康盛股份(002418) - 2022 Q1 - 季度财报

Important Content Notice The Board, Supervisory Board, and senior management guarantee the quarterly report's truthfulness, accuracy, and completeness, with financial information also certified as true and accurate, and the report is unaudited - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming legal responsibility[3] - The company's responsible person, chief accountant, and head of accounting department declare that the financial information is true, accurate, and complete[3] - This quarterly report is unaudited[3] Major Financial Data Q1 2022 saw an 80.94% revenue increase, but net profit and operating cash flow turned negative, decreasing by 146.29% and 327.05% respectively Major Accounting Data and Financial Indicators Q1 2022 revenue grew significantly by 80.94%, while net profit and operating cash flow both turned to losses, declining by 146.29% and 327.05% 2022 Q1 Major Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,035,220,925.87 | 572,127,220.61 | 80.94% | | Net Profit Attributable to Shareholders | -10,789,944.05 | 23,308,162.57 | -146.29% | | Net Profit Attributable to Shareholders (excluding non-recurring items) | -11,877,576.10 | 20,557,893.52 | -157.78% | | Net Cash Flow from Operating Activities | -200,253,775.89 | 88,199,134.77 | -327.05% | | Basic Earnings Per Share | -0.010 | 0.021 | -147.62% | | Diluted Earnings Per Share | -0.010 | 0.021 | -147.62% | | Weighted Average Return on Equity | -0.72% | 1.61% | -2.33% | | End of Period Indicators | End of Current Period (CNY) | End of Prior Year (CNY) | Change (%) | | Total Assets | 3,077,561,548.16 | 2,668,440,767.97 | 15.33% | | Owner's Equity Attributable to Shareholders | 1,496,339,871.26 | 1,506,426,378.10 | -0.67% | Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled CNY 1,087,632.05 for the period, positively impacting net profit through government subsidies and other items 2022 Q1 Non-recurring Gains and Losses Items and Amounts | Item | Current Period Amount (CNY) | | :--- | :--- | | Non-current asset disposal gains/losses | -564,083.82 | | Tax refunds/reductions from unauthorized approvals | 598,205.66 | | Government subsidies included in current profit/loss | 1,308,701.23 | | Debt restructuring gains/losses | 4,328.00 | | Other non-operating income and expenses | 89,246.06 | | Less: Income tax impact | 327,444.67 | | Minority interest impact (after tax) | 21,320.41 | | Total | 1,087,632.05 | Changes and Reasons for Major Accounting Data and Financial Indicators Significant changes in financial indicators, including accounts receivable, prepayments, and cash flows, were primarily driven by the Chengdu Public Transport order and financing activities 2022 Q1 Major Accounting Data and Financial Indicators Changes and Reasons | Item | Change (%) | Reason | | :--- | :--- | :--- | | Accounts Receivable | 57.38% | Primarily due to uncollected payments from the first phase of the Chengdu Public Transport 400-unit order | | Prepayments | 273.60% | Primarily due to increased advance payments for materials for the Chengdu Public Transport order in the current period | | Short-term Borrowings | 83.82% | Primarily due to obtaining a CNY 220 million financing loan from Chengdu Bank in the current period | | Accounts Payable | 46.47% | Primarily due to credit purchases of materials for the Chengdu Public Transport order with uncollected payments | | Operating Revenue | 80.94% | Primarily due to sales from the Chengdu Public Transport 400-unit order in the current period | | Operating Costs | 90.04% | Primarily due to sales from the Chengdu Public Transport 400-unit order in the current period | | Selling Expenses | 104.56% | Primarily due to the accrual of after-sales service fees for the Chengdu Public Transport 400-unit order sales in the current period | | Net Cash Flow from Operating Activities | -327.05% | Primarily due to uncollected payments for the Chengdu Public Transport 400-unit order completed in the current period | | Net Cash Flow from Investing Activities | 346.32% | Primarily due to proceeds from the sale of some Beijing Yihuatong shares in the current period | | Net Cash Flow from Financing Activities | 600.91% | Primarily due to obtaining a CNY 220 million financing loan from Chengdu Bank in the current period | - Other receivables decreased by 79.71%, primarily due to the recovery of performance deposits from Chengdu Public Transport[6] - Credit impairment losses significantly increased by 207.68%, primarily due to increased sales and accounts receivable in the current period[7] Shareholder Information The company has 50,476 common shareholders, with high concentration among the top ten, including two entities controlled by the deceased actual controller Total Number of Common Shareholders and Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings The company reported 50,476 common shareholders, with the