晨曦航空(300581) - 2021 Q3 - 季度财报

Report Overview Important Notice and Audit Status The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the information disclosed in this report, which is unaudited for the third quarter - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report[2] - The third-quarter report is unaudited[2] Key Accounting Data and Financial Indicators In Q3 2021, operating revenue decreased by 64.13% year-on-year, and net profit attributable to shareholders decreased by 91.61%, while year-to-date operating revenue increased by 19.28% but net profit decreased by 57.02%, with net cash flow from operating activities significantly growing by 200.70% Key Accounting Data and Financial Indicators for Q3 2021 and Year-to-Date | Indicator | Current Period (CNY) | Change from Prior Year Same Period | Year-to-Date (CNY) | Year-to-Date Change from Prior Year Same Period | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 29,769,382.16 | -64.13% | 142,412,876.70 | 19.28% | | Net Profit Attributable to Shareholders of Listed Company | 2,305,153.32 | -91.61% | 10,086,156.89 | -57.02% | | Net Profit Attributable to Shareholders of Listed Company, Excluding Non-Recurring Gains and Losses | 1,929,889.38 | -91.88% | 5,957,448.04 | -26.65% | | Net Cash Flow from Operating Activities | —— | —— | 6,555,627.37 | 200.70% | | Basic Earnings Per Share (CNY/share) | 0.0075 | -95.31% | 0.0326 | -76.13% | | Diluted Earnings Per Share (CNY/share) | 0.0075 | -95.31% | 0.0326 | -76.13% | | Weighted Average Return on Net Assets | 0.32% | -3.83% | 1.39% | -2.10% | | End of Current Period | | | | | | Total Assets | 886,721,237.04 | -0.68% (vs. End of Previous Year) | | | | Total Equity Attributable to Shareholders of Listed Company | 727,986,401.28 | 1.60% (vs. End of Previous Year) | | | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's non-recurring gains and losses primarily stemmed from government grants, totaling 4,128,708.85 CNY year-to-date Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (CNY) | Year-to-Date Amount (CNY) | Explanation | | :--- | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -282.09 | -617.09 | | | Government Grants Recognized in Current Period Profit/Loss | 406,191.60 | 4,777,078.64 | Mainly due to government grants received from the beginning of the year to the end of this reporting period | | Other Non-Operating Income and Expenses Apart from the Above | 0.00 | -96.58 | | | Less: Income Tax Impact | 30,645.57 | 647,656.12 | | | Total | 375,263.94 | 4,128,708.85 | -- | Analysis of Financial Position Changes Analysis of Changes in Key Balance Sheet Items At the end of the reporting period, prepayments, long-term deferred expenses, deferred income tax assets, right-of-use assets, non-current liabilities due within one year, lease liabilities, and other payables all significantly increased, while notes payable and taxes payable substantially decreased, and share capital increased due to capital reserve capitalization Changes in Key Balance Sheet Items (End of Current Period vs. End of Previous Year) | Item | End of Current Period (CNY) | End of Previous Year (CNY) | Change (%) | Explanation of Significant Changes | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 33,334,634.26 | 15,326,351.91 | 117.50% | Mainly due to increased prepayments for equipment, materials, and technical service fees compared to the end of the previous year | | Long-Term Deferred Expenses | 436,911.36 | 186,146.36 | 134.71% | Mainly due to increased deferred amortization expenses such as renovation costs compared to the end of the previous year | | Deferred Income Tax Assets | 8,142,495.08 | 5,834,593.81 | 39.56% | Mainly due to an increase in deductible temporary differences arising from bad debt provisions compared to the end of the previous year | | Right-of-Use Assets | 944,294.71 | 0.00 | 100.00% | Mainly due to the company's adoption of new lease standards effective January 1, 2021 | | Non-Current Liabilities Due Within One Year | 527,078.86 | 0.00 | 100.00% | Same as Right-of-Use Assets | | Lease Liabilities | 422,629.55 | 0.00 | 100.00% | Same as Right-of-Use Assets | | Notes Payable | 8,018,504.79 | 27,706,193.00 | -71.06% | Mainly