兴业银锡(000426) - 2022 Q3 - 季度财报

Company Basic Information and Important Notice This section provides essential company information, emphasizing management's assurance of report accuracy and the unaudited status of the quarterly report Important Notice The board, supervisory board, and senior management guarantee the quarterly report's truthfulness and completeness, with financial information verified by key personnel; this report is unaudited - The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report and assume legal responsibility[2] - The company's head, chief accountant, and head of accounting department declare that the financial information is true, accurate, and complete[2] - This quarterly report is unaudited[2][21] Key Financial Data This section presents key financial data, including significant changes in accounting metrics, non-recurring items, and detailed analysis of balance sheet, income statement, and cash flow variations Key Accounting Data and Financial Indicators Operating revenue and net profit attributable to the parent company grew significantly this quarter, while year-to-date net profit and EPS declined, and operating cash flow increased substantially Key Financial Indicators for Q3 2022 and Year-to-Date | Indicator | Current Period (Yuan) | YoY Change (Current Period) | Year-to-Date (Yuan) | YoY Change (Year-to-Date) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 642,112,933.53 | 43.22% | 1,647,970,202.56 | 3.02% | | Net Profit Attributable to Shareholders of Listed Company | 101,207,764.21 | 117.19% | 229,869,997.47 | -13.54% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 109,839,246.67 | 116.87% | 243,992,548.67 | -15.41% | | Net Cash Flow from Operating Activities | — | — | 672,295,839.59 | 44.77% | | Basic Earnings Per Share | 0.0551 | 116.93% | 0.1251 | -13.55% | | Diluted Earnings Per Share | 0.0551 | 116.93% | 0.1251 | -13.55% | | Weighted Average Return on Net Assets | 1.83% | — | 4.20% | -0.83% | | Total Assets (End of Current Period) | 9,265,175,601.91 | 2.34% (比上年度末) | — | — | | Total Equity Attributable to Shareholders of Listed Company (End of Current Period) | 5,585,500,534.25 | 4.11% (比上年度末) | — | — | Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses were negative this period, influenced by non-current asset disposal, other non-operating items, and income tax effects Non-Recurring Gains and Losses Items for Q3 2022 and Year-to-Date | Item | Current Period Amount (Yuan) | Year-to-Date Amount (Yuan) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -4,283,164.65 | -6,441,323.03 | | Government Subsidies Included in Current Profit/Loss | 412,898.95 | 976,220.32 | | Gains/Losses from Debt Restructuring | 350.00 | 3,404.42 | | Gains/Losses from Fair Value Changes and Investment Income | — | 2,213,015.51 | | Other Non-Operating Income and Expenses | -5,418,849.48 | -12,000,985.80 | | Less: Income Tax Impact | -657,282.72 | -1,127,117.38 | | Total | -8,631,482.46 | -14,122,551.20 | Analysis of Changes in Key Accounting Data and Financial Indicators This section analyzes changes in key balance sheet, income statement, and cash flow items, detailing reasons for fluctuations in assets, liabilities, revenues, expenses, and cash flows Balance Sheet Items Variation Analysis Balance sheet items showed significant shifts, with monetary funds, construction in progress, and short-term non-current liabilities increasing, while accounts receivable and other current assets decreased Balance Sheet Key Items Variation (Period-End vs. Year-Start) | Item | Period-End Amount (Yuan) | Year-Start Amount (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Monetary Funds | 242,016,607.06 | 135,880,264.59 | 78.11% | | Accounts Receivable | 3,664,174.60 | 7,660,986.93 | -52.17% | | Prepayments | 7,495,922.90 | 4,975,342.95 | 50.66% | | Other Current Assets | 7,058,012.73 | 65,501,738.07 | -89.22% | | Construction in Progress | 771,503,911.50 | 536,797,147.95 | 43.72% | | Right-of-Use Assets | 17,258,876.07 | 27,461,007.47 | -37.15% | | Notes Payable | 30,000,000.00 | — | N/A | | Employee Compensation Payable | 32,828,868.75 | 52,126,397.79 | -37.02% | | Taxes Payable | 208,503,028.01 | 97,182,217.19 | 114.55% | | Non-Current Liabilities Due Within One Year | 1,268,665,720.16 | 606,368,297.87 | 109.22% | | Bonds Payable | 69,574,119.05 | 827,917,598.68 | -91.60% | | Lease Liabilities | 92,954.03 | 14,601,255.17 | -99.36% | | Contract Liabilities | 122,925,926.01 | 208,628,417.65 | -41.08% | | Other Current Liabilities | 16,013,420.70 | 27,161,142.95 | -41.04% | | Special Reserves | 2,132,111.97 | 3,061,624.16 | -30.36% | - Monetary funds increased by 78.11% from year-start to period-end, primarily due to increased cash flow from operating activities during the reporting period[6] - Construction in progress increased by 43.72% from year-start to