山子股份(000981) - 2022 Q3 - 季度财报

Key Financial Data This section provides an overview of the company's key financial performance and position, including income statement, balance sheet, and cash flow highlights Key Accounting Data and Financial Indicators The company's Q3 operating revenue increased by 14.34% year-over-year, while year-to-date revenue decreased by 7.82%; net profit attributable to shareholders significantly grew year-to-date by 125.58% due to the restructuring plan, and net cash flow from operating activities decreased by 135.45% | Indicator | Current Period (Q3 2022) | YoY Change (Q3 2022) | Year-to-Date (YTD 2022) | YoY Change (YTD 2022) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | CNY 966.25 million | 14.34% | CNY 2.76 billion | -7.82% | | Net Profit Attributable to Shareholders (CNY) | CNY -222.17 million | 14.12% | CNY 167.81 million | 125.58% | | Net Profit Attributable to Shareholders Excluding Non-recurring Items (CNY) | CNY -253.79 million | 0.69% | CNY -825.59 million | -20.39% | | Net Cash Flow from Operating Activities (CNY) | — | — | CNY -628.20 million | -135.45% | | Basic Earnings Per Share (CNY/share) | -0.0222 CNY/share | 14.29% | 0.0168 CNY/share | 125.61% | | Balance Sheet Indicators | End of Current Period | Change from End of Prior Year | End of Prior Year | | | Total Assets (CNY) | CNY 17.76 billion | -17.47% | CNY 21.52 billion | | | Shareholders' Equity Attributable to Listed Company (CNY) | CNY 5.43 billion | 72.05% | CNY 3.16 billion | | Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled CNY 31.62 million for the quarter and CNY 993.40 million year-to-date, with debt restructuring gains of CNY 1.03 billion being the primary positive driver for the company's net profit | Item | Amount for Current Period (CNY) | Amount Year-to-Date (CNY) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | CNY 36.74 million | CNY -2.03 million | | Government Grants Recognized in Current P&L | CNY 2.66 million | CNY 15.09 million | | Debt Restructuring Gains/Losses | | CNY 1.03 billion | | Enterprise Restructuring Expenses | CNY -6.66 million | CNY -9.12 million | | Other Non-operating Income and Expenses | CNY 6.76 million | CNY 31.65 million | | Total | CNY 31.62 million | CNY 993.40 million | - Year-to-date, debt restructuring gains contributed CNY 1.03 billion in non-recurring income, a key factor in the company's net profit turning positive[8] Changes and Reasons for Key Accounting Data and Financial Indicators Multiple key indicators across the company's balance sheet, income statement, and cash flow statement experienced significant changes, primarily influenced by the execution of the restructuring plan, debt restructuring gains, and shifts in operating activities, reflecting the outcomes of asset disposal, debt restructuring, and capital structure adjustments | Balance Sheet Item | Period-End Amount (CNY million) | Period-Beginning Amount (CNY million) | Change Percentage | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | CNY 1.55 billion | CNY 3.28 billion | -52.95% | Primarily due to payments for engineering, goods, investments, and loan repayments in the current period | | Financial Assets Held for Trading | — | CNY 1.13 billion | -100.00% | Due to the disposal of 49% equity in Shanxi Kaineng Mining Co., Ltd. and recovery of performance compensation from the former controlling shareholder's related parties as part of the restructuring plan in the current period | | Other Receivables | CNY 373.85 million | CNY 1.72 billion | -78.23% | Primarily due to the recovery of principal and interest on funds occupied by the former controlling shareholder's related parties and performance compensation as part of the restructuring plan in the current period | | Long-term Borrowings | CNY 1.48 billion | CNY 46.43 million | 3,088.97% | Primarily due to the reclassification of non-current liabilities due within one year in the current period | | Share Capital | CNY 7.89 billion | CNY 1.93 billion | 310.07% | Due to the conversion of capital reserves into share capital as part of the restructuring plan in the current period | | Equity Attributable to Parent Company Owners | CNY 5.43 billion | CNY 3.16 billion | 72.05% | Primarily due to the implementation of debt-for-equity swaps and conversion of restructuring investors' funds into shares as part of the restructuring plan in the current period | | Income Statement Item | Current Period (Jan-Sep 2022, CNY million) | Prior Period (Jan-Sep 2021, CNY million) | Change Percentage | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Investment Income | CNY 1.01 billion | CNY 22.98 million | 4,315.58% | Primarily due to debt restructuring gains arising from partial debt-for-equity swaps completed in the current period | | Operating