due to the maturity and settlement of acceptance bills paid to suppliers at the end of the reporting period, leading to a decrease in notes payable compared to the end of the previous year | | Taxes Payable | 2,089,330.89 | 17,098,181.73 | -87.78% | Mainly due to a decrease in value-added tax, income tax, and other taxes payable at the end of the reporting period compared to the end of the previous year | | Other Payables | 296,881.71 | 46,056.10 | 544.61% | Mainly due to an increase in transportation and travel expenses payable to employees at the end of the reporting period compared to the end of the previous year | | Share Capital | 309,168,000.00 | 171,760,000.00 | 80.00% | Mainly due to the company's implementation of the 2020 annual equity distribution policy, converting capital reserves into shares at a ratio of 8 shares for every 10 shares held by all shareholders | | Capital Reserve | 6,804,168.43 | 144,596,449.12 | -95.29% | Mainly due to the company's implementation of the 2020 annual equity distribution policy during the reporting period, leading to a significant decrease in capital reserve | Analysis of Changes in Key Income Statement Items Year-to-date, taxes and surcharges, selling expenses, administrative expenses, and financial expenses all increased, with financial expenses rising 126.37% due to higher bank interest income, while other income, operating profit, total profit, income tax expense, and net profit all significantly decreased due to increased expenses and reduced government grants Changes in Key Income Statement Items (Year-to-Date vs. Prior Year Same Period) | Item | Year-to-Date (CNY) | Prior Year Same Period (CNY) | Change (%) | Explanation of Significant Changes | | :--- | :--- | :--- | :--- | :--- | | Taxes and Surcharges | 2,319,309.57 | 1,737,449.41 | 33.49% | Mainly due to an increase in urban construction tax, property tax, education surcharges, etc., compared to the prior year same period | | Selling Expenses | 2,410,544.50 | 1,573,614.12 | 53.19% | Mainly due to increased bidding expenses and sales personnel salaries compared to the prior year same period | | Administrative Expenses | 19,894,440.71 | 14,962,434.35 | 32.96% | Mainly due to increased management salaries, fixed asset depreciation and amortization, and business expenses compared to the prior year same period | | Financial Expenses | -577,044.06 | -254,912.49 | 126.37% | Mainly due to increased bank interest income compared to the prior year same period | | Other Income | 4,777,078.64 | 18,019,584.82 | -73.49% | Mainly due to a decrease in government grants received compared to the prior year same period and no value-added tax refunds yet received | | Operating Profit | 10,309,222.86 | 24,503,387.45 | -57.93% | Mainly due to increased administrative and selling expenses, and a significant decrease in other income | | Non-Operating Income | 0.00 | 42,463.76 | -100.00% | Mainly due to no non-operating income yet obtained | | Total Profit | 10,309,126.28 | 24,545,851.21 | -58.00% | Same as Operating Profit | | Income Tax Expense | 222,969.39 | 1,077,061.11 | -79.30% | Mainly due to a decrease in total profit compared to the prior year same period | | Net Profit | 10,086,156.89 | 23,468,790.10 | -57.02% | Same as Operating Profit | Analysis of Changes in Key Cash Flow Statement Items Year-to-date, cash received from sales of goods and services significantly increased by 67.75%, leading to a 46.52% rise in subtotal cash inflows from operating activities, while subtotal cash outflows from operating activities also grew by 34.99% due to increased personnel expenses, taxes, and R&D consulting fees, resulting in net cash flow from operating activities turning positive with a 200.70% increase, and financing cash outflows decreased by 95.43% due to no cash dividends, with period-end cash and cash equivalents decreasing by 38.83% due to increased operating and investing expenditures Changes in Key Cash Flow Statement Items (Year-to-Date vs. Prior Year Same Period) | Item | Year-to-Date (CNY) | Prior Year Same Period (CNY) | Change (%) | Explanation of Significant Changes | | :--- | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 