绿盟科技(300369) - 2020 Q3 - 季度财报

Important Notice Content of Important Notice The company's management ensures the truthfulness, accuracy, and completeness of this quarterly report, with all directors attending the review meeting - Company management guarantees the truthfulness, accuracy, and completeness of this quarterly report, free from false statements, misleading representations, or material omissions[3] - All directors attended the board meeting that reviewed this quarterly report[4] - The company's principal officer, head of accounting, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[4] Company Profile Key Accounting Data and Financial Indicators The company reported a 14.11% Q3 revenue increase but a 28.66% decline in net profit, with year-to-date revenue up 8.93% and net profit turning to a loss, while operating cash flow surged 884.37% Key Financial Indicators (Year-over-Year Change) | Indicator | Current Period (Q3) | Year-to-Date (YTD) | | :--- | :--- | :--- | | Operating Revenue (RMB) | 393,095,342.84 (+14.11%) | 942,859,525.61 (+8.93%) | | Net Profit Attributable to Shareholders (RMB) | 23,027,951.02 (-28.66%) | -7,856,137.49 (-671.60%) | | Net Cash Flow from Operating Activities (RMB) | 65,734,408.42 (-42.86%) | 202,022,074.06 (+884.37%) | | Basic Earnings Per Share (RMB/share) | 0.0289 (-28.29%) | -0.0098 (-653.85%) | | Total Assets (RMB) | 3,868,496,587.38 (-5.24% vs Year-Beginning) | - | | Net Assets Attributable to Shareholders (RMB) | 3,284,795,045.86 (-2.91% vs Year-Beginning) | - | Non-Recurring Gains and Losses (Year-to-Date) | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Entrusted Investments or Asset Management | 24,778,035.98 | | Government Grants Recognized in Current Period P&L | 4,033,984.42 | | Total | 26,209,145.61 | - The company classified software product VAT refunds (RMB 38,996,385.92) as recurring gains and losses[11] Shareholder Information As of the reporting period end, the company had 22,174 common shareholders, with Shen Jiye as the largest at 10.38%, and two concerted party groups among the top ten - Total common shareholders at the end of the reporting period were 22,174[12] Top Five Shareholders' Holdings | Shareholder Name | Holding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Shen Jiye | 10.38% | 82,858,645 | | Qidi Technology Services Co., Ltd. | 8.28% | 66,065,553 | | CETC (Chengdu) Network Security Equity Investment Fund Partnership (Limited Partnership) | 7.01% | 55,984,059 | | CETC Electronic Information Industry Investment Fund (Tianjin) Partnership (Limited Partnership) | 6.90% | 55,097,548 | | Leiyan Investment Co., Ltd. | 4.24% | 33,864,988 | - Concerted party relationships exist between Shen Jiye and Yi'an Baocheng, and among CEC Fund, Net Security Fund, and CETC Investment Holdings Co., Ltd[15] Changes in Restricted Shares Total restricted shares decreased from 72.29 million to 68.55 million, mainly due to the lifting of major asset restructuring restrictions and changes in executive lock-up shares Summary of Changes in Restricted Shares | Shareholder Name/Item | Restricted Shares at Beginning of Period | Released from Restriction This Period | Added to Restriction This Period | Restricted Shares at End of Period | | :--- | :--- | :--- | :--- | :--- | | Total | 72,289,084 | 3,981,117 | 237,033 | 68,545,000 | | Shen Jiye | 62,143,984 | 0 | 0 | 62,143,984 | | Wang Jianguo | 1,342,664 | 1,342,664 | 0 | 0 | | Ruan Xiaoxun | 1,269,470 | 1,269,470 | 0 | 0 | - Restricted shares from major asset restructuring held by multiple shareholders were lifted on September 30, 2020[16][18] Significant Events Significant Changes in Financial Data and Reasons Significant financial changes include decreased cash and increased financial assets due to wealth management, higher inventory and fixed assets from project investments, reduced short-term borrowings, and improved operating cash flow offset by increased investment outflows Key Balance Sheet Changes and Reasons (Year-to-Date) | Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Cash and Cash Equivalents | -71.32% | Due to the company using idle funds to purchase wealth management products | | Financial Assets Held for Trading | 173.51% | Due to the company using idle funds to purchase wealth management products | | Inventories | 153.18% | Due to increased costs of unaccepted construction projects and the new revenue standard | | Fixed Assets | 104.91% | Due to Chengdu subsidiary's office building being reclassified to fixed assets | | Development Expenditures | 2348.25% | Due to increased capitalization of R&D expenses for new projects | | Short-term Borrowings | -74.37% | Due to repayment of bank loans in this period | | Advances from Customers | -96.04% | Reclassified to contract liabilities due to implementation of new revenue standard | Key Cash