璞泰来(603659) - 2021 Q3 - 季度财报

Report Overview This report presents the unaudited third-quarter financial statements of Shanghai Putailai New Energy Technology Co., Ltd. for 2021, with the Board, Supervisory Board, and senior management guaranteeing its accuracy - This quarter's financial statements are unaudited[3] - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[3] Key Financial Data The company demonstrated strong financial performance during the reporting period, with significant year-over-year increases in operating revenue and net profit, continuous asset expansion, and improved operating cash flow Key Accounting Data and Financial Indicators For Q3 2021 and year-to-date, the company achieved substantial growth in operating revenue and net profit attributable to shareholders, with corresponding increases in EPS, total assets, and owner's equity Key Accounting Data and Financial Indicators for Q3 2021 and Year-to-Date | Item | Current Period (RMB) | YoY Change (%) - Current Period | Year-to-Date (RMB) | YoY Change (%) - Year-to-Date | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End (%) | | :---------------------------------------------------------------- | :------------------- | :------------------------------ | :----------------- | :---------------------------- | :-------------------------- | :------------------------ | :----------------------------- | | Operating Revenue | 2,372,194,767.04 | 62.59 | 6,295,111,147.60 | 88.10 | | | | | Net Profit Attributable to Shareholders of the Listed Company | 456,068,706.75 | 108.61 | 1,230,938,594.01 | 196.38 | | | | | Net Profit Attributable to Shareholders of the Listed Company, Excluding Non-recurring Gains and Losses | 440,381,226.90 | 115.21 | 1,156,527,979.12 | 204.36 | | | | | Net Cash Flow from Operating Activities | N/A | N/A | 1,384,760,100.31 | 364.89 | | | | | Basic Earnings Per Share (RMB/share) | 0.66 | 83.33 | 1.77 | 160.29 | | | | | Diluted Earnings Per Share (RMB/share) | 0.66 | 83.33 | 1.77 | 160.29 | | | | | Weighted Average Return on Net Assets (%) | 4.68 | decreased by 1.34 percentage points | 13.07 | increased by 1.54 percentage points | | | | | Total Assets | | | | | 18,072,582,346.70 | 14,486,275,424.65 | 24.76 | | Total Equity Attributable to Shareholders of the Listed Company | | | | | 9,964,890,572.00 | 8,914,163,998.06 | 11.79 | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled RMB 15,687,479.85 for the current period and RMB 74,410,614.89 year-to-date, primarily comprising government grants and other non-operating income/expenses Non-recurring Gains and Losses and Amounts | Item | Amount - Current Period (RMB) | Amount - Year-to-Date (RMB) | | :---------------------------------------------------------------- | :---------------------------- | :-------------------------- | | Gains and Losses from Disposal of Non-current Assets | 82,105.75 | -3,074,944.03 | | Government Grants Included in Current Profit and Loss | 16,251,427.37 | 86,360,825.88 | | Other Non-operating Income and Expenses Apart from the Above | -374,258.53 | -867,784.98 | | Other Profit and Loss Items Meeting the Definition of Non-recurring Gains and Losses | 2,222,573.56 | 5,222,534.77 | | Less: Income Tax Impact | -2,550,317.68 | -13,303,094.80 | | Minority Interests Impact (After Tax) | 55,949.38 | 73,078.05 | | Total | 15,687,479.85 | 74,410,614.89 | Changes and Reasons for Key Accounting Data and Financial Indicators Significant growth in operating revenue and net profit is attributed to robust global lithium-ion battery demand, capacity expansion, and enhanced cost control, while increased operating cash flow stems from higher sales collections due to rapid business growth - Operating revenue for July-September increased by 62.59% year-over-year, and by 