金贵银业(002716) - 2022 Q1 - 季度财报

Key Financial Data Key Accounting Data and Financial Indicators The company's performance improved significantly in Q1 2022, with substantial revenue growth, narrowed net losses, and a positive turn in operating cash flow Key Accounting Data and Financial Indicators for Q1 2022 | Indicator | Current Period (CNY) | Prior-Year Period (CNY) | Change vs Prior-Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 935,951,429.99 | 1,927,555.24 | 48,456.40% | | Net Profit Attributable to Shareholders | -9,762,531.01 | -60,017,299.40 | 83.73% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -11,262,186.32 | -61,512,468.89 | 81.69% | | Net Cash Flow from Operating Activities | 107,429,510.47 | -45,175,577.59 | 337.80% | | Basic Earnings Per Share (CNY/Share) | -0.0044 | -0.0272 | 83.82% | | Diluted Earnings Per Share (CNY/Share) | -0.0044 | -0.0272 | 83.82% | | Weighted Average Return on Equity | -0.49% | -3.11% | 2.62% | | Period-End Indicators | End of Current Period (CNY) | End of Prior Year (CNY) | Change vs Prior Year-End | | Total Assets | 4,171,995,054.01 | 4,156,060,717.07 | 0.38% | | Equity Attributable to Shareholders | 1,997,849,435.05 | 2,010,726,136.68 | -0.64% | Non-recurring Profit and Loss Items and Amounts Total non-recurring profit and loss for the period was CNY 1.50 million, primarily from government subsidies, positively impacting net profit Non-recurring Profit and Loss Items for Q1 2022 | Item | Amount for Current Period (CNY) | Notes | | :--- | :--- | :--- | | Government Subsidies Included in Current Profit or Loss | 1,928,271.05 | | | Other Non-operating Income and Expenses | -428,615.74 | | | Total | 1,499,655.31 | -- | Analysis of Changes in Key Accounting Data and Financial Indicators Significant year-over-year changes in financial indicators were driven by the resumption of normal operations compared to the production halt in the prior-year period - Operating revenue and cost of sales surged by 48,456.40% and 220,141.07% respectively, due to the resumption of normal operations compared to the production halt in the prior-year period[6] - Subtotal of cash inflows from operating activities grew by 7,526.46% and net cash flow from operating activities increased by 337.80%, mainly from increased cash receipts from sales as operations normalized[7] - Administrative expenses decreased by 55.34% year-over-year, as depreciation of production workshops during the prior-year shutdown was recorded as shutdown losses in administrative expenses[6] - Asset impairment losses increased by 386.54%, primarily due to the reversal of previously recognized inventory write-downs following a rise in silver prices[7] Changes in Key Accounting Data and Financial Indicators | Item | Current Period (Opening Balance) (CNY) | Prior Period (Closing Balance) (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 435,125,905.68 | 261,631,065.19 | 66.31% | Primarily due to increased cash receipts from the sale of inventory | | Prepayments | 46,435,951.75 | 27,797,108.06 | 67.05% | Mainly due to increased advance payments to suppliers and for construction projects pending settlement | | Contract Liabilities | 53,008,842.99 | 18,915,840.16 | 180.24% | Primarily due to an increase in advance payments received from customers | | Operating Revenue | 935,951,429.99 | 1,927,555.24 | 48456.40% | Primarily due to the resumption of normal operations, compared to a near-total production halt from Jan-Mar of the prior year | | Cost of Sales | 925,058,985.21 | 420,021.10 | 220141.07% | Primarily due to the resumption of normal operations, leading to a corresponding increase in costs | | Administrative Expenses | 19,683,048.24 | 44,077,472.52 | -55.34% | Primarily because depreciation of production workshops during the prior-year shutdown was recorded as shutdown losses | | Finance Costs | 15,281,581.78 | 9,611,166.14 | 59.00% | Primarily due to increased interest