欧菲光(002456) - 2021 Q3 - 季度财报

Major Financial Data This section presents the company's key financial performance indicators and significant changes for the reporting period Key Accounting Data and Financial Indicators The company's Q3 and year-to-date financial performance shows significant declines in revenue and net profit, resulting in negative EPS, while total assets decreased and shareholder equity substantially increased due to a private placement Key Accounting Data and Financial Indicators | Item | Current Period (RMB) | YoY Change in Current Period | Year-to-Date (RMB) | YoY Change Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5.46 billion RMB | -59.86% | 17.20 billion RMB | -53.59% | | Net Profit Attributable to Shareholders | -74.28 million RMB | -131.37% | -40.39 million RMB | -105.47% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -225.52 million RMB | -189.97% | -276.61 million RMB | -139.83% | | Net Cash Flow from Operating Activities | —— | —— | 1.34 billion RMB | -43.01% | | Basic Earnings Per Share (RMB/share) | -0.0272 | -130.94% | -0.0146 | -105.32% | | Diluted Earnings Per Share (RMB/share) | -0.0272 | -130.94% | -0.0146 | -105.32% | | Weighted Average Return on Net Assets | -0.96% | Decreased by 3.34 percentage points | -0.51% | Decreased by 8.06 percentage points | | Period-End Indicators | Current Period End (RMB) | Previous Year End (RMB) | Change from Previous Year End | | | Total Assets | 28.68 billion RMB | 34.23 billion RMB | -16.20% | | | Total Equity Attributable to Shareholders | 11.15 billion RMB | 7.46 billion RMB | 49.49% | | Non-Recurring Gains and Losses Items and Amounts The company's year-to-date non-recurring gains and losses totaled 236.22 million RMB, primarily from disposal of non-current assets and government subsidies, partially offsetting operating losses Non-Recurring Gains and Losses | Item | Current Period Amount (RMB) | Year-to-Date Amount (RMB) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 129.32 million RMB | 227.11 million RMB | | Government Subsidies Included in Current P&L | 32.01 million RMB | 120.19 million RMB | | Debt Restructuring Gains/Losses | -0.13 million RMB | 17.63 million RMB | | Other Non-Recurring Gains/Losses | -2.11 million RMB | -3.13 million RMB | | Less: Income Tax Impact | 8.23 million RMB | 140.10 million RMB | | Minority Interest Impact (After Tax) | 4.37 million RMB | 11.52 million RMB | | Total | 151.24 million RMB | 236.22 million RMB | Changes and Reasons for Key Accounting Data and Financial Indicators Significant changes in financial indicators include decreases in receivables and borrowings due to reduced sales and debt repayment, alongside increases in prepayments, R&D, and capital reserves from higher prepayments, R&D investment, and private placement Changes in Key Accounting Data and Financial Indicators | Item | Change Percentage | Reason | | :--- | :--- | :--- | | Notes Receivable | 122.14% | Primarily due to increased bill collection in the current period | | Accounts Receivable | -41.14% | Primarily due to decreased sales and accounts receivable in the current period | | Prepayments | 468.41% | Primarily due to increased material prepayments in the current period | | Investments in Other Equity Instruments | 45.16% | Primarily due to fair value changes of shares recognized in the current period | | Development Expenditures | 81.47% | Primarily due to increased R&D investment in the current period | | Short-term Borrowings | -45.48% | Primarily due to repayment of borrowings in the current period | | Notes Payable | -49.06% | Primarily due to decreased sales and procurement in the current period | | Accounts Payable | -42.61% | Primarily due to decreased sales and procurement in the current period | | Employee Benefits Payable | -54.65% | Primarily due to a reduction in employees | | Taxes Payable | -85.96% | Primarily due to decreased sales and corporate income tax payable in the current period | | Non-Current Liabilities Due Within One Year | 47.97% | Primarily due to an increase in borrowings due within one year | | Long-term Borrowings | -60.61% | Primarily due to repayment of borrowings in the current period | | Long-term Payables | -77.27% | Primarily due to repayment of borrowings in the current period | | Capital Reserve | 82.80% | Primarily due to capital premium received from private placement in the current period | | Other Comprehensive Income | 202.51% | Primarily due to fair value changes of shares recognized in