恒铭达(002947) - 2023 Q3 - 季度财报

I. Key Financial Data The company demonstrated strong financial performance in Q3 2023 and year-to-date, with significant growth in operating revenue and net profit attributable to shareholders, a substantial increase in net cash flow from operating activities, and retrospective adjustments to opening balances due to accounting policy changes 1. Key Accounting Data and Financial Indicators Key Accounting Data and Financial Indicators for Q3 2023 and Year-to-Date | Indicator | Current Period (Q3 2023) | YoY Change (Q3) | Year-to-Date (YTD 2023) | YoY Change (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 537,970,362.98 | 42.71% | 1,204,620,811.45 | 25.10% | | Net Profit Attributable to Shareholders (RMB) | 100,447,640.63 | 42.37% | 195,113,275.02 | 28.42% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses (RMB) | 94,544,539.94 | 40.91% | 181,416,329.75 | 27.54% | | Net Cash Flow from Operating Activities (RMB) | — | — | 364,012,045.60 | 126.08% | | Basic Earnings Per Share (RMB/share) | 0.44 | 41.94% | 0.85 | 26.87% | | Diluted Earnings Per Share (RMB/share) | 0.44 | 41.94% | 0.85 | 26.87% | | Weighted Average Return on Net Assets | 5.18% | 1.21% (Increase) | 10.16% | 1.61% (Increase) | | End of Current Period | | | End of Prior Year | | | Total Assets (RMB) | 2,795,554,306.16 | 11.55% | 2,506,150,453.06 | | | Total Equity Attributable to Shareholders (RMB) | 1,993,468,631.15 | 7.54% | 1,853,784,960.16 | | - The company implemented Interpretation No. 16 of Accounting Standards for Business Enterprises from January 1, 2023, adjusting deferred income tax accounting for assets and liabilities arising from single transactions, with cumulative effects adjusting the opening retained earnings and other related financial statement items for the earliest period presented[5] 2. Non-Recurring Gains and Losses Items and Amounts Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (RMB) | Amount Year-to-Date (RMB) | Explanation | | :--- | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 843,032.46 | 773,240.13 | Primarily from gains on disposal of non-current assets | | Government Grants Recognized in Current Profit/Loss | 1,096,152.99 | 3,302,944.21 | | | Gains/Losses from Entrusted Investments or Asset Management | 5,010,976.60 | 11,803,104.75 | Primarily from cash management income | | Gains/Losses from Changes in Fair Value of Investment Properties Measured at Fair Value | -3,217.75 | 11,583.90 | | | Other Non-Operating Income and Expenses | -8.20 | 243,368.72 | Primarily from refunds of individual income tax withholding fees | | Less: Income Tax Impact | 1,040,305.97 | 2,424,668.28 | | | Impact on Minority Interests (After Tax) | 3,529.44 | 12,628.16 | | | Total | 5,903,100.69 | 13,696,945.27 | -- | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified items listed in 'Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities – Non-Recurring Gains and Losses' as recurring gains and losses[7] 3. Changes and Reasons for Key Accounting Data and Financial Indicators - Cash and cash equivalents increased from the beginning of the period, primarily due to the recovery of matured credit futures funds[10] - Trading financial assets decreased from the beginning of the period, primarily due to the maturity and recovery of these assets[10] - Notes receivable increased from the beginning of the period, primarily due to an increase in commercial acceptance bills received from customers[10] - Inventories increased from the beginning of the period, primarily due to increased stock preparation driven by sales order growth[10] - Right-of-use assets increased from the beginning of the period, primarily due to new factory leases entered into during the period[10] - Short-term borrowings increased from the beginning of the period, primarily due to the company taking on additional borrowings[10] - Notes payable increased from the beginning of the period, primarily due to the company increasing payments via bank acceptance bills[10] - Operating revenue and operating costs increased compared to the previous period, primarily due to business volume growth[10] - Financial expenses increased compared to the same period last year, primarily due to fluctuations in foreign currency exchange rates[10] - Non-operating expenses increased compared to the previous period, primarily due to increased losses from the disposal of non-current assets[8] II. Shareholder Information At the end of the reporting period, the company had 13,437 common shareholders, with concentrated holdings among the top ten, including a significant combined stake by controlling shareholder Jing Shiping and his concerted parties, with some of Jing Shiping's shares pledged, and no preferred shareholders 1. Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings - Total number of common shareholders at the end of the reporting period: 13,437[10] - Total number of preferred shareholders with restored voting rights at the end of the reporting period: 0[10] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Pledged, Marked, or Frozen Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jing Shiping | Domestic Natural Person | 29.88% | 68,764,513 | 51,573,384 | Pledged | 14,180,000 | | Shenzhen Hengshida Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.87% | 13,520,000 | 0 | | | | Xia Chen | Domestic Natural Person | 4.57% | 10,526,750 | 7,895,062 | | | | Jing Jingping | Domestic Natural Person | 3.35% | 7,704,242 | 5,778,181 | | | | Wang Yang | Domestic Natural Person | 1.17% | 2,702,098 | 0 | | | | Tongling Hengshifeng Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.11% | 2,554,900 | 0 | | | | Shanghai Waicheng Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.06% | 2,436,063 | 0 | | | | Jing Jiang | Domestic Natural Person | 1.06% | 2,433,655 | 1,825,241 | | | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.98% | 2,244,680 | 0 | | | | China International Capital Corporation Limited | State-Owned Legal Person | 0.94% | 2,160,613 | 0 | | | - Jing Shiping, Jing Jingping, Xia Chen, and Jing Jiang are concerted parties[11] - Among the top 10 shareholders, Wang Yang, Wang Jiansheng, and Shenzhen Liubang Asset Management Co., Ltd. – Liubang Ruiying No. 4 Private Securities Investment Fund hold company shares through credit securities accounts[11] 2. Total Number of Preferred Shareholders and Top 10 Preferred Shareholders' Holdings - The company has no preferred shareholders[12] III. Other Significant Matters During the reporting period, the company implemented several significant strategic and governance adjustments, including the postponement of fundraising projects and reallocation of funds, changes in senior management and independent directors, revisions to the Articles of Association, subsidiary deregistration, progress on private placement, and the ongoing advancement of the restricted stock incentive plan 1. Postponement of Fundraising Projects for Private Placement of Shares - The company postponed the estimated ready-for-use date for the "Kunshan Maoxu Road Electronic Materials and Devices, Structural Parts Industrialization Project (Phase II)" from June 30, 2023, to December 31, 2023[13] - The postponement is due to prudent consideration of the investment of raised funds, aiming to ensure the effectiveness of the fundraising project construction and the rational and efficient allocation of resources[12] 2. Completion of Certain IPO Fundraising Projects and Permanent Allocation of Remaining Funds to Working Capital - The company has completed the "Electronic Materials and Devices Upgrade and Industrialization Project"[15] - The remaining raised funds of RMB 197.258 million (including wealth management income and current interest income) from this project will permanently supplement the company's working capital for daily operations[15] 3. Changes in Senior Management Positions and Independent Directors - Mr. Xu Huyi resigned as Deputy General Manager due to personal reasons and will assume other roles within the company after his resignation[16] - Mr. Yu Guoqing resigned as an Independent Director and Chairman of the Audit Committee after receiving an administrative penalty decision from the China Securities Regulatory Commission[16] - The company elected Mr. Lin Zhenming as an Independent Director and Chairman of the Audit Committee for the third Board of Directors[16] 4. Revisions to the Company's Articles of Association and Related Regulations - The company revised its Articles of Association, Independent Director Work Rules, and External Investment Management Measures[17] - The revisions aim to comply with the latest provisions of the Shenzhen Stock Exchange Listing Rules and other relevant laws and regulations, as well as to meet the company's actual operational needs[17] 5. Deregistration of a Wholly-Owned Subsidiary - The company approved the deregistration of its wholly-owned subsidiary, Hengmingda New Technology R&D (Beijing) Co., Ltd., and authorized management to handle related liquidation and deregistration matters[19] 6. Private Placement of Shares - The company planned to issue shares to specific investors to raise no more than RMB 1.5 billion for the Huizhou Hengmingda Intelligent Manufacturing Base Construction Project and to supplement working capital[21] - The total raised funds have been adjusted to no more than RMB 1.16 billion, with the "supplementary working capital" project no longer included as a fundraising project for this issuance[22] - The Shenzhen Stock Exchange has accepted the company's application for private placement of shares, deeming it compliant with issuance, listing, and information disclosure requirements, and will subsequently submit it to the China Securities Regulatory Commission for registration procedures[22][23] 7. 