盈方微(000670) - 2021 Q3 - 季度财报

Report Overview Management guarantees report accuracy and completeness, financial information is true, and the quarterly report is unaudited Important Notice Management guarantees the report's truthfulness and completeness, affirming financial information accuracy; the quarterly report is unaudited - The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[3] - The company's principal, chief financial officer, and head of accounting department declare that the financial information in the quarterly report is true, accurate, and complete[3] - The third-quarter report is unaudited[4] Key Financial Data This section presents main accounting data, financial indicators, non-recurring gains and losses, and an analysis of significant changes Main Accounting Data and Financial Indicators Operating revenue and net profit attributable to parent company shareholders significantly increased, but operating cash flow was negative and decreased Main Accounting Data and Financial Indicators | Item | Current Reporting Period | Change from Prior Year Period | Year-to-Date | Change from Prior Year Period (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 793,577,455.52 | 1,243.22% | 2,156,790,129.76 | 3,495.77% | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 5,086,283.28 | 407.50% | 11,183,140.91 | 224.06% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses (yuan) | 4,853,172.15 | 347.48% | 10,885,147.85 | 215.28% | | Net Cash Flow from Operating Activities (yuan) | —— | —— | -129,064,063.85 | -32.08% | | Basic Earnings Per Share (yuan/share) | 0.0062 | 410.00% | 0.0137 | 224.55% | | Diluted Earnings Per Share (yuan/share) | 0.0062 | 410.00% | 0.0137 | 224.55% | | Weighted Average Return on Net Assets | 19.09% | -11.38% | 48.80% | -27.30% | | Period-End Indicators | End of Current Reporting Period | End of Prior Year | Change from Prior Year-End | | | Total Assets (yuan) | 1,381,636,603.86 | 1,468,419,837.16 | -5.91% | | | Total Equity Attributable to Shareholders of Listed Company (yuan) | 30,059,837.00 | 15,769,789.16 | 90.62% | | Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses were 233,111.13 yuan for the period and 297,993.06 yuan year-to-date, mainly from government subsidies and other non-operating items Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Reporting Period (yuan) | Year-to-Date Amount (yuan) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | - | 7,690.77 | | Government Subsidies Included in Current Profit/Loss | 471,715.10 | 897,094.10 | | Other Non-Operating Income and Expenses Apart from the Above | -650.04 | -182,993.52 | | Less: Income Tax Impact | 96,338.14 | 196,730.03 | | Minority Interest Impact (After Tax) | 141,615.79 | 227,068.26 | | Total | 233,111.13 | 297,993.06 | Analysis of Changes in Main Accounting Data and Financial Indicators This section explains over 30% changes in financial data across statements, driven by new business, lease standards, and related party borrowings Balance Sheet Item Changes Significant changes in balance sheet items include a 94.31% decrease in cash for debt repayment and inventory, increases in financing receivables and inventories, and new lease-related assets and liabilities Balance Sheet Item Changes (Changes Exceeding 30%) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | Change Rate | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 18,126,307.98 | 318,527,939.07 | -94.31% | Time deposits matured were used to repay short-term borrowings and increase inventory | | Financing Receivables | 26,577,048.21 | 10,587,458.00 | 151.02% | Increase in bank acceptance bills received | | Prepayments | 14,984,739.01 | 28,431,122.24 | -47.29% | Decrease in prepayments to suppliers | | Other Receivables | 2,434,867.10 | 1,389,632.34 | 75.22% | Increase in lease deposits and guarantees | | Inventories | 170,641,884.08 | 87,509,946.62 | 95.00% | Company increased inventory | | Other Current Assets | 7,112,923.99 | 3,659,338.23 | 94.38% | Increase in input VAT to be deducted and prepaid expenses | | Right-of-Use Assets | 8,217,898.71 | 0.00 | - | Newly added due to adoption of new lease