众泰汽车(000980) - 2023 Q3 - 季度财报

Report Overview This report summarizes the company's third-quarter financial performance, shareholder details, and other key disclosures, confirming financial data integrity and unaudited status Important Notice and Declaration This quarterly report emphasizes the assurance of financial information by key personnel and states that the report is unaudited - The company's responsible persons, chief accountant, and head of the accounting department declare and guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[1][17] - The company's third-quarter report is unaudited[1][49] Major Financial Data The company reported a Q3 2023 revenue decline and net loss, with year-to-date revenue growth offset by continued losses and notable shifts in financial indicators Key Accounting Data and Financial Indicators Zotye Auto's Q3 2023 revenue decreased by 14.46% year-over-year, with a net loss of CNY 163.38 million, while year-to-date revenue increased by 9.45% but net loss remained at CNY 447.31 million 2023 Third Quarter and Year-to-Date Key Financial Indicators | Indicator | Current Period (Q3 2023) | YoY Change in Current Period | Year-to-Date (YTD 2023) | YoY Change in Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 160,780,815.99 | -14.46% | 531,742,275.35 | 9.45% | | Net Profit Attributable to Shareholders (CNY) | -163,381,701.16 | -17.00% | -447,312,230.08 | -7.26% | | Net Profit Attributable to Shareholders Excluding Non-recurring Items (CNY) | -164,489,632.02 | -15.44% | -504,250,908.61 | -17.74% | | Net Cash Flow from Operating Activities (CNY) | — | — | -146,284,787.98 | 14.10% | | Basic Earnings Per Share (CNY/share) | -0.03 | 0.00% | -0.09 | -12.50% | | Diluted Earnings Per Share (CNY/share) | -0.03 | 0.00% | -0.09 | -12.50% | | Weighted Average Return on Net Assets | -7.38% | -3.10% | -20.21% | -7.34% | | Period-End Indicators | Current Period End | Previous Year End | Change from Previous Year End | | | Total Assets (CNY) | 6,762,004,217.40 | 7,120,922,650.31 | -5.04% | | | Owners' Equity Attributable to Shareholders (CNY) | 1,989,632,850.42 | 2,436,945,080.50 | -18.36% | | Non-recurring Gains and Losses Total non-recurring gains and losses for the current period amounted to CNY 1.11 million, with a year-to-date total of CNY 56.94 million, primarily from non-current asset disposal, government grants, and other non-operating income/expenses Non-recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (CNY) | Amount from Year-to-Date (CNY) | | :--- | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off portion of asset impairment provisions) | 668,785.00 | 1,660,552.82 | | Government grants recognized in current profit or loss | 2,236,806.79 | 4,118,134.08 | | Gains or losses from debt restructuring | | -303,683.40 | | Other non-operating income and expenses apart from the above | -1,572,114.44 | 70,249,918.13 | | Less: Income tax impact | 207,292.98 | 18,776,203.46 | | Impact on minority interests (after tax) | 18,253.51 | 10,039.64 | | Total | 1,107,930.86 | 56,938,678.53 | Analysis of Changes in Key Accounting Data and Financial Indicators The company experienced significant changes in balance sheet, income statement, and cash flow statement items, driven by increases in inventory, R&D expenses, new factory purchases, intercompany payables, and product quality provisions Changes and Reasons for Key Accounting Data and Financial Indicators | Item | Period-End/Current Period Amount (CNY) | Period-Beginning/Previous Period Amount (CNY) | Change Percentage | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Balance Sheet Items | | | | | | Other receivables | 51,414,285.39 | 105,215,941.42 | -51.13% | Primarily due to recovery of intercompany receivables in the current period | | Inventories | 294,114,074.80 | 207,049,713.49 | 42.05% | Primarily due to increased inventory in the automotive segment | | Right-of-use assets | 73,968,863.82 | 132,453,716.10 | -44.15% | Primarily due to accumulated depreciation of right-of-use assets | | Development expenditures | 152,808,529.95 | 105,986,744.07 | 44.18% | Primarily due to increased R&D expenses for automotive models in the current period | | Other non-current assets | 91,156,954.60 | 20,787,301.48 | 338.52% | Primarily due to new factory purchases in the current period | | Other payables | 471,703,415.01 | 315,744,525.00 | 49.39% | Primarily due to increased intercompany payables in the current period | | Provisions | 1,323,045.00 | 160,309.77 | 725.31% | Primarily due to increased provision for product quality assurance in the current period | | Income Statement Items (Jan-Sep 2023) | | | | | | Taxes and surcharges | 40,469,386.55 | 13,457,456.55 | 200.72% | Primarily due to increased tax payments in the current period | | R&D expenses | 22,111,514.29 | 15,141,909.78 | 46.03% | Primarily due to increased