晨曦航空(300581) - 2023 Q1 - 季度财报

Report Overview Important Notice The Board, Supervisory Board, and senior management guarantee the report's accuracy, while key financial officers affirm the financial information's truthfulness and completeness - The Board of Directors, Supervisory Board, and senior management guarantee the quarterly report's truthfulness, accuracy, and completeness, assuming individual and joint legal responsibilities[3] - The principal officer, head of accounting, and head of accounting department affirm the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3] Audit Status This quarterly report has not undergone an audit - The company's 2023 first-quarter report remains unaudited[4][26] Key Financial Data Key Accounting Data and Financial Indicators Q1 2023 saw operating revenue grow 26.22%, but net profit attributable to shareholders declined 231.12% to an 8.39 million CNY loss, with negative EPS and a 220.00% drop in operating cash flow Comparison of Key Financial Indicators for Q1 2023 | Indicator | Current Period (CNY) | Prior Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 30,157,271.66 | 23,893,163.71 | 26.22% | | Net Profit Attributable to Shareholders | -8,394,277.73 | 6,402,121.70 | -231.12% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -9,458,197.88 | -10,144,906.58 | 6.77% | | Net Cash Flow from Operating Activities | -60,511,840.08 | -18,910,190.98 | -220.00% | | Basic EPS (CNY/share) | -0.0259 | 0.0207 | -225.12% | | Diluted EPS (CNY/share) | -0.0259 | 0.0207 | -225.12% | | Weighted Average ROE | -0.82% | 0.85% | -1.67% | | Total Assets (Period-end) | 1,221,906,482.50 | 1,275,762,373.25 | -4.22% | | Shareholders' Equity Attributable to Parent (Period-end) | 1,019,694,870.84 | 1,027,583,324.49 | -0.77% | Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses reached 1.06 million CNY, mainly from government subsidies, fair value changes, and tax refunds Q1 2023 Non-Recurring Gains and Losses Items | Item | Amount for Current Period (CNY) | Description | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | -3,416.70 | | | Government subsidies recognized in current profit/loss | 878,478.24 | | | Fair value change gains/losses and investment income | 273,559.06 | | | Other non-recurring gains/losses (Individual income tax handling fee refund) | 54,578.75 | | | Less: Income tax impact | 139,279.20 | | | Total | 1,063,920.15 | | Analysis of Financial Indicator Changes Significant shifts in financial indicators include decreased cash and payables, increased R&D and financial expenses, a sharp drop in other income and operating profit, and substantial changes in cash flows due to operations and wealth management - Cash at period-end decreased by 31.11% from the beginning of the year, primarily due to ongoing fundraising projects initiated in May 2022[7] - R&D expenses for the current period increased by 38.47%, driven by higher R&D expenditures compared to the prior year[7] - Net cash flow from operating activities decreased by 220.00%, primarily due to a substantial increase in cash outflows during the reporting period[8] Balance Sheet Item Changes Balance sheet items show cash down 31.11% due to projects, other receivables up 56.32%, and other current assets up 273.50%; liabilities saw employee compensation and taxes payable decrease, while contract liabilities and other current liabilities increased Changes in Key Balance Sheet Items | Item | Period-end Balance (CNY) | Year-start Balance (CNY) | Change (%) | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 140,309,563.48 | 203,670,830.83 | -31.11% | Fundraising projects are underway | | Other Receivables | 2,279,905.71 | 1,458,515.47 | 56.32% | Increase in employee travel expenses and petty cash | | Other Current Assets | 853,076.98 | 228,403.05 | 273.50% | Increase in deductible input VAT | | Contract Liabilities | 6,798,208.04 | 4,461,208.04 | 52.38% | Received milestone payments for professional technical services | | Employee Compensation Payable | 15,368,568.92 | 30,195,335.38 | -49.10% | Year-end bonuses accrued at year-start have been paid | | Taxes Payable | 3,208,919.90 | 16,530,986.71 | -80.59% | Taxes from previous year-end paid in current period | | Other Current Liabilities | 2,141,910.11 | 2,070.80 | 103,333.94% | Commercial acceptance bills endorsed by wholly-owned subsidiary | Income Statement Item Changes Income statement changes include taxes and surcharges up 32.97%, selling expenses down 44.44%, R&D expenses up 38.47%, financial expenses up 890.44%, other income down 95.21%, and investment income up 100%, leading to operating and net profit declines over 228% Changes in Key Income Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Taxes and Surcharges | 733,159.80 | 551,361.93 | 32.97% | Increase in main business revenue | | Selling Expenses | 293,587.68 | 528,433.87 | -44.44% | Decrease in business entertainment and office expenses | | R&D Expenses | 6,284,451.49 | 4,538,336.34 | 38.47% | Increase in R&D expenditures | | Financial Expenses | -487,307.85 | -49,201.29 | 890.44% | Increase in interest income | | Other Income | 933,056.99 | 19,464,860.73 | -95.21% | VAT refunds not yet received | | Investment Income | 273,559.06 | 0.00 | 100.00% | Income from purchasing wealth management products | | Operating Profit | -9,284,536.33 | 7,208,943.30 | -228.79% | Unreceived tax refunds and significant R&D investment | | Net Profit | -8,394,277.73 | 6,402,121.70 | -231.12% | Same as operating profit | Cash Flow Statement Item Changes Operating cash inflows saw sales up 41.20% but tax refunds down 100%, while other operating cash increased 1,084.68%; outflows included purchases up 59.97% and taxes up 347.01%, resulting in a 220.00% decline in net operating cash flow; investment cash flows significantly changed due to wealth management products Changes in Key Cash Flow Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash received from sales of goods and services | 28,657,316.70 | 20,294,971.80 | 41.20% | Increase in customer cash collections | | Tax refunds received | 0.00 | 19,223,401.81 | -100.00% | VAT refunds not yet received | | Other cash received related to operating activities | 1,383,610.31 | 116,791.84 | 1,084.68% | Increase in government subsidies | | Cash paid for goods and services | 36,989,632.84 | 23,122,348.75 | 59.97% | Increase in purchases of components and equipment | | Taxes and surcharges paid | 16,624,701.19 | 3,719,051.47 | 347.01% | Payment of deferred taxes from 2022 | | Net Cash Flow from Operating Activities | -60,511,840.08 | -18,910,190.98 | -220.00% | Significant increase in cash outflows | | Cash received from disposal of investments | 140,000,000.00 | 0.00 | 100.00% | Maturity of wealth management products | | Cash paid for investments | 140,000,000.00 | 0.00 | 100.00% | Continued purchase of wealth management products | | Net Increase in Cash and Cash Equivalents | -63,361,267.35 | -25,111,922.75 | -152.32% | Increase in operating cash outflows | | Cash and Cash Equivalents at Period-end | 140,309,563.48 | 60,132,489.20 | | Shareholder Information Common Shareholder Information The company had 40,335 common shareholders; the top two, both controlled by Wu Jian, collectively held over 55% of shares - The total number of common shareholders at period-end was 40,335[11] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage (%) | Number of Shares Held (shares) | | :--- | :--- | :--- | :--- | | Xi'an Huiju Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 39.72% | 128,524,538.00 | | Nanjing Huanyu Xingkong Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 16.29% | 52,721,344.00 | | Wu Dingyan | Domestic Natural Person | 0.36% | 1,154,068.00 | | Gao Wenshe | Domestic Natural Person | 0.32% | 1,020,000.00 | | China Construction Bank Corporation - Guotai CSI Military Industry ETF | Other | 0.28% | 920,140.00 | | China Everbright Bank Co., Ltd. - Huaxia Panyi One-Year Fixed-Term Open-End Mixed Securities Investment Fund | Other | 0.19% | 630,685.00 | | Li Hongwei | Domestic Natural Person | 0.19% | 607,700.00 | | China Construction Bank Corporation - Fullgoal CSI Military Industry Index Securities Investment Fund | Other | 0.19% | 605,520.00 | | China Merchants Bank Co., Ltd. - Huaxia Panrui One-Year Fixed-Term Open-End Mixed Securities Investment Fund | Other | 0.18% | 593,374.00 | | Chen Xiangning | Domestic Natural Person | 0.18% | 572,900.00 | - Xi'an Huiju Technology Co., Ltd. and Nanjing Huanyu Xingkong Technology Co., Ltd. are affiliated, both controlled by the company's actual controller, Wu Jian[12] Other Significant Matters Related Party Transactions Two related party transactions were disclosed: Nanjing Chenxi's 1.36 million CNY bearing purchase from Haikong Transmission, and an approved 40 million CNY loan from Huiju Technology that remains unapplied for - Subsidiary Nanjing Chenxi Aerospace Power Technology Co., Ltd. purchased bearings from related party Pengzhou Haikong Transmission Technology Co., Ltd. for a total of 1,356,585.30 CNY[13] - The company approved a proposal to apply for a loan of up to 40 million CNY from controlling shareholder Xi'an Huiju Technology Co., Ltd., but as of March 31, 2023, the loan has not been applied for[15] Related Party Transactions of Nanjing Chenxi Aerospace Power Technology Co., Ltd. Nanjing Chenxi purchased 1.36 million CNY in bearings from related party Haikong Transmission on December 27, 2022, with payment on January 6, 2023, approved