壹网壹创(300792) - 2021 Q3 - 季度财报

Key Financial Data Key Accounting Data and Financial Indicators Despite Q3 and YTD revenue decline, net profit attributable to shareholders, total assets, and equity grew significantly, indicating enhanced profitability Key Financial Indicators for Q3 2021 and Year-to-Date | Indicator | Current Period (Q3) | YoY Change (Q3) | Year-to-Date (YTD) | YoY Change (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 242,862,726.25 | -8.91% | 729,281,527.03 | -11.56% | | Net Profit Attributable to Shareholders (Yuan) | 77,058,032.40 | 39.07% | 203,560,853.60 | 24.24% | | Net Cash Flow from Operating Activities (Yuan) | - | - | -48,125,477.64 | -118.23% | | Basic Earnings Per Share (Yuan/share) | 0.33 | 30.21% | 0.92 | 21.05% | Key Balance Sheet Indicators at Period End | Indicator | End of Current Period | End of Previous Year | Change from Previous Year End | | :--- | :--- | :--- | :--- | | Total Assets (Yuan) | 3,051,896,184.67 | 2,014,165,688.66 | 51.52% | | Shareholders' Equity Attributable to Listed Company (Yuan) | 2,530,741,928.01 | 1,512,584,927.64 | 67.31% | Non-recurring Gains and Losses Items and Amounts Year-to-date non-recurring gains and losses totaled 29.93 million Yuan, mainly from asset disposal and government subsidies, significantly boosting net profit Key Non-recurring Gains and Losses Items Year-to-Date | Item | Amount Year-to-Date (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 25,282,014.92 | | Government Subsidies Included in Current P&L | 14,027,434.91 | | Total | 29,930,544.65 | Changes and Reasons for Key Financial Indicators Major financial changes were driven by private share placement, adjusted Pechoin partnership, increased prepayments/inventory, and a significant rise in R&D investment - Private placement of shares significantly increased monetary funds (+129.16%), share capital (+65.48%), and capital reserves (+118.68%), primarily driving the expansion of assets and equity[8][10] - Adjustments in the partnership model with Pechoin's flagship store were the core reason for the simultaneous year-to-date decline in operating revenue (-11.56%) and selling expenses (-58.30%)[10] - Increased prepayments for goods and inventory stocking for the Double Eleven promotion led to a surge in prepayments (+240.45%) and inventory (+82.43%), consequently impacting net cash flow from operating activities (-118.23%)[8][10] - The company continued to increase R&D investment, with year-to-date R&D expenses reaching 20.57 million Yuan, a 147.85% year-on-year increase[10] Shareholder Information Total Shareholders and Top Ten Shareholders The company has 23,383 common shareholders; the top two hold over 45%, indicating concentrated ownership, with institutional investors among the top ten - As of the end of the reporting period, the company had a total of 23,383 common shareholders[11] Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Hangzhou Wangchuang Brand Management Co., Ltd. | 35.09% | 83,757,996 | | Lin Zhenyu | 10.24% | 24,446,382 | | Wu Shu | 3.49% | 8,322,071 | | Zhang Fan | 3.36% | 8,014,937 | | Penghua Emerging Industry Mixed Securities Investment Fund | 3.32% | 7,924,931 | Changes in Restricted Shares Total restricted shares increased from 124 million to 147 million, primarily due to post-IPO restrictions and executive lock-up commitments - At the end of the reporting period, the company's total restricted shares amounted to 146,705,646 shares, an increase of 22,310,037 shares from the beginning of the period[16] - Key restricted shareholders include Hangzhou Wangchuang Brand Management Co., Ltd. and Lin Zhenyu, whose restricted shares stem from IPO commitments and are expected to be lifted on September 27, 2022[14] Other Significant Matters Overview of Operations The company advanced its dual-engine strategy, expanding to multiple e-commerce platforms, achieving 43% YTD GMV growth to 15.537 billion Yuan and 39.07% Q3 net profit growth - The company implemented a "Omni-channel E-commerce" + "New Consumer Product Acceleration" dual-engine strategy, diversifying its service models[17] - As of Q3 2021, the company achieved a GMV of 15.537 billion Yuan, representing a 43% year-on-year increase[17] - In Q3, 35 new brands were signed, including Nivea, Philips, and Yili, strengthening the company's omni-channel service capabilities[17] Revenue Change Analysis Q3 operating revenue declined due to adjusted Pechoin partnership impacting "Brand Online Marketing Services," largely offset by "Online Management Services" growth Q3 2021 Revenue Changes by Business Segment (Unit: Ten Thousand Yuan) | Business Segment | Jul-Sep 2021 | Jul-Sep 2020 | Change Amount | | :--- | :--- | :--- | :--- | | Brand Online Marketing Services | 3,584.99 | 9,217.28 | -5,632.29 | | Online Management