珠江钢琴(002678) - 2023 Q3 - 季度财报

Important Notice The Board of Directors, Supervisory Committee, and senior management guarantee the report's accuracy, with financial information verified by relevant officers, and confirm the report is unaudited - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report and assume legal responsibility[3] - The company's principal officer, the person in charge of accounting, and the head of the accounting department declare that the financial information is true, accurate, and complete[3] - This quarterly report is unaudited[3] Major Financial Data This section presents the company's key financial performance indicators and their changes, including detailed analysis of non-recurring gains and losses, and explanations for significant financial metric fluctuations Key Accounting Data and Financial Indicators The company's key financial indicators for Q3 2023 and year-to-date showed significant declines, with substantial year-over-year decreases in operating revenue, net profit attributable to shareholders, non-recurring net profit, and net cash flow from operating activities, alongside slight reductions in total assets and owners' equity attributable to shareholders 2023 Q3 and Year-to-Date Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Year-over-Year Change | Year-to-Date (RMB) | Year-to-Date Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 267.51 million | -42.84% | 902.32 million | -31.47% | | Net Profit Attributable to Listed Company Shareholders | -18.79 million | -152.02% | 6.48 million | -93.54% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains/Losses | -19.87 million | -156.44% | 3.11 million | -96.66% | | Net Cash Flow from Operating Activities | — | — | -329.89 million | -290.50% | | Basic Earnings Per Share (RMB/share) | -0.01 | -150.00% | 0.01 | -85.71% | | Diluted Earnings Per Share (RMB/share) | -0.01 | -150.00% | 0.01 | -85.71% | | Weighted Average Return on Net Assets | -0.50% | -151.69% | 0.18% | -93.41% | | Period-End Indicators | Current Period-End (RMB) | Previous Year-End (RMB) | Period-End vs Previous Year-End Change | | | Total Assets | 4.77 billion | 5.12 billion | -6.70% | | | Owners' Equity Attributable to Listed Company Shareholders | 3.68 billion | 3.71 billion | -0.83% | | Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 1.08 million RMB for the current period and 3.36 million RMB year-to-date, primarily comprising government grants, fair value changes, and non-current asset disposal gains/losses Non-Recurring Gains and Losses Items and Amounts (Unit: RMB) | Item | Current Period Amount | Year-to-Date Amount | Explanation | | :--- | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 0.087 million | -0.661 million | | | Government Grants Included in Current Profit/Loss | 1.188 million | 4.200 million | | | Gains/Losses from Fair Value Changes and Investment Income | 0.032 million | 3.622 million | | | Other Non-Operating Income and Expenses | 0.072 million | -2.482 million | | | Less: Income Tax Impact | 0.055 million | 0.677 million | | | Impact on Minority Shareholders' Equity (After Tax) | 0.244 million | 0.641 million | | | Total | 1.080 million | 3.361 million | -- | Changes and Reasons for Major Accounting Data and Financial Indicators Multiple financial indicators experienced significant changes during the reporting period, with substantial year-over-year increases in accounts receivable, construction in progress, long-term deferred expenses, taxes payable, investment income, asset disposal gains, and non-operating income, while prepayments, accounts payable, lease liabilities, operating revenue, financial expenses, other income, fair value change gains, credit impairment losses, asset impairment losses, operating profit, total profit, net profit, net profit attributable to parent, minority interest, net cash flow from operating activities, and net cash flow from financing activities showed significant declines or negative growth, primarily influenced by weak market demand, reduced production capacity, rising raw material prices, decreased government subsidies, increased wealth management income, and loan repayments - Accounts receivable as of September 30, 2023, was 240 million RMB, an increase of 341.47% from the beginning of the year, primarily due to the cyclical nature of industry sales collections[7] - Prepayments as of September 30, 2023, were 9.72 million RMB, a decrease of 37.34% from the beginning of the year, mainly due to reduced production capacity and lower prepaid material costs[7] - Other receivables as of September 30, 2023, were 37.45 million RMB, an increase of 44.46% from the beginning of the year, primarily due to increased unrecovered rent recognized under new leasing standards[7] - Construction in progress as of September 30, 2023, was 25.37 million RMB, an increase of 64.82% from the beginning of the year, mainly due to investments in renovation projects and heating engineering[7] - Long-term deferred expenses as of September 30, 2023, were 1.26 million RMB, an increase of 41.59% from the beginning of the year, primarily due to the amortization of community store renovation costs[7] - Accounts payable as of September 30, 2023, was 127 million RMB, a decrease of 35.09% from the beginning of the year, mainly due to reduced piano production capacity and lower material purchases[8] - Taxes payable as of September 30, 2023, were 19.34 million RMB, an increase of 199.40% from the beginning of the year, primarily