爱康科技(002610) - 2019 Q3 - 季度财报

Important Notice The company's board of directors, supervisory board, and senior management guarantee the accuracy and completeness of the 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 liabilities[4] - Company head Zou Chenghui, chief accountant Li Jing, and head of accounting department Qian Jian declare that the financial statements in the quarterly report are true, accurate, and complete[5] Company Profile This section outlines the company's key financial data, shareholder structure, and significant events Key Accounting Data and Financial Indicators Year-to-date, revenue grew 3.19%, but net profit attributable to shareholders fell 58.34%, with operating cash flow down 39.07% Key Accounting Data and Financial Indicators (Year-to-Date) | Indicator | Year-to-Date Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 3,788,090,554.13 | 3.19% | | Net Profit Attributable to Shareholders of Listed Company | 55,880,608.55 | -58.34% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 28,629,733.37 | -72.75% | | Net Cash Flow from Operating Activities | 282,796,179.51 | -39.07% | | Basic Earnings Per Share (RMB/share) | 0.01 | -66.67% | | Diluted Earnings Per Share (RMB/share) | 0.01 | -68.00% | | Weighted Average Return on Net Assets | 0.94% | -59.64% | Non-Recurring Gains and Losses (Year-to-Date) | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets (including reversal of impairment provisions) | 18,582,149.89 | Primarily investment income from the sale of Nantong Akcome equity during the reporting period | | Government subsidies recognized in current profit and loss (excluding those closely related to business operations and enjoyed at fixed or quantitative standards) | 7,605,119.85 | Primarily due to government subsidies received and asset-related government subsidies recognized as income in the current period | | Fair value changes and investment income from trading and derivative financial instruments, excluding effective hedges | -4,638,876.00 | | | Reversal of impairment provisions for receivables and contract assets subject to separate impairment testing | 2,246,483.72 | | | Other non-operating income and expenses apart from the above | 6,368,654.00 | | | Less: Income tax impact | 2,650,794.88 | | | Impact on minority interests (after tax) | 261,861.40 | | | Total | 27,250,875.18 | -- | Total Shareholders and Top Ten Shareholders at Period End At period-end, the company had 237,958 common shareholders; the largest, Jiangsu Akcome Industrial Group, had most of its shares pledged - At the end of the reporting period, the total number of common shareholders was 237,958[13] Top 10 Shareholders' Shareholding Status | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Pledge or Freeze Status | Amount (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Akcome Industrial Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 15.66% | 703,082,000 | 0 | Pledged | 531,301,996 | | Jiangsu Zhangjiagang Economic Development Zone Industrial General Company | State-Owned Legal Person | 5.26% | 235,920,200 | 0 | | | | Zou Chenghui | Domestic Natural Person | 2.71% | 121,846,200 | 91,384,650 | Pledged | 121,846,200 | | Jiangyin Akcome Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.05% | 46,980,000 | 0 | Pledged | 25,000,000 | | Guoshou Anbao Fund - Bohai Bank - Huaxin International Trust - Huaxin Trust · Huizhi Investment No. 60 Structured Collective Fund Trust Plan | Other | 0.80% | 35,891,800 | 0 | | | | Ji Xiaoping | Domestic Natural Person | 0.68% | 30,639,600 | 0 | | | | CCB Fund - Industrial Bank - Huaxin International Trust - Huaxin Trust · Huizhi Investment No. 58 Structured Collective Fund Trust Plan | Other | 0.65% | 29,295,900 | 0 | | | | Beixin Ruifeng Fund - Bank of Ningbo - Huaxin International Trust Co., Ltd. | Other | 0.63% | 28,435,561 | 0 | | | | Liang Jinming | Domestic Natural Person | 0.20% | 9,050,000 | 0 | | | | Bank of China Co., Ltd. - GF CSI Environmental Protection Industry ETF | Other | 0.19% | 8,684,976 | 0 | | | - Among the top ten shareholders, Jiangsu Akcome Industrial Group Co., Ltd. and Jiangyin Akcome Investment Co., Ltd. are affiliated enterprises controlled by the same actual controller, Zou Chenghui, and are parties acting in concert[18] - Controlling shareholder Jiangsu Akcome Industrial Group Co., Ltd. holds 559,771,666 shares through ordinary securities accounts and 143,310,334 shares through Northeast Securities Co., Ltd. client credit trading guarantee securities accounts, totaling 703,082,000 shares[21] Significant Events This section details major financial and operational changes, important developments, and compliance status Changes and Reasons for Key Financial Data and Indicators During Reporting Period The company experienced significant changes across its balance sheet, income statement, and cash flow statement items, driven by various