博实股份(002698) - 2023 Q3 - 季度财报

Key Financial Data Key Accounting Data and Financial Indicators Year-to-date revenue grew 14.79%, but Q3 saw a 15.16% revenue decline and 39.28% net profit decrease, with operating cash flow turning negative Key Financial Indicators for Q3 2023 and Year-to-Date | Indicator | Year-to-Date (Yuan) | YTD YoY Change | Current Period (Yuan) | Current Period YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,982,264,381.09 | 14.79% | 592,913,713.25 | -15.16% | | Net Profit Attributable to Parent Company Shareholders | 434,596,978.99 | 1.63% | 99,131,174.72 | -39.28% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) | 401,825,624.04 | -0.74% | 91,961,860.39 | -41.65% | | Net Cash Flow from Operating Activities | -5,427,399.95 | -102.29% | — | — | | Basic Earnings Per Share (Yuan/share) | 0.4250 | 1.63% | 0.0969 | -39.32% | | Weighted Average Return on Net Assets | 13.26% | -0.80% | 3.00% | -2.42% | Key Asset and Equity Indicators at Period End | Indicator | Current Period End (Yuan) | Prior Year End (Yuan) | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Total Assets | 6,425,382,750.96 | 6,220,273,855.91 | 3.30% | | Total Equity Attributable to Parent Company Shareholders | 3,359,223,783.66 | 3,169,585,012.94 | 5.98% | Non-recurring Gains and Losses Items and Amounts Year-to-date non-recurring gains and losses totaled 32.77 million Yuan, primarily from cash management income and government grants Year-to-Date Non-recurring Gains and Losses Items | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Government Grants | 11,669,745.57 | - | | Fair Value Changes and Investment Income from Financial Assets Held for Trading | 21,250,391.06 | Cash management income | | Net Other Non-operating Income and Expenses | 4,431,560.61 | - | | Other Gains and Losses Items Meeting the Definition of Non-recurring | 1,318,559.56 | - | | Total Non-recurring Gains and Losses | 38,670,256.79 | - | | Less: Impact of Income Tax and Minority Interests | 5,898,901.85 | - | | Net Total | 32,771,354.95 | - | Analysis of Major Financial Data Changes and Reasons Key financial changes include a 71.16% decrease in cash and cash equivalents, a 51.86% increase in R&D expenses, and significant declines across all cash flow activities Changes in Key Items of Consolidated Balance Sheet | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Cash and Cash Equivalents | -71.16% | Primarily due to cash management operations | | Other Current Assets | 4,509.24% | Primarily due to cash management operations | | Construction in Progress | 281.54% | Investment in infrastructure projects | | Other Payables | 503.68% | Primarily due to subsidiary capital reduction forming payables to shareholders in the current period | Changes in Key Items of Consolidated Income Statement (Year-to-Date) | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Selling Expenses | 42.05% | Increase in sales volume and related expenses | | Research and Development Expenses | 51.86% | Increase in R&D investment | | Investment Income | -75.01% | Decrease in investment income recognized from associates year-over-year | | Credit Impairment Losses | 507.66% | Increase in provision for bad debts | | Non-operating Income | 68,666.86% | Income from contract breach penalties | Changes in Key Items of Consolidated Cash Flow Statement (Year-to-Date) | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -102.29% | Increase in operating cash outflows for production input and procurement | | Net Cash Flow from Investing Activities | -189.86% | Affected by cash management operations and increased infrastructure investment | | Net Cash Flow from Financing Activities | -256.01% | Primarily due to the company's issuance of convertible bonds in September 2022 (base period) | Shareholder Information Shareholding Status of Shareholders The company has 19,699 common shareholders, with the top ten holding approximately 55.98%, and four individuals jointly control the company via a concerted action agreement - As of the end of the reporting period, the company had a total of 19,699 common shareholders[5] Top Five Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Lianchuang Future (Wuhan) Intelligent Manufacturing Industry Investment Fund | Other | 14.20% | 145,176,676 | | Deng Xijun | Domestic Natural Person | 9.41% | 96,181,562 | | Zhang Yuchun | Domestic Natural Person | 8.09% | 82,696,357 | | Wang Chungang | Domestic Natural Person | 5.61% | 57,394,047 | | Harbin Institute of Technology Asset Management Co., Ltd. | State-owned Legal Person | 5.00% | 51,127,500 | - Shareholders Deng Xijun, Zhang Yuchun, Wang Chungang, and Cai Hegao maintain a concerted action relationship through a "Concerted Action Agreement", jointly controlling the company[8] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2023, total assets grew 3.30% to 6.425 billion Yuan, with stable liabilities and a 5.98% increase in parent company equity, alongside shifts in cash and inventory Consolidated Balance Sheet Key Data | Item | September 30, 2023 (Yuan) | December 31, 2022 (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 6,425,382,750.96 | 6,220,273,855.91 | 3.30% | | Total Liabilities | 2,888,766,197.12 | 2,874,105,271.84 | 0.51% | | Total Equity Attributable to Parent Company Shareholders | 3,359,223,783.66 | 3,169,446,787.53 | 5.99% | | Cash and Cash Equivalents | 190,207,295.84 | 659,606,109.17 | -71.16% | | Inventories | 2,279,346,244.82 | 1,912,047,999.38 | 19.21% | Consolidated Income Statement (Year-to-Date) Year-to-date total operating revenue increased 14.79% to 1.982 billion Yuan, but costs grew faster at 18.33%, resulting in a modest 1.63% increase in net profit attributable to parent company shareholders Consolidated Income Statement Key Data (Jan-Sep 2023 vs Jan-Sep 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,982,264,381.09 | 1,726,933,928.75 | 14.79% | | Total Operating Costs | 1,502,853,525.07 | 1,270,081,645.10 | 18.33% | | Research and Development Expenses | 108,579,721.64 | 71,501,574.87 | 51.86% | | Operating Profit | 520,185,113.63 | 506,008,507.95 | 2.80% | | Total Profit | 524,625,048.44 | 504,011,632.48 | 4.09% | | Net Profit Attributable to Parent Company Shareholders | 434,596,978.99 | 427,635,504.26 | 1.63% | | Basic Earnings Per Share | 0.4250 | 0.4182 | 1.63% | Consolidated Cash Flow Statement (Year-to-Date) Cash flow significantly deteriorated year-to-date, with all three major activities turning negative year-over-year, leading to a 79.40% decrease in period-end cash and cash equivalents Consolidated Cash Flow Statement Key Data (Jan-Sep 2023 vs Jan-Sep 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -5,427,399.95 | 237,352,418.49 | -102.29% | | Net Cash Flow from Investing Activities | -184,260,513.13 | 205,055,247.99 | -189.86% | | Net Cash Flow from Financing Activities | -279,519,211.45 | 179,170,076.14 | -256.01% | | Net Increase in Cash and Cash Equivalents | -468,285,914.62 | 623,865,298.00 | -175.06% | | Period-End Cash and Cash Equivalents Balance | 188,307,311.53 | 914,195,856.56 | -79.40% | Audit and Accounting Standard Changes The Q3 2023 report is unaudited, and the company adopted Interpretation No. 16 of Accounting Standards for Business Enterprises from January 1, 2023, with retrospective adjustments - The company's third-quarter report is unaudited[39] - The company adopted Interpretation No. 16 of Accounting Standards for Business Enterprises from January 1, 2023, and made adjustments to relevant items in the opening financial statements[38][41]