盛洋科技(603703) - 2021 Q3 - 季度财报

Report Overview This unaudited report is Zhejiang Shengyang Science and Technology Co., Ltd.'s Q3 2021 report, with the board, supervisory board, and senior management guaranteeing its truthfulness, accuracy, and completeness - This quarterly report is unaudited[3] - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content[2] Key Financial Data This section outlines the company's key financial data and indicators for Q3 2021 and year-to-date, explaining significant changes in operating revenue and net profit Key Accounting Data and Financial Indicators The company's operating revenue grew in Q3 2021 and year-to-date, but Q3 net profit attributable to parent company shareholders and non-recurring net profit significantly decreased, while year-to-date figures substantially increased Key Financial Indicators for Q3 2021 and Year-to-Date | Item | Current Period (Q3 2021) (RMB) | YoY Change in Current Period (%) | Year-to-Date (RMB) | YoY Change in Year-to-Date (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 242,421,870.43 | 22.58 | 737,801,641.17 | 31.66 | | Net Profit Attributable to Parent Company Shareholders | 946,007.75 | -46.25 | 15,983,124.19 | 214.90 | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Items | 1,298.51 | -99.88 | 14,686,133.03 | 841.44 | | Net Cash Flow from Operating Activities | Not applicable | Not applicable | 78,928,178.12 | 286.75 | | Basic Earnings Per Share (RMB/share) | 0.00 | -100.00 | 0.05 | 150.00 | | Diluted Earnings Per Share (RMB/share) | 0.00 | -100.00 | 0.05 | 150.00 | | Weighted Average ROE (%) | 0.08 | -0.31 | 1.46 | 0.32 | | Period-End Indicators | Current Period-End (RMB) | Change from Prior Year-End (%) | Prior Year-End (RMB) | | | Total Assets | 1,808,877,068.41 | -16.03 | 2,154,181,619.28 | | | Total Equity Attributable to Parent Company Shareholders | 935,531,394.49 | -13.69 | 1,083,978,244.74 | | Non-recurring Gains and Losses and Amounts This section details non-recurring gains and losses for the period, including government grants, fair value changes of financial assets, and other non-operating income/expenses, which collectively impacted net profit Non-recurring Gains and Losses and Amounts | Item | Current Period Amount (RMB) | Year-to-Date Amount (RMB) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 0 | 156,845.66 | | Government Grants Recognized in Current Profit/Loss | 1,810,760.89 | 2,719,112.13 | | Gains/Losses from Fair Value Changes and Investment Income | 196,395.48 | -1,251,229.48 | | Other Non-operating Income and Expenses | -517,910.98 | 74,456.35 | | Income Tax Impact | -303,878.51 | -127,053.67 | | Impact on Minority Interests (After Tax) | -240,657.64 | -317,717.11 | | Total | 944,709.24 | 1,296,991.16 | Analysis of Changes in Key Accounting Data and Financial Indicators Operating revenue growth stemmed from post-pandemic sales recovery and increased RF cable orders; Q3 net profit declined due to higher bad debt provisions, while year-to-date net profit rose from sales recovery and reduced interest expenses Reasons for Changes in Key Financial Indicators | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Operating Revenue (Year-to-Date) | 31.66 | Primarily due to decreased sales volume in the prior year period affected by the pandemic; current period sales gradually recovered, and sales orders for RF cable products increased | | Net Profit Attributable to Parent Company Shareholders (Current Period) | -46.25 | Primarily due to gradual sales recovery in the current period and increased bad debt provisions for accounts receivable | | Net Profit Attributable to Parent Company Shareholders (Year-to-Date) | 214.90 | Primarily due to decreased sales volume in the prior period affected by the pandemic, gradual sales recovery in the current period, and reduced interest expenses compared to the prior period | | Net Cash Flow from Operating Activities (Year-to-Date) | 286.75 | Primarily due to increased cash received from sales of goods and rendering of services in the current period compared to the prior period | Shareholder Information This section discloses the total number of common shareholders, top ten shareholders' holdings, and their related party relationships as of the period-end, including share pledge status Total Number of Shareholders and Top Ten Shareholders' Holdings As of the period-end, the company had 19,083 common shareholders; among the top ten, Ye Liming is the largest shareholder, with some shares pledged - Total number of common shareholders at period-end: 19,083[10] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Number