period-end, primarily due to increased investment in the second phase construction of Yinman Mining's tailings pond by the company's subsidiary during the reporting period[8] - Taxes payable increased by 114.55% from year-start to period-end, primarily due to increased value-added tax, corporate income tax, and resource tax during the reporting period[8] Income Statement Items Variation Analysis R&D expenses, other income, and asset disposal gains increased, while investment income, credit impairment losses, total profit, and income tax expenses decreased, with total profit impacted by subsidiary underproduction and prior-year special income Income Statement Key Items Variation (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | R&D Expenses | 38,079,797.46 | — | N/A | | Other Income | 979,274.74 | 693,178.54 | 41.27% | | Investment Income (Losses indicated by "-") | -4,578,996.78 | -2,798,183.76 | -63.64% | | Credit Impairment Losses (Losses indicated by "-") | 144,298.82 | 35,717,809.74 | -99.60% | | Asset Impairment Losses (Losses indicated by "-") | -1,321,227.95 | — | N/A | | Gains/Losses on Asset Disposal (Losses indicated by "-") | 192,880.71 | 29,129.04 | 562.16% | | Non-Operating Income | 356,927.31 | 109,287.51 | 226.59% | | Total Profit | 285,379,104.89 | 370,626,585.68 | -23.00% | | Income Tax Expense | 55,523,878.17 | 104,758,197.34 | -47.00% | | Net Other Comprehensive Income After Tax | -9,636,065.91 | -1,477,613.39 | -552.14% | - R&D expenses increased in the current period compared to the prior period, primarily due to increased R&D investment by the company's subsidiaries Yinman Mining, Rongguan Mining, and Rongbang Mining during the reporting period[8] - Total profit showed a 23.00% decrease in the current period compared to the prior period, primarily due to subsidiary Qianjinda Mining's inability to achieve full-capacity production and significant special income in the prior year[9][10] - Income tax expense showed a 47.00% decrease in the current period compared to the prior period, primarily due to a year-on-year decrease in total profit and an increased profit contribution from Yinman Mining, which applies a 15% corporate income tax rate[10] Cash Flow Statement Items Variation Analysis Operating cash flow significantly increased due to VAT refunds and lower tax payments, while investing and financing cash flows decreased, driven by increased asset acquisition and bank loan repayments Cash Flow Statement Key Items Variation (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 672,295,839.59 | 464,389,418.74 | 44.77% | | Net Cash Flow from Investing Activities | -355,647,272.62 | -289,980,951.00 | -22.65% | | Net Cash Flow from Financing Activities | -249,694,281.99 | -205,087,433.50 | -21.75% | | Net Increase in Cash and Cash Equivalents | 66,954,284.98 | -30,678,965.76 | 318.24% | - Net cash flow from operating activities showed a 44.77% increase in the current period compared to the prior period, primarily due to a year-on-year increase in VAT refund received and a decrease in various taxes paid during the reporting period[10] - Net cash flow from investing activities showed a 22.65% decrease in the current period compared to the prior period, primarily due to increased cash payments for asset acquisition and a significant investment earnest money refund received in the prior year[10] - Net cash flow from financing activities showed a 21.75% decrease in the current period compared to the prior period, primarily due to the company repaying bank loans, leading to a year-on-year decrease in bank loan balances[10] Shareholder Information This section details shareholder information, including the total number of common shareholders, top ten holdings, and confirms the absence of preferred shareholders Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of period-end, the company had 57,302 common shareholders; the controlling shareholder, Inner Mongolia Xingye Group, held 30.27% of shares, largely pledged and frozen - As of the end of the reporting period, the total number of common shareholders was 57,302[11] Top 10 Common Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Xingye Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 30.27% | 556,075,350.00 | 191,875,264.00 | Pledged | 555,000,086 | | | | | | | Frozen | 556,075,350 | | National Trust Co., Ltd. - National Trust · Hengying No. 5 Collective Fund Trust Plan for Business Management | Other | 8.83% | 162,244,603.00 | 162,244,603.00 | — | — | | Chifeng Fulong Public (Group) Co., Ltd. | State-Owned Legal Person | 7.27% | 133,648,294.00 | — | Pledged | 40,000,000 | | Yang Quanyu | Domestic Natural Person | 1.20% | 22,100,000.00 | — | — | — | | BXRF Fund - Minsheng Bank - Sichuan Trust - Chenxing No. 2 Securities Investment Collective Fund Trust Plan | Other | 1.02% | 18,721,082.00 | — | — | — | | Lin