海伦钢琴(300329) - 2023 Q3 - 季度财报

Financial Performance and Operating Analysis Core Financial Indicators The company's Q1-Q3 2023 operating revenue and net profit declined, with core profitability weakening despite a Q3 net profit increase from non-recurring gains and strong operating cash flow Key Financial Data | Indicator | Year-to-Date (2023 Q1-Q3) (CNY) | YoY Change | Current Period (2023 Q3) (CNY) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 228.81 million | -21.99% | 74.78 million | -28.77% | | Net Profit Attributable to Shareholders | 6.08 million | -24.70% | 2.84 million | 46.28% | | Net Profit After Non-Recurring Items | -8.71 million | -274.56% | -10.69 million | -1,039.97% | | Net Cash Flow from Operating Activities | 26.93 million | 152.43% | -- | -- | | Basic EPS (CNY/share) | 0.0241 | -24.45% | 0.0112 | 46.03% | | Total Assets | 1.39 billion | -1.56% (vs. year-beginning) | | | | Total Equity Attributable to Shareholders | 926.61 million | 0.66% (vs. year-beginning) | | | Analysis of Non-Recurring Gains and Losses Non-recurring gains and losses totaled CNY 14.79 million in Q1-Q3 2023, primarily from a CNY 17.58 million asset disposal, which was key to the company's reported profitability Non-Recurring Gains and Losses Items | Item | Year-to-Date Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 17.58 million | Disposal of Beihai Road Factory in Beilun District, Ningbo | | Government Grants | 2.31 million | - | | Other Non-Operating Income and Expenses | -0.15 million | - | | Total | 14.79 million | -- | Analysis of Significant Changes in Financial Statement Items Significant financial changes include increased construction in progress, declining core revenue offset by asset disposal gains, positive operating cash flow from reduced procurement, and net cash outflows from investing and financing activities Balance Sheet Item Changes Balance sheet changes reflect capital expansion, with construction in progress up 87.68%, notes payable up 55.34%, and monetary capital down 40.17% due to new facilities, payment adjustments, and debt repayment - Construction in progress at period-end increased by 87.68% compared to the beginning of the year, primarily due to increased investment in the Xiangshan Phase II factory and the headquarters' smart warehouse[9] - Notes payable at period-end increased by 55.34% compared to the beginning of the year, mainly due to a higher proportion of bank acceptance bills used for procurement payments[9] - Monetary capital at period-end decreased by 40.17% compared to the beginning of the year, primarily used for repaying short-term borrowings and fixed asset investments[9] - Other current assets at period-end decreased by 81.84% compared to the beginning of the year, mainly due to the refund of input VAT credits[9] Income Statement Item Changes Income statement shows operating revenue down 21.99% due to market weakness, but asset disposal gains of CNY 17.58 million (up 832.06%) significantly boosted profit, alongside a 19.69% increase in selling expenses - Operating revenue decreased by 21.99% year-over-year, primarily due to market weakness and lower sales volume[10] - Gains from asset disposal significantly increased by 832.06% year-over-year, mainly due to the sale of the Beihai Road factory in Beilun District, Ningbo[10] - Selling expenses increased by 19.69% year-over-year, primarily due to increased promotional and marketing expenses in the current period[10] Cash Flow Statement Item Changes Cash flow statement shows operating cash flow improved to CNY 26.93 million (up 152.43%) due to reduced procurement, while investing activities had a CNY 30.59 million net outflow for capital projects, and financing activities had a CNY 34.33 million net outflow from loan repayments - Net cash flow from operating activities increased by 152.43% year-over-year, turning from a net outflow to a net inflow, primarily due to reduced payments for goods and services[11] - Net cash flow from investing activities decreased by 447.42% year-over-year, turning from a net inflow to a net outflow, primarily due to investments in the Xiangshan factory and the headquarters' smart warehouse[11] - Net cash flow from financing activities decreased by 697.74% year-over-year, turning from a net inflow to a net outflow, primarily due to a reduction in short-term bank credit borrowings[11] Shareholder Information Major Shareholder Holdings As of the reporting period end, the company had 21,872 common shareholders, with a concentrated equity structure where the top two controlling shareholders hold 44.39% combined, and institutional investors like UBS AG are among the top ten - Total common shareholders at the end of the reporting period numbered 21,872[13] Top Ten Shareholder Holdings | Shareholder Name | Shareholding Percentage | Shareholder Type | | :--- | :--- | :--- | | Ningbo Beilun Hailun Investment Co., Ltd. | 27.41% | Domestic Non-State-Owned Legal Person | | Siji Hong Kong Investment Co., Ltd. | 16.98% | Overseas Legal Person | | Huang Wanpeng | 1.26% | Domestic Natural Person | | Huaxia CSI 500 Enhanced Index Fund | 0.67% | Other | | UBS AG | 0.60% | Overseas Legal Person | - Ningbo Beilun Hailun Investment Co., Ltd. and Siji Hong Kong Investment Co., Ltd. are the company's controlling shareholders[14] Quarterly Financial Statements Consolidated Balance Sheet Presents the company's consolidated assets, liabilities, and equity as of September 30, 2023, with comparative data from the beginning of the year Consolidated Income Statement Details the company's income, costs, expenses, profit, and EPS for January 1 to September 30, 2023, compared to the prior year's corresponding period Consolidated Cash Flow Statement Details cash flows from operating, investing, and financing activities for January 1 to September 30, 2023, with comparative data from the prior year's corresponding period