2022 Restricted Stock Incentive Plan - The company reviewed and approved the "2022 Restricted Stock Incentive Plan (Draft)" and its summary in September 2022[24] - The initial grant involved 42 incentive recipients, with 2,205,000 restricted shares granted, representing 0.97% of the company's total share capital before the grant[27] - The incentive plan has a validity period of 60 months, from the initial grant date of restricted shares until all restricted shares are unlocked or repurchased and cancelled, and remains within the reporting period[27] IV. Quarterly Financial Statements This section presents the company's unaudited consolidated financial statements for Q3 2023, including the balance sheet, income statement, and cash flow statement, comprehensively reflecting the company's financial position, operating results, and cash flow at the end of the reporting period - The company's third-quarter report is unaudited[37] 1. Financial Statements - This section includes the consolidated balance sheet, consolidated income statement from the beginning of the year to the end of the reporting period, and consolidated cash flow statement from the beginning of the year to the end of the reporting period[28][32][35] 1. Consolidated Balance Sheet Consolidated Balance Sheet Key Item Changes (September 30, 2023 vs January 1, 2023) | Item | September 30, 2023 (RMB) | January 1, 2023 (RMB) | Change (RMB) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 468,211,847.61 | 311,316,789.16 | 156,895,058.45 | 50.39% | | Trading Financial Assets | 105,193,708.55 | 261,182,124.65 | -155,988,416.10 | -59.72% | | Notes Receivable | 20,844,453.06 | 14,686,553.03 | 6,157,900.03 | 41.93% | | Inventories | 324,397,428.96 | 288,370,661.30 | 36,026,767.66 | 12.49% | | Other Current Assets | 529,489,770.77 | 285,522,741.84 | 243,967,028.93 | 85.44% | | Total Assets | 2,795,554,306.16 | 2,506,150,453.06 | 289,403,853.10 | 11.55% | | Short-term Borrowings | 26,962,788.30 | 0 | 26,962,788.30 | N/A | | Notes Payable | 82,608,967.35 | 28,899,084.66 | 53,709,882.69 | 185.86% | | Employee Benefits Payable | 31,110,200.85 | 71,556,025.60 | -40,445,824.75 | -56.52% | | Lease Liabilities | 79,150,985.08 | 51,058,872.17 | 28,092,112.91 | 55.02% | | Total Liabilities | 790,447,644.60 | 640,632,421.94 | 149,815,222.66 | 23.39% | | Total Equity Attributable to Parent Company Shareholders | 1,993,468,631.15 | 1,853,784,960.16 | 139,683,670.99 | 7.54% | - Cash and cash equivalents and notes payable significantly increased, while trading financial assets decreased, reflecting changes in the company's cash management and settlement methods[29][30] - Increases in inventories, right-of-use assets, and other non-current assets indicate business volume growth and investment in asset acquisition[30] 2. Consolidated Income Statement Year-to-Date Consolidated Income Statement Key Item Changes Year-to-Date | Item | Amount for Current Period (YTD 2023) (RMB) | Amount for Prior Period (YTD 2022) (RMB) | Change (RMB) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,204,620,811.45 | 962,942,239.61 | 241,678,571.84 | 25.10% | | Total Operating Costs | 988,866,880.13 | 780,576,310.32 | 208,290,569.81 | 26.68% | | Financial Expenses | -10,454,460.08 | -43,792,217.61 | 33,337,757.53 | -76.12% (Expense Decrease) | | Other Income | 3,594,760.09 | 1,665,646.30 | 1,929,113.79 | 115.82% | | Gains on Asset Disposal | 4,378,641.74 | 28,382.28 | 4,350,259.46 | 15320.97% | | Operating Profit | 228,124,225.48 | 182,252,075.29 | 45,872,150.19 | 25.17% | | Net Profit | 195,018,234.47 | 151,597,864.79 | 43,420,369.68 | 28.64% | | Net Profit Attributable to Parent Company Shareholders | 195,113,275.02 | 151,930,626.90 | 43,182,648.12 | 28.42% | | Basic Earnings Per Share | 0.85 | 0.67 | 0.18 | 26.87% | - Total operating revenue and net profit attributable to parent company shareholders both achieved double-digit growth, indicating business expansion and improved profitability[32][33] - Gains on asset disposal significantly increased, contributing substantially to profit[33] 3. Consolidated Cash Flow Statement Year-to-Date Consolidated Cash Flow Statement Key Item Changes Year-to-Date | Item | Amount for Current Period (YTD 2023) (RMB) | Amount for Prior Period (YTD 2022) (RMB) | Change (RMB) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 364,012,045.60 | 161,010,739.07 | 203,001,306.53 | 126.08% | | Net Cash Flow from Investing Activities | -153,194,608.73 | -190,980,881.40 | 37,786,272.67 | -19.78% (Decrease in Outflow) | | Net Cash Flow from Financing Activities | -54,180,719.41 | -65,192,562.62 | 11,011,843.21 | -16.89% (Decrease in Outflow) | | Net Increase in Cash and Cash Equivalents | 156,895,058.45 | -80,832,150.94 | 237,727,209.39 | N/A (From Negative to Positive) | | Cash and Cash Equivalents at Period End | 468,211,847.61 | 302,820,131.22 | 165,391,716.39 | 54.61% | - Net cash flow from operating activities significantly increased by 126.08%, demonstrating a substantial enhancement in the company's core business cash generation capability[35] - Net cash outflow from investing activities decreased, primarily due to a significant increase in net cash recovered from the disposal of fixed assets, intangible assets, and other long-term assets[35] 2. Adjustments to Opening Financial Statement Items for the First Year of New Accounting Standards Implementation from 2023 - The company did not make any adjustments to opening financial statement items for the first year of new accounting standards implementation from 2023[37] 3. Audit Report - The company's third-quarter report is unaudited[37]