昇辉科技(300423) - 2021 Q3 - 季度财报

Financial Summary and Operating Analysis The company experienced a significant decline in financial performance year-to-date, driven by reduced revenue and impacting key financial indicators, while also detailing non-recurring items and balance sheet changes Key Accounting Data and Financial Indicators The company experienced a significant performance decline in Q3 2021 and year-to-date, with Q3 revenue at RMB 711.05 million (down 35.84%) and net profit attributable to shareholders at RMB 23.80 million (down 86.67%) Key Accounting Data and Financial Indicators | Indicator | Current Period (Q3) | YoY Change | Year-to-Date | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 711,051,313.94 | -35.84% | 1,861,843,781.21 | -38.18% | | Net Profit Attributable to Shareholders (RMB) | 23,801,382.16 | -86.67% | 178,214,830.04 | -60.83% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB) | 43,004,001.25 | -75.64% | 184,790,004.35 | -58.81% | | Net Cash Flow from Operating Activities (RMB) | - | - | 143,664,439.28 | -68.70% | | Basic Earnings Per Share (RMB/share) | 0.05 | -86.11% | 0.36 | -60.87% | | Total Assets (RMB) | 7,875,691,413.95 | -2.59% (vs. prior year-end) | 7,875,691,413.95 | -2.59% (vs. prior year-end) | | Shareholders' Equity Attributable to Parent (RMB) | 4,177,542,114.02 | 3.45% (vs. prior year-end) | 4,177,542,114.02 | 3.45% (vs. prior year-end) | Non-recurring Gains and Losses Year-to-date non-recurring losses totaled RMB 6.58 million, negatively impacting net profit, primarily due to fair value changes in financial assets and partially offset by government grants Non-recurring Gains and Losses (Year-to-Date) | Item (Year-to-Date) | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 1,423.76 | | Government Grants | 6,367,374.95 | | Gains/Losses from Entrusted Investments or Asset Management | 3,789,440.14 | | Gains/Losses from Debt Restructuring | -1,439,561.00 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities Held for Trading | -16,828,050.01 | | Other Non-operating Income and Expenses | 281,061.50 | | Income Tax Impact | 1,253,136.35 | | Total | -6,575,174.31 | Analysis of Changes in Key Financial Data Revenue declined 38.18% due to real estate demand, impacting net profit and cash flow, while prepayments and contract assets increased, and expenses decreased - Operating revenue decreased by 38.18% year-on-year, primarily due to slowing demand from real estate clients, significantly impacting product sales and engineering projects[10] - Net cash flow from operating activities decreased by 68.70% year-on-year, mainly due to reduced revenue and corresponding lower collection of receivables[10] Balance Sheet Item Changes | Balance Sheet Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | Change Percentage | Reason | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 529,579,179.82 | 330,000,000.00 | 60.48% | Purchase of wealth management products | | Prepayments | 28,416,653.84 | 13,504,082.84 | 110.43% | Prepayment for some engineering and goods | | Other Receivables | 50,013,288.96 | 6,126,541.35 | 716.34% | Payment of performance bonds | | Contract Assets | 68,152,962.31 | 30,137,860.87 | 126.14% | Increase in quality assurance deposits | | Contract Liabilities | 53,658,201.87 | 162,350,913.20 | -66.95% | Active business progress, partial project completion | | Long-term Borrowings | - | 21,951,197.91 | -100.00% | Reclassified to non-current liabilities due within one year | Income Statement Item Changes | Income Statement Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change Percentage | Reason | | :--- | :--- | :--- | :--- | :--- | | Research and Development Expenses | 55,850,817.38 | 92,806,684.27 | -39.82% | Strengthened cost control | | Financial Expenses | 26,014,577.21 | 70,617,484.20 | -63.16% | Adjustment of financing structure, lower interest expenses | | Gains from Fair Value Changes | -16,824,309.84 | 0.00 | 100% | Fair value changes of external investment in Yuexiu Services | | Credit Impairment Losses | 746,739.07 | -59,381,877.27 | -101.26% | Decrease in accounts receivable and notes receivable | | Asset Impairment Losses | -3,887,770.29 | -847.80 | 458471.63% | Increase in bad debt provision for contract assets | Shareholder Information The company's shareholder structure includes 20,396 common shareholders, with controlling shareholders holding a significant stake and a majority of restricted shares being executive lock-up shares Shareholding Status of Shareholders