due to the annual accrual of property tax and land use tax paid at year-end[8] - Lease liabilities as of September 30, 2023, were 8.33 million RMB, a decrease of 56.58% from the beginning of the year, mainly due to reduced lease payments[8] - Operating revenue for January-September 2023 was 902 million RMB, a year-over-year decrease of 31.47%, primarily due to weak overall demand in the musical instrument market influenced by the consumer environment and education policies[8] - Financial expenses for January-September 2023 were -31.27 million RMB, a year-over-year decrease of 111.58%, primarily due to increased deposit interest income[8] - Other income for January-September 2023 was 4.19 million RMB, a year-over-year decrease of 63.7%, primarily due to reduced government grants received[8] - Investment income for January-September 2023 was 6.62 million RMB, a year-over-year increase of 227.27%, primarily due to increased income from redeemed wealth management products[9] - Gains from fair value changes for January-September 2023 were -3 million RMB, a year-over-year decrease of 129.22%, primarily due to the recognition of fair value change losses[9] - Credit impairment losses for January-September 2023 were -5.59 million RMB, a year-over-year increase of 41.08%, primarily due to reduced provision for doubtful accounts on accounts receivable[9] - Asset impairment losses for January-September 2023 were -4.57 thousand RMB, a year-over-year increase of 97.61%, primarily due to reduced provision for inventory depreciation[9] - Asset disposal gains for January-September 2023 were 98.4 thousand RMB, a year-over-year increase of 296.18%, primarily due to increased income from the disposal of fixed assets[10] - Non-operating income for January-September 2023 was 282.1 thousand RMB, a year-over-year increase of 229.62%, primarily due to received contract liquidated damages[10] - Operating profit, total profit, net profit, net profit attributable to the parent company, and minority interest for January-September 2023 decreased year-over-year by 92.36%, 95.25%, 95.39%, 93.54%, and 172.76% respectively, primarily due to declining market consumer demand, rising raw material prices, and increased fixed cost allocation from reduced production capacity[10] - Net cash flow from operating activities for January-September 2023 decreased year-over-year by 290.5%, primarily due to reduced sales and current period bill repayments exceeding bill issuances[10] - Net cash flow from investing activities for January-September 2023 increased year-over-year by 274.1%, primarily because matured wealth management products redeemed exceeded those purchased[10] - Net cash flow from financing activities for January-September 2023 decreased year-over-year by 322.83%, primarily because matured bank loans repaid exceeded new bank loans obtained[11] Shareholder Information This section details the total number of common shareholders and the top ten shareholders' holdings, including information on their nature and any concerted actions Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 19,451 common shareholders, with Guangzhou Urban Construction Investment Group Co., Ltd. and its affiliates holding a significant combined stake among the top ten shareholders, forming a concerted party Total Number of Common Shareholders at Period-End | Total Common Shareholders at Period-End | 19,451 | | :--- | :--- | Top 10 Shareholders' Holdings | Shareholder Name | Shareholding Percentage | Shareholder Nature | Number of Shares Held | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Urban Construction Investment Group Co., Ltd. | 50.89% | State-owned Legal Person | 692,743,365 | | | Guangzhou Industrial Investment Holding Group Co., Ltd. | 16.36% | State-owned Legal Person | 222,776,955 | | | Guangdong Provincial Department of Finance | 7.47% | Domestic Non-State-owned Legal Person | 101,724,480 | | | Guangzhou Xinhua Urban Development Industrial Investment Enterprise (Limited Partnership) | 4.66% | Domestic Non-State-owned Legal Person | 63,414,633 | | | Guangzhou Guoshou Urban Development Industrial Investment Enterprise (Limited Partnership) | 3.83% | Domestic Non-State-owned Legal Person | 52,105,690 | | | Chen Meijin | 0.35% | Domestic Natural Person | 4,807,900 | | | Lei Jun | 0.34% | Domestic Natural Person | 4,619,080 | | | Aladdin Music Co., Ltd. | 0.31% | Domestic Non-State-owned Legal Person | 4,166,400 | | | Lin Saihua | 0.30% | Domestic Natural Person | 4,091,982 | | | Xin Min | 0.30% | Domestic Natural Person | 4,056,300 | | - Guangzhou Urban Construction Investment Group Co., Ltd., Guangzhou Xinhua Urban Development Industrial Investment Enterprise (Limited Partnership), and Guangzhou Guoshou Urban Development Industrial Investment Enterprise (Limited Partnership) constitute a concerted party[13][15] Total Number of Preferred Shareholders and Top 10 Preferred Shareholders' Holdings The company has no preferred shareholders - The company has no preferred shareholders[16] Other Important Matters There are no other important matters to report for the period - The company has no other important matters[16] Quarterly Financial Statements This section provides the company's quarterly financial statements, including the balance sheet, income statement, and cash flow statement, along with notes on new accounting standards and audit status Financial Statements This section includes the company's consolidated balance sheet as of September 30, 