水羊股份(300740) - 2022 Q1 - 季度财报

Item 1. Key Information and Major Financial Data 1. Major Accounting Data and Financial Indicators In Q1 2022, the company achieved operating revenue of 1.046 billion CNY, a 27.96% increase year-over-year; net profit attributable to shareholders was 41.58 million CNY, up 36.10% year-over-year; however, net cash flow from operating activities was -139 million CNY, a significant decrease of 467.19% year-over-year Q1 2022 Key Financial Indicators | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,045,541,754.67 | 817,083,718.30 | 27.96% | | Net Profit Attributable to Shareholders (CNY) | 41,583,613.32 | 30,554,646.42 | 36.10% | | Net Cash Flow from Operating Activities (CNY) | -138,756,471.71 | -24,463,680.71 | -467.19% | | Basic Earnings Per Share (CNY/share) | 0.1081 | 0.0796 | 35.80% | | Weighted Average Return on Net Assets | 2.56% | 2.23% | 0.33% | | Total Assets (CNY) | 2,897,218,028.99 | - | 5.53% (vs. end of prior year) | | Total Equity Attributable to Shareholders (CNY) | 1,647,836,303.31 | - | 3.03% (vs. end of prior year) | 2. Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 8.37 million CNY, primarily from government grants recognized in current profit or loss totaling 11.30 million CNY Q1 2022 Non-Recurring Gains and Losses Items | Item | Amount for Current Period (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -202,622.24 | | Government grants recognized in current profit or loss | 11,301,215.94 | | Other non-operating income and expenses | -7,802.36 | | Less: Income tax impact | 2,725,048.04 | | Less: Impact on minority interests (after tax) | 643.01 | | Total | 8,365,100.29 | 3. Analysis of Changes in Key Accounting Data and Financial Indicators During the reporting period, several of the company's financial indicators changed significantly; fixed assets increased by 238.33% due to construction in progress being capitalized, while long-term borrowings increased by 86.73% due to new bank loans; selling expenses rose by 37.76% with increased sales volume; net cash flow from operating activities decreased by 467.19% due to increased payments for goods and promotional expenses, while net cash flow from financing activities surged by 571.87% due to increased borrowings - Balance Sheet Item Changes: - Fixed Assets: Increased by 238.33% year-over-year, primarily due to the capitalization of construction in progress[7] - Construction in Progress: Decreased by 40.17% year-over-year, primarily due to the capitalization of construction in progress[7] - Long-term Borrowings: Increased by 86.73% year-over-year, primarily due to new capital bank loans obtained in the current period[7] - Income Statement Item Changes: - Selling Expenses: Increased by 37.76% year-over-year, primarily due to increased marketing expenses driven by expanded sales volume[7] - Asset Impairment Losses: Increased by 210.99% year-over-year, primarily due to increased provision for inventory depreciation[7][10] - Cash Flow Statement Item Changes: - Net Cash Flow from Operating Activities: Decreased by 467.19% year-over-year, primarily due to increased payments for goods and promotional expenses[10] - Net Cash Flow from Investing Activities: Decreased by 117.66% year-over-year, primarily due to reduced cash recovered from investments in the current period[10] - Net Cash Flow from Financing Activities: Increased by 571.87% year-over-year, primarily due to increased cash received from borrowings in the current period[10] Item 2. Shareholder Information 1. Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had a total of 22,799 common shareholders; the top three shareholders were Hunan Yujia Investment Management Co., Ltd., Changsha Tingting Enterprise Management Consulting Partnership (Limited Partnership), and Dai Yuefeng, holding 23.30%, 10.82%, and 9.37% respectively; Mr. Dai Yuefeng, the company's actual controller, has a concerted action relationship with the top two shareholders - As of the end of the reporting period, the company had a total of 22,799 common shareholders[11] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Hunan Yujia Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 23.30% | 95,904,214 | | Changsha Tingting Enterprise Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 10.82% | 44,523,000 | | Dai Yuefeng | Domestic Natural Person | 9.37% | 38,586,611 | | Changsha Yutou Investment Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.13% | 16,991,115 | | Liu Hailang | Domestic Natural Person | 1.23% | 