炬光科技(688167) - 2023 Q3 - 季度财报

2023 Third Quarter Report This report presents the unaudited financial results and key operational updates for the third quarter of 2023 Important Notice The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with financial statements remaining unaudited - This quarter's financial statements are unaudited[6] I. Key Financial Data The company reported a 6.87% revenue increase in Q3 but significant declines in net profit, while year-to-date revenue decreased by 3.67% with net profit falling nearly 60%, alongside a substantial rise in operating cash flow (I) Key Accounting Data and Financial Indicators In Q3 2023, revenue grew by 6.87% to CNY 144.79 million, but net profit attributable to shareholders declined by 56.13% to CNY 16.61 million, with year-to-date operating cash flow increasing by 109.76% Key Financial Indicators for Q3 2023 and Year-to-Date | Item | Current Period (Q3) (CNY) | YoY Change (%) (Q3) | Year-to-Date (YTD) (CNY) | YoY Change (%) (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 144,787,927.06 | 6.87 | 384,469,894.35 | -3.67 | | Net Profit Attributable to Shareholders | 16,613,249.73 | -56.13 | 42,965,288.91 | -59.86 | | Net Profit Attributable to Shareholders, Excluding Non-Recurring Items | 12,236,720.47 | -45.38 | 22,506,454.27 | -67.12 | | Net Cash Flow from Operating Activities | Not applicable | Not applicable | 40,217,728.27 | 109.76 | | Basic Earnings Per Share (CNY/share) | 0.18 | -57.14 | 0.48 | -59.66 | | Diluted Earnings Per Share (CNY/share) | 0.18 | -57.14 | 0.48 | -59.66 | | Weighted Average Return on Net Assets (%) | 0.69 | Decreased 0.88 percentage points | 1.74 | Decreased 2.77 percentage points | | Total R&D Investment (CNY) | 19,918,764.10 | -11.86 | 58,668,254.37 | 3.94 | | R&D Investment as % of Operating Revenue (%) | 13.76 | Decreased 2.92 percentage points | 15.26 | Increased 1.12 percentage points | Key Balance Sheet Indicators | Item | As of Current Period End (2023.09.30) (CNY) | As of Prior Year End (2022.12.31) (CNY) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,637,154,157.96 | 2,707,431,025.19 | -2.60 | | Total Equity Attributable to Shareholders | 2,420,062,684.85 | 2,455,867,733.45 | -1.46 | (II) Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled CNY 4.38 million for the quarter and CNY 20.46 million year-to-date, primarily from government grants, fair value changes, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (CNY) | Amount Year-to-Date (CNY) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | | -208,011.12 | | Government Grants Recognized in Current Profit/Loss | | 11,961,313.98 | | Gains/Losses from Fair Value Changes and Investment Income from Disposal of Trading Financial Assets | | 12,443,996.09 | | Other Non-Operating Income and Expenses | 54,401.15 | 2,707.33 | | Gains/Losses from Investments in Associates | -31,962.87 | -44,614.05 | | Less: Income Tax Impact | 775,466.13 | 3,696,557.59 | | Total | 4,376,529.26 | 20,458,834.64 | (III) Changes in Key Accounting Data, Financial Indicators, and Their Reasons Net profit declined due to increased management and selling expenses, higher credit impairment losses, reduced investment income and government subsidies, and a year-to-date decrease in gross margin from economic downturns and strategic pricing - Reasons for the decline in net profit attributable to shareholders and non-recurring net profit for the current period include: - Increased management expenses: Recognition of share-based payment expenses from restricted stock incentive plans and higher technical service fees for informatization projects[15] - Increased selling expenses: Higher market expansion costs[15] - Increased credit impairment losses: Provision for accounts receivable based on prudence principle[15] - Decreased investment income and government subsidies[15] - Reasons for the decline in net profit attributable to shareholders and non-recurring net profit year-to-date include: - Decreased gross margin: Impacted by an unfavorable macroeconomic environment in the industrial laser market and strategic price reductions for new pre-fabricated gold-tin aluminum nitride substrate materials to enhance market penetration[15] - Increased management expenses: Recognition of two periods of equity payment expenses and higher informatization project expenditures[15] - Increased selling expenses: Higher market expansion costs[15] - Increased credit impairment losses and decreased investment income and government subsidies[15] - Reasons for the increase in net cash flow from operating activities year-to-date include: - Reduced payments for purchases and enhanced supplier