天润工业(002283) - 2022 Q1 - 季度财报

Main Financial Data This section provides an overview of the company's key financial performance and position for the first quarter of 2022, including significant changes in accounting data and financial indicators Key Accounting Data and Financial Indicators The company's Q1 2022 financial performance significantly declined, with substantial year-over-year decreases in operating revenue, net profit attributable to parent, and net cash flow from operating activities, while total assets slightly decreased and owners' equity increased Key Accounting Data and Financial Indicators for Q1 2022 | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 930.10 million | 1.57 billion | -40.88% | | Net Profit Attributable to Shareholders of Listed Company | 93.79 million | 172.15 million | -45.52% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 94.86 million | 165.56 million | -42.70% | | Net Cash Flow from Operating Activities | 50.25 million | 188.94 million | -73.40% | | Basic Earnings Per Share (RMB / share) | 0.08 | 0.15 | -46.67% | | Diluted Earnings Per Share (RMB / share) | 0.08 | 0.15 | -46.67% | | Weighted Average Return on Net Assets | 1.68% | 3.38% | -1.70% | | Period-End Indicator | Current Period-End (RMB) | Prior Year-End (RMB) | Change from Prior Year-End (%) | | Total Assets | 8.48 billion | 8.88 billion | -4.48% | | Owners' Equity Attributable to Shareholders of Listed Company | 5.63 billion | 5.53 billion | 1.73% | Non-Recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses for the current period were negative, primarily due to fair value changes in financial assets and non-current asset disposal losses, partially offset by government grants and investment income Non-Recurring Gains and Losses Items and Amounts for Q1 2022 | Item | Current Period Amount (RMB) | Description | | :--- | :--- | :--- | | Non-current asset disposal gains and losses | -0.34 million | | | Government grants included in current profit and loss | 1.96 million | | | Gains and losses from entrusted investment or asset management | 4.01 million | | | Gains and losses from fair value changes of transactional financial assets and investment income | -7.07 million | | | Other non-operating income and expenses | 0.03 million | | | Other non-recurring gains and losses | 0.17 million | | | Less: Income tax impact | -0.18 million | | | Total | -1.07 million | -- | Changes and Reasons for Key Accounting Data and Financial Indicators This section details the reasons for significant changes in the balance sheet, income statement, and cash flow statement items during the reporting period, reflecting market demand shifts, capital management adjustments, and operational efficiency impacts Changes in Balance Sheet Items This section details the period-end changes in key balance sheet items and their underlying causes Changes and Reasons for Major Balance Sheet Items | Item | Period-End Balance (million RMB) | Period-Start Balance (million RMB) | Change Amount (million RMB) | Change (%) | Primary Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 483.48 | 710.11 | -226.63 | -31.92% | Primarily due to a decrease in bank acceptance deposits during the current period | | Receivables Financing | 1.37 | 1.99 | -0.62 | -31.12% | Primarily due to the maturity of bank acceptance bills during the current period | | Other Receivables | 9.74 | 14.66 | -4.93 | -33.60% | Primarily due to the recovery of petty cash during the current period | | Construction in Progress | 444.13 | 314.85 | 129.29 | 41.06% | Primarily due to equipment purchased in the prior period being in place during the current period | | Other Non-Current Assets | 26.09 | 130.12 | -104.03 | -79.95% | Primarily due to equipment purchased in the prior period being in place during the current period | | Employee Benefits Payable | 5.35 | 35.42 | -30.08 | -84.91% | Primarily due to accrued salaries from the prior period being paid during the current period | | Taxes Payable | 22.92 | 67.27 | -44.35 | -65.93% | Primarily due to the settlement of 2021 corporate income tax and payment of prior period corporate income tax during the current period | Changes in Income Statement Items This section outlines the period-over-period changes in key income statement items and their contributing factors Changes and Reasons for Major Income Statement Items | Item | Current