5,051,454 | | Hong Kong Securities Clearing Company Limited | Other | 1.18% | 4,837,897 | | Changsha Yutou No. 3 Enterprise Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.82% | 3,387,715 | | Hengshi Investment Management (Shanghai) Co., Ltd. - Hengshi Chenhan Phase 1 | Other | 0.71% | 2,930,000 | | Qianhai Equity Investment Fund (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.69% | 2,848,800 | | Dai Kaibo | Domestic Natural Person | 0.64% | 2,633,347 | 3. Changes in Restricted Shares During the reporting period, the company's total restricted shares slightly decreased from 33,418,028 shares at the beginning of the period to 33,409,536 shares at the end of the period; changes primarily involved restricted shares for senior executives and equity incentive restricted shares, with shareholder Huang Chenze unlocking 15,000 shares and other restricted shareholders increasing by 6,508 shares Summary of Changes in Restricted Shares | Item | Restricted Shares at Beginning of Period | Shares Unlocked in Current Period | Shares Increased in Current Period | Restricted Shares at End of Period | | :--- | :--- | :--- | :--- | :--- | | Total | 33,418,028 | 15,000 | 6,508 | 33,409,536 | - Reasons for restriction primarily include senior executive lock-up shares and equity incentive restricted shares[15][18] Item 3. Other Significant Matters 1. 2019 Stock Option and Restricted Stock Incentive Plan During the reporting period, the company's 2019 Stock Option and Restricted Stock Incentive Plan continued to progress, with 52,894 stock options exercised, leading to a corresponding increase of 52,894 shares in the company's total share capital - In the current reporting period, 52,894 stock options from the 2019 incentive plan were exercised, increasing the company's total share capital by 52,894 shares[19] Item 4. Quarterly Financial Statements 1. Consolidated Balance Sheet As of March 31, 2022, the company's total assets were 2.90 billion CNY, a 5.53% increase from the beginning of the year; total liabilities were 1.26 billion CNY, a 9.03% increase from the beginning of the year; and total equity attributable to the parent company's owners was 1.65 billion CNY, a 3.03% increase from the beginning of the year, with asset growth primarily driven by an increase in fixed assets and liability growth mainly from increased long-term borrowings Consolidated Balance Sheet Key Items | Item | End of Period Balance (CNY) | Beginning of Year Balance (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,897,218,028.99 | 2,745,404,335.50 | 5.53% | | Total Liabilities | 1,255,625,525.26 | 1,151,630,096.99 | 9.03% | | Total Equity Attributable to Parent Company Owners | 1,647,836,303.31 | 1,599,352,613.84 | 3.03% | 2. Consolidated Income Statement In Q1 2022, the company achieved total operating revenue of 1.05 billion CNY, a 27.96% increase year-over-year; total operating costs were 1.01 billion CNY, a 27.92% increase year-over-year; ultimately, net profit attributable to the parent company's owners was 41.58 million CNY, up 36.10% year-over-year, with basic earnings per share of 0.1081 CNY Consolidated Income Statement Key Items | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,045,541,754.67 | 817,083,718.30 | 27.96% | | Total Operating Costs | 1,007,236,904.41 | 787,355,308.56 | 27.92% | | Net Profit Attributable to Parent Company Owners | 41,583,613.32 | 30,554,646.42 | 36.10% | | Basic Earnings Per Share | 0.1081 | 0.0796 | 35.80% | 3. Consolidated Cash Flow Statement During the reporting period, the company's net cash flow from operating activities was -139 million CNY, a further negative outflow year-over-year, primarily due to increased payments for goods and promotional expenses; net cash outflow from investing activities was 51.72 million CNY; net cash inflow from financing activities was 155 million CNY, mainly from new borrowings, effectively supplementing the company's cash flow; cash and cash equivalents balance at period-end was 347 million CNY Consolidated Cash Flow Statement Key Items | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -138,756,471.71 | -24,463,680.71 | -467.19% | | Net Cash Flow from Investing Activities | -51,724,291.92 | -23,763,667.95 | -117.66% | | Net Cash Flow from Financing Activities | 155,372,271.27 | -32,927,066.87 | 571.87% | | Net Increase in Cash and Cash Equivalents | -36,762,548.77 | -80,085,352.45 | 54.09% | 2. Audit Report The company's Q1 2022 report is unaudited - The company's first quarter report is unaudited[45]