同益股份(300538) - 2022 Q3 - 季度财报

Major Financial Data (I) Major Accounting Data and Financial Indicators The company's operating performance for Q3 2022 and year-to-date significantly declined, with revenue decreasing by 16.38% and net profit attributable to shareholders sharply down by 66.27% year-over-year, while net cash flow from operating activities strongly increased by 134.63% Key Financial Indicators for Q1-Q3 2022 | Indicator | Year-to-Date (YTD) as of Reporting Period End | YTD Change vs. Same Period Last Year | | :--- | :--- | :--- | | Operating Revenue (CNY) | 1.68 billion | -16.38% | | Net Profit Attributable to Shareholders (CNY) | 10.69 million | -66.27% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) (CNY) | 3.20 million | -88.85% | | Net Cash Flow from Operating Activities (CNY) | 87.05 million | 134.63% | | Basic EPS (CNY/share) | 0.06 | -71.43% | | Weighted Average ROE | 1.03% | -5.62% | Key Balance Sheet Indicators as of Q3 2022 End | Indicator | As of Reporting Period End | Change vs. End of Last Year | | :--- | :--- | :--- | | Total Assets (CNY) | 1.75 billion | -11.77% | | Total Equity Attributable to Shareholders (CNY) | 1.05 billion | 2.12% | (II) Non-recurring Gains and Losses Items and Amounts Year-to-date non-recurring gains and losses totaled 7.48 million Yuan, primarily from government grants of 4.73 million Yuan and non-current asset disposal gains of 3.13 million Yuan, which were the main profit contributors Non-recurring Gains and Losses Items Year-to-Date | Item | Amount Year-to-Date (CNY) | Primary Source | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 3.13 million | Disposal of non-current assets | | Government Grants Recognized in Current Profit/Loss | 4.73 million | Various government subsidies received | | Other Non-operating Income/Expenses and Investment Gains/Losses | 1.15 million | Investment management, overdue interest, etc | | Total | 7.48 million | - | (III) Changes and Reasons for Major Accounting Data and Financial Indicators The company's financial position significantly changed during the reporting period, with substantial increases in notes receivable, construction in progress, and intangible assets reflecting business model adjustments and investment expansion; R&D expenses surged by 124% while net profit declined over 60%; operating cash flow significantly improved from negative to positive, but financing cash flow saw a large outflow due to debt repayment Balance Sheet Item Changes The balance sheet indicates the company is in an expansion and restructuring phase, with notes receivable surging by 222.32% due to increased commercial acceptance bills, construction in progress and intangible assets growing by 177.79% and 77.20% respectively from infrastructure investment and land acquisition, and new goodwill from acquisitions, while liabilities decreased due to active debt management - Notes receivable at period-end increased by 222.32% compared to the beginning of the year, primarily due to an increase in unexpired commercial acceptance bills held[8] - Construction in progress and intangible assets increased by 177.79% and 77.20% respectively, mainly due to increased infrastructure investment and land use right acquisition[8] - Goodwill increased from zero to 42.11 million Yuan, primarily due to the acquisition of subsidiaries during the reporting period[8] - Short-term borrowings and notes payable decreased by 31.71% and 70.00% respectively, reflecting the company's debt repayment activities[8] Income Statement Item Changes Income statement changes reveal challenges to the company's profitability; despite investment income surging by 160.36% from subsidiary equity disposal, R&D expenses increased by 124.28% year-over-year, indicating increased investment, ultimately leading to a 60.66% decline in net profit due to revenue downturn - R&D expenses increased by 124.28% year-over-year, primarily due to increased R&D investment during the reporting period[9] - Investment income increased by 160.36% year-over-year, mainly due to the disposal of subsidiary equity during the reporting period[9] - Asset impairment losses shifted from -1.51 million Yuan in the same period last year to 3.26 million Yuan this period, primarily due to the reversal of inventory impairment provisions[10] - Net profit decreased by 60.66% year-over-year, reflecting a decline in the company's overall profitability[10] Cash Flow Statement Item Changes Cash flow structure significantly changed, with net cash flow from operating activities improving by 134.63% from a 251 million Yuan net outflow to an 87 million Yuan net inflow, mainly due to reduced procurement; however, net cash flow from financing activities shifted from a 412 million Yuan net inflow to a 164 million Yuan net outflow, a 139.73% decrease, due to bank loan repayments - Net cash flow from operating activities increased by 134.63% year-over-year, turning positive, primarily due to a decrease in cash paid for goods and services during the reporting period[10] - Net cash outflow from investing activities increased by 29.41%, mainly due to increased expenditures for asset acquisition, construction in progress, and subsidiary purchases year-over-year[10] - Net cash flow from financing activities decreased by 139.73% year-over-year, shifting