factors Balance Sheet Major Item Changes (Sep 30, 2019 vs Dec 31, 2018) | Item | Sep 30, 2019 (RMB) | Dec 31, 2018 (RMB) | Change vs. Year-End 2018 | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | 0.00 | 1,204,176.00 | -100.00% | Primarily due to maturity of forward foreign exchange contracts and negative fair value changes of new contracts during the reporting period | | Notes Receivable | 28,005,157.81 | 136,526,072.87 | -79.49% | Primarily due to maturity and increased external payments of unexpired notes during the reporting period | | Prepayments | 214,039,160.23 | 60,779,711.97 | 252.16% | Primarily due to increased prepayments to suppliers during the reporting period | | Dividends Receivable | 107,226,473.98 | 158,465,156.48 | -32.33% | Primarily due to dividends receivable from sold power station companies received during the reporting period | | Available-for-Sale Financial Assets | 0.00 | 4,734,400.00 | -100.00% | Primarily due to changes in accounting items following the implementation of new financial standards during the reporting period | | Long-Term Receivables | 133,618,500.46 | 85,683,834.18 | 55.94% | Primarily due to increased long-term equity transfer receivables from the sale of Nantong Akcome equity during the reporting period | | Construction in Progress | 243,857,804.76 | 98,798,906.27 | 146.82% | Primarily due to increased construction progress of the Zhejiang Changxing Optoelectronics project during the reporting period | | Notes Payable | 794,697,966.13 | 164,889,556.26 | 381.96% | Primarily due to increased payments of bank acceptance bills during the reporting period | | Advances from Customers | 81,955,316.36 | 59,930,678.67 | 36.75% | Primarily due to increased advances for product sales during the reporting period | | Taxes Payable | 16,614,650.66 | 44,137,224.41 | -62.36% | Primarily due to decreased corporate income tax payable at the end of the reporting period | | Other Payables | 167,269,263.49 | 302,418,611.29 | -44.69% | Primarily due to decreased equity transfer payables and intercompany balances during the reporting period | | Non-Current Liabilities Due Within One Year | 397,504,729.61 | 658,913,618.29 | -39.67% | Primarily due to repayment of maturing debts and borrowings during the reporting period | | Deferred Income | 21,664,658.27 | 39,071,231.45 | -44.55% | Primarily due to decreased deferred income after the sale of Nantong Akcome equity during the reporting period | | Treasury Stock | 12,560,606.19 | 20,969,709.72 | -40.10% | Primarily due to the unlocking of restricted stock incentives upon achievement of 2018 performance commitments and the repurchase and cancellation of shares from resigned employees during the reporting period | | Other Comprehensive Income | 4,413,987.81 | -1,665,825.40 | -364.97% | Primarily due to changes in foreign currency translation rates for overseas companies' financial statements during the reporting period | | Minority Interests | 108,720,992.67 | 75,556,767.29 | 43.89% | Primarily due to increased minority interests from the transfer of 12.5% equity in subsidiary Nanzhao Power during the reporting period | Income Statement Major Item Changes (Current Period vs Prior Period) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Other Income | 7,605,119.85 | 23,617,760.44 | -67.80% | Primarily due to decreased government subsidies received compared to the prior year | | Asset Impairment Losses | 0.00 | 1,178,783.47 | -100.00% | Primarily due to changes in accounting treatment following the implementation of new financial standards during the reporting period | | Asset Disposal Gains | 465,418.73 | -1,928,055.92 | 124.14% | Primarily due to increased gains from disposal of fixed assets compared to the prior year | | Non-Operating Income | 6,713,681.67 | 1,897,607.29 | 253.80% | Primarily due to recovery of early-stage investment funds for some non-constructed power stations during the reporting period | | Non-Operating Expenses | 477,433.57 | 4,041,038.03 | -88.19% | Primarily due to decreased losses from damage to non-current assets during the reporting period | | Income Tax Expense | 4,031,473.33 | -933,229.14 | 531.99% | Primarily due to increased taxable income of the company during the reporting period | Cash Flow Statement Major Item Changes (Current Period vs Prior Period) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 282,796,179.51 | 464,107,990.11 | -39.07% | Primarily due to cash received from intercompany balances of sold subsidiaries during the reporting period | | Net Cash Flow from Investing Activities | -2,253,392.54 | -1,466,030,276.05 | 99.85% | Primarily due to cash received from disposal of subsidiaries and decreased external investment expenditures during the reporting period | | Net Cash Flow from Financing Activities | -361,226,609.22 | 981,435,883.79 | -136.81% | Primarily due to the company repaying some