Profit | CNY 80.63 million | CNY -816.06 million | 109.88% | Primarily due to debt restructuring gains arising from partial debt-for-equity swaps completed in the current period | | Net Profit Attributable to Shareholders | CNY 167.81 million | CNY -656.00 million | 125.58% | Main reasons for change are the same as above | | Cash Flow Statement Item | Current Period (Jan-Sep 2022, CNY million) | Prior Period (Jan-Sep 2021, CNY million) | Change Percentage | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | CNY -628.20 million | CNY -266.80 million | -135.46% | Primarily due to a decrease in sales collections compared to the same period last year | | Net Cash Flow from Investing Activities | CNY -826.33 million | CNY -314.26 million | -162.94% | Primarily due to an increase in investment payments compared to the same period last year | | Net Cash Flow from Financing Activities | CNY 937.72 million | CNY 199.94 million | 369.00% | Primarily due to the transfer of restructuring investment funds from the administrator's account to the company's account in the current period | Shareholder Information This section details the total number of common shareholders and the shareholding structure of the top ten shareholders, including their nature, ownership percentages, and any pledge or freeze conditions Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 33,008 common shareholders; among the top ten, Jiaxing Zihe Jinxin Equity Investment Partnership held the largest stake at 29.89%, entirely comprising restricted shares, with some major shareholders having pledged or frozen shares and acting in concert - The total number of common shareholders at the end of the reporting period was 33,008[18] | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Pledge/Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongxin Zihe Private Equity Fund Management (Zhejiang) Co., Ltd. - Jiaxing Zihe Jinxin Equity Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 29.89% | 2,988,200,641 | 2,988,200,641 | None | | Yinyi Co., Ltd. Bankruptcy Enterprise Property Disposal Special Account | Domestic Non-state-owned Legal Person | 10.30% | 1,030,011,626 | 0 | None | | Ningbo Shengzhou Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 9.23% | 922,611,132 | 922,611,132 | Pledged 899,569,207 | | Ningbo Yinyi Holdings Co., Ltd. | Domestic Non-state-owned Legal Person | 7.48% | 747,383,347 | 0 | Pledged 711,353,407 | | Xiong Jikai | Domestic Natural Person | 7.12% | 711,557,036 | 22,599,765 | Frozen, Pledged 711,557,036 | | Tibet Yinyi Investment Management Co., Ltd. | Domestic Non-state-owned Legal Person | 4.82% | 481,414,795 | 481,414,795 | Frozen, Pledged 481,414,795 | | Ningbo Development Investment Group Co., Ltd. | State-owned Legal Person | 4.61% | 460,877,536 | 0 | None | | Lu Guohua | Domestic Natural Person | 1.03% | 103,000,000 | 0 | Frozen, Pledged 103,000,000 | | Ningbo Haosheng Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 0.40% | 40,024,181 | 0 | None | | Zhang Yu | Domestic Natural Person | 0.37% | 36,599,125 | 0 | None | - Among the top ten shareholders, Ningbo Yinyi Holdings Co., Ltd., Ningbo Shengzhou Investment Co., Ltd., Xiong Jikai, and Tibet Yinyi Investment Management Co., Ltd. are acting in concert[18] Other Significant Matters This section covers the progress of the Zhidou Electric Vehicle restructuring, the company's new energy strategy, investment and withdrawal from a partnership, and the ongoing execution of the company's own restructuring plan Zhidou Electric Vehicle Co., Ltd. Restructuring Progress and New Energy Strategy The company's original plan to acquire control of Zhidou Electric Vehicle Co., Ltd. through restructuring terminated due to a lack of consensus, but the company remains committed to advancing Zhidou's restructuring and its new energy strategy, with its subsidiary's first EV model having completed model review and entered prototype production and winter testing preparation - The Memoranda of Understanding signed between the company and the administrator of Zhidou Electric Vehicle Co., Ltd. automatically terminated on August 31, 2022, as no consensus was reached on the restructuring plan[21] - The company will continue to actively coordinate all parties and fully advance Zhidou Auto's restructuring, steadfastly implementing its new energy development strategy[21] - Ningbo Zhidao New Energy Technology Co., Ltd., a subsidiary of the company, has completed the model review for its first new energy vehicle, entering the prototype production phase and actively preparing for winter testing[21] Partnership Investment and Withdrawal Status The company's wholly-owned subsidiary, Ningbo Zhidao Enterprise Management Co., Ltd., successfully withdrew from a partnership and recovered its CNY 240 million