九洲集团(300040) - 2023 Q3 - 季度财报

Important Notices - The Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report's content, and assume individual and joint legal responsibility[4] - The company's legal representative, chief accountant, and head of the accounting department declare that the financial information in the quarterly report is truthful, accurate, and complete[4] - The third-quarter report for 2023 is unaudited[5] I. Key Financial Data (I) Key Accounting Data and Financial Indicators The company's Q3 2023 revenue grew 4.14% YoY, while net profit attributable to shareholders fell 49.40% Key Financial Indicators for Q3 2023 | Indicator | Amount for the Reporting Period (RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 284,348,855.90 | 4.14% | | Net Profit Attributable to Shareholders | 15,147,368.24 | -49.40% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 9,091,934.79 | -22.23% | | Basic Earnings Per Share (RMB/Share) | 0.02 | -60.00% | | Diluted Earnings Per Share (RMB/Share) | 0.03 | -40.00% | | Weighted Average Return on Equity | 0.53% | -0.55% | Key Financial Indicators from Beginning of 2023 to End of Reporting Period | Indicator | Amount from Beginning of Year to End of Period (RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 804,269,593.79 | -12.92% | | Net Profit Attributable to Shareholders | 72,948,044.08 | -41.41% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 53,813,916.96 | 7.46% | | Net Cash Flow from Operating Activities | 191,256,766.16 | -59.15% | | Basic Earnings Per Share (RMB/Share) | 0.12 | -42.86% | | Diluted Earnings Per Share (RMB/Share) | 0.13 | -38.10% | | Weighted Average Return on Equity | 0.03% | -1.95% | Balance Sheet Indicators at the End of the Reporting Period in 2023 | Indicator | Amount at End of Reporting Period (RMB) | Amount at End of Previous Year (RMB) | Change from Previous Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 7,725,791,771.93 | 7,572,160,821.14 | 2.03% | | Equity Attributable to Shareholders | 2,875,157,578.65 | 2,837,302,894.30 | 1.33% | (II) Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss totaled RMB 6.06 million for the reporting period and RMB 19.13 million year-to-date Non-recurring Profit and Loss Items and Amounts (Current Reporting Period) | Item | Amount for the Reporting Period (RMB) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 47,375.59 | | Government Grants Recognized in Current Profit or Loss | 3,417,546.40 | | Gain/Loss from Entrusted Investments or Asset Management | 182,408.16 | | Other Non-operating Income and Expenses | 3,431,141.27 | | Less: Income Tax Impact | 998,802.38 | | Minority Interest Impact (After Tax) | 24,235.59 | | Total | 6,055,433.45 | Non-recurring Profit and Loss Items and Amounts (Year-to-Date) | Item | Amount from Beginning of Year to End of Period (RMB) | Notes | | :--- | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 426,972.66 | | | Government Grants Recognized in Current Profit or Loss | 10,162,548.73 | | | Capital Usage Fees Charged to Non-financial Enterprises | 19,270,440.24 | Interest and guarantee fees | | Gain/Loss from Entrusted Investments or Asset Management | 981,716.73 | Wealth management income | | Other Non-operating Income and Expenses | 5,775,000.11 | | | One-time Expense for Finance Lease Replacement | -11,775,520.38 | | | Less: Income Tax Impact | 5,682,754.82 | | | Minority Interest Impact (After Tax) | 24,276.15 | | | Total | 19,134,127.12 | | (III) Analysis of Major Changes in Key Accounting Data and Financial Indicators Significant fluctuations occurred across the balance sheet, income statement, and cash flow statement during the period - Cash and cash equivalents decreased by 45.47% from the beginning of the period, mainly due to the receipt of national subsidies for new energy power generation receivables at the end of the previous period and increased investment in construction in progress this period[10] - Long-term equity investments