expenses accrued and paid on funds provided by the controlling shareholder | | Asset Impairment Losses | 17,202,036.82 | -6,003,296.64 | 386.54% | Primarily due to the reversal of previously recognized inventory write-downs following a rise in silver prices | | Net Profit | -9,762,531.01 | -60,017,299.40 | 83.73% | Primarily due to the resumption of normal operations, leading to a significant reduction in losses compared to the prior year | | Net Cash Flow from Operating Activities | 107,429,510.47 | -45,175,577.59 | 337.80% | Primarily due to increased net cash flow from normal business operations | Shareholder Information Common Shareholders and Top 10 Shareholders As of the reporting period end, the company had 72,978 common shareholders, with state-owned and domestic non-state-owned legal persons dominating the top ten - At the end of the reporting period, the total number of common shareholders was 72,978, with no preferred shareholders with restored voting rights[9] Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares Held (Shares) | Number of Restricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | | Chenzhou Development Investment Group Industrial Investment Management Co, Ltd | State-owned Legal Person | 9.50% | 210,000,000 | 0 | | China Great Wall Asset Management Co, Ltd | State-owned Legal Person | 7.20% | 159,063,972 | 0 | | Caixin Asset Management (Chenzhou) Co, Ltd | Domestic Non-state-owned Legal Person | 5.24% | 115,809,375 | 0 | | Chenzhou Jingui Silver Industry Co, Ltd Bankruptcy Enterprise Property Disposal Special Account | Domestic Non-state-owned Legal Person | 4.56% | 100,702,655 | 0 | | Hualong Securities - SPD Bank - Hualong Securities Jinzhihui Collateral Treasure No 4 Collective Asset Management Plan | Other | 4.46% | 98,608,884 | 46,754,442 | | Zhongrong International Trust Co, Ltd - Zhongrong - Rongyi No 6 Equity Income Investment Collective Fund Trust Plan | Other | 4.31% | 95,300,000 | 10,841,500 | | Industrial and Commercial Bank of China Limited, Hunan Branch | Domestic Non-state-owned Legal Person | 2.33% | 51,568,632 | 0 | | Bank of Communications Co, Ltd, Hunan Branch | State-owned Legal Person | 1.87% | 41,409,576 | 0 | | Ping An Bank Co, Ltd | Domestic Non-state-owned Legal Person | 1.73% | 38,248,686 | 0 | | Hechi City Transportation and Mining Investment Development Co, Ltd | State-owned Legal Person | 1.61% | 35,504,531 | 0 | - Caixin Asset Management (Chenzhou) Co, Ltd and China Great Wall Asset Management Co, Ltd are parties acting in concert with the company's controlling shareholder, Chenzhou Development Investment Group Industrial Investment Management Co, Ltd[11] Preferred Shareholders The company had no preferred shareholders during the reporting period - The company has no preferred shareholders[12] Other Important Matters Establishment of a Wholly-owned Subsidiary The Board approved establishing a wholly-owned subsidiary with a registered capital of CNY 100 million to expand supply chain management business - The company plans to invest CNY 100 million to establish a wholly-owned subsidiary, "Chenzhou Shangjin Supply Chain Management Co, Ltd," in the Chenzhou Free Trade Zone[12] Revision of Articles of Association and Governance Policies The Board approved proposed revisions to the Articles of Association and certain governance policies, pending shareholder approval - The Board of Directors has approved the "Proposal on Revising the Articles of Association of Chenzhou Jingui Silver Industry Co, Ltd" and the "Proposal on Revising Certain Corporate Governance Policies"[13] - These revisions are subject to approval at the company's 2021 Annual General Meeting of Shareholders[13] Quarterly Financial Statements Financial Statements This section presents the unaudited consolidated balance sheet, income statement, and cash flow statement for Q1 2022 Consolidated Balance Sheet As of March 31, 2022, total assets