北玻股份(002613) - 2022 Q3 - 季度财报

Major Financial Data Key Accounting Data and Financial Indicators In the first three quarters of 2022, the company's operating revenue increased by 7.04% and net profit attributable to shareholders grew by 38.53%, indicating an overall positive trend, though third-quarter net profit attributable to shareholders declined by 46.05% year-on-year, signaling quarterly profitability volatility Key Accounting Data and Financial Indicators | Indicator | Current Period (Q3) (RMB) | Year-to-Date (YTD) (RMB) | YTD YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 414.06 million | 1.143 billion | 7.04% | | Net Profit Attributable to Shareholders | 5.11 million | 28.86 million | 38.53% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Gains/Losses) | 2.18 million | 19.66 million | 82.50% | | Net Cash Flow from Operating Activities | — | -8.60 million | -125.99% | | Basic Earnings Per Share (RMB/share) | 0.0055 | 0.0308 | 38.74% | | Total Assets | 2.334 billion | 2.334 billion | -6.57% (vs. end of prior year) | | Total Equity Attributable to Shareholders | 1.560 billion | 1.560 billion | 1.80% (vs. end of prior year) | Non-Recurring Gains and Losses and Amounts In the first three quarters of 2022, the company's non-recurring gains and losses totaled RMB 9.19 million, positively contributing to net profit, primarily from government grants (RMB 3.18 million) and fair value changes and investment income from financial assets (RMB 6.38 million) Non-Recurring Gains and Losses | Item | Year-to-Date Amount (RMB) | | :--- | :--- | | Government Grants Included in Current Profit/Loss | 3.18 million | | Fair Value Changes and Investment Income from Trading Financial Assets/Liabilities | 6.38 million | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 1.13 million | | Total | 9.19 million | Analysis of Major Financial Indicator Changes During the reporting period, the company's asset-liability structure, profitability, and cash flow significantly changed, with construction in progress substantially increasing due to new investments, financial expenses decreasing due to exchange gains, and operating cash flow turning negative due to reduced advance receipts, indicating cash pressure Balance Sheet Item Change Analysis Major changes in the balance sheet from the beginning to the end of the period include a 114.76% increase in construction in progress due to new machinery and equipment investment, a 42.58% increase in intangible assets from land use rights acquisition, and significant decreases in notes receivable and notes payable due to maturity or reduced issuance - Construction in progress increased by 114.76% from the beginning of the period, primarily due to increased investment in new machinery and equipment[9] - Intangible assets increased by 42.58% from the beginning of the period, due to the transfer of purchased land use rights into intangible assets[9] - Notes receivable decreased by 94.27% from the beginning of the period, primarily due to the maturity of pledged bank acceptance bills during the reporting period[9] - Notes payable decreased by 58.83% from the beginning of the period, primarily due to a reduction in bank acceptance bills issued compared to the previous period[9] Income Statement Item Change Analysis Net profit increased by 41.47% year-on-year in the first three quarters, mainly driven by increased operating revenue and improved gross margin, while financial expenses significantly decreased by 61.36% year-on-year due to increased exchange gains, and selling expenses increased by 37.27% year-on-year due to higher salaries and advertising fees - Net profit increased by 41.47% year-on-year, primarily due to increased operating revenue and improved gross margin during the reporting period, enhancing profitability[10] - Financial expenses decreased by 61.36% year-on-year, primarily due to increased exchange gains during the reporting period[10] - Selling expenses increased by 37.27% year-on-year, primarily due to increased salaries and advertising expenses during the reporting period[10] - Credit impairment losses decreased by 92.10% year-on-year, primarily due to an increase in the collection of long-aged accounts receivable during the reporting period[10] Cash Flow Statement Item Change Analysis Net cash flow from operating activities decreased by 125.99% year-on-year to RMB -8.60 million, primarily due to a decrease in advance receipts compared to the previous year, while net cash flow from investing activities significantly decreased by 1,581.63% due to reduced cash recovered from investments, leading to a 835.01% year-on-year decrease in net increase in cash and cash equivalents, indicating tight cash flow - Net cash flow from operating activities decreased by 125.99% year-on-year, primarily due to a decrease in advance receipts during the reporting period compared to the previous year[14] - Net cash flow from investing activities decreased by 1,581.63% year-on-year, due to a reduction in cash recovered from investments during the reporting period[14] - Net increase in cash and cash equivalents decreased by 835.01% year-on-year, primarily due to reduced net cash flow from operating and investing activities[15] Shareholder Information Common Shareholder Holdings As of the end of the reporting period, the company had 74,703 common shareholders, with a highly concentrated equity structure where the top three shareholders, Gao Xueming, Feng Jinjun, and Gao Xuelin, acting in concert, collectively hold 56.27% of shares, exercising absolute control over the company - The total number of common shareholders at the end of the reporting period was 74,703 accounts[17] Top Ten Shareholders' Holdings | Shareholder Name | Holding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Gao Xueming | 48.08% | 450,578,625 | | Feng Jinjun | 4.81% | 45,081,991 | | Gao Xuelin | 3.38% | 31,642,659 | - The top three shareholders, Gao Xueming, Feng Jinjun, and Gao Xuelin, are parties acting in concert[18] Other Significant Matters Production and Operations In the first three quarters, the company achieved RMB 1.143 billion in revenue, with steady development in its main businesses of glass deep processing equipment and deep-processed glass products, accounting for 52% and 34% of total revenue respectively, and new orders for high-capacity tempering equipment for photovoltaic glass production exceeding 30 units/sets, indicating successful business expansion in the new energy sector Business Segments Revenue | Business Segment | Q1-Q3 Operating Revenue (RMB 100 million) | Proportion of Total Revenue | | :--- | :--- | :--- | | Glass Deep Processing Tempering Equipment | 5.95 | 52% | | Deep Processed Glass Products | 3.94 | 34% | - The company's independently developed and produced high-capacity ultra-long continuous glass tempering production equipment, applicable to photovoltaic glass production, received over 30 new orders (units/sets) in the first three quarters[19] - Deep-processed glass products are applied in renowned domestic and international buildings such as the Huawei Flagship Store in Bantian, Shenzhen, and the Jing'an District Archives in Shanghai[19] Major Investments and Subsidiary Establishment During the reporting period, the company actively promoted capacity expansion and industrial layout optimization by establishing multiple wholly-owned subsidiaries and investing in the "NorthGlass Automation Intelligent High-End Equipment Industrial Park" and "NorthGlass High-End Energy-Saving Glass Project," laying a foundation for medium-to-long-term development, while also transferring some equity in associate companies through related party transactions to optimize its industrial structure - The company, through its subsidiary, obtained the "Real Estate Title Certificate" for all 509 mu of industrial land for the "NorthGlass Automation Intelligent High-End Equipment Industrial Park" project, which is actively under construction, with the first phase expected to be operational in 2023[20][21] - The company established new wholly-owned subsidiaries, Luoyang NorthGlass High-End Glass Industry Co., Ltd., Luoyang NorthGlass Technology Equipment Co., Ltd., and a wholly-owned subsidiary of Shanghai NorthGlass, to support the R&D, production, and sales of high-end energy-saving glass projects and glass deep processing equipment[21][22] - To enhance asset liquidity and optimize its industrial structure, the company transferred its property shares and related equity in Beijing Lianxun NorthGlass Investment Management Partnership to its controlling shareholder[23] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2022, the company's total assets were RMB 2.334 billion, a 6.57% decrease from the beginning of the year, with significant increases in construction in progress and intangible assets due to new industrial park investments, while monetary funds and notes receivable decreased; total liabilities were RMB 678.91 million, and the asset-liability ratio decreased from 35.0% at the beginning of the year to 29.1%, indicating reduced financial leverage Consolidated Balance Sheet | Item | Sep 30, 2022 (RMB) | Jan 1, 2022 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 2.334 billion | 2.498 billion | -6.57% | | Monetary Funds | 377.94 million | 451.17 million | -16.23% | | Construction in Progress | 140.97 million | 65.64 million | 114.76% | | Intangible Assets | 203.98 million | 143.06 million | 42.58% | | Total Liabilities | 678.91 million | 874.35 million | -22.35% | | Total Equity Attributable to Parent Company Shareholders | 1.560 billion | 1.532 billion | 1.80% | Consolidated Income Statement (Year-to-Date) In the first three quarters of 2022, the company achieved operating revenue of RMB 1.143 billion, a 7.04% year-on-year increase, and net profit attributable to parent company shareholders of RMB 28.86 million, a 38.53% year-on-year increase, with profit growth primarily driven by revenue growth, improved gross margin, and exchange gains (reflected in reduced financial expenses), while R&D expenses increased by 17.05%, indicating continued investment in technological innovation Consolidated Income Statement (Year-to-Date) | Item | Current Period (YTD) (RMB) | Prior Period (YTD) (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1.143 billion | 1.068 billion | 7.04% | | Operating Cost | 918.41 million | 883.19 million | 4.00% | | R&D Expenses | 74.49 million | 63.64 million | 17.05% | | Financial Expenses | -12.82 million | -7.94 million | -61.36% | | Total Profit | 36.39 million | 29.97 million | 21.42% | | Net Profit Attributable to Parent Company Shareholders | 28.86 million | 20.83 million | 38.53% | Consolidated Cash Flow Statement (Year-to-Date) In the first three quarters of 2022, the company's cash flow significantly deteriorated, with net cash flow from operating activities at RMB -8.60 million, a 125.99% year-on-year decrease from a net inflow of RMB 33.08 million in the prior year, and net cash flows from investing and financing activities also being net outflows, resulting in a RMB 48.43 million decrease in cash and cash equivalents at period-end Consolidated Cash Flow Statement (Year-to-Date) | Item | Current Period (YTD) (RMB) | Prior Period (YTD) (RMB) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -8.60 million | 33.08 million | -125.99% | | Net Cash Flow from Investing Activities | -44.49 million | -2.65 million | -1581.63% | | Net Cash Flow from Financing Activities | -1.01 million | -34.28 million | 97.04% | | Net Increase in Cash and Cash Equivalents | -48.43 million | -5.18 million | -835.01% | Audit Opinion This quarterly financial report is unaudited - The company's third-quarter report is unaudited[34]