日丰股份(002953) - 2021 Q3 - 季度财报

Important Notices The board and management confirm the report's accuracy, and the financial information is unaudited - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report's content, and assume individual and joint legal responsibility for any false records, misleading statements, or major omissions[4] - The company's responsible person, the person in charge of accounting, and the head of the accounting department declare that the financial information in the quarterly report is true, accurate, and complete[4] - This third-quarter report is unaudited[5] I. Key Financial Data (I) Key Accounting Data and Financial Indicators The company achieved significant growth in revenue and net profit, though operating cash flow was negative Key Financial Metrics | Indicator | Current Period | YoY Change (Current Period) | YTD | YoY Change (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 939,777,927.89 | 119.93% | 2,452,370,253.29 | 113.59% | | Net Profit Attributable to Shareholders (CNY) | 41,454,814.45 | 34.14% | 120,907,612.63 | 49.02% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | 40,285,299.50 | 33.48% | 113,375,405.96 | 40.35% | | Net Cash Flow from Operating Activities (CNY) | —— | —— | -241,179,407.83 | 419.25% | | Basic Earnings Per Share (CNY/Share) | 0.17 | -5.56% | 0.50 | 6.38% | | Diluted Earnings Per Share (CNY/Share) | 0.17 | -5.56% | 0.50 | 6.38% | | Weighted Average Return on Equity | 3.43% | 0.30% | 11.10% | 2.76% | | Indicator | End of Current Period | End of Previous Year | Change from Previous Year-End | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 2,536,525,264.10 | 1,450,487,929.30 | 74.87% | | Equity Attributable to Shareholders (CNY) | 1,242,913,618.07 | 1,028,784,834.37 | 20.81% | (II) Non-recurring Profit and Loss Items and Amounts Non-recurring items, primarily from asset disposals and government subsidies, totaled CNY 7.53 million YTD Non-recurring Profit and Loss | Item | Current Period Amount | YTD Amount | Notes | | :--- | :--- | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -1,561,069.58 | 3,567,994.09 | | | Government Subsidies (Excluding those closely related to normal business) | 1,622,909.49 | 4,156,046.96 | | | Other Non-operating Income and Expenses | 1,521,211.41 | 1,419,697.82 | | | Less: Income Tax Impact | 449,418.88 | 1,645,294.91 | | | Less: Minority Interest Impact (After Tax) | -35,882.51 | -33,762.71 | | | Total | 1,169,514.95 | 7,532,206.67 | -- | (III) Changes and Reasons for Key Accounting Data and Financial Indicators Significant financial growth was driven by the consolidation of Tianjin You Rong, business expansion, and rising copper prices - YTD operating revenue increased by 113.59% YoY, primarily due to the consolidation of Tianjin You Rong, business growth, and rising copper prices[10] - YTD net profit attributable to shareholders grew by 49.02% YoY, mainly driven by the consolidation of Tianjin You Rong and business growth[10] - YTD net cash flow from operating activities increased by 419.25% YoY, largely due to the consolidation of Tianjin You Rong and the increase in copper prices[10] - Total assets grew by 74.87% from the beginning of the year, attributed to the consolidation of Tianjin You Rong, business growth, and rising copper prices[10] II. Shareholder Information (I) Total Number of Common Shareholders and Top Ten Shareholders The company had 18,986 common shareholders, with the actual controller holding a majority stake, much of which is pledged - The total number of common shareholders at the end of the reporting period was 18,986[13] Top 10 Shareholders | Shareholder Name | Shareholding Ratio | Number of Shares | Shareholder Type | Pledge, Mark, or Freeze Status | Number of Restricted Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | Feng Jiujing | 60.50% | 147,228,059 | Domestic Natural Person | Pledged 107,953,760 | 147,228,059 | | Li Qiang | 2.96% | 7,206,912 | Domestic Natural Person | | 7,206,912 | | Feng Yuhua | 1.86% | 4,527,600 | Domestic Natural Person | | 4,527,600 | | Luo Yongwen | 1.79% | 4,345,426 | Domestic Natural Person | | 4,345,426 | | Wang Xueqian | 1.65% | 4,017,666 | Domestic Natural Person | | 0 | | Meng Zhaobin | 1.12% | 2,733,777 | Domestic Natural Person | | 2,733,777 | | Li Yongjuan | 0.41% | 1,002,791 | Domestic Natural Person | | 1,002,791 | | Guo Shiyao | 0.34% | 835,658 | Domestic Natural Person | | 835,658 | | Zhang Zhixiang | 0.25% | 616,500 | Domestic Natural Person | | 0 | | Wu Yanping | 0.22% | 531,700 | Domestic Natural Person | | 0 | Top 10 Unrestricted Shareholders | Shareholder Name | Number of Unrestricted Shares | Share Class | | :--- | :--- | :--- | | Wang Xueqian | 4,017,666 | RMB Ordinary Share | | Zhang Zhixiang | 616,500 | RMB Ordinary Share | | Wu Yanping | 531,700 | RMB Ordinary Share | | Feng Hua | 461,400 | RMB Ordinary Share | | CICC Hong Kong Asset Management Ltd - Client Fund 2 | 419,291 | RMB Ordinary Share | | Ni Duoxian | 364,280 | RMB Ordinary Share | | Jiang Fang | 359,940 | RMB Ordinary Share | | Li Zhiming | 308,520 | RMB Ordinary Share | | Chen Feng | 284,600 | RMB Ordinary Share | | JPMORGAN CHASE BANK, N.A. | 277,836 | RMB Ordinary Share | - Mr. Feng Yuhua is the son of Mr. Feng Jiujing and acts in concert with the actual controller, Mr. Feng Jiujing; Mr. Luo Yongwen is the brother of Mr. Feng Jiujing's spouse and also acts in concert with the actual controller[13] III. Other Important Matters The company acquired land for a new subsidiary, unlocked restricted stock, and issued convertible bonds - The company plans to purchase 120 acres of land with its own funds of CNY 30 million and establish a wholly-owned subsidiary, Guangdong Rifeng New Materials Co, Ltd, successfully acquiring the land use rights in Heshan Industrial City Zone A in October 2021[14] - The company completed the first unlocking period for the initial grant of its 2020 restricted stock incentive plan, with the related shares listed on October 12, 2021[15] - The company's CNY 380 million convertible corporate bonds (Bond name: "Rifeng Convertible Bond", Code: "128145") entered the conversion period on September 27, 2021[15] IV. Quarterly Financial Statements 1. Consolidated Balance Sheet Total assets grew 74.87% to CNY 2.54 billion, driven by increases in both current and non-current assets Consolidated Balance Sheet (CNY) | Item | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Current Assets: | | | | Cash and Cash Equivalents | 111,445,881.86 | 60,616,086.35 | | Accounts Receivable | 907,636,429.24 | 476,257,423.18 | | Receivables Financing | 319,571,024.98 | 180,724,022.57 | | Inventories | 345,550,121.91 | 216,967,232.46 | | Other Current Assets | 287,354,204.32 | 112,762,326.86 | | Total Current Assets | 2,012,324,445.43 | 1,096,206,760.94 | | Non-current Assets: | | | | Fixed Assets | 247,150,010.81 | 159,006,926.90 | | Construction in Progress | 105,997,895.38 | 111,821,631.72 | | Right-of-use Assets | 23,208,467.26 | | | Intangible Assets | 77,162,971.42 | 65,387,173.17 | | Goodwill | 43,038,920.35 | | | Total Non-current Assets | 524,200,818.67 | 354,281,168.36 | | Total Assets | 2,536,525,264.10 | 1,450,487,929.30 | | Current Liabilities: | | | | Short-term Borrowings | 466,587,451.83 | 98,861,993.05 | | Notes Payable | 46,840,000.00 | 25,774,037.58 | | Accounts Payable | 192,785,114.52 | 200,140,536.01 | | Total Current Liabilities | 763,432,749.32 | 404,813,298.91 | | Non-current Liabilities: | | | | Long-term Borrowings | 210,599,999.99 | | | Bonds Payable | 280,085,457.44 | | | Lease Liabilities | 21,526,236.72 | | | Total Non-current Liabilities | 526,959,688.14 | 13,429,948.70 | | Total Liabilities | 1,290,392,437.46 | 418,243,247.61 | | Shareholders' Equity: | | | | Share Capital | 243,367,920.00 | 173,879,128.00 | | Other Equity Instruments | 100,793,690.86 | | | Capital Reserve | 318,353,853.18 | 382,203,466.54 | | Retained Earnings | 531,038,642.05 | 433,657,625.84 | | Total Equity Attributable to Parent Company | 1,242,913,618.07 | 1,028,784,834.37 | | Total Equity | 1,246,132,826.64 | 1,032,244,681.69 | | Total Liabilities and Equity | 2,536,525,264.10 | 1,450,487,929.30 | - Total assets increased by 74.87% from CNY 1.45 billion at the end of 2020 to CNY 2.54 billion on September 30, 2021[6][20] - Equity attributable to shareholders increased by 20.81% from CNY 1.03 billion at the end of 2020 to CNY 1.24 billion[6][20] 2. Consolidated Income Statement (YTD) YTD operating revenue increased by 113.59% to CNY 2.45 billion, leading to significant growth in net profit Consolidated Income Statement (CNY) | Item | Current Period (YTD) | Prior Period (YTD) | | :--- | :--- | :--- | | I. Total Operating Revenue | 2,452,370,253.29 | 1,148,161,466.22 | | Including: Operating Revenue | 2,452,370,253.29 | 1,148,161,466.22 | | II. Total Operating Costs | 2,338,159,738.51 | 1,062,682,220.00 | | Including: Cost of Goods Sold | 2,113,493,561.32 | 940,602,148.31 | | Taxes and Surcharges | 5,946,195.50 | 4,159,497.47 | | Selling Expenses | 37,177,592.85 | 35,021,273.21 | | General & Administrative Expenses | 81,759,251.67 | 33,897,478.00 | | R&D Expenses | 71,308,498.31 | 41,590,937.97 | | Financial Expenses | 28,474,638.86 | 7,410,885.04 | | Add: Other Income | 4,156,046.96 | 664,645.71 | | Investment Income | 6,232,742.59 | 5,365,754.00 | | Credit Impairment Loss | -420,402.28 | -626,897.45 | | Asset Impairment Loss | 978,986.22 | 3,293.15 | | Gain on Asset Disposal | 3,009,410.15 | -387,281.99 | | III. Operating Profit | 128,167,298.42 | 90,498,759.64 | | Add: Non-operating Income | 2,097,704.64 | 1,586,163.80 | | Less: Non-operating Expenses | 678,006.82 | 1,349,659.18 | | IV. Profit Before Tax | 129,586,996.24 | 90,735,264.26 | | Less: Income Tax Expense | 8,920,022.37 | 9,178,480.06 | | V. Net Profit | 120,666,973.87 | 81,556,784.20 | | 1. Net Profit Attributable to Parent Company | 120,907,612.63 | 81,137,630.64 | | 2. Minority Interest | -240,638.76 | 419,153.56 | | VII. Total Comprehensive Income | 120,666,973.87 | 81,556,784.20 | | Comprehensive Income Attributable to Parent Company | 120,907,612.63 | 81,137,630.64 | | VIII. Earnings Per Share: | | | | (I) Basic EPS | 0.50 | 0.47 | | (II) Diluted EPS | 0.50 | 0.47 | - YTD total operating revenue was CNY 2.45 billion, a 113.59% increase from CNY 1.15 billion in the prior period[5][21] - YTD net profit attributable to parent company owners was CNY 121 million, a 49.02% increase from CNY 81 million in the prior period[5][22] - Financial expenses increased from CNY 7.41 million to CNY 28.47 million, primarily due to higher interest expenses[21] 3. Consolidated Cash Flow Statement (YTD) Net cash flow from operating activities was negative CNY 241 million, while financing activities saw a significant inflow Consolidated Cash Flow Statement (CNY) | Item | Current Period (YTD) | Prior Period (YTD) | | :--- | :--- | :--- | | I. Cash Flows from Operating Activities: | | | | Cash received from sales of goods and services | 2,111,814,695.55 | 921,887,682.27 | | Other cash received relating to operating activities | 136,162,013.85 | 15,315,843.89 | | Subtotal of