天润工业(002283) - 2022 Q3 - 季度财报

Important Disclosures Statement on Report Authenticity The company's board of directors, supervisory board, and all senior management declare this quarterly report's content to be true, accurate, and complete, assuming legal responsibility - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report and assume legal responsibility[4] - The company's responsible person, chief accountant, and head of accounting department declare the financial information to be true, accurate, and complete[4] Audit Status This company's 2022 third-quarter report has not been audited - The company's third-quarter report is unaudited[5] Key Financial Data Key Accounting Data and Financial Indicators The company experienced significant year-over-year declines in Q3 2022 and year-to-date revenue and net profit attributable to shareholders Key Financial Indicators for Q3 2022 and Year-to-Date | Indicator | Current Period (CNY) | YoY Change (%) | Year-to-Date (CNY) | YTD YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 770,901,313.95 | -23.04% | 2,342,044,688.03 | -41.81% | | Net Profit Attributable to Shareholders | 30,655,724.47 | -76.81% | 161,625,893.38 | -63.58% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 31,670,275.58 | -76.19% | 174,992,648.59 | -59.24% | | Net Cash Flow from Operating Activities | — | — | 416,496,767.47 | -7.46% | | Basic Earnings Per Share (CNY/Share) | 0.02 | -81.82% | 0.14 | -64.10% | | Diluted Earnings Per Share (CNY/Share) | 0.02 | -81.82% | 0.14 | -64.10% | | Weighted Average Return on Net Assets | 0.54% | -1.95% | 2.88% | -5.65% | | End of Current Period | End of Prior Year | Change from Prior Year-End (%) | | | | Total Assets (CNY) | 8,070,849,817.19 | 8,876,430,800.71 | -9.08% | | | Equity Attributable to Shareholders (CNY) | 5,583,289,272.10 | 5,531,481,163.90 | 0.94% | | Non-Recurring Gains and Losses Non-recurring gains and losses for the period were negative, primarily due to asset disposal losses, fair value changes, and other non-operating items Non-Recurring Gains and Losses for Q3 2022 and Year-to-Date | Item | Current Period Amount (CNY) | Year-to-Date Amount (CNY) | | :--- | :--- | :--- | | Non-current Asset Disposal Gains and Losses | -2,501,964.34 | -5,972,555.61 | | Government Subsidies Included in Current Profit/Loss | 4,610,329.42 | 11,941,249.82 | | Gains and Losses from Entrusted Investment or Asset Management | 1,417,721.84 | 6,016,551.47 | | Gains and Losses from Fair Value Changes of Trading Financial Assets/Liabilities, and Investment Income from Disposal of Trading/Available-for-Sale Financial Assets | -3,761,188.40 | -24,918,028.34 | | Other Non-Operating Income and Expenses Apart from the Above | -1,050,000.00 | -3,015,458.47 | | Less: Income Tax Impact | -270,550.37 | -2,412,265.23 | | Total | -1,014,551.11 | -13,366,755.21 | Analysis of Changes in Key Accounting Data and Financial Indicators Multiple key indicators across the balance sheet, income statement, and cash flow statement showed significant changes, driven by factors such as reduced bank acceptance deposits, increased wealth management product purchases, decreased heavy truck market demand, and foreign exchange gains Balance Sheet Key Item Changes and Reasons (Period-End vs. Year-Start Balance) | Item | Period-End Balance (CNY 10k) | Year-Start Balance (CNY 10k) | Change (%) | Primary Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 27,431.75 | 71,011.14 | -61.37% | Primarily due to a decrease in bank acceptance deposits during the period | | Trading Financial Assets | 70,143.64 | 47,895.44 | 46.45% | Primarily due to an increase in wealth management product purchases compared to the beginning of the year | | Other Current Assets | 656.01 | 3,610.80 | -81.83% | Primarily due to a decrease in the ending balance of VAT input tax credit during the period | | Construction in Progress | 44,748.16 | 31,484.57 | 42.13% | Primarily due to an increase in equipment purchases during the period | | Other Non-current Assets | 725.00 | 13,011.81 | -94.43% | Primarily due to equipment purchased in the prior period being in place during the current period | | Notes Payable | 62,091.69 | 136,571.48 | -54.54% | Primarily due to a decrease in material purchases during the period, leading to a reduction in bank acceptance settlement business | | Contract Liabilities | 1,434.79 | 1,032.85 | 38.92% | Primarily due to an increase in advance receipts for goods during the period | | Taxes Payable | 3,184.01 | 6,726.66 | -52.67% | Primarily due to the final settlement of 2021 corporate income tax and payment of prior period corporate income tax during the period | | Other Current Liabilities | 186.52 | 134.27 | 38.91% | Primarily due to an increase in advance receipts for goods at the end of the period, leading to a corresponding increase in deferred output tax transferred to other current liabilities | Income Statement Key Item Changes and Reasons (Current Period vs. Prior Period) | Item | Current Period Amount (CNY 10k) | Prior Period