华达新材(605158) - 2023 Q3 - 季度财报

Report Overview This section provides a high-level overview of the quarterly report, including key assurances and audit status Important Notice The company's board of directors, supervisory board, and senior management assure the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility, while key financial personnel guarantee the financial information's integrity - The company's board of directors, supervisory board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, assuming individual and joint legal liabilities[2] - The company's principal officer, head of accounting, and head of the accounting department (accounting supervisor) guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3] Audit Status The financial statements for the third quarter of this reporting period are unaudited - The third quarter financial statements are unaudited[4] Key Financial Data and Indicators This section presents the company's core financial performance and position through key accounting data and indicators Key Accounting Data and Financial Indicators In Q3 2023, the company achieved operating revenue of 2.06 billion yuan, up 21.97%, and net profit attributable to shareholders of 74.26 million yuan, a 311.80% increase; year-to-date operating revenue was 5.52 billion yuan, down 12.82%, with net profit of 227 million yuan, up 23.82% Key Financial Indicators for Q3 2023 and Year-to-Date | Item | This Reporting Period (Q3) (yuan) | YoY Change (%) | Year-to-Date (YTD) (yuan) | YTD YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,063,928,544.24 | 21.97 | 5,523,894,759.39 | -12.82 | | Net Profit Attributable to Shareholders of the Listed Company | 74,257,010.63 | 311.80 | 227,003,201.21 | 23.82 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 62,448,429.25 | 703.67 | 208,795,080.33 | 24.94 | | Net Cash Flow from Operating Activities | Not Applicable | Not Applicable | 270,500,587.83 | Not Applicable | | Basic Earnings Per Share (yuan/share) | 0.15 | 275.00 | 0.44 | 22.22 | | Diluted Earnings Per Share (yuan/share) | 0.15 | 275.00 | 0.44 | 22.22 | | Weighted Average Return on Net Assets (%) | 3.24 | 2.40 | 10.08 | 1.31 | | Period-end Indicators | End of This Reporting Period (yuan) | Change from End of Previous Year (%) | End of Previous Year (yuan) | | | Total Assets | 5,356,988,459.46 | 4.13 | 5,144,587,882.46 | | | Total Equity Attributable to Shareholders of the Listed Company | 2,331,492,062.97 | 7.65 | 2,165,859,261.76 | | Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for this period amounted to 11.81 million yuan, and 18.21 million yuan year-to-date, primarily from government grants, entrusted investment gains, and fair value changes Non-recurring Gains and Losses Items and Amounts | Item | Balance for This Reporting Period (yuan) | Year-to-Date Amount (yuan) | Explanation | | :--- | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | | -12,938.10 | | | Government Grants Recognized in Current Profit or Loss | 1,118,355.38 | 3,295,673.75 | | | Gains/Losses from Entrusted Investments or Asset Management | 8,944,860.09 | 16,499,990.55 | | | Gains/Losses from Changes in Fair Value and Investment Income from Disposal of Financial Assets Held for Trading | 3,941,224.38 | 1,890,770.40 | | | Other Non-operating Income and Expenses Apart from the Above | -111,235.96 | -402,447.79 | | | Other Profit/Loss Items Meeting the Definition of Non-recurring Gains/Losses | | 136,725.88 | | | Less: Income Tax Impact | 2,084,622.51 | 3,199,653.81 | | | Total | 11,808,581.38 | 18,208,120.88 | | Changes and Reasons for Key Financial Indicators Net profit attributable to shareholders, net profit after non-recurring items, and basic/diluted EPS all significantly increased this period, driven by strong operations, investment income, and exchange gains Changes and Reasons for Key Financial Indicators | Item Name | Change Percentage (%) | Primary Reasons | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of the Listed Company_This Reporting Period | 311.80 | Primarily due to good operating conditions and increased investment income and exchange gains in this reporting period | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses_This Reporting Period | 703.67 | Same as above | | Basic Earnings Per Share_This Reporting Period | 275.00 | Same as above | | Diluted Earnings Per Share_This Reporting Period | 275.00 | Same as above | Shareholder Information This section details the company's shareholder structure, including the total number of shareholders and the holdings of the top ten Total Common Shareholders