Xian | Domestic Natural Person | 0.87% | 15,909,700.00 | — | — | — | | Ningbo Meishan Bonded Port Area Dongzhi Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.77% | 14,180,507.00 | — | — | — | | Nantong Jinjiu Ruixin Investment Management Co., Ltd. - Zhonghui Jinjiu Ruixin Private Equity Fund Phase 2 | Other | 0.75% | 13,698,630.00 | — | — | — | | Li Xianlai | Domestic Natural Person | 0.74% | 13,626,093.00 | — | Pledged | 13,486,817 | | | | | | | Frozen | 13,531,260 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.73% | 13,439,453.00 | — | — | — | - There are no related party relationships between the company's controlling shareholder, Inner Mongolia Xingye Group Co., Ltd., and National Trust Co., Ltd. or Chifeng Fulong Public (Group) Co., Ltd., nor are they considered concerted parties as stipulated in the 'Measures for the Administration of the Takeover of Listed Companies'[12] Total Number of Preferred Shareholders and Top Ten Preferred Shareholders' Holdings The company has no preferred shareholders - The company has no preferred shareholders[13] Other Important Matters This section covers other significant events, specifically the controlling shareholder's restructuring process, from its initiation to the current execution phase Controlling Shareholder Restructuring Matters Controlling shareholder Xingye Group entered restructuring in October 2019; the court approved a consolidated restructuring plan in August 2022, terminating proceedings and entering execution - The company's controlling shareholder, Xingye Group, received a Civil Ruling from the court on October 8, 2019, ruling to accept its restructuring application and formally entering restructuring proceedings[13] - On August 15, 2022, Xingye Group received a Civil Ruling from the court, approving the substantive consolidated restructuring plan (draft) for Inner Mongolia Xingye Group Co., Ltd., Chifeng Yulong International Hotel Co., Ltd., and Xiwuzhumuqinqi Budunyingen Mining Co., Ltd., and terminating the restructuring proceedings[14] - Since then, the substantive consolidated restructuring plan for Xingye Group and the other two companies has entered the execution phase[14] Quarterly Financial Statements This section presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement for the quarter and year-to-date periods Consolidated Balance Sheet As of September 30, 2022, total assets reached 9.265 billion Yuan, up 2.34% year-to-date, with total liabilities at 3.674 billion Yuan and owner's equity at 5.591 billion Yuan Consolidated Balance Sheet Key Data (As of September 30, 2022) | Item | September 30, 2022 (Yuan) | January 1, 2022 (Yuan) | | :--- | :--- | :--- | | Total Assets | 9,265,175,601.91 | 9,053,627,782.98 | | Total Current Assets | 571,279,916.28 | 574,028,217.62 | | Total Non-Current Assets | 8,693,895,685.63 | 8,479,599,565.36 | | Total Liabilities | 3,674,064,108.07 | 3,683,259,581.51 | | Total Current Liabilities | 3,131,738,848.97 | 2,348,320,810.97 | | Total Non-Current Liabilities | 542,325,259.10 | 1,334,938,770.54 | | Total Owner's Equity | 5,591,111,493.84 | 5,370,368,201.47 | | Total Equity Attributable to Parent Company Owners | 5,585,500,534.25 | 5,364,742,471.13 | Consolidated Income Statement from Year-Start to Period-End Year-to-date total operating revenue reached 1.648 billion Yuan, up 3.02%, while net profit attributable to parent company shareholders was 230 million Yuan, a 13.54% decrease Consolidated Income Statement Key Data (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,647,970,202.56 | 1,599,617,059.98 | | Total Operating Costs | 1,339,372,137.67 | 1,240,522,198.92 | | Operating Profit | 304,014,294.43 | 392,736,794.62 | | Total Profit | 285,379,104.89 | 370,626,585.68 | | Net Profit | 229,855,226.72 | 265,868,388.34 | | Net Profit Attributable to Parent Company Shareholders | 229,869,997.47 | 265,869,824.19 | | Basic Earnings Per Share | 0.1251 | 0.1447 | | Diluted Earnings Per Share | 0.1251 | 0.1447 | Consolidated Cash Flow Statement from Year-Start to Period-End Year-to-date operating cash flow increased 44.77% to 672 million Yuan, while investing and financing cash flows were negative, resulting in a 67 million Yuan net increase in cash and equivalents Consolidated Cash Flow Statement Key Data (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 672,295,839.59 | 464,389,418.74 | 44.77% | | Net Cash Flow from Investing Activities | -355,647,272.62 | -289,980,951.00 | -22.65% | | Net Cash Flow from Financing Activities | -249,694,281.99 | -205,087,433.50 | -21.75% | | Net Increase in Cash and Cash Equivalents | 66,954,284.98 | -30,678,965.76 | 318.24% | | Ending Balance of Cash and Cash Equivalents | 196,288,853.09 | 89,089,612.44 | Audit Report The company's 2022 third-quarter report is unaudited - The company's third-quarter report is unaudited[21]