Amount (CNY 10k) | Change (%) | Primary Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 234,204.47 | 402,509.38 | -41.81% | Primarily due to strong demand in the domestic heavy truck market in the prior period (due to National V to National VI emission standard switch), while market demand in the current period significantly decreased, leading to reduced operating revenue | | Operating Cost | 184,203.09 | 309,925.94 | -40.57% | Primarily due to a decrease in operating revenue, leading to a synchronous decrease in operating cost | | R&D Expenses | 13,661.09 | 19,693.32 | -30.63% | Primarily due to changes in R&D structure and reduced R&D material input during the period | | Financial Expenses | -1,020.33 | 1,677.77 | -160.81% | 1. Primarily due to abundant funds, reduced bank financing, decreased interest expenses, increased interest income, and lower financing interest rates during the period, leading to reduced financial expenses; 2. Foreign exchange gains from rising foreign currency exchange rates offset financial expenses | | Investment Income | 604.48 | 322.13 | 87.65% | Primarily due to an increase in redeemed bank wealth management products and corresponding investment income during the period | | Fair Value Change Income | -2,491.80 | 0.00 | -100.00% | The company purchased Shangchai shares in October 2021, determining the fair value change income for that period | | Credit Impairment Losses | 130.07 | 1,103.70 | -88.22% | Primarily due to a decrease in accounts receivable compared to the prior period, leading to a corresponding reversal of bad debt provisions | | Asset Impairment Losses | -26.46 | -1,547.86 | 98.29% | Primarily due to the determination of asset impairment losses based on the net realizable value of inventory | | Asset Disposal Income | -5.74 | 18.81 | -130.52% | Primarily due to losses from asset disposals during the period | | Non-Operating Income | 3.45 | 9.69 | -64.40% | Primarily due to assets received as gifts from customers in the prior period | - Net cash flow from operating activities was CNY 416.50 million, a decrease of CNY 33.57 million from the prior period, mainly due to reduced operating revenue and accounts receivable collection[17] - Net cash flow from investing activities was -CNY 461.02 million, a decrease of CNY 26.75 million from the prior period, primarily due to increased purchases of wealth management products[18] - Net cash flow from financing activities was CNY 14.88 million, an increase of CNY 65.09 million from the prior period, mainly due to reduced repayment of bank loans in the prior period[18] Shareholder Information Total Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 46,519 common shareholders, with Tianrun United Group Co., Ltd. and Xing Yunbo as the top two, holding 15.36% and 11.89% respectively - Total common shareholders at period-end were 46,519 accounts[19] Top 10 Shareholder Holdings | Shareholder Name | Shareholder Type | Holding Percentage (%) | Number of Shares Held | Number of Restricted Shares Held | Share Status | Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianrun United Group Co., Ltd. | Domestic Non-State Legal Person | 15.36% | 174,991,840 | | 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 | | | | | Wang Lei | Domestic Natural Person | 2.92% | 33,238,300 | | | | | Sun Haitao | Domestic Natural Person | 2.13% | 24,214,246 | 18,160,684 | | | | National Social Security Fund 118 Portfolio | Other | 2.02% | 23,004,238 | | | | | Liu Xin | Domestic Natural Person | 1.35% | 15,395,800 | | | | | Xun Xinze | Domestic Natural Person | 1.30% | 14,825,049 | | | | | Qu Yuanquan | Domestic Natural Person | 1.30% | 14,825,049 | | | | | Hong Jun | Domestic Natural Person | 1.30% | 14,825,049 | | | | - Xing Yunbo, the company's Chairman and actual controller, has an associated relationship with Tianrun United Group Co., Ltd[21][22] Preferred Shareholder Information The company has no preferred shareholders - The company has no preferred shareholders[25] Other Significant Matters Implementation of Equity Incentive Plan The company cancelled 1,708,700 expired unexercised stock options during the reporting period, marking the completion of the 2014 equity incentive plan - The company cancelled 1,000,000 stock options from the first grant's third exercise period that had expired unexercised[25] - The company cancelled 708,700 stock options from the reserved grant's second exercise period that had expired unexercised[25] - The 2014 equity incentive plan was fully implemented during the reporting period[25] Signing of Strategic Cooperation Framework Agreement The company signed a Strategic Cooperation Framework Agreement with Mando China Holdings Co., Ltd. to explore potential business opportunities in automotive chassis system products - The company signed a Strategic Cooperation Framework Agreement with Mando China Holdings Co., Ltd[26] - The cooperation focuses on potential business opportunities for automotive chassis system products[26] - The Mando project is currently in