standards | | Intangible Assets | 357,326.55 | 515,905.20 | -30.74% | Amortization of intangible assets in current period | | Long-Term Prepaid Expenses | 1,424,948.72 | 595,428.51 | 139.31% | Increase in deferred decoration expenses | | Short-Term Borrowings | 194,974,928.79 | 355,374,943.74 | -45.14% | Repayment of short-term borrowings | | Employee Compensation Payable | 2,815,474.95 | 9,964,446.37 | -71.74% | Payment of employee compensation | | Lease Liabilities | 8,225,859.86 | 0.00 | - | Newly added due to adoption of new lease standards | | Other Comprehensive Income | 1,348,871.27 | 2,697,571.52 | -50.00% | Impact of foreign currency translation differences | Income Statement Item Changes Operating revenue and cost of sales significantly increased due to new business; various expenses and other income rose due to expansion and R&D, while credit impairment losses and non-operating income decreased Income Statement Item Changes (Changes Exceeding 30%) | Item | Jan-Sep 2021 (yuan) | Prior Year Period (yuan) | Change Rate | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,156,790,129.76 | 59,981,290.91 | 3495.77% | New electronic component distribution business added after 2020 restructuring | | Operating Cost | 1,991,957,565.53 | 54,427,328.86 | 3559.85% | New electronic component distribution business added after 2020 restructuring | | Taxes and Surcharges | 2,154,118.88 | 478,064.31 | 350.59% | Increase in operating revenue led to corresponding increase in surtaxes | | Selling Expenses | 36,139,820.57 | 964,368.87 | 3647.51% | New electronic component distribution business added after 2020 restructuring | | Administrative Expenses | 30,144,268.97 | 13,394,941.74 | 125.04% | Increase in headcount led to higher personnel expenses and intermediary fees | | R&D Expenses | 11,267,544.55 | 2,727,408.04 | 313.12% | Increase in company's R&D investment | | Financial Expenses | 7,746,970.23 | -4,296,323.25 | 280.32% | Impact of related party borrowing interest and exchange differences | | Asset Impairment Losses | -122,774.29 | -9,704.28 | -1165.16% | Increase in provision for asset impairment losses | | Credit Impairment Losses | -32,693.60 | 3,910,284.32 | -100.84% | Decrease in bad debt provision reversals compared to prior period | | Other Income | 919,813.89 | 97,975.82 | 838.82% | Increase in government subsidies related to ordinary operating activities | | Non-Operating Income | 9,904.66 | 332,276.75 | -97.02% | Decrease in non-operating income | | Non-Operating Expenses | 215,617.96 | - | - | Increase in non-operating expenses | | Income Tax Expense | 23,629,656.47 | 1,641,745.90 | 1339.30% | Due to profitability of target company after company restructuring | Cash Flow Statement Item Changes Operating cash flow decreased by 32.08% due to payment terms; investing cash flow increased by 75.81% from reduced acquisition payments; financing cash flow decreased by 69.20% from fewer related party borrowings Cash Flow Statement Item Changes (Changes Exceeding 30%) | Item | Jan-Sep 2021 (yuan) | Prior Year Period (yuan) | Change Rate | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -129,064,063.85 | -97,716,807.39 | -32.08% | Payment terms for electronic component suppliers differ from customer collections | | Net Cash Flow from Investing Activities | -74,047,837.17 | -306,095,644.49 | 75.81% | Decrease in payments for acquiring 51% equity in Huaxinke and World Style in current period | | Net Cash Flow from Financing Activities | 133,044,409.52 | 431,905,641.17 | -69.20% | Decrease in related party borrowings obtained in current reporting period compared to prior period | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -1,173,283.43 | -41,021.12 | -2760.19% | Decrease in exchange gains/losses due to exchange rate changes in current period | Shareholder Information This section details the total common shareholders, top ten shareholders' holdings, and preferred share status Total Number of Common Shareholders and Top Ten Shareholders' Holdings The company had 66,666 common shareholders; Zhejiang Shunyuan Enterprise Management Co., Ltd. was the largest at 15.19% among