189,921,669.28 | 113,217,667.30 | 67.75% | Mainly due to an increase in customer collections compared to the prior year same period | | Tax Refunds Received | 0.00 | 13,022,610.70 | -100.00% | Mainly due to the company not yet receiving value-added tax refunds during the reporting period | | Subtotal of Cash Inflows from Operating Activities | 194,825,358.09 | 132,964,290.66 | 46.52% | Mainly due to a significant increase in customer collections compared to the prior year same period | | Cash Paid to and for Employees | 48,481,416.46 | 36,789,659.10 | 31.78% | Mainly due to an increase in personnel-related expenses during the reporting period compared to the prior year same period | | Taxes and Fees Paid | 30,502,005.36 | 19,635,493.81 | 55.34% | Mainly due to an increase in various taxes and fees paid during the reporting period compared to the prior year same period | | Other Cash Payments Related to Operating Activities | 19,823,430.54 | 11,401,846.89 | 73.86% | Mainly due to an increase in R&D expenses, consulting fees, etc., paid by the company during the reporting period compared to the prior year same period | | Subtotal of Cash Outflows from Operating Activities | 188,269,730.72 | 139,474,436.38 | 34.99% | Mainly due to significant increases in cash paid for goods and services, cash paid to employees, taxes and fees paid, and other cash payments related to operating activities compared to the prior year same period | | Net Cash Flow from Operating Activities | 6,555,627.37 | -6,510,145.72 | 200.70% | Mainly due to the increase in cash inflows from operating activities exceeding the increase in cash outflows from operating activities during the reporting period | | Cash Paid for Dividends, Profits Distribution, or Interest Payments | 137,408.00 | 9,796,284.07 | -98.60% | Mainly due to the company's implementation of the 2020 annual equity distribution policy, with no cash dividends distributed during the reporting period | | Subtotal of Cash Outflows from Financing Activities | 464,127.14 | 10,164,674.09 | -95.43% | Same as Cash Paid for Dividends, Profits Distribution, or Interest Payments | | Net Cash Flow from Financing Activities | -464,127.14 | -10,164,674.09 | 95.43% | Same as Cash Paid for Dividends, Profits Distribution, or Interest Payments | | Net Increase in Cash and Cash Equivalents | -23,188,768.53 | -43,263,181.01 | 46.40% | Mainly due to an increase in net cash flow from operating activities and a significant decrease in cash outflows from financing activities | | Cash and Cash Equivalents at Period End | 55,223,419.59 | 90,283,007.67 | -38.83% | Mainly due to relatively large expenditures for fixed asset purchases and daily operating expenses, leading to a decrease in cash and cash equivalents at period end | Shareholder Information Common Shareholder Holdings As of the end of the reporting period, the company had 51,940 common shareholders, with the top two shareholders, Xi'an Huiju Technology Co., Ltd. and Beijing Aerospace Star Control Technology Co., Ltd., holding over 60% combined and being related parties, both ultimately controlled by Wu Jian - Total number of common shareholders was 51,940 at the end of the reporting period[10] Top 10 Shareholder Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | | :--- | :--- | :--- | :--- | | Xi'an Huiju Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 42.06% | 130,022,538 | | Beijing Aerospace Star Control Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 18.69% | 57,798,000 | | China Construction Bank Corporation - Guotai CSI Military Industry ETF | Other | 0.74% | 2,294,800 | | Gao Wenshe | Domestic Natural Person | 0.33% | 1,020,000 | | China Construction Bank Corporation - Fullgoal CSI Military Industry Index Fund | Other | 0.31% | 960,720 | | JPMORGAN CHASE BANK,NATIONAL ASSOCIATION | Overseas Legal Person | 0.29% | 903,121 | | Xiong Yongxiang | Domestic Natural Person | 0.23% | 700,232 | | Industrial and Commercial Bank of China Limited - GF CSI Military Industry ETF | Other | 0.19% | 595,626 | | Beijing Wanlong Private Fund Management Co., Ltd. - Wanlong Asset New Era No. 7 Private Securities Investment Fund | Other | 0.14% | 440,000 | | Cheng Liqing | Domestic Natural Person | 0.13% | 400,100 | - Huiju Technology and Aerospace Star Control are related parties, with both being controlled by the company's actual controller, Wu Jian[11] Preferred Shareholders and Restricted Shares The company has no preferred shareholders and no changes in restricted shares - The company has no preferred shareholders[12] - There are no changes in the company's restricted shares[12] Other Significant Matters Issuance of Shares to Specific Investors The company's 2020 plan for issuing shares to specific investors underwent multiple revisions, was accepted by the Shenzhen Stock Exchange in December 2020, and received registration approval from the China Securities Regulatory Commission in June 2021 - The company's 2020 plan for issuing shares to specific investors underwent multiple revisions[12][13] - On December 16, 2020, the company received an acceptance notice from the Shenzhen Stock Exchange[13] - On June 24, 2021, the company received the China Securities Regulatory Commission's approval for the registration of issuing shares to specific investors[14] Controlling Shareholder's Share Reduction The company's controlling shareholder and its concerted parties disclosed two share reduction plans, with the first (March 17 to June 15, 2021) not implemented, and the second (August 28 to November 26, 2021) having cumulatively reduced 4,684,600 shares, or 1.52% of total share capital, as of September 30, 2021 - The share reduction plan disclosed on February 23, 2021 (March 17 to June 15, 2021) was not implemented[14] - As of September 30, 2021, the share reduction plan disclosed on August 6, 2021 (August 28 to November 26, 2021) had cumulatively reduced 4,684,600 shares, representing 1.52% of the company's total share capital[15] Controlling Shareholder's Early Release of Pledged Shares On September 17, 2021, the controlling shareholder, Huiju Technology, early released 32,004,000 pledged shares of the company - On September 17, 2021, controlling shareholder Huiju Technology early released 32,004,000 pledged shares of the company[16] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2021, the company's total assets were 886.72 million CNY, a slight decrease from the end of 2020, with total current assets at 691.31 million CNY and total non-current assets at 195.41 million CNY, while total liabilities were 158.73 million CNY and total equity was 727.99 million CNY, with share capital significantly increasing due to capital reserve capitalization Key Consolidated Balance Sheet Data (As of September 30, 2021) | Item | September 30, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Cash and Bank Balances | 55,223,419.59 | 78,412,188.12 | | Accounts Receivable | 317,677,657.41 | 363,316,265.45 | | Inventories | 256,995,046.93 | 221,328,644.79 | | Total Current Assets | 691,313,323.16 | 714,542,778.16 | | Fixed Assets | 121,543,861.39 | 105,450,535.49 | | Total Non-Current Assets | 195,407,913.88 | 178,239,732.79 | | Total Assets | 886,721,237.04 | 892,782,510.95 | | Notes Payable | 8,018,504.79 | 27,706,193.00 | | Accounts Payable | 118,298,838.23 | 92,271,301.79 | | Total Current Liabilities | 155,882,168.80 | 173,219,325.20 | | Total Non-Current Liabilities | 2,852,666.96 | 3,056,200.04 | | Total Liabilities | 158,734,835.76 | 176,275,525.24 | | Share Capital | 309,168,000.00 | 171,760,000.00 | | Capital Reserve | 6,804,168.43 | 144,596,449.12 | | Retained Earnings | 350,671,397.92 | 340,585,241.03 | | Total Equity Attributable to Parent Company Owners | 727,986,401.28 | 716,506,985.71 | | Total Equity | 727,986,401.28 | 716,506,985.71 | | Total Liabilities and Equity | 886,721,237.04 | 892,782,510.95 | Consolidated Income Statement from Year Start to End of Reporting Period Year-to-date, the company achieved total operating revenue of 142.41 million CNY, a 19.28% year-on-year increase, with total operating costs of 121 million CNY, up 20.64%, and net profit of 10.09 million CNY, a 57.02% year-on-year decrease, primarily due to a significant reduction in other income and increased expenses Key Consolidated Income Statement Data from Year Start to End of Reporting Period | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 