嘉元科技(688388) - 2023 Q3 - 季度财报

Report Overview Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility, and the financial statements for this period are unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content[2] - The company's responsible person, chief accountant, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3] - The third-quarter financial statements are unaudited[4] Key Financial Data and Indicators Key Accounting Data and Financial Indicators In Q3 2023, operating revenue increased by 20.87% YoY, but net profit attributable to shareholders decreased significantly by 93.27% YoY, with YTD net profit down 92.84%, while R&D investment continued to rise and total assets grew by 14.76% 2023 Q3 and YTD Key Financial Indicators | Item | This Reporting Period (Q3) (Yuan) | Year-on-Year Change (%) | Year-to-Date (YTD) (Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,628,173,291.67 | 20.87 | 3,705,861,867.20 | 12.94 | | Net Profit Attributable to Shareholders of Listed Company | 10,074,201.49 | -93.27 | 31,319,916.31 | -92.84 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 3,370,696.42 | -97.76 | 9,059,201.32 | -97.89 | | Basic Earnings Per Share (Yuan/share) | 0.02 | -95.65 | 0.07 | -94.78 | | Total R&D Investment | 38,464,935.76 | 147.10 | 158,888,502.52 | 33.07 | | R&D Investment as % of Operating Revenue (%) | 2.36 | Increased by 1.20 percentage points | 4.29 | Increased by 0.65 percentage points | | As of the End of This Reporting Period | | | As of the End of Last Year | Change from End of Last Year to End of This Reporting Period (%) | | Total Assets | 12,388,740,283.31 | | 10,795,771,988.38 | 14.76 | | Total Equity Attributable to Shareholders of Listed Company | 7,190,268,067.74 | | 7,286,287,476.45 | -1.32 | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 6.70 million Yuan, with a year-to-date total of 22.26 million Yuan, primarily from government grants and fair value changes in financial assets held for trading Non-Recurring Gains and Losses Items and Amounts | Item | Amount for This Reporting Period (Yuan) | Amount Year-to-Date (Yuan) | | :--- | :--- | :--- | | Government Grants Included in Current Profit and Loss | 4,399,931.05 | 8,894,893.56 | | Fair Value Change Gains/Losses and Disposal Gains/Losses from Financial Assets Held for Trading, Derivative Financial Assets, etc. | 3,501,412.26 | 16,614,174.62 | | Other Non-Operating Income and Expenses | -6,857.55 | 540,314.86 | | Less: Income Tax Impact | 1,190,990.53 | 3,991,520.37 | | Impact on Minority Interests (After Tax) | -9.84 | 183.79 | | Total | 6,703,505.07 | 22,260,714.99 | Changes and Reasons for Key Accounting Data and Financial Indicators The company's net profit significantly declined due to intensified market competition, changes in supply and demand, reduced processing fees, raw material price fluctuations, and industry cycles, leading to a decrease in gross profit margin; operating cash flow increased due to higher cash received from sales, and R&D investment grew substantially, reflecting increased commitment to new products and technologies - Net profit attributable to shareholders of the listed company (this reporting period and year-to-date) decreased by 93.27% and 92.84% respectively, primarily due to a decline in the company's gross profit margin influenced by intensified market competition, changes in supply and demand, reduced processing fees, raw material price fluctuations, overall economic conditions, and industry cycles[11] - Net cash flow from operating activities year-to-date is not applicable, but it is mainly due to an increase in cash received from sales of goods and rendering of services compared to the same period last year[12] - Total R&D investment increased by 147.10% in this reporting period and 33.07% year-to-date, primarily due to increased investment in the research and development of new products and technologies[13] - Fixed assets increased by 46.54% at the end of this reporting period, mainly due to the transfer of construction in progress at Jiangxi and Ningde bases to fixed assets[12] - Notes payable