润泽科技(300442) - 2022 Q1 - 季度财报

Report Overview Important Notice The board of directors, supervisory board, and senior management guarantee the truthfulness and completeness of disclosed information, affirming the accuracy of financial data, and noting the unaudited status of this quarterly report - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report[2] - The company's responsible person, the person in charge of accounting work, and the head of the accounting department declare that the financial information is true, accurate, and complete[2] - This first quarterly report has not been audited[2] Key Financial Data Key Accounting Data and Financial Indicators Q1 2022 saw a 46.40% drop in operating revenue and a net loss for shareholders, yet operating cash flow surged by 1145.22% 2022 Q1 Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 79,888,310.74 | 149,048,347.51 | -46.40% | | Net Profit Attributable to Shareholders | -16,852,713.18 | 3,412,091.80 | -593.91% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -16,905,111.16 | 3,768,812.65 | -548.55% | | Net Cash Flow from Operating Activities | 53,614,698.62 | 4,305,643.74 | 1,145.22% | | Basic Earnings Per Share (CNY/share) | -0.17 | 0.03 | -666.67% | | Diluted Earnings Per Share (CNY/share) | -0.17 | 0.03 | -666.67% | | Weighted Average Return on Net Assets | -3.58% | 0.70% | -4.28% | | End of Current Period | | | | | Total Assets | 1,356,852,126.15 | 1,301,673,365.90 | 4.24% | | Owners' Equity Attributable to Shareholders | 463,271,713.31 | 479,313,904.19 | -3.35% | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 52,397.98 CNY, mainly from government subsidies and other non-operating items, positively impacting net profit 2022 Q1 Non-recurring Gains and Losses | Item | Amount for Current Period (CNY) | | :--- | :--- | | Government subsidies included in current profit/loss | 33,456.30 | | Other non-operating income and expenses | 17,223.89 | | Less: Income tax impact | 8,614.05 | | Minority interest impact (after tax) | -10,331.84 | | Total | 52,397.98 | Changes and Reasons for Major Accounting Data and Financial Indicators Key financial data, including revenue and profit, significantly changed due to the COVID-19 pandemic's impact on sales and revenue recognition; operating cash flow increased from reduced procurement Significant Changes in Balance Sheet Items Monetary funds increased by 88.30% due to higher bank deposits, and notes payable rose by 119.20%, while long-term equity investment grew 98.47% from a subsidiary's external investment Balance Sheet Items Change Analysis | Item | March 31, 2022 (CNY) | December 31, 2021 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 29,514,070.41 | 15,674,078.94 | 88.30% | Primarily due to an increase in bank deposits at the end of the reporting period | | Accounts Receivable Financing | 17,104,765.57 | 12,631,291.15 | 35.42% | Primarily due to an increase in endorsed but unmatured notes receivable at the end of the reporting period | | Notes Payable | 38,360,000.00 | 17,500,000.00 | 119.20% | Primarily due to an increase in notes payable at the end of the reporting period | | Long-term Equity Investment | 5,038,849.20 | 2,538,849.20 | 98.47% | Primarily due to the investment by subsidiary Shanghai Pulisheng Machinery Equipment Co., Ltd. in Guangdong Fengye Technology Co., Ltd. during the reporting period | | Employee Remuneration Payable | 12,913,307.79 | 9,783,640.01 | 31.99% | Primarily due to the impact of the COVID-19 pandemic at the end of the reporting period, with related personnel in Shanghai-based companies and subsidiaries in isolation, preventing timely salary payments | Significant Changes in Income Statement Items Operating revenue, costs, selling expenses, and all profit metrics saw substantial declines, primarily due to the COVID-19 pandemic's impact on sales and delayed revenue recognition Income Statement Items Change Analysis | Item | January-March 2022 (CNY) | January-March 2021 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 79,888,310.74 | 149,048,347.51 | -46.40% | Primarily due to the impact of the COVID-19 pandemic during the reporting period, leading to reduced sales activities and delayed recognition of some contract revenue | | Operating