management, leading to a decrease in cash paid for goods and services[15] II. Shareholder Information As of the reporting period end, the company had 12,124 common shareholders, with the top ten holding 37.09%; Liu Xingsheng is the largest shareholder with 13.27%, acting in concert with Wang Donghui and Xi'an Ningju (I) Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of September 30, 2023, the company had 12,124 common shareholders, with Liu Xingsheng as the largest shareholder at 13.27%, acting in concert with Wang Donghui and Xi'an Ningju Investment - Total number of common shareholders at the end of the reporting period was 12,124[17] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Number of Shares Held | Shareholding Percentage (%) | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Liu Xingsheng | Domestic Natural Person | 11,994,216 | 13.27 | 11,953,376 | | Wang Donghui | Domestic Natural Person | 5,969,128 | 6.61 | 5,969,128 | | Xi'an High-tech Industrial Venture Capital Co., Ltd. – Shaanxi Integrated Circuit Industry Investment Fund (Limited Partnership) | Other | 3,756,193 | 4.16 | 0 | | Xi'an Institute of Optics and Precision Mechanics of CAS Investment Holding Co., Ltd. | State-owned Legal Entity | 2,707,637 | 3.00 | 0 | | Shenzhen Nanshan Jiaqiao Excellence Intelligent Equipment Investment Partnership (Limited Partnership) | Other | 2,360,000 | 2.61 | 0 | | Shenzhen Chang'an Huifu Venture Capital Enterprise (Limited Partnership) | Other | 2,048,853 | 2.27 | 0 | | Zhang Tong | Domestic Natural Person | 2,001,200 | 2.21 | 0 | | Hubble Technology Venture Capital Co., Ltd. | Domestic Non-state-owned Legal Entity | 2,000,000 | 2.21 | 0 | | Ma Xuanheng | Domestic Natural Person | 1,894,749 | 2.10 | 0 | | Xi'an Ningju Investment Limited Partnership | Other | 1,762,852 | 1.95 | 1,762,852 | - Shareholder Liu Xingsheng, Wang Donghui, and Xi'an Ningju Investment Limited Partnership are parties acting in concert[19] III. Other Reminders The company partnered with Company B on lidar emitter modules, transferring R&D results and authorizing self-production, and approved a share repurchase plan that remains unimplemented as of the reporting period end 1. Lidar Emitter Module Collaboration The company reached an agreement with Company B for lidar emitter module collaboration, transferring prior R&D service results and authorizing Company B to self-produce the modules - The company and Company B reached an agreement on lidar emitter module collaboration, with Juguang Technology agreeing to transfer prior R&D service results and authorize Company B to self-produce the lidar emitter modules[21] 2. Share Repurchase Status Shareholders approved a plan to repurchase shares via centralized bidding within 12 months, with an amount between CNY 25.2 million and CNY 50.4 million at a price not exceeding CNY 120/share, though no repurchases have occurred as of September 30, 2023 - The company approved a share repurchase plan, intending to use over-raised funds or own funds of no less than CNY 25.20 million and no more than CNY 50.40 million to repurchase shares at a price not exceeding CNY 120.00/share (inclusive)[22] - The repurchase period is within 12 months from the date the share repurchase plan was approved by the general meeting of shareholders[22] - As of September 30, 2023, the company has not yet implemented the share repurchase[23] IV. Quarterly Financial Statements This section presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement for Q3 2023, reflecting financial position, operating results, and cash flows for the first three quarters (I) Type of Audit Opinion This quarter's financial statements are unaudited - This quarter's financial statements are unaudited[24] Consolidated Balance Sheet As of September 30, 2023, total assets were CNY 2.64 billion, down 2.60% from year-end, with trading financial assets decreasing 68.04% and cash increasing 38.06%, while total liabilities decreased 13.70% Consolidated Balance Sheet Key Data (September 30, 2023 vs December 31, 2022) | Item | September 30, 2023 (CNY) | December 31, 2022 (CNY) | Change (CNY) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Assets | | | | | | Cash and Cash Equivalents | 1,338,087,100.73 | 969,194,635.04 | 368,892,465.69 | 38.06 | | Trading Financial Assets | 235,670,850.04 | 737,349,255.93 | -501,678,405.89 | -68.04 | | Accounts Receivable | 176,674,977.57 | 148,334,638.37 | 28,340,339.20 | 19.11 | | Inventories | 234,673,238.03 | 243,487,920.97 | -8,814,682.94 | -3.62 | | Total Current Assets | 2,049,927,858.70 | 2,190,844,805.29 | -140,916,946.59 | -6.43 | | Fixed Assets | 300,166,281.13 | 295,056,950.01 | 5,109,331.12 | 1.73 | | Construction in Progress | 95,687,093.71 | 50,058,598.65 | 45,628,495.06 | 91.15 | | Intangible Assets | 47,418,420.55 | 40,007,326.43 | 7,411,094.12 | 18.52 | | Total Non-Current Assets | 587,226,299.26 | 516,586,219.90 | 70,640,079.36 | 13.67 | | Total Assets | 2,637,154,157.96 | 2,707,431,025.19 | -70,276,867.23 | -2.60 | | Liabilities | | | | | | Short-term Borrowings | 41,110,000.00 | 54,418,590.63 | -13,308,590.63 | -24.46 | | Accounts Payable | 34,111,653.33 | 61,418,548.45 | -27,306,895.12 | -44.46 | | Contract Liabilities | 19,909,712.34 | 9,811,106.94 | 10,098,605.40 | 102.93 | | Total Current Liabilities | 155,739,171.22 | 209,480,002.76 | -53,740,831.54 | -25.65 | | Long-term Borrowings | 21,480,000.00 | 0 | 21,480,000.00 | N/A | | Total Non-Current Liabilities | 61,352,301.89 | 42,083,288.98 | 19,269,012.91 | 45.79 | | Total Liabilities | 217,091,473.11 | 251,563,291.74 | -34,471,818.63 | -13.70 | | Shareholders' Equity | | | | | | Paid-in Capital (or Share Capital) | 90,363,344.00 | 89,960,000.00 | 403,344.00 | 0.45 | | Capital Reserve | 2,278,042,328.97 | 2,241,757,783.19 | 36,284,545.78 | 1.62 | | Less: Treasury Stock | 80,165,943.64 | 0 | 80,165,943.64 | N/A | | Total Equity Attributable to Parent Company Shareholders | 2,420,062,684.85 | 2,455,867,733.45 | -35,805,048.60 | -1.46 | | Total Shareholders' Equity | 2,420,062,684.85 | 2,455,867,733.45 | -35,805,048.60 | -1.46 | Consolidated Income Statement For the first three quarters of 2023, total operating revenue was CNY 384.47 million, down 3.67%, with operating profit and net profit declining 65.33% and 59.57% respectively, driven by increased costs and expenses, and reduced other income Consolidated Income Statement Key Data (First Three Quarters 2023 vs First Three Quarters 2022) | Item | First Three Quarters 2023 (Jan-Sep) (CNY) | First Three Quarters 2022 (Jan-Sep) (CNY) | Change (CNY) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 384,469,894.35 | 399,127,574.00 | -14,657,679.65 | -3.67 | | Total Operating Costs | 340,269,581.37 | 299,062,409.62 | 41,207,171.75 | 13.78 | | Of which: Operating Costs | 201,942,451.82 | 177,350,640.36 | 24,591,811.46 | 13.87 | | Selling Expenses | 31,873,798.38 | 23,935,883.41 | 7,937,914.97 | 33.16 | | Administrative Expenses | 76,994,025.41 | 57,659,643.07 | 19,334,382.34 | 33.53 | | R&D Expenses | 58,668,254.37 | 56,444,800.51 | 2,223,453.86 | 3.94 | | Financial Expenses | -32,225,381.43 | -17,879,265.34 | -14,346,116.09 | 80.24 | | Other Income | 7,961,313.98 | 14,837,967.40 | -6,876,653.42 | -46.35 | | Gains from Fair Value Changes | 12,443,996.09 | 21,153,079.33 | -8,709,083.24 | -41.17 | | Credit Impairment Losses | -11,325,059.75 | -7,275,205.58 | -4,049,854.17 | 55.67 | | Operating Profit | 39,864,712.61 | 114,953,443.95 | -75,088,731.34 | -65.33 | | Total Profit | 43,590,515.25 | 124,113,517.53 | -80,523,002.28 | -64.88 | | Net Profit | 42,965,288.91 | 106,273,813.69 | -63,308,524.78 | -59.57 | | Net Profit Attributable to Parent Company Shareholders | 42,965,288.91 | 107,030,069.46 | -64,064,780.55 | -59.86 | | Basic Earnings Per Share (CNY/share) | 0.48 | 1.19 | -0.71 | -59.66 | Consolidated Cash Flow Statement In the first three quarters of 2023, net cash flow from operating activities increased by 109.76% to CNY 40.22 million, while net cash flow from investing activities turned positive at CNY 424.76 million due to increased investment recovery, and financing activities turned negative at CNY -81.66 million Consolidated Cash Flow Statement Key Data (First Three Quarters 2023 vs First Three Quarters 2022) | Item | First Three Quarters 2023 (Jan-Sep) (CNY) | First Three Quarters 2022 (Jan-Sep) (CNY) | Change (CNY) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 40,217,728.27 | 19,173,291.24 | 21,044,437.03 | 109.76 | | Net Cash Flow from Investing Activities | 424,764,932.83 | -839,296,625.28 | 1,264,061,558.11 | 150.61 | | Net Cash Flow from Financing Activities | -81,657,908.05 | 6,541,785.39 | -88,199,693.44 | -1348.25 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 3,255,160.87 | 613,726.57 | 2,641,434.30 | 430.41 | | Net Increase in Cash and Cash Equivalents | 386,579,913.92 | -812,967,822.08 | 1,199,547,736.00 | 147.55 | | Cash and Cash Equivalents at Period End | 1,307,943,452.94 | 932,056,988.64 | 375,886,464.30 | 40.33 | - Total cash inflows from operating activities were CNY 427 million, with total outflows of CNY 387 million[36] - Total cash inflows from investing activities were CNY 1.79 billion, with total outflows of CNY 1.37 billion, primarily influenced by cash received from investment recovery and cash paid for investments[37]