increased by 427.83% at the end of this reporting period, mainly due to increased procurement of equipment using letters of credit and bank acceptance bills[12] Shareholder Information Total Number of Common Shareholders and Shareholding of Top Ten Shareholders As of the end of the reporting period, the company had 21,342 common shareholders, with Shandong Jiayuan Industrial Investment Co., Ltd. holding the largest stake at 21.21%, and the company is unaware of any associated relationships or concerted action agreements among shareholders - The total number of common shareholders at the end of the reporting period was 21,342[15] Top 10 Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Ratio (%) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Shandong Jiayuan Industrial Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 90,388,958 | 21.21 | 14,432,990 | | Ganzhou Development Investment Fund Management Co., Ltd. - Ganzhou Development Private Placement No. 3 Investment Fund (Limited Partnership) | Other | 16,742,267 | 3.93 | 0 | | Lai Shichang | Domestic Natural Person | 12,304,803 | 2.89 | 0 | | Wuhu Xinda Deleveraging Investment Management Partnership (Limited Partnership) | Other | 8,659,794 | 2.03 | 0 | | Bank of China Co., Ltd. - Harvest New Energy and New Materials Stock Investment Fund | Other | 8,141,055 | 1.91 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Harvest Smart Automobile Stock Investment Fund | Other | 7,127,254 | 1.67 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - ABC-CA New Energy Theme Flexible Allocation Mixed Securities Investment Fund | Other | 6,496,567 | 1.52 | 0 | | Jinghe Capital Management (Shenzhen) Co., Ltd. - Jinghe Kaitai No. 1 Private Securities Investment Fund | Other | 5,792,200 | 1.36 | 0 | | Jiangxi Guokong Capital Co., Ltd. | Domestic Non-State-Owned Legal Person | 4,907,216 | 1.15 | 0 | | Shenzhen Yuanzhi Ruixin Equity Investment Management Co., Ltd. - Shenzhen Yuanzhi Ruixin New Generation Information Technology Private Equity Investment Fund Partnership (Limited Partnership) | Other | 4,329,896 | 1.02 | 0 | - The company is unaware of any associated relationships or concerted action agreements among the aforementioned shareholders[17] Quarterly Financial Statements Consolidated Financial Statements Consolidated financial statements show that as of September 30, 2023, total assets increased by 14.76% from the end of last year, with significant increases in both current and non-current liabilities; total operating revenue for the first three quarters increased by 12.94% YoY, but net profit decreased significantly by 92.84% YoY; net cash flow from operating activities turned positive, cash outflow from investing activities decreased, and cash inflow from financing activities increased Consolidated Balance Sheet As of September 30, 2023, the company's total assets reached 12.39 billion Yuan, a 14.76% increase from the end of last year, with significant growth in cash and cash equivalents, accounts receivable financing, prepayments, fixed assets, right-of-use assets, deferred income tax assets, notes payable, non-current liabilities due within one year, long-term borrowings, and deferred income Consolidated Balance Sheet Major Item Changes (September 30, 2023 vs. December 31, 2022) | Item | September 30, 2023 (Yuan) | December 31, 2022 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,813,545,395.92 | 2,134,094,968.02 | 31.84 | | Financial Assets Held for Trading | 138,768,861.90 | 433,506,892.04 | -67.99 | | Notes Receivable | 169,880,437.15 | 323,916,827.49 | -47.55 | | Accounts Receivable Financing | 569,612,078.68 | 247,095,015.95 | 130.52 | | Prepayments | 56,703,476.19 | 8,993,084.80 | 530.52 | | Fixed Assets | 4,022,670,384.29 | 2,745,188,850.42 | 46.54 | | Right-of-Use Assets | 2,096,015.34 | 596,504.05 | 251.38 | | Deferred Income Tax Assets | 17,407,293.01 | 8,042,533.42 | 116.44 | | Total Assets | 12,388,740,283.31 | 10,795,771,988.38 | 14.76 | | Notes Payable | 1,134,701,349.28 | 214,974,062.21 | 427.83 | | Non-Current Liabilities Due Within One Year | 175,092,851.30 | 21,675,243.41 | 707.80 | | Long-Term Borrowings | 1,017,476,273.19 | 370,000,000.00 | 174.99 | | Lease Liabilities | 634,921.65 | 234,622.20 | 170.61 | | Deferred Income | 172,456,651.64 | 99,586,499.17 | 73.17 | | Share Capital | 426,238,028.00 | 304,455,734.00 | 40.00 | | Total Equity Attributable to Owners of the Parent Company | 7,190,268,067.74 | 7,286,287,476.45 | -1.32 | Consolidated Income Statement In the first three quarters of 2023, total operating revenue was 3.71 billion Yuan, a 12.94% increase YoY; however, due to a significant 39.01% increase in operating costs and a 75.01% decrease in R&D expenses (due to accounting standard adjustments), operating profit and net profit decreased by 92.86% and 92.92% YoY, respectively Consolidated Income Statement Major Data (2023 Q1-Q3 vs. 2022 Q1-Q3) | Item | 2023 Q1-Q3 (Yuan) | 2022 Q1-Q3 (Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 3,705,861,867.20 | 3,281,189,504.30 | 12.94 | | Operating Cost | 3,484,226,100.89 | 2,506,432,209.64 | 39.01 | | R&D Expenses | 29,833,882.95 | 119,402,805.11 | -75.01 | | Financial Expenses | 73,148,223.47 | 52,354,734.09 | 39.72 | | Other Income | 8,894,893.56 | 5,524,520.93 | 61.01 | | Gains from Changes in Fair Value | 10,743,613.69 | -716,421.15 | 1599.62 | | Operating Profit | 36,903,638.60 | 516,361,204.75 | -92.86 | | Total Profit | 37,443,953.46 | 515,554,538.03 | -92.74 | | Net Profit | 30,982,646.72 | 437,409,497.49 | -92.92 | | Net Profit Attributable to Shareholders of the Parent Company | 31,319,916.31 | 437,689,225.37 | -92.84 | | Income Tax Expense | 6,461,306.74 | 78,145,040.54 | -91.73 | - The decrease in R&D expenses is due to the implementation of "Interpretation No. 15 of Accounting Standards for Business Enterprises" from January 1, 2022, where products or by-products generated during R&D that meet the criteria are recognized as inventory and offset against R&D expenditures[13] Consolidated Cash Flow Statement In the first three quarters of 2023, net cash flow from operating activities turned positive to 484.34 million Yuan from a negative value in the prior year, primarily due to increased cash received from sales; cash outflow from investing activities decreased, while net cash flow from financing activities maintained positive growth, indicating expanded financing Consolidated Cash Flow Statement Major Data (2023 Q1-Q3 vs. 2022 Q1-Q3) | Item | 2023 Q1-Q3 (Yuan) | 2022 Q1-Q3 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 484,341,044.95 | -274,002,393.11 | Not Applicable | | Cash Received from Sales of Goods and Rendering of Services | 3,398,850,348.02 | 2,974,245,002.03 | 14.27 | | Cash Paid for Goods and Services | 2,716,444,333.76 | 3,044,193,752.29 | -10.77 | | Net Cash Flow from Investing Activities | -481,371,214.17 | -948,127,388.64 | 49.23 (Decrease in outflow) | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 995,179,744.76 | 1,765,148,264.20 | -43.62 | | Net Cash Flow from Financing Activities | 633,131,901.79 | 607,259,606.94 | 4.26 | | Cash Received from Borrowings | 1,315,088,375.25 | 1,903,023,160.00 | -30.89 | | Cash Paid for Repayment of Debts | 369,560,000.00 | 1,107,477,940.37 | -66.63 | | Net Increase in Cash and Cash Equivalents | 636,124,430.59 | -614,870,174.81 | Not Applicable | | Cash and Cash Equivalents at End of Period | 2,698,737,986.53 | 630,569,338.19 | 328.01 | Parent Company Financial Statements The parent company's financial status aligns with consolidated trends, showing growth in both total assets and liabilities; operating revenue for the first three quarters increased YoY, but net profit significantly decreased YoY; net cash flow from operating activities improved considerably, cash outflow from investing activities decreased, and net cash flow from financing activities maintained stable growth Parent Company Balance Sheet As of September 30, 2023, the parent company's total assets reached 11.50 billion Yuan, a 13.09% increase from the end of last year, with significant growth in cash and cash equivalents, prepayments, notes payable, non-current liabilities due within one