德业股份(605117) - 2022 Q1 - 季度财报

Key Financial Data Summary This section summarizes the company's financial performance, key accounting data, non-recurring items, and significant changes in financial indicators Key Accounting Data and Financial Indicators In Q1 2022, the company's operating revenue was RMB 841 million, a slight decrease of 2.72% year-on-year; however, net profit attributable to shareholders reached RMB 132 million, a 31.81% increase year-on-year, with total assets growing by 13.61% from the previous year-end Key Accounting Data and Financial Indicators | Indicator | Current Period | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 841,026,162.70 RMB | -2.72% | | Net Profit Attributable to Shareholders of Listed Company | 132,127,324.63 RMB | 31.81% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 120,178,652.51 RMB | 25.64% | | Net Cash Flow from Operating Activities | -105,413,999.13 RMB | -305.00% | | Basic Earnings Per Share (RMB/share) | 0.77 RMB | -1.28% | | Weighted Average Return on Net Assets | 4.88% | Decreased by 6.05 percentage points | | Indicator | End of Current Period | Change from End of Previous Year (%) | | Total Assets | 4,457,490,123.49 RMB | 13.61% | | Total Equity Attributable to Shareholders of Listed Company | 2,772,332,874.56 RMB | 5.00% | Non-recurring Gains and Losses During the reporting period, total non-recurring gains and losses amounted to RMB 11.95 million, primarily from entrusted investment income and government subsidies, partially offset by fair value change losses from financial instruments Non-recurring Gains and Losses | Item | Current Period Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -495,943.81 | | Government Subsidies | 4,143,474.46 | | Gains/Losses from Entrusted Investments or Asset Management | 28,248,450.62 | | Gains/Losses from Changes in Fair Value of Financial Instruments Held for Trading, etc. | -18,654,040.00 | | Other Non-operating Income and Expenses | 816,944.35 | | Less: Income Tax Impact | 2,110,213.50 | | Total | 11,948,672.12 | Analysis of Major Financial Indicator Changes Several key financial indicators showed significant changes during the reporting period, with prepayments and contract liabilities increasing due to inverter business growth, while financial expenses surged and investment income rose significantly - Balance Sheet Item Changes: - Prepayments increased by 79.55%, primarily due to increased advance payments for electronic materials required for the inverter business[7] - Contract Liabilities grew by 71.06%, mainly due to rapid development of the inverter business and increased advance receipts for goods[7] - Other Current Liabilities increased by 133.27%, primarily due to increased input VAT to be deducted under advance receipts[7] - Income Statement Item Changes: - Financial Expenses decreased by 239.15% (negative growth indicates a larger expense), primarily due to higher exchange losses in the current period[7] - Investment Income surged by 1,483.40%, primarily due to increased gains from forward exchange settlement in the current period[7] - Gains from Fair Value Changes decreased by 10,923.03% (negative growth indicates a larger loss), primarily due to forward exchange lock-in maturing and being recognized as investment income in the current period[7] - Cash Flow Statement Item Changes: - Net Cash Flow from Operating Activities decreased by 305.00%, primarily due to increased payments for goods and bonuses accrued in the previous year[7] Shareholder Information This section outlines the company's shareholder structure, including total common shareholders and top ten shareholder holdings Shareholder Holdings As of the end of the reporting period, the company had 16,240 common shareholders, with the top two shareholders collectively holding over 60% of the shares, indicating a relatively concentrated equity structure - As of the end of the reporting period, the company had 16,240 common shareholders[8] Top Ten Shareholders' Shareholding Information | Shareholder Name | Number of Shares Held (shares) | Shareholding Ratio (%) | | :--- | :--- | :--- | | Ningbo Meishan Bonded Port