Operating Income and Expenses Apart from the Above | 402,110.89 | | | Impact on Minority Interests (After Tax) | -1,474.81 | | | Income Tax Impact | -813,114.01 | | | Total | 6,045,184.72 | | Total Number of Shareholders, Top Ten Shareholders, and Top Ten Non-Restricted Shareholders at Period-End As of the reporting period end, the company had 16,674 shareholders, with Shanxi Linfen Huaxiang Industrial Co., Ltd. holding the largest stake at 62.17% among the top ten, all of which are restricted shares - As of the reporting period end, the company had 16,674 shareholders[8] Top Ten Shareholders' Holdings | Shareholder Name (Full Name) | Number of Shares Held at Period-End | Proportion (%) | Number of Restricted Shares Held | Pledge or Freeze Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanxi Linfen Huaxiang Industrial Co., Ltd. | 271,135,074 | 62.17 | 271,135,074 | None | Domestic Non-State-Owned Legal Person | | Shanxi Provincial Communications Development Investment Group Co., Ltd. | 45,375,000 | 10.40 | 45,375,000 | None | State-Owned Legal Person | | Guangzhou Wanbao Changrui Investment Co., Ltd. | 17,424,000 | 4.00 | 17,424,000 | None | State-Owned Legal Person | | Deng Chunchen | 5,617,857 | 1.29 | 5,617,857 | None | Domestic Natural Person | | Linfen Huayue Capital Management Center (Limited Partnership) | 5,151,143 | 1.18 | 5,151,143 | None | Domestic Non-State-Owned Legal Person | | Linfen Zhuoxiang Capital Management Center (Limited Partnership) | 5,151,143 | 1.18 | 5,151,143 | None | Domestic Non-State-Owned Legal Person | | Shenzhen Gaoshengyuan Investment Enterprise (Limited Partnership) | 4,444,000 | 1.02 | 4,444,000 | None | Domestic Non-State-Owned Legal Person | | Sun Wenli | 4,321,428 | 0.99 | 4,321,428 | None | Domestic Natural Person | | Horgos Shengshiqinyue Equity Investment Partnership (Limited Partnership) | 1,742,400 | 0.40 | 1,742,400 | None | Domestic Non-State-Owned Legal Person | | Ningxia Shengshiborun Investment Partnership (Limited Partnership) | 1,452,000 | 0.33 | 1,452,000 | None | Domestic Non-State-Owned Legal Person | Total Number of Preferred Shareholders, Top Ten Preferred Shareholders, and Top Ten Non-Restricted Preferred Shareholders at Period-End The company had no preferred shareholders at the end of the reporting period - The company has no preferred shareholders[9] Significant Events This section details significant changes and their reasons for key financial statement items and indicators, disclosing the completion of the equity incentive plan and progress on a subsidiary's equity acquisition Significant Changes and Reasons for Key Financial Statement Items and Indicators Multiple items in the company's balance sheet, income statement, and cash flow statement underwent significant changes, primarily influenced by business volume growth, increased investment activities, financing structure adjustments, and new accounting standard implementation Significant Balance Sheet Item Changes and Reasons | Balance Sheet Item | Amount at End of Current Period (Yuan) | Amount at End of Prior Year (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 20,552,391.85 | 10,488,895.48 | 95.94 | Increase in prepayments for materials | | Other Receivables | 7,015,303.95 | 3,370,294.99 | 108.15 | Increase in petty cash | | Cash and Cash Equivalents | 810,499,796.87 | 457,561,620.32 | 77.13 | Investment received by subsidiary | | Trading Financial Assets | 120,000,000.00 | 20,000,000.00 | 500.00 | Investment in structured wealth management deposits | | Short-term Borrowings | 36,534,134.52 | 7,042,670.83 | 418.75 | Increase in bank loans | | Other Payables | 6,488,375.04 | 9,718,056.94 | -33.23 | Decrease in payables for expenses | | Long-term Borrowings | 261,763,556.95 | 20,017,486.12 | 1,207.67 | Increase in bank loans | | Other Current Assets | 2,232,577.51 | 6,374,135.27 | -64.97 | Decrease in prepaid taxes | Significant Income Statement Item Changes and Reasons | Income Statement Item | Amount for Current Period (Yuan) | Amount for Same Period Last Year (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 591,465,674.17 | 416,279,528.81 | 42.08 | Increase in sales volume | | Operating Cost | 452,844,332.37 | 318,849,189.31 | 42.02 | Increase in sales, reclassification of freight to cost | | Taxes and Surcharges | 1,747,744.78 | 2,632,496.83 | -33.61 | Decrease in urban construction tax | | Selling Expenses | 5,584,005.64 | 21,027,547.97 | -73.44 | Implementation of new revenue standard, reclassification of freight to cost | | Administrative Expenses | 20,864,680.13 | 13,889,046.90 | 50.22 | Company initiated lean training programs to improve production efficiency, leading to increased employee education