Costs | 69,805,255.89 | 113,451,219.31 | -38.47% | Primarily due to a significant year-on-year decrease in operating revenue during the reporting period, leading to a corresponding significant decrease in operating costs | | Selling Expenses | 4,188,334.64 | 8,320,726.20 | -49.66% | Primarily due to restrictions imposed by the COVID-19 pandemic during the reporting period, leading to reduced sales activities and business travel | | Operating Profit | -16,795,133.35 | 2,976,240.21 | -664.31% | Primarily due to a significant year-on-year decrease in sales revenue during the reporting period | | Total Profit | -16,777,909.46 | 3,555,288.70 | -571.91% | Primarily due to a significant year-on-year decrease in sales revenue during the reporting period | | Net Profit | -16,944,966.18 | 2,731,341.35 | -720.39% | Primarily due to a significant year-on-year decrease in sales revenue during the reporting period | | Total Comprehensive Income Attributable to Parent Company Owners | -16,042,190.88 | 4,501,744.90 | -456.35% | Primarily due to a significant year-on-year decrease in sales revenue during the reporting period | Significant Changes in Cash Flow Statement Items Net cash flow from operating activities surged by 1145.22% due to reduced procurement payments, while cash from other operating activities, purchases, employees, and borrowings all significantly decreased Cash Flow Statement Items Change Analysis | Item | January-March 2022 (CNY) | January-March 2021 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash Received from Other Operating Activities | 52,161,364.29 | 123,483,722.83 | -57.76% | Primarily due to improved company funds compared to the prior year, leading to a decrease in non-bank short-term capital transactions during the reporting period | | Cash Paid for Goods Purchased and Services Received | 66,885,131.37 | 151,544,612.07 | -55.86% | Primarily due to the impact of the COVID-19 pandemic during the reporting period, leading to delayed production and procurement orders, and reduced procurement payments | | Cash Paid to and for Employees | 14,834,086.37 | 29,586,858.35 | -49.86% | Primarily due to the impact of the COVID-19 pandemic at the end of the reporting period, with related personnel in Shanghai-based companies and subsidiaries in isolation, preventing timely salary payments | | Net Cash Flow from Operating Activities | 53,614,698.62 | 4,305,643.74 | 1,145.22% | Primarily due to the impact of the COVID-19 pandemic during the reporting period, leading to delayed production and procurement orders, and reduced procurement payments | | Cash Received from Borrowings | 60,500,000.00 | 119,880,127.53 | -49.53% | Primarily due to a decrease in bank loans received compared to the prior year during the reporting period | | Net Increase in Cash and Cash Equivalents | 31,589,991.47 | -17,189,376.96 | -283.78% | Primarily due to the impact of the COVID-19 pandemic during the reporting period, leading to delayed production and procurement orders, and reduced procurement payments | Shareholder Information Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 7,097 common shareholders; Xinjiang Darong Minsheng Investment held 27.80%, with most shares pledged, and some top shareholders had related party relationships - Total number of common shareholders at the end of the reporting period was 7,097[7] Top Ten Common Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage (%) | Number of Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | | Xinjiang Darong Minsheng Investment Limited Partnership | Domestic Non-State-Owned Legal Person | 27.80% | 27,795,000 | Pledged 22,214,273 | | Suzhou Industrial Park Hejie Venture Capital Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.25% | 5,250,000 | - | | Ningbo Renqing Private Equity Fund Management Co., Ltd. - Renqing No. 2 Private Equity Investment Fund | Other | 4.03% | 4,029,700 | - | | Ren Peirui | Overseas Natural Person | 1.92% | 1,915,200 | - | | Jiang Weidong | Domestic Natural Person | 1.07% | 1,072,500 | Pledged 1,072,500 | | Xin Xianjun | Domestic Natural Person | 0.90% | 902,800 | - | | Ren Mibo | Domestic Natural Person | 0.84% | 840,300 | - | | Shen Shuying | Domestic Natural Person | 0.82% | 815,700 | - | | Zhou