slightly increased, with shifts in current assets, while total liabilities rose and equity decreased marginally Key Items of Consolidated Balance Sheet (Mar 31, 2022 vs Dec 31, 2021) | Item | Closing Balance (CNY) | Opening Balance (CNY) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 435,125,905.68 | 261,631,065.19 | Increase | | Prepayments | 46,435,951.75 | 27,797,108.06 | Increase | | Inventories | 1,089,965,419.20 | 1,213,297,032.91 | Decrease | | Total Current Assets | 1,740,297,800.79 | 1,699,241,007.03 | Increase | | Total Non-current Assets | 2,431,697,253.22 | 2,456,819,710.04 | Decrease | | Total Assets | 4,171,995,054.01 | 4,156,060,717.07 | Increase | | Contract Liabilities | 53,008,842.99 | 18,915,840.16 | Increase | | Other Payables | 756,899,525.84 | 663,062,840.35 | Increase | | Total Current Liabilities | 1,154,479,381.12 | 1,091,245,882.83 | Increase | | Total Non-current Liabilities | 1,019,666,237.84 | 1,054,088,697.56 | Decrease | | Total Liabilities | 2,174,145,618.96 | 2,145,334,580.39 | Increase | | Total Equity Attributable to Parent Company | 1,997,849,435.05 | 2,010,726,136.68 | Decrease | | Total Liabilities and Equity | 4,171,995,054.01 | 4,156,060,717.07 | Increase | Consolidated Income Statement During the period, total operating revenue grew substantially and losses narrowed significantly, driven by the recovery of operations Key Items of Consolidated Income Statement (Current Period vs Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 935,951,429.99 | 1,927,555.24 | Substantial Increase | | Total Operating Costs | 964,159,393.01 | 57,539,128.33 | Substantial Increase | | Operating Profit | -9,333,913.85 | -60,033,468.89 | Loss Narrowed | | Total Profit | -9,762,531.01 | -60,017,299.40 | Loss Narrowed | | Net Profit | -9,762,531.01 | -60,017,299.40 | Loss Narrowed | | Net Profit Attributable to Parent Company Owners | -9,762,531.01 | -60,017,299.40 | Loss Narrowed | | Net Other Comprehensive Income, After Tax | 666,761.54 | -348,742.37 | Turned Positive | | Total Comprehensive Income | -9,095,769.47 | -60,366,041.77 | Loss Narrowed | | Basic Earnings Per Share | -0.0044 | -0.0272 | Loss Narrowed | - Net other comprehensive income after tax turned from negative to positive, primarily due to translation differences in the financial statements of the Hong Kong subsidiary caused by exchange rate fluctuations[7][22] Consolidated Cash Flow Statement Net cash flow from operating activities turned positive and increased significantly, driven by higher cash receipts from sales Key Items of Consolidated Cash Flow Statement (Current Period vs Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change | | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 1,076,782,846.95 | 14,116,635.61 | Substantial Increase | | Subtotal of Cash Inflows from Operating Activities | 1,077,456,712.90 | 14,127,866.86 | Substantial Increase | | Cash Paid for Goods and Services | 941,872,369.77 | 15,101,413.36 | Substantial Increase | | Net Cash Flow from Operating Activities | 107,429,510.47 | -45,175,577.59 | Turned Positive, Substantial Increase | | Net Cash Flow from Investing Activities | -2,058,606.70 | 0 | Increased Net Outflow | | Net Cash Flow from Financing Activities | 68,179,591.54 | 110,860,538.00 | Decrease | | Net Increase in Cash and Cash Equivalents | 173,550,495.31 | 65,687,210.90 | Increase | | Closing Balance of Cash and Cash Equivalents | 430,048,086.01 | 77,439,807.97 | Increase | - Net cash flow from operating activities increased by 337.80%, mainly due to increased cash receipts from sales as the company resumed normal production and operations[7][25] - Net cash flow from financing activities decreased by 38.50%, primarily due to increased repayments of supply chain financing provided by urban investment companies[7][25] Audit Report The company's first-quarter 2022 report is unaudited - The first-quarter report has not been audited[27]