春兴精工(002547) - 2019 Q3 - 季度财报

Important Notice The board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility[5] - All directors attended the board meeting to review this quarterly report[6] - Company head Yuan Jing, chief accountant Shan Xingzhou, and head of accounting department Shan Xingzhou declare the financial statements in the quarterly report are true, accurate, and complete[6] Company Profile This section provides an overview of the company's key financial data, indicators, and shareholder information as of the reporting period end Key Accounting Data and Financial Indicators As of September 2019, total assets increased by 3.44%, but net assets attributable to shareholders decreased by 7.97%, while revenue grew significantly by 79.00% in the current quarter Key Accounting Data and Financial Indicators (As of September 30, 2019) | Indicator | Current Period End / Current Period (RMB) | Prior Year End / Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet: | | | | | Total Assets | 9,055,888,028.38 | 8,754,820,807.31 | 3.44% | | Net Assets Attributable to Shareholders | 2,507,588,241.26 | 2,724,656,928.59 | -7.97% | | Income Statement (Current Period): | | | | | Operating Revenue | 2,314,914,093.27 | 1,293,230,807.60 | 79.00% | | Net Profit Attributable to Shareholders | 10,886,042.26 | 14,083,395.30 | -22.70% | | Net Profit Attributable to Shareholders After Non-Recurring Items | 7,744,913.79 | 16,930,000.00 (Est.) | -54.27% | | Basic Earnings Per Share (RMB/share) | 0.01 | 0.01 | 0.00% | | Diluted Earnings Per Share (RMB/share) | 0.01 | 0.01 | 0.00% | | Weighted Average Return on Net Assets | 0.42% | 0.52% (Est.) | -19.23% | | Cash Flow Statement (Current Period): | | | | | Net Cash Flow from Operating Activities | 332,989,838.06 | 278,680,000.00 (Est.) | 19.49% | | Income Statement (Year-to-Date): | | | | | Operating Revenue | 5,674,421,707.85 | 3,611,448,579.07 | 57.12% | | Net Profit Attributable to Shareholders | 26,729,576.55 | 44,156,863.07 | -39.47% | | Net Profit Attributable to Shareholders After Non-Recurring Items | 15,322,982.48 | 40,560,000.00 (Est.) | -62.23% | | Net Cash Flow from Operating Activities | 371,705,557.41 | 363,403,534.67 | 2.28% | | Basic Earnings Per Share (RMB/share) | 0.02 | 0.04 | -50.00% | | Diluted Earnings Per Share (RMB/share) | 0.02 | 0.04 | -50.00% | | Weighted Average Return on Net Assets | 1.02% | 1.63% (Est.) | -37.42% | Non-Recurring Gains and Losses (Year-to-Date) | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -1,228,493.34 | | | Government Grants Included in Current Profit/Loss | 7,434,979.75 | | | Gains/Losses from Entrusted Investment or Asset Management | 8,739,980.35 | | | Gains/Losses from Fair Value Changes and Disposal of Trading Financial Assets | 1,362,646.54 | | | Other Non-Operating Income and Expenses | 609,331.16 | | | Other Gains/Losses Meeting the Definition of Non-Recurring Items | -1,750,328.62 | | | Less: Income Tax Impact | 2,329,636.48 | | | Impact on Minority Interests (After Tax) | 1,431,885.29 | | | Total | 11,406,594.07 | -- | Total Shareholders and Top Ten Shareholders at Period End As of the reporting period end, the company had 183,157 common shareholders, with the actual controller and chairman holding significant, largely pledged, stakes - The total number of common shareholders at the end of the reporting period was 183,157[13] Top 10 Shareholders' Holdings (As of September 30, 2019) | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sun Jiexiao | Domestic Natural Person | 38.55% | 434,820,000 | 326,115,000 | Pledged | 402,284,990 | | Yuan Jing | Domestic Natural Person | 3.28% | 37,020,000 | 36,225,000 | Pledged | 37,019,996 | | Bank of China Co., Ltd. - Huaxia CSI Communication Theme ETF 5G Open-ended Index Securities Investment Fund | Domestic Non-State-Owned Legal Person | 0.47% | 5,345,800 | 0 | | | | Ma Hongshun | Overseas Natural Person | 0.35% | 4,000,000 | 0 | | | | Yang Wenting | Domestic Natural Person | 0.23% | 2,573,900 | 0 | | | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.18% | 1,977,508 | 0 | | | | Yang Yanfang | Domestic Natural Person | 0.16% | 1,827,670 | 0 | | | | Wang Xiaoqian | Domestic Natural Person | 0.14% | 1,548,100 | 0 | | | | Zheng Haiyan | Domestic Natural Person | 0.11% | 1,200,000 | 0 | | | | Chen Zikai | Domestic Natural Person | 0.10% | 1,168,200 | 0 | | | - Among the top ten shareholders, Mr. Sun Jiexiao is the actual controller, Ms. Yuan Jing is the chairman, and they are married; Ms. Zheng Haiyan is Mr. Sun Jiexiao's sister[14] Total Preferred Shareholders and Top 10 Preferred Shareholders at Period End The company had no preferred shareholders during the reporting period - The company had no preferred shareholders during the reporting period[15] Significant Events This section details significant financial and operational events, including changes in key indicators, progress of major initiatives, and financial asset management Changes and Reasons for Key Financial Data and Indicators During the Reporting Period During the reporting period, significant changes occurred in monetary funds, notes receivable, other current assets, other payables, operating revenue, and net profit attributable to the parent company - Monetary funds at period-end increased by 33.58% from the beginning of the period, primarily due to increased customer collections[17] - Notes receivable at period-end decreased by 31.16% from the beginning of the period, mainly due to maturing notes[17] - Other current assets decreased by 39.50% from the beginning of the period, primarily due to the redemption of wealth management products[17] - Other payables at period-end increased by 116.49% from the beginning of the period, mainly due to the acquisition payment for 20% equity in Huaxinke[17] - Operating revenue increased by 57.12% compared to the same period last year, primarily due to significant growth in the electronic distribution business segment[17] - Net profit attributable to parent company owners decreased by 39.47% compared to the same period last year, mainly due to a decline in profitability of the electronic components distribution business[17] Progress, Impact, and Solutions for Significant Events The company's chairman and some executives completed share reductions, while the controlling shareholder plans further reductions; asset sales are progressing, and a bankruptcy reorganization has been executed, though some assets remain restricted - Chairman Ms. Yuan Jing completed the reduction of 11.28 million shares, representing 1% of the company's total share capital, through centralized bidding[18] - Directors Lu Yong, General Manager Wang Kai, Deputy General Manager and CFO Shan Xingzhou, and Deputy General Manager Xu Suyun collectively reduced 866,100 shares, representing 0.08% of the company's total share capital, through centralized bidding[19][20] - Controlling shareholder and actual controller Mr. Sun Jiexiao plans to reduce his holdings by up to 67.6834 million shares, or 6.00% of the total share capital, through block trades and centralized bidding; this plan has not yet been implemented[21] - The company sold land use rights and buildings at No. 83 Weixin Road, Weiting Town, Suzhou Industrial Park, for RMB 112 million, having received RMB 92 million with the remainder due upon transfer completion[22] - The company invested up to RMB 280 million in the bankruptcy reorganization of Shenzhen Fuchang Electronics Technology Co., Ltd., acquiring 100% equity post-reorganization; while the reorganization plan is complete, key real estate and 66% of former shareholder Chen Jinse's equity remain seized or frozen due to debt disputes, awaiting court judgment for release[23][24][25][26] Overdue Unfulfilled Commitments The company had no overdue unfulfilled commitments from its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period - The company had no overdue unfulfilled commitments from its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period[28] Financial Assets Measured at Fair Value The company's financial assets measured at fair value primarily consist of financial derivatives, with a period-end balance of RMB 347,740 and a cumulative investment income of RMB 381,975 Financial Assets Measured at Fair Value (RMB) | Asset Category | Initial Investment Cost (RMB) | Fair Value Change Gain/Loss for the Period (RMB) | Cumulative Fair Value Change Included in Equity (RMB) | Amount Purchased During the Period (RMB) | Amount Sold