五方光电(002962) - 2021 Q1 - 季度财报

Important Notice Statement on Report Authenticity The company's Board of Directors, Supervisory Board, and all senior management ensure the authenticity, accuracy, and completeness of this quarterly report, undertaking legal responsibility for no false records, misleading statements, or major omissions, with all directors attending the review meeting - The company's Board of Directors, Supervisory Board, directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the quarterly report content, assuming individual and joint legal liabilities[3] - The company's principal, head of accounting, and head of accounting department declare that the financial statements in the quarterly report are authentic, accurate, and complete[4] Company Profile Key Accounting Data and Financial Indicators In Q1 2021, the company achieved significant performance growth, with operating revenue increasing by 45.39% to CNY 138.24 million, net profit attributable to shareholders growing by 68.89% to CNY 30.46 million, and net cash flow from operating activities rising by 93.59%, while non-recurring gains and losses totaled approximately CNY 4.99 million, primarily from government grants Key Financial Performance Indicators | Indicator | Current Period | Prior Year Period | Year-over-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 138,238,791.11 | 95,078,822.09 | 45.39% | | Net Profit Attributable to Shareholders (CNY) | 30,460,662.54 | 18,035,600.42 | 68.89% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | 25,472,805.60 | 17,532,466.38 | 45.29% | | Net Cash Flow from Operating Activities (CNY) | 15,119,468.10 | 7,809,867.49 | 93.59% | | Basic Earnings Per Share (CNY/share) | 0.13 | 0.09 | 44.44% | | Weighted Average Return on Net Assets | 1.74% | 1.10% | increased by 0.64 percentage points | | Indicator | As of Current Period End | As of Prior Year End | Period-end vs. Prior Year-end Change | | Total Assets (CNY) | 2,017,560,931.58 | 2,006,726,116.65 | 0.54% | | Net Assets Attributable to Shareholders (CNY) | 1,764,902,026.52 | 1,731,926,739.44 | 1.90% | Non-recurring Gains and Losses | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 197,664.34 | | Government Grants Recognized in Current Profit/Loss | 5,628,337.72 | | Other Non-operating Income and Expenses | 42,783.75 | | Less: Income Tax Impact | 880,505.87 | | Less: Impact on Minority Interests (After Tax) | 423.00 | | Total | 4,987,856.94 | Shareholder Information As of the end of the reporting period, the company had 26,652 common shareholders, with controlling shareholder and de facto controller Mr. Liao Binbin holding 28.25% of shares, and some shares held by Luo Hong and Huan Weiwei among the top ten shareholders being pledged - As of the end of the reporting period, the company had a total of 26,652 common shareholders[10] Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held (shares) | | :--- | :--- | :--- | | Liao Binbin | 28.25% | 69,128,640 | | Luo Hong | 11.74% | 28,728,000 | | Wei Lei | 6.45% | 15,794,160 | | Huan Weiwei | 6.18% | 15,120,000 | | Jingzhou Wufang Qunxing Optoelectronic Technology Service Center (Limited Partnership) | 4.88% | 11,944,800 | - The fifth largest shareholder, "Jingzhou Wufang Qunxing Optoelectronic Technology Service Center (Limited Partnership)", is an enterprise controlled by the company's controlling shareholder and de facto controller, Mr. Liao Binbin[11] Significant Matters Analysis of Key Financial Data Changes During the reporting period, several financial indicators changed significantly, with operating revenue increasing by 45.39% due to business recovery and market expansion post-pandemic, driving up operating profit and net profit, while financial expenses decreased by 244.80% primarily due to increased bank deposit interest income, and other items like prepayments and investment cash outflows also fluctuated significantly due to business activities - Operating revenue increased by 45.39% year-over-year, primarily due to effective control of the domestic pandemic, normalization of company operations, and intensified market expansion efforts[15] - Financial expenses decreased by 244.80% year-over-year, mainly due to increased interest income from matured bank deposits[15] - General and administrative expenses and