by the chairman due to its value - Nanjing Chenxi Aerospace Power Technology Co., Ltd. purchased C292209KQ, C2213KQTU, and other bearings from Haikong Transmission for 1,356,585.30 CNY[13] - Haikong Transmission is controlled by the company's actual controller, making this a related party transaction approved by the chairman[14] Related Party Loan Transaction with Controlling Shareholder The Board approved a 40 million CNY loan from controlling shareholder Xi'an Huiju Technology Co., Ltd. on December 9, 2022, with a one-year LPR-based term, but the loan remains unapplied for as of March 31, 2023 - The company was approved to apply for a loan of up to 40 million CNY from controlling shareholder Xi'an Huiju Technology Co., Ltd. to supplement operating funds[15] - The loan term is one year, with the interest rate set at the one-year Loan Prime Rate (LPR), effective from the agreement signing date[15] - As of March 31, 2023, the company has not yet applied for this loan from the shareholder[15] Quarterly Financial Statements Consolidated Balance Sheet As of March 31, 2023, total assets were 1.22 billion CNY, down 4.22% from year-start, with current assets at 1.02 billion CNY, non-current assets at 204 million CNY, total liabilities at 202 million CNY, and total owners' equity at 1.02 billion CNY Key Data from Consolidated Balance Sheet as of March 31, 2023 | Item | Period-end Balance (CNY) | Year-start Balance (CNY) | | :--- | :--- | :--- | | Assets | | | | Cash and Cash Equivalents | 140,309,563.48 | 203,670,830.83 | | Financial Assets Held for Trading | 140,000,000.00 | 141,739,835.62 | | Accounts Receivable | 347,426,970.88 | 347,394,798.63 | | Inventories | 329,619,540.14 | 323,310,260.77 | | Total Current Assets | 1,017,515,806.93 | 1,070,729,514.11 | | Fixed Assets | 163,401,794.45 | 166,517,752.58 | | Total Assets | 1,221,906,482.50 | 1,275,762,373.25 | | Liabilities | | | | Notes Payable | 20,068,662.65 | 28,368,981.92 | | Accounts Payable | 151,466,700.61 | 164,488,771.61 | | Contract Liabilities | 6,798,208.04 | 4,461,208.04 | | Total Current Liabilities | 199,737,455.64 | 245,633,452.05 | | Total Liabilities | 202,211,611.66 | 248,179,048.76 | | Owners' Equity | | | | Total Owners' Equity Attributable to Parent Company | 1,019,694,870.84 | 1,027,583,324.49 | | Total Owners' Equity | 1,019,694,870.84 | 1,027,583,324.49 | Consolidated Income Statement Q1 2023 saw total operating revenue of 30.16 million CNY, up 26.22%, with total operating costs at 31.73 million CNY; the company reported a net loss of 8.39 million CNY and basic EPS of -0.0259 CNY Key Data from Consolidated Income Statement for Q1 2023 | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 30,157,271.66 | 23,893,163.71 | | Total Operating Costs | 31,729,626.12 | 25,830,671.38 | | Operating Costs | 18,308,615.92 | 14,446,161.19 | | Taxes and Surcharges | 733,159.80 | 551,361.93 | | Selling Expenses | 293,587.68 | 528,433.87 | | Administrative Expenses | 6,597,119.08 | 5,815,579.34 | | R&D Expenses | 6,284,451.49 | 4,538,336.34 | | Financial Expenses | -487,307.85 | -49,201.29 | | Other Income | 933,056.99 | 19,464,860.73 | | Investment Income | 273,559.06 | 0.00 | | Credit Impairment Losses | -8,915,381.22 | -10,318,409.76 | | Operating Profit | -9,284,536.33 | 7,208,943.30 | | Total Profit | -9,284,536.33 | 7,208,943.30 | | Income Tax Expense | -890,258.60 | 806,821.60 | | Net Profit | -8,394,277.73 | 6,402,121.70 | | Net Profit Attributable to Parent Company Owners | -8,394,277.73 | 6,402,121.70 | | Basic EPS | -0.0259 | 0.0207 | | Diluted EPS | -0.0259 | 0.0207 | Consolidated Cash Flow Statement Q1 2023 saw net operating cash flow at -60.51 million CNY, a significant deterioration; net investing cash flow improved to -2.71 million CNY; net financing cash flow was -0.14 million CNY, with cash and cash equivalents at 140 million CNY at period-end Key Data from Consolidated Cash Flow Statement for Q1 2023 | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 30,040,927.01 | 39,635,165.45 | | Subtotal of Cash Outflows from Operating Activities | 90,552,767.09 | 58,545,356.43 | | Net Cash Flow from Operating Activities | -60,511,840.08 | -18,910,190.98 | | Subtotal of Cash Inflows from Investing Activities | 142,134,198.36 | 0.00 | | Subtotal of Cash Outflows from Investing Activities | 144,843,185.62 | 6,193,832.77 | | Net Cash Flow from Investing Activities | -2,708,987.26 | -6,193,832.77 | | Subtotal of Cash Outflows from Financing Activities | 140,440.01 | 7,899.00 | | Net Cash Flow from Financing Activities | -140,440.01 | -7,899.00 | | Net Increase in Cash and Cash Equivalents | -63,361,267.35 | -25,111,922.75 | | Cash and Cash Equivalents at Period-end | 140,309,563.48 | 60,132,489.20 |