银禧科技(300221) - 2022 Q1 - 季度财报

Financial Overview Core Financial Indicators In Q1 2022, operating revenue grew 6.80% year-on-year, but net profit attributable to shareholders turned to loss, decreasing 104.85% due to lower gross margin and 22.98 million yuan in equity incentive amortization, while operating cash flow significantly improved by 539.86% - The primary reasons for the decline in net profit attributable to shareholders were a lower sales gross margin in Q1 2022 compared to the prior year and the amortization of 22.98 million yuan in equity incentive costs during the period[7] Key Financial Metrics | Indicator | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 470,914,542.33 | 440,944,101.80 | 6.80% | | Net Profit Attributable to Shareholders (Yuan) | -1,363,070.01 | 28,105,428.52 | -104.85% | | Net Profit Excluding Non-recurring Items (Yuan) | -2,344,123.23 | 27,693,573.46 | -108.46% | | Net Cash Flow from Operating Activities (Yuan) | 172,200,587.98 | -39,148,609.63 | 539.86% | | Basic Earnings Per Share (Yuan/Share) | -0.0031 | 0.0625 | -104.96% | | Total Assets (Yuan) | 1,868,039,765.32 | 1,952,546,734.43 | -4.33% (vs. end of prior year) | | Total Equity Attributable to Shareholders (Yuan) | 1,172,061,068.30 | 1,150,571,926.65 | 1.87% (vs. end of prior year) | Non-recurring Gains and Losses | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -6,952.14 | | Government Grants | 94,946.58 | | Gains/Losses from Entrusted Investments or Asset Management | 255,908.21 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities | 630,262.52 | | Reversal of Impairment Provisions for Receivables Subject to Individual Impairment Testing | 504,782.54 | | Other Non-operating Income and Expenses | -477,913.02 | | Total | 981,053.22 | Analysis of Significant Changes in Financial Statement Items Multiple financial statement items saw significant changes, including increased cash and financial assets, a 147.29% rise in other non-current assets, administrative expenses up 127.39%, financial expenses surging 304.50%, improved operating cash flow, and reduced investing cash flow Balance Sheet Item Changes | Balance Sheet Item | Change Rate | Primary Reason | | :--- | :--- | :--- | | Cash and Cash Equivalents | +68.70% | Higher cash and cash equivalents held at period-end[8] | | Financial Assets Held for Trading | +87.09% | Higher balance of wealth management products held at period-end[9] | | Other Non-current Assets | +147.29% | Partial land payments prepaid for Zhuhai and Dongguan plots during the period[10] | | Accounts Payable | -33.66% | More accounts payable settled during the period | | Other Current Liabilities | -68.33% | Some discounted commercial acceptance bills matured and derecognized at period-end | Income Statement Item Changes | Income Statement Item | Change Rate | Primary Reason | | :--- | :--- | :--- | | Administrative Expenses | +127.39% | Cumulative amortization of 22.98 million yuan in equity incentive costs during the period[11] | | Financial Expenses | +304.50% | Lower base due to higher interest income from Wanfeng General Aviation bonds recognized in the prior year period[13] | | Credit Impairment Losses | +447.62% | Significant reduction in bad debt provisions corresponding to a decrease in accounts receivable balance during the period | Cash Flow Statement Item Changes | Cash Flow Statement Item | Change Rate | Primary Reason | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | +539.86% | Significantly increased cash received from sales of goods and provision of services year-on-year[15] | | Net Cash Flow from Investing Activities | -554.03% | Significant purchase of wealth management products during the period | | Net Cash Flow from Financing Activities | -126.19% | Significantly decreased amount of borrowings obtained during the period year-on-year | Shareholders and Share Capital Structure Shareholding Status of Shareholders As of the reporting period end, the company had 49,629 common shareholders; Lin Dengcan was the largest at 2.11%, and some shares were pledged or frozen - As of the end of the reporting period, the company had 49,629 common shareholders[16] - Shareholder Tan Songbin and Shihezi Ruichen Equity Investment Partnership (Limited Partnership) are parties acting in concert[17] Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | | Lin Dengcan | 2.11% | 10,070,700 | - | | Shenzhen Hi-Tech Investment Group Co., Ltd. | 2.10% | 10,000,000 | - | | Yinxi Group Co., Ltd. | 1.89% | 8,996,400 | - | | Shihezi Ruichen Equity Investment Partnership | 0.95% | 4,503,528 | Pledged/Frozen | | Tan Songbin | 0.83% | 3,976,175 | Frozen/Pledged | Changes in Restricted Shares Total restricted shares decreased by 1,958,375 to 35,756,887 shares, primarily from the lifting of executive lock-up and equity incentive share restrictions - Reasons for restrictions primarily include executive lock-up shares and equity incentive restricted shares, which will be released annually upon meeting unlocking conditions[19] Restricted Share Movement | Item | Number of Shares | | :--- | :--- | | Restricted Shares at Beginning of Period | 37,715,262 | | Restricted Shares Released During Period | 1,968,425 | | Restricted Shares Increased During Period | 10,050 | | Restricted Shares at End of Period | 35,756,887 | Other Significant Matters Significant Business and Investment Developments The company advanced strategic initiatives, including new material project investments, land acquisitions, granting restricted shares, and updating on executive share reduction plans and litigation - The company plans to invest up to 1 billion yuan in the "Anhui Chuzhou Yinxi Polymer Material Project" and has established Anhui Yinxi Technology Co., Ltd. as a subsidiary to manage it[23][24] - Company subsidiaries Dongguan Yinxi New Material and Zhuhai Yinxi Technology successfully bid for state-owned land use rights in Dongguan and Zhuhai for 40.86 million yuan and 15.52 million yuan respectively, for new material industrial parks and production bases[26][27] - The company granted 4.83 million reserved restricted shares under the 2021 Restricted Stock Incentive Plan to 14 incentive recipients at an exercise price of 3.19 yuan/share[28] - The company's controlled subsidiaries, Yinxi Industrial Plastics, Zhongshan Connaught, and Suzhou Yinxi Technology, were recognized as high-tech enterprises, qualifying for tax incentives[25][26] - The company received 504,782.54 yuan in performance compensation from Hu Enci and Chen Zhiyong, former shareholders of Xingke Electronic Technology[27] Financial Statements Consolidated Financial Statements This section presents the company's consolidated balance sheet as of March 31, 2022, and the consolidated income and cash flow statements for Q1 2022 Consolidated Financial Statements Overview | Statement | Period/Date | | :--- | :--- | | Consolidated Balance Sheet | March 31, 2022 | | Consolidated Income Statement | Q1 2022 | | Consolidated Cash Flow Statement | Q1 2022 | Audit Report The company's Q1 2022 financial report is unaudited - The company's first-quarter report is unaudited[40]