Period Amount (million RMB) | Prior Year Period Amount (million RMB) | Change Amount (million RMB) | Change (%) | Primary Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 930.10 | 1,573.23 | -643.13 | -40.88% | Primarily due to strong demand in the domestic heavy truck market in the prior year (due to National V to National VI emission standard switch), while market demand significantly decreased in the current period | | Operating Cost | 712.33 | 1,208.94 | -496.61 | -41.08% | Primarily due to a decrease in operating revenue, leading to a synchronous decrease in operating cost | | Selling Expenses | 8.28 | 12.52 | -4.25 | -33.91% | Primarily due to reduced shipments in the current period compared to the prior year, leading to a corresponding decrease in sales rebates, warehousing fees, and other selling expenses | | Financial Expenses | -1.43 | 1.02 | -2.45 | -240.45% | Primarily due to ample funds in the current period, reducing bank financing, decreasing interest expenses, and increasing interest income, leading to a decrease in financial expenses | | Investment Income | 4.01 | 2.08 | 1.93 | 92.38% | Primarily due to increased redemption of bank wealth management products in the current period, leading to an increase in investment income | | Gains from Fair Value Changes | -7.07 | - | -7.07 | -100.00% | Primarily due to fair value change losses from financial assets measured at fair value and whose changes are recognized in current profit and loss | | Credit Impairment Losses | -5.13 | -18.88 | 13.76 | 72.85% | Primarily due to a decrease in accounts receivable in the current period compared to the prior year, leading to a corresponding reversal of bad debt provisions | | Non-Operating Income | 0.03 | - | 0.03 | 100.00% | Primarily due to penalties received from suppliers for delayed delivery in the current period | | Non-Operating Expenses | 0.34 | 2.55 | -2.21 | -86.52% | Primarily due to higher fixed asset disposal expenses in the prior year | Changes in Cash Flow Statement Items This section highlights the period-over-period changes in key cash flow statement items and their primary drivers - Net cash flow from operating activities was 50.25 million RMB, a decrease of 138.68 million RMB from the prior year, primarily due to reduced operating revenue and lower accounts receivable collections[9] - Net cash flow from investing activities was -57.26 million RMB, a decrease of 123.29 million RMB from the prior year, mainly due to increased purchases of bank wealth management products[9] - Net cash flow from financing activities was -40.11 million RMB, an increase of 215.80 million RMB from the prior year, primarily due to higher bank loan repayments in the prior year[9] Shareholder Information This section provides details on the company's shareholder structure, including the total number of common shareholders and the holdings of the top ten shareholders Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 41,944 common shareholders, with high concentration among the top ten, including Tianrun United Group Co., Ltd. and Xing Yunbo as major shareholders, with some shares pledged, and related party and concerted action relationships disclosed - Total number of common shareholders at period-end: 41,944[10] - Total number of preferred shareholders with restored voting rights at period-end: 0[10] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage (%) | Number of Shares Held | Number of Restricted Shares Held | Pledge, Mark, or Freeze Status (Share Status/Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianrun United Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 15.36% | 174,991,840 | 0 | Pledged: 72,500,000 | | Xing Yunbo | Domestic Natural Person | 11.89% | 135,528,925 | 101,646,694 | - | | China Construction Bank Co., Ltd. - Huaxia Energy Innovation Stock Fund | Other | 4.09% | 46,571,038 | 0 | - | | Wang Lei | Domestic Natural Person | 3.72% | 42,338,300 | 0 | - | | Sun Haitao | Domestic Natural Person | 2.13% | 24,214,246 | 18,160,684 | - | | National Social Security Fund 118 Portfolio | Other | 1.93% | 22,004,238 | 0 | - | | Bank of China Co., Ltd. - Huaxia Industry Prosperity Mixed Fund | Other | 1.50% | 17,099,900 | 0 | - | | Liu Xin | Domestic Natural Person | 1.35% | 15,395,800 | 0 | - | | Huan Xinze | Overseas Natural Person | 1.30% | 14,825,049 | 0 | - | | Qu Yuanquan | Domestic Natural