亚世光电(002952) - 2021 Q3 - 季度财报

Key Financial Data This section presents the company's key financial performance and position indicators for the reporting period Key Accounting Data and Financial Indicators The company reported year-over-year revenue growth, yet net profit and non-recurring net profit significantly declined, with operating cash flow turning negative and total assets slightly up while owner's equity decreased 2021 Q3 and Year-to-Date Key Financial Indicators | Indicator | Current Period | YoY Change in Current Period | Year-to-Date | YoY Change Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 167,351,514.38 | 29.02% | 423,359,378.20 | 23.03% | | Net Profit Attributable to Shareholders (RMB) | 14,405,602.74 | -32.57% | 37,434,994.38 | -49.64% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (RMB) | 8,326,187.36 | -39.06% | 20,836,049.64 | -54.90% | | Net Cash Flow from Operating Activities (RMB) | — | — | -62,912,422.01 | -230.48% | | Basic Earnings Per Share (RMB/share) | 0.0877 | -32.54% | 0.2278 | -49.64% | Key Balance Sheet Indicators at Period End | Indicator | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Total Assets (RMB) | 1,043,786,036.96 | 988,626,638.02 | 5.58% | | Owner's Equity Attributable to Shareholders (RMB) | 824,762,212.57 | 836,655,250.19 | -1.42% | Non-Recurring Gains and Losses Year-to-date, total non-recurring gains and losses amounted to RMB 16.60 million, primarily from entrusted investments and fair value changes of financial assets and liabilities, significantly supplementing current net profit Non-Recurring Gains and Losses Year-to-Date | Item | Amount Year-to-Date (RMB) | | :--- | :--- | | Government Grants Recognized in Current P&L | 1,948,940.37 | | Gains/Losses from Entrusted Investments | 12,771,607.34 | | Fair Value Changes of Trading Financial Assets/Liabilities | 4,075,112.62 | | Other Non-Operating Income/Expenses | 93,644.48 | | Less: Income Tax Impact | 2,290,360.07 | | Total | 16,598,944.74 | Analysis of Key Financial Indicator Changes Significant changes in financial indicators include increased prepayments and inventory due to raw material issues, while rising operating costs and a high prior-year base for government grants led to a net profit decline despite expanded sales Balance Sheet Item Changes Key balance sheet changes include a 185.05% surge in prepayments and 81.00% increase in inventory to secure raw materials, a 53.27% rise in construction in progress for new facilities, a 1428.95% jump in other non-current assets due to equipment prepayments, and a 44.94% increase in accounts receivable with revenue growth - Prepayments increased by 185.05% from the beginning of the period, primarily due to increased raw material stocking to ensure production amidst tight supply and rising prices for IC, TFT, and other materials[10][12] - Inventory increased by 81.00% from the beginning of the period, driven by expanded production and sales, rising raw material prices, and increased stocking levels[10][12] - Other non-current assets surged by 1428.95% from the beginning of the period, mainly due to increased prepayments for equipment[10][12] Income Statement Item Changes Income statement changes were primarily influenced by costs and non-recurring items, with operating costs rising 41.83% due to sales growth and raw material price increases, other income sharply declining 88.14% from a high prior-year base, and financial expenses decreasing 44.20% due to reduced exchange losses - Operating costs increased by 41.83% year-over-year, driven by expanded sales volume and rising raw material prices[12][13] - Other income decreased by 88.14% year-over-year, primarily due to a high base from the prior year's receipt of RMB 10 million in special funds for enterprise listing development from Liaoning Province[12][13] - Financial expenses decreased by 44.20% year-over-year, mainly due to a smaller depreciation of RMB against USD compared to the prior year, resulting in reduced exchange losses[12][13] Shareholder Information This section details the company's shareholder structure, including major shareholders and ultimate control Shareholding Structure As of the reporting period end, the company had 12,854 common shareholders, with a concentrated ownership structure where controlling shareholder Asia Display (Hong Kong) Co., Ltd. held 36.65%, and the top three shareholders collectively held over 63%, with ultimate control by JIA JITAO through 100% ownership of the Hong Kong entity - At the end of the reporting period, the company had 12,854 common shareholders[15] Top Ten Shareholders' Shareholding | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Asia Display (Hong Kong) Co., Ltd. | Overseas Legal Person | 36.65% | 60,223,500.00 | | 边瑞群 | Domestic Individual | 13.85% | 22,761,000.00 | | 林雪峰 | Domestic Individual | 12.71% | 20,879,983.00 | | 解治刚 | Domestic Individual | 8.46% | 13,909,500.00 | | 陈家琼 | Domestic Individual | 1.09% | 1,798,760.00 | - The ultimate controlling person, Mr. JIA JITAO, holds 100% equity in the controlling shareholder, Asia Display (Hong Kong) Co., Ltd.