of Shares Held | Shareholding Ratio (%) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Ye Liming | Domestic Natural Person | 37,095,000 | 12.42 | Pledged 30,000,000 | | Guojiao Beidou (Hainan) Technology Investment Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 22,970,000 | 7.69 | None 0 | | Shaoxing Shengyang Electric Appliance Co., Ltd. | Domestic Non-State-Owned Legal Person | 20,662,598 | 6.92 | Pledged 15,000,000 | | Shaoxing Shengyang Electric Appliance Co., Ltd. - Shaoxing Shengyang Electric Appliance Co., Ltd. 2020 Non-Public Issuance Exchangeable Corporate Bond Pledge Account | Other | 13,800,000 | 4.62 | None 0 | | Shaoxing Shengyang Electric Appliance Co., Ltd. - Shaoxing Shengyang Electric Appliance Co., Ltd. 2021 Non-Public Issuance Exchangeable Corporate Bond Pledge Account | Other | 13,000,000 | 4.35 | None 0 | | Zhuji Tianyu Investment Management Co., Ltd. - Tianyu Jinxing No. 2 Private Securities Investment Fund | Other | 9,147,311 | 3.06 | None 0 | | Hangzhou Longli Investment Management Co., Ltd. - Changxing Xinhe Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 8,000,000 | 2.68 | None 0 | | Xu Fengjuan | Domestic Natural Person | 7,130,000 | 2.39 | None 0 | | Ye Shengyang | Domestic Natural Person | 7,000,000 | 2.34 | Pledged 5,000,000 | | Ding Xingcheng | Domestic Natural Person | 5,202,913 | 1.74 | None 0 | Top Ten Shareholders with Unrestricted Shares This section lists the number and type of shares held by the top ten unrestricted common share shareholders, largely overlapping with the overall top ten list Top Ten Shareholders with Unrestricted Shares | Shareholder Name | Number of Unrestricted Shares Held | Type and Number of Shares | | :--- | :--- | :--- | | Ye Liming | 37,095,000 | RMB Common Shares 37,095,000 | | Guojiao Beidou (Hainan) Technology Investment Group Co., Ltd. | 22,970,000 | RMB Common Shares 22,970,000 | | Shaoxing Shengyang Electric Appliance Co., Ltd. | 20,662,598 | RMB Common Shares 20,662,598 | | Shaoxing Shengyang Electric Appliance Co., Ltd. - Shaoxing Shengyang Electric Appliance Co., Ltd. 2020 Non-Public Issuance Exchangeable Corporate Bond Pledge Account | 13,800,000 | RMB Common Shares 13,800,000 | | Shaoxing Shengyang Electric Appliance Co., Ltd. - Shaoxing Shengyang Electric Appliance Co., Ltd. 2021 Non-Public Issuance Exchangeable Corporate Bond Pledge Account | 13,000,000 | RMB Common Shares 13,000,000 | | Zhuji Tianyu Investment Management Co., Ltd. - Tianyu Jinxing No. 2 Private Securities Investment Fund | 9,147,311 | RMB Common Shares 9,147,311 | | Hangzhou Longli Investment Management Co., Ltd. - Changxing Xinhe Equity Investment Partnership (Limited Partnership) | 8,000,000 | RMB Common Shares 8,000,000 | | Xu Fengjuan | 7,130,000 | RMB Common Shares 7,130,000 | | Ye Shengyang | 7,000,000 | RMB Common Shares 7,000,000 | | Ding Xingcheng | 5,202,913 | RMB Common Shares 5,202,913 | Explanation of Related Party Relationships or Concerted Actions Related party relationships exist between the controlling shareholder Shaoxing Shengyang Electric Appliance Co., Ltd., the actual controllers Ye Liming and Xu Fengjuan, and their son Ye Shengyang - Shaoxing Shengyang Electric Appliance Co., Ltd. is the company's controlling shareholder[11] - Ye Liming and Xu Fengjuan are the company's actual controllers, and Ye Shengyang is their son, establishing a related party relationship among the three[11] - The company is unaware of any other related party relationships or concerted actions among other shareholders[11] Other Reminders This section alerts investors to significant operating activities during the reporting period, including share repurchase progress and the acquisition of minority equity in a controlled subsidiary Share Repurchase Progress The company approved a share repurchase plan in June 2021, targeting RMB 100 million to RMB 200 million; as of September 30, 2,514,500 shares have been repurchased for approximately RMB 29.99 million - The company plans to repurchase shares via centralized bidding, with a repurchase amount of no less than RMB 100 million and no more than RMB 200 million, at a price not exceeding RMB 18/share[12] - As of September 30, 2021, the company had cumulatively repurchased 2,514,500 shares, representing 0.84% of its total share capital, with a total payment of RMB 29,991,068.00[12] Acquisition of Minority Equity in a Controlled Subsidiary The company completed the acquisition of 43.84% minority equity in its controlled subsidiary Zhejiang Qiusheng Optoelectronic Technology Co., Ltd. for RMB 228 million, increasing its stake to 94.84% - The