联络互动(002280) - 2023 Q3 - 季度财报

Report Overview Important Notice The board, supervisory board, and senior management guarantee the report's accuracy, while key financial officers attest to the financial information's integrity - The board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility[3] - The company's head, chief accountant, and head of accounting department attest to the truthfulness, accuracy, and completeness of the financial information[3] Audit Status The third-quarter report for the current period remains unaudited - The company's third-quarter report is unaudited[4] Key Financial Data Key Accounting Data and Financial Indicators Q3 2023 saw revenue decline 5.44% and net loss narrow 56.26%; year-to-date revenue fell 11.92% with net loss expanding 5.47%, while total assets and equity significantly decreased Key Accounting Data and Financial Indicators for Q3 2023 and Year-to-Date | Indicator | Current Period (CNY) | YoY Change for Current Period | Year-to-Date (CNY) | YoY Change for Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,500,043,542.56 | -5.44% | 7,891,276,823.71 | -11.92% | | Net Profit Attributable to Shareholders of Listed Company | -148,629,654.49 | 56.26% | -626,877,965.32 | -5.47% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -147,763,865.86 | 11.11% | -538,275,323.23 | -26.29% | | Basic Earnings Per Share (CNY/share) | -0.07 | 56.25% | -0.29 | -7.41% | | Diluted Earnings Per Share (CNY/share) | -0.07 | 56.25% | -0.29 | -7.41% | | Weighted Average Return on Net Assets | -52.49% | -24.38% | -128.15% | -82.35% | | Period-End Indicators | End of Current Period (CNY) | End of Previous Year (CNY) | Change from Previous Year-End | | | Total Assets | 8,108,280,960.58 | 9,298,735,938.43 | -12.80% | | | Owners' Equity Attributable to Shareholders of Listed Company | 228,125,784.27 | 750,209,735.58 | -69.59% | | Non-Recurring Gains and Losses Items and Amounts During the reporting period, non-recurring gains and losses totaled -CNY 865,788.63, and -CNY 88.60 million year-to-date, influenced by non-current asset disposal, government grants, fair value changes of financial assets, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts (Unit: CNY) | Item | Amount for Current Period | Amount from Year-Start to End of Reporting Period | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -73,368.00 | 13,209,313.07 | | Government Grants Included in Current Profit/Loss | 921,286.54 | 4,408,738.90 | | Fair Value Changes and Investment Income from Trading Financial Assets, etc. | 37,442.11 | -72,386,929.08 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 11,760,022.12 | 13,116,557.39 | | Other Non-Operating Income and Expenses Apart from the Above | -12,277,885.93 | -36,836,691.33 | | Less: Income Tax Impact | 7,433.50 | 338,424.00 | | Impact on Minority Interests (After Tax) | 1,225,851.97 | 9,775,207.04 | | Total | -865,788.63 | -88,602,642.09 | Changes and Reasons for Key Accounting Data and Financial Indicators The company experienced significant changes in balance sheet, income statement, and cash flow statement metrics; trading financial assets decreased 99.94% due to sales, fixed assets increased 62.78% from building usage, revenue declined 11.92% from e-commerce/media, investment income fell 100.55% due to prior year stock sales, and net operating cash flow decreased 64.34% from reduced sales collections Balance Sheet Item Changes and Reasons (Year-to-Date) | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Trading Financial Assets | -99.94% | Primarily due to the sale of trading financial assets in the current period | | Fixed Assets | 62.78% | Primarily due to Lianluo Building being put into use and new office building purchases by subsidiaries in the current period | | Construction in Progress | -98.57% | Primarily due to the completion and commissioning of Lianluo Building | | Contract Liabilities | -39.98% | Primarily due to a decrease in advance receipts for contracts compared to the end of the previous year | | Taxes Payable | -35.33% | Primarily due to decreased revenue, leading to reduced taxes | | Other Current Liabilities | -55.90% | Primarily due to a lower estimated return rate for e-commerce in the current period | Income Statement Item Changes and Reasons (Year-to-Date) | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | -11.92% | Primarily due to a decrease in e-commerce and media business compared to the same period last year | | Operating Costs | -8.41% | Primarily due to decreased revenue, leading to reduced costs | | Selling Expenses | -16.82% | Primarily due to decreased revenue, leading to reduced related expenses | | Investment Income | -100.55% | Primarily due to the sale of Razer shares in the same period last year | | Fair Value Change Income | 70.10% | Primarily due to changes in the fair value of trading financial assets | | Non-Operating Expenses | -49.91% | Primarily due to