道明光学(002632) - 2022 Q3 - 季度财报

Main Financial Data Key Accounting Data and Financial Indicators In Q3 2022, the company's operating revenue grew by 6.22% YoY, and net profit attributable to parent company shareholders increased by 10.78% YoY; however, year-to-date, operating revenue slightly decreased by 0.82% YoY, net profit attributable to parent company shareholders declined by 9.28% YoY, and net cash flow from operating activities significantly dropped by 78.50% YoY Key Financial Indicators for Q3 and YTD 2022 | Indicator | Current Period (Q3) | YoY Change | YTD | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 338,605,308.50 | 6.22% | 931,124,472.46 | -0.82% | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | 50,941,449.98 | 10.78% | 114,566,076.14 | -9.28% | | Net Profit Attributable to Shareholders of Listed Company, Excluding Non-recurring Gains and Losses (Yuan) | 53,931,000.04 | 55.43% | 107,181,409.53 | -0.90% | | Net Cash Flow from Operating Activities (Yuan) | — | — | 97,227,617.92 | -78.50% | | Basic Earnings Per Share (Yuan/share) | 0.0816 | 10.87% | 0.1834 | -9.30% | | Total Assets (Yuan) | 3,803,824,104.24 | 5.77% (vs. end of prior year) | 3,803,824,104.24 | 5.77% (vs. end of prior year) | | Total Equity Attributable to Shareholders of Listed Company (Yuan) | 2,153,128,445.81 | 3.95% (vs. end of prior year) | 2,153,128,445.81 | 3.95% (vs. end of prior year) | Non-recurring Gains and Losses Year-to-date, the company's total non-recurring gains and losses amounted to 7.38 million Yuan, primarily from government grants, partially offset by fair value changes in financial assets held for trading and other non-operating expenses YTD Non-recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Government Grants | 16,835,590.22 | | Gains/Losses from Changes in Fair Value of Financial Assets/Liabilities Held for Trading and Investment Income | -5,576,101.11 | | Other Non-operating Income and Expenses | -3,053,546.80 | | Total | 7,384,666.61 | Analysis of Major Financial Indicator Changes During the reporting period, the company's financial position significantly changed, with investment properties substantially increasing due to dormitory rentals, financial expenses decreasing due to exchange gains, investment income declining due to prior period dividends, operating cash flow significantly decreasing due to reduced collections, and financing cash flow improving due to fewer loan repayments Balance Sheet Item Change Analysis Key balance sheet changes from period-start to period-end include a 1701.23% surge in investment properties due to dormitory rentals, a 43.93% increase in construction in progress from the Hangzhou Daoming project, a 66.12% decrease in financial assets held for trading due to maturities, and an 86.19% rise in prepayments from Xiaoweiyuan advances - Investment properties significantly increased by 1701.23% from the beginning to the end of the period, primarily due to the rental of Xiaoweiyuan dormitory buildings[11] - Financial assets held for trading decreased by 66.12% from the beginning to the end of the period, mainly due to the maturity of a significant number of such assets during the reporting period[11] - Construction in progress increased by 43.93% from the beginning to the end of the period, primarily due to the increase in construction projects at Hangzhou Daoming Sci-Tech[11] Income Statement Item Change Analysis Key income statement changes year-to-date include a 552.39% YoY decrease in financial expenses due to significant exchange gains, a 127.20% YoY decline in investment income due to prior period dividends, a 100.01% YoY increase in asset impairment losses due to prior period goodwill impairment, and a 323.15% YoY increase in non-operating expenses due to current period compensation payments - Financial expenses significantly decreased by 552.39% year-over-year, primarily due to substantial exchange gains in the current period[12] - Investment income decreased by 127.20% year-over-year, mainly because the company received dividends from Dingchuang in the prior period, with no such income in the current period[13] - Asset impairment losses