视源股份(002841) - 2022 Q1 - 季度财报

Report Overview Important Notice This quarterly report has been verified for truthfulness, accuracy, and completeness by the board of directors, supervisory board, and senior management, but remains unaudited - This quarterly report is unaudited[2] Key Financial Data The company's operating revenue and net profit attributable to shareholders both achieved significant growth in Q1 2022, while net cash flow from operating activities substantially decreased, and total assets and owners' equity steadily increased Key Accounting Data and Financial Indicators In Q1 2022, the company's operating revenue increased by 17.24% year-over-year, net profit attributable to shareholders grew by 53.09%, but net cash flow from operating activities decreased by 274.85% year-over-year 2022 Q1 Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Period-over-Prior-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,186,639,925.39 | 3,571,018,346.08 | 17.24% | | Net Profit Attributable to Shareholders of Listed Company | 308,057,795.53 | 201,226,673.81 | 53.09% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 260,067,495.50 | 164,350,259.57 | 58.24% | | Net Cash Flow from Operating Activities | -285,483,042.85 | 163,274,117.16 | -274.85% | | Basic Earnings Per Share (CNY/share) | 0.46 | 0.31 | 48.39% | | Diluted Earnings Per Share (CNY/share) | 0.46 | 0.31 | 48.39% | | Weighted Average Return on Net Assets | 3.61% | 2.76% | 0.85% | | End of Current Period | | End of Prior Year | Period-end vs. Prior Year-end Change | | Total Assets | 16,652,847,971.81 | 15,507,765,974.91 | 7.38% | | Shareholders' Equity Attributable to Parent Company | 8,706,926,369.04 | 8,355,590,512.83 | 4.20% | Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for this period amounted to CNY 47.99 million, primarily from government grants, fair value changes of financial assets, and disposal gains/losses of non-current assets 2022 Q1 Non-recurring Gains and Losses Items and Amounts | Item | Current Period Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 794,473.86 | | Government Grants Recognized in Current Period P&L | 25,313,070.92 | | Gains/Losses from Fair Value Changes of Trading Financial Assets/Liabilities, and Investment Income from Disposal of Trading Financial Assets/Liabilities and Available-for-Sale Financial Assets (Excluding Effective Hedge Accounting Related to Normal Business Operations) | 34,344,921.68 | | Other Non-operating Income and Expenses Apart from the Above | -1,419,108.30 | | Less: Income Tax Impact | 10,757,831.28 | | Minority Interest Impact (After Tax) | 285,226.85 | | Total | 47,990,300.03 | Changes and Reasons for Key Accounting Data and Financial Indicators During the reporting period, several indicators across the company's balance sheet, income statement, and cash flow statement experienced significant changes, primarily influenced by fair value changes in investments, increased notes receivable, rising short-term borrowings, and strategic stockpiling Consolidated Balance Sheet Item Changes and Reasons | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | Change | Reason | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 15,829,650.00 | 23,515,218.00 | -32.68% | Due to fair value changes of invested company Jingsai Technology | | Receivables Financing | 183,226,941.46 | 123,012,388.09 | 48.95% | Due to increase in notes receivable intended for discounting | | Other Receivables | 54,512,091.87 | 36,407,543.53 | 49.73% | Due to increase in export tax rebates receivable | | Non-current Assets Due Within One Year | 583,149,583.33 | 250,139,333.33 | 133.13% | Due to increase in debt investments due within one year | | Other Current Assets | 105,269,475.33 | 413,395,541.88 | -74.54% | Due to maturity of short-term bank products | | Other Non-current Assets | 121,125,645.94 | 91,631,661.57 | 32.19% | Due to increased payments for long-term assets | | Short-term Borrowings | 2,201,328,904.48 | 1,076,036,426.74 | 104.58% | Due to increased bill financing discounting and short-term bank borrowings | | Payroll Payable | 283,382,536.89 | 433,125,394.24 | -34.57% | Due to payment of prior year's payroll payable | | Taxes Payable | 