华自科技(300490) - 2022 Q1 - 季度财报

Key Financial Data This section provides an overview of the company's key financial performance and position for the reporting period Key Accounting Data and Financial Indicators Operating revenue grew by 52.03%, but net profit, operating cash flow, and EPS significantly declined, indicating profitability and cash flow pressure Key Accounting Data and Financial Indicators for Q1 2022 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 405,061,836.78 | 266,439,409.73 | 52.03% | | Net Profit Attributable to Shareholders of the Listed Company | -11,942,527.04 | 3,348,951.31 | -456.60% | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-Recurring Gains and Losses | -12,601,566.77 | 118,060.47 | -10,773.82% | | Net Cash Flow from Operating Activities | -336,194,811.55 | -46,819,463.97 | -618.07% | | Basic Earnings Per Share (Yuan/Share) | -0.04 | 0.01 | -500.00% | | Diluted Earnings Per Share (Yuan/Share) | -0.04 | 0.01 | -500.00% | | Weighted Average Return on Net Assets | -0.48% | 0.19% | -0.67% | | Total Assets (Period End) | 5,100,656,134.03 | 4,901,934,892.67 | 4.05% | | Total Equity Attributable to Shareholders of the Listed Company (Period End) | 2,481,285,363.25 | 2,483,140,719.37 | -0.07% | Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses were 659,039.73 Yuan, mainly from government grants and asset disposal, partially offset by tax and minority interests Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (Yuan) | Explanation | | :--- | :--- | :--- | | Gains and Losses on Disposal of Non-Current Assets | 98,400.68 | Primarily from gains/losses on disposal of fixed assets | | Government Grants Recognized in Current Period Profit/Loss | 1,560,827.37 | Primarily government grants | | Gains and Losses from Entrusted Investments or Asset Management | 30,775.40 | From wealth management product income | | Debt Restructuring Gains and Losses | -75,480.97 | | | Gains and Losses from Fair Value Changes and Investment Income | 81,362.79 | From futures investment gains/losses | | Other Non-Operating Income and Expenses | -52,520.55 | | | Less: Income Tax Impact | 172,333.67 | | | Minority Interests Impact (After Tax) | 811,991.32 | | | Total | 659,039.73 | -- | Changes and Reasons for Key Accounting Data and Financial Indicators Key balance sheet, income, and cash flow indicators changed significantly, driven by lithium battery equipment sales, R&D, increased borrowings, and higher operating cash outflows Balance Sheet Item Changes and Reasons This section details the period-end changes in key balance sheet items and their underlying causes Balance Sheet Item Changes | Balance Sheet Item | Period End (Yuan) | Period Start (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Receivables Financing | 162,466,338.33 | 107,849,953.02 | 50.64% | | Prepayments | 211,447,648.82 | 132,726,480.94 | 59.31% | | Other Receivables | 95,600,355.21 | 57,549,552.77 | 66.12% | | Other Current Assets | 56,109,477.38 | 33,597,317.12 | 67.01% | | Short-Term Borrowings | 602,729,859.19 | 436,288,616.14 | 38.15% | | Employee Compensation Payable | 6,670,499.78 | 25,761,645.68 | -74.11% | | Taxes Payable | 33,110,199.45 | 64,772,504.97 | -48.88% | | Provisions | 7,752,500.59 | 12,498,469.31 | -37.97% | | Minority Interests | 93,162,882.73 | 67,832,027.36 | 37.34% | - Receivables financing increased by 50.64%, primarily due to an increase in unconfirmed bank acceptance bills received[8] - Prepayments increased by 59.31%, mainly due to higher procurement payments made in the current period[8] - Short-term borrowings increased by 38.15%, primarily due to an increase in bank working capital loans in the current period[8] - Employee compensation payable decreased by 74.11%, mainly because accruals from the prior year-end were paid in the current period[8] Income Statement Item Changes and Reasons This section analyzes the period-over-period changes in key income statement items and their contributing factors Income Statement Item Changes | Income Statement Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 405,061,836.78 | 266,439,409.73 | 52.03% | | Operating Cost | 304,717,076.54 | 179,134,793.51 | 70.10% | | Taxes and Surcharges | 2,547,179.32 | 2,206,434.69 | 15.44% | | Administrative Expenses | 42,714,204.25 | 32,050,842.60 | 