慈星股份(300307) - 2019 Q1 - 季度财报

Important Notice The Board of Directors, Supervisory Committee, and senior management collectively affirm the truthfulness, accuracy, and completeness of this quarterly report - The company's Board of Directors, Supervisory Committee, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility[4] - The company's responsible person, chief financial officer, and head of the accounting department all declare that the financial statements in the quarterly report are true, accurate, and complete[5] Company Profile This section provides an overview of the company's Q1 2019 financial performance, highlighting revenue growth, net profit decline, and shareholder structure Key Accounting Data and Financial Indicators Q1 2019 saw operating revenue grow by 23.51% to 471.99 million Yuan, while net profit attributable to parent company shareholders declined 45.00% due to a high prior-year base 2019 First Quarter Key Financial Indicators | Indicator | This Reporting Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (Yuan) | 471,990,660.29 | 382,158,761.17 | 23.51% | | Net Profit Attributable to Parent Company Shareholders (Yuan) | 42,728,563.85 | 77,686,314.22 | -45.00% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Gains/Losses) (Yuan) | 34,486,819.31 | 36,656,028.85 | -5.92% | | Net Cash Flow from Operating Activities (Yuan) | 55,889,142.15 | 23,966,100.35 | 133.20% | | Basic Earnings Per Share (Yuan/share) | 0.05 | 0.10 | -50.00% | | Weighted Average Return on Net Assets | 1.05% | 1.90% | -0.85% | | Total Assets (Yuan) | 5,613,515,204.50 | 5,489,640,492.19 (End of Prior Year) | 2.26% | | Net Assets Attributable to Parent Company Shareholders (Yuan) | 4,085,045,304.39 | 4,047,371,606.94 (End of Prior Year) | 0.93% | 2019 First Quarter Non-recurring Gains and Losses Items | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 675,395.24 | | Government Subsidies | 1,290,800.00 | | Gains/Losses from Entrusted Investment or Asset Management | 6,398,746.05 | | Other Non-operating Income and Expenses | 1,246,664.55 | | Total | 8,241,744.54 | Shareholder Information As of the reporting period end, the company had 42,242 common shareholders, with the top two holding over 53% and some shares pledged - As of the end of the reporting period, the company had 42,242 common shareholders[12] Top Ten Shareholders' Holdings (As of Q1 2019 End) | Shareholder Name | Shareholding Percentage | Number of Shares Held | Pledged or Frozen Status | | :--- | :--- | :--- | :--- | | Ningbo Yurong Investment Co., Ltd. | 30.24% | 242,485,016 | Pledged 25,000,000 | | Yurong Enterprise Co., Ltd. | 23.74% | 190,424,996 | Pledged 130,000,000 | | Ningbo Chuangfu Investment Partnership (Limited Partnership) | 3.04% | 24,402,806 | - | | Ningbo Fuyu Investment Partnership (Limited Partnership) | 2.12% | 16,999,972 | - | | Sun Pingfan | 1.46% | 11,700,056 | - | - The controlling shareholder Ningbo Yurong Investment Co., Ltd., shareholder Yurong Enterprise Co., Ltd., and several other entities controlled/held by the company's actual controller, directors, or their close relatives have related party relationships or are considered parties acting in concert[13] Significant Events This section details significant financial changes, business review, future outlook, fulfillment of commitments, and the utilization of raised funds Explanation of Significant Changes in Key Financial Data Significant changes in financial indicators include a 95.80% increase in prepayments, a 51.57% rise in R&D expenses, and a 41.15% decrease in employee benefits payable Financial Statement Items with Significant Changes and Reasons | Item | YoY Change | Main Reason | | :--- | :--- | :--- | | Balance Sheet Items | | | | Prepayments | 95.80% | Increase in procurement payments this period | | Advances from Customers | 35.81% | Increase in goods receipts this period | | Employee Benefits Payable | -41.15% | Prior year's bonuses paid this period | | Income Statement Items | | | | Administrative Expenses | 30.90% | Increase in plant depreciation and payment of employee stock ownership interest | | Research and Development (R&D) Expenses | 51.57% | Increase in R&D investment this period | | Cash Flow Statement Items | | | | Taxes and Surcharges Paid | -43.30% | Decrease in taxes paid this period | | Cash Paid for Acquisition and Construction of Long-term Assets | -76.77% | Decrease in engineering payments this period | | Net Cash Received from Disposal of Subsidiaries | -100.00% | Disposal of Suzhou Dingna equity in prior period | | Cash Paid for Other Investing Activities | -100.00% | Purchase of bank time deposits in prior period | Business Review and Outlook Revenue grew 23.51%, but net profit declined 45% due to a prior-year one-off gain, while future strategy focuses on core knitting machine business, robotics expansion, and mobile internet growth - During the reporting period, the company achieved operating revenue of 471.99 million Yuan, a 23.51% year-on-year increase; net profit attributable to parent company shareholders was 42.73 million Yuan, a 45.00% year-on-year decrease, primarily due to 38.41 million Yuan profit from the transfer of controlling subsidiary Suzhou Dingna in the prior year[17] - The company's future development goal is to leverage its computerized flat knitting machine business, strengthen product R&D and quality control, and increase market share, with whole garment knitting machine prototypes in pilot production, expected to fill a domestic gap[17] - The robotics business will increase standard machine R&D, expand into automotive parts and 3C sectors, and has introduced a team to develop photovoltaic and lithium battery new energy industries, while the mobile internet business will seek new growth points[18][19] Fulfillment