expenses | | Research and Development Expenses | 23,823,304.04 | 16,599,978.06 | 43.51 | Increased R&D investment | | Financial Expenses | 3,335,135.83 | 795,709.43 | 319.14 | Increase in exchange gains/losses | | Investment Income | 1,143,095.18 | 453,052.96 | 152.31 | Increase in wealth management income | | Credit Impairment Losses | -4,057,646.78 | 328,088.14 | -1336.76 | Increase in accounts receivable, corresponding increase in risk provision | | Asset Impairment Losses | - | 192,939.88 | -100.00 | Provision for inventory impairment | | Gains/Losses on Asset Disposal | -4,784,077.74 | 248,033.19 | -2028.81 | Disposal of idle machinery and equipment | | Non-Operating Income | 402,142.05 | 47,912.14 | 739.33 | Increase in fine income | | Non-Operating Expenses | 31.16 | 810,543.33 | -99.99 | Q1 2020 increase due to COVID-19 donations | Significant Cash Flow Statement Item Changes and Reasons | Cash Flow Statement Item | Amount for Current Period (Yuan) | Amount for Same Period Last Year (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 6,228,199.64 | -11,404,643.36 | 154.61 | Increase in collections | | Net Cash Flow from Investing Activities | -177,363,866.07 | -21,697,487.80 | -717.44 | Increase in purchase of wealth management products | | Net Cash Flow from Financing Activities | 531,072,566.56 | 13,498,072.26 | 3834.43 | Investment received by subsidiary and equity incentive funds received | Analysis of Progress, Impact, and Solutions for Significant Events The company completed the initial grant of its 2021 restricted stock equity incentive, increasing total share capital, while a controlling subsidiary successfully acquired 100% equity in Jinyuan Industrial Co., Ltd., expanding its business scope - The company has completed the initial grant of its 2021 restricted stock equity incentive, increasing total share capital from 425 million shares to 436.09 million shares[16] - The company's controlling subsidiary, Huaxiang Group Yicheng New Material Technology Park Co., Ltd., has completed the acquisition of 100% equity in Jinyuan Industrial Co., Ltd., making Jinyuan Industrial its wholly-owned subsidiary[17] Commitments Overdue and Not Yet Fulfilled During the Reporting Period During the reporting period, the company had no overdue and unfulfilled commitments - The company has no overdue and unfulfilled commitments[18] Warning and Explanation of Potential Cumulative Net Loss or Significant Change in Net Profit from Year-Beginning to End of Next Reporting Period Compared to Same Period Last Year The company has not forecasted a potential cumulative net loss or significant change in net profit from year-beginning to the end of the next reporting period compared to the same period last year - The company has not forecasted a potential cumulative net loss or significant change in net profit from year-beginning to the end of the next reporting period compared to the same period last year[18] Appendix The appendix includes the company's detailed Q1 2021 financial statements, comprising consolidated and parent company balance sheets, income statements, and cash flow statements, along with explanations of adjustments for the first-time adoption of new lease standards Financial Statements This section provides the company's unaudited consolidated and parent company financial statements for Q1 2021, comprehensively presenting the financial position, operating results, and cash flows at the end of the reporting period Consolidated Balance Sheet As of March 31, 2021, the company's consolidated total assets reached 3.15 billion Yuan, a 19.87% increase from year-end, with total liabilities of 1.04 billion Yuan and total owners' equity of 2.12 billion Yuan Key Consolidated Balance Sheet Data (March 31, 2021) | Indicator | March 31, 2021 (Yuan) | December 31, 2020 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,153,165,970.47 | 2,630,385,682.45 | 19.87 | | Total Liabilities | 1,037,095,435.01 | 847,823,364.92 | 22.32 | | Total Owners' Equity Attributable to Parent Company | 1,909,341,286.17 | 1,775,552,340.94 | 7.54 | Parent Company Balance Sheet As of March 31, 2021, the parent company's total assets were 3.03 billion Yuan, an 11.83% increase from year-end, with total liabilities of 1.09 billion Yuan and total owners' equity of 1.94 billion Yuan Key Parent Company Balance Sheet Data (March 31, 2021) | Indicator | March 31, 2021 (Yuan) | December 31, 2020 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,032,660,725.57 | 2,712,012,828.78 | 11.83 | | Total Liabilities | 1,091,228,901.95 | 907,787,968.59 | 20.21 | | Total Owners' Equity | 1,941,431,823.62 | 1,804,224,860.19 | 7.61 | Consolidated Income Statement In Q1 2021, the company's