飞力达(300240) - 2022 Q3 - 季度财报

Important Notice The company's board and management assure the report's accuracy and completeness, with financial information guaranteed by key personnel, and note that this quarter's report is unaudited - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report and assume legal responsibility[3] - The company's responsible person, chief accountant, and head of the accounting department declare to guarantee the truthfulness, accuracy, and completeness of the financial information[3] - This third-quarter report is unaudited[4][23] Key Financial Data Key Accounting Data and Financial Indicators The company's Q3 2022 performance showed mixed trends, with revenue declining but net profit attributable to shareholders increasing, while year-to-date net profit and operating cash flow significantly decreased Key Financial Indicators for Q3 2022 and Year-to-Date | Indicator | Current Period (Q3) | YoY Change (Q3) | Year-to-Date (YTD) | YoY Change (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,770,654,227.43 | -9.04% | 5,407,257,640.61 | 10.63% | | Net Profit Attributable to Shareholders (CNY) | 35,069,564.88 | 14.83% | 99,587,751.97 | -38.66% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (CNY) | 50,139,421.28 | 332.89% | 105,255,821.92 | 96.99% | | Net Cash Flow from Operating Activities (CNY) | -- | -- | 13,606,051.01 | -71.34% | | Basic Earnings Per Share (CNY/share) | 0.09 | 12.50% | 0.27 | -40.00% | | Diluted Earnings Per Share (CNY/share) | 0.09 | 12.50% | 0.27 | -40.00% | | Weighted Average Return on Net Assets | 2.56% | -0.02% | 7.28% | -5.88% | | Period-End Indicators | Current Period End | Previous Year End | Change from Previous Year End | | | Total Assets (CNY) | 3,841,390,322.35 | 3,595,163,321.69 | 6.85% | | | Shareholders' Equity Attributable to Parent Company (CNY) | 1,418,355,180.44 | 1,321,454,254.46 | 7.33% | | Non-Recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses were negative for the current period and year-to-date, primarily due to fair value changes in financial assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (CNY) | Amount Year-to-Date (CNY) | Explanation | | :--- | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -148,701.94 | -407,545.42 | | | Government Grants Recognized in Current Profit/Loss | 6,105,891.34 | 26,672,391.16 | | | Fair Value Changes and Investment Income from Trading Financial Assets/Liabilities | -23,035,856.45 | -30,517,924.87 | | | Other Non-Operating Income and Expenses | -2,846,786.69 | -2,372,606.51 | | | Less: Income Tax Impact | -5,095,845.65 | -2,988,118.04 | | | Impact on Minority Interests (After Tax) | 240,248.31 | 2,030,502.35 | | | Total | -15,069,856.40 | -5,668,069.95 | -- | Changes and Reasons for Key Accounting Data and Financial Indicators Significant changes in the company's balance sheet, income statement, and cash flow items are attributed to factors like wealth product redemptions, changes in bill settlement, increased trade prepayments, project completion, exchange rate fluctuations, and a high base for prior-year investment income Significant Changes in Balance Sheet Items (Year-to-Date) | Item | Amount for Current Period (CNY) | Beginning of Period Amount (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 2,616,396.33 | 11,329,802.96 | -76.91% | Due to redemption of wealth management products at period-end | | Notes Receivable | 91,521,040.69 | 57,138,791.37 | 60.17% | Increase in bank acceptance bills received, not meeting derecognition criteria after endorsement | | Prepayments | 180,437,680.75 | 95,432,600.99 | 89.07% | Increase in advance payments for trade execution business purchases | | Inventories | 147,314,406.58 | 263,393,874.13 | -44.07% | Accelerated revenue reconciliation and recognition, contract performance costs transferred to cost of goods sold | | Fixed Assets | 496,015,083.52 | 380,004,779.16 | 30.53% | Phase II warehouse project in Kunshan completed and put into use, construction in progress transferred | | Construction in Progress | 17,270,705.99 | 126,733,685.50 | -86.37% | Phase II warehouse project in Kunshan completed and put into use, transferred to fixed assets | | Long-term Borrowings | 120,000,000.00 | 79,308,888.69 | 51.31% | Increased investment in automated warehouse in Kunshan | Significant Changes in Income Statement/Cash Flow Statement Items (Year-to-Date) | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | -25,271,022.49 | 30,673,599.38 | -182.39% | Increased exchange gains due to appreciation of USD exchange rate | | Other Income | 26,885,871.94 | 40,867,985.26 | -34.21% | Decrease in government subsidies | | Investment Income | 13,079,041.42 | 156,874,280.55 | -91.66% | Prior period saw a subsidiary recover investment in Kunshan Huadong International Logistics Service Co., Ltd | | Fair Value Change Gains | -29,969,009.27 | 1,752,664.56 | -1809.91% | Purchase of forward foreign exchange to hedge exchange gains/losses | | Operating Profit | 167,581,139.79 | 261,375,559.77 | -35.88% | Prior period disposed of equity in an associate, no disposal investment income this period | | Net Profit | 115,000,048.84 | 205,195,460.05 | -43.96% | Prior period disposed of equity in an associate, no disposal investment income this period | | Net Cash Flow from Operating Activities | 13,606,051.01 | 47,467,180.91 | -71.34% | Increased revenue and prepayments, higher employee salaries paid, and reduced government subsidies | | Net Cash Flow from Investing Activities | 12,607,504.04 | 67,449,208.12 | -81.31% | Prior period saw a subsidiary recover investment in Kunshan Huadong International Logistics Service Co., Ltd | | Net Cash Flow from Financing Activities | 52,220,327.12 | -113,101,998.58 | -146.17% | Increase in bank borrowings | Shareholder Information Total Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the reporting period end, the company had 19,170 common shareholders, with high concentration among the top ten, including Kunshan Yatong, Kunshan Feida, and Kunshan Kunshan Jilida as parties acting in concert, and some shares of Kunshan Feida frozen - Total number of common shareholders at the end of the reporting period: 19,170[10] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Kunshan Yatong Automobile Maintenance Service Co., Ltd. | Domestic Non-State-Owned Legal Person | 12.48% | 45,990,000 | None | | Kunshan Feida Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 12.48% | 45,990,000 | Frozen: 6,578,946 shares | | Kunshan Jilida Investment Consulting Co., Ltd. | Domestic Non-State-Owned Legal Person | 10.91% | 40,223,625 | None | | Kunshan Entrepreneurship Holding Group Co., Ltd. | State-Owned Legal Person | 9.22% | 33,988,478 | None | | Wang Youkui | Domestic Natural Person | 3.09% | 11,400,000 | None | | Jiangsu Feilida International Logistics Co., Ltd. - Phase I Employee Stock Ownership Plan | Other | 2.38% | 8,775,425 | None | | Geng Hao | Domestic Natural Person | 2.29% | 8,440,000 | None | | Shanghai Ningquan Asset Management Co., Ltd. - Ningquan Zhiyuan No. 58 Private Securities Investment Fund | Other | 1.06% | 3,898,736 | None | | Kunshan City Venture Capital Co., Ltd. | State-Owned Legal Person | 0.75% | 2,763,017 | None | | Shanghai Ningquan Asset Management Co., Ltd. - Ningquan Zhiyuan No. 56 Private Securities Investment Fund | Other | 0.68% | 2,520,300 | None | - Kunshan Yatong Automobile Maintenance Service Co., Ltd., Kunshan Feida Investment Management Co., Ltd., and Kunshan Jilida Investment Consulting Co., Ltd. are parties acting in concert[10] Total Preferred Shareholders and Top 10 Preferred Shareholders' Holdings The company has no preferred shareholders - The company has no preferred shareholders[11] Changes in Restricted Shares At the end of the reporting period, the company's total restricted shares were 7,243,632, primarily high-level executive lock-up shares, with 252,750 new restricted shares added this period Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Shares Unrestricted in Current Period | Shares Added to Restriction in Current Period | Restricted Shares at End of Period | Reason for Restriction | Proposed Unrestriction Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Lei | 113,907 | 0 | 0 | 113,907 | High-Level Executive Lock-up | 75% of company shares held by directors, supervisors, and senior management are locked up during their tenure | | Gu Haijiang | 91,125 | 0 | 0 | 91,125 | High-Level Executive Lock-up | 75% of company shares held by directors, supervisors, and senior management are locked up during their tenure | | Yao Qin | 156,487 | 0 | 0 | 156,487 | High-Level Executive Lock-up | 75% of company shares held by directors, supervisors, and senior management are locked up during their tenure | | Shen Liming | 156,487 | 0 | 0 | 156,487 | High-Level Executive Lock-up | 75% of company shares held by directors, supervisors, and senior management are locked up during their tenure | | Zhang Jie | 3,150 | 0 | 0 | 3,150 | High-Level Executive Lock-up | 75% of company shares held by directors, supervisors, and senior management are locked up during their tenure | | Geng Hao | 6,330,000 | 0 | 0 | 6,330,000 | High-Level Executive Lock-up | 75% of company shares held by directors, supervisors, and senior management are locked up during their tenure | | Yang Fan | 90,000 | 0 | 0 | 90,000 | High-Level Executive Lock-up | 75% of company shares held by directors, supervisors, and senior management are locked up during their tenure | | Tang Junhong | 45,000 | 0 | 0 | 45,000 | High-Level Executive Lock-up | 75% of company shares held by directors, supervisors, and senior management are locked up during their tenure | | Wang Xiaojuan | 3,586 | 0 | 27,750 | 31,336 | High-Level Executive Lock-up | 75% of company shares held by directors, supervisors, and senior management are locked up during their tenure | | Shen Lili | 0 | 0 | 67,500 | 67,500 | High-Level Executive Lock-up | 75% of company shares held by directors, supervisors, and senior management are locked up during their tenure | | Wang Peifang | 0 | 0 | 120,000 | 120,000 | High-Level Executive Lock-up | 75% of company shares held by directors, supervisors, and senior management are locked up during their tenure | | Guo Xiujun | 1,140 | 0 | 37,500 | 38,640 | Lock-up for Departing High-Level Executive | 100% of shares locked up for six months after a senior executive's departure; thereafter, locked up as high-level executive lock-up shares, to be unrestricted six months after the original term expires | | Total | 6,990,882 | 0 | 252,750 | 7,243,632 | | | Other Important Matters The company had no other important matters in the current reporting period - The company had no other important matters in the current reporting period[13] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2022, total assets increased by 6.85% from the beginning of the year, driven by higher cash, accounts receivable, and fixed assets, with corresponding increases in total liabilities and owners' equity Consolidated Balance Sheet Key Data (As of September 30, 2022) | Item | September 30, 2022 (CNY) | January 1, 2022 (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 797,793,486.12 | 642,224,398.87 | 24.22% | | Accounts Receivable | 1,066,236,163.94 | 886,734,851.51 | 20.25% | | Prepayments | 180,437,680.75 | 95,432,600.99 | 89.07% | | Inventories | 147,314,406.58 | 263,393,874.13 | -44.07% | | Fixed Assets | 496,015,083.52 | 380,004,779.16 | 30.53% | | Construction in Progress | 17,270,705.99 | 126,733,685.50 | -86.37% | | Short-term Borrowings | 917,804,570.52 | 733,938,965.19 | 25.05% | | Contract Liabilities | 120,495,534.19 | 86,801,633.15 | 38.82% | | Long-term Borrowings | 120,000,000.00 | 79,308,888.69 | 51.31% | | Total Assets | 3,841,390,322.35 | 3,595,163,321.69 | 6.85% | | Total Liabilities | 2,178,162,865.52 | 2,044,387,466.50 | 6.54% | | Total Owners' Equity | 1,663,227,456.83 | 1,550,775,855.19 | 7.25% | Consolidated Income Statement (Year-to-Date) Year-to-date, the company's total operating revenue grew by 10.63%, but net profit decreased by 43.96% due to a significant drop in investment income and fair value change losses, while financial expenses turned positive from exchange gains and credit impairment losses became gains Consolidated Income Statement Key Data (Year-to-Date) | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 5,407,257,640.61 | 4,887,522,555.81 | 10.63% | | Total Operating Costs | 5,285,201,105.56 | 4,809,049,540.87 | 9.90% | | Financial Expenses | -25,271,022.49 | 30,673,599.38 | -182.39% | | Investment Income | 13,079,041.42 | 156,874,280.55 | -91.66% | | Fair Value Change Gains | -29,969,009.27 | 1,752,664.56 | -1809.91% | | Credit Impairment Losses | 35,444,547.86 | -16,371,901.01 | 316.43% | | Operating Profit | 167,581,139.79 | 261,375,559.77 | -35.88% | | Total Profit | 164,716,835.07 | 260,896,982.66 | -36.87% | | Net Profit | 115,000,048.84 | 205,195,460.05 | -43.96% | | Net Profit Attributable to Parent Company Shareholders | 99,587,751.97 | 162,365,397.37 | -38.66% | | Basic Earnings Per Share | 0.27 | 0.45 | -40.00% | Consolidated Cash Flow Statement (Year-to-Date) Year-to-date, net cash flow from operating activities significantly decreased by 71.34%, and from investing activities by 81.31%, while financing cash flow turned positive due to increased bank borrowings Consolidated Cash Flow Statement Key Data (Year-to-Date) | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 13,606,051.01 | 47,467,180.91 | -71.34% | | Net Cash Flow from Investing Activities | 12,607,504.04 | 67,449,208.12 | -81.31% | | Net Cash Flow from Financing Activities | 52,220,327.12 | -113,101,998.58 | -146.17% | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 65,217,832.89 | -2,050,417.47 | 3279.90% | | Net Increase in Cash and Cash Equivalents | 143,651,715.06 | -236,027.02 | 60996.90% | | Cash and Cash Equivalents at End of Period | 756,616,015.21 | 462,622,203.33 | 63.56% | - The decrease in net cash flow from operating activities was primarily due to increased revenue and prepayments, higher employee salaries paid, and reduced government subsidies[9] - The decrease in net cash flow from investing activities was primarily due to a subsidiary recovering its investment in Kunshan Huadong International Logistics Service Co., Ltd. in the prior period[9] - The shift of net cash flow from financing activities from negative to positive was primarily due to an increase in bank borrowings during the current period[9] Audit Report The company's third-quarter report is unaudited - The company's third-quarter report is unaudited[23]