R&D expenses for automotive models in the current period | | Investment income | -303,683.40 | -7,614,894.50 | 96.01% | Primarily due to reduced restructuring gains from implementing the reorganization plan in the current period | | Asset impairment losses | -46,869,729.81 | 205,747.72 | -22880.19% | Primarily due to increased impairment losses compared to the same period last year | | Non-operating income | 73,411,812.11 | 8,821,987.92 | 732.15% | Primarily due to increased litigation compensation received in the current period | | Non-operating expenses | 3,887,834.99 | 1,875,417.82 | 107.31% | Primarily due to increased asset disposal losses in the current period | | Minority interest income | 1,117,129.32 | 85,183.30 | 1211.44% | Primarily due to increased net profit of the door industry company in the current period | | Cash Flow Statement Items (Jan-Sep 2023) | | | | | | Tax refunds received | 16,357,554.13 | 100,066,352.00 | -83.65% | Primarily due to reduced VAT credit refunds received in the current period | | Cash received relating to other operating activities | 202,230,437.76 | 96,314,464.27 | 109.97% | Primarily due to increased litigation compensation received in the current period | | Net cash received from disposal of fixed assets, intangible assets, and other long-term assets | 76,523,493.52 | 1,756,350.00 | 4256.96% | Primarily due to increased disposal of machinery and equipment in the current period | | Net cash flow from investment activities | -51,183,123.52 | 256,882,641.07 | -119.92% | Primarily due to reduced cash received from other investment activities in the current period | | Net cash flow from financing activities | 156,849,530.42 | -17,586,834.49 | 991.86% | Primarily due to increased cash received from other financing activities in the current period | Shareholder Information The company's shareholder structure shows 215,647 common shareholders, with the top holders, including the controlling shareholder, having significant frozen shares, and no preferred shareholders Common Shareholder Holdings As of the end of the reporting period, the company had 215,647 common shareholders, with Jiangsu Shenshang Holding Group and its concerted parties holding significant frozen shares - The total number of common shareholders at the end of the reporting period was 215,647[37] Top 10 Common Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held (shares) | Share Status | Pledged, Marked, or Frozen Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Shenshang Holding Group Co., Ltd. | Domestic Non-State Legal Person | 14.81% | 747,000,000 | Frozen | 747,000,000 | | Zheshang Bank Co., Ltd. Jinhua Branch | Domestic Non-State Legal Person | 9.35% | 471,357,323 | Unrestricted | Unrestricted | | Shenzhen Guomin Digital Information Technology Co., Ltd. | Domestic Non-State Legal Person | 7.56% | 381,000,000 | Frozen | 381,000,000 | | Zotye Auto Co., Ltd. Bankruptcy Enterprise Property Disposal Special Account | Domestic Non-State Legal Person | 7.39% | 372,748,817 | Unrestricted | Unrestricted | | Tieniu Group Co., Ltd. | Domestic Non-State Legal Person | 4.85% | 244,644,832 | Frozen/Pledged | 244,644,832 (Frozen), 177,849,058 (Pledged) | | Great Wall (Deyang) Changfu Investment Fund Partnership (Limited Partnership) | Domestic Non-State Legal Person | 2.41% | 121,341,408 | Unrestricted | Unrestricted | | Yongkang Zhixin Enterprise Management Co., Ltd. | Domestic Non-State Legal Person | 1.61% | 81,052,513 | Frozen | 81,052,513 | | Jilin Zhongfu Tongren Investment Center (Limited Partnership) | Domestic Non-State Legal Person | 0.59% | 30,000,000 | Frozen | 30,000,000 | | Hangzhou Dajiangdong Urban Infrastructure Construction Co., Ltd. | Domestic Non-State Legal Person | 0.49% | 24,837,052 | Unrestricted | Unrestricted | | Shenzhen Wanchi Investment Partnership (Limited Partnership) | Domestic Non-State Legal Person | 0.46% | 23,000,000 | Frozen | 23,000,000 | - Jiangsu Shenshang Holding Group Co., Ltd. is the company's reorganization investor, and Shenzhen Guomin Digital Information Technology Co., Ltd., Jilin Zhongfu Tongren Investment Center (Limited Partnership), and Shenzhen Wanchi Investment Partnership (Limited Partnership) are concerted parties of Jiangsu Shenshang Holding Group Co., Ltd[27] Preferred Shareholder Holdings The company has no preferred shareholders - The company has no preferred shareholders[10] Other Important Matters Key matters include a change in the controlling shareholder's equity structure, which did not affect its controlling status, and the company's adoption of new accounting standards with an unaudited quarterly report Changes in Controlling Shareholder's Equity Structure The equity structure of the controlling shareholder, Jiangsu Shenshang Holding Group Co., Ltd., changed from a single shareholder to two, but its controlling status