the current period | | Operating Revenue | -53.59% | Primarily due to a year-on-year decrease in shipments in the current period | | Operating Cost | -53.70% | Primarily due to decreased sales volume | | Selling Expenses | -51.33% | Primarily due to decreased sales and product quality assurance provisions in the current period | | Investment Income | 134.26% | Primarily due to the disposal of Guangzhou Delta equity in the current period | | Gains from Asset Disposal | 5513.25% | Primarily due to asset disposals in the current period | | Net Cash Flow from Operating Activities | -43.01% | Primarily due to decreased sales revenue in the current period | | Net Cash Flow from Investing Activities | 344.76% | Primarily due to the disposal of subsidiaries and related assets | Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders and the top ten shareholders' holdings Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 298,621 common shareholders; the combined stake of Shenzhen OFILM Investment Holding Co., Ltd. and its concerted parties was diluted to 24.59% due to a private placement, which also introduced Hefei Construction Investment Holding (Group) Co., Ltd. as a new major shareholder with 5.91% - The total number of common shareholders at the end of the reporting period was 298,621[8] Top Ten Common Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Shenzhen OFILM Investment Holding Co., Ltd. | Domestic Non-State-Owned Legal Person | 10.24% | 333,953,812 | Pledged 110,428,379 | | Yugao (China) Co., Ltd. | Overseas Legal Person | 8.71% | 284,251,960 | Pledged 229,403,955 | | Hefei Construction Investment Holding (Group) Co., Ltd. | State-Owned Legal Person | 5.91% | 192,926,045 | None | | Nanchang Guojin Industrial Investment Co., Ltd. | State-Owned Legal Person | 4.99% | 162,772,028 | None | | Hefei Heping Investment Co., Ltd. | State-Owned Legal Person | 4.93% | 160,771,704 | None | | Gongqingcheng Anxin Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.12% | 69,131,832 | None | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.81% | 59,026,368 | None | | Guangdong Hengkuo Investment Management Co., Ltd. | State-Owned Legal Person | 1.48% | 48,231,511 | None | | Guangzhou City Investment Co., Ltd. | State-Owned Legal Person | 0.99% | 32,154,340 | None | | Jiangxi Ganjiang New Area Development Investment Group Co., Ltd. | State-Owned Legal Person | 0.99% | 32,154,340 | None | - Shenzhen OFILM Investment Holding Co., Ltd., Yugao (China) Co., Ltd., Nanchang Guojin Industrial Investment Co., Ltd., and Mr. Cai Rongjun are concerted parties[10] Preferred Shareholder Information The company has no preferred shareholders - The company has no preferred shareholders[11] Other Significant Matters This section outlines other significant corporate events, including a private placement, stock option incentive plan, and asset divestitures Private Placement of Shares In September 2021, the company completed a private placement of 568 million A-shares, raising 3.53 billion RMB gross and 3.515 billion RMB net, increasing total share capital, diluting the controlling shareholder's stake, and introducing Hefei Construction Investment Holding (Group) Co., Ltd. as a new major shareholder, with proceeds primarily allocated to high-pixel optical lens projects and working capital - The company privately placed 567,524,112 A-shares at 6.22 RMB per share, raising a gross of 3.53 billion RMB and a net of 3.515 billion RMB[12] - The new shares were listed on September 29, 2021, increasing the company's total share capital from 2,694,739,325 shares to 3,262,263,437 shares[12] - The controlling shareholder's stake was passively diluted from 29.77% to 24.59%, and Hefei Construction Investment Holding (Group) Co., Ltd. became a new major shareholder with 5.91% of the total share capital[12] Allocation of Raised Funds | No. | Project Name | Total Project Investment (Million RMB) | Raised Funds Investment (Million RMB) | | :--- | :--- | :--- | :--- | | 1 | High-Pixel Optical Lens Project | 2,364.00 | 1,514.59 | | 2 | 3D Optical Depth Sensor Project | 1,450.00 | - | | 3 | High-Pixel Micro Camera Module Project | 1,587.00 | - | | 4 | R&D Center Project | 407.00 | - | | 5 | Replenish Working Capital | 2,000.00 | 2,000.00 | | Total | | 7,808.00 | 3,514.59 | 2021 Stock Option Incentive Plan The board approved the 2021 stock option incentive plan draft, proposing to issue up to 266 million A-share stock options to no more than 2,761 grantees, representing 8.15% of