新和成(002001) - 2022 Q1 - 季度财报

Key Financial Data Key Accounting Data and Financial Indicators In Q1 2022, the company reported 4.308 billion yuan in revenue and 1.203 billion yuan in net profit, with operating cash flow decreasing by 61.03% due to new accounting standards Key Accounting Data and Financial Indicators | Indicator | Current Period | Prior Period (Adjusted) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 4,307,991,748.95 | 3,790,255,566.08 | 13.66% | | Net Profit Attributable to Shareholders (yuan) | 1,203,327,294.72 | 1,144,090,085.76 | 5.18% | | Net Cash Flow from Operating Activities (yuan) | 422,441,679.66 | 1,084,019,501.36 | -61.03% | | Basic Earnings Per Share (yuan/share) | 0.47 | 0.44 | 6.82% | | Weighted Average Return on Net Assets | 5.36% | 5.75% | Decreased by 0.39 percentage points | | Total Assets (yuan) | 36,866,945,527.18 | 34,724,025,476.79 | 6.17% (vs. end of prior year) | | Owners' Equity Attributable to Shareholders (yuan) | 22,923,397,133.57 | 21,831,838,010.85 | 5.00% (vs. end of prior year) | - The company adopted "Interpretation No. 15 of Accounting Standards for Business Enterprises" from January 1, 2022, retrospectively adjusting relevant accounting policies, requiring revenue and costs from trial operations to be recognized in current profit or loss instead of offsetting fixed asset costs or R&D expenses[5] Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for the period were 60.56 million yuan, mainly from government grants and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 4,679,172.59 | | Government Grants Recognized in Current Profit or Loss | 33,227,394.33 | | Gains/Losses from Entrusting Others to Invest or Manage Assets | 8,305,996.39 | | Fair Value Changes and Investment Income from Trading Financial Assets/Liabilities | 16,998,294.74 | | Other Non-Operating Income and Expenses | 1,012,255.32 | | Less: Income Tax Impact | 3,636,037.36 | | Less: Impact on Minority Interests (after tax) | 26,840.98 | | Total | 60,560,235.03 | Analysis of Major Financial Data Changes and Reasons Financial data changes were driven by operating and investing activities, with increased prepayments, higher R&D expenses, and reduced operating cash flow due to raw material purchases - Major Balance Sheet Changes: - Prepayments increased by 38.54% from the beginning of the year due to increased prepayments for raw materials and fuel[8] - Other current assets increased by 54.60% from the beginning of the year due to increased purchases of bank wealth management products[8] - Salaries payable decreased by 42.77% from the beginning of the year due to year-end bonus payments[8] - Treasury stock increased by 35.00% from the beginning of the year due to company share repurchases[8] - Major Income Statement Changes: - Research and development expenses increased by 42.50% year-on-year due to increased R&D material input and salaries[9] - Investment income increased by 447.44% year-on-year due to increased investment income from associates and forward foreign exchange settlement gains[9] - Asset impairment losses increased by 156.48% year-on-year due to increased provision for inventory depreciation[9] - Major Cash Flow Statement Changes: - Net cash flow from operating activities decreased by 61.03% year-on-year due to increased raw material purchases for inventory[10] - Net cash flow from investing activities decreased by 46.30% year-on-year due to increased expenditures on wealth management products and fixed asset construction[10] Shareholder Information Common Shareholder Information As of the period end, the company had 64,016 common shareholders, with the largest shareholder holding 48.55% and a diversified top ten shareholder structure - As of the end of the reporting period, the company had 64,016 common shareholders[11] Top Ten Common Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Xinhuacheng Holding Group Co., Ltd. | 48.55% | 1,251,903,644 | | Hong Kong Securities Clearing Company Limited | 2.77% | 71,338,496 | | Shanghai Chongyang Strategic Investment Co., Ltd. - Chongyang Strategic Huizhi Fund | 1.75% | 45,060,167 | | JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | 1.13% | 29,024,075 | | National Social Security Fund 503 Portfolio | 0.80% | 20,499,940 | - Company director Hu Baimian is a director of Xinhuacheng Holding Group Co., Ltd. The company is unaware of any associated relationships or concerted actions among other shareholders[13] Preferred