长源东谷(603950) - 2023 Q3 - 季度财报

Third Quarter 2023 Report Important Notices The Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of this report and assume legal responsibility - The company's Board of Directors, Supervisory Committee, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report's content, and bear individual and joint legal liability for any false records, misleading statements, or major omissions[2] - The company's person in charge, chief accounting officer, and head of the accounting department guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3] - The third-quarter financial statements are unaudited[4] I. Key Financial Data The company achieved significant growth in revenue and net profit, driven by market recovery and new projects, while operating cash flow declined due to increased tax payments and prior-period land compensation Key Accounting Data and Financial Indicators The company reported substantial growth in revenue, net profit, and EPS for the third quarter and year-to-date, alongside an increase in total assets and shareholders' equity Key Financial Indicators | Item | Current Reporting Period | YoY Change in Current Period (%) | Year-to-Date | YoY Change Year-to-Date (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 336,517,448.50 | 30.24% | 1,060,955,781.14 | 30.22% | | Net Profit Attributable to Shareholders | 69,334,495.73 | 493.61% | 199,414,972.92 | 121.55% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 50,971,889.49 | 752.16% | 158,683,128.40 | 137.58% | | Net Cash Flow from Operating Activities | N/A | N/A | 181,043,772.90 | -33.53% | | Basic Earnings Per Share (CNY/Share) | 0.21 | 316.26% | 0.62 | 81.85% | | Diluted Earnings Per Share (CNY/Share) | 0.21 | 316.26% | 0.62 | 81.85% | | Weighted Average Return on Equity (%) | 2.87% | 2.35% | 8.48% | 5.06% | | As of End of Current Period | | | As of End of Previous Year | Change from Previous Year-End (%) | | Total Assets | 4,260,676,663.15 | | 3,839,853,765.60 | 10.96% | | Equity Attributable to Shareholders | 2,452,059,271.25 | | 2,253,756,167.78 | 8.80% | - Operating revenue for the current period (Q3) was CNY 336,517,448.50, a YoY increase of 30.24%; year-to-date operating revenue was CNY 1,060,955,781.14, a YoY increase of 30.22%[5] - Net profit attributable to shareholders for the current period was CNY 69,334,495.73, a YoY increase of 493.61%; year-to-date net profit was CNY 199,414,972.92, a YoY increase of 121.55%[5] Non-recurring Profit and Loss Items and Amounts Non-recurring items, primarily government grants and fair value changes of financial assets, positively impacted the company's net profit during the reporting period Non-recurring Profit and Loss Items | Item | Amount in Current Period (CNY) | Amount Year-to-Date (CNY) | Notes | | :--- | :--- | :--- | :--- | | Government grants included in current profit or loss | 17,027,251.21 | 39,924,234.38 | | | Gains/losses from fair value changes of financial assets/liabilities and investment income from their disposal, excluding effective hedging related to normal operations | 5,098,588.37 | 8,413,381.32 | | | Other non-operating income and expenses | -48,903.94 | 119,528.91 | | | Other profit and loss items meeting the definition of non-recurring | 123,281.74 | 286,681.57 | | | Less: Income tax impact | 1,955.52 | 6,899.26 | | | Less: Minority interest impact (after tax) | 3,835,655.62 | 8,005,082.40 | | | Total | 18,362,606.24 | 40,731,844.52 | | - Total non-recurring profit and loss for the current period was CNY 18,362,606.24, and the year-to-date total was CNY 40,731,844.52[8] Reasons for Changes in Key Accounting Data and Financial Indicators Revenue and profit growth were driven by market recovery and new product supply, while operating cash flow decreased due to higher tax payments and prior-period land compensation - Operating revenue increased by 30.24% in the current period and 30.22% year-to-date, mainly due to the recovery of the commercial vehicle market, strong demand for natural gas engines, and the rapid ramp-up and mass supply of engine block and cylinder head projects for new energy hybrid vehicles[8] - Net profit attributable to shareholders grew by 493.61% in the current period and 121.55% year-to-date, benefiting from increased product sales and enhanced profitability through various cost control measures[8] - Net cash flow from operating activities decreased by 33.53% year-to-date, primarily due to a CNY 30 million increase in tax payments and the receipt of CNY 120 million in land acquisition compensation for factory