of Commitments All commitments by the controlling shareholder, actual controller, and related parties regarding non-competition, related party transactions, and share lock-up were strictly fulfilled - The company's controlling shareholder and actual controller strictly fulfilled their commitments regarding avoiding horizontal competition, not engaging in businesses that compete with the company during the reporting period[22] - Relevant shareholders strictly fulfilled their share lock-up commitments, with no violations in share transfers during the reporting period[23] Use of Raised Funds Total raised funds reached 2.058 billion Yuan, with 52.88% of the funds' usage changed, and surplus funds from some projects were used to supplement working capital Raised Funds Usage Overview | Item | Amount (10,000 Yuan) | | :--- | :--- | | Total Raised Funds | 205,795.54 | | Total Raised Funds Invested This Quarter | 0 | | Total Raised Funds with Changed Usage (Cumulative) | 108,834.42 | | Percentage of Raised Funds with Changed Usage (Cumulative) | 52.88% | | Total Raised Funds Invested (Cumulative) | 207,003.04 | - Multiple fundraising projects' investment progress and returns did not meet expectations, primarily due to the sluggish domestic and international economies since 2012, leading to a decline in market demand for the downstream knitting industry[27] - The company permanently supplemented its working capital with surplus raised funds from completed projects and funds not invested due to subsidiary sales, totaling over 120 million Yuan[28] - As of the end of the reporting period, the company used 200 million Yuan of idle raised funds to purchase wealth management products, with the remaining funds stored in special raised funds accounts[28] Financial Statements This section presents the unaudited consolidated and parent company financial statements for Q1 2019, showing asset growth, net profit decline, and strong operating cash flow Consolidated Balance Sheet As of March 31, 2019, total assets reached 5.61 billion Yuan, total liabilities 1.51 billion Yuan, and net assets attributable to parent company shareholders 4.08 billion Yuan Consolidated Balance Sheet Key Items (Unit: Yuan) | Item | March 31, 2019 | December 31, 2018 | | :--- | :--- | :--- | | Assets | | | | Cash and Bank Balances | 603,785,335.63 | 585,922,993.34 | | Notes Receivable and Accounts Receivable | 818,753,890.44 | 730,781,155.60 | | Inventories | 705,488,312.08 | 771,777,377.07 | | Total Assets | 5,613,515,204.50 | 5,489,640,492.19 | | Liabilities | | | | Short-term Borrowings | 518,515,640.00 | 485,000,000.00 | | Notes Payable and Accounts Payable | 476,595,981.07 | 431,214,939.45 | | Total Liabilities | 1,512,663,673.60 | 1,423,987,639.17 | | Shareholders' Equity | | | | Total Equity Attributable to Parent Company Shareholders | 4,085,045,304.39 | 4,047,371,606.94 | | Total Liabilities and Shareholders' Equity | 5,613,515,204.50 | 5,489,640,492.19 | Parent Company Balance Sheet As of March 31, 2019, the parent company's total assets were 5.26 billion Yuan, total liabilities 1.27 billion Yuan, and owner's equity 3.99 billion Yuan Parent Company Balance Sheet Key Items (Unit: Yuan) | Item | March 31, 2019 | December 31, 2018 | | :--- | :--- | :--- | | Total Assets | 5,259,210,733.34 | 5,153,268,119.03 | | Total Liabilities | 1,266,213,529.41 | 1,184,933,263.25 | | Total Owner's Equity | 3,992,997,203.93 | 3,968,334,855.78 | Consolidated Income Statement Q1 2019 consolidated operating revenue grew 23.51% to 471.99 million Yuan, while net profit attributable to parent company shareholders declined 45.00% due to a high prior-year base Consolidated Income Statement Key Items (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 471,990,660.29 | 382,158,761.17 | | Total Operating Costs | 434,498,400.58 | 345,843,582.02 | | Including: Research and Development (R&D) Expenses | 23,015,708.02 | 15,184,575.20 | | Investment Income | 6,340,417.29 | 43,144,949.34 | | Operating Profit | 45,798,872.24 | 80,060,328.28 | | Total Profit | 47,045,536.79 | 82,471,292.06 | | Net Profit Attributable to Parent Company Shareholders | 42,728,563.85 | 77,686,314.22 | Parent Company Income Statement Q1 2019 parent company operating revenue increased 16.75% to 367.34 million Yuan, but net profit significantly declined 55.22% due to reduced investment income Parent Company Income Statement Key Items (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Operating Revenue | 367,343,192.82 | 314,635,733.50 | | Operating Profit | 21,736,484.46 | 49,264,349.96 | | Net Profit | 21,433,703.77 | 47,869,101.79 | Consolidated Cash Flow Statement Q1 2019 consolidated net cash flow from operating activities significantly increased by 133.20% to 55.89 million Yuan, while investing and financing activities showed net outflows Consolidated Cash Flow Statement Key Items (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 55,889,142.15 | 23,966,100.35 | | Net Cash Flow from Investing Activities | -42,972,013.20 | -21,102,828.49 | | Net Cash Flow from Financing Activities | -2,465,563.04 | 55,815,291.69 | | Net Increase in Cash and Cash Equivalents | 7,996,161.95 | 48,923,104.45 | | Cash and Cash Equivalents at Period-End | 475,329,838.76 | 314,209,530.55 | Parent Company Cash Flow Statement Q1 2019 parent company net cash flow from operating activities significantly improved to 134.29 million Yuan, contrasting with a prior-year net outflow Parent Company Cash Flow Statement Key Items (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 134,294,343.24 | -9,784,053.25 | | Net Cash Flow from Investing Activities | -45,836,406.56 | 50,137,221.99 | | Net Cash Flow from Financing Activities | -2,186,163.04 | -39,784,708.31 | - The company's first quarter report is unaudited[62]