88.10% year-to-date, driven by strong global lithium-ion battery market demand, accelerated capacity expansion, and effective integrated business synergy, leading to rapid sales growth across all business segments[35][37] - Net profit attributable to shareholders of the listed company for July-September increased by 108.61% year-over-year, and by 196.38% year-to-date, primarily due to continuous process improvements, enhanced production efficiency, active promotion of raw material optimization and domestic substitution, sustained cost reduction efforts, and reasonable control of various expenses, further strengthening the company's profitability[35][37] - Net cash flow from operating activities for January-September increased by 364.89% year-over-year, mainly due to a rapid increase in business volume and higher cash received from sales of goods and services during the period[37] Shareholder Information As of the end of the reporting period, the company had 22,893 common shareholders, with a high concentration of shares among the top ten, and significant combined holdings by the actual controller Liang Feng and his related parties Total Common Shareholders and Top Ten Shareholders' Holdings At the end of the reporting period, there were 22,893 common shareholders, with actual controller Liang Feng as the largest shareholder at 26.39%, and his related parties Fujian Shengyue and Nanyang Kuoneng also among the top three, with some shares pledged - Total common shareholders at the end of the reporting period were 22,893 households[38] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Number of Shares Held | Shareholding Ratio (%) | Share Status | Pledged, Marked, or Frozen Shares | | :---------------------------------------------------------------------------- | :----------------------- | :-------------------- | :--------------------- | :----------- | :-------------------------------- | | Liang Feng | Domestic Natural Person | 183,279,614 | 26.39 | Pledged | 10,910,800 | | Fujian Shengyue Equity Investment Partnership (Limited Partnership) | Domestic Non-State Legal Person | 79,400,457 | 11.43 | Pledged | 54,880,000 | | Nanyang Kuoneng Enterprise Management Partnership (Limited Partnership) | Domestic Non-State Legal Person | 68,896,395 | 9.92 | None | | | Chen Wei | Domestic Natural Person | 60,169,712 | 8.66 | None | | | Hong Kong Securities Clearing Company Limited | Other | 46,106,144 | 6.64 | None | | | Qi Xiaodong | Domestic Natural Person | 13,100,000 | 1.89 | None | | | Industrial and Commercial Bank of China Co., Ltd. - ABC-CA New Energy Theme Flexible Allocation Mixed Securities Investment Fund | Other | 10,432,841 | 1.50 | None | | | China Construction Bank Corporation - China Asset Management Energy Innovation Stock Fund | Other | 6,675,287 | 0.96 | None | | | Agricultural Bank of China Co., Ltd. - Cathay Smart Car Stock Investment Fund | Other | 4,068,585 | 0.59 | None | | | China Construction Bank Corporation - Cinda Asset Management Aoyuan New Energy Industry Stock Investment Fund | Other | 3,939,197 | 0.57 | None | | - Fujian Shengyue Equity Investment Partnership (Limited Partnership) is a limited partnership where Ms. Shao Xiaomei, wife of actual controller Mr. Liang Feng, serves as the general partner and executive partner; Nanyang Kuoneng Enterprise Management Partnership (Limited Partnership) is a limited partnership where Mr. Liang Feng serves as the general partner and executive partner[39] Other Reminders The company declares no other significant operational information requiring special investor attention during this reporting period - There is no other significant information regarding the company's operations requiring investor attention in this reporting period[40] Quarterly Financial