88,194,728.72 | 205,745,692.80 | -57.13% | Due to payment of VAT and corporate income tax payable at period-beginning | | Lease Liabilities | 38,215,621.85 | 26,929,679.40 | 41.91% | Due to increase in leased office premises | Consolidated Income Statement Item Changes and Reasons | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change | Reason | | :--- | :--- | :--- | :--- | :--- | | Taxes and Surcharges | 15,448,323.31 | 8,987,303.61 | 71.89% | Due to increased VAT surcharges in current period | | Financial Expenses | -14,364,194.50 | -1,284,397.89 | -1,018.36% | Due to increased interest income and exchange gains in current period | | Other Income | 28,409,532.20 | 9,393,078.18 | 202.45% | Due to increased government grants received in current period | | Gains/Losses from Fair Value Changes (Losses indicated by "-") | -7,685,568.00 | 1,817,792.34 | -522.80% | Due to fair value changes of invested company Jingsai Technology | | Credit Impairment Losses (Losses indicated by "-") | -2,112,805.61 | 836,522.57 | -352.57% | Due to increased provision for doubtful accounts receivable in current period | | Asset Disposal Gains | 795,787.46 | 2,749,874.86 | -71.06% | Due to disposal of some idle fixed assets in prior period | | Non-operating Expenses | 4,267,171.35 | 1,256,556.45 | 239.59% | Due to write-off of long-term receivables in current period | | Income Tax Expense | 11,114,239.02 | -2,928,589.84 | 479.51% | Due to increased sales volume and improved operational efficiency, leading to higher total profit in current period | | Minority Interest Income/Loss | 5,944,510.29 | -2,231,343.91 | 366.41% | Due to increased net profit of some controlled subsidiaries in current period | Consolidated Cash Flow Statement Item Changes and Reasons | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change | Reason | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -285,483,042.85 | 163,274,117.16 | -274.85% | Due to increased strategic stockpiling and higher payments to suppliers for materials | | Net Cash Flow from Financing Activities | 920,488,820.70 | 368,846,062.54 | 149.56% | Due to increased net inflow from bank borrowings | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -6,457,417.33 | 5,023,837.17 | -228.54% | Due to exchange rate fluctuations | Shareholder Information Total Common Shareholders and Top Ten Shareholders' Holdings As of the end of the reporting period, the company's top ten common shareholders' holdings remained stable, with Huang Zhengcong, Wang Yiran, Sun Yonghui, Yu Wei, Zhou Kaiqi, and You Tianyuan acting in concert Top 10 Shareholder Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Huang Zhengcong | Foreign Individual | 11.64% | 77,616,000 | 58,212,000 | | Wang Yiran | Domestic Individual | 11.38% | 75,856,000 | 56,892,000 | | Sun Yonghui | Domestic Individual | 11.29% | 75,275,200 | 0 | | Yu Wei | Domestic Individual | 5.54% | 36,960,000 | 27,720,000 | | Zhou Kaiqi | Domestic Individual | 5.20% | 34,636,800 | 25,977,600 | | You Tianyuan | Domestic Individual | 4.09% | 27,280,000 | 20,460,000 | | Yunnan Shixun Enterprise Management Co, Ltd | Domestic Non-state-owned Legal Person | 3.71% | 24,750,000 | 0 | | Wu Caiping | Domestic Individual | 2.76% | 18,420,009 | 0 | | Ren Rui | Domestic Individual | 2.53% | 16,896,000 | 12,672,000 | | Fang Xian | Domestic Individual | 2.41% | 16,082,000 | 0 | - Huang Zhengcong, Wang Yiran, Sun Yonghui, Yu Wei, Zhou Kaiqi, and You Tianyuan are parties acting in concert[7] Other Significant Matters Use of Proceeds from 2019 Convertible Corporate Bonds The majority of the proceeds from the company's 2019 public issuance of convertible corporate bonds have been invested in committed projects, with the "High-Efficiency Meeting Platform Construction Project" and "Smart Campus Integrated Solution Software Development Project" completed, but the "Human-Computer Interaction Technology Research Center Construction Project" is delayed due to a lack of suitable construction environment and conditions 2019 Convertible Corporate Bonds Raised Funds Investment Project Progress | Committed Investment Projects and Over-raised Funds Usage | Project Changed | Committed Investment Amount (CNY 