Shareholder Information The company had no preferred shareholders during the reporting period - The company has no preferred shareholders[13] Other Significant Matters Share Repurchase Progress The company's share repurchase plan, for equity incentives, has repurchased 14.55 million shares totaling 432 million yuan as of March 31, 2022 - The company initiated a share repurchase in August 2021, planning to repurchase shares worth 300-600 million yuan at a price not exceeding 41 yuan/share[14] - As of March 31, 2022, the company had cumulatively repurchased 14,552,236 shares (representing 0.5644% of total share capital), with a cumulative transaction amount of 432 million yuan (excluding transaction fees)[14] Progress of Third Employee Stock Ownership Plan The third employee stock ownership plan, holding 10.13 million shares (0.39% of total), completed its lock-up period on February 26, 2022 - The lock-up period for the company's third employee stock ownership plan expired on February 26, 2022, holding 10,131,522 shares, representing 0.39% of the total share capital[14] Progress of Raised Funds Investment Projects As of March 31, 2022, 2.32 billion yuan of the 2017 raised funds (4.867 billion yuan) has been invested, with 3.187 billion yuan remaining - The company raised a net amount of 4.867 billion yuan through a non-public offering in December 2017[14] - As of March 31, 2022, 2.32 billion yuan has been cumulatively invested in raised fund projects, with 233 million yuan invested in Q1 2022, leaving a balance of 3.187 billion yuan[15] Quarterly Financial Statements Financial Statements This section presents the consolidated balance sheet, income statement, and cash flow statement for Q1 2022, reflecting the company's financial position and performance Consolidated Balance Sheet As of March 31, 2022, total assets were 36.87 billion yuan (+6.17%), total liabilities 13.87 billion yuan (+8.15%), and parent equity 22.92 billion yuan (+5.00%) | Item | Period-End Balance (yuan) | Year-Beginning Balance (yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 36,866,945,527.18 | 34,724,025,476.79 | +6.17% | | Total Current Assets | 16,220,793,501.93 | 14,913,757,899.76 | +8.76% | | Total Non-Current Assets | 20,646,152,025.25 | 19,810,267,577.03 | +4.22% | | Total Liabilities | 13,874,457,113.83 | 12,828,456,614.53 | +8.15% | | Total Current Liabilities | 7,179,298,329.95 | 6,477,256,979.42 | +10.84% | | Total Non-Current Liabilities | 6,695,158,783.88 | 6,351,199,635.11 | +5.42% | | Total Owners' Equity | 22,992,488,413.35 | 21,895,568,862.26 | +5.01% | | Total Owners' Equity Attributable to Parent Company | 22,923,397,133.57 | 21,831,838,010.85 | +5.00% | Consolidated Income Statement Q1 2022 total operating revenue was 4.308 billion yuan (+13.66%), with operating costs growing faster than revenue and R&D expenses up 42.50% | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 4,307,991,748.95 | 3,790,255,566.08 | +13.66% | | Total Operating Costs | 2,975,781,501.41 | 2,456,151,541.23 | +21.16% | | Research and Development Expenses | 227,817,615.86 | 159,873,277.76 | +42.50% | | Operating Profit | 1,380,446,698.84 | 1,358,948,410.07 | +1.58% | | Total Profit | 1,380,354,906.80 | 1,358,646,790.89 | +1.60% | | Net Profit | 1,207,852,620.67 | 1,148,289,147.03 | +5.19% | | Net Profit Attributable to Parent Company Owners | 1,203,327,294.72 | 1,144,090,085.76 | +5.18% | | Basic Earnings Per Share | 0.47 | 0.44 | +6.82% | Consolidated Cash Flow Statement Q1 2022 net operating cash flow significantly decreased by 61.03% to 422 million yuan, while investing cash outflow expanded to 1.168 billion yuan | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 422,441,679.66 | 1,084,019,501.36 | -61.03% | | Cash Received from Sales of Goods and Services | 3,613,716,217.09 | 3,261,253,246.04 | +10.81% | | Cash Paid for Goods and Services | 2,509,609,260.22 | 1,578,841,733.53 | +58.95% | | Net Cash Flow from Investing Activities | -1,167,749,765.14 | -798,175,344.66 | -46.30% | | Cash Paid for Acquisition of Fixed Assets and Other Long-Term Assets | 865,447,063.96 | 698,613,138.91 | +23.88% | | Net Cash Flow from Financing Activities | 972,224,884.10 | 1,256,426,727.86 | -22.62% | | Net Increase in Cash and Cash Equivalents | 215,566,505.05 | 1,516,110,455.68 | -85.78% | Audit Report The company's first quarter 2022 financial report remains unaudited - The company's first quarter report is unaudited[25]