Statements This section provides the company's unaudited consolidated balance sheet, income statement, and cash flow statement, along with an explanation of the impact of the new lease standards adopted in 2021 on the financial statements Type of Audit Opinion This quarter's financial statements are unaudited - This quarter's financial statements are unaudited[40] Consolidated Balance Sheet As of September 30, 2021, total assets reached RMB 18.07 billion, a 24.76% increase from the end of the prior year, with significant growth in both current and non-current assets, and a corresponding increase in total liabilities Consolidated Balance Sheet Key Data (As of September 30, 2021) | Item | September 30, 2021 (RMB) | December 31, 2020 (RMB) | Change (%) | | :-------------------------------------------- | :----------------------- | :---------------------- | :--------- | | Cash and Cash Equivalents | 4,010,667,733.00 | 5,029,617,919.89 | -20.26 | | Financial Assets Held for Trading | 720,815,754.24 | 973,167,940.24 | -25.93 | | Accounts Receivable | 1,875,404,641.66 | 1,699,762,402.87 | 10.33 | | Prepayments | 521,399,267.70 | 123,964,569.66 | 320.61 | | Inventories | 3,877,567,011.44 | 2,236,512,184.76 | 73.38 | | Total Current Assets | 11,402,744,763.99 | 10,373,288,216.30 | 9.92 | | Long-term Equity Investments | 368,660,271.91 | 246,745,408.99 | 49.40 | | Fixed Assets | 3,665,076,186.27 | 2,457,094,183.65 | 49.16 | | Construction in Progress | 1,201,072,785.43 | 811,201,838.39 | 48.06 | | Intangible Assets | 396,578,040.13 | 241,541,951.03 | 64.19 | | Total Non-current Assets | 6,669,837,582.71 | 4,112,987,208.35 | 62.17 | | Total Assets | 18,072,582,346.70 | 14,486,275,424.65 | 24.76 | | Short-term Borrowings | 565,478,086.12 | 1,227,726,013.89 | -53.94 | | Notes Payable | 1,346,504,395.35 | 609,607,807.07 | 120.89 | | Accounts Payable | 2,198,053,965.16 | 1,645,715,163.97 | 33.57 | | Contract Liabilities | 1,549,869,456.37 | 728,195,433.33 | 112.84 | | Total Current Liabilities | 7,031,410,832.76 | 5,301,677,903.05 | 32.63 | | Long-term Borrowings | 738,835,317.52 | 0.00 | N/A | | Total Non-current Liabilities | 930,190,539.69 | 269,298,472.42 | 245.40 | | Total Liabilities | 7,961,601,372.45 | 5,570,976,375.47 | 42.90 | | Equity Attributable to Owners of the Parent Company | 9,964,890,572.00 | 8,914,163,998.06 | 11.79 | | Minority Interests | 146,090,402.25 | 1,135,051.12 | 12771.00 | | Total Equity | 10,110,980,974.25 | 8,915,299,049.18 | 13.41 | Consolidated Income Statement For the first three quarters of 2021, total operating revenue reached RMB 6.295 billion, an 88.10% year-over-year increase, with net profit reaching RMB 1.242 billion, up 175.94%, demonstrating significantly enhanced profitability Consolidated Income Statement Key Data (First Three Quarters of 2021) | Item | First Three Quarters of 2021 (RMB) | First Three Quarters of 2020 (RMB) | Change (%) | | :-------------------------------------------- | :--------------------------------- | :--------------------------------- | :--------- | | Total Operating Revenue | 6,295,111,147.60 | 3,346,677,736.93 | 88.10 | | Operating Costs | 4,033,903,781.53 | 2,271,433,383.13 | 77.60 | | Taxes and Surcharges | 37,179,955.97 | 25,614,411.72 | 45.15 | | Selling Expenses | 124,906,161.07 | 148,674,254.91 | -15.99 | | Administrative Expenses | 250,009,789.27 | 137,952,998.80 | 81.23 | | Research and Development Expenses | 356,500,902.05 | 159,434,493.00 | 123.60 | | Financial Expenses | -4,652,658.38 | 106,681,111.67 | -104.36 | | Other Income | 86,353,007.32 | 43,672,795.23 | 97.74 | | Investment Income | 5,222,534.77 | 3,054,011.82 | 71.00 | | Credit Impairment Losses | -50,733,456.39 | -37,347,975.24 | -35.86 | | Asset Impairment Losses | -70,567,087.47 | 