八方股份(603489) - 2022 Q1 - 季度财报

Important Notice The board and management guarantee the report's accuracy and completeness; financial statements for this quarter are 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[4] - The company's head, chief accountant, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial statement information in the quarterly report[4] - The first quarter financial statements are unaudited[5] Key Financial Data This section outlines the company's Q1 2022 financial performance, including key accounting data, financial indicators, non-recurring gains/losses, and reasons for significant changes Key Accounting Data and Financial Indicators In Q1 2022, revenue grew 44.55% to 762 million yuan, net profit to shareholders increased 19.50% to 180 million yuan, and EPS rose 19.20% to 1.49 yuan | Item | Current Period Amount (Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 761,753,664.04 | 44.55 | | Net Profit Attributable to Shareholders of Listed Company | 179,560,036.60 | 19.50 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 176,488,790.44 | 18.57 | | Net Cash Flow from Operating Activities | 55,298,479.85 | 3.42 | | Basic Earnings Per Share (Yuan/share) | 1.49 | 19.20 | | Diluted Earnings Per Share (Yuan/share) | 1.49 | 19.20 | | Weighted Average Return on Net Assets (%) | 6.49 | Increased by 0.17 percentage points | | Item | Amount at End of Current Period (Yuan) | Amount at End of Prior Year (Yuan) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,607,872,244.37 | 3,542,904,852.31 | 1.83 | | Owners' Equity Attributable to Shareholders of Listed Company | 2,856,348,684.08 | 2,675,109,586.46 | 6.78 | Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for the period were 3.07 million yuan, primarily from government grants, entrusted investments, and fair value changes | Item | Current Period Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit and loss | 661,371.69 | | Gains and losses from entrusted investments or asset management | 680,630.14 | | Gains and losses from changes in fair value of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial liabilities, and investment income from disposal of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial liabilities, and other debt investments, excluding effective hedge accounting related to normal business operations | 1,758,900.00 | | Other non-operating income and expenses apart from the above | 562,084.00 | | Less: Income tax impact | 591,739.67 | | Total | 3,071,246.16 | Changes and Reasons for Key Accounting Data and Financial Indicators Significant changes in financial indicators include a 2631.21% rise in trading financial assets, 112.00% in fixed assets, and increased R&D and administrative expenses due to salary hikes | Item Name | Change (%) | Primary Reason | | :--- | :--- | :--- | | Trading Financial Assets | 2,631.21 | Primarily due to the company's increased purchases of bank forward exchange settlement products | | Notes Receivable Financing | -34.41 | Primarily due to increased payments to suppliers using bank acceptance bills | | Prepayments | 69.13 | Primarily due to increased prepayments for materials | | Other Receivables | 108.67 | Primarily due to significant unreceived VAT export tax refunds by subsidiary Suzhou Goya Trading Co., Ltd | | Fixed Assets | 112.00 | Primarily due to the company's new office building reaching its intended usable state and being transferred to fixed assets | | Construction in Progress | -98.80 | Primarily due to the company's new office building reaching its intended usable state and being transferred to fixed assets | | Other Non-Current Assets | 32.30 | Primarily due to significant land payments made by subsidiary Bafang New Energy (Suzhou) Co., Ltd | | Employee Compensation Payable | -35.04 | Primarily due to the distribution of last year's annual bonuses during this period | | Item Name | Change (%) | Primary Reason | | :--- | :--- | :--- | | Other Payables | 85.47 | Primarily due to increased engineering deposits received by subsidiary Bafang New Energy (Suzhou) Co., Ltd | | Deferred Income Tax Liabilities | 2,631.21 | Primarily due to increased deferred income tax liabilities recognized from forward exchange settlement products | | Other Comprehensive Income | -33.77 | Primarily due to foreign currency translation differences for subsidiaries Bafang Netherlands and Bafang Poland | | Operating Revenue | 44.55 | Primarily due to expanded sales scale | | Operating Costs | 52.07 | Primarily due to increased operating revenue, leading to a corresponding increase in operating costs | | Taxes and Surcharges | 70.06 | Primarily due to higher VAT payments this period, leading to increased business taxes and surcharges | | Selling Expenses | 31.12 | Primarily due to expanded sales scale and increased sales personnel salaries | | Administrative Expenses | 97.42 | Primarily due to increased administrative personnel salaries | | Research and Development Expenses | 137.45 | Primarily due to increased R&D personnel salaries | | Financial Expenses | 101.70 | Primarily due to lower interest income for the parent company and exchange rate fluctuations during this period | | Other Income | -44.24 | Primarily due to lower income-related government subsidies received by the parent company this period | | Investment Income | — | Primarily due to maturity of the parent company's wealth management products generating income this period | | Gains from Changes in Fair Value | 330.27 | Primarily due to the company's estimation of forward exchange settlement product gains in accordance with relevant accounting standards | | Credit Impairment Loss (Losses shown with '-') | -79.22 | Primarily due to a decrease in bad debt provisions for accounts receivable of the parent company and subsidiary Bafang (Tianjin) Electric Technology Co., Ltd | | Non-Operating Income | 557.81 | Primarily due to subsidiary Bafang (Tianjin) Electric Technology Co., Ltd. receiving customer compensation | | Foreign Currency Financial Statement Translation Differences | 54.92 | Primarily due to foreign currency translation differences for subsidiaries Bafang Netherlands and Bafang Poland | | Net Cash Flow from Investing Activities | 88.72 | Primarily due to the parent company's higher investment product purchases in the prior year | | Impact of Exchange Rate Changes on Cash and Cash Equivalents | -151.85 | Primarily due to significant exchange rate fluctuations affecting the parent company's monetary funds during this period | Shareholder Information Details total common shareholders, top ten shareholders' holdings, and related party relationships among major shareholders as of the reporting period end Total Common Shareholders, Number of Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of period-end, 5,669 common shareholders; top three: Wang Qinghua (40.40%), He Xianbing (16.31%), Hong Kong Securities Clearing (14.52%); Wang Qinghua held all restricted shares - Total common shareholders at period-end were 5,669, with no preferred shareholders with restored voting rights[11] | Shareholder Name | Shareholder Nature | Shares Held (shares) | Holding Percentage (%) | Number of Restricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Qinghua | Domestic Natural Person | 48,600,000 | 40.40 | 48,600,000 | None | | He Xianbing | Domestic Natural Person | 19,617,071 | 16.31 | | None | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 17,469,439 | 14.52 | | Unknown | | Yu Zhenhua | Domestic Natural Person | 10,383,000 | 8.63 | | None | | Huzhou Guanqun Information Consulting Center (Limited Partnership) | Other | 9,000,000 | 7.48 | | None | | National Social Security Fund 406 Portfolio | Other | 4,419,867 | 3.67 | | Unknown | | Fidelity Funds (Hong Kong) Limited - Client Account | Other | 1,099,149 | 0.91 | | Unknown | | Basic Pension Insurance Fund 16051 Portfolio | Other | 376,802 | 0.31 | | Unknown | | Changjiang Golden Sail No. 2 Stock Pension Product - Bank of Communications Co., Ltd. | Other | 369,913 | 0.31 | | Unknown | | Shanghai Lingren Private Equity Fund Management Partnership (Limited Partnership) - Lingren Excellence Evergreen II Private Securities Investment Fund | Other | 299,987 | 0.25 | | Unknown | - He Xianbing holds 59.97% of Huzhou Guanqun's partnership interest as a limited partner; Yu Zhenhua holds 33.37% as a general partner; other shareholders' related party relationships or concerted actions are unknown[17] Other Reminders No other significant information requiring investor attention regarding the company's operating performance during the reporting period - No other significant information requiring investor attention regarding the company's operating performance during the reporting period[18] Quarterly Financial Statements Presents the company's unaudited Q1 2022 consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements Type of Audit Opinion This quarter's financial statements are unaudited - The financial statements for this quarter are unaudited[18] Financial Statements Details Bafang Electric (Suzhou) Co., Ltd.'s unaudited Q1 2022 consolidated and parent company balance sheets, income statements, and cash flow statements Consolidated Balance Sheet Consolidated total assets reached 3.61 billion yuan, up 1.83%; trading financial assets and fixed assets rose significantly, while liabilities decreased and equity grew | Item | March 31, 2022 (Yuan) | December 31, 2021 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,786,629,269.71 | 1,775,633,452.12 | 0.62 | | Trading Financial Assets | 1,758,900.00 | 64,400.00 | 2631.21 | | Notes Receivable Financing | 75,822,378.12 | 115,600,518.68 | -34.41 | | Inventories | 499,178,844.54 | 400,535,976.54 | 24.63 | | Fixed Assets | 425,843,661.51 | 200,866,066.41 | 112.00 | | Construction in Progress | 2,659,415.75 | 221,873,847.70 | -98.80 | | Total Assets | 3,607,872,244.37 | 3,542,904,852.31 | 1.83 | | Total Liabilities | 751,523,560.29 | 867,795,265.85 | -13.40 | | Total Owners' Equity Attributable to Parent Company | 2,856,348,684.08 | 2,675,109,586.46 | 6.78 | Consolidated Income Statement Q1 2022 total operating revenue was 762 million yuan (up 44.55%), net profit 180 million yuan (up 19.50%); total operating costs rose 59.99%, with notable increases in operating, administrative, and R&D expenses | Item | Q1 2022 (Yuan) | Q1 2021 (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 761,753,664.04 | 526,995,189.99 | 44.55 | | Total Operating Costs | 553,941,019.40 | 346,382,532.45 | 59.99 | | Operating Costs | 489,440,174.72 | 321,843,033.05 | 52.07 | | Selling Expenses | 13,889,007.60 | 10,592,758.57 | 31.12 | | Administrative Expenses | 25,094,089.08 | 12,710,721.52 | 97.42 | | Research and Development Expenses | 20,538,942.78 | 8,649,688.12 | 137.45 | | Financial Expenses | 174,380.78 | -10,238,885.84 | 101.70 (turned positive) | | Gains from Changes in Fair Value | 1,694,500.00 | 393,819.23 | 330.27 | | Net Profit | 179,560,036.60 | 150,261,848.36 | 19.50 | | Basic Earnings Per Share (Yuan/share) | 1.49 | 1.25 | 19.20 | Consolidated Cash Flow Statement Q1 2022 operating cash flow was 55.30 million yuan (up 3.42%); investing cash flow turned positive due to reduced prior-year outlays; exchange rate changes had a negative impact | Item | Q1 2022 (Yuan) | Q1 2021 (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 55,298,479.85 | 53,471,526.91 | 3.42 | | Net Cash Flow from Investing Activities | -40,829,375.48 | -362,073,335.65 | 88.72 (reduced outflow) | | Impact of Exchange Rate Changes on Cash and Cash Equivalents | -2,012,464.86 | 3,880,956.46 | -151.85 (turned negative) | | Net Increase in Cash and Cash Equivalents | 12,456,639.51 | -304,720,852.28 | 104.09 (turned positive) | | Cash and Cash Equivalents at End of Period | 1,786,629,269.71 | 1,552,318,639.27 | 15.09 | - Net cash flow from investing activities changed by 88.72%, primarily due to the parent company's higher investment product purchases in the prior year[10][40] - The impact of exchange rate changes on cash and cash equivalents was -2,012,464.86 yuan, mainly due to significant exchange rate fluctuations affecting the parent company's monetary funds during the period[10][40] Parent Company Balance Sheet Parent company total assets reached 3.45 billion yuan, slightly up; fixed assets significantly grew due to new office building capitalization, while total liabilities notably decreased | Item | March 31, 2022 (Yuan) | December 31, 2021 (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 1,530,149,970.35 | 1,549,301,582.60 | | Trading Financial Assets | 1,758,900.00 | 64,400.00 | | Notes Receivable | 94,432,921.97 | 115,453,770.12 | | Accounts Receivable | 471,727,993.63 | 535,846,815.09 | | Notes Receivable Financing | 60,459,209.91 | 84,849,984.88 | | Prepayments | 3,171,547.81 | 1,225,566.85 | | Other Receivables | 206,972,279.56 | 133,338,400.61 | | Inventories | 370,301,916.50 | 326,096,868.06 | | Fixed Assets | 397,733,415.21 | 173,512,073.70 | | Construction in Progress | 238,780.53 | 219,814,020.33 | | Total Assets | 3,454,494,340.22 | 3,445,529,822.62 | | Total Liabilities | 578,785,937.61 | 743,725,033.42 | | Total Owners' Equity | 2,875,708,402.61 | 2,701,804,789.20 | Parent Company Income Statement Q1 2022 parent company operating revenue was 590 million yuan (up 35.23%), net profit 171 million yuan (up 14.91%); sales, administrative, and R&D expenses all increased significantly | Item | Q1 2022 (Yuan) | Q1 2021 (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 590,099,822.74 | 436,432,614.43 | 35.23 | | Operating Costs | 334,437,885.28 | 242,645,236.19 | 37.83 | | Selling Expenses | 20,382,222.74 | 9,313,139.14 | 118.85 | | Administrative Expenses | 16,594,989.79 | 7,806,608.88 | 112.58 | | Research and Development Expenses | 19,182,466.75 | 8,600,907.29 | 123.03 | | Financial Expenses | -92,994.52 | -8,771,762.76 | 98.94 (reduced negative value) | | Net Profit | 170,653,903.62 | 148,508,474.20 | 14.91 | Parent Company Cash Flow Statement Q1 2022 parent company operating cash flow was 32.07 million yuan (down 26.05%); investing cash flow significantly improved due to reduced investment outlays; exchange rate changes had a negative impact | Item | Q1 2022 (Yuan) | Q1 2021 (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 32,066,117.85 | 43,352,262.96 | -26.05 | | Net Cash Flow from Investing Activities | -48,059,549.63 | -406,160,033.73 | 88.17 (reduced outflow) | | Impact of Exchange Rate Changes on Cash and Cash Equivalents | -1,697,358.55 | 2,859,648.46 | -159.36 (turned negative) | | Net Increase in Cash and Cash Equivalents | -17,690,790.33 | -359,948,122.31 | 95.08 (reduced negative value) | | Cash and Cash Equivalents at End of Period | 1,530,149,970.35 | 1,471,108,370.81 | 3.90 | - Net cash flow from investing activities changed by 88.17%, primarily due to reduced cash payments for investments[57]