新研股份(300159) - 2019 Q3 - 季度财报

Company Overview and Financial Summary The company experienced significant declines in revenue and net profit in Q3 and YTD 2019, alongside improved operating cash flow and high share pledge ratios among major shareholders Key Financial Indicators In Q3 and YTD 2019, the company experienced significant declines in revenue and net profit, while net cash flow from operating activities substantially improved by 255.26% | Indicator | Year-to-date | YoY Change | Current Period (Q3) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 985,340,805.21 | -34.59% | 464,119,461.57 | -36.90% | | Net Profit Attributable to Shareholders (RMB) | 111,684,945.11 | -65.63% | 60,289,691.61 | -55.80% | | Net Cash Flow from Operating Activities (RMB) | 153,864,340.71 | 255.26% | -- | -- | | Basic EPS (RMB/share) | 0.0749 | -65.64% | 0.0405 | -55.74% | | Weighted Average ROE | 1.69% | -3.20% | 0.90% | -1.18% | | Total Assets (RMB) | 10,068,553,675.44 | 3.04% (vs. year-beginning) | -- | -- | | Net Assets Attributable to Shareholders (RMB) | 6,733,858,850.71 | 5.05% (vs. year-beginning) | -- | -- | | Item | Year-to-date Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -10,905,461.30 | | Government Grants Recognized in Current P&L | 53,016,770.76 | | Other Non-operating Income and Expenses | 4,768,795.71 | | Total Non-recurring Gains and Losses | 37,369,507.20 | Shareholder Information As of the reporting period end, the company had 39,543 common shareholders, with several top shareholders, including the largest, having nearly 100% of their shares pledged - As of the reporting period end, the company had 39,543 common shareholders[11] | Shareholder Name | Shareholding Percentage | Share Status | Pledged Shares Quantity | | :--- | :--- | :--- | :--- | | Zhou Weihua | 11.25% | Pledged | 166,519,999 | | Han Hua | 6.24% | Pledged | 93,019,770 | | Yang Lijun | 4.31% | Pledged | 64,264,759 | | Wang Jianjun | 3.31% | Pledged | 11,000,000 | | Shifang Xingsheng Investment Management Partnership | 1.81% | Pledged | 27,000,000 | Significant Events and Operating Analysis The company's financial performance was significantly impacted by military reform, while it actively pursued a private share placement and received government subsidies, and completed its 2018 dividend distribution Analysis of Significant Changes in Financial Data Multiple financial indicators changed significantly due to delayed revenue recognition from military reform, leading to revenue and net profit declines, while improved operating cash collection boosted operating cash flow despite reduced financing cash flow from bond repayment | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | -36.90% | Revenue recognition delayed due to military reform | | Financial Expenses | 160.83% | Due to decrease in discounted interest received in current period | | Investment Income | 958.27% | Due to asset disposal losses of agricultural machinery segment subsidiary in current period | | Net Cash Flow from Operating Activities | 255.26% | Improved operating cash collection and reduced operating payments | | Net Cash Flow from Financing Activities | -105.59% | Primarily due to repayment of matured corporate bonds in current period | Progress of Significant Events The company is actively pursuing a proposed non-public share issuance to raise up to RMB 1.2 billion for bank loan repayment and its subsidiary received a RMB 33.8 million industrial development grant - The company proposes a non-public share issuance to raise up to RMB 1.2 billion for bank loan repayment, with the project actively progressing after receiving initial feedback from the CSRC on September 29, 2019[20] - Holding subsidiary Sichuan Mingri Aerospace Industry Co Ltd received RMB 33.8 million in industrial development special funds in July 2019, which has been disbursed[20] Dividend Distribution The company fully implemented its 2018 profit distribution plan, approved by the board and shareholders, distributing a cash dividend of RMB 0.21 per 10 shares (tax inclusive) totaling RMB 30.91 million on July 5, 2019 - The company's 2018 profit distribution plan, completed on July 5, 2019, involved a cash dividend of RMB 0.21 per 10 shares (tax inclusive), totaling RMB 30,911,284.38[23] Financial Statements The financial statements reveal a 3.04% increase in total assets, significant declines in revenue and net profit due to military reform, and a substantial improvement in operating cash flow Consolidated Balance Sheet Analysis As of September 30, 2019, total assets increased by 3.04% to RMB 10.07 billion, driven by a 35.45% rise in construction in progress, while short-term borrowings increased and bonds payable were fully repaid | Item | September 30, 2019 (RMB) | December 31, 2018 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 10,068,553,675.44 | 9,771,383,297.03 | 3.04% | | Construction in Progress | 655,505,953.55 | 483,945,485.28 | 35.45% | | Short-term Borrowings | 1,124,000,000.00 | 849,000,000.00 | 32.39% | | Advances from Customers | 94,848,176.30 | 15,536,699.50 | 510.48% | | Bonds Payable | 0.00 | 398,605,869.98 | -100.00% | | Total Equity Attributable to Parent Company Owners | 6,733,858,850.71 | 6,409,866,092.80 | 5.05% | Consolidated Income Statement Analysis The company's profitability significantly deteriorated in Q3 and YTD 2019, with Q3 revenue declining by 36.90% to RMB 464.12 million and net profit attributable to parent company owners dropping by 55.80% to RMB 60.29 million, primarily due to delayed revenue recognition from military reform | Item (Q3) | Current Period Amount (RMB) | Prior Period Amount (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 464,119,461.57 | 735,583,616.75 | -36.90% | | Operating Profit | 62,014,483.87 | 156,865,223.96 | -60.47% | | Net Profit Attributable to Parent Company Owners | 60,289,691.61 | 136,416,114.83 | -55.80% | | Item (YTD) | Current Period Amount (RMB) | Prior Period Amount (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 985,340,805.21 | 1,506,320,933.56 | -34.59% | | Operating Profit | 127,947,924.22 | 274,041,605.62 | -53.31% | | Net Profit Attributable to Parent Company Owners | 111,684,945.11 | 324,911,270.91 | -65.63% | Consolidated Cash Flow Statement Analysis YTD, the company's cash flow structure significantly changed, with operating cash flow turning positive to RMB 154 million, investment cash outflow narrowing, and financing cash flow shifting to a net outflow due to bond repayment | Item (YTD) | Current Period Amount (RMB) | Prior Period Amount (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 153,864,340.71 | -99,103,432.76 | 255.26% | | Net Cash Flow from Investing Activities | -128,919,357.31 | -266,781,488.34 | -51.68% | | Net Cash Flow from Financing Activities | -26,376,392.13 | 471,512,675.95 | -105.59% | | Net Increase in Cash and Cash Equivalents | -1,245,891.02 | 105,627,754.85 | -101.18% |