maturing borrowings during the reporting period | Progress, Impact, and Solutions for Significant Events The company completed a strategic investment by Zhangjiagang Economic Development Zone Industrial, changed an acquisition plan to pure cash, and proposed to terminate share repurchases - Jiangsu Zhangjiagang Economic Development Zone Industrial General Company completed its strategic investment, acquiring 235,920,200 shares (5.26% of total share capital) via agreement transfer, becoming the company's second-largest shareholder[28] - The company's plan to acquire 100% equity of Ningbo Jiangbei Yize New Energy Technology Co., Ltd. changed from share issuance and cash payment to a pure cash acquisition, not constituting a major asset restructuring[29] - The company's board of directors approved the proposal to terminate the share repurchase plan, which awaits shareholder approval; the original plan aimed to repurchase RMB 150 million to RMB 300 million at a price not exceeding RMB 3.00/share[30][35] Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company The company had no unfulfilled commitments from its controlling shareholder, shareholders, related parties, acquirers, or itself during the reporting period - The company had no unfulfilled commitments from its actual controller, shareholders, related parties, acquirers, or the company during the reporting period[36] Financial Assets Measured at Fair Value At period-end, the company's financial derivatives measured at fair value were zero, with a fair value change loss of RMB 1,204,176.00 Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (RMB) | Fair Value Change Gain/Loss for Current Period (RMB) | Cumulative Fair Value Change Included in Equity (RMB) | Amount Purchased During Reporting Period (RMB) | Amount Sold During Reporting Period (RMB) | Cumulative Investment Income (RMB) | Period-End Amount (RMB) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Derivatives | 1,204,176.00 | -1,204,176.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | Self-raised | | Total | 1,204,176.00 | -1,204,176.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -- | 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[40] 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[41] Wealth Management The company had no wealth management activities during the reporting period - The company had no wealth management activities during the reporting period[42] Registration of Research, Communication, and Interview Activities During Reporting Period The company did not engage in any research, communication, or interview activities during the reporting period - The company did not engage in any research, communication, or interview activities during the reporting period[43] Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements, showcasing its financial position, operating results, and cash flows Consolidated Balance Sheet At September 30, 2019, consolidated total assets decreased from year-end, while equity attributable to parent company owners increased Consolidated Balance Sheet Major Data (September 30, 2019) | Item | Sep 30, 2019 (RMB) | Dec 31, 2018 (RMB) | | :--- | :--- | :--- | | Total Assets | 13,683,714,753.29 | 14,056,677,310.68 | | Total Liabilities | 7,632,470,654.95 | 8,114,035,621.34 | | Total Equity Attributable to Parent Company Owners | 5,942,523,105.67 | 5,867,084,922.05 | | Minority Interests | 108,720,992.67 | 75,556,767.29 | | Total Owners' Equity | 6,051,244,098.34 | 5,942,641,689.34 | Parent Company Balance Sheet At September 30, 2019, parent company total assets decreased from year-end, while total owners' equity slightly increased Parent Company Balance Sheet Major Data (September 30, 2019) | Item | Sep 30, 2019 (RMB) | Dec 31, 2018 (RMB) | | :--- | :--- | :--- | | Total Assets | 11,746,162,555.31 | 13,660,973,084.66 | | Total Liabilities | 5,821,751,294.68 | 7,823,049,284.23 | | Total Owners' Equity | 5,924,411,260.63 | 5,837,923,800.43 | Consolidated Income Statement for Current Period For the third quarter, consolidated operating revenue grew 8.09% to RMB 1.27 billion, but net profit attributable to parent company owners significantly declined by 71.15% Consolidated Income Statement Major Data for Current Period | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,274,542,143.31 | 1,179,120,391.04 | | Total Operating Costs | 1,276,230,176.72 | 1,126,812,052.19 | | Operating Profit | 15,340,767.97 | 75,041,661.90 | | Total Profit | 20,475,951.36 | 73,333,283.53 | | Net Profit | 19,953,765.06 | 70,584,463.72 | | Net Profit Attributable to Parent Company Owners | 18,785,303.11 | 65,119,972.97 | | Basic Earnings Per Share (RMB/share) | 0.0032 | 0.01 | | Diluted Earnings Per Share (RMB/share) | 0.0032 | 0.01 | Parent Company Income Statement for Current Period For the third quarter, parent company operating revenue increased, but net profit showed an