increased by 47.35% from the beginning of the period, primarily due to increased investments in the Bayan and Hulan wind power projects (in cooperation with Huadian) and new investment in the Baoying wind power project (in cooperation with Jinneng)[10] - Fixed assets increased by 30.07% from the beginning of the period, mainly due to the capitalization of the Fuyu biomass project and the transfer of right-of-use assets from finance lease replacements[10] - Right-of-use assets decreased by 76.43% from the beginning of the period, as assets were transferred to fixed assets following finance lease replacements[10] - Short-term borrowings increased by 92.83% from the beginning of the period, due to an increase in working capital loans compared to the end of the previous period[10] - Long-term borrowings increased by 65.27% from the beginning of the period, resulting from the replacement of original project finance leases[11] - Asset impairment losses decreased by 140.51% YoY, mainly due to a reduction in contract assets and the corresponding reversal of impairment provisions[11] - Non-operating income rose by 1039.90% YoY, primarily due to an increase in payables no longer required to be paid and insurance compensation[11] - Tax refunds received decreased by 99.38% YoY, as the prior year period included a significant 50% VAT refund for a subsidiary's wind power project[11] - Other cash received related to financing activities increased by 614.59% YoY, mainly from the receipt of returned finance lease deposits and new finance lease proceeds[12] - Cash paid for debt repayment grew by 121.57% YoY, due to an increase in bank loan repayments during the period[12] II. Shareholder Information (I) Total Common Shareholders and Top 10 Shareholder Holdings The company had 38,007 common shareholders, with the top two shareholders holding a combined 28.44% stake - At the end of the reporting period, the total number of common shareholders was 38,007[14] Top 10 Shareholder Holdings | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares Held | Number of Restricted Shares | Pledged, Marked, or Frozen Status (Status/Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Yin | Domestic Individual | 15.54% | 91,329,519 | 68,497,139 | Pledged 34,493,520 | | Zhao Xiaohong | Domestic Individual | 12.90% | 75,833,003 | 56,874,752 | Pledged 23,393,600 | | Shanghai Muxin Private Equity Fund Management Co, Ltd - Muxin Tianzehui No 3 Private Equity Fund | Other | 1.81% | 10,639,181 | | | - Among the top 10 shareholders, Li Yin, Zhao Xiaohong, and Shanghai Muxin Asset Management Co, Ltd - Muxin Tianzehui No 3 Private Equity Fund are parties acting in concert[15] (II) Total Preferred Shareholders and Top 10 Preferred Shareholder Holdings The company has no preferred shareholders - The company has no preferred shareholders[16] (III) Changes in Restricted Shares Total restricted shares increased from 188,985 to 278,230 during the reporting period due to executive lock-up shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Released This Period (Shares) | Restricted Shares Added This Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Gao Ming | 0 | 0 | 26,250 | 26,250 | Executive Lock-up Shares | | Ding Zhaoguo | 188,985 | 62,995 | 0 | 251,980 | Executive Lock-up Shares | | Total | 188,985 | 62,995 | 26,250 | 278,230 | -- | III. Other Significant Matters - The company acquired a 99.99% equity stake in Jiuzhou Environmental Energy Technology Group Co, Ltd for RMB 455.5 million using its own funds to improve decision-making efficiency and advance its development strategy[18] - The company's wholly-owned subsidiary, Jiuzhou Energy, plans to acquire a 49% equity stake in Asia New Energy (Baoying) Wind Power Co, Ltd for RMB 88,200 and has agreed to a capital increase of RMB 96.04 million[19] - The company's "Fuyu Jiuzhou Environmental Energy Co, Ltd 2x40MW Agri-forestry Biomass Cogeneration Project" has achieved full-capacity grid connection