During the Period (RMB) | Cumulative Investment Income (RMB) | Period-End Amount (RMB) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Derivatives | 58,550.00 | 403,035.00 | 0.00 | 29,216,590.00 | 28,824,875.00 | 381,975.00 | 347,740.00 | Self-raised | | Total | 58,550.00 | 403,035.00 | 0.00 | 29,216,590.00 | 28,824,875.00 | 381,975.00 | 347,740.00 | -- | Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[31] Non-Operating Funds Occupied by Controlling Shareholder and Related Parties The company had no non-operating funds occupied by its controlling shareholder or related parties during the reporting period - The company had no non-operating funds occupied by its controlling shareholder or related parties during the reporting period[32] Wealth Management During the reporting period, the company engaged in wealth management totaling RMB 87.5 million, with RMB 40 million outstanding at period-end, all from self-raised funds and without high-risk or non-principal-guaranteed products Wealth Management Overview (RMB 10,000) | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management (RMB 10,000) | Unmatured Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Self-raised Funds | 8,750 | 4,000 | 0 | | Total | -- | 8,750 | 4,000 | 0 | - The company had no significant, low-security, poor-liquidity, or non-principal-guaranteed high-risk wealth management products during the reporting period[34] Registration Form for Investor Relations Activities During the Reporting Period The company did not engage in any investor relations activities such as research, communication, or interviews during the reporting period - The company did not engage in any investor relations activities such as research, communication, or interviews during the reporting period[34] Financial Statements This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements Financial Statements This section provides the company's consolidated and parent company financial statements for Q3 2019, detailing financial position, operating results, and cash flows Consolidated Balance Sheet As of September 30, 2019, consolidated total assets were RMB 9.06 billion, with total liabilities at RMB 6.38 billion and total owner's equity at RMB 2.68 billion - As of September 30, 2019, consolidated total assets were RMB 9.06 billion, an increase of 3.44% from RMB 8.75 billion at December 31, 2018[9][41] - Consolidated current assets totaled RMB 5.54 billion, and consolidated non-current assets totaled RMB 3.52 billion[40][41] - Consolidated total liabilities were RMB 6.38 billion, and consolidated total owner's equity was RMB 2.68 billion[41][42] Parent Company Balance Sheet As of September 30, 2019, parent company total assets were RMB 7.14 billion, a 3.33% decrease from 2018 year-end, with total liabilities at RMB 4.43 billion and owner's equity at RMB 2.72 billion - As of September 30, 2019, parent company total assets were RMB 7.14 billion, a 3.33% decrease from RMB 7.39 billion at December 31, 2018[44][47] - Parent company current assets totaled RMB 3.25 billion, and non-current assets totaled RMB 3.89 billion[45][46] - Parent company total liabilities were RMB 4.43 billion, and total owner's equity was RMB 2.72 billion[46][47] Consolidated Income Statement for the Current Period In Q3 2019, consolidated operating revenue grew by 79.00% to RMB 2.31 billion, while net profit attributable to parent company owners decreased by 22.70% to RMB 10.89 million - Consolidated operating revenue for the current period (Q3) was RMB 2.31 billion, an increase of 79.00% from RMB 1.29 billion in the prior period[9][48] - Consolidated net profit for the current period was RMB 14.64 million, with net profit attributable to parent company owners at RMB 10.89 million, a 22.70% decrease from RMB 14.08 million in the prior period[9][49] Parent Company Income Statement for the Current Period In Q3 2019, parent company operating revenue decreased by 18.29% to RMB 409.28 million, resulting in a net loss of RMB 10.72 million compared to a profit in the prior period - Parent company operating revenue for the current period (Q3) was RMB 409.28 million, a 18.29% decrease from RMB 500.87 million in the prior period[52] - Parent company net profit for the