盐湖股份(000792) - 2021 Q3 - 季度财报

Key Financial Data This section presents the company's key financial performance indicators and balance sheet items for the reporting period Key Accounting Data and Financial Indicators The company's Q3 2021 and YTD financial performance indicates decreased operating revenue but substantial growth in net profit and owner's equity | Indicator | Current Period (Q3 2021) (CNY) | YoY Change Current Period | Year-to-Date (YTD 2021) (CNY) | YoY Change Year-to-Date | | :------------------------------------------------------------- | :----------------------------- | :------------------------ | :---------------------------- | :---------------------- | | Operating Revenue | 4,636,376,880.02 | -27.44% | 10,798,597,233.12 | -32.58% | | Net Profit Attributable to Shareholders | 1,600,840,326.40 | 117.56% | 3,715,329,590.96 | 75.41% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items | 1,829,595,043.67 | 172.49% | 3,931,096,114.88 | 85.64% | | Net Cash Flow from Operating Activities | —— | —— | 4,481,759,497.18 | -10,598.75% | | Basic Earnings Per Share (CNY/share) | 0.2947 | 64.54% | 0.6839 | 32.69% | | Diluted Earnings Per Share (CNY/share) | 0.2947 | 64.54% | 0.6839 | 32.69% | | Weighted Average Return on Net Assets | 22.61% | 308.16% | 61.19% | -550.26% | | Balance Sheet Indicators | End of Current Period (CNY)| End of Prior Year (CNY)| Change from Prior Year-End| | | Total Assets | 25,815,904,473.22 | 20,109,814,550.88 | 28.37% | | | Owner's Equity Attributable to Shareholders | 8,631,325,878.19 | 4,119,277,848.68 | 109.53% | | Non-Recurring Gains and Losses Items and Amounts During the reporting period, total non-recurring gains and losses were negative, primarily due to subsidiary Yanhu Energy's provisions for illegal mining income and revenue | Item | Current Period Amount (CNY) | Year-to-Date Amount (CNY) | Explanation | | :---------------------------------------------------------------------------------------------------------------------------------- | :-------------------------- | :------------------------ | :---------------------------------------------------------------------------------------------------------- | | Gains/Losses from Disposal of Non-Current Assets (including write-back of asset impairment provisions) | -69,893.10 | -69,893.10 | | | Government Subsidies Recognized in Current Profit/Loss (excluding those closely related to normal operations, compliant with national policies, and continuously enjoyed at fixed or quantitative standards) | 13,296,111.78 | 25,603,173.43 | | | Enterprise Restructuring Expenses, such as employee resettlement and integration costs | -28,230,914.11 | -28,230,914.11 | | | Gains/Losses from Contingent Events Unrelated to Normal Business Operations | 742,617.49 | | | | Other Non-Operating Income and Expenses Apart from the Above | -12,678,778.21 | -6,037,769.05 | | | Other Profit/Loss Items Meeting the Definition of Non-Recurring Gains/Losses | -284,810,280.69 | -284,810,280.69 | Primarily due to subsidiary Yanhu Energy's provision for illegal mining income and revenue during the reporting period | | Less: Income Tax Impact | -74,588,617.12 | -71,096,517.02 | | | Minority Shareholder Equity Impact (After Tax) | -8,407,802.45 | -6,682,642.58 | | | Total | -228,754,717.27 | -215,766,523.92 | -- | - Total non-recurring gains and losses were negative, primarily due to subsidiary Yanhu Energy's provision for illegal mining income and revenue[4] Reasons for Changes in Key Accounting Data and Financial Indicators This section details significant changes in balance sheet, income statement, and cash flow statement items, driven by factors like reduced trade revenue, increased profit, debt recovery, and asset disposal Analysis of Balance Sheet Item Changes | Balance Sheet Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | Change (%) | Reason | | :-------------------------------------------------- | :----------------------- | :----------------------------- | :--------- | :----------------------------------------------------------------------------------------------------- | | Monetary Funds | 6,176,284,050.89 | 2,069,706,334.15 | 198.41% | Main reasons detailed in the cash flow statement | | Notes Payable | 223,556,910.24 | 70,332,137.77 | 