坤恒顺维(688283) - 2023 Q3 - 季度财报

Important Information This section presents the company's management declarations regarding the quarterly report's accuracy and the unaudited status of the financial statements Company Statement The company's board, supervisory board, and senior management guarantee the quarterly report's truthfulness and completeness, with key financial officers assuring financial information integrity - The company's board of directors, supervisory board, and senior management assume legal responsibility for the truthfulness, accuracy, and completeness of the quarterly report content[2] - The company's responsible person, head of accounting, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial information[3] Audit Status The financial statements for the third quarter of the reporting period are unaudited - The financial statements for the third quarter are unaudited[4] Key Financial Data This section presents the company's key financial performance indicators, non-recurring gains and losses, and explanations for significant changes Key Accounting Data and Financial Indicators The company achieved significant performance growth in Q3 2023 and year-to-date, with double-digit increases in revenue and net profit, alongside substantial R&D investment Key Financial Indicators for Q3 2023 and Year-to-Date | Item | Current Period (Q3 2023) | YoY Change (%) | Year-to-Date (YTD 2023) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 79.82 million RMB | 23.25 | 166.73 million RMB | 34.71 | | Net Profit Attributable to Shareholders of Listed Company | 31.93 million RMB | 29.42 | 53.37 million RMB | 45.24 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 29.82 million RMB | 25.11 | 48.22 million RMB | 38.13 | | Net Cash Flow from Operating Activities | N/A | N/A | -6.32 million RMB | N/A | | Basic Earnings Per Share (RMB/share) | 0.38 | 31.03 | 0.64 | 39.13 | | Diluted Earnings Per Share (RMB/share) | 0.38 | 31.03 | 0.64 | 39.13 | | Weighted Average Return on Net Assets (%) | 3.48 | Increased by 0.51 percentage points | 5.86 | Increased by 0.52 percentage points | | Total R&D Investment | 14.28 million RMB | 66.01 | 42.07 million RMB | 65.23 | | R&D Investment as % of Operating Revenue (%) | 17.90 | Increased by 4.61 percentage points | 25.23 | Increased by 4.66 percentage points | | Period-End Indicators | End of Current Period (Sep 30, 2023) | Change from End of Prior Year (%) | End of Prior Year (Dec 31, 2022) | Change from End of Prior Year (%) | | Total Assets | 1,038.75 million RMB | 2.64 | 1,012.03 million RMB | - | | Total Equity Attributable to Shareholders of Listed Company | 933.13 million RMB | 5.06 | 888.18 million RMB | - | Non-Recurring Gains and Losses Items and Amounts The company's year-to-date non-recurring gains and losses totaled 5.15 million RMB, primarily from government subsidies and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts (Year-to-Date) | Item | Current Period Amount (RMB) | Year-to-Date Amount (RMB) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -1,508.93 | -2,162.56 | | Government Subsidies Included in Current Period P&L | 1.50 million | 4.06 million | | Gains/Losses from Fair Value Changes of Trading Financial Assets, Derivative Financial Assets, etc., and Investment Income | 0.97 million | 1.89 million | | Other Non-Operating Income and Expenses | 0.24 | 0.11 million | | Less: Income Tax Impact | 0.37 million | 0.91 million | | Total | 2.11 million | 5.15 million | Changes and Reasons for Key Accounting Data and Financial Indicators Rapid growth in revenue and net profit is attributed to increased market share, expanded product applications, new product introductions, and enhanced competitiveness from high R&D investment - Operating revenue increased by 34.71% year-to-date, primarily due to expanded application scenarios and market growth for wireless channel emulators, sustained growth in high-performance product shipments, rapid order growth for RF microwave signal generators, and the introduction of new spectrum/vector signal analyzers and system-level solution advantages[10] - Net profit attributable to shareholders of the listed company increased by 45.24% year-to-date, and net profit excluding non-recurring gains/losses increased by 38.13%, mainly driven by revenue growth from increased market share of core products, high gross margins maintained by focusing on high-end test and simulation instruments, income from cash management of idle