top two shareholders controlled by the deceased actual controller, and one major shareholder's entire stake pledged or frozen - As of the end of the reporting period, the total number of common shareholders was 50,476, with no preferred shareholders with restored voting rights[9] Top 10 Common Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage (%) | Number of Shares Held (Shares) | Pledge, Mark or Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Changzhou Xinghe Capital Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 11.88% | 135,000,000 | None | | Chongqing Tuoyang Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 10.75% | 122,180,000 | None | | Chen Hankang | Domestic Natural Person | 6.60% | 75,026,086 | Pledged/Frozen 75,026,086 Shares | | Zhejiang Geely New Energy Commercial Vehicle Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.00% | 56,820,000 | None | | Beijing Zhongshang Rongsheng Trade Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.29% | 26,000,000 | None | - Changzhou Xinghe Capital Management Co., Ltd. and Chongqing Tuoyang Investment Co., Ltd. are both controlled by the company's actual controller, Mr. Xie Zhikun (Mr. Xie Zhikun has passed away, and the equity transfer process is not yet complete)[10] Total Number of Preferred Shareholders and Top 10 Preferred Shareholders' Holdings The company does not have any preferred shareholders - The company has no preferred shareholders[11] Quarterly Financial Statements This section presents the unaudited consolidated balance sheet, income statement, and cash flow statement, detailing the company's financial position and performance Consolidated Balance Sheet Total assets increased by 15.33% from year-end, driven by higher accounts receivable and prepayments, while current liabilities also rose significantly due to increased borrowings and payables Consolidated Balance Sheet Key Data (End of Period vs. Beginning of Year) | Item | End of Period Balance (CNY) | Beginning of Year Balance (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 133,502,724.82 | 105,711,280.64 | 26.29% | | Accounts Receivable | 1,239,135,199.19 | 787,365,301.25 | 57.38% | | Prepayments | 95,207,791.24 | 25,484,016.42 | 273.60% | | Total Current Assets | 1,857,207,571.85 | 1,404,898,474.21 | 32.20% | | Total Assets | 3,077,561,548.16 | 2,668,456,048.97 | 15.33% | | Short-term Borrowings | 524,901,493.08 | 285,551,211.73 | 83.82% | | Accounts Payable | 566,371,835.33 | 386,693,322.91 | 46.47% | | Total Current Liabilities | 1,446,272,062.16 | 1,030,211,310.22 | 40.39% | | Total Liabilities | 1,587,654,202.32 | 1,168,330,862.23 | 35.89% | | Total Owner's Equity Attributable to Parent Company | 1,496,339,871.26 | 1,506,426,378.10 | -0.67% | Consolidated Income Statement Despite an 80.94% increase in total operating revenue, higher costs, selling expenses, and credit impairment losses led to a net loss for the period Consolidated Income Statement Key Data (Current Period vs. Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,035,220,925.87 | 572,127,220.61 | 80.94% | | Total Operating Costs | 1,030,366,109.99 | 565,361,259.19 | 82.25% | | Operating Profit | -9,271,693.01 | 25,712,951.17 | -136.06% | | Total Profit | -9,362,756.93 | 24,949,514.80 | -137.12% | | Net Profit | -10,921,278.11 | 23,205,407.52 | -147.06% | | Net Profit Attributable to Parent Company Owners | -10,789,944.05 | 23,308,162.57 | -146.29% | | Basic Earnings Per Share | -0.010 | 0.021 | -147.62% | - Selling expenses increased by 104.56% year-on-year, primarily due to the accrual of after-sales service fees for the Chengdu Public Transport 400-unit order sales[17] - Credit impairment losses were -CNY 15,591,926.77 compared to CNY 14,479,335.38 in the prior period, a significant deterioration negatively impacting profit[17] Consolidated Cash Flow Statement Operating cash flow turned negative due to uncollected receivables, while investing cash flow improved from asset sales, and financing cash flow surged from new loans Consolidated Cash Flow Statement Key Data (Current Period vs. Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -200,253,775.89 | 88,199,134.77 | -327.05% | | Net Cash Flow from Investing Activities | 18,859,133.61 | -7,656,337.30 | 346.32% | | Net Cash Flow from Financing Activities | 214,626,946.20 | 30,621,003.45 | 600.91% | | Net Increase in Cash and Cash Equivalents | 33,592,880.82 | 111,146,953.68 | -69.78% | - Cash received from sales of goods and rendering of services decreased by 46.01% year-on-year, while cash paid for goods and services increased by 151.68%, indicating increased cash outflow pressure[20][21] - Cash received from borrowings significantly increased to CNY 514,442,984.13, serving as the primary source of cash inflow from financing activities[22] Audit Report The company's first-quarter report for 2022 is unaudited - The company's first-quarter report is unaudited[23]