217.86% | Primarily due to an increase in notes payable issued during the reporting period | | Employee Remuneration Payable | 446,175,065.51 | 690,951,578.68 | -35.43% | Primarily due to the payment of performance bonuses accrued in the prior year during the reporting period | | Taxes Payable | 563,128,451.42 | 394,333,982.01 | 42.80% | Primarily due to increased tax expenses resulting from main product revenue during the reporting period | | Interest Payable | 276,900,645.96 | 109,066,424.17 | 153.88% | Primarily due to the accrual of retained debt interest | | Other Payables | 1,039,561,446.87 | 650,032,150.78 | 59.92% | Primarily due to subsidiary Yanhu Energy's provision for illegal mining income and revenue during the reporting period | | Special Reserve | 283,327,982.76 | 205,213,987.23 | 38.06% | Primarily due to increased provision for safety production expenses during the reporting period | | Total Owner's Equity Attributable to Parent Company | 8,631,325,878.19 | 4,119,277,848.68 | 109.53% | Primarily due to increased profit during the reporting period, leading to an increase in owner's equity attributable to the parent company | - Monetary funds at period-end increased by 198.41%, primarily due to increased cash flow[5] - Total owner's equity attributable to the parent company increased by 109.53%, mainly due to increased profit during the reporting period[6] Analysis of Income Statement Item Changes | Income Statement Item | YTD Amount (Jan-Sep) (CNY) | Prior Year YTD Amount (Jan-Sep) (CNY) | Change (%) | Reason Analysis | | :------------------------------------------------------------------------- | :------------------------- | :------------------------------------ | :--------- | :---------------------------------------------------------------------------------------------------------- | | Operating Revenue | 10,798,597,233.12 | 16,017,714,011.99 | -32.58% | Primarily due to a decrease in trade revenue and chemical product sales compared to the prior year | | Operating Cost | 5,551,220,548.40 | 12,882,283,866.23 | -56.91% | Primarily due to a decrease in trade revenue and chemical product sales compared to the prior year | | Credit Impairment Losses | 9,290,966.01 | -11,004,144.69 | -184.43% | Primarily due to the reversal of credit impairment losses accrued in the prior year during the reporting period | | Asset Impairment Losses | -100,861,352.88 | -406,377,424.36 | -75.18% | Primarily due to Yanhu Energy Co. accruing inventory impairment provisions in the prior year | | Investment Income | 129,227,167.60 | -100,697,523.41 | -228.33% | Primarily due to the reversal of excess losses from the disposal of a subsidiary in the current reporting period | | Other Income | 24,717,882.43 | 101,173,328.88 | -75.57% | Primarily due to a decrease in government subsidies received compared to the prior year | | Non-Operating Expenses | 386,727,392.73 | 97,513,307.65 | 296.59% | Primarily due to subsidiary Yanhu Energy's provision for illegal mining income and revenue during the reporting period | | Income Tax Expense | 815,386,991.92 | 458,648,165.64 | 77.78% | Primarily due to increased profit during the reporting period compared to the prior year, leading to higher income tax expenses | - Operating revenue decreased by 32.58% year-on-year, primarily due to reduced trade revenue and chemical product sales[7] - Investment income increased by 228.33% year-on-year, mainly due to the reversal of excess losses from subsidiary disposal[7] Analysis of Cash Flow Statement Item Changes | Cash Flow Statement Item | YTD Amount (Jan-Sep) (CNY) | Prior Year YTD Amount (Jan-Sep) (CNY) | Change (%) | Reason Analysis | | :------------------------------------------------------------------------------------- | :------------------------- | :------------------------------------ | :--------- | :---------------------------------------------------------------------------------------------------------- | | Other Cash Received Related to Operating Activities | 587,364,007.96 | 291,136,615.60 | 101.75% | Primarily due to the receipt of repaid debts during the reporting period | | Various Taxes Paid | 1,319,118,050.51 | 3,057,695,532.93 | -56.86% | Primarily due to the payment of overdue taxes from prior years in the same period last year | | Net