relocation in the same period last year[8] II. Shareholder Information As of the period end, the company had 11,695 common shareholders, with Li Zuoyuan and his related parties acting in concert and holding a significant combined stake Total Number of Common Shareholders and Shareholding of Top Ten Shareholders The company had 11,695 common shareholders at the end of the period, with Li Zuoyuan being the largest shareholder at 40.72% and acting in concert with three other top shareholders - The total number of common shareholders at the end of the reporting period was 11,695[11] Top Ten Shareholders | Shareholder Name | Shareholder Type | Number of Shares | Shareholding Ratio (%) | Pledged, Marked, or Frozen Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Zuoyuan | Foreign Individual | 131,984,199 | 40.72 | None | | | Xu Nengchen | Foreign Individual | 36,357,552 | 11.22 | None | | | Li Xianfeng | Domestic Individual | 18,178,776 | 5.61 | None | | | Li Congrong | Foreign Individual | 18,178,776 | 5.61 | None | | | Shouning Investment Management (Shanghai) Co., Ltd. - Shouning Lingbo No. 2 Private Equity Fund | Domestic Non-State-Owned Legal Entity | 8,887,000 | 2.74 | None | | | Wang Jiancheng | Domestic Individual | 4,300,000 | 1.33 | None | | | Li Kewu | Domestic Individual | 4,051,404 | 1.25 | Frozen | 4,051,404 | | Liao Wenfeng | Domestic Individual | 2,349,480 | 0.72 | None | | | Liu Liang | Domestic Individual | 1,992,621 | 0.61 | None | | | Chen Xinsheng | Domestic Individual | 1,739,499 | 0.54 | None | | - Shareholders Li Zuoyuan and Xu Nengchen are spouses; Li Zuoyuan and Li Congrong are father and daughter; Li Zuoyuan and Li Xianfeng are father and son; Li Zuoyuan, Xu Nengchen, Li Congrong, and Li Xianfeng have signed a concerted action agreement and are parties acting in concert[11] - Shareholder Wang Jiancheng holds 4,300,000 shares (1.33% of total), all through a margin trading and short selling securities account; shareholder Liao Wenfeng holds 2,349,480 shares (0.72% of total), all through a margin trading and short selling securities account[12] III. Other Matters for Attention No other significant operational matters requiring special attention from investors were noted during the reporting period IV. Quarterly Financial Statements This section presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement as of September 30, 2023 Audit Opinion Type The quarterly financial statements have not been audited - The quarterly financial statements are unaudited[14] Financial Statements This includes the consolidated balance sheet, income statement, and cash flow statement, reflecting the company's financial position and performance Consolidated Balance Sheet As of September 30, 2023, total assets reached CNY 4.26 billion, an increase of 10.96% from the previous year-end, with a significant rise in construction in progress and long-term borrowings Consolidated Balance Sheet as of September 30, 2023 | Item | Sep 30, 2023 (CNY) | Dec 31, 2022 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 511,559,286.85 | 591,117,125.41 | | Trading Financial Assets | 45,830,167.39 | 27,413,842.98 | | Accounts Receivable | 392,864,077.83 | 343,634,000.71 | | Inventories | 423,151,318.71 | 340,323,260.38 | | Total Current Assets | 1,897,257,630.92 | 1,792,014,666.38 | | Fixed Assets | 1,304,292,269.27 | 1,440,206,121.02 | | Construction in Progress | 658,580,379.99 | 249,307,186.77 | | Total Non-current Assets | 2,363,419,032.23 | 2,047,839,099.22 | | Total Assets | 4,260,676,663.15 | 3,839,853,765.60 | | Short-term Borrowings | 100,000,000.00 | | | Notes Payable | 219,286,653.69 | 155,872,634.60 | | Accounts Payable | 422,084,194.64 | 358,353,911.43 | | Total Current Liabilities | 883,020,186.69 | 1,073,238,252.29 | | Long-term Borrowings | 509,500,000.00 | 80,000,000.00 | | Deferred Income | 354,396,877.45 | 367,375,599.44 | | Total Non-current Liabilities | 896,477,368.23 | 486,365,409.54 | | Total Liabilities | 1,779,497,554.92 | 1,559,603,661.83 | | Paid-in Capital (or Share Capital) | 324,130,800.00 | 231,522,000.00 | | Total Equity Attributable to Parent Company | 2,452,059,271.25 | 2,253,756,167.78 | | Total Liabilities and Equity | 4,260,676,663.14 | 3,839,853,765.60 | - As of September 30, 2023, the company's total assets were CNY 4,260,676,663.15, an increase of 10.96% from December 31, 2022[16] - Construction in progress increased significantly from CNY 249,307,186.77 at year-end 2022 to CNY 658,580,379.99 as of September 30, 2023, indicating substantial investment in fixed