and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 18,597 common shareholders, with Zhejiang Huada Group Co., Ltd. holding the largest stake at 57.65% among the top ten - The total number of common shareholders at the end of the reporting period was 18,597[11] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Percentage (%) | Number of Restricted Shares Held | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Huada Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 294,814,000 | 57.65 | 0 | None | | Hangzhou Fuyang Renxiang Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 43,524,000 | 8.51 | 0 | None | | Shao Mingxiang | Domestic Natural Person | 20,137,000 | 3.94 | 0 | None | | Shao Shenglong | Domestic Natural Person | 8,632,000 | 1.69 | 0 | None | | Hangzhou Fuyang Hengjin Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 8,268,000 | 1.62 | 0 | None | | Hangzhou Fuyang Jufeng Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 8,125,000 | 1.59 | 0 | None | | China Everbright Bank Co., Ltd. - Everbright Pramerica Quantitative Core Stock Investment Fund | Other | 2,302,620 | 0.45 | 0 | None | | MERRILL LYNCH INTERNATIONAL | Overseas Legal Person | 1,961,588 | 0.38 | 0 | None | | Huaxia Bank Co., Ltd. - Huaxia Zhisheng Pioneer Stock Investment Fund (LOF) | Other | 1,269,750 | 0.25 | 0 | None | | JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | Overseas Legal Person | 1,191,937 | 0.23 | 0 | None | Top 10 Unrestricted Shareholders' Holdings The top ten unrestricted shareholders largely mirror the overall top ten, with Zhejiang Huada Group Co., Ltd. holding 295 million unrestricted common shares Top 10 Unrestricted Shareholders' Holdings | Shareholder Name | Type of Shares | Number of Unrestricted Tradable Shares Held | | :--- | :--- | :--- | | Zhejiang Huada Group Co., Ltd. | RMB Ordinary Shares | 294,814,000 | | Hangzhou Fuyang Renxiang Investment Partnership (Limited Partnership) | RMB Ordinary Shares | 43,524,000 | | Shao Mingxiang | RMB Ordinary Shares | 20,137,000 | | Shao Shenglong | RMB Ordinary Shares | 8,632,000 | | Hangzhou Fuyang Hengjin Investment Partnership (Limited Partnership) | RMB Ordinary Shares | 8,268,000 | | Hangzhou Fuyang Jufeng Investment Partnership (Limited Partnership) | RMB Ordinary Shares | 8,125,000 | | China Everbright Bank Co., Ltd. - Everbright Pramerica Quantitative Core Stock Investment Fund | RMB Ordinary Shares | 2,302,620 | | MERRILL LYNCH INTERNATIONAL | RMB Ordinary Shares | 1,961,588 | | Huaxia Bank Co., Ltd. - Huaxia Zhisheng Pioneer Stock Investment Fund (LOF) | RMB Ordinary Shares | 1,269,750 | | JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | RMB Ordinary Shares | 1,191,937 | Explanation of Related Party Relationships or Concerted Actions Among Shareholders Shao Mingxiang and Shao Shenglong are brothers and concerted parties, jointly controlling Zhejiang Huada Group Co., Ltd., Shao Mingxiang also holds stakes in certain partnerships, while other partnerships have no related party relationships or concerted actions - Shao Mingxiang and Shao Shenglong are brothers who signed a concerted action agreement, holding 70% and 30% equity in Zhejiang Huada Group Co., Ltd. respectively, making them the actual controllers of the group[13] - Shao Mingxiang holds a 19.42% interest in Hangzhou Fuyang Hengjin Investment Partnership (Limited Partnership) and a 0.55% interest in Renxiang Investment Partnership (Limited Partnership)[13] - The partners of Hangzhou Fuyang Hengjin Investment Partnership (Limited Partnership) and Hangzhou Fuyang Jufeng Investment Partnership (Limited Partnership) include company and related party employees, and relatives of the actual controllers; these two partnerships have no related party relationships and are not concerted parties[13] Quarterly Financial Statements This section provides detailed consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements Consolidated Financial Statements The Q3 2023 consolidated financial statements show growth in total assets and equity, a significant YoY decrease in net operating cash flow, and year-to-date net profit growth despite declining total operating revenue Consolidated Balance Sheet As of September 30, 2023, consolidated total assets were 5.36 billion yuan, up 4.13% from year-end, with decreased cash, significantly increased financial assets held for trading and prepayments, and rising short-term borrowings and contract liabilities Consolidated Balance Sheet Key Data | Item | September 30, 2023 (yuan) | December 31, 2022 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,284,210,307.48 | 2,884,092,198.29 | -20.80 | | Financial Assets Held for Trading | 615,254,849.30 | 299,364,078.90 | 105.52 | | Prepayments | 513,989,920.15 | 179,737,643.08 | 185.97 | | Inventories | 904,781,851.28 | 888,964,198.87 | 1.78 | | Total Current Assets | 4,676,687,280.65 | 4,552,955,270.04 | 2.72 | | Fixed Assets | 410,275,900.44 | 428,637,229.00 | -4.28 | | Construction in Progress | 109,551,675.27 | 4,304,336.57 | 2444.00 | | Total Assets | 5,356,988,459.46 | 5,144,587,882.46 | 4.13 | | Short-term Borrowings | 271,000,000.00 | 174,062,700.00 | 55.69 | | Notes Payable | 2,459,700,000.00 | 2,506,700,000.00 | -1.87 | | Contract Liabilities | 91,911,098.42 | 65,214,115.18 | 40.94 | | Total Current Liabilities | 3,001,007,122.98 | 2,963,173,379.16 | 1.28 | | Total Liabilities | 3,025,496,396.49 | 2,978,728,620.70 | 1.57 | | Total Equity Attributable to Owners of the Parent Company | 2,331,492,062.97 | 2,165,859,261.76 | 7.65 | - Construction in progress significantly increased from 4.30 million yuan at the end of 2022 to 109.55 million yuan as of September 30, 2023, a 2444% increase[16] Consolidated Income Statement In the first three quarters of 2023, total operating revenue decreased 12.82% to 5.52 billion yuan, yet net profit grew 23.82% to 227 million yuan, with operating profit and total profit also increasing, and negative financial expenses indicating net interest income Consolidated Income Statement Key Data (First Three Quarters of 2023) | Item | First Three Quarters of 2023 (Jan-Sep) (yuan) | First Three Quarters of 2022 (Jan-Sep) (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 5,523,894,759.39 | 6,336,299,545.09 | -12.82 | | Total Operating Costs | 5,242,685,288.40 | 6,108,023,994.80 | -14.17 | | Operating Costs | 5,059,551,490.25 | 5,905,074,576.83 | -14.32 | | Research and Development Expenses | 179,437,987.05 | 204,589,808.61 | -12.29 | | Financial Expenses | -59,802,167.54 | -57,672,501.04 | -3.69 | | Operating Profit | 259,670,988.21 | 215,851,071.73 | 20.30 | | Total Profit | 259,261,002.32 | 213,596,217.35 | 21.38 | | Net Profit | 227,003,201.21 | 183,332,135.88 | 23.82 | | Net Profit Attributable to Owners of the Parent Company | 227,003,201.21 | 183,332,135.88 | 23.82 | | Basic Earnings Per Share (yuan/share) | 0.44 | 0.36 | 22.22 | - Research and development expenses decreased by 12.29% year-on-year, potentially reflecting adjustments in the company's R&D investment strategy or project cycle impacts[18] Consolidated Cash Flow Statement In the first three quarters of 2023, net cash flow from operating activities was 271 million yuan, a significant 84.29% YoY decrease; net cash flow from investing activities was -457 million yuan (reduced outflow), and net cash flow from financing activities turned positive at 28.50 million yuan Consolidated Cash Flow Statement Key Data (First Three Quarters of 2023) | Item | First Three Quarters of 2023 (Jan-Sep) (yuan) | First Three Quarters of 2022 (Jan-Sep) (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Rendering of Services | 6,039,749,561.32 | 7,021,115,016.91 | -14.00 | | Cash Received Relating to Other Operating Activities | 1,060,501,271.66 | 41,857,402.87 | 2433.60 | | Subtotal of Cash Inflows from Operating Activities | 7,100,250,832.98 | 7,062,972,419.78 | 0.53 | | Cash Paid for Goods and Services | 5,865,114,370.51 | 4,799,888,637.90 | 22.19 | | Cash Paid Relating to Other Operating Activities | 712,297,484.90 | 313,610,121.76 | 127.14 | | Net Cash Flow from Operating Activities | 270,500,587.83 | 1,715,291,530.12 | -84.29 | | Net Cash Flow from Investing Activities | -456,673,910.06 | -1,454,724,904.55 | 68.60 (Reduced Outflow) | | Net Cash Flow from Financing Activities | 28,503,207.52 | -14,073,734.60 | Turned Positive | | Net Increase in Cash and Cash Equivalents | -143,514,178.57 | 302,845,223.33 | From Increase to Decrease | | Cash and Cash Equivalents at End of Period | 1,749,760,812.49 | 861,964,679.07 | 103.01 | - Cash received relating to other operating activities significantly increased, while cash paid for goods and services also grew substantially, leading to a significant decrease in net cash flow from operating activities[21][22] Parent Company Financial Statements Parent company financial statements largely align with consolidated trends, showing growth in total assets and equity, increased year-to-date net profit despite decreased operating revenue, and a significant YoY reduction in net operating cash flow Parent Company Balance Sheet As of September 30, 2023, parent company total assets were 5.35 billion yuan, up 4.22% from