total share capital, with an initial exercise price of 8.36 RMB per share, pending shareholder approval - The company's board approved the 2021 Stock Option Incentive Plan (Draft) and its summary, which is subject to shareholder approval[15] - The plan proposes to grant up to 266 million shares of stock options, representing approximately 8.15% of the company's total share capital of 3,262.26 million shares at the time of the announcement[15] - The initial exercise price for the stock options is 8.36 RMB per share, with a maximum of 2,761 grantees, including directors, senior management, and other personnel[15] Related Party Transaction for Disposal of Subsidiary Equity and Waiver of Pre-emptive Rights The company is divesting assets related to specific overseas customer businesses by transferring controlling stakes in Jiangxi Zhuoxun (touch control) and Jiangxi Xinfei (new materials) to Ganjiang New Area Qunyi and Xinqisheng, respectively, and waiving pre-emptive rights, thus deconsolidating these entities to optimize asset structure and focus on core businesses - The company plans to dispose of all or part of its equity in Guangzhou Delta Imaging Technology Co., Ltd., Jiangxi Huiguang Microelectronics Co., Ltd., Jiangxi Zhanyao Microelectronics Co., Ltd., and Jiangxi Jingrun Optics Co., Ltd.[16] - The company signed an Investment Framework Agreement with Jiangxi Ganjiang New Area Development Investment Group Co., Ltd. and Shenzhen OFILM Investment Holding Co., Ltd., to establish wholly-owned subsidiaries for touch control and new materials projects, with investment entities SPV A and SPV B acquiring partial equity and making capital injections, leading to their deconsolidation from the company's financial statements[16] - Ganjiang New Area Qunyi acquired equity in Jiangxi Zhuoxun Microelectronics Co., Ltd. (touch control project company) for 105.42 million RMB and injected 37 million RMB capital, resulting in a 71.80% stake; Ganjiang New Area Xinqisheng acquired equity in Jiangxi Xinfei New Materials Co., Ltd. (new materials project company) for 335 million RMB and injected 150 million RMB capital, resulting in a 70.73% stake, with the company's subsidiary Jiangxi Zhanyao waiving its pre-emptive rights to increase capital proportionally[17][18] Revision of Articles of Association and Raised Funds Management System The board and shareholders approved revisions to the Articles of Association and Raised Funds Management System to align with company development and regulatory requirements - The company's board and shareholders approved the Proposal on Revising the Articles of Association and the Raised Funds Management System[19] Quarterly Financial Statements This section provides the company's unaudited quarterly financial statements, including the consolidated balance sheet, income statement, and cash flow statement Financial Statements This section presents the consolidated balance sheet as of September 30, 2021, and the year-to-date consolidated income statement and cash flow statement, detailing the company's assets, liabilities, equity, operating performance, and cash flows Consolidated Balance Sheet As of September 30, 2021, total assets were 28.68 billion RMB, a 16.20% decrease from year-end 2020, with reductions in both current assets and liabilities, a significant drop in non-current liabilities, and a 49.49% increase in equity attributable to the parent company due to a private placement Consolidated Balance Sheet as of September 30, 2021 | Item | September 30, 2021 (RMB) | December 31, 2020 (RMB) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3.91 billion RMB | 3.37 billion RMB | Increase | | Accounts Receivable | 6.65 billion RMB | 11.30 billion RMB | Decrease | | Inventories | 4.22 billion RMB | 4.95 billion RMB | Decrease | | Total Current Assets | 16.29 billion RMB | 20.83 billion RMB | Decrease | | Fixed Assets | 6.70 billion RMB | 8.23 billion RMB | Decrease | | Total Non-Current Assets | 12.39 billion RMB | 13.39 billion RMB | Decrease | | Total Assets | 28.68 billion RMB | 34.23 billion RMB | Decrease | | Short-term Borrowings | 1.75 billion RMB | 3.21 billion RMB | Decrease | | Accounts Payable | 4.07 billion RMB | 7.09 billion RMB | Decrease | | Non-Current Liabilities Due Within One Year | 5.12 billion RMB | 3.46 billion RMB | Increase | | Total Current Liabilities | 12.20 billion RMB | 16.44 billion RMB | Decrease | | Long-term Borrowings | 2.68 billion RMB | 6.81 billion RMB | Decrease | | Total Non-Current