company invested RMB 227,987,826.44 to acquire 43.84% minority equity in its controlled subsidiary Zhejiang Qiusheng Optoelectronic Technology Co., Ltd[13] - The aforementioned equity transfer was completed with industrial and commercial change registration on August 16, 2021, after which the company holds a total of 94.84% equity in Qiusheng Optoelectronic[13] Quarterly Financial Statements This section presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement, reflecting financial position, operating results, and cash flows at period-end, along with the impact of first-time adoption of new lease standards on opening financial statements Type of Audit Opinion This quarterly financial report is unaudited - This quarterly financial report is unaudited[14] Financial Statements This section includes the company's consolidated balance sheet as of September 30, 2021, and consolidated income and cash flow statements for the first three quarters of 2021, reflecting financial position, operating results, and cash flows at period-end Consolidated Balance Sheet As of September 30, 2021, total assets were RMB 1.81 billion, a 16.03% decrease from prior year-end; equity attributable to parent company shareholders was RMB 0.94 billion, down 13.69%, with changes in current and non-current liabilities structure Consolidated Balance Sheet Key Data | Item | Sept 30, 2021 (RMB) | Dec 31, 2020 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,808,877,068.41 | 2,154,181,619.28 | -16.03 | | Equity Attributable to Parent Company Shareholders | 935,531,394.49 | 1,083,978,244.74 | -13.69 | | Total Current Liabilities | 574,990,513.26 | 784,664,396.25 | -26.72 | | Total Non-current Liabilities | 282,320,058.14 | 167,793,411.31 | 68.26 | | Total Liabilities | 857,310,571.40 | 952,457,807.56 | -9.99 | Consolidated Income Statement In the first three quarters of 2021, total operating revenue reached RMB 738 million, a 31.66% YoY increase; net profit attributable to parent company shareholders was RMB 15.98 million, up 214.90%, while minority interest income decreased Consolidated Income Statement Key Data | Item | First Three Quarters 2021 (RMB) | First Three Quarters 2020 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 737,801,641.17 | 560,380,709.14 | 31.66 | | Total Operating Costs | 709,493,016.96 | 551,527,979.89 | 28.64 | | Financial Expenses | 4,688,877.88 | 27,596,241.47 | -83.01 | | Net Profit Attributable to Parent Company Shareholders | 15,983,124.19 | 5,075,688.61 | 214.90 | | Minority Interest Income/Loss | 10,312,054.22 | 12,813,349.23 | -19.52 | | Basic Earnings Per Share (RMB/share) | 0.05 | 0.02 | 150.00 | Consolidated Cash Flow Statement In the first three quarters of 2021, net cash flow from operating activities was RMB 78.93 million, a 286.75% YoY increase; increased investment outflows and a shift from positive to negative financing cash flow led to a significant decrease in period-end cash and cash equivalents Consolidated Cash Flow Statement Key Data | Item | First Three Quarters 2021 (RMB) | First Three Quarters 2020 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 78,928,178.12 | 20,408,256.55 | 286.75 | | Net Cash Flow from Investing Activities | -107,055,634.26 | -58,934,368.88 | 81.65 (Increased outflow) | | Net Cash Flow from Financing Activities | -450,623,866.11 | 42,638,933.30 | -1157.99 (Shift from positive to negative) | | Net Increase in Cash and Cash Equivalents | -479,924,590.62 | 1,630,786.36 | -29539.99 (Shift from positive to negative) | | Period-End Cash and Cash Equivalents Balance | 349,665,464.31 | 110,228,475.20 | 217.21 | Adjustments for First-Time Adoption of New Lease Standards Effective January 1, 2021, the company adopted new lease standards, adjusting opening consolidated balance sheet items like construction in progress, right-of-use assets, long-term deferred expenses, other payables, and lease liabilities, without impacting total assets or liabilities Adjustments for First-Time Adoption of New Lease Standards | Item | Dec 31, 2020 (RMB) | Jan 1, 2021 (RMB) | Adjustment Amount (RMB) | | :--- | :--- | :--- | :--- | | Construction in Progress | 13,159,645.56 | 13,338,369.67 | 178,724.11 | | Right-of-Use Assets | 0 | 2,610,241.34 | 2,610,241.34 | | Long-term Deferred Expenses | 3,515,067.80 | 726,102.35 | -2,788,965.45 | | Other Payables | 19,727,995.92 | 19,493,641.92 | -234,354.00 | | Lease Liabilities | 0 | 234,354.00 | 234,354.00 | - The first-time adoption of new lease standards did not impact the opening book value of total assets and total liabilities for the year of initial application[26]