expanded loss of RMB 14.75 million Parent Company Income Statement Major Data for Current Period | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Operating Revenue | 518,070,988.79 | 446,181,887.52 | | Operating Profit | -21,230,241.10 | -11,538,146.84 | | Total Profit | -20,978,970.32 | -13,068,270.49 | | Net Profit | -14,754,185.11 | -9,923,672.64 | Consolidated Income Statement Year-to-Date Year-to-date, consolidated operating revenue grew 3.19% to RMB 3.79 billion, but net profit attributable to parent company owners significantly declined by 58.34% Consolidated Income Statement Major Data Year-to-Date | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 3,788,090,554.13 | 3,670,839,136.54 | | Total Operating Costs | 3,772,919,166.48 | 3,601,915,102.27 | | Operating Profit | 58,476,444.80 | 143,483,487.25 | | Total Profit | 64,712,692.90 | 141,340,056.51 | | Net Profit | 60,681,219.57 | 142,273,285.65 | | Net Profit Attributable to Parent Company Owners | 55,880,608.55 | 134,128,665.79 | | Basic Earnings Per Share (RMB/share) | 0.01 | 0.03 | | Diluted Earnings Per Share (RMB/share) | 0.01 | 0.03 | Parent Company Income Statement Year-to-Date Year-to-date, parent company operating revenue increased, but net profit significantly declined to RMB 67.58 million Parent Company Income Statement Major Data Year-to-Date | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Operating Revenue | 1,615,006,742.27 | 1,388,095,314.70 | | Operating Profit | 56,152,742.20 | 150,145,855.90 | | Total Profit | 57,352,814.35 | 148,231,025.12 | | Net Profit | 67,578,956.95 | 164,791,854.73 | Consolidated Cash Flow Statement Year-to-Date Year-to-date, net cash flow from operating activities decreased by 39.07% to RMB 282.80 million, while investing activities significantly improved Consolidated Cash Flow Statement Major Data Year-to-Date | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 282,796,179.51 | 464,107,990.11 | | Net Cash Flow from Investing Activities | -2,253,392.54 | -1,466,030,276.05 | | Net Cash Flow from Financing Activities | -361,226,609.22 | 981,435,883.79 | | Net Increase in Cash and Cash Equivalents | -79,193,329.90 | -17,435,942.59 | | Period-End Cash and Cash Equivalents Balance | 596,151,126.99 | 695,656,994.11 | Parent Company Cash Flow Statement Year-to-Date Year-to-date, parent company net cash flow from operating activities turned negative, while investing activities significantly improved Parent Company Cash Flow Statement Major Data Year-to-Date | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -272,428,957.07 | 1,098,178,131.28 | | Net Cash Flow from Investing Activities | 603,368,407.51 | -1,740,850,885.11 | | Net Cash Flow from Financing Activities | -439,908,864.76 | 947,282,623.31 | | Net Increase in Cash and Cash Equivalents | -109,780,840.09 | 301,464,225.06 | | Period-End Cash and Cash Equivalents Balance | 436,571,554.54 | 471,292,380.50 | Explanation of Financial Statement Adjustments This section explains the adjustments made to the company's year-start financial statements from 2019 due to the implementation of new financial instrument standards Adjustments to Year-Start Financial Statements Due to New Financial Instruments, Revenue, or Lease Standards from 2019 The company adjusted its year-start financial statements from 2019 to comply with new financial instrument standards, primarily reclassifying certain financial assets Consolidated Balance Sheet Adjustments (January 1, 2019) | Item | Dec 31, 2018 (RMB) | Jan 1, 2019 (RMB) | Adjustment Amount (RMB) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | | 1,204,176.00 | 1,204,176.00 | | Financial assets at fair value through profit or loss | 1,204,176.00 | | -1,204,176.00 | | Available-for-Sale Financial Assets | 4,734,400.00 | | -4,734,400.00 | | Other Non-Current Financial Assets | | 4,734,400.00 | 4,734,400.00 | Parent Company Balance Sheet Adjustments (January 1, 2019) | Item | Dec 31, 2018 (RMB) | Jan 1, 2019 (RMB) | Adjustment Amount (RMB) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | | 1,204,176.00 | 1,204,176.00 | | Financial assets at fair value through profit or loss | 1,204,176.00 | | -1,204,176.00 | | Available-for-Sale Financial Assets | 4,734,400.00 | | -4,734,400.00 | | Other Non-Current Financial Assets | | 4,734,400.00 | 4,734,400.00 | Explanation of Retrospective Adjustments to Prior Period Comparative Data Due to New Financial Instruments or Lease Standards from 2019 The company made no retrospective adjustments to prior period comparative data due to new financial instrument or lease standards during the reporting period - The company made no retrospective adjustments to prior period comparative data due to new financial instrument or lease standards during the reporting period[135] Audit Report The company's 2019 third-quarter report is unaudited - The company's third-quarter report is unaudited[136]