year-end, with significant increases in long-term equity investments and construction in progress, and rising short-term borrowings and contract liabilities, mirroring consolidated trends Parent Company Balance Sheet Key Data | Item | September 30, 2023 (yuan) | December 31, 2022 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,279,809,754.90 | 2,877,132,170.15 | -20.76 | | Financial Assets Held for Trading | 615,254,849.30 | 299,364,078.90 | 105.52 | | Prepayments | 518,854,479.78 | 187,387,094.36 | 176.88 | | Long-term Equity Investments | 211,514,001.11 | 107,414,001.11 | 96.91 | | Construction in Progress | 2,104,240.27 | 147,275.89 | 1328.80 | | Total Assets | 5,351,468,235.74 | 5,134,649,518.34 | 4.22 | | Short-term Borrowings | 271,000,000.00 | 174,062,700.00 | 55.69 | | Contract Liabilities | 91,195,407.03 | 65,076,569.37 | 40.14 | | Total Liabilities | 3,016,565,549.30 | 2,970,100,434.11 | 1.56 | | Total Owners' Equity | 2,334,902,686.44 | 2,164,549,084.23 | 7.87 | - Parent company long-term equity investments significantly increased by 96.91%, indicating potential increased investments in subsidiaries or associates[26] Parent Company Income Statement In the first three quarters of 2023, parent company operating revenue decreased 13.03% to 5.49 billion yuan, yet net profit grew 29.81% to 232 million yuan, with operating profit and total profit also increasing, and negative financial expenses Parent Company Income Statement Key Data (First Three Quarters of 2023) | Item | First Three Quarters of 2023 (Jan-Sep) (yuan) | First Three Quarters of 2022 (Jan-Sep) (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,489,576,685.11 | 6,312,378,255.41 | -13.03 | | Operating Costs | 5,027,177,241.40 | 5,890,472,599.24 | -14.65 | | Research and Development Expenses | 179,437,987.05 | 204,589,808.61 | -12.29 | | Financial Expenses | -59,489,126.31 | -58,195,281.40 | -2.22 | | Operating Profit | 264,471,290.07 | 210,735,645.73 | 25.49 | | Total Profit | 264,012,611.27 | 208,480,791.35 | 26.64 | | Net Profit | 231,724,002.21 | 178,512,249.67 | 29.81 | - Parent company net profit growth significantly outpaced the decline in operating revenue, indicating substantial contributions from cost control and non-operating income[28][29] Parent Company Cash Flow Statement In the first three quarters of 2023, parent company net cash flow from operating activities was 252 million yuan, a significant 85.26% YoY decrease; net cash flow from investing activities was -435 million yuan (reduced outflow), and net cash flow from financing activities turned positive at 28.50 million yuan Parent Company Cash Flow Statement Key Data (First Three Quarters of 2023) | Item | First Three Quarters of 2023 (Jan-Sep) (yuan) | First Three Quarters of 2022 (Jan-Sep) (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Rendering of Services | 6,003,605,143.09 | 6,989,940,503.32 | -14.11 | | Cash Received Relating to Other Operating Activities | 1,059,637,826.50 | 41,746,456.83 | 2438.20 | | Net Cash Flow from Operating Activities | 251,745,699.49 | 1,705,988,275.32 | -85.26 | | Net Cash Flow from Investing Activities | -435,046,288.12 | -1,453,643,294.35 | 70.00 (Reduced Outflow) | | Net Cash Flow from Financing Activities | 28,503,207.52 | -14,073,734.60 | Turned Positive | | Net Increase in Cash and Cash Equivalents | -140,954,703.01 | 295,107,744.88 | From Increase to Decrease | | Cash and Cash Equivalents at End of Period | 1,745,360,259.91 | 852,296,023.53 | 104.78 | - Parent company net cash flow from operating activities significantly decreased, consistent with consolidated trends, primarily due to reduced cash inflows from sales and increased cash payments for other operating activities[31] Other Matters This section addresses additional important information and compliance with new accounting standards Other Reminder Items The company has no other significant operating information requiring investor attention during the reporting period - The company has no other significant operating information for the reporting period that requires investor attention[14] First-time Adoption of New Accounting Standards or Interpretations Requiring Adjustments to Opening Financial Statements from 2023 The company did not first adopt new accounting standards or interpretations from 2023 that required adjustments to the opening financial statements of the first year of implementation - The company did not first adopt new accounting standards or interpretations from 2023 that required adjustments to the opening financial statements of the first year of implementation[32]