闰土股份(002440) - 2021 Q3 - 季度财报

Key Financial Data The company achieved double-digit revenue and net profit growth in Q1-Q3 2021, with Q3 net profit significantly boosted by non-recurring gains, while operating cash flow declined due to reduced subsidies and increased procurement Key Accounting Data and Financial Indicators In Q1-Q3 2021, the company's operating revenue reached CNY 4.25 billion with 16.33% growth, and net profit attributable to shareholders was CNY 669 million with 20.10% growth Key Financial Indicators for Q1-Q3 and Q3 2021 | Indicator | Year-to-Date (YTD) | YTD YoY Change | Current Period (Q3) | Current Period YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 4,251,112,041.11 | 16.33% | 1,495,737,939.70 | 7.69% | | Net Profit Attributable to Parent Company Shareholders (CNY) | 668,701,306.65 | 20.10% | 267,998,253.29 | 47.71% | | Net Profit Attributable to Parent Company Shareholders Excluding Non-recurring Gains and Losses (CNY) | 466,372,546.81 | 26.41% | 159,296,198.83 | -11.03% | | Net Cash Flow from Operating Activities (CNY) | 777,555,218.29 | -49.25% | - | - | | Basic Earnings Per Share (CNY/share) | 0.59 | 22.92% | 0.240 | 50.00% | Non-recurring Gains and Losses Items and Amounts In Q1-Q3 2021, non-recurring gains and losses totaled approximately CNY 202 million, significantly impacting net profit, primarily from fair value changes in the investment in Guobang Pharmaceutical and government subsidies 2021 Q1-Q3 Major Non-recurring Gains and Losses Items | Item | Year-to-Date Amount (CNY) | Explanation | | :--- | :--- | :--- | | Gains and Losses from Changes in Fair Value of Trading Financial Assets and Liabilities | 154,943,917.13 | Primarily due to fair value changes in the investment in Guobang Pharmaceutical in the current period | | Government Subsidies Included in Current Period Profit/Loss | 86,455,670.98 | - | | Total | 202,328,759.84 | -- | Analysis of Key Financial Indicator Changes Several financial indicators showed significant year-on-year changes, including substantial increases in prepayments and other non-current assets, a shift from short-term to long-term debt, and a decrease in operating cash flow due to reduced government subsidies and increased procurement - Balance sheet items showed significant changes, primarily in: - Prepayments: Increased by 103.99% year-on-year due to increased prepayments for raw materials[7] - Other Non-current Assets: Increased by 261.51% year-on-year due to increased prepayments for equipment[7] - Short-term Borrowings: Decreased by 90.82% year-on-year due to repayment of borrowings[7] - Long-term Borrowings: Increased by 150.00% year-on-year due to increased long-term bank borrowings[7] - Treasury Stock: Increased by 433.24% year-on-year due to company share repurchases[7] - Income statement item changes were mainly due to: - Selling Expenses: Decreased by 51.70% year-on-year because transportation costs were reclassified to operating costs under new revenue standards[10] - R&D Expenses: Increased by 51.14% year-on-year as current period investment returned to normal levels after a lower base in the prior year due to the pandemic[10] - Other Income and Non-operating Income: Decreased by 54.34% and 85.31% year-on-year respectively, primarily due to reduced government subsidies received[10] - Net cash flow from operating activities decreased by 49.25% year-on-year, mainly due to reduced government subsidies received, increased cash payments for raw material purchases (+65.95%), and increased tax payments (+128.21%)[10] Shareholder Information As of the reporting period end, the company had 38,244 shareholders, with a concentrated ownership structure where the controlling shareholder's family members collectively hold over 38% of shares, and the company completed a share repurchase plan representing 2.3034% of total share capital Top Three Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | | :--- | :--- | :--- | | Zhang Aijuan | Domestic Natural Person | 16.73% | | Ruan Jingbo | Domestic Natural Person | 15.76% | | Ruan Jingxi | Overseas Legal Person | 5.58% | - Controlling