2023, and the consolidated income statement and cash flow statement for the year-to-date period, reflecting the company's financial position, operating results, and cash flows during the reporting period 1. Consolidated Balance Sheet As of September 30, 2023, the company's total assets were 4.77 billion RMB, a 6.70% decrease from the beginning of the year, and owners' equity attributable to shareholders was 3.68 billion RMB, a 0.83% decrease, with both current assets and liabilities declining, while accounts receivable significantly increased and short-term borrowings, notes payable, and accounts payable substantially decreased Consolidated Balance Sheet Major Item Changes (September 30, 2023 vs January 1, 2023) | Item | September 30, 2023 (RMB) | January 1, 2023 (RMB) | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Cash and Cash Equivalents | 1.53 billion | 1.48 billion | Increase | | Financial Assets Held for Trading | 621.81 million | 0 | New | | Accounts Receivable | 240.38 million | 54.45 million | Substantial Increase | | Prepayments | 9.72 million | 15.51 million | Decrease | | Other Receivables | 37.45 million | 25.92 million | Increase | | Inventories | 1.25 billion | 1.15 billion | Increase | | Total Current Assets | 3.08 billion | 3.36 billion | Decrease | | Construction in Progress | 25.37 million | 15.39 million | Increase | | Long-Term Deferred Expenses | 1.26 million | 0.89 million | Increase | | Total Assets | 4.77 billion | 5.12 billion | Decrease | | Liabilities | | | | | Short-Term Borrowings | 356.31 million | 500.91 million | Decrease | | Notes Payable | 218.25 million | 276.97 million | Decrease | | Accounts Payable | 126.91 million | 195.52 million | Decrease | | Contract Liabilities | 86.54 million | 110.70 million | Decrease | | Taxes Payable | 19.34 million | 6.46 million | Increase | | Lease Liabilities | 8.33 million | 19.19 million | Decrease | | Total Liabilities | 1.06 billion | 1.37 billion | Decrease | | Owners' Equity | | | | | Total Owners' Equity Attributable to Parent Company | 3.68 billion | 3.71 billion | Decrease | | Total Owners' Equity | 3.71 billion | 3.75 billion | Decrease | 2. Consolidated Income Statement for the Period from Year-Beginning to Report End As of September 30, 2023, the company's total operating revenue was 902 million RMB, a 31.47% year-over-year decrease, and net profit attributable to parent company shareholders was 6.48 million RMB, a substantial 93.54% year-over-year decline, with operating profit, total profit, and net profit all showing significant decreases primarily due to weak market demand and rising costs Consolidated Income Statement Major Item Changes (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 902.32 million | 1.32 billion | -31.47% | | Total Operating Costs | 895.06 million | 1.21 billion | -25.89% | | Operating Costs | 714.81 million | 993.27 million | -27.91% | | Selling Expenses | 54.87 million | 45.20 million | +21.40% | | Administrative Expenses | 86.76 million | 100.41 million | -13.60% | | R&D Expenses | 55.35 million | 64.55 million | -14.10% | | Financial Expenses | -31.27 million | -14.78 million | -111.58% | | Other Income | 4.19 million | 11.56 million | -63.70% | | Investment Income | 6.62 million | 2.02 million | +227.27% | | Gains from Fair Value Changes | -3.00 million | 10.27 million | -129.22% | | Credit Impairment Losses | -5.59 million | -9.48 million | +41.08% | | Asset Impairment Losses | -4.57 thousand | -191.07 thousand | +97.61% | | Asset Disposal Gains | 98.40 thousand | 24.84 thousand | +296.18% | | Operating Profit | 9.58 million | 125.40 million | -92.36% | | Total Profit | 5.81 million | 122.21 million | -95.25% | | Net Profit | 4.73 million | 102.69 million | -95.39% | | Net Profit Attributable to Parent Company Shareholders | 6.48 million | 100.29 million | -93.54% | | Minority Interest | -1.74 million | 2.39 million | -172.76% | | Basic Earnings Per Share (RMB/share) | 0.01 | 0.07 | -85.71% | 3. Consolidated Cash Flow Statement for the Period from Year-Beginning to Report End As of September 30, 2023, net cash flow from operating activities was -330 million RMB, a substantial year-over-year decrease of 290.50%; net cash flow from investing activities was 591 million RMB, a significant year-over-year increase of 274.10%; and net cash flow from financing activities was -210 million RMB, a substantial year-over-year decrease of 322.83% Consolidated Cash Flow Statement Major Item Changes (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -329.89 million | -84.48 million | -290.50% | | Net Cash Flow from Investing Activities | 590.64 million | -339.26 million | +274.10% | | Net Cash Flow from Financing Activities | -210.02 million | 94.25 million | -322.83% | | Net Increase in Cash and Cash Equivalents | 53.81 million | -323.90 million | Increase | | Cash and Cash Equivalents at Period-End | 1.53 billion | 1.31 billion | Increase | Adjustments to Financial Statement Items at the Beginning of the First Year of Adopting New Accounting Standards from 2023 The company did not adopt new accounting standards for the first time in 2023 and did not adjust relevant financial statement items at the beginning of the year - The company did not adopt new accounting standards for the first time in 2023 and did not adjust relevant financial statement items at the beginning of the year[27] Audit Report The company's 2023 third-quarter report is unaudited - The company's third-quarter report is unaudited[28]