a decrease in penalty interest compared to the same period last year | | Income Tax Expense | 82.32% | Primarily due to an increase in deferred income tax expense compared to the same period last year | Cash Flow Statement Item Changes and Reasons (Year-to-Date) | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -64.34% | Primarily due to a decrease in sales collections compared to the same period last year | | Net Cash Flow from Investing Activities | -60.40% | Primarily due to a decrease in investment recovery compared to the same period last year | | Net Cash Flow from Financing Activities | 66.45% | Primarily due to a decrease in bank guarantee payments compared to the same period last year | | Net Increase in Cash and Cash Equivalents | -178.28% | Jointly influenced by the above factors | Shareholder Information Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 116,578 common shareholders; among the top ten, He Zhitao held 13.24%, with most shares pledged and frozen, and some shareholders held shares via margin accounts - The total number of common shareholders at the end of the reporting period was 116,578[11] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Ratio | Number of Shares Held | Number of Restricted Shares Held | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | He Zhitao | Domestic Natural Person | 13.24% | 288,328,578 | 216,246,433 | Pledged | 287,511,303 | | | | | | | Frozen | 288,328,578 | | Gan Yitan | Domestic Natural Person | 4.11% | 89,567,100 | 0 | | | | Shenzhen Zhongzhi Industrial Investment M&A Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.07% | 66,766,977 | 0 | Frozen | 66,766,977 | | Shanghai Panyao Asset Management Co., Ltd. - Panyao Yuanyue Customized No. 1 Private Securities Investment Fund | Other | 1.37% | 29,811,496 | 0 | | | | Chen Li | Domestic Natural Person | 0.72% | 15,696,136 | 0 | Pledged | 3,796,090 | | Shi Junsheng | Domestic Natural Person | 0.51% | 11,076,050 | 0 | | | | Qian Jiamiao | Domestic Natural Person | 0.50% | 10,900,150 | 0 | | | | Shi Xueqin | Domestic Natural Person | 0.50% | 10,869,200 | 0 | | | | Gao Yanfeng | Domestic Natural Person | 0.41% | 9,000,031 | 0 | | | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.38% | 8,359,296 | 0 | | | - He Zhitao, the company's actual controller, has most of his shares pledged and frozen[11] - Shanghai Panyao Asset Management Co., Ltd. - Panyao Yuanyue Customized No. 1 Private Securities Investment Fund and Shi Xueqin hold shares through margin trading and securities lending accounts[12] Preferred Shareholder Information The company has no preferred shareholders - The company has no preferred shareholders[13] Other Significant Matters Major Debt Situation The company faces multiple overdue bank loans totaling over CNY 1 billion and USD 66.46 million from various banks; some debts are settled or extended, others are under negotiation or enforcement - The company reached a settlement and extension until November 30, 2023, for overdue loans with China Bank Zhejiang Branch, totaling CNY 149.63 million in principal and USD 66.46 million in M&A loan principal[13] - Overdue loans with China Merchants Bank Hangzhou Branch, totaling CNY 108.92 million in principal, are currently under enforcement, with the company negotiating repayment plans including debt transfer and installments[13] - The mortgage loan for Beijing Lianluo Building (principal CNY 314.92 million) was acquired by Zheshang Asset Management Co., Ltd.; the Hangzhou Lianluo construction project mortgage loan (principal CNY 137.27 million) was acquired in 2020, with a repayment plan extended to September 30, 2024[13] - The company has overdue loans with Huaxia Bank, Pudong Development Bank, Everbright Bank, Industrial and Commercial Bank of China, and Zheshang Bank, totaling approximately CNY 870 million in principal, with some settled or extended, and others under negotiation or enforcement[13] Debt Resolution Plan The company is actively raising funds by disposing of assets, discussing comprehensive debt solutions with asset management companies, and seeking government support to resolve debt issues promptly - The company plans to repay debts through asset monetization, Newegg F-3 financing for old share sales, and secondary market sales of Newegg shares[13] - The company is accelerating the disposal of liquid and fixed assets to raise funds for bank loan repayments[14] - The company is discussing a comprehensive debt resolution plan with asset management companies and reporting to government departments for support to resolve debt issues soon[14] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2023, total assets were CNY 8.11 billion, down 12.80% from year-start; total liabilities were CNY 7.55 billion, and total owners' equity was CNY 562.32 million, with parent company equity at CNY 228.13 million, a 69.59% decrease Consolidated Balance Sheet Key Data (Unit: CNY) | Item | September 30, 2023 | January 1, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 8,108,280,960.58 | 9,298,735,938.43 | -12.80% | | Total Current Assets | 3,325,342,530.42 | 4,605,940,831.29 | -27.79% | | Total Non-Current Assets | 4,782,938,430.16 | 4,692,795,107.14 | 1.92% | | Total Liabilities | 7,545,964,673.61 | 8,070,992,573.36 | -6.51% | | Total Owners' Equity | 562,316,286.97 | 1,227,743,365.07 | -54.19% | | Total Owners' Equity Attributable to Parent Company | 228,125,784.27 | 750,209,735.58 | -69.59% | - Trading financial assets decreased by 99.94% from CNY 395 million at year-start to CNY 229,600, primarily due to sales during the period[16][9] - Fixed assets increased by 62.78% from CNY 458 million at year-start to CNY 746 million, mainly due to the Lianluo Building being put into use[16][9] Consolidated Income Statement from Year-Start to End of Reporting Period Year-to-date, total operating revenue was CNY 7.89 billion, down 11.92%; total operating costs were CNY 8.74 billion, resulting in an operating loss of CNY 847 million and a net loss of CNY 871 million, with parent company net loss expanding 5.47% to CNY 627 million Consolidated Income Statement Key Data (Year-to-Date, Unit: CNY) | Item | Current Period Amount | Prior Period Amount | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 7,891,276,823.71 | 8,959,096,989.74 | -11.92% | | Total Operating Costs | 8,744,485,436.76 | 9,571,208,275.66 | -8.64% | | Operating Profit | -847,470,846.46 | -731,364,903.94 | -15.87% | | Total Profit | -881,279,963.08 | -818,548,996.19 | -7.66% | | Net Profit | -871,171,077.62 | -761,364,857.44 | -14.42% | | Net Profit Attributable to Parent Company Shareholders | -626,877,965.32 | -594,360,061.06 | -5.47% | | Minority Interest Income/Loss | -244,293,112.30 | -167,004,796.38 | -46.28% | | Basic Earnings Per Share | -0.29 | -0.27 | -7.41% | - Investment income decreased by 100.55% from CNY 86.57 million in the prior year to -CNY 479,800 this period, primarily due to the sale of Razer shares in the prior year[19][9] Consolidated Cash Flow Statement from Year-Start to End of Reporting Period Year-to-date, net cash flow from operating activities was -CNY 394 million, down 64.34% due to reduced sales collections; net cash flow from investing activities was CNY 197 million, down 60.40% due to reduced investment recovery; net cash flow from financing activities was -CNY 155 million, improving 66.45% due to reduced bank guarantee payments; net increase in cash and cash equivalents was -CNY 338 million Consolidated Cash Flow Statement Key Data (Year-to-Date, Unit: CNY) | Item | Current Period Amount | Prior Period Amount | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -393,899,253.97 | -239,680,012.60 | -64.34% | | Net Cash Flow from Investing Activities | 196,724,078.00 | 496,813,187.36 | -60.40% | | Net Cash Flow from Financing Activities | -154,565,690.06 | -460,747,220.30 | 66.45% | | Net Increase in Cash and Cash Equivalents | -337,760,314.48 | -121,372,958.24 | -178.28% | | Cash and Cash Equivalents at Period End | 815,226,384.58 | 987,997,914.99 | -17.49% | - Operating cash inflows totaled CNY 8.475 billion and outflows CNY 8.868 billion, resulting in a net outflow of CNY 394 million, primarily due to reduced sales collections[21][10] - Investing cash inflows totaled CNY 421 million and outflows CNY 224 million, resulting in a net inflow of CNY 197 million, primarily due to reduced investment recovery compared to the prior year[21][10] - Financing cash inflows totaled CNY 280 million and outflows CNY 435 million, resulting in a net outflow of CNY 155 million, primarily due to reduced bank guarantee payments compared to the prior year[22][10] Explanation of New Accounting Standards Adjustments Effective January 1, 2023, the company early adopted new accounting standards for deferred income tax, adjusting year-start financial statements for deferred tax assets, liabilities, retained earnings, and minority interests - Effective January 1, 2023, the company early adopted the accounting treatment provisions in Interpretation No. 16 of Accounting Standards for Business Enterprises regarding deferred income tax related to assets and liabilities arising from single transactions, where the initial recognition exemption does not apply[23] New Accounting Standards Adjustment (January 1, 2023) | Item | December 31, 2022 (CNY) | Cumulative Impact Amount (CNY) | January 1, 2023 (CNY) | | :--- | :--- | :--- | :--- | | Deferred Income Tax Assets | 115,856,809.69 | 13,107,453.82 | 128,964,263.51 | | Deferred Income Tax Liabilities | 42,911,619.99 | 27,798,878.11 | 70,710,498.10 | | Retained Earnings | -4,680,212,938.32 | -8,697,323.18 | -4,688,910,261.50 | | Minority Interests | 477,533,629.49 | -5,994,101.11 | 471,539,528.38 | Audit Report The company's 2023 third-quarter report is unaudited - The company's third-quarter report is unaudited[24]