from positive to negative, primarily due to the repayment of bank borrowings during the reporting period[10] Shareholder Information (I) Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Shareholding As of the end of the reporting period, the company had 10,574 common shareholders; the ownership structure is relatively concentrated, with the top two shareholders, Hua Qingcui and Shao Yunan, a married couple, holding a combined 41.33%; several top ten individual shareholders have pledged their shares, and some shareholders have familial relationships - As of the end of the reporting period, the company had 10,574 common shareholders[12] Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Share Status | Pledged Shares Quantity | | :--- | :--- | :--- | :--- | | Hua Qingcui | 21.42% | Pledged | 21,222,000 | | Shao Yunan | 19.91% | Pledged | 16,130,000 | | Hua Qingchun | 3.54% | - | 0 | | Xinfeng High-tech Zone Investment Development Co., Ltd. | 3.22% | - | 0 | | Ganzhou Development Private Equity Fund No. 2 Investment Partnership | 3.22% | - | 0 | | Ma Yuan | 2.47% | Pledged | 2,550,000 | | Hua Qingbai | 2.19% | Pledged | 2,300,000 | - Key shareholders have related party relationships: Hua Qingcui and Shao Yunan are a married couple, Ma Yuan and Hua Qingbai are a married couple, and Hua Qingchun, Hua Qingcui, and Hua Qingbai are siblings[13] Other Significant Matters Company's Significant Business Activities During the reporting period, the company actively pursued strategic initiatives, expanding business through investments and acquisitions while divesting non-core assets; it acquired land use rights for 17.54 million Yuan to build an East China R&D and manufacturing base, and acquired a 65% stake in Guangdong Hengshengtong Technology for 45 million Yuan to expand electronic materials trading, also disposing of full or controlling equity in four subsidiaries to optimize asset structure - The company acquired land use rights for 17.54 million Yuan through bidding, for the construction of the "East China R&D and Manufacturing Base Project for Electronic Information New Materials"[14] - The company acquired a 65% stake in Guangdong Hengshengtong Technology Co., Ltd., which primarily engages in electronic materials trading, for 45 million Yuan using its own funds[14] - During the reporting period, the company disposed of equity in four subsidiaries (Beijing Century Haoke Trade, Dongguan Tongyi New Materials, Guangzhou Chuangyi Technology Services, Shenzhen Tongyi Zhixian Technology), which are no longer included in the consolidated financial statements[15] Quarterly Financial Statements 1. Consolidated Balance Sheet As of September 30, 2022, total assets were 1.75 billion Yuan, down 11.77% from the beginning of the year, and total liabilities were 678 million Yuan, down 27.70%, primarily due to decreased cash and cash equivalents, and significant reductions in short-term borrowings and notes payable, while equity attributable to the parent company slightly increased by 2.12% to 1.05 billion Yuan Key Items of Consolidated Balance Sheet | Item | September 30, 2022 (CNY) | January 1, 2022 (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 1.75 billion | 1.98 billion | -11.77% | | Total Liabilities | 678 million | 938 million | -27.70% | | Total Equity Attributable to Parent Company Shareholders | 1.05 billion | 1.03 billion | 2.12% | 2. Consolidated Income Statement (Year-to-Date) In Q1-Q3 2022, total operating revenue was 1.68 billion Yuan, down 16.38% year-over-year, with total operating costs at 1.68 billion Yuan, down 15.0%; despite positive contributions like investment income, operating profit sharply declined to 15.84 million Yuan, a 58.57% decrease, and net profit attributable to parent company shareholders plummeted by 66.27% to 10.69 million Yuan Key Items of Consolidated Income Statement (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1.68 billion | 2.01 billion | -16.38% | | Operating Profit | 15.84 million | 38.23 million | -58.57% | | Total Profit | 16.18 million | 38.73 million | -58.23% | | Net Profit Attributable to Parent Company Shareholders | 10.69 million | 31.68 million | -66.27% | 3. Consolidated Cash Flow Statement (Year-to-Date) In Q1-Q3 2022, the company's cash flow showed divergence: net cash flow from operating activities significantly improved to 87.05 million Yuan from a 251 million Yuan net outflow last year, mainly due to reduced procurement; net cash outflow from investing activities increased to 155 million Yuan; and net cash flow from financing activities shifted to a 164 million Yuan net outflow from a 412 million Yuan net inflow last year, primarily due to debt repayment, resulting in a 224 million Yuan net decrease in cash and cash equivalents at period-end Key Items of Consolidated Cash Flow Statement (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 87.05 million | -251.37 million | Net inflow increased by 338 million | | Net Cash Flow from Investing Activities | -155.45 million | -120.13 million | Net outflow increased by 35 million | | Net Cash Flow from Financing Activities | -163.57 million | 411.69 million | Shifted from net inflow to net outflow | | Net Increase in Cash and Cash Equivalents | -224.03 million | 41.38 million | Net decrease of 265 million |