increased by 100.01% year-over-year, primarily because a significant goodwill impairment loss for Huawei was recognized in the prior period, with no such loss in the current period[13] Cash Flow Statement Item Change Analysis Key cash flow statement changes year-to-date include a significant 78.50% YoY decrease in net cash flow from operating activities due to reduced Xiaoweiyuan collections, a shift in net cash flow from investing activities from negative to positive due to fewer prior period construction payments, and a reduction in net cash outflow from financing activities due to fewer prior period loan repayments - Net cash flow from operating activities decreased by 78.50% year-over-year, primarily due to reduced collections from Xiaoweiyuan during the reporting period[15] - Net cash flow from investing activities increased by 120.79% year-over-year (shifting from net outflow to net inflow), primarily due to higher construction payments in the prior period[15] - Net cash flow from financing activities increased by 80.38% year-over-year (reduced net outflow), primarily due to higher loan repayments in the prior period[15] Shareholder Information Shareholding Status As of the end of the reporting period, the company had 33,825 common shareholders, with a highly concentrated equity structure where controlling shareholder Zhejiang Daoming Investment Co., Ltd. holds 39.96% of shares, and several top ten shareholders are related parties of the actual controllers Hu Zhibiao and Hu Zhixiong, forming a concerted action relationship - As of the end of the reporting period, the company had a total of 33,825 common shareholders[17] - Controlling shareholder Zhejiang Daoming Investment Co., Ltd. holds 39.96% of the company's shares, with 170,130,000 shares pledged[18] - The company's actual controllers, Hu Zhibiao and Hu Zhixiong, control the company directly and indirectly, with several family members (e.g., Hu Huiling, Chi Qiaoli, Hu Haoheng) among the top ten shareholders, forming a concerted action relationship[19] Other Significant Matters During the reporting period, the company handled several significant matters, including ongoing litigation enforcement with Anhui Yiweis and partial payment receipt, equity repurchase payments from Beijing Sunshine Tianyu, a change in business scope for Hangzhou Daoming Sci-Tech to meet equipment procurement needs, the deregistration and liquidation of its Japanese subsidiary, and resolution of a factory lease dispute involving its Huizhou subsidiary with compensation paid Progress of Anhui Yiweis Litigation The company continued to pursue compulsory enforcement of litigation against relevant parties of former controlled subsidiary Anhui Yiweis, receiving 3.04 million Yuan in debt distribution on September 1, 2022, with cumulative court enforcement funds totaling 10.43 million Yuan, while the court also seized 96.48% of Anhui Yiweis' equity held by Cao Wenjun in January 2022 - On September 1, 2022, the company received 3,044,877.27 Yuan in debt distribution related to the Anhui Yiweis litigation[21] - As of the report disclosure date, the company has cumulatively received 10,430,405.71 Yuan in court enforcement funds[22] Progress of Beijing Sunshine Tianyu Repurchase In August and September 2022, the company continued to receive equity repurchase payments totaling 1.08 million Yuan from Mr. Jin Liang, legal representative of associate company Beijing Sunshine Tianyu - In August and September 2022, the company received equity repurchase payments totaling 1.08 million Yuan from Mr. Jin Liang, legal representative of Sunshine Tianyu[24] Change in Subsidiary's Business Scope To meet imported equipment procurement needs, subsidiary Hangzhou Daoming New Materials Co., Ltd. changed its business scope in August 2022 to include 'Optical Instrument Manufacturing' in its licensed items, completing the industrial and commercial registration - In August 2022, subsidiary Hangzhou Daoming Sci-Tech added 'Optical Instrument Manufacturing' to its business scope due to the need to procure imported equipment[25] Deregistration of Japanese Subsidiary Due to declining profitability