cash inflows from operating activities | 2,282,017,828.46 | 939,458,800.02 | | Cash paid for goods and services | 2,115,833,374.90 | 772,903,033.13 | | Cash paid to and for employees | 217,079,018.52 | 127,928,154.94 | | Payments of all types of taxes | 47,674,386.80 | 26,245,894.32 | | Other cash paid relating to operating activities | 142,610,456.07 | 58,829,054.64 | | Subtotal of cash outflows from operating activities | 2,523,197,236.29 | 985,906,137.03 | | Net cash flow from operating activities | -241,179,407.83 | -46,447,337.01 | | II. Cash Flows from Investing Activities: | | | | Subtotal of cash inflows from investing activities | 39,290,209.10 | 292,297,888.15 | | Cash paid for fixed assets, intangible assets, and other long-term assets | 72,230,372.04 | 133,225,425.39 | | Cash paid for investments | 323,530,073.30 | 210,000,000.00 | | Subtotal of cash outflows from investing activities | 395,972,445.34 | 343,225,425.39 | | Net cash flow from investing activities | -356,682,236.24 | -50,927,537.24 | | III. Cash Flows from Financing Activities: | | | | Cash received from borrowings | 1,084,163,000.00 | 86,000,000.00 | | Subtotal of cash inflows from financing activities | 1,084,163,000.00 | 111,047,745.00 | | Cash paid for repayment of debts | 380,880,000.01 | 73,000,000.00 | | Cash paid for distribution of dividends, profits or interest | 46,418,372.77 | 25,041,396.72 | | Subtotal of cash outflows from financing activities | 435,339,230.46 | 98,291,396.72 | | Net cash flow from financing activities | 648,823,769.54 | 12,756,348.28 | | V. Net Increase in Cash and Cash Equivalents | 50,832,518.29 | -85,010,207.85 | | VI. Cash and Cash Equivalents at End of Period | 108,844,413.76 | 36,186,053.25 | - Net cash flow from operating activities was -CNY 241 million, a 419.25% YoY decrease from -CNY 46.45 million, mainly due to increased payments for goods, services, and employees[5][26] - Net cash flow from investing activities was -CNY 357 million, compared to -CNY 50.93 million in the prior period, with the increased outflow driven by higher cash payments for investments[26] - Net cash flow from financing activities was CNY 649 million, a substantial increase from CNY 12.76 million in the prior period, primarily due to a significant rise in cash received from borrowings[26] (II) Explanation of Financial Statement Adjustments The company adopted the new lease standard from 2021, adjusting opening balance sheet items accordingly - The company has implemented the new lease standard for the first time since 2021 and has adjusted relevant items in the opening financial statements as of January 1, 2021[27][28] Balance Sheet Adjustments (CNY) | Item | Dec 31, 2020 | Jan 01, 2021 | Adjustment | | :--- | :--- | :--- | :--- | | Total Current Assets | 1,096,206,760.94 | 1,096,206,760.94 | | | Total Non-current Assets | 354,281,168.36 | 354,281,168.36 | | | Total Assets | 1,450,487,929.30 | 1,450,487,929.30 | | | Total Current Liabilities | 404,813,298.91 | | | | Total Non-current Liabilities | 13,429,948.70 | 404,813,298.91 | | | Total Liabilities | 418,243,247.61 | | | | Share Capital | 173,879,128.00 | | | | Capital Reserve | 382,203,466.54 | | | | Less: Treasury Stock | 24,747,745.00 | | | | Surplus Reserve | 63,792,358.99 | 13,429,948.70 | | | Retained Earnings | 433,657,625.84 | | | | Total Equity Attributable to Parent Company | 1,028,784,834.37 | 13,429,948.70 | | | Minority Interest | 3,459,847.32 | 418,243,247.61 | | | Total Equity | 1,032,244,681.69 | | | | Total Liabilities and Equity | 1,450,487,929.30 | 173,879,128.00 | | (III) Audit Report The company's third-quarter 2021 financial report has not been audited - The third-quarter report is unaudited[32]