142,412,876.70 | 119,397,859.14 | | Operating Cost | 81,586,931.85 | 70,197,357.82 | | Taxes and Surcharges | 2,319,309.57 | 1,737,449.41 | | Selling Expenses | 2,410,544.50 | 1,573,614.12 | | Administrative Expenses | 19,894,440.71 | 14,962,434.35 | | Research and Development Expenses | 15,224,682.38 | 11,966,573.15 | | Financial Expenses | -577,044.06 | -254,912.49 | | Other Income | 4,777,078.64 | 18,019,584.82 | | Credit Impairment Losses | -16,021,250.44 | -12,731,540.15 | | Operating Profit | 10,309,222.86 | 24,503,387.45 | | Total Profit | 10,309,126.28 | 24,545,851.21 | | Income Tax Expense | 222,969.39 | 1,077,061.11 | | Net Profit | 10,086,156.89 | 23,468,790.10 | | Net Profit Attributable to Parent Company Owners | 10,086,156.89 | 23,468,790.10 | | Basic Earnings Per Share | 0.0326 | 0.1366 | | Diluted Earnings Per Share | 0.0326 | 0.1366 | Consolidated Cash Flow Statement from Year Start to End of Reporting Period Year-to-date, net cash flow from operating activities was 6.56 million CNY, a significant increase from -6.51 million CNY in the prior year, while net cash flow from investing activities was -29.28 million CNY, indicating increased outflows, and net cash flow from financing activities was -0.46 million CNY, a substantial decrease in outflows, with cash and cash equivalents at period end decreasing to 55.22 million CNY from the beginning of the period Key Consolidated Cash Flow Statement Data from Year Start to End of Reporting Period | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 189,921,669.28 | 113,217,667.30 | | Other Cash Received Related to Operating Activities | 4,903,688.81 | 6,724,012.66 | | Subtotal of Cash Inflows from Operating Activities | 194,825,358.09 | 132,964,290.66 | | Cash Paid for Goods and Services | 89,462,878.36 | 71,647,436.58 | | Cash Paid to and for Employees | 48,481,416.46 | 36,789,659.10 | | Taxes and Fees Paid | 30,502,005.36 | 19,635,493.81 | | Other Cash Payments Related to Operating Activities | 19,823,430.54 | 11,401,846.89 | | Subtotal of Cash Outflows from Operating Activities | 188,269,730.72 | 139,474,436.38 | | Net Cash Flow from Operating Activities | 6,555,627.37 | -6,510,145.72 | | Net Cash Received from Disposal of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 610,550.00 | 0.00 | | Subtotal of Cash Inflows from Investing Activities | 610,550.00 | 0.00 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 29,890,818.76 | 26,588,361.20 | | Subtotal of Cash Outflows from Investing Activities | 29,890,818.76 | 26,588,361.20 | | Net Cash Flow from Investing Activities | -29,280,268.76 | -26,588,361.20 | | Cash Paid for Dividends, Profits Distribution, or Interest Payments | 137,408.00 | 9,796,284.07 | | Other Cash Payments Related to Financing Activities | 326,719.14 | 368,390.02 | | Subtotal of Cash Outflows from Financing Activities | 464,127.14 | 10,164,674.09 | | Net Cash Flow from Financing Activities | -464,127.14 | -10,164,674.09 | | Net Increase in Cash and Cash Equivalents | -23,188,768.53 | -43,263,181.01 | | Cash and Cash Equivalents at Period End | 55,223,419.59 | 90,283,007.67 | Explanation of Financial Statement Adjustments The company adopted new lease standards effective January 1, 2021, applying transitional provisions, which had no impact on the consolidated balance sheet but affected the parent company's balance sheet by adding right-of-use assets, non-current liabilities due within one year, and lease liabilities - The company adopted new lease standards effective January 1, 2021[32] - The change in accounting policy had no impact on the consolidated balance sheet[32] Impact of New Lease Standards on Parent Company Balance Sheet Items (January 1, 2021) | Parent Company Balance Sheet Item | Balance as of December 31, 2020, Before Accounting Policy Change (CNY) | Impact of New Lease Standards (CNY) | Balance as of January 1, 2021, After Accounting Policy Change (CNY) | | :--- | :--- | :--- | :--- | | Assets: Right-of-Use Assets | 0.00 | 4,015,926.95 | 4,015,926.95 | | Liabilities: Non-Current Liabilities Due Within One Year | 0.00 | 819,169.44 | 819,169.44 | | Liabilities: Lease Liabilities | 0.00 | 3,196,757.51 | 3,196,757.51 |