and strategic adjustments, the company decided to deregister its overseas controlled subsidiary Japan Daoming Optics Co., Ltd., receiving 131,100 USD in liquidation funds on September 14, completing all liquidation procedures, and ceasing consolidation from October 2022 - Due to declining profitability and strategic adjustments, the company deregistered its Japanese subsidiary, Japan Daoming Optics, and it will no longer be consolidated from October 2022[26] Huizhou Subsidiary Factory Lease Dispute Wholly-owned grandchild company Huizhou Daoming Huawei Technology Co., Ltd. was arbitrated by the lessee for failing to deliver leased factory premises on time; according to the September 2022 arbitration award, the company was found in breach of contract, the lease agreement was terminated, and it was required to bear corresponding liabilities, with 4.97 million Yuan paid on October 13, which is not expected to have a significant adverse impact on performance - Grandchild company Huizhou Daoming Huawei Technology was arbitrated for a factory lease contract dispute, found in breach of contract, and the contract was terminated[29] - On October 13, 2022, the company paid a total of 4.97 million Yuan to the counterparty for the return of deposits, compensation for renovation costs, and other related expenses[29] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2022, the company's total assets were 3.80 billion Yuan, up 5.77% from the beginning of the year; total liabilities were 1.65 billion Yuan, up 8.32%; and total equity attributable to the parent company was 2.15 billion Yuan, up 3.95%, maintaining a relatively stable asset-liability structure Key Items from Consolidated Balance Sheet (September 30, 2022) | Item | Amount (Yuan) | Change from Beginning of Year | | :--- | :--- | :--- | | Total Assets | 3,803,824,104.24 | 5.77% | | Total Current Assets | 2,348,598,234.64 | 1.04% | | Total Non-Current Assets | 1,455,225,869.60 | 14.40% | | Total Liabilities | 1,651,919,562.74 | 8.32% | | Total Current Liabilities | 1,606,219,496.80 | 8.87% | | Total Non-Current Liabilities | 45,700,065.94 | -8.04% | | Total Equity Attributable to Parent Company Shareholders | 2,153,128,445.81 | 3.95% | Consolidated Income Statement In the first three quarters of 2022, the company achieved total operating revenue of 931.12 million Yuan, a slight decrease of 0.82% YoY; total operating costs were 798.70 million Yuan, up 2.44% YoY; operating profit increased by 6.0% YoY due to factors like exchange gains, but net profit attributable to parent company shareholders was 114.57 million Yuan, down 9.28% YoY Key Items from Consolidated Income Statement (YTD) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 931,124,472.46 | 938,808,654.63 | -0.82% | | Total Operating Costs | 798,697,853.11 | 779,705,874.63 | 2.44% | | Operating Profit | 145,123,445.36 | 136,926,658.05 | 6.00% | | Total Profit | 142,069,898.56 | 142,704,627.88 | -0.45% | | Net Profit | 114,526,660.93 | 126,300,012.35 | -9.32% | | Net Profit Attributable to Parent Company Shareholders | 114,566,076.14 | 126,288,861.11 | -9.28% | | Basic Earnings Per Share | 0.1834 | 0.2022 | -9.30% | Consolidated Cash Flow Statement In the first three quarters of 2022, net cash flow from operating activities was 97.23 million Yuan, a significant 78.50% YoY decrease primarily due to reduced Xiaoweiyuan collections; net cash flow from investing activities shifted from a 116.63 million Yuan outflow in the prior period to a 24.25 million Yuan inflow; net cash outflow from financing activities was 31.22 million Yuan; and cash and cash equivalents at period-end totaled 444.38 million Yuan Key Items from Consolidated Cash Flow Statement (YTD) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 97,227,617.92 | 452,204,315.69 | -78.50% | | Net Cash Flow from Investing Activities | 24,246,996.29 | -116,629,898.89 | -120.79% | | Net Cash Flow from Financing Activities | -31,219,333.59 | -159,113,144.44 | 80.38% | | Net Increase in Cash and Cash Equivalents | 102,637,021.92 | 175,430,553.27 | -41.50% | | Cash and Cash Equivalents at End of Period | 444,378,117.98 | 406,376,603.94 | 9.35% |