funds, and enhanced overall product competitiveness due to increased R&D investment[10] - Net cash flow from operating activities significantly improved (from a negative value), primarily due to increased sales collections, bank interest, and government subsidies in the current period, while deferred tax payments from the previous year also increased cash outflow[10] - Basic and diluted earnings per share both significantly increased in the current period and year-to-date, mainly due to the increase in net profit attributable to shareholders of the listed company[10] - Total R&D investment increased by 66.01% in the current period and 65.23% year-to-date, primarily due to the company's continuous increase in R&D investment to ensure ongoing iteration, feature enrichment of existing products, and new product development, thereby enhancing core competitive advantages and future business sources[10][11] Shareholder Information This section details the total number of common shareholders and the holdings of the top ten shareholders Total Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 1,757 common shareholders, with Zhang Jilin as the largest shareholder holding 29.81% of shares, all restricted - The total number of common shareholders at the end of the reporting period was 1,757[13] Top 10 Shareholders' Holdings (As of September 30, 2023) | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Holding Percentage (%) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhang Jilin | Domestic Natural Person | 25,040,296 | 29.81 | 25,040,296 | | Wu Jiangnian | Domestic Natural Person | 16,785,590 | 19.98 | 0 | | Huang Yonggang | Domestic Natural Person | 5,089,632 | 6.06 | 0 | | Zhou Tianchi | Domestic Natural Person | 2,916,771 | 3.47 | 0 | | Xia Qiong | Domestic Natural Person | 2,810,996 | 3.35 | 0 | | Li Wenjun | Domestic Natural Person | 1,433,120 | 1.71 | 0 | | Wang Chao | Domestic Natural Person | 1,197,455 | 1.43 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - China Merchants Mobile Internet Industry Stock Investment Fund | Other | 952,255 | 1.13 | 0 | | Minsheng Securities Investment Co., Ltd. | Other | 860,200 | 1.02 | 860,200 | | People's Insurance Company of China Life Insurance Co., Ltd. - Traditional Ordinary Insurance Product | Other | 755,806 | 0.90 | 0 | - Minsheng Securities Investment Co., Ltd. acquired 1,050,000 restricted shares through strategic placement in the company's initial public offering, and as of September 30, 2023, had lent out 189,800 shares through securities lending business[14] Other Reminders This section addresses any other important information regarding the company's operating performance during the reporting period that investors should be aware of Other Important Information for Investors Regarding Operating Performance During the Reporting Period There is no other significant information regarding the company's operating performance during the reporting period that requires investor attention - There is no other important information regarding the company's operating performance during the reporting period that requires investor attention[15] Quarterly Financial Statements This section presents the company's unaudited consolidated financial statements for the third quarter of 2023, including the balance sheet, income statement, and cash flow statement Type of Audit Opinion The financial statements for this quarter are unaudited - The financial statements for this quarter are unaudited[15] Financial Statements This section provides the consolidated balance sheet, income statement, and cash flow statement as of September 30, 2023, along with adjustments for new accounting standards Consolidated Balance Sheet As of September 30, 2023, total assets slightly increased, non-current assets significantly grew, liabilities decreased, and owner's equity steadily rose Consolidated Balance Sheet Key Data (As of September 30, 2023) | Item | Sep 30, 2023 (RMB) | Dec 31, 2022 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 473.13 million | 683.85 million | -30.79 | | Trading Financial Assets | 132.00 million | - | Newly Added | | Accounts Receivable | 193.72 million | 136.46 million | 41.96 | | Fixed Assets | 105.72 million | 9.95 million | 962.14 | | Construction in Progress | 37.20 million | - | Newly Added | | Total Non-Current Assets | 129.43 million | 83.42 million | 55.15 | | Total Assets | 1,038.75 million | 1,012.03 million | 2.64 | | Total Current Liabilities | 80.19 