Person | 1.30% | 14,825,049 | 0 | - | - Xing Yunbo is the company's Chairman and actual controller, also serving as Chairman and legal representative of Tianrun United Group Co., Ltd., holding 51.63% of its equity[15] - Sun Haitao is the company's Vice Chairman, also serving as Vice Chairman and General Manager of Tianrun United Group Co., Ltd., holding 9.22% of its equity[15] - Tianrun United Group Co., Ltd., Xing Yunbo, Sun Haitao, Huan Xinze, Qu Yuanquan, and Hong Jun are concerted parties[15] - The company's dedicated share repurchase account holds 21,404,388 shares, representing a 1.88% stake[14] Preferred Shareholder Information The company had no preferred shareholders during the current reporting period - The company has no preferred shareholders[16] Other Significant Matters This section covers other important events during the reporting period, including the completion of the equity incentive plan and the signing of a strategic cooperation framework agreement Implementation of Equity Incentive Plan The company completed the cancellation of expired unexercised stock options from the third exercise period of the initial grant and the second exercise period of the reserved grant, marking the full implementation of the 2014 stock option incentive plan - 1,000,000 unexercised stock options from the third exercise period of the initial grant were cancelled[16] - 708,700 unexercised stock options from the second exercise period of the reserved grant were cancelled[16] - The company's 2014 stock option incentive plan has been fully implemented[16] Signing of Strategic Cooperation Framework Agreement The company signed a strategic cooperation framework agreement with Mando China Holdings Co., Ltd. to explore potential business collaboration opportunities for automotive chassis system products, with the project team currently conducting feasibility studies - On January 10, 2022, the company signed a Strategic Cooperation Framework Agreement with Mando China Holdings Co., Ltd[19] - Both parties will conduct in-depth discussions on potential business cooperation opportunities for automotive chassis system products[19] - Currently, the project team is conducting feasibility studies[19] Quarterly Financial Statements This section presents the company's unaudited consolidated financial statements for the first quarter of 2022, including the balance sheet, income statement, and cash flow statement Financial Statements This section provides the company's consolidated balance sheet, income statement, and cash flow statement for the first quarter of 2022, comprehensively presenting the financial position, operating results, and cash flows at the end of the reporting period Consolidated Balance Sheet This table presents the company's consolidated financial position as of March 31, 2022, detailing assets, liabilities, and owners' equity Consolidated Balance Sheet (As of March 31, 2022) | Item | Period-End Balance (RMB) | Year-Start Balance (RMB) | | :--- | :--- | :--- | | Assets | | | | Cash and Cash Equivalents | 483.48 million | 710.11 million | | Transactional Financial Assets | 396.18 million | 478.95 million | | Notes Receivable | 931.43 million | 1.09 billion | | Accounts Receivable | 1.09 billion | 1.01 billion | | Inventories | 1.58 billion | 1.53 billion | | Total Current Assets | 4.60 billion | 4.93 billion | | Fixed Assets | 2.88 billion | 2.96 billion | | Construction in Progress | 444.13 million | 314.85 million | | Total Non-Current Assets | 3.88 billion | 3.94 billion | | Total Assets | 8.48 billion | 8.88 billion | | Liabilities | | | | Short-Term Borrowings | 847.00 million | 917.05 million | | Notes Payable | 1.11 billion | 1.37 billion | | Accounts Payable | 626.84 million | 707.27 million | | Employee Benefits Payable | 5.35 million | 35.42 million | | Total Current Liabilities | 2.65 billion | 3.14 billion | | Total Non-Current Liabilities | 174.01 million | 178.02 million | | Total Liabilities | 2.83 billion | 3.32 billion | | Owners' Equity | | | | Share Capital | 1.14 billion | 1.14 billion | | Capital Reserves | 1.48 billion | 1.48 billion | | Retained Earnings | 2.82 billion | 2.73 billion | | Total Owners' Equity Attributable to Parent Company | 5.63 billion | 5.53 billion | | Total Owners' Equity | 5.65 billion | 5.56 billion | Consolidated Income Statement This table presents the company's