year, and long-term borrowings, reflecting business expansion and increased financing activities Parent Company Balance Sheet Major Item Changes (September 30, 2023 vs. December 31, 2022) | Item | September 30, 2023 (Yuan) | December 31, 2022 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,585,708,126.57 | 895,576,274.71 | 188.73 | | Prepayments | 42,302,971.47 | 3,343,695.49 | 1165.00 | | Long-Term Equity Investments | 1,589,666,787.64 | 1,514,584,761.12 | 4.96 | | Total Assets | 11,504,894,129.77 | 10,173,652,444.99 | 13.09 | | Notes Payable | 944,574,041.99 | 87,356,822.78 | 981.30 | | Non-Current Liabilities Due Within One Year | 173,400,979.84 | 21,285,055.63 | 714.66 | | Long-Term Borrowings | 869,800,000.00 | 370,000,000.00 | 135.08 | | Share Capital | 426,238,028.00 | 304,455,734.00 | 40.00 | | Retained Earnings | 1,380,319,143.69 | 1,480,920,604.07 | -6.80 | Parent Company Income Statement In the first three quarters of 2023, the parent company's operating revenue was 3.65 billion Yuan, a 11.45% increase YoY; however, due to a significant 34.85% increase in operating costs and a 75.01% decrease in R&D expenses (due to accounting standard adjustments), net profit decreased significantly by 84.89% YoY Parent Company Income Statement Major Data (2023 Q1-Q3 vs. 2022 Q1-Q3) | Item | 2023 Q1-Q3 (Yuan) | 2022 Q1-Q3 (Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,649,446,135.04 | 3,274,334,732.49 | 11.45 | | Operating Cost | 3,416,300,562.99 | 2,533,608,669.05 | 34.85 | | R&D Expenses | 29,833,882.95 | 119,402,805.11 | -75.01 | | Financial Expenses | 73,033,190.15 | 30,581,352.33 | 138.84 | | Operating Profit | 78,507,180.80 | 521,060,940.47 | -84.94 | | Net Profit | 66,971,186.54 | 442,377,175.69 | -84.89 | | Income Tax Expense | 12,566,322.37 | 77,851,583.34 | -83.85 | Parent Company Cash Flow Statement In the first three quarters of 2023, net cash flow from operating activities turned positive to 822.56 million Yuan from a negative value in the prior year, primarily due to increased cash from sales and decreased cash paid for purchases; cash inflow from investing activities significantly increased, and net cash flow from financing activities remained stable Parent Company Cash Flow Statement Major Data (2023 Q1-Q3 vs. 2022 Q1-Q3) | Item | 2023 Q1-Q3 (Yuan) | 2022 Q1-Q3 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 822,559,490.05 | -172,590,820.54 | Not Applicable | | Cash Received from Sales of Goods and Rendering of Services | 3,323,046,944.25 | 2,909,187,102.40 | 14.22 | | Cash Paid for Goods and Services | 2,322,309,107.53 | 2,942,514,871.41 | -21.08 | | Net Cash Flow from Investing Activities | 297,551,042.75 | -1,125,782,240.14 | Not Applicable (Turned from negative to positive) | | Cash Received Related to Other Investing Activities | 3,227,041,826.04 | 0 | Not Applicable | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 300,988,313.94 | 697,944,649.46 | -56.90 | | Net Cash Flow from Financing Activities | 525,671,823.89 | 522,327,085.72 | 0.64 | | Net Increase in Cash and Cash Equivalents | 1,645,805,054.71 | -776,045,974.96 | Not Applicable | | Cash and Cash Equivalents at End of Period | 2,541,381,329.42 | 434,899,033.14 | 484.36 | Other Matters Other Reminders There are no other significant operating matters during the reporting period that require investors' attention - Other important information regarding the company's operating situation during the reporting period that requires investors' attention: Not applicable[18] Type of Audit Opinion This quarterly report is unaudited, therefore, no audit opinion type is applicable - Type of audit opinion: Not applicable[18] Implementation of New Accounting Standards Starting from 2023, the company has not adopted new accounting standards or interpretations that require adjustments to the financial statements at the beginning of the first year of implementation - First-time adoption of new accounting standards or interpretations from 2023 involving adjustments to the financial statements at the beginning of the first year of implementation: Not applicable[41]