consolidated total operating revenue reached 591.47 million Yuan, a 42.08% year-over-year increase, with net profit attributable to parent company shareholders at 72.70 million Yuan, up 64.15% Key Consolidated Income Statement Data (Q1 2021) | Indicator | Q1 2021 (Yuan) | Q1 2020 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 591,465,674.17 | 416,279,528.81 | 42.08 | | Operating Profit | 85,666,487.25 | 52,715,021.70 | 62.51 | | Net Profit | 72,525,695.81 | 44,168,200.79 | 64.21 | | Net Profit Attributable to Parent Company Shareholders | 72,703,845.01 | 44,291,577.85 | 64.15 | | Basic Earnings Per Share (Yuan/share) | 0.17 | 0.12 | 41.67 | Parent Company Income Statement In Q1 2021, the parent company's operating revenue was 565.67 million Yuan, a 35.72% year-over-year increase, with net profit at 76.10 million Yuan, up 65.21% Key Parent Company Income Statement Data (Q1 2021) | Indicator | Q1 2021 (Yuan) | Q1 2020 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 565,665,397.98 | 416,837,877.18 | 35.72 | | Operating Profit | 89,218,936.17 | 54,932,040.20 | 62.41 | | Net Profit | 76,098,363.53 | 46,065,323.80 | 65.21 | Consolidated Cash Flow Statement In Q1 2021, net cash flow from operating activities turned positive to 6.23 million Yuan, investing cash outflows increased, and financing cash inflows surged to 531.07 million Yuan Key Consolidated Cash Flow Statement Data (Q1 2021) | Indicator | Q1 2021 (Yuan) | Q1 2020 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 6,228,199.63 | -11,404,643.36 | 154.61 | | Net Cash Flow from Investing Activities | -177,363,866.07 | -21,697,487.80 | -717.44 | | Net Cash Flow from Financing Activities | 531,072,566.56 | 13,498,072.26 | 3834.43 | | Net Increase in Cash and Cash Equivalents | 358,362,068.94 | -18,622,333.53 | 2024.09 | Parent Company Cash Flow Statement In Q1 2021, the parent company's net cash flow from operating activities was -1.66 million Yuan, investing cash outflows significantly increased, and financing cash inflows reached 328.29 million Yuan Key Parent Company Cash Flow Statement Data (Q1 2021) | Indicator | Q1 2021 (Yuan) | Q1 2020 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,663,174.83 | -12,132,381.64 | 86.27 | | Net Cash Flow from Investing Activities | -386,412,576.66 | -20,802,415.27 | -1757.52 | | Net Cash Flow from Financing Activities | 328,292,774.95 | 16,209,849.29 | 1925.37 | | Net Increase in Cash and Cash Equivalents | -61,412,328.61 | -15,798,097.45 | -288.73 | First-Time Adoption of New Lease Standards from 2021: Adjustments to Financial Statements at the Beginning of the First Year of Implementation This section explains the company's adjustments to its opening financial statements upon first-time adoption of new lease standards from 2021, primarily impacting consolidated balance sheet items such as fixed assets, right-of-use assets, and lease liabilities Consolidated Balance Sheet First-time adoption of new lease standards led to opening consolidated balance sheet adjustments, with fixed assets decreasing, right-of-use assets and lease liabilities increasing, and both total assets and total liabilities increasing by 2.18 million Yuan Consolidated Balance Sheet Adjustments for First-Time Adoption of New Lease Standards (January 1, 2021) | Item | December 31, 2020 (Yuan) | January 1, 2021 (Yuan) | Adjustment Amount (Yuan) | | :--- | :--- | :--- | :--- | | Fixed Assets | 777,003,695.57 | 776,071,021.73 | -932,673.84 | | Right-of-Use Assets | - | 3,114,322.27 | 3,114,322.27 | | Non-Current Liabilities Due Within One Year | 290,877.95 | 1,710,385.98 | 1,419,508.03 | | Lease Liabilities | - | 1,235,395.18 | 1,235,395.18 | | Long-term Payables | 20,273,254.78 | 19,800,000.00 | -473,254.78 | | Total Non-Current Liabilities | 217,267,752.22 | 218,029,892.62 | 762,140.40 | | Total Assets | 2,630,385,682.45 | 2,632,567,330.88 | 2,181,648.43 | | Total Liabilities | 847,823,364.92 | 850,005,013.35 | 2,181,648.43 | Parent Company Balance Sheet The parent company balance sheet was not adjusted upon first-time adoption of new lease standards - The parent company balance sheet was not adjusted upon first-time adoption of new lease standards[52] Explanation of Retrospective Adjustment of Prior Period Comparative Data for First-Time Adoption of New Lease Standards from 2021 The company did not retrospectively adjust prior period comparative data to reflect the impact of first-time adoption of new lease standards - The company did not retrospectively adjust prior period comparative data[53] Audit Report This quarterly report is unaudited and therefore does not include an audit report - This quarterly report is unaudited and does not include an audit report[53]