4,629,163.40 | -1625.00 | | Operating Profit | 1,468,040,669.38 | 510,876,232.47 | 187.39 | | Total Profit | 1,463,620,512.16 | 511,941,339.98 | 185.88 | | Net Profit | 1,242,030,036.84 | 450,074,020.18 | 175.94 | | Net Profit Attributable to Owners of the Parent Company | 1,230,938,594.01 | 415,328,620.91 | 196.38 | | Minority Interest Income/Loss | 11,091,442.83 | 34,745,399.27 | -68.07 | | Basic Earnings Per Share (RMB/share) | 1.77 | 0.68 | 160.29 | | Diluted Earnings Per Share (RMB/share) | 1.77 | 0.68 | 160.29 | Consolidated Cash Flow Statement In the first three quarters of 2021, net cash flow from operating activities significantly increased to RMB 1.385 billion, while cash outflows from investing activities rose substantially, and financing activities shifted to a net outflow Consolidated Cash Flow Statement Key Data (First Three Quarters of 2021) | Item | First Three Quarters of 2021 (RMB) | First Three Quarters of 2020 (RMB) | Change (%) | | :---------------------------------------------------------------- | :--------------------------------- | :--------------------------------- | :--------- | | Cash Received from Sales of Goods and Services | 5,233,996,812.38 | 2,477,690,724.38 | 111.25 | | Subtotal of Cash Inflows from Operating Activities | 5,681,895,040.10 | 2,605,810,539.58 | 118.05 | | Cash Paid for Goods and Services | 3,036,232,958.69 | 1,670,186,257.26 | 81.79 | | Cash Paid to and for Employees | 658,768,326.91 | 350,610,303.61 | 87.90 | | Subtotal of Cash Outflows from Operating Activities | 4,297,134,939.79 | 2,307,939,452.63 | 86.11 | | Net Cash Flow from Operating Activities | 1,384,760,100.31 | 297,871,086.95 | 364.89 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 1,649,296,298.89 | 633,342,608.91 | 160.42 | | Net Cash Flow from Investing Activities | -2,103,912,595.63 | -817,109,741.01 | -157.48 | | Cash Received from Borrowings | 1,327,400,000.00 | 2,603,300,000.00 | -49.01 | | Cash Paid for Debt Repayment | 1,253,000,000.00 | 1,581,310,000.00 | -20.76 | | Net Cash Flow from Financing Activities | -381,805,009.64 | 1,030,998,315.78 | -137.03 | | Net Increase in Cash and Cash Equivalents | -1,108,678,044.98 | 500,967,735.73 | -321.39 | | Cash and Cash Equivalents at End of Period | 3,798,153,890.20 | 948,126,346.96 | 300.50 | - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets significantly increased, reflecting the company's investments in capacity expansion and technological research and development[49] Adjustments for New Lease Standards Effective January 1, 2021, the company adopted new lease standards, recognizing RMB 70,216,122.23 in right-of-use assets and RMB 54,630,036.39 in lease liabilities, while reducing prepayments by RMB 15,586,085.84, leading to increases in both total assets and total liabilities - The company adopted the revised "Accounting Standard for Business Enterprises No. 21 – Leases" issued by the Ministry of Finance starting January 1, 2021[53] Impact of New Lease Standards Adjustments | Item | December 31, 2020 (RMB) | January 1, 2021 Adjusted (RMB) | Adjustment Amount (RMB) | | :------------- | :---------------------- | :----------------------------- | :---------------------- | | Prepayments | 123,964,569.66 | 108,378,483.82 | -15,586,085.84 | | Right-of-Use Assets | 0.00 | 70,216,122.23 | 70,216,122.23 | | Total Assets | 14,486,275,424.65 | 14,540,905,461.04 | 54,630,036.39 | | Lease Liabilities | 0.00 | 54,630,036.39 | 54,630,036.39 | | Total Liabilities | 5,570,976,375.47 | 5,625,606,411.86 | 54,630,036.39 | - In accordance with the new standards and related transitional provisions, right-of-use assets of RMB 70,216,122.23 and lease liabilities of RMB 54,630,036.39 were recognized, with a corresponding reduction in prepayments of RMB 15,586,085.84[53]