the top ten, with some shares restricted, frozen, or pledged - Total number of common shareholders at the end of the reporting period: 66,666[11] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Shunyuan Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 15.19% | 124,022,984 | 94,520,248 | None | | Orient Securities Co., Ltd. | State-Owned Legal Person | 8.45% | 69,000,000 | 69,000,000 | None | | Huarong Securities Co., Ltd. | State-Owned Legal Person | 4.56% | 37,259,600 | 37,259,600 | None | | Jingzhou Gucheng State-Owned Investment Co., Ltd. | State-Owned Legal Person | 1.50% | 12,230,400 | 0 | None | | Shandong Magrui New Material Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.23% | 10,035,516 | 0 | None | | Zhang Bing | Domestic Natural Person | 0.95% | 7,777,576 | 7,777,576 | None | | Shanghai Ingenic Semiconductor Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.73% | 6,000,400 | 6,000,400 | Frozen 6,000,400 shares, Pledged 6,000,000 shares | | Yang Haihua | Domestic Natural Person | 0.57% | 4,650,000 | 0 | None | | Chen Senyuan | Domestic Natural Person | 0.55% | 4,465,600 | 0 | None | | Zhao Weiyao | Domestic Natural Person | 0.43% | 3,517,300 | 0 | None | - Zhejiang Shunyuan Enterprise Management Co., Ltd. has no related party relationship with other shareholders and is not a party acting in concert as defined by the 'Measures for the Administration of the Takeover of Listed Companies'[12] - As of the end of the reporting period, shareholder Liu Shufang held 3,000,000 shares of the company through Dongxing Securities Co., Ltd.'s client credit trading margin securities account, accounting for 0.37% of the company's total share capital[12] Preferred Shareholder Information The company has no preferred shareholders - The company has no preferred shareholders[13] Other Significant Matters This section covers the company's relisting application, asset acquisition and fundraising plan, and a subsidiary's capital increase Work Related to Relisting The company's stock relisting application was accepted by SZSE on May 10, 2021; the company is cooperating with verification and preparing supplementary materials - The company submitted its application for stock relisting to the Shenzhen Stock Exchange on May 10, 2021, which was accepted[13] - The SZSE has commissioned relevant institutions to verify matters related to the company's stock relisting[13] - The company is currently preparing relevant response materials with various intermediaries as required by the SZSE and actively cooperating with relevant institutions on the relisting verification work[13] Issuance of Shares to Acquire Assets and Raise Supporting Funds, and Related Party Transactions The board approved the plan for issuing shares to acquire assets and raise funds, including related party transactions; SZSE issued an inquiry, which the company is addressing - On April 26, 2021, the company convened its board of directors and supervisory board meetings, which approved the plan for issuing shares to acquire assets, raise supporting funds, and engage in related party transactions[14] - On May 13, 2021, the company received a restructuring inquiry letter from the SZSE, and is actively organizing relevant parties to address each question and requirement raised in the inquiry letter[14] Subsidiary Capital Increase Shenzhen Huaxinke Technology Co., Ltd. increased its wholly-owned subsidiary Shaoxing Huaxinke's capital by 30 million yuan, raising registered capital from 10 million yuan to 40 million yuan, with registration completed - The company's controlling subsidiary, Shenzhen Huaxinke Technology Co., Ltd., increased the capital of its wholly-owned subsidiary, Shaoxing Huaxinke Technology Co., Ltd., by 30 million yuan using its own funds[16] - Upon completion of this capital increase, Shaoxing Huaxinke's registered capital will increase from 10 million yuan to 40 million yuan, with Shenzhen Huaxinke Technology Co., Ltd. retaining 100% ownership of Shaoxing Huaxinke[16] - On September 10, 2021, Shaoxing Huaxinke completed its industrial and commercial change registration procedures and obtained a 'Business