永创智能(603901) - 2022 Q3 - 季度财报

Company Quarterly Report Overview Key Financial Data In Q3 2022, the company's revenue grew steadily, while net profit attributable to shareholders significantly increased by 117.57%, primarily due to fair value changes from an associate's IPO; however, net profit excluding non-recurring items decreased by 24.81%, and year-to-date net cash flow from operating activities was -306 million CNY, indicating significant working capital pressure Key Accounting Data and Financial Indicators During the reporting period, the company achieved Q3 revenue of 776 million CNY, up 4.81% YoY, and net profit attributable to shareholders of 185 million CNY, up 117.57% YoY, with year-to-date cumulative revenue reaching 2.17 billion CNY, up 9.71% YoY, and cumulative net profit of 313 million CNY, up 43.72% YoY, primarily driven by non-recurring gains Key Accounting Data and Financial Indicators | Item | Current Period (Q3 2022) | YoY Change (%) | YTD (Q3 2022) | YTD YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 775,607,639.60 CNY | 4.81 | 2,172,495,369.15 CNY | 9.71 | | Net Profit Attributable to Shareholders of Listed Company | 184,795,499.63 CNY | 117.57 | 312,859,058.25 CNY | 43.72 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 59,816,936.73 CNY | -24.81 | 190,269,436.67 CNY | -9.33 | | Net Cash Flow from Operating Activities | N/A | N/A | -306,213,052.93 CNY | -750.77 | | Total Assets (End of Period) | 6,061,438,137.10 CNY | 35.53 (vs. End of Prior Year) | 6,061,438,137.10 CNY | 35.53 (vs. End of Prior Year) | | Shareholders' Equity Attributable to Shareholders of Listed Company (End of Period) | 2,565,840,915.13 CNY | 18.23 (vs. End of Prior Year) | 2,565,840,915.13 CNY | 18.23 (vs. End of Prior Year) | - Net profit attributable to shareholders increased by 117.57% year-on-year, primarily due to the listing of Shandong Xinjufeng Packaging Materials Co., Ltd., an associate company, in September 2022, leading to the recognition of fair value change gains and losses[5] Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for the current period amounted to 125 million CNY, with fair value change gains and losses from transactional financial assets being the largest item at 139 million CNY, mainly due to the revaluation of equity in associate Shandong Xinjufeng Packaging Materials Co., Ltd. upon its IPO Non-recurring Gains and Losses Items | Item | Current Period Amount (CNY) | YTD Amount (CNY) | | :--- | :--- | :--- | | Non-current Asset Disposal Gains/Losses | 9,277.45 | 53,209.73 | | Government Grants Recognized in Current P&L | 6,501,191.04 | 15,261,375.63 | | Fair Value Change Gains/Losses | 138,588,645.93 | 129,219,613.13 | | Other Non-operating Income/Expenses | -179,696.84 | -857,808.05 | | Total | 124,978,562.90 | 122,589,621.58 | - The primary source of fair value change gains and losses was the listing of Shandong Xinjufeng Packaging Materials Co., Ltd., an associate company, on September 2, 2022, which led to the adjustment of the fair value of the corresponding equity investment[7] Analysis of Changes in Key Financial Data and Indicators At the end of the reporting period, several balance sheet items, including prepayments, long-term borrowings, and construction in progress, showed significant changes, primarily linked to increased sales, raw material stocking, project construction, and equity acquisitions, while net cash flow from operating activities sharply declined by 750.77% due to increased procurement and personnel costs from smart production line orders Key Financial Data and Indicator Changes | Item Name | Change (%) | Primary Reason | | :--- | :--- | :--- | | Prepayments | 146.17 | Increased procurement due to expanded sales scale and raw material stocking | | Other Non-current Financial Assets | 100.99 | Adjustment of fair value change gains/losses due to associate company IPO | | Construction in Progress | 68.53 | Advancement of expansion projects | | Short-term Borrowings | 85.31 | Increase in working capital borrowings | | Long-term Borrowings | 257.63 | Increase in equity acquisition loans and construction project borrowings | | R&D Expenses | 37.32 | Increase in R&D personnel salaries | | Net Cash Flow from Operating Activities | -750.77 | Increased procurement expenses due to growth in smart production line product orders, and increased salary expenses | Shareholder Information As of the end of the reporting period, the company had 12,497 common shareholders, with a relatively concentrated equity structure where the actual controllers, Ms. Lü Jie and Mr. Luo Bangyi, along with their controlled entities, collectively hold over 50% of the shares, and the top ten shareholders include several well-known public funds Shareholder Holding Status As of September 30, 2022, the company had 12,497 shareholders, with the top two shareholders, Lü Jie and Luo Bangyi (actual controllers), holding 35.13% and 9.15% respectively, and the top ten shareholders also including various public funds such as Xingquan, Jiashe, and Fuguo - As of the end of the reporting period, the company had 12,497 common shareholders[10] - The company's actual controllers are Ms. Lü Jie and Mr. Luo Bangyi; Ms. Lü