10,000) | Adjusted Investment Amount (CNY 10,000) | Investment from Jan-Mar 2022 (CNY 10,000) | Cumulative Investment as of Mar 31, 2022 (CNY 10,000) | Investment Progress as of Period-end | Date Project Reached Intended Usable State | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | High-Efficiency Meeting Platform Construction Project | No | 33,484.10 | 33,484.10 | 0 | 34,845.36 | 104.07% | March 31, 2021 (Completed) | | Smart Home Appliance Control Product Construction Project | No | 26,035.09 | 26,035.09 | 3,581.57 | 22,074.42 | 84.79% | March 31, 2022 | | Smart Campus Integrated Solution Software Development Project | No | 15,798.70 | 15,798.70 | 0 | 16,122.15 | 102.05% | March 31, 2021 (Completed) | | Human-Computer Interaction Technology Research Center Construction Project | No | 17,291.08 | 17,291.08 | 1,594.53 | 17,129.23 | 99.06% | July 31, 2022 | | Total | -- | 92,608.97 | 92,608.97 | 5,176.10 | 90,171.16 | -- | -- | - The "Human-Computer Interaction Technology Research Center Construction Project" was delayed due to lack of construction environment and conditions, with an approved extension of 4 months until July 31, 2022[9] Progress of 2021 Non-public Issuance of A-shares The company's application for the 2021 non-public issuance of A-shares has been approved by the CSRC's Issuance Examination Committee, with the final proposed total raised funds adjusted to no more than CNY 1.995 billion - Received the "Second Feedback Notice on Administrative Licensing Project Review" (No 212427) from the China Securities Regulatory Commission (CSRC), to which the company has responded as required[10] - The company adjusted its 2021 non-public issuance of A-shares plan twice, reducing the proposed total raised funds from no more than CNY 2.095 billion to no more than CNY 1.995 billion[10] - The company's application for non-public issuance of A-shares has been approved by the CSRC's Issuance Examination Committee, proposing to non-publicly issue no more than 199,964,911 A-shares to specific investors[10] Equity Incentive Plan Matters The company granted 885,000 reserved stock options to 144 incentive recipients on January 14, 2022, with an exercise price of CNY 57.70 per share, and the registration has been completed - Granted a total of 885,000 reserved stock options to 144 incentive recipients on January 14, 2022, with an exercise price of CNY 57.70 per share[11] - The registration for the reserved grant under the 2021 stock option incentive plan was completed on March 10, 2022[11] Renewal of Concerted Action Agreement by Actual Controllers The company's actual controllers, Huang Zhengcong, Wang Yiran, Sun Yonghui, Yu Wei, Zhou Kaiqi, and You Tianyuan, renewed their "Concerted Action Agreement" on January 17, 2022, for a three-year term to ensure consistency in major corporate decision-making - Actual controllers Huang Zhengcong and five others renewed the "Concerted Action Agreement" on January 17, 2022, valid for three years, to maintain consistency in major corporate decision-making[12] Financial Statements Consolidated Balance Sheet As of March 31, 2022, the company's total assets reached CNY 16.65 billion, and shareholders' equity attributable to the parent company was CNY 8.71 billion, both showing growth from the beginning of the year, while current liabilities significantly increased due to higher short-term borrowings Consolidated Balance Sheet (As of March 31, 2022) | Item | Period-end Balance (CNY) | Year-beginning Balance (CNY) | | :--- | :--- | :--- | | Current Assets: | | | | Cash and Cash Equivalents | 5,771,185,876.01 | 4,998,038,138.90 | | Trading Financial Assets | 15,829,650.00 | 23,515,218.00 | | Notes Receivable | 8,219,671.12 | 8,305,976.57 | | Accounts Receivable | 194,794,299.70 | 166,731,000.93 | | Receivables Financing | 183,226,941.46 | 123,012,388.09 | | Prepayments | 21,882,503.27 | 22,233,606.71 | | Other Receivables | 54,512,091.87 | 36,407,543.53 | | Inventories | 2,806,225,971.13 | 2,382,526,382.52 | | Non-current Assets Due Within One Year | 583,149,583.33 | 250,139,333.33 | | Other Current Assets | 105,269,475.33 | 413,395,541.88 | | Total Current Assets | 9,744,296,063.22 | 8,424,305,130.46 | | Non-current Assets: | | | | Debt Investments | 3,714,345,410.65 | 4,021,885,193.98 | | Long-term Receivables | 458,097.81 | 412,783.81 | | Long-term Equity Investments | 113,296,128.47 | 113,346,935.99 | | Other Equity Instrument Investments | 1,794,634.87 | 1,794,634.87 | | Other Non-current Financial Assets | 90,000,000.00 | 85,000,000.00 | | Fixed Assets | 1,588,530,805.00 | 1,590,890,095.42 | | Construction in Progress | 406,733,923.07 | 352,386,415.19 | | Right-of-use Assets | 55,012,530.25 | 42,384,575.39 | | Intangible Assets | 379,612,371.47 | 380,745,823.57 | | Goodwill | 94,712,308.14 | 94,712,308.14 | | Long-term Deferred Expenses | 15,128,530.66 | 15,303,108.00 | | Deferred Income Tax Assets | 327,801,522.26 | 292,967,308.52 | | Other Non-current Assets | 121,125,645.94 | 91,631,661.57 | | Total Non-current Assets | 6,908,551,908.59 | 7,083,460,844.45 | | Total Assets | 16,652,847,971.81 | 15,507,765,974.91 | | Current Liabilities: | | | | Short-term Borrowings | 2,201,328,904.48 | 1,076,036,426.74 | | Notes Payable | 241,081,861.89 | 337,591,442.91 | | Accounts Payable | 2,673,246,347.08 | 2,651,552,332.06 | | Contract Liabilities | 1,276,926,031.95 | 1,219,346,108.79 | | Payroll Payable | 283,382,536.89 | 433,125,394.24 | | Taxes Payable | 88,194,728.72 | 205,745,692.80 | | Other Payables | 297,001,418.02 | 379,815,186.93 | | Non-current Liabilities Due Within One Year | 16,652,555.99 | 14,840,459.10 | | Other Current Liabilities | 83,626,986.82 | 76,400,788.34 | | Total Current Liabilities | 7,161,441,371.84 | 6,394,453,831.91 | | Non-current Liabilities: | | | | Long-term Borrowings | 200,150,000.00 | 200,150,000.00 | | Lease Liabilities | 38,215,621.85 | 26,929,679.40 | | Provisions | 246,529,547.06 | 247,665,118.53 | | Deferred Income | 74,144,242.89 | 78,123,482.64 | | Other Non-current Liabilities | 34,074,763.86 | 30,365,744.27 | | Total Non-current Liabilities | 593,114,175.66 | 583,234,024.84 | | Total Liabilities | 7,754,555,547.50 | 6,977,687,856.75 | | Shareholders' Equity: | | | | Share Capital | 666,549,706.00 | 666,549,706.00 | | Capital Reserves | 1,879,319,486.56 | 1,834,965,438.82 | | Other Comprehensive Income | -9,759,350.90 | -8,683,363.84 | | Surplus Reserves | 333,274,853.00 | 333,274,853.00 | | Retained Earnings | 5,837,541,674.38 | 5,529,483,878.85 | | Total Shareholders' Equity Attributable to Parent Company | 8,706,926,369.04 | 8,355,590,512.83 | | Minority Interests | 191,366,055.27 | 174,487,605.33 | | Total Shareholders' Equity | 8,898,292,424.31 | 8,530,078,118.16 | | Total Liabilities and Shareholders' Equity | 16,652,847,971.81 | 15,507,765,974.91 | Consolidated Income Statement In Q1 2022, the company achieved CNY 4.187 billion in operating revenue, a 17.24% year-over-year increase, and net profit attributable to parent company shareholders of CNY 308.06 million, up 53.09% year-over-year, primarily driven by revenue growth and reduced financial expenses Consolidated Income Statement (2022 Q1) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Operating Revenue | 4,186,639,925.39 | 3,571,018,346.08 | | Total Operating Costs | 3,891,403,823.02 | 3,397,181,779.67 | | Including: Operating Costs | 3,082,756,117.21 | 2,727,096,843.14 | | Taxes and Surcharges | 15,448,323.31 | 8,987,303.61 | | Selling Expenses | 276,217,336.19 | 242,865,546.42 | | Administrative Expenses | 238,910,328.37 | 184,861,369.95 | | R&D Expenses | 292,435,912.44 | 234,655,114.44 | | Financial Expenses | -14,364,194.50 | -1,284,397.89 | | Add: Other Income | 28,409,532.20 | 9,393,078.18 | | Investment Income (Losses indicated by "-") | 45,280,946.52 | 35,285,505.21 | | Gains/Losses from Fair Value Changes (Losses indicated by "-") | -7,685,568.00 | 1,817,792.34 | | Credit Impairment Losses (Losses indicated by "-") | -2,112,805.61 | 836,522.57 | | Asset Impairment Losses (Losses indicated by "-") | -33,171,130.36 | -28,753,903.27 | | Asset Disposal Gains (Losses indicated by "-") | 795,787.46 | 2,749,874.86 | | Operating Profit (Losses indicated by "-") | 326,752,864.58 | 195,165,436.30 | | Add: Non-operating Income | 2,630,851.61 | 2,157,860.21 | | Less: Non-operating Expenses | 4,267,171.35 | 1,256,556.45 | | Total Profit (Total Losses indicated by "-") | 325,116,544.84 | 196,066,740.06 | | Less: Income Tax Expense | 11,114,239.02 | -2,928,589.84 | | Net Profit (Net Losses indicated by "-") | 314,002,305.82 | 198,995,329.90 | | Net Profit Attributable to Parent Company Shareholders | 308,057,795.53 | 201,226,673.81 | | Minority Interest Income/Loss | 5,944,510.29 | -2,231,343.91 | | Net Other Comprehensive Income After Tax | -1,075,987.06 | 380,438.14 | | Total Comprehensive Income | 312,926,318.76 | 199,375,768.04 | | Total Comprehensive Income Attributable to Parent Company Shareholders | 306,981,808.47 | 201,607,111.95 | | Total Comprehensive Income Attributable to Minority Shareholders | 5,944,510.29 | -2,231,343.91 | | Basic Earnings Per Share | 0.46 | 0.31 | | Diluted Earnings Per Share | 0.46 | 0.31 | Consolidated Cash Flow Statement In Q1 2022, the company's net cash flow from operating activities was negative CNY 285.48 million, primarily due to increased strategic stockpiling, while net cash flow from financing activities significantly increased to CNY 920.49 million, driven by a higher net inflow from bank borrowings Consolidated Cash Flow Statement (2022 Q1) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | I. Cash Flows from Operating Activities: | | | | Cash Received from Sales of Goods and Services | 4,631,842,606.40 | 4,609,623,898.66 | | Tax Refunds Received | 52,734,095.11 | 52,750,992.59 | | Other Cash Received Related to Operating Activities | 71,007,371.44 | 66,721,404.10 | | Subtotal of Cash Inflows from Operating Activities | 4,755,584,072.95 | 4,729,096,295.35 | | Cash Paid for Goods Purchased and Services Received | 3,850,907,349.64 | 3,480,369,036.54 | | Cash Paid to and on Behalf of Employees | 695,850,323.09 | 617,309,620.76 | | Payments of All Types of Taxes | 192,953,890.55 | 139,572,286.02 | | Other Cash Paid Related to Operating Activities | 301,355,552.52 | 328,571,234.87 | | Subtotal of Cash Outflows from Operating Activities | 5,041,067,115.80 | 4,565,822,178.19 | | Net Cash Flow from Operating Activities | -285,483,042.85 | 163,274,117.16 | | II. Cash Flows from Investing Activities: | | | | Cash Received from Disposal of Investments | 300,000,000.00 | 242,350,041.00 | | Cash Received from Investment Income | 28,995,138.77 | 22,608,719.10 | | Net Cash Received from Disposal of Fixed Assets, Intangible Assets, and Other Long-term Assets | 349,947.96 | 6,284,863.63 | | Other Cash Received Related to Investing Activities | 0.00 | 16,329,233.18 | | Subtotal of Cash Inflows from Investing Activities | 329,345,086.73 | 287,572,856.91 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 164,745,710.14 | 135,375,189.29 | | Cash Paid for Investments | 20,000,000.00 | 0.00 | | Other Cash Paid Related to Investing Activities | 3,187,800.00 | 0.00 | | Subtotal of Cash Outflows from Investing Activities | 187,933,510.14 | 135,375,189.29 | | Net Cash Flow from Investing Activities | 141,411,576.59 | 152,197,667.62 | | III. Cash Flows from Financing Activities: | | | | Cash Received from Capital Contributions | 10,550,000.00 | 0.00 | | Cash Received from Borrowings | 426,000,000.00 | 200,000,000.00 | | Other Cash Received Related to Financing Activities | 494,672,046.37 | 518,437,874.00 | | Subtotal of Cash Inflows from Financing Activities | 931,222,046.37 | 718,437,874.00 | | Cash Paid for Repayment of Debts | 0.00 | 97,889,503.11 | | Cash Paid for Distribution of Dividends, Profits, or Interest Payments | 5,525,916.67 | 3,707,250.44 | | Other Cash Paid Related to Financing Activities | 5,207,309.00 | 247,995,057.91 | | Subtotal of Cash Outflows from Financing Activities | 10,733,225.67 | 349,591,811.46 | | Net Cash Flow from Financing Activities | 920,488,820.70 | 368,846,062.54 | | IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents | -6,457,417.33 | 5,023,837.17 | | V. Net Increase in Cash and Cash Equivalents | 769,959,937.11 | 689,341,684.49 | | Add: Beginning Balance of Cash and Cash Equivalents | 4,986,269,658.90 | 3,523,758,900.76 | | VI. Ending Balance of Cash and Cash Equivalents | 5,756,229,596.01 | 4,213,100,585.25 | Audit Report Audit Report The company's 2022 first-quarter report is unaudited - The company's first-quarter report is unaudited[19]