consolidated operating results for the first quarter of 2022, detailing revenues, costs, expenses, and net profit Consolidated Income Statement (Q1 2022) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 930.10 million | 1.57 billion | | Including: Operating Revenue | 930.10 million | 1.57 billion | | II. Total Operating Costs | 819.53 million | 1.36 billion | | Including: Operating Costs | 712.33 million | 1.21 billion | | Taxes and Surcharges | 7.22 million | 9.75 million | | Selling Expenses | 8.28 million | 12.52 million | | Administrative Expenses | 37.89 million | 44.55 million | | Research and Development Expenses | 55.25 million | 78.70 million | | Financial Expenses | -1.43 million | 1.02 million | | Add: Other Income | 2.13 million | 2.35 million | | Investment Income | 4.01 million | 2.08 million | | Gains from Fair Value Changes | -7.07 million | - | | Credit Impairment Losses | -5.13 million | -18.88 million | | III. Operating Profit | 104.51 million | 203.31 million | | Add: Non-Operating Income | 0.03 million | - | | Less: Non-Operating Expenses | 0.34 million | 2.55 million | | IV. Total Profit | 104.20 million | 200.76 million | | Less: Income Tax Expense | 10.76 million | 28.74 million | | V. Net Profit | 93.44 million | 172.01 million | | Net Profit Attributable to Parent Company Shareholders | 93.79 million | 172.15 million | | VI. Net Other Comprehensive Income After Tax | 0.02 million | 0.03 million | | VII. Total Comprehensive Income | 93.46 million | 172.04 million | | VIII. Earnings Per Share: Basic Earnings Per Share | 0.08 | 0.15 | | VIII. Earnings Per Share: Diluted Earnings Per Share | 0.08 | 0.15 | Consolidated Cash Flow Statement This table presents the company's consolidated cash inflows and outflows from operating, investing, and financing activities for the first quarter of 2022 Consolidated Cash Flow Statement (Q1 2022) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | I. Cash Flows from Operating Activities: | | | | Cash received from sales of goods and rendering of services | 987.06 million | 1.51 billion | | Cash received relating to other operating activities | 495.70 million | 29.55 million | | Subtotal of cash inflows from operating activities | 1.50 billion | 1.54 billion | | Cash paid for goods and services | 867.55 million | 925.62 million | | Cash paid to and on behalf of employees | 144.28 million | 137.65 million | | Payments of all types of taxes | 77.21 million | 121.37 million | | Cash paid relating to other operating activities | 357.93 million | 167.08 million | | Subtotal of cash outflows from operating activities | 1.45 billion | 1.35 billion | | Net Cash Flow from Operating Activities | 50.25 million | 188.94 million | | II. Cash Flows from Investing Activities: | | | | Cash received from investment income | 4.01 million | 2.08 million | | Cash received relating to other investing activities | 541.00 million | 493.00 million | | Subtotal of cash inflows from investing activities | 545.01 million | 495.08 million | | Cash paid for acquisition of fixed assets, intangible assets, and other long-term assets | 136.97 million | 142.05 million | | Cash paid relating to other investing activities | 465.30 million | 287.00 million | | Subtotal of cash outflows from investing activities | 602.27 million | 429.05 million | | Net Cash Flow from Investing Activities | -57.26 million | 66.03 million | | III. Cash Flows from Financing Activities: | | | | Cash received from investments | 1.95 million | 3.38 million | | Cash received from borrowings | 78.00 million | 245.09 million | | Subtotal of cash inflows from financing activities | 113.95 million | 248.47 million | | Cash paid for repayment of debts | 153.64 million | 472.94 million | | Cash paid for distribution of dividends, profits, or interest payments | 0.42 million | 5.76 million | | Subtotal of cash outflows from financing activities | 154.06 million | 504.38 million | | Net Cash Flow from Financing Activities | -40.11 million | -255.91 million | | IV. Effect of foreign exchange rate changes on cash and cash equivalents | -1.40 million | -1.61 million | | V. Net increase in cash and cash equivalents | -48.52 million | -2.55 million | | VI. Cash and cash equivalents at end of period | 66.20 million | 137.00 million | Audit Report The company's first quarter 2022 report is unaudited - This report is unaudited[46]