current period was a loss of RMB 10.72 million, a reversal from a profit of RMB 42.60 million in the prior period[52][54] Consolidated Income Statement from Year-Beginning to Period-End From January to September 2019, consolidated operating revenue increased by 57.12% to RMB 5.67 billion, but net profit attributable to parent company owners decreased by 39.47% to RMB 26.73 million - Consolidated operating revenue from year-beginning to period-end was RMB 5.67 billion, an increase of 57.12% from RMB 3.61 billion in the prior period[9][55] - Consolidated net profit from year-beginning to period-end was RMB 37.98 million, with net profit attributable to parent company owners at RMB 26.73 million, a 39.47% decrease from RMB 44.16 million in the prior period[9][57] Parent Company Income Statement from Year-Beginning to Period-End From January to September 2019, parent company operating revenue slightly increased by 0.21% to RMB 1.23 billion, but net profit significantly decreased by 73.98% to RMB 16.90 million - Parent company operating revenue from year-beginning to period-end was RMB 1.23 billion, a 0.21% increase from RMB 1.23 billion in the prior period[60] - Parent company net profit from year-beginning to period-end was RMB 16.90 million, a 73.98% decrease from RMB 64.92 million in the prior period[61][62] Consolidated Cash Flow Statement from Year-Beginning to Period-End From January to September 2019, consolidated net cash flow from operating activities increased by 2.28% to RMB 371.71 million, while investment activities saw a significant 98.28% decrease, and financing activities decreased by 66.95% - Consolidated net cash flow from operating activities from year-beginning to period-end was RMB 371.71 million, an increase of 2.28% from RMB 363.40 million in the prior period[9][66] - Consolidated net cash flow from investment activities from year-beginning to period-end was RMB 2.00 million, a 98.28% decrease from RMB 116.63 million in the prior period[17][66] - Consolidated net cash flow from financing activities from year-beginning to period-end was RMB -150.91 million, a 66.95% decrease from RMB -456.57 million in the prior period[17][66] Parent Company Cash Flow Statement from Year-Beginning to Period-End From January to September 2019, parent company net cash flow from operating activities increased by 62.29% to RMB 691.83 million, while investment activities resulted in a net outflow of RMB 279.08 million, and financing activities a net outflow of RMB 507.34 million - Parent company net cash flow from operating activities from year-beginning to period-end was RMB 691.83 million, an increase of 62.29% from RMB 426.27 million in the prior period[69] - Parent company net cash flow from investment activities from year-beginning to period-end was RMB -279.08 million, compared to RMB -100.57 million in the prior period[69] - Parent company net cash flow from financing activities from year-beginning to period-end was RMB -507.34 million, compared to RMB -369.02 million in the prior period[70] Explanation of Financial Statement Adjustments The company adjusted its financial statements from 2019 to comply with new financial instrument standards, reclassifying certain financial assets and liabilities - The company adjusted relevant items in its opening financial statements from 2019 to comply with new financial instrument standards[71] - Consolidated balance sheet adjustments primarily involved reclassifying original "financial assets measured at fair value through profit or loss" of RMB 58,550 to "trading financial assets," "available-for-sale financial assets" of RMB 400,000 to "other equity instrument investments," and "financial liabilities measured at fair value through profit or loss" of RMB 149.87 million to "trading financial liabilities"[72][73] - Parent company balance sheet adjustments were similar to consolidated statements, mainly involving the reclassification of financial assets and liabilities[76][78] - The company did not retrospectively adjust prior comparative data due to the adoption of new financial instrument or lease standards from 2019[80] Audit Report The company's 2019 third-quarter report was not audited - The company's third-quarter report was unaudited[80]