传音控股(688036) - 2022 Q1 - 季度财报

Report Overview Important Notice This unaudited quarterly report's content is guaranteed by the board, supervisory board, and senior management, who assume legal responsibility - The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report's content, assuming legal responsibilities[2] - The first quarter financial statements are unaudited[2] Key Financial Data and Indicators Q1 2022 revenue and net profit slightly decreased, R&D investment significantly increased, total assets and equity grew, and non-recurring gains were mainly from government subsidies Key Accounting Data and Financial Indicators Operating revenue declined 1.75% to 11.06 billion RMB, net profit to parent company fell 0.70% to 796 million RMB, while R&D investment surged 25.20%, and total assets and equity grew | Item | Amount for Current Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 11.055 billion | -1.75 | | Net Profit Attributable to Listed Company Shareholders | 795.63 million | -0.70 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Gains and Losses | 711.17 million | -7.62 | | Net Cash Flow from Operating Activities | 122.67 million | N/A | | Basic Earnings Per Share (RMB/share) | 0.99 | -1.00 | | Diluted Earnings Per Share (RMB/share) | 0.99 | -1.00 | | Weighted Average Return on Net Assets (%) | 5.51 | Decrease of 1.81 percentage points | | Total R&D Investment | 395.30 million | 25.20 | | Ratio of R&D Investment to Operating Revenue (%) | 3.58 | Increase of 0.77 percentage points | | As of End of Current Period | | Change from End of Previous Year (%) | | Total Assets | 32.041 billion | 1.85 | | Owners' Equity Attributable to Listed Company Shareholders | 14.864 billion | 6.00 | Non-recurring Gains and Losses Non-recurring gains and losses primarily included 97.25 million RMB in government subsidies and 2.90 million RMB from fair value changes of financial assets | Item | Amount for Current Period (RMB) | | :--- | :--- | | Non-current Asset Disposal Gains and Losses | 569372.31 | | Government Subsidies Recognized in Current Profit or Loss | 97.25 million | | Fair Value Change Gains and Losses from Transactional Financial Assets, Derivative Financial Assets, and Investment Income | 2.90 million | Shareholder Information Total Common Shareholders and Top Ten Shareholders' Holdings The company had 13,213 common shareholders; Shenzhen Transsion Investment Co., Ltd. was the largest at 50.95% (all restricted), with top ten including employee platforms and institutional investors - Total common shareholders at the end of the reporting period were 13,213[6] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Number of Shares Held | Shareholding Ratio (%) | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Transsion Investment Co., Ltd. | Domestic Non-state Legal Person | 408,425,276 | 50.95 | 408,425,276 | | Yuanke (Pingtan) Equity Investment Management Partnership (Limited Partnership) - Yuanke (Pingtan) Equity Investment Fund Partnership (Limited Partnership) | Other | 67,202,649 | 8.38 | 0 | | Yunnan Chuanli Enterprise Management Co., Ltd. | Domestic Non-state Legal Person | 44,289,526 | 5.52 | 0 | | Yunnan Chuanli Enterprise Management Center (Limited Partnership) | Other | 22,162,178 | 2.76 | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 22,084,206 | 2.75 | 0 | - Shenzhen Transsion Investment Co., Ltd., Yunnan Chuanli Enterprise Management Co., Ltd., Yunnan Chuanyin Enterprise Management Center (Limited Partnership), Yunnan Chuanli Enterprise Management Center (Limited Partnership), and Yunnan Chuancheng Enterprise Management Center (Limited Partnership) are employee stock ownership platforms[8] Quarterly Financial Statements Audit Opinion This quarter's financial statements are unaudited - This quarter's financial statements are unaudited[10] Consolidated Balance Sheet As of March 31, 2022, total assets increased 1.85% to 32.04 billion RMB, with significant growth in cash and inventory, a decrease in transactional financial assets, and a 6.00% rise in owners' equity to 14.86 billion RMB Consolidated Balance Sheet Highlights | Item | March 31, 2022 (RMB) | December 31, 2021 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 11.753 billion | 9.855 billion | 19.26 | | Transactional Financial Assets | 4.422 billion | 6.536 billion | -32.35 | | Inventories | 8.486 billion | 7.579 billion | 11.97 | | Total Current Assets | 27.218 billion | 26.838 billion | 1.41 | | Construction in Progress | 1.174 billion | 1.039 billion | 13.00 | | Right-of-use Assets | 252.26 million | 205.39 million | 22.83 | | Total Assets | 32.041 billion | 31.459 billion | 1.85 | | Total Current Liabilities | 13.905 billion | 14.308 billion | -2.81 | | Total Non-current Liabilities | 3.235 billion | 3.091 billion | 4.66 | | Total Owners' Equity Attributable to Parent Company | 14.864 billion | 14.023 billion | 6.00 | Consolidated Income Statement Q1 2022 total operating revenue declined 1.75% to 11.06 billion RMB; selling, R&D, and financial expenses increased, resulting in a 0.39% net profit decrease to 794 million RMB Consolidated Income Statement Highlights | Item | Q1 2022 (RMB) | Q1 2021 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 11.055 billion | 11.252 billion | -1.75 | | Operating Costs | 8.687 billion | 8.819 billion | -1.50 | | Selling Expenses | 723.60 million | 711.84 million | 1.65 | | Administrative Expenses | 240.06 million | 255.06 million | -5.90 | | R&D Expenses | 395.30 million | 315.74 million | 25.20 | | Financial Expenses | 31.58 million | -1.32 million | Significant increase | | Net Profit | 794.21 million | 797.35 million | -0.39 | | Net Profit Attributable to Parent Company Shareholders | 795.63 million | 801.24 million | -0.70 | | Basic Earnings Per Share (RMB/share) | 0.99 | 1.00 | -1.00 | - The 2021 annual report changed the presentation of transportation expenses under operating costs, with Q1 2021 presentation adjusted accordingly[16] Consolidated Cash Flow Statement Q1 2022 operating cash flow turned positive to 123 million RMB, driven by increased tax refunds and reduced purchase payments; investing cash flow significantly improved due to higher investment recovery, while financing cash flow turned negative Consolidated Cash Flow Statement Highlights | Item | Q1 2022 (RMB) | Q1 2021 (RMB) | | :--- | :--- | :--- | | Cash Received from Sales of Goods and Provision of Services | 11.533 billion | 13.127 billion | | Tax Refunds Received | 1.529 billion | 1.096 billion | | Cash Paid for Goods and Services | 10.949 billion | 12.062 billion | | Net Cash Flow from Operating Activities | 122.67 million | -24.96 million | | Cash Received from Investment Recovery | 3.661 billion | 1.010 billion | | Cash Paid for Investments | 1.660 billion | 4.715 billion | | Net Cash Flow from Investing Activities | 1.824 billion | -3.792 billion | | Net Cash Flow from Financing Activities | -18.65 million | 534.48 million | | Net Increase in Cash and Cash Equivalents | 1.946 billion | -3.296 billion | - Net cash flow from operating activities turned positive from negative, mainly due to increased tax refunds and reduced cash paid for purchases[16] - Net cash flow from investing activities significantly improved, primarily due to a substantial increase in cash received from investment recovery[16][17] Other Matters Other Reminders No other significant operating matters requiring special investor attention occurred during the reporting period - The company's operating situation during the reporting period had no other important information requiring special attention from investors[10] Explanation of New Accounting Standards Adjustments The company adopted new accounting standards in 2022, with no related financial statement adjustments in the current period - New accounting standards were first implemented starting in 2022, but there were no related financial statement adjustments in the current reporting period[18]