Jianbing | Domestic Natural Person | 0.68% | 677,500 | - | | Liao Zhongqin | Domestic Natural Person | 0.67% | 667,400 | - | - Xinjiang Darong Minsheng Investment Limited Partnership and Suzhou Industrial Park Hejie Venture Capital Center (Limited Partnership) are jointly controlled by Jiang Weidong, Shu Shiquan, Jiang Xiaowei, and Zhang Xiliang[8] Changes in Restricted Shares Total restricted shares remained unchanged, primarily 804,375 shares held by executive Jiang Weidong due to lock-up, with 25% released annually Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released This Period (shares) | Shares Increased This Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Weidong | 804,375 | 0 | 0 | 804,375 | Executive Lock-up | 25% released annually | | Total | 804,375 | 0 | 0 | 804,375 | -- | -- | Other Important Matters External Investment by Wholly-Owned Subsidiary Shanghai Pulisheng Machinery Equipment Co., Ltd. invested 7 million CNY in Guangdong Fengye Technology Co., Ltd., acquiring 12.07% equity in a high-tech plant fiber degradable materials company - The company's wholly-owned subsidiary, Shanghai Pulisheng Machinery Equipment Co., Ltd., invested in Guangdong Fengye Technology Co., Ltd[10] - The total investment is 7 million CNY, with 1.4 million CNY allocated to registered capital, acquiring a 12.07% equity stake[10] - Guangdong Fengye Technology Co., Ltd. is a high-tech enterprise dedicated to the production and R&D of plant fiber fully degradable raw materials and application products[10] Quarterly Financial Statements Consolidated Balance Sheet As of March 31, 2022, total consolidated assets were 1.36 billion CNY, up 4.24%, with total liabilities at 899.19 million CNY and total owners' equity at 457.67 million CNY Consolidated Balance Sheet Key Data | Item | Period-End Balance (CNY) | Year-Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,356,852,126.15 | 1,301,673,365.90 | | Total Liabilities | 899,187,062.80 | 827,873,858.67 | | Total Owners' Equity | 457,665,063.35 | 473,799,507.23 | | Total Owners' Equity Attributable to Parent Company | 463,271,713.31 | 479,313,904.19 | Consolidated Income Statement In Q1 2022, total operating revenue was 79.89 million CNY, a significant year-on-year decrease, with net profit and net profit attributable to parent company owners both turning to loss Consolidated Income Statement Key Data | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 79,888,310.74 | 149,048,347.51 | | Total Operating Costs | 97,680,265.71 | 148,222,154.95 | | Operating Profit | -16,795,133.35 | 2,976,240.21 | | Total Profit | -16,777,909.46 | 3,555,288.70 | | Net Profit | -16,944,966.18 | 2,731,341.35 | | Net Profit Attributable to Parent Company Owners | -16,852,713.18 | 3,412,091.80 | | Total Comprehensive Income | -16,134,443.88 | 3,817,528.60 | | Basic Earnings Per Share (CNY/share) | -0.17 | 0.03 | Consolidated Cash Flow Statement Net cash flow from operating activities was 53.61 million CNY, a significant year-on-year increase, while investing and financing activities resulted in net outflows, with period-end cash and cash equivalents at 38.51 million CNY Consolidated Cash Flow Statement Key Data | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 210,298,308.42 | 298,788,888.62 | | Subtotal of Cash Outflows from Operating Activities | 156,683,609.80 | 294,483,244.88 | | Net Cash Flow from Operating Activities | 53,614,698.62 | 4,305,643.74 | | Subtotal of Cash Inflows from Investing Activities | - | 1,171.91 | | Subtotal of Cash Outflows from Investing Activities | 5,865,612.00 | 4,753,323.27 | | Net Cash Flow from Investing Activities | -5,865,612.00 | -4,752,151.36 | | Subtotal of Cash Inflows from Financing Activities | 60,500,000.00 | 119,880,127.53 | | Subtotal of Cash Outflows from Financing Activities | 76,658,780.44 | 136,603,036.23 | | Net Cash Flow from Financing Activities | -16,158,780.44 | -16,722,908.70 | | Net Increase in Cash and Cash Equivalents | 31,589,991.47 | -17,189,376.96 | | Cash and Cash Equivalents at End of Period | 38,514,070.41 | 2,379,913.80 | Audit Report Audit Report The company explicitly states that this first quarterly report has not been audited - The company's first quarterly report has not been audited[20]