million | 103.30 million | -22.37 | | Total Liabilities | 105.62 million | 123.85 million | -14.69 | | Total Equity Attributable to Parent Company Shareholders | 933.13 million | 888.18 million | 5.06 | Consolidated Income Statement In the first three quarters of 2023, the company saw substantial growth in total operating revenue and net profit, with significant increases in R&D expenses and net financial income Consolidated Income Statement Key Data (First Three Quarters of 2023) | Item | First Three Quarters of 2023 (Jan-Sep) (RMB) | First Three Quarters of 2022 (Jan-Sep) (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 166.73 million | 123.77 million | 34.71 | | Total Operating Costs | 113.76 million | 78.87 million | 44.24 | | R&D Expenses | 42.07 million | 25.46 million | 65.23 | | Financial Expenses | -13.10 million | -9.83 million | -33.25 (Expense Decrease) | | Other Income (Government Grants) | 4.44 million | 0.60 million | 642.08 | | Gains from Fair Value Changes | 1.89 million | 1.42 million | 32.59 | | Operating Profit | 56.56 million | 43.64 million | 29.59 | | Total Profit | 56.61 million | 43.64 million | 29.73 | | Income Tax Expense | 3.24 million | 6.90 million | -53.02 | | Net Profit | 53.37 million | 36.74 million | 45.24 | | Basic Earnings Per Share (RMB/share) | 0.64 | 0.46 | 39.13 | | Diluted Earnings Per Share (RMB/share) | 0.64 | 0.46 | 39.13 | Consolidated Cash Flow Statement In the first three quarters of 2023, net cash flow from operating activities improved but remained negative, while investment cash outflows significantly increased, and financing activities shifted to net outflow Consolidated Cash Flow Statement Key Data (First Three Quarters of 2023) | Item | First Three Quarters of 2023 (Jan-Sep) (RMB) | First Three Quarters of 2022 (Jan-Sep) (RMB) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -6.32 million | -39.21 million | Significant Improvement (Reduced Outflow) | | Net Cash Flow from Investing Activities | -273.96 million | -245.25 million | Increased Outflow | | Net Cash Flow from Financing Activities | -8.69 million | 604.07 million | Shifted from Inflow to Outflow | | Net Increase in Cash and Cash Equivalents | -288.97 million | 319.61 million | Shifted from Increase to Decrease | | Cash and Cash Equivalents at Period End | 259.43 million | 390.16 million | Decrease | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 63.90 million | 23.37 million | Increase | | Cash Paid for Other Investing Activities | 210.00 million | 221.87 million | Slight Decrease | | Cash Received from Investments | - | 646.92 million | Large Inflow in Prior Period | | Cash Paid for Dividends, Profits, or Interest Payments | 8.39 million | 5.53 million | Increase | | Cash Paid for Other Financing Activities | 0.30 million | 17.32 million | Decrease | | Cash Received Related to Other Operating Activities | 27.88 million | 7.26 million | Significant Increase | Adjustments to Financial Statements at the Beginning of the First Year of Application of New Accounting Standards or Interpretations from 2023 The company adjusted its financial statements from January 1, 2023, to comply with new accounting standards regarding deferred income tax for single transactions, impacting deferred tax assets, liabilities, and retained earnings - The company adopted Interpretation No. 16 of Accounting Standards for Business Enterprises issued by the Accounting Department of the Ministry of Finance from January 1, 2023, adjusting the accounting treatment for deferred income tax related to assets and liabilities arising from a single transaction, where the initial recognition exemption is not applicable[25] - This adjustment impacts the cumulative effect on opening retained earnings and other related financial statement items, primarily involving deferred income tax arising from lease liabilities and right-of-use assets[25] Impact of Accounting Policy Adjustments on the Consolidated Balance Sheet as of January 1, 2023 | Item | Dec 31, 2022 (RMB) | Jan 1, 2023 (RMB) | Adjustment (RMB) | | :--- | :--- | :--- | :--- | | Deferred Income Tax Assets | 6.93 million | 6.99 million | 61,469.66 | | Deferred Income Tax Liabilities | - | 81,937.42 | 81,937.42 | | Retained Earnings | 161.51 million | 161.49 million | -20,467.76 | | Total Equity Attributable to Parent Company Shareholders | 888.18 million | 888.16 million | -20,467.76 | | Total Liabilities and Equity | 1,012.03 million | 1,012.09 million | 61,469.66 |