research and development expenses increased by 64.26% and 63.60% respectively, primarily due to higher employee compensation, share-based payments, and R&D material consumption[15] - Net cash flow from investing activities decreased by 191.28% year-over-year, mainly due to increased cash payments for the acquisition of fixed assets[15] Progress of Significant Matters During the reporting period, the company advanced two significant matters: the establishment of an equity investment fund with CNY 20 million of its own funds, which completed industrial and commercial registration and filing, and the successful initial grant of 2.779 million restricted shares to 109 incentive recipients under the 2020 Restricted Stock Incentive Plan - The "Xiamen Huiqiao Sci-Tech Equity Investment Partnership (Limited Partnership)", established with the company's CNY 20 million own funds, has completed industrial and commercial registration and fund association filing[17] - The company completed the initial grant of its 2020 Restricted Stock Incentive Plan, awarding 2.779 million shares to 109 incentive recipients at a grant price of CNY 11.36/share, with shares listed on December 10, 2020[18] Commitments During the reporting period, there were no overdue unfulfilled commitments by the company's de facto controller, shareholders, related parties, acquirers, or the company itself - The company had no overdue unfulfilled commitments from related parties during the reporting period[21] Financial Asset Investments During the reporting period, the company did not engage in any securities or derivatives investments - The company had no securities or derivatives investments during the reporting period[22][23] Progress of Raised Funds Utilization The company's IPO raised CNY 654 million net, with CNY 244 million cumulatively used and a balance of CNY 430 million as of March 31, 2021, primarily invested in "Blue Glass Infrared Cut-off Filter and Biometric Filter Production Center" and "R&D Center" projects, with progress rates of 40.72% and 17.59% respectively, both expected to be operational by September 2021 - The company's IPO raised net proceeds of CNY 654.24 million, with a remaining balance of CNY 430.19 million as of the end of the reporting period[24] Raised Funds Investment Projects | Committed Investment Project | Total Committed Raised Funds Investment (CNY million) | Cumulative Investment as of Period End (CNY million) | Investment Progress | Estimated Date of Usability | | :--- | :--- | :--- | :--- | :--- | | Blue Glass Infrared Cut-off Filter and Biometric Filter Production Center Construction Project | 558.00 | 227.23 | 40.72% | 2021年9月 | | R&D Center Project | 96.24 | 16.93 | 17.59% | 2021年9月 | Half-Year Operating Performance Forecast The company has not provided a forecast for its operating performance from January to June 2021, nor has it issued any warnings regarding significant performance changes - The company has not forecasted its cumulative net profit for January-June 2021 or issued any warnings regarding significant performance changes[26] Other Significant Matters During the reporting period, the company had no significant daily operating contracts, wealth management, irregular external guarantees, or non-operating fund occupation by controlling shareholders, nor did it engage in any research, communication, or interview activities - During the reporting period, the company had no significant contracts, entrusted wealth management, irregular guarantees, or fund occupation by controlling shareholders[26][27][28] - During the reporting period, the company did not conduct any reception for research, communication, or interviews[29] Financial Statements Consolidated Balance Sheet As of March 31, 2021, the company's total assets were CNY 2.018 billion, a slight increase of 0.54% from the end of the previous year, total liabilities were CNY 242 million, a decrease of 8.26%, and total equity attributable to parent company owners was CNY 1.765 billion, an increase of 1.90% Consolidated Balance Sheet Details | Key Asset Items | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,079,004,011.77 | 1,088,096,971.71 | | Notes Receivable | 163,710,319.85 | 110,647,584.90 | | Accounts Receivable | 158,201,736.19 | 198,190,057.07 | | Fixed Assets | 