investment due to the partnership's lack of substantive business progress, with all necessary industrial and commercial procedures completed - The company's wholly-owned subsidiary, Ningbo Zhidao Enterprise Management Co., Ltd., has withdrawn from the partnership and recovered its entire CNY 240 million investment, with all relevant industrial and commercial procedures completed[22][23] - The reason for withdrawal was the partnership's lack of substantive business progress[22] Restructuring Plan Execution Progress The company's restructuring plan is progressing, with capital reserve to share capital conversion and partial cash repayment of secured and ordinary debts completed; the Sixth Creditors' Meeting approved an adjustment to the restructuring investment agreement, and the related overdue liquidated damages have been paid by Jiaxing Zihe Jinxin, leading the company to apply for court confirmation of the plan's completion and termination of the restructuring proceedings - The company's capital reserve to share capital conversion plan has been fully implemented[23] - The company has used restructuring investment funds to complete the first, second, and third installments of repayment and interest for secured creditors, totaling CNY 176 million; it also completed cash repayment of ordinary debts for 129 creditors, totaling CNY 122 million[23] - The Sixth Creditors' Meeting approved an adjustment to Article 11 (III) of the Restructuring Investment Agreement, and Jiaxing Zihe Jinxin Equity Investment Partnership has paid CNY 63.45 million in liquidated damages, with the related breach of contract responsibilities now resolved[23] - The company and the administrator have applied to the Ningbo Intermediate People's Court to rule on the completion of the Restructuring Plan and terminate Yinyi Co., Ltd.'s restructuring proceedings[23] Quarterly Financial Statements This section presents the company's unaudited consolidated financial statements for the third quarter of 2022, including the balance sheet, income statement, and cash flow statement, providing a detailed view of its financial performance and position Financial Statements This section provides the company's consolidated balance sheet as of September 30, 2022, and the consolidated income statement and cash flow statement for the period from January 1 to September 30, 2022, detailing its financial position, operating results, and cash flows Consolidated Balance Sheet This table presents the company's financial position, including assets, liabilities, and equity, as of September 30, 2022 - As of September 30, 2022, the company's total assets were CNY 17.76 billion, a 17.47% decrease from CNY 21.52 billion at the beginning of the year; equity attributable to parent company owners was CNY 5.43 billion, a 72.05% increase from CNY 3.16 billion at the beginning of the year[26][28][31] Consolidated Income Statement from Year-Beginning to End of Reporting Period This table details the company's revenues, expenses, and net profit for the nine months ended September 30, 2022 - From January to September 2022, the company achieved total operating revenue of CNY 2.76 billion, a 7.82% year-over-year decrease; net profit attributable to parent company shareholders was CNY 167.81 million, turning profitable from CNY -656.00 million in the prior year, primarily due to a significant increase in investment income (debt restructuring gains)[31][34][37] Consolidated Cash Flow Statement from Year-Beginning to End of Reporting Period This table outlines the cash inflows and outflows from operating, investing, and financing activities for the nine months ended September 30, 2022 - From January to September 2022, net cash flow from operating activities was CNY -628.20 million, a 135.46% year-over-year decrease; net cash flow from investing activities was CNY -826.33 million, a 162.94% year-over-year decrease; net cash flow from financing activities was CNY 937.72 million, a 369.00% year-over-year increase, mainly due to the transfer of restructuring investment funds to the company's account[38][41] - The consolidated balance sheet presents the company's assets, liabilities, and owners' equity as of September 30, 2022[26][28][31] - The consolidated income statement from year-beginning to end of reporting period reflects the company's operating revenue, costs, profit, and other comprehensive income from January 1 to September 30, 2022[31][34][37] - The consolidated cash flow statement from year-beginning to end of reporting period lists the net cash flows from operating, investing, and financing activities for the company from January 1 to September 30, 2022[38][41] Audit Report The company's 2022 third-quarter report is unaudited - The company's third-quarter report is unaudited[42]