Liabilities | 3.83 billion RMB | 8.79 billion RMB | Decrease | | Total Liabilities | 16.03 billion RMB | 25.23 billion RMB | Decrease | | Share Capital | 3.26 billion RMB | 2.69 billion RMB | Increase | | Capital Reserve | 6.51 billion RMB | 3.56 billion RMB | Increase | | Total Equity Attributable to Parent Company | 11.15 billion RMB | 7.46 billion RMB | Increase | | Total Equity | 12.65 billion RMB | 9.00 billion RMB | Increase | Consolidated Income Statement Year-to-Date As of September 30, 2021, year-to-date total operating revenue significantly decreased by 53.59% to 17.20 billion RMB, leading to a shift from profit to loss for operating profit and total profit; net profit attributable to the parent company was -40.39 million RMB (vs. 739 million RMB last year), partially offset by substantial increases in investment and asset disposal gains Consolidated Income Statement Year-to-Date as of September 30, 2021 | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 17.20 billion RMB | 37.06 billion RMB | Decrease | | Total Operating Cost | 17.52 billion RMB | 35.94 billion RMB | Decrease | | Operating Profit | -68.33 million RMB | 1.02 billion RMB | Shift from Profit to Loss | | Total Profit | -46.18 million RMB | 993.54 million RMB | Shift from Profit to Loss | | Net Profit | -3.72 million RMB | 825.97 million RMB | Shift from Profit to Loss | | Net Profit Attributable to Parent Company Owners | -40.39 million RMB | 738.83 million RMB | Shift from Profit to Loss | | Investment Income | 45.82 million RMB | -133.72 million RMB | Significant Increase | | Gains from Asset Disposal | 174.52 million RMB | 3.11 million RMB | Significant Increase | | Basic Earnings Per Share | -0.0146 | 0.2742 | Shift from Positive to Negative | Consolidated Cash Flow Statement Year-to-Date As of September 30, 2021, year-to-date net cash flow from operating activities was 1.34 billion RMB, a 43.01% decrease year-over-year; net cash flow from investing activities turned positive to 1.50 billion RMB, primarily due to the disposal of subsidiaries and related assets; net cash flow from financing activities was -2.10 billion RMB, largely consistent with the prior year Consolidated Cash Flow Statement Year-to-Date as of September 30, 2021 | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1.34 billion RMB | 2.35 billion RMB | Decrease | | Net Cash Flow from Investing Activities | 1.50 billion RMB | -613.56 million RMB | Shift from Negative to Positive | | Net Cash Flow from Financing Activities | -2.10 billion RMB | -2.02 billion RMB | Slight Decrease | | Net Increase in Cash and Cash Equivalents | 729.30 million RMB | -291.05 million RMB | Shift from Negative to Positive | | Cash and Cash Equivalents at Period End | 2.97 billion RMB | 2.08 billion RMB | Increase | - Cash inflows from investing activities significantly increased to 2.24 billion RMB, primarily due to 1.04 billion RMB from the disposal of subsidiaries and other operating units, and 1.03 billion RMB from the disposal of fixed assets, intangible assets, and other long-term assets[26][28] - Cash received from investments in financing activities totaled 3.52 billion RMB, mainly from the private placement of shares[28] Explanation of Financial Statement Adjustments Effective 2021, the company adopted new lease accounting standards, adjusting opening financial statement items such as right-of-use assets, lease liabilities, and non-current liabilities due within one year, with no retrospective adjustment of prior comparative data - The company first adopted new lease accounting standards in 2021, adjusting relevant items in the consolidated balance sheet as of January 1, 2021[28] Impact of New Lease Standards on Balance Sheet | Item | December 31, 2020 (RMB) | January 01, 2021 (RMB) | Adjustment Amount (RMB) | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | - | 822.92 million RMB | 822.92 million RMB | | Non-Current Liabilities Due Within One Year | 3.46 billion RMB | 3.60 billion RMB | 138.30 million RMB | | Lease Liabilities | - | 684.62 million RMB | 684.62 million RMB | | Total Non-Current Liabilities | 8.79 billion RMB | 9.47 billion RMB | 684.62 million RMB | | Total Liabilities | 25.23 billion RMB | 26.05 billion RMB | 822.92 million RMB | - Retrospective adjustment of prior comparative data for the first adoption of new lease standards in 2021 is not applicable[32] Audit Report The company's 2021 third-quarter report is unaudited - The company's third-quarter report is unaudited[32]