the market research phase[26] Quarterly Financial Statements Financial Statements This section presents the company's consolidated balance sheet, income statement, and cash flow statement, detailing financial position, operating results, and cash flows Consolidated Balance Sheet As of September 30, 2022, total assets were CNY 8.07 billion, a 9.08% decrease from the beginning of the year, with significant changes in monetary funds, notes receivable, and notes payable Consolidated Balance Sheet Key Data (As of Sep 30, 2022 vs. Jan 1, 2022) | Item | Sep 30, 2022 (CNY) | Jan 1, 2022 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 274,317,474.36 | 710,111,350.02 | | Trading Financial Assets | 701,436,361.72 | 478,954,390.06 | | Notes Receivable | 761,334,711.86 | 1,087,067,552.44 | | Accounts Receivable | 999,649,003.70 | 1,012,240,831.94 | | Inventory | 1,424,126,064.76 | 1,530,832,673.62 | | Total Current Assets | 4,251,538,375.11 | 4,934,486,364.43 | | Fixed Assets | 2,841,295,149.59 | 2,961,624,829.47 | | Construction in Progress | 447,481,557.68 | 314,845,691.62 | | Total Non-current Assets | 3,819,311,442.08 | 3,941,944,436.28 | | Total Assets | 8,070,849,817.19 | 8,876,430,800.71 | | Short-term Borrowings | 1,052,000,000.00 | 917,051,180.56 | | Notes Payable | 620,916,887.54 | 1,365,714,809.12 | | Accounts Payable | 529,962,347.69 | 707,271,927.12 | | Total Current Liabilities | 2,307,017,957.95 | 3,143,308,171.50 | | Total Liabilities | 2,464,814,738.79 | 3,321,327,785.97 | | Total Equity Attributable to Parent Company Shareholders | 5,583,289,272.10 | 5,531,481,163.90 | | Total Equity | 5,606,035,078.40 | 5,555,103,014.74 | | Total Liabilities and Equity | 8,070,849,817.19 | 8,876,430,800.71 | Consolidated Income Statement (Year-to-Date) Year-to-date total operating revenue was CNY 2.34 billion, down 41.81% year-over-year, with net profit at CNY 161 million, down 63.58%, primarily due to reduced operating profit and financial expenses turning negative Consolidated Income Statement Key Data (Year-to-Date vs. Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 2,342,044,688.03 | 4,025,093,807.13 | | Operating Cost | 1,842,030,855.56 | 3,099,259,386.41 | | R&D Expenses | 136,610,902.07 | 196,933,226.21 | | Financial Expenses | -10,203,288.37 | 16,777,672.42 | | Investment Income | 6,044,833.89 | 3,221,323.04 | | Fair Value Change Income | -24,918,028.34 | 0.00 | | Credit Impairment Losses | 1,300,747.19 | 11,036,977.37 | | Asset Impairment Losses | -264,582.34 | -15,478,610.31 | | Operating Profit | 181,251,067.28 | 518,388,753.85 | | Total Profit | 172,320,491.51 | 509,985,714.83 | | Income Tax Expense | 11,570,642.67 | 66,953,978.13 | | Net Profit | 160,749,848.84 | 443,031,736.70 | | Net Profit Attributable to Parent Company Shareholders | 161,625,893.38 | 443,766,541.01 | | Basic Earnings Per Share | 0.14 | 0.39 | | Diluted Earnings Per Share | 0.14 | 0.39 | Consolidated Cash Flow Statement (Year-to-Date) Year-to-date net cash flow from operating activities was CNY 416 million, down 7.46% year-over-year, while net cash outflow from investing activities was CNY 461 million due to increased wealth management product purchases, and net cash inflow from financing activities turned positive Consolidated Cash Flow Statement Key Data (Year-to-Date vs. Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 2,402,954,683.31 | 4,323,623,389.46 | | Cash Received Related to Other Operating Activities | 419,524,604.54 | 21,755,651.72 | | Subtotal of Cash Inflows from Operating Activities | 2,869,151,391.53 | 4,373,712,403.18 | | Cash Paid for Goods and Services | 1,853,907,421.65 | 2,760,359,784.88 | | Cash Paid to and for Employees | 278,967,435.10 | 304,664,019.96 | | Cash Paid Related to Other Operating Activities | 168,061,460.81 | 678,908,645.48 | | Subtotal of Cash Outflows from Operating Activities | 2,452,654,624.06 | 3,923,642,885.40 | | Net Cash Flow from Operating Activities | 416,496,767.47 | 450,069,517.78 | | Cash Received Related to Other Investing Activities | 1,839,700,000.00 | 1,254,020,000.00 | | Subtotal of Cash Inflows from Investing Activities | 1,845,887,311.77 | 1,257,429,431.08 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 219,804,659.22 | 325,688,820.99 | | Cash Paid Related to Other Investing Activities | 2,087,100,000.00 | 1,366,005,880.85 | | Subtotal of Cash Outflows from Investing Activities | 2,306,904,659.22 | 1,691,694,701.84 | | Net Cash Flow from Investing Activities | -461,017,347.45 | -434,265,270.76 | | Cash Received from Borrowings | 743,000,000.00 | 830,630,000.00 | | Cash Paid for Debt Repayment | 613,638,639.00 | 800,532,300.00 | | Cash Paid for Distribution of Dividends, Profits, or Interest | 116,432,599.22 | 62,266,918.28 | | Net Cash Flow from Financing Activities | 14,883,554.58 | -50,207,059.55 | | Net Increase in Cash and Cash Equivalents | -27,491,414.82 | -34,152,198.27 | Audit Report The company's 2022 third-quarter report has not been audited - The company's third-quarter report is unaudited[46]