Jie holds 35.13%, and Mr. Luo Bangyi holds 9.15%, with Hangzhou Kangchuang Investment Co., Ltd., controlled by Mr. Luo Bangyi, holding an additional 5.58%, bringing their combined stake to approximately 49.86%[11][12] - Several institutional investors, including public funds such as Xingquan Hetai, Jiashe Value Selection, and Fuguo Tianhui Selection Growth, appeared among the top ten shareholders[11] Other Significant Matters Two significant events for investors during the reporting period include the successful issuance of 611 million CNY in convertible bonds, 'Yong02 Convertible Bonds,' and the IPO of associate Xinjufeng on the ChiNext board, whose equity fair value changes will continuously impact the company's profit and loss - The company publicly issued 611 million CNY in convertible bonds ('Yong02 Convertible Bonds') on August 4, 2022, which were listed on the Shanghai Stock Exchange on September 1[13] - Shandong Xinjufeng Technology Packaging Co., Ltd., an associate company, was listed on the ChiNext board of the Shenzhen Stock Exchange on September 2, 2022; the company, adopting new financial instrument standards, measures this equity investment at fair value with changes recognized in current profit and loss, which will impact the company's financial position and operating results[13] Quarterly Financial Statements This section presents the unaudited consolidated financial statements for Q3 2022, with the balance sheet showing significant asset expansion and corresponding liability increases, the income statement reflecting revenue growth and substantial investment income contributions to net profit, and the cash flow statement revealing tight operating cash flow primarily sustained by financing activities Consolidated Balance Sheet As of September 30, 2022, the company's total assets reached 6.06 billion CNY, up 35.53% from the beginning of the year, and total liabilities were 3.40 billion CNY, up 50.42% from the beginning of the year, with asset growth primarily driven by inventories, fixed assets, construction in progress, and other non-current financial assets, while liability growth mainly stemmed from significant increases in short-term and long-term borrowings Consolidated Balance Sheet Summary | Item | September 30, 2022 (CNY) | December 31, 2021 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,061,438,137.10 | 4,472,256,211.73 | 35.53 | | Inventories | 2,219,627,852.40 | 1,696,609,611.78 | 30.83 | | Other Non-current Financial Assets | 309,291,493.89 | 153,884,493.89 | 100.99 | | Fixed Assets | 681,186,214.86 | 459,726,257.04 | 48.17 | | Construction in Progress | 314,686,171.42 | 186,723,559.22 | 68.53 | | Total Liabilities | 3,397,374,318.23 | 2,258,541,820.00 | 50.42 | | Short-term Borrowings | 681,948,202.42 | 368,005,671.05 | 85.31 | | Long-term Borrowings | 191,951,297.50 | 53,672,555.56 | 257.63 | | Shareholders' Equity | 2,664,063,818.87 | 2,213,714,391.73 | 20.34 | Consolidated Income Statement For the first three quarters of 2022, the company achieved total operating revenue of 2.17 billion CNY, up 9.71% YoY, and net profit attributable to shareholders of 313 million CNY, up 43.72% YoY, with profit growth primarily driven by 130 million CNY in fair value change gains, alongside faster growth in operating costs and R&D expenses Consolidated Income Statement Summary | Item | Q1-Q3 2022 (CNY) | Q1-Q3 2021 (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,172,495,369.15 | 1,980,258,680.11 | 9.71 | | Total Operating Costs | 1,954,429,891.30 | 1,717,665,519.59 | 13.78 | | R&D Expenses | 146,455,842.15 | 106,649,178.36 | 37.32 | | Fair Value Change Gains | 129,907,000.00 | 0.00 | N/A | | Operating Profit | 362,564,323.98 | 259,765,941.81 | 39.57 | | Net Profit Attributable to Shareholders | 312,859,058.25 | 217,685,484.02 | 43.72 | | Basic Earnings Per Share (CNY/share) | 0.66 | 0.50 | 32.00 | Consolidated Cash Flow Statement In the first three quarters of 2022, net cash flow from operating activities was -306 million CNY, turning negative year-on-year mainly due to increased procurement and labor costs, while net cash outflow from investing activities was 516 million CNY, primarily for long-term asset acquisition, and net cash inflow from financing activities was 946 million CNY, mainly from new borrowings, covering operating and investing cash shortfalls Consolidated Cash Flow Statement Summary | Item | Q1-Q3 2022 (CNY) | Q1-Q3 2021 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -306,213,052.93 | 47,053,861.90 | | Net Cash Flow from Investing Activities | -515,847,993.06 | -329,028,587.59 | | Net Cash Flow from Financing Activities | 946,313,058.03 | -12,285,862.17 | | Net Increase in Cash and Cash Equivalents | 130,641,180.02 | -295,266,055.19 | - Operating cash outflows primarily consisted of cash paid for goods and services purchased (1.72 billion CNY) and cash paid to employees (483 million CNY), both significantly higher than the same period last year[25] - Cash inflows from financing activities mainly originated from borrowings received (1.54 billion CNY), significantly exceeding the 406 million CNY from the same period last year, effectively supporting the company's cash flow[26]