Flow Statement Changes and Reasons (Year-to-Date) | Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 884.37% | Due to significant increase in business collections this period | | Net Cash Flow from Investing Activities | -62.44% | Due to increased purchases of wealth management products compared to the same period last year | | Cash Paid for Other Financing Activities | 309.28% | Due to payment of domestic guarantee for foreign loan margin this period | Investor Relations Activities The company held a conference call with institutional investors on August 31, 2020, with details publicly disclosed - The company held a conference call on August 31, 2020, for institutional investors, with details disclosed on Juchao Information Network[29] Financial Statements Financial Statements This section provides the company's consolidated and parent financial statements for Q3 2020, highlighting a year-to-date net loss, Q3 profitability, and strong operating cash flow Consolidated Balance Sheet As of September 30, 2020, total assets were RMB 3.87 billion (down 5.24% from year-end) and total liabilities RMB 585 million (down 16.47%), reflecting significant cash reduction and financial asset increase due to wealth management Key Consolidated Balance Sheet Items | Item | September 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Total Assets | 3,868,496,587.38 | 4,082,277,759.29 | | Cash and Cash Equivalents | 347,702,385.44 | 1,212,246,678.92 | | Financial Assets Held for Trading | 1,259,220,397.26 | 460,396,222.22 | | Total Liabilities | 584,700,044.32 | 699,970,283.09 | | Total Equity Attributable to Parent Company Shareholders | 3,284,795,045.86 | 3,383,111,965.57 | Consolidated Income Statement for the Current Period (Q3) In Q3 2020, operating revenue grew 14.11% to RMB 393 million, but net profit attributable to parent shareholders declined 28.66% to RMB 23.03 million, primarily due to increased costs and R&D expenses Consolidated Income Statement (2020 Q3 vs 2019 Q3) | Item | 2020 Q3 (RMB) | 2019 Q3 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 393,095,342.84 | 344,480,502.99 | | Operating Profit | 29,747,107.29 | 29,732,958.12 | | Net Profit Attributable to Parent Company Shareholders | 23,027,951.02 | 32,278,766.14 | | Basic Earnings Per Share | 0.0289 | 0.0403 | Consolidated Income Statement from Year-Beginning to End of Reporting Period (YTD) For the first three quarters of 2020, cumulative operating revenue grew 8.93% to RMB 943 million, but net profit attributable to parent shareholders significantly declined to a loss of RMB 7.86 million Consolidated Income Statement (2020 YTD vs 2019 YTD) | Item | 2020 YTD (RMB) | 2019 YTD (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 942,859,525.61 | 865,571,043.79 | | Operating Profit | 3,945,890.99 | -3,983,736.76 | | Net Profit Attributable to Parent Company Shareholders | -7,856,137.49 | -1,018,162.11 | | Basic Earnings Per Share | -0.0098 | -0.0013 | Consolidated Cash Flow Statement from Year-Beginning to End of Reporting Period (YTD) For the first three quarters of 2020, net operating cash flow surged 884.37% to RMB 202 million due to increased collections, while net investing cash outflow was RMB 913 million, mainly for wealth management products, and financing outflow was RMB 37 million Consolidated Cash Flow Statement (2020 YTD vs 2019 YTD) | Item | 2020 YTD (RMB) | 2019 YTD (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 202,022,074.06 | 20,522,901.16 | | Net Cash Flow from Investing Activities | -913,292,330.48 | -562,240,095.14 | | Net Cash Flow from Financing Activities | -37,201,201.02 | -42,984,345.28 | | Net Increase in Cash and Cash Equivalents | -751,719,053.89 | -579,730,458.30 | Explanation of Financial Statement Adjustments Effective January 1, 2020, the company adopted the new revenue standard, retrospectively adjusting opening balances of accounts receivable, inventories, advances from customers, contract liabilities, and retained earnings, with retained earnings decreasing by approximately RMB 44.21 million - The company first adopted the new revenue standard on January 1, 2020, and retrospectively adjusted its opening financial statements[90] Key Consolidated Balance Sheet Adjustments at Year-Beginning | Item | Before Adjustment (RMB) | After Adjustment (RMB) | Adjustment Amount (RMB) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 726,775,476.02 | 649,266,923.72 | -77,508,552.30 | | Inventories | 52,705,318.57 | 86,007,708.54 | 33,302,389.97 | | Advances from Customers | 94,930,969.43 | 12,108,488.67 | -82,822,480.76 | | Contract Liabilities | 0 | 74,487,346.67 | 74,487,346.67 | | Retained Earnings | 1,094,494,803.56 | 1,050,288,641.23 | -44,206,162.33 | Audit Report This quarterly report remains unaudited - The company's third-quarter report is unaudited[109]