assets[15] - Long-term borrowings rose from CNY 80,000,000.00 at year-end 2022 to CNY 509,500,000.00, with an additional CNY 100,000,000.00 in new short-term borrowings[16][15] Consolidated Income Statement For the first three quarters of 2023, total operating revenue reached CNY 1.06 billion, a 30.22% YoY increase, while net profit attributable to parent company shareholders grew 121.55% to CNY 199.41 million Consolidated Income Statement for the First Three Quarters of 2023 | Item | Q1-Q3 2023 (CNY) | Q1-Q3 2022 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,060,955,781.14 | 814,732,938.45 | | II. Total Operating Costs | 886,692,751.28 | 731,008,000.42 | | Cost of Goods Sold | 789,675,383.97 | 629,302,208.93 | | Taxes and Surcharges | 9,921,939.69 | 6,158,839.28 | | Selling Expenses | 3,404,996.08 | 4,074,058.48 | | General & Administrative Expenses | 51,849,706.78 | 54,874,191.76 | | R&D Expenses | 42,561,712.50 | 39,569,893.69 | | Financial Expenses | -10,720,987.74 | -2,971,191.72 | | Add: Other Income | 26,434,523.11 | 21,046,002.18 | | Investment Income | 5,936,952.42 | 10,171,087.68 | | Fair Value Change Gains | 3,367,633.04 | -2,734,197.87 | | Credit Impairment Losses | -1,677,829.42 | 2,160,121.73 | | Asset Impairment Losses | 8,835,726.20 | -3,273,351.95 | | III. Operating Profit | 217,160,035.21 | 111,115,422.45 | | IV. Total Profit | 217,279,564.12 | 111,199,527.90 | | Less: Income Tax Expense | 17,278,416.21 | 20,724,228.56 | | V. Net Profit | 200,001,147.91 | 90,475,299.34 | | Net Profit Attributable to Parent Company Shareholders | 199,414,972.92 | 90,008,434.47 | | VII. Total Comprehensive Income | 200,615,952.78 | 91,370,523.23 | | Total Comprehensive Income Attributable to Parent Company Owners | 200,029,030.83 | 90,899,996.51 | | VIII. Earnings Per Share: Basic EPS (CNY/Share) | 0.62 | 0.39 | | VIII. Earnings Per Share: Diluted EPS (CNY/Share) | 0.62 | 0.39 | - Total operating revenue for the first three quarters of 2023 was CNY 1,060,955,781.14, a 30.22% increase from the same period in 2022[19] - Net profit attributable to parent company shareholders was CNY 199,414,972.92, a 121.55% increase from the same period in 2022[21] - Financial expenses changed from -CNY 2,971,191.72 in the prior year period to -CNY 10,720,987.74, mainly due to the combined effect of reduced interest expense and increased interest income[20] Consolidated Cash Flow Statement For the first three quarters of 2023, net operating cash flow was CNY 181.04 million, a 33.53% YoY decrease, while cash outflow from investing activities increased significantly due to asset acquisitions Consolidated Cash Flow Statement for the First Three Quarters of 2023 | Item | Q1-Q3 2023 (CNY) | Q1-Q3 2022 (CNY) | | :--- | :--- | :--- | | Cash Received from Sales of Goods and Rendering of Services | 655,525,368.72 | 564,186,299.52 | | Other Cash Received Relating to Operating Activities | 139,843,108.18 | 286,715,163.38 | | Subtotal of Cash Inflows from Operating Activities | 819,311,179.05 | 876,475,024.32 | | Cash Paid to and for Employees | 127,496,247.72 | 94,854,371.63 | | Payments of All types of Taxes | 100,663,718.42 | 69,777,809.67 | | Subtotal of Cash Outflows from Operating Activities | 638,267,406.15 | 604,113,299.52 | | Net Cash Flow from Operating Activities | 181,043,772.90 | 272,361,724.80 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 537,971,019.51 | 147,074,943.85 | | Net Cash Flow from Investing Activities | -539,971,019.51 | -103,503,990.14 | | Cash Received from Borrowings | 530,000,000.00 | 30,000,000.00 | | Cash Paid for Repayment of Debts | 400,500,000.00 | 50,000,000.00 | | Net Cash Flow from Financing Activities | 118,071,955.74 | -122,451,502.88 | | Net Increase in Cash and Cash Equivalents | -240,855,262.64 | 46,406,229.09 | | Cash and Cash Equivalents at End of Period | 298,595,861.77 | 582,241,110.38 | - Net cash flow from operating activities was CNY 181,043,772.90, a decrease of 33.53% YoY, mainly due to increased tax payments and the receipt of land acquisition compensation in the prior-year period[23][8] - Net cash flow from investing activities was -CNY 539,971,019.51, primarily because cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets increased substantially to CNY 537,971,019.51, indicating intensified investment efforts[23] - Net cash flow from financing activities turned positive to CNY 118,071,955.74 from -CNY 122,451,502.88 in the prior-year period, mainly driven by a significant increase in cash received from borrowings to CNY 530,000,000.00 from CNY 30,000,000.00[24]