Cash Flow from Operating Activities | 4,481,759,497.18 | -42,688,493.08 | -10598.75% | Primarily due to increased cash receipts from product sales and reduced cash expenditures compared to the prior period | | Net Cash Received from Disposal of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 10,257.05 | 2,588,280,122.44 | -100.00% | Primarily due to cash received from the disposal of chemical, magnesium, and Haina asset packages in the prior year | | Other Cash Received Related to Investing Activities | 741,777,743.48 | 1,033,301.30 | 71687.17% | Primarily due to gains from the disposal of subsidiary shares during the reporting period | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 528,692,929.87 | 305,528,686.69 | 73.04% | Primarily due to increased payments for subsidiary Lan Ke Lithium's 20,000-ton lithium carbonate project during the reporting period | | Other Cash Paid Related to Investing Activities | 1,023,246,693.44 | 1,103,689.24 | 92611.49% | Primarily due to the purchase of wealth management products with idle funds during the reporting period | | Net Cash Flow from Investing Activities | -809,251,622.78 | 2,288,431,047.81 | -135.36% | Primarily due to cash received from the disposal of chemical, magnesium, and Haina asset packages in the prior year | | Net Cash Flow from Financing Activities | 206,662,594.51 | -368,721,335.66 | -156.05% | Primarily due to subsidiary Lan Ke Lithium receiving investment funds from minority shareholders during the reporting period | - Net cash flow from operating activities was 4.482 billion CNY, a significant improvement from the prior year, primarily due to increased cash receipts from product sales and reduced cash expenditures[7] - Net cash flow from investing activities was -809 million CNY, a 135.36% year-on-year decrease, mainly due to cash received from asset package disposal in the prior year and increased acquisition of fixed assets and wealth management products this period[8] - Net cash flow from financing activities was 207 million CNY, primarily due to subsidiary Lan Ke Lithium receiving investment funds from minority shareholders[8] Shareholder Information This section provides an overview of the company's shareholder structure, including the total number of common shareholders and the top ten shareholders' holdings Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period, the company had 285,673 common shareholders, with Qinghai Provincial State-owned Assets Investment Management Co. holding the largest stake at 13.86%, largely pledged - Total common shareholders at the end of the reporting period: 285,673[9] | Shareholder Name | Shareholder Type | Shareholding (%) | Number of Shares Held | Number of Restricted Shares Held | Pledge, Mark, or Freeze Status | Quantity | | :---------------------------------------------------------------------------- | :---------------------------- | :--------------- | :-------------------- | :------------------------------- | :----------------------------- | :---------- | | Qinghai Provincial State-owned Assets Investment Management Co., Ltd. | State-owned Legal Person | 13.86% | 753,068,895 | | Pledged | 753,000,000 | | Sinochem Group Co., Ltd. | State-owned Legal Person | 10.52% | 571,578,484 | | | | | ICBC Financial Asset Investment Co., Ltd. | State-owned Legal Person | 7.48% | 406,276,871 | | | | | China Development Bank | Domestic Non-State-owned Legal Person | 7.40% | 402,200,881 | | | | | Postal Savings Bank of China Co., Ltd. Qinghai Branch | Domestic Non-State-owned Legal Person | 6.20% | 336,750,156 | | | | | China Construction Bank Co., Ltd. Qinghai Branch | State-owned Legal Person | 6.02% | 326,949,337 | | | | | Bank of China Co., Ltd. Qinghai Branch | Domestic Non-State-owned Legal Person | 5.21% | 283,312,196 | | | | | Agricultural Bank of China Co., Ltd. Qinghai Branch | Domestic Non-State-owned Legal Person | 3.82% | 207,769,728 | | | | | Qinghai Salt Lake Industry Co., Ltd. Bankruptcy Enterprise Asset Disposal Special Account | Domestic Non-State-owned Legal Person | 2.83% | 153,628,322 | | | | | China Cinda Asset Management Co., Ltd. | State-owned Legal Person | 2.19% | 119,205,067 | | | | - Qinghai Provincial State-owned Assets Investment Management Co., Ltd. holds 13.86% of shares, with 