As of the reporting period end, the company had 20,396 common shareholders, with the top two controlling shareholders, Ji Faqing and Li Zhaoqiang, holding a combined 46.7% stake, notably with a significant portion of Ji Faqing's shares pledged - The total number of common shareholders at the end of the reporting period was 20,396[12] Top 5 Shareholders | Top 5 Shareholders | Shareholding Percentage | Number of Shares Held | Restricted Shares | Pledged/Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Ji Faqing | 23.59% | 117,567,621 | 90,846,897 | Pledged 84,789,900 | | Li Zhaoqiang | 23.11% | 115,194,849 | 86,396,137 | - | | Laiyang Weihong Investment Co., Ltd. | 5.04% | 25,106,075 | 0 | Pledged 11,930,000 | | Song Ye | 4.53% | 22,561,502 | 0 | - | | Ningbo Jundu Shangzuo Equity Investment Partnership | 1.79% | 8,939,080 | 0 | - | - Shareholder Ji Faqing and Laiyang Weihong Investment Co., Ltd. are parties acting in concert[13] Changes in Restricted Shares During the reporting period, the total number of restricted shares slightly decreased from 187.56 million at the beginning to 187.00 million at the end, primarily consisting of executive lock-up shares Restricted Shares Changes | Item | Restricted Shares at Period Beginning | Released in Current Period | Increased in Current Period | Restricted Shares at Period End | | :--- | :--- | :--- | :--- | :--- | | Total | 187,559,448 | 954,166 | 398,750 | 187,004,032 | - The primary reasons for restrictions are executive lock-up shares and equity incentive restricted shares, with executive lock-up shares forming the majority[15][16] Financial Statements The consolidated financial statements reveal a decrease in total assets and liabilities, a significant decline in revenue and net profit, and a substantial drop in operating cash flow year-to-date Consolidated Balance Sheet As of September 30, 2021, total assets were RMB 7.88 billion (down 2.59% from year-end), total liabilities were RMB 3.70 billion (down 8.63%), and shareholders' equity attributable to the parent increased by 3.45% to RMB 4.18 billion Consolidated Balance Sheet Summary | Major Item | September 30, 2021 (RMB) | December 31, 2020 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 7,875,691,413.95 | 8,085,292,188.39 | -2.59% | | Total Current Assets | 5,694,927,553.35 | 5,888,697,855.85 | -3.29% | | Total Non-current Assets | 2,180,763,860.60 | 2,196,594,332.54 | -0.72% | | Total Liabilities | 3,698,149,299.93 | 4,047,241,658.71 | -8.63% | | Total Current Liabilities | 3,690,006,406.75 | 4,017,391,219.06 | -8.15% | | Total Non-current Liabilities | 8,142,893.18 | 29,850,439.65 | -72.72% | | Total Shareholders' Equity | 4,177,542,114.02 | 4,038,050,529.68 | +3.45% | Consolidated Income Statement Year-to-date, total operating revenue reached RMB 1.86 billion (down 38.18%), leading to a 60.81% decline in operating profit to RMB 203.55 million and a 60.83% drop in net profit attributable to the parent to RMB 178.21 million Consolidated Income Statement Summary | Major Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change | | :--- | :--- | :--- | :--- | | I. Total Operating Revenue | 1,861,843,781.21 | 3,011,929,066.68 | -38.18% | | II. Total Operating Costs | 1,647,043,384.29 | 2,441,895,340.19 | -32.55% | | Including: Operating Costs | 1,381,220,205.91 | 2,092,809,030.64 | -34.00% | | Research and Development Expenses | 55,850,817.38 | 92,806,684.27 | -39.82% | | Financial Expenses | 26,014,577.21 | 70,617,484.20 | -63.16% | | III. Operating Profit | 203,549,993.54 | 519,197,953.21 | -60.81% | | V. Net Profit | 178,214,830.04 | 455,010,685.25 | -60.83% | | Net Profit Attributable to Owners of the Parent Company | 178,214,830.04 | 455,010,685.25 | -60.83% | | VIII. Earnings Per Share (Basic) | 0.36 | 0.92 | -60.87% | Consolidated Cash Flow Statement Year-to-date, net cash flow from operating activities significantly decreased by 68.70% to RMB 143.66 million, while net cash outflow from investing activities decreased by 45.76% to RMB 210.80 million, and net cash outflow from financing activities increased to RMB 47.17 million Consolidated Cash Flow Statement Summary | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 143,664,439.28 | 459,024,243.29 | -68.70% | | Net Cash Flow from Investing Activities | -210,795,755.04 | -388,664,889.73 | -45.76% | | Net Cash Flow from Financing Activities | -47,171,703.52 | -22,576,895.01 | 108.94% | | Net Increase in Cash and Cash Equivalents | -114,303,019.28 | 47,782,458.55 | -339.21% |