33.27% | | Research and Development Expenses | 30,808,544.58 | 22,363,992.84 | 37.76% | | Other Income | 1,759,475.79 | 3,936,148.43 | -55.30% | | Credit Impairment Losses | -464,351.74 | 6,780,812.98 | 106.85% | | Asset Impairment Losses | -918,528.21 | -5,088,421.46 | -81.95% | | Income Tax Expense | -737,629.40 | 1,876,897.53 | -139.30% | - Operating revenue increased by 52.03%, primarily due to increased sales of intelligent equipment for lithium batteries and their materials[7] - Operating cost increased by 70.10%, mainly due to the corresponding increase in costs driven by higher operating revenue[7] - Administrative expenses increased by 33.27%, primarily due to higher amortization of equity incentive expenses in the current period[9] - Research and development expenses increased by 37.76%, mainly due to the company's increased R&D investment[9] - Income tax expense decreased by 139.30%, primarily due to a decrease in taxable income for the current period[10] Cash Flow Statement Item Changes and Reasons This section examines the period-over-period changes in key cash flow statement items and their contributing factors Cash Flow Statement Item Changes | Cash Flow Statement Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Cash Outflows from Operating Activities | 672,571,987.45 | 374,872,564.90 | 79.41% | | Net Cash Flow from Operating Activities | -336,194,811.55 | -46,819,463.97 | -618.07% | | Cash Outflows from Investing Activities | 29,815,144.33 | 15,209,519.74 | 96.03% | | Net Cash Flow from Investing Activities | -23,389,692.41 | -15,209,519.74 | 53.78% | | Cash Inflows from Financing Activities | 558,305,970.91 | 837,680,312.05 | -33.35% | | Net Cash Flow from Financing Activities | 343,424,848.16 | 605,086,992.38 | -43.24% | | Net Increase in Cash and Cash Equivalents | -16,189,270.06 | 543,073,389.52 | -102.98% | | Cash and Cash Equivalents at Period End | 225,620,123.39 | 829,234,377.06 | -72.79% | - Cash outflows from operating activities increased by 79.41%, primarily due to higher cash payments for goods and services[12] - Net cash flow from operating activities decreased by 618.07%, mainly due to a significant increase in cash outflows from operating activities[12] - Cash inflows from financing activities decreased by 33.35%, primarily due to the increase in cash received from convertible corporate bonds issued in the prior year period[12] Shareholder Information This section provides details on the company's shareholder structure, including top holders and restricted share movements Total Number of Common Shareholders and Top Ten Shareholders' Holdings The company had 44,152 common shareholders; the controlling shareholder held 27.64% of shares, with most pledged Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (Shares) | Number of Restricted Shares Held (Shares) | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Changsha Huaneng Zikong Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 27.64% | 90,615,331 | 0 | Pledged | 69,641,979 | | Guangzhou Chengxin Venture Capital Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.29% | 10,796,892 | 0 | | | | Huang Wenbao | Domestic Natural Person | 0.99% | 3,260,870 | 2,445,652 | Pledged | 1,000,000 | | Ling Jiuhua | Domestic Natural Person | 0.93% | 3,050,000 | 0 | | | | Gerante Technology (Huzhou) Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.82% | 2,691,268 | 0 | | | | Wang Xiaobing | Domestic Natural Person | 0.70% | 2,282,608 | 1,711,956 | Pledged | 2,000,000 | | Shi Liyong | Domestic Natural Person | 0.67% | 2,197,570 | 0 | | | | Guo Chao | Domestic Natural Person | 0.59% | 1,931,542 | 0 | | | | Guo Xudong | Domestic Natural Person | 0.54% | 1,784,782 | 0 | | | | Industrial and Commercial Bank of China Co., Ltd. - Southern High-End Equipment Flexible Allocation Mixed Securities Investment Fund | Other | 0.45% | 1,482,300 | 0 | | | - The total number of common shareholders at the end of the reporting period was 44,152[14] - Changsha Huaneng Zikong Group Co., Ltd. is the controlling shareholder, Huang Wenbao is the actual controller, and Huang Wenbao and Wang Xiaobing hold positions at Huazi Group[15] Preferred Shareholder Information The company has no preferred shareholders - The company has no preferred shareholders[16] Changes in Restricted Shares Restricted