for both units and is expected to provide approximately 500 million kWh of green electricity annually upon entering commercial operation[20] - The company's wholly-owned subsidiary, Jiuzhou Energy, intends to acquire a 49% equity stake in Asia New Energy (Jinhu) Wind Power Co, Ltd for RMB 6.125 million and has agreed to a capital increase of RMB 104.37 million[21] IV. Quarterly Financial Statements 1. Consolidated Balance Sheet As of September 30, 2023, total assets reached RMB 7.73 billion, a 2.03% increase from the beginning of the year Key Data from Consolidated Balance Sheet (September 30, 2023) | Item | September 30, 2023 (RMB) | January 1, 2023 (RMB) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 253,658,110.05 | 465,165,585.91 | -45.47% | | Trading Financial Assets | 9,213,538.57 | 53,886,118.91 | -82.90% | | Long-term Equity Investments | 591,663,323.84 | 401,529,839.24 | 47.35% | | Fixed Assets | 3,858,558,265.46 | 2,966,594,783.93 | 30.07% | | Construction in Progress | 229,557,206.65 | 501,454,127.44 | -54.22% | | Right-of-use Assets | 143,167,372.79 | 607,300,133.06 | -76.43% | | Short-term Borrowings | 348,105,334.70 | 180,521,158.00 | 92.83% | | Long-term Borrowings | 2,288,559,885.77 | 1,384,738,275.78 | 65.27% | | Lease Liabilities | 143,120,732.65 | 587,974,062.93 | -75.66% | | Total Assets | 7,725,791,771.93 | 7,572,160,821.14 | 2.03% | | Total Liabilities | 4,793,527,151.10 | 4,682,974,336.55 | 2.36% | | Total Equity Attributable to Parent Company | 2,875,157,578.65 | 2,837,302,894.30 | 1.33% | 2. Consolidated Income Statement (YTD) Year-to-date operating revenue was RMB 804 million, a 12.92% YoY decrease, with net profit down 44.42% Key Data from Consolidated Income Statement (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 804,269,593.79 | 923,614,664.51 | -12.92% | | Total Operating Costs | 790,682,475.56 | 823,128,672.25 | -3.94% | | Operating Profit | 63,928,802.85 | 148,774,295.90 | -57.03% | | Total Profit | 69,703,802.96 | 148,526,727.99 | -53.08% | | Net Profit | 78,171,495.97 | 140,618,471.93 | -44.42% | | Net Profit Attributable to Parent Company Shareholders | 72,948,044.08 | 124,506,031.49 | -41.41% | | Basic Earnings Per Share | 0.12 | 0.21 | -42.86% | | Diluted Earnings Per Share | 0.13 | 0.21 | -38.10% | - Investment income from associates and joint ventures increased significantly to RMB 21.11 million in the current period, compared to RMB 25,600 in the prior period[28] - Non-operating income grew substantially by 1039.90% YoY, reaching RMB 6.73 million[28] 3. Consolidated Cash Flow Statement (YTD) Net cash flow from operating activities decreased by 59.15% YoY to RMB 191 million Key Data from Consolidated Cash Flow Statement (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 191,256,766.16 | 468,225,952.22 | -59.15% | | Net Cash Flow from Investing Activities | -506,431,851.77 | -324,470,073.17 | -56.07% (Outflow Increase) | | Net Cash Flow from Financing Activities | 166,986,501.56 | 139,476,684.53 | 19.73% | | Net Increase in Cash and Cash Equivalents | -148,188,584.05 | 283,232,563.58 | -152.29% (Shift from Increase to Decrease) | | Cash and Cash Equivalents at End of Period | 172,897,442.41 | 493,756,583.97 | -64.99% | - Tax refunds received decreased sharply by 99.38% YoY, mainly because the prior year period included a larger VAT refund for a wind power project[31] - Cash paid for debt repayment increased by 121.57% YoY, primarily due to higher bank loan repayments[32] (II) Adjustments to Opening Financial Statements upon First-time Adoption of New Accounting Standards in 2023 The company adopted new accounting standards in 2023 with no adjustments to the opening financial statements - The company had no adjustments to the opening financial statements for the current year upon the first-time adoption of new accounting standards in 2023[33] (III) Audit Report The company's third-quarter 2023 report is unaudited - The third-quarter report is unaudited[33]