License' issued by the Shangyu District Market Supervision Administration of Shaoxing City[16] Quarterly Financial Statements This section presents the consolidated balance sheet, income statement, cash flow statement, financial statement adjustments, and audit status Consolidated Balance Sheet As of September 30, 2021, total assets were 1.382 billion yuan (down 5.91%); total liabilities were 1.159 billion yuan, and total owner's equity 222 million yuan Key Data from Consolidated Balance Sheet | Item | September 30, 2021 (yuan) | December 31, 2020 (yuan) | | :--- | :--- | :--- | | Total Assets | 1,381,636,603.86 | 1,468,419,837.16 | | Total Current Assets | 910,724,426.98 | 1,006,981,236.59 | | Total Non-Current Assets | 470,912,176.88 | 461,438,600.57 | | Total Liabilities | 1,159,250,194.99 | 1,299,210,868.70 | | Total Current Liabilities | 1,146,083,316.86 | 1,292,236,903.57 | | Total Non-Current Liabilities | 13,166,878.13 | 6,973,965.13 | | Total Owner's Equity | 222,386,408.87 | 169,208,968.46 | | Total Equity Attributable to Parent Company Owners | 30,059,837.00 | 15,769,789.16 | Consolidated Income Statement from Year-Beginning to End of Reporting Period Year-to-date, total operating revenue reached 2.157 billion yuan, with net profit of 51.5625 million yuan and 11.1831 million yuan attributable to parent owners, a significant improvement from prior year's loss Key Data from Consolidated Income Statement (Year-to-Date) | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,156,790,129.76 | 59,981,290.91 | | Total Operating Cost | 2,079,410,288.73 | 67,695,788.57 | | Operating Profit | 75,397,830.88 | -3,715,941.80 | | Total Profit | 75,192,117.58 | -3,383,665.05 | | Net Profit | 51,562,461.11 | -5,025,410.95 | | Net Profit Attributable to Parent Company Owners | 11,183,140.91 | -9,014,506.82 | | Minority Interest Income/Loss | 40,379,320.20 | 3,989,095.87 | | Total Comprehensive Income | 48,704,016.29 | -4,473,958.40 | | Basic Earnings Per Share | 0.0137 | -0.0110 | | Diluted Earnings Per Share | 0.0137 | -0.0110 | Consolidated Cash Flow Statement from Year-Beginning to End of Reporting Period Year-to-date, operating cash flow was -129.06 million yuan, investing cash flow -74.0478 million yuan, and financing cash flow 133.0444 million yuan, leading to a net decrease in cash and cash equivalents Key Data from Consolidated Cash Flow Statement (Year-to-Date) | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -129,064,063.85 | -97,716,807.39 | | Net Cash Flow from Investing Activities | -74,047,837.17 | -306,095,644.49 | | Net Cash Flow from Financing Activities | 133,044,409.52 | 431,905,641.17 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -1,173,283.43 | -41,021.12 | | Net Increase in Cash and Cash Equivalents | -71,240,774.93 | 28,052,168.17 | | Cash and Cash Equivalents at Period-End | 18,126,307.98 | 37,028,662.16 | Explanation of Financial Statement Adjustments Effective January 1, 2021, the company adopted new lease accounting standards, adjusting opening financial statements to recognize right-of-use assets and lease liabilities New Lease Standard Adjustments Initial adoption of new lease standards on January 1, 2021, led to new right-of-use assets of 9.5355 million yuan and lease liabilities of 9.4474 million yuan, increasing both total assets and liabilities - Effective January 1, 2021, the company first adopted new lease accounting standards, adjusting relevant items in the opening financial statements for the year of initial adoption[27] Impact of New Lease Standard Adjustments on Consolidated Balance Sheet | Item | December 31, 2020 (yuan) | January 01, 2021 (yuan) | Adjustment Amount (yuan) | | :--- | :--- | :--- | :--- | | Other Current Assets | 3,659,338.23 | 3,571,256.73 | -88,081.50 | | Right-of-Use Assets | 0.00 | 9,535,500.53 | 9,535,500.53 | | Total Assets | 1,468,419,837.16 | 1,477,867,256.19 | 9,447,419.03 | | Lease Liabilities | 0.00 | 9,447,419.03 | 9,447,419.03 | | Total Liabilities | 1,299,210,868.70 | 1,308,658,287.73 | 9,447,419.03 | Audit Report This quarterly report is unaudited - The company's third-quarter report is unaudited[31]