shares for executives and equity incentive recipients slightly decreased due to the release of locked shares as per regulations Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start (Shares) | Restricted Shares Released in Current Period (Shares) | Restricted Shares Increased in Current Period (Shares) | Restricted Shares at Period End (Shares) | Reason for Restriction | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Wenbao | 2,445,652 | 0 | 0 | 2,445,652 | Senior Management Locked Shares | 25% of the total shares held at the end of the previous year are unlocked annually. | | Wang Qingbing | 1,711,956 | 0 | 0 | 1,711,956 | Senior Management Locked Shares | 25% of the total shares held at the end of the previous year are unlocked annually. | | Yu Jiangnan | 710,869 | 0 | 0 | 710,869 | Senior Management Locked Shares | 25% of the total shares held at the end of the previous year are unlocked annually. | | Zhou Ai | 313,472 | 78,367 | 0 | 235,105 | Senior Management Locked Shares | 25% of the total shares held at the end of the previous year are unlocked annually. | | Miao Honglei | 338,805 | 84,701 | 0 | 254,104 | Senior Management Locked Shares | 25% of the total shares held at the end of the previous year are unlocked annually. | | Hui Pengfu | 475,000 | 75,000 | 0 | 400,000 | Equity Incentive Restricted Shares | Equity incentive restricted shares are released according to the 2021 Restricted Stock Incentive Plan. | | Hu Hao | 192,391 | 0 | 0 | 192,391 | Senior Management Locked Shares | 25% of the total shares held at the end of the previous year are unlocked annually. | | Chen Hongfei | 175,000 | 25,000 | 0 | 150,000 | Equity Incentive Restricted Shares, Senior Management Locked Shares | Equity incentive restricted shares are released according to the 2021 Restricted Stock Incentive Plan, and 25% of senior management locked shares are unlocked annually. | | Yuan Jiangfeng | 175,000 | 25,000 | 0 | 150,000 | Equity Incentive Restricted Shares, Senior Management Locked Shares | Equity incentive restricted shares are released according to the 2021 Restricted Stock Incentive Plan, and 25% of senior management locked shares are unlocked annually. | | Tang Kai | 75,000 | 18,750 | 0 | 56,250 | Senior Management Locked Shares | 25% of the total shares held at the end of the previous year are unlocked annually. | | Total | 6,613,145 | 306,818 | 0 | 6,306,327 | -- | -- | - A total of 306,818 restricted shares were released in the current period, primarily senior management locked shares and equity incentive restricted shares unlocked as per regulations[17][18] Other Significant Matters This section highlights other significant corporate developments, including plans for convertible bond issuance Company Plans to Issue Convertible Corporate Bonds The company plans to issue up to RMB 1 billion in convertible bonds to fund acquisitions, energy storage projects, and working capital - The company plans to issue convertible corporate bonds to unspecified investors, with a total scale not exceeding RMB 1 billion[19] - The raised funds will be invested in acquiring 96.20% equity of Chengbu Shanneng, energy storage power station projects, integrated "PV+Storage" projects in industrial parks, and supplementing working capital[19] Quarterly Financial Statements This section presents the unaudited consolidated financial statements for the first quarter, including balance sheet, income statement, and cash flow statement Financial Statements This section presents the unaudited consolidated balance sheet, income statement, and cash flow statement for Q1 2022, detailing financial position, operating results, and cash flows Consolidated Balance Sheet This table presents the company's consolidated financial position as of March 31, 2022 Consolidated Balance Sheet (March 31, 2022) | Item | Period End Balance (Yuan) | Year Start Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 363,287,781.40 | 506,563,821.40 | | Financial Assets Held for Trading | 6,000,000.00 | 0 | | Notes Receivable | 101,114,960.06 | 117,226,401.33 | | Accounts Receivable | 1,428,443,343.12 | 1,456,816,070.74 | | Receivables Financing | 162,466,338.33 | 107,849,953.02 | | Prepayments | 211,447,648.82 | 132,726,480.94 | | Other Receivables | 95,600,355.21 | 57,549,552.77 | | Inventories | 