Area Aisi Rui Investment Management Co., Ltd. | 64,806,400 | 37.97 | | Zhang Hejun | 40,960,000 | 24.00 | | Shanghai Jinpu Innovation Consumer Equity Investment Fund (Limited Partnership) | 4,480,000 | 2.62 | | Ningbo Meishan Bonded Port Area Hengli Investment Management Partnership (Limited Partnership) | 4,313,600 | 2.53 | | Zhang Hui | 3,200,000 | 1.87 | | Ningbo Huatong Hengtai Venture Capital Partnership (Limited Partnership) | 3,200,000 | 1.87 | | Hangzhou Longli Investment Management Co., Ltd. - Ningbo Meishan Bonded Port Area Defan Investment Partnership (Limited Partnership) | 2,560,000 | 1.50 | | Hong Kong Securities Clearing Company Limited | 1,372,704 | 0.80 | | Zhou Yuping | 1,306,502 | 0.77 | | Lu Yazhu | 1,280,000 | 0.75 | - Key shareholder relationships: Zhang Hejun and Lu Yazhu are a married couple, and there are associations with other employee shareholding platforms[9] Management Discussion and Analysis of Operations This section analyzes the company's operational performance, highlighting business segment contributions and their impact on financial results Business Segment Performance During the reporting period, the company's business structure shifted significantly, with strong growth in high-margin inverter and dehumidifier businesses offsetting a decline in heat exchanger revenue, leading to a substantial increase in net profit despite a slight overall revenue decrease Business Segment Revenue YoY Change | Business Segment | YoY Change in Operating Revenue | | :--- | :--- | | Inverter Business | +102.29% | | Dehumidifier Business | +37.96% | | Heat Exchanger Business | -41.30% | - Despite an overall operating revenue decrease of 2.72% due to the decline in the heat exchanger business, the company's net profit attributable to shareholders increased by 31.81% due to the rising proportion of the more profitable inverter business[11] Quarterly Financial Statements This section presents the consolidated balance sheet, income statement, and cash flow statement, detailing the company's financial health and performance for the quarter Consolidated Balance Sheet As of March 31, 2022, total assets were RMB 4.46 billion, up 13.61% from year-end, while total liabilities increased by 30.58% to RMB 1.68 billion, primarily due to new borrowings, and total equity attributable to shareholders grew by 5.00% to RMB 2.77 billion Consolidated Balance Sheet | Item | March 31, 2022 (RMB) | December 31, 2021 (RMB) | | :--- | :--- | :--- | | Total Assets | 4,457,490,123.49 | 3,923,521,516.69 | | Total Liabilities | 1,675,789,925.27 | 1,283,315,966.76 | | Total Equity Attributable to Parent Company Shareholders | 2,772,332,874.56 | 2,640,205,549.93 | Consolidated Income Statement In Q1 2022, the company's operating revenue was RMB 841 million, a 2.72% decrease year-on-year, while total operating costs decreased by 6.69% to RMB 703 million, resulting in a 30.66% increase in operating profit to RMB 149 million and a 31.81% increase in net profit attributable to parent company shareholders to RMB 132 million Consolidated Income Statement | Item | Q1 2022 (RMB) | Q1 2021 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 841,026,162.70 | 864,583,513.60 | | Total Operating Costs | 703,387,810.49 | 753,786,194.79 | | Operating Profit | 148,675,229.09 | 113,788,741.53 | | Total Profit | 149,221,291.48 | 113,741,541.86 | | Net Profit Attributable to Parent Company Shareholders | 132,127,324.63 | 100,243,712.90 | Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities was -RMB 105 million, a significant 305% year-on-year decrease due to increased payments, while investing activities resulted in a net outflow of RMB 381 million, and financing activities generated a net inflow of RMB 484 million from new borrowings Consolidated Cash Flow Statement | Item | Q1 2022 (RMB) | Q1 2021 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -105,413,999.13 | 51,421,961.15 | | Net Cash Flow from Investing Activities | -381,447,575.39 | 41,771,105.45 | | Net Cash Flow from Financing Activities | 483,797,599.98 | -91,250.01 | | Net Increase in Cash and Cash Equivalents | -11,811,967.87 | 93,940,566.25 |