shareholders Ruan Jingbo, Zhang Aijuan (Ruan Jingbo's mother), and Ruan Jingxi (Ruan Jingbo's sister) are parties acting in concert, indicating a concentrated equity structure[14] - As of July 16, 2021, the company completed its share repurchase plan, repurchasing a total of 26,500,095 shares through centralized bidding, accounting for 2.3034% of the company's total share capital[14] Other Significant Matters During the reporting period, the company completed its share repurchase plan, expending approximately CNY 255 million, and its investment in Guobang Pharmaceutical Group Co., Ltd. through an M&A fund yielded significant book value growth and fair value change gains following its successful listing - The company's share repurchase plan was completed, with a cumulative repurchase of 26,500,095 shares, representing 2.3034% of total share capital, at a total cost of CNY 255 million (excluding transaction fees)[17] - Guobang Pharmaceutical, in which the company holds a stake through an M&A fund, was listed on the Shanghai Stock Exchange on August 2, 2021; as of the reporting period end, the company held 6.25 million shares, representing 1.12% of its total share capital, with a book value of CNY 174 million[17] Quarterly Financial Statements As of September 30, 2021, the company's total assets were CNY 11.601 billion, with a healthy asset-liability ratio of 18.73%; Q1-Q3 2021 operating revenue was CNY 4.251 billion, net profit attributable to parent company shareholders was CNY 669 million, and net cash flow from operating activities was CNY 778 million, maintaining positive inflow despite a year-on-year decrease Consolidated Balance Sheet As of September 30, 2021, the company's total assets were CNY 11.601 billion, a 2.17% increase from the beginning of the year, with total liabilities of CNY 2.173 billion resulting in a low asset-liability ratio of 18.73%, and total equity attributable to parent company shareholders was CNY 9.259 billion, up 1.16% from year-start Balance Sheet Major Items (Unit: CNY) | Item | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Assets | 11,600,884,782.17 | 11,354,172,670.91 | | Total Liabilities | 2,173,303,786.19 | 2,014,129,580.06 | | Total Equity Attributable to Parent Company Shareholders | 9,258,740,754.19 | 9,152,853,542.48 | Consolidated Income Statement In Q1-Q3 2021, the company's total operating revenue reached CNY 4.251 billion, a 16.33% year-on-year increase, with total operating costs of CNY 3.696 billion, up 14.29% year-on-year, and net profit attributable to parent company shareholders was CNY 669 million, growing 20.10% year-on-year, significantly boosted by CNY 154 million in fair value change gains 2021 Q1-Q3 Income Statement Major Items (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | I. Total Operating Revenue | 4,251,112,041.11 | 3,654,209,230.30 | | II. Total Operating Costs | 3,696,152,018.40 | 3,234,117,772.89 | | Gains from Changes in Fair Value | 153,548,296.75 | 204,084.95 | | IV. Total Profit | 857,208,393.75 | 684,623,577.31 | | Net Profit Attributable to Parent Company Shareholders | 668,701,306.65 | 556,787,261.14 | | Basic Earnings Per Share | 0.59 | 0.48 | Consolidated Cash Flow Statement In Q1-Q3 2021, net cash flow from operating activities was CNY 778 million, a 49.25% year-on-year decrease primarily due to reduced government subsidies and increased procurement payments, while net cash outflow from investing activities was CNY 579 million and from financing activities was CNY 648 million, resulting in a period-end cash and cash equivalents balance of CNY 1.581 billion, a decrease of CNY 452 million from the beginning of the year 2021 Q1-Q3 Cash Flow Statement Major Items (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 777,555,218.29 | 1,532,192,284.44 | | Net Cash Flow from Investing Activities | -579,446,251.83 | -6,592,719.72 | | Net Cash Flow from Financing Activities | -647,978,425.45 | -346,916,436.01 | | Net Increase in Cash and Cash Equivalents | -452,193,708.36 | 1,176,896,869.53 | | Cash and Cash Equivalents at Period End | 1,580,635,526.51 | 2,162,643,999.56 |