677,951,682.98 | 488,847,528.44 | | Contract Assets | 272,745,587.10 | 239,789,084.55 | | Other Current Assets | 56,109,477.38 | 33,597,317.12 | | Total Current Assets | 3,375,167,174.40 | 3,140,966,210.31 | | Total Non-Current Assets | 1,725,488,959.63 | 1,760,968,682.36 | | Total Assets | 5,100,656,134.03 | 4,901,934,892.67 | | Short-Term Borrowings | 602,729,859.19 | 436,288,616.14 | | Notes Payable | 449,031,046.71 | 544,021,389.18 | | Accounts Payable | 903,921,357.34 | 797,202,510.65 | | Contract Liabilities | 193,904,569.64 | 169,410,049.63 | | Employee Compensation Payable | 6,670,499.78 | 25,761,645.68 | | Taxes Payable | 33,110,199.45 | 64,772,504.97 | | Other Payables | 22,523,244.79 | 19,418,032.23 | | Other Current Liabilities | 114,994,470.00 | 89,098,290.70 | | Total Current Liabilities | 2,336,885,246.90 | 2,156,094,772.51 | | Total Non-Current Liabilities | 189,322,641.15 | 194,867,373.43 | | Total Liabilities | 2,526,207,888.05 | 2,350,962,145.94 | | Total Equity Attributable to Owners of the Parent Company | 2,481,285,363.25 | 2,483,140,719.37 | | Minority Interests | 93,162,882.73 | 67,832,027.36 | | Total Equity | 2,574,448,245.98 | 2,550,972,746.73 | | Total Liabilities and Equity | 5,100,656,134.03 | 4,901,934,892.67 | Consolidated Income Statement This table presents the company's consolidated operating results for the current and prior periods Consolidated Income Statement (Current Period) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 405,061,836.78 | 266,439,409.73 | | II. Total Operating Costs | 421,680,510.72 | 269,562,246.94 | | Operating Cost | 304,717,076.54 | 179,134,793.51 | | Taxes and Surcharges | 2,547,179.32 | 2,206,434.69 | | Selling Expenses | 36,641,841.85 | 28,653,471.91 | | Administrative Expenses | 42,714,204.25 | 32,050,842.60 | | Research and Development Expenses | 30,808,544.58 | 22,363,992.84 | | Financial Expenses | 4,251,664.18 | 5,152,711.39 | | Add: Other Income | 1,759,475.79 | 3,936,148.43 | | Investment Income | 123,775.96 | 102,438.06 | | Gains from Fair Value Changes | 15,550.00 | 0 | | Credit Impairment Losses | -464,351.74 | 6,780,812.98 | | Asset Impairment Losses | -918,528.21 | -5,088,421.46 | | Gains on Disposal of Assets | 98,400.68 | 23,162.14 | | III. Operating Profit | -16,004,351.46 | 2,631,302.94 | | IV. Total Profit | -16,022,562.07 | 2,796,675.52 | | Less: Income Tax Expense | -737,629.40 | 1,876,897.53 | | V. Net Profit | -15,284,932.67 | 919,777.99 | | Net Profit Attributable to Owners of the Parent Company | -11,942,527.04 | 3,348,951.31 | | Minority Interests Profit/Loss | -3,342,405.63 | -2,429,173.32 | | VII. Total Comprehensive Income | -15,284,932.67 | 919,777.99 | | Total Comprehensive Income Attributable to Owners of the Parent Company | -11,942,527.04 | 3,348,951.31 | | Total Comprehensive Income Attributable to Minority Interests | -3,342,405.63 | -2,429,173.32 | | VIII. Earnings Per Share: | | | | (I) Basic Earnings Per Share | -0.04 | 0.01 | | (II) Diluted Earnings Per Share | -0.04 | 0.01 | Consolidated Cash Flow Statement This table presents the company's consolidated cash flows from operating, investing, and financing activities Consolidated Cash Flow Statement (Current Period) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 336,377,175.90 | 328,053,100.93 | | Subtotal of Cash Outflows from Operating Activities | 672,571,987.45 | 374,872,564.90 | | Net Cash Flow from Operating Activities | -336,194,811.55 | -46,819,463.97 | | Subtotal of Cash Inflows from Investing Activities | 6,425,451.92 | 0 | | Subtotal of Cash Outflows from Investing Activities | 29,815,144.33 | 15,209,519.74 | | Net Cash Flow from Investing Activities | -23,389,692.41 | -15,209,519.74 | | Subtotal of Cash Inflows from Financing Activities | 558,305,970.91 | 837,680,312.05 | | Subtotal of Cash Outflows from Financing Activities | 214,881,122.75 | 232,593,319.67 | | Net Cash Flow from Financing Activities | 343,424,848.16 | 605,086,992.38 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -29,614.26 | 15,380.85 | | Net Increase in Cash and Cash Equivalents | -16,189,270.06 | 543,073,389.52 | | Cash and Cash Equivalents at Period End | 225,620,123.39 | 829,234,377.06 | Audit Report The company's first quarter report is unaudited - The company's first quarter report is unaudited[32]