永冠新材(603681) - 2023 Q1 - 季度财报

Key Financial Data Key Accounting Data and Financial Indicators In Q1 2023, revenue grew 9.76% YoY, but profitability deteriorated as net profit attributable to shareholders fell by 122.82%, shifting from profit to loss, while operating cash flow also declined sharply Key Financial Indicators for Q1 2023 | Indicator | Current Period | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 1,178,926,848.09 RMB | 9.76% | | Net Profit Attributable to Shareholders | -15,423,783.77 RMB | -122.82% | | Net Profit Attributable to Shareholders (Non-recurring items deducted) | -11,954,626.30 RMB | -127.17% | | Net Cash Flow from Operating Activities | -28,219,401.78 RMB | -172.36% | | Basic Earnings Per Share (RMB/Share) | -0.08 RMB | -122.86% | | Weighted Average Return on Equity | -0.63% | Decreased by 3.63 p.p. | | Total Assets (End of Period) | 6,424,594,570.56 RMB | -0.50% (vs. End of Prior Year) | | Equity Attributable to Shareholders (End of Period) | 2,455,413,391.75 RMB | -0.61% (vs. End of Prior Year) | Non-recurring Profit and Loss Items and Amounts Non-recurring items resulted in a total loss of RMB 3.47 million, primarily driven by an RMB 8.87 million loss from fair value changes in financial assets, which was not offset by government grants Details of Non-recurring Profit and Loss for Q1 2023 | Item | Amount (RMB) | | :--- | :--- | | Government Grants | 4,413,874.62 | | Gains/Losses from Fair Value Changes & Disposal of Financial Assets/Liabilities | -8,867,439.19 | | Other Non-operating Income/Expenses and Items | -13,351.95 + 135,728.22 | | Income Tax Effect | -872,035.49 | | Effect on Minority Interests (After Tax) | 13,986.63 | | Total | -3,469,157.47 | Analysis of Reasons for Changes in Key Financial Indicators The sharp decline in net profit and EPS was attributed to macroeconomic pressures, intensified competition, and adverse currency effects, while negative operating cash flow stemmed from increased procurement payments - Net profit-related indicators, including net profit attributable to parent and EPS, decreased by over 120% YoY due to insufficient macroeconomic demand, intensified competition lowering gross margins, and the negative impact of a depreciating US dollar[8] - Net cash flow from operating activities decreased by 172.36% YoY, primarily due to an increase in cash paid for goods and services resulting from expanded procurement scale[8] Shareholder Information Total Number of Shareholders and Shareholding of Top Ten Shareholders The company had 9,943 common shareholders with a concentrated ownership structure, as the top two shareholders, Lv Xinmin and Guo Xueyan, are parties acting in concert holding a combined 48.66% stake - At the end of the reporting period, the total number of common shareholders was 9,943[10] Top Ten Shareholders | Shareholder Name | Number of Shares Held | Shareholding Ratio (%) | | :--- | :--- | :--- | | Lv Xinmin | 77,993,820 | 40.81 | | Guo Xueyan | 15,003,600 | 7.85 | | National Social Security Fund Portfolio 502 | 4,548,246 | 2.38 | | E Fund Core Flexible Allocation Mixed Fund | 3,050,842 | 1.60 | | Hong Kong Securities Clearing Company Ltd. | 2,650,160 | 1.39 | - Among the top ten shareholders, Lv Xinmin and Guo Xueyan are parties acting in concert[12] Quarterly Financial Statements Consolidated Balance Sheet As of March 31, 2023, total assets stood at RMB 6.425 billion, a slight 0.50% decrease from the prior year-end, with total liabilities at RMB 3.955 billion and a debt-to-asset ratio of 61.55% Key Balance Sheet Items (Unit: RMB) | Item | March 31, 2023 | December 31, 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,424,594,570.56 | 6,457,181,339.13 | -0.50% | | Total Liabilities | 3,954,898,561.04 | 3,972,070,433.69 | -0.43% | | Total Equity Attributable to Parent Company Shareholders | 2,455,413,391.75 | 2,470,594,096.81 | -0.61% | Consolidated Income Statement In Q1 2023, revenue grew 9.76% YoY to RMB 1.179 billion, but higher costs and a RMB 13.95 million loss from fair value changes led to a net loss attributable to shareholders of RMB 15.42 million Key Income Statement Items (Unit: RMB) | Item | Q1 2023 | Q1 2022 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,178,926,848.09 | 1,074,070,355.48 | 9.76% | | Total Operating Costs | 1,195,384,568.16 | 1,020,165,203.83 | 17.18% | | Operating Profit | -25,747,843.37 | 79,290,574.43 | -132.47% | | Net Profit Attributable to Parent Company Shareholders | -15,423,783.77 | 67,602,204.52 | -122.82% | - Financial expenses increased by 115.89% YoY from RMB 14.83 million to RMB 32.02 million, primarily due to higher interest expenses[20] - Gains from fair value changes were -RMB 13.95 million, compared to only -RMB 36 thousand in the same period last year, significantly impacting current period profit[20] Consolidated Cash Flow Statement The company's cash flow was under pressure in Q1 2023, with net operating cash flow turning negative to -RMB 28.22 million, contributing to a total net decrease in cash of RMB 406 million Key Cash Flow Statement Items (Unit: RMB) | Item | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -28,219,401.78 | 39,001,008.70 | | Net Cash Flow from Investing Activities | -368,270,077.45 | -213,676,452.91 | | Net Cash Flow from Financing Activities | -506,153.75 | 252,929,593.77 | | Net Increase in Cash and Cash Equivalents | -406,018,794.32 | 72,774,974.36 | - Operating cash outflow increased mainly because "Cash paid for goods and services" rose from RMB 1.088 billion to RMB 1.218 billion[23] - Investing cash outflow expanded primarily due to "Cash paid for investments" surging from RMB 15.04 million to RMB 564 million[23]