423,769,993.80 | 410,733,526.50 | | Total Assets | 2,017,560,931.58 | 2,006,726,116.65 | | Key Liability and Equity Items | | | | Notes Payable | 65,659,387.21 | 69,380,921.98 | | Accounts Payable | 83,112,851.63 | 96,293,480.98 | | Total Liabilities | 241,932,007.80 | 263,704,709.08 | | Total Equity Attributable to Parent Company Owners | 1,764,902,026.52 | 1,731,926,739.44 | | Total Liabilities and Owners' Equity | 2,017,560,931.58 | 2,006,726,116.65 | Parent Company Balance Sheet As of March 31, 2021, the parent company's total assets were CNY 1.935 billion, total liabilities were CNY 250 million, and total owners' equity was CNY 1.684 billion Parent Company Balance Sheet Details | Key Items | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Total Assets | 1,934,880,368.80 | 1,922,109,123.81 | | Total Liabilities | 250,417,441.73 | 262,714,213.46 | | Total Owners' Equity | 1,684,462,927.07 | 1,659,394,910.35 | Consolidated Income Statement In Q1 2021, the company achieved total operating revenue of CNY 138.24 million, a 45.39% year-over-year increase, with operating profit at CNY 34.41 million (up 68.23%), net profit attributable to parent company shareholders at CNY 30.46 million (up 68.89%), and basic earnings per share of CNY 0.13 Consolidated Income Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 138,238,791.11 | 95,078,822.09 | | II. Total Operating Costs | 112,458,468.82 | 80,759,279.07 | | Including: Operating Costs | 93,631,648.75 | 65,226,731.01 | | General and Administrative Expenses | 14,175,627.31 | 8,630,098.33 | | Research and Development Expenses | 9,795,472.30 | 5,987,444.93 | | Financial Expenses | -9,511,324.62 | -2,758,537.73 | | III. Operating Profit | 34,412,167.55 | 20,455,010.33 | | IV. Total Profit | 34,439,783.55 | 19,959,335.33 | | V. Net Profit | 30,092,891.67 | 18,017,062.08 | | Net Profit Attributable to Parent Company Shareholders | 30,460,662.54 | 18,035,600.42 | | VIII. Earnings Per Share (Basic/Diluted) | 0.13 | 0.09 | Parent Company Income Statement In Q1 2021, the parent company reported operating revenue of CNY 138.43 million and a net profit of CNY 22.55 million Parent Company Income Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | I. Operating Revenue | 138,428,193.34 | 94,632,534.09 | | II. Operating Profit | 25,783,087.16 | 17,237,225.69 | | IV. Net Profit | 22,553,392.18 | 14,648,597.66 | Consolidated Cash Flow Statement In Q1 2021, the company's net cash flow from operating activities was CNY 15.12 million, a 93.59% year-over-year increase primarily due to higher bank deposit interest income, while net cash flow from investing activities was -CNY 24.98 million due to increased payments for fixed asset acquisitions, with cash and cash equivalents totaling CNY 1.059 billion at period end Consolidated Cash Flow Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 15,119,468.10 | 7,809,867.49 | | Net Cash Flow from Investing Activities | -24,978,560.16 | -8,575,458.34 | | Net Cash Flow from Financing Activities | -2,186,805.12 | 0.00 | | Net Increase in Cash and Cash Equivalents | -12,058,571.68 | -660,706.56 | | Cash and Cash Equivalents at Period End | 1,059,065,974.53 | 836,768,583.31 | Parent Company Cash Flow Statement In Q1 2021, the parent company's net cash flow from operating activities was CNY 14.94 million, net cash flow from investing activities was -CNY 6.56 million, and cash and cash equivalents at period end totaled CNY 863 million Parent Company Cash Flow Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 14,938,844.79 | 5,600,544.39 | | Net Cash Flow from Investing Activities | -6,558,114.77 | -6,258,317.44 | | Net Cash Flow from Financing Activities | -2,186,805.12 | 0.00 | | Net Increase in Cash and Cash Equivalents | 6,181,250.40 | -552,888.76 | | Cash and Cash Equivalents at Period End | 862,819,893.14 | 820,684,985.60 | Notes on Financial Statement Adjustments The company adopted new lease accounting standards starting in 2021 but did not require adjustments to the opening balance sheet accounts - The company first adopted the new lease accounting standards in 2021, but no adjustments to the opening balance sheet accounts were required[56] Audit Report Audit Opinion The company's Q1 2021 report was unaudited - The company's first quarter report was unaudited[58]