and shareholding quantity remain unchanged - The equity structure of the controlling shareholder, Jiangsu Shenshang Holding Group Co., Ltd., changed from a single shareholder, Shenshang Holding, to two shareholders: Shenshang Holding (33%) and Shenzhen Shenshang Pengcheng Technology Industrial Co., Ltd. (67%)[39] - After the equity change, the number of shares held by Jiangsu Shenshang in the company remains unchanged, and it continues to be the controlling shareholder[39] Accounting Standard Adjustments and Audit Status The report notes the company's first adoption of new accounting standards in 2023, with adjustments to the opening financial statements, and confirms the quarterly report is unaudited - The company first adopted new accounting standards in 2023 and adjusted relevant items in the opening financial statements for that year[36] - The company's third-quarter report is unaudited[49] Quarterly Financial Statements The consolidated financial statements show total assets of CNY 6.76 billion, a net loss of CNY 446.19 million, and improved operating cash flow but negative investment cash flow year-to-date Consolidated Balance Sheet As of September 30, 2023, the company's total assets were CNY 6.76 billion, a 5.04% decrease from the beginning of the year, with total liabilities of CNY 4.77 billion and total owners' equity of CNY 2.00 billion Consolidated Balance Sheet Key Data | Item | September 30, 2023 (CNY) | January 1, 2023 (CNY) | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | 809,600,351.14 | 1,009,519,515.63 | | Accounts receivable | 1,506,929,439.75 | 1,571,867,377.59 | | Inventories | 294,114,074.80 | 207,049,713.49 | | Total current assets | 3,376,421,232.05 | 3,625,353,055.20 | | Fixed assets | 1,368,356,455.75 | 1,517,268,314.53 | | Intangible assets | 1,557,696,081.85 | 1,588,071,807.03 | | Development expenditures | 152,808,529.95 | 105,986,744.07 | | Total non-current assets | 3,385,582,985.35 | 3,495,569,595.11 | | Total Assets | 6,762,004,217.40 | 7,120,922,650.31 | | Liabilities | | | | Short-term borrowings | 1,210,234,476.84 | 1,215,753,914.60 | | Other payables | 471,703,415.01 | 315,744,525.00 | | Total current liabilities | 3,108,642,236.56 | 2,930,059,278.70 | | Long-term borrowings | 1,487,933,065.70 | 1,579,348,902.41 | | Total non-current liabilities | 1,657,655,866.39 | 1,748,962,156.40 | | Total Liabilities | 4,766,298,102.95 | 4,679,021,435.10 | | Owners' Equity | | | | Total owners' equity attributable to parent company | 1,989,632,850.42 | 2,436,945,080.50 | | Minority interests | 6,073,264.03 | 4,956,134.71 | | Total Owners' Equity | 1,995,706,114.45 | 2,441,901,215.21 | Consolidated Income Statement From year-to-date, the company's total operating revenue reached CNY 531.74 million, a 9.45% increase year-over-year, but reported a net loss of CNY 446.19 million, with the loss attributable to parent company shareholders at CNY 447.31 million Consolidated Income Statement Key Data (Year-to-Date) | Item | Current Period Amount (Jan-Sep 2023) (CNY) | Previous Period Amount (Jan-Sep 2022) (CNY) | | :--- | :--- | :--- | | Total operating revenue | 531,742,275.35 | 485,813,854.94 | | Total operating costs | 982,178,626.22 | 883,603,276.92 | | Operating profit (loss indicated by "-") | -515,313,402.22 | -423,012,204.51 | | Total profit (total loss indicated by "-") | -445,789,425.10 | -416,065,634.41 | | Net profit (net loss indicated by "-") | -446,195,100.76 | -416,930,937.14 | | Net profit attributable to parent company shareholders (net loss indicated by "-") | -447,312,230.08 | -417,016,120.44 | | Minority interest income (net loss indicated by "-") | 1,117,129.32 | 85,183.30 | | Basic earnings per share | -0.09 | -0.08 | | Diluted earnings per share | -0.09 | -0.08 | Consolidated Cash Flow Statement Year-to-date, net cash flow from operating activities was -CNY 146.28 million, an improvement from the prior year, while investment activities resulted in -CNY 51.18 million, and financing activities generated CNY 156.85 million Consolidated Cash Flow Statement Key Data (Year-to-Date) | Item | Current Period Amount (Jan-Sep 2023) (CNY) | Previous Period Amount (Jan-Sep 2022) (CNY) | | :--- | :--- | :--- | | Net cash flow from operating activities | -146,284,787.98 | -170,293,660.55 | | Net cash flow from investment activities | -51,183,123.52 | 256,882,641.07 | | Net cash flow from financing activities | 156,849,530.42 | -17,586,834.49 | | Net increase in cash and cash equivalents | -40,578,672.77 | 69,020,525.05 | | Cash and cash equivalents at end of period | 75,441,649.59 | 103,417,097.30 | - Operating cash inflows totaled CNY 828 million, with outflows of CNY 975 million[35] - Investment cash inflows totaled CNY 77 million, with outflows of CNY 128 million[35] - Financing cash inflows totaled CNY 416 million, with outflows of CNY 259 million[49]