753,000,000 shares pledged[9] Other Significant Matters This section details any other significant events or matters impacting the company during the reporting period - There are no other significant matters for this reporting period[10] Quarterly Financial Statements This section includes the company's consolidated balance sheet, income statement, and cash flow statement for the quarter, along with adjustments for new lease standards Consolidated Balance Sheet As of September 30, 2021, total assets reached 25.82 billion CNY, up 28.37% from year-end, with owner's equity attributable to the parent company growing 109.53% to 8.63 billion CNY due to increased profit - As of September 30, 2021, total assets were 25.82 billion CNY, a 28.37% increase from year-end 2020[3][14] - Owner's equity attributable to the parent company was 8.63 billion CNY, a 109.53% increase from year-end 2020, primarily due to increased profit during the reporting period[3][6][14] - Total current assets were 13.44 billion CNY, and total non-current assets were 12.38 billion CNY[12] Consolidated Income Statement from Year-Beginning to End of Reporting Period As of September 2021, total operating revenue was 10.80 billion CNY, down 32.58% YoY; net profit was 4.13 billion CNY, up 90.79%; and net profit attributable to the parent was 3.72 billion CNY, up 75.41% - Year-to-date total operating revenue was 10.80 billion CNY, a 32.58% year-on-year decrease[3][15] - Year-to-date net profit attributable to the parent company was 3.72 billion CNY, a 75.41% year-on-year increase[3][17] - Year-to-date net profit was 4.13 billion CNY, compared to 2.17 billion CNY in the prior period, representing approximately 90.79% year-on-year growth[16] Consolidated Cash Flow Statement from Year-Beginning to End of Reporting Period As of September 2021, net cash flow from operating activities significantly improved to 4.48 billion CNY; investing activities had a net outflow of 809 million CNY due to asset purchases and wealth management; and financing activities generated 207 million CNY from minority shareholder investments - Net cash flow from operating activities was 4.48 billion CNY, a significant improvement from -42.69 million CNY in the prior year[3][19] - Net cash flow from investing activities was -809 million CNY, primarily due to increased acquisition of fixed assets and wealth management products[8][19] - Net cash flow from financing activities was 207 million CNY, primarily due to subsidiary Lan Ke Lithium receiving investment funds from minority shareholders[8][19] Adjustments to Financial Statements at the Beginning of the First Year of Adopting New Lease Standards from 2021 Effective 2021, the company adopted new lease standards, adjusting opening financial statements for items like fixed assets, right-of-use assets, and lease liabilities, resulting in an 18.75 million CNY increase in both total assets and liabilities | Item | Dec 31, 2020 (CNY) | Jan 01, 2021 (CNY) | Adjustment Amount (CNY) | | :------------------------------------ | :----------------- | :----------------- | :---------------------- | | Fixed Assets | 7,176,902,333.06 | 7,173,409,754.68 | -3,492,578.38 | | Right-of-Use Assets | | 22,244,303.54 | 22,244,303.54 | | Total Non-Current Assets | 12,980,518,144.70 | 12,999,269,869.86 | 18,751,725.16 | | Total Assets | 20,109,814,550.88 | 20,128,566,276.04 | 18,751,725.16 | | Non-Current Liabilities Due Within One Year | 310,096,694.13 | 314,098,937.03 | 4,002,242.90 | | Lease Liabilities | | 17,648,762.32 | 17,648,762.32 | | Long-Term Payables | 1,151,693,659.92 | 1,148,794,379.86 | -2,899,280.06 | | Total Non-Current Liabilities | 9,743,839,224.71 | 9,758,588,706.97 | 14,749,482.26 | | Total Liabilities | 14,844,113,259.32 | 14,862,864,984.48 | 18,751,725.16 | | Total Owner's Equity | 5,265,701,291.56 | 5,265,701,291.56 | | | Total Liabilities and Owner's Equity | 20,109,814,550.88 | 20,128,566,276.04 | 18,751,725.16 | - New lease standards resulted in a 22.24 million CNY increase in right-of-use assets and a 17.65 million CNY increase in lease liabilities[21] - After adjustments, both total assets and total liabilities increased by 18.75 million CNY[22] Audit Report The company's Q3 2021 report is unaudited - The company's Q3 report is unaudited[22]