[17] Other Significant Matters This section covers any other significant events or disclosures not included elsewhere in the report Other Significant Matters The company had no other significant matters requiring disclosure during the reporting period - The company had no other significant matters to disclose in this reporting period[17] Financial Statements This section provides the company's consolidated financial statements, including the balance sheet, income statement, and cash flow statement Consolidated Balance Sheet As of September 30, 2021, total assets were RMB 1.04 billion, up 5.58% from the beginning of the year, driven by non-monetary assets like inventory and prepayments, while total liabilities surged 44.12% to RMB 219 million due to increased accounts payable and dividends payable, and owner's equity attributable to the parent company slightly decreased by 1.42% to RMB 825 million Key Items of Consolidated Balance Sheet | Item | September 30, 2021 (RMB) | December 31, 2020 (RMB) | | :--- | :--- | :--- | | Total Assets (RMB) | 1,043,786,036.96 | 988,626,638.02 | | Total Current Assets (RMB) | 894,306,390.87 | 868,161,228.93 | | Total Non-Current Assets (RMB) | 149,479,646.09 | 120,465,409.09 | | Total Liabilities (RMB) | 219,023,824.39 | 151,971,387.83 | | Total Current Liabilities (RMB) | 193,964,018.65 | 126,003,851.42 | | Total Owner's Equity (RMB) | 824,762,212.57 | 836,655,250.19 | Consolidated Income Statement In the first three quarters of 2021, the company achieved RMB 423 million in operating revenue, a 23.03% year-over-year increase, but operating costs grew 41.83%, significantly outpacing revenue, and a sharp decline in other income from a high prior-year base led to a halving of operating profit and net profit, with net profit attributable to the parent company at RMB 37.44 million, down 49.64% year-over-year Key Items of Consolidated Income Statement (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (RMB) | 423,359,378.20 | 344,102,725.13 | 23.03% | | Total Operating Costs (RMB) | 397,182,372.98 | 289,632,945.69 | 37.13% | | Operating Profit (RMB) | 42,760,649.94 | 87,229,865.19 | -50.98% | | Total Profit (RMB) | 42,754,294.42 | 87,133,044.03 | -50.93% | | Net Profit (RMB) | 37,434,994.38 | 74,332,060.11 | -49.64% | | Basic Earnings Per Share (RMB/share) | 0.23 | 0.45 | -49.64% | Consolidated Cash Flow Statement In the first three quarters of 2021, net cash flow from operating activities significantly deteriorated to -RMB 62.91 million from a RMB 48.21 million inflow in the prior year, primarily due to increased cash payments for goods and services, while investing activities generated RMB 59.03 million in net cash and financing activities resulted in a RMB 31.25 million net outflow due to dividend distribution, with cash and cash equivalents decreasing to RMB 107 million at period end Key Items of Consolidated Cash Flow Statement (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities (RMB) | -62,912,422.01 | 48,214,889.54 | | Net Cash Flow from Investing Activities (RMB) | 59,030,209.01 | 70,611,343.87 | | Net Cash Flow from Financing Activities (RMB) | -31,248,522.91 | -27,136,674.60 | | Net Increase in Cash and Cash Equivalents (RMB) | -38,625,139.41 | 87,578,630.56 | | Cash and Cash Equivalents at Period End (RMB) | 107,183,820.34 | 145,231,512.22 | Explanation of Financial Statement Adjustments Effective January 1, 2021, the company adopted new lease accounting standards as required by the Ministry of Finance, retrospectively adjusting the opening financial statements to recognize RMB 0.86 million in "right-of-use assets" and RMB 0.83 million in "lease liabilities," while reducing "prepayments" and "retained earnings" - The company adopted new lease accounting standards effective January 1, 2021, and retrospectively adjusted the opening balance sheet[34] Adjustments upon Initial Adoption of New Lease Standards | Adjustment Item | Adjustment Amount (RMB) | | :--- | :--- | | Increase "Right-of-Use Assets" (RMB) | 857,910.36 | | Decrease "Prepayments" (RMB) | -56,083.20 | | Increase "Lease Liabilities" (RMB) | 827,859.16 | | Decrease "Retained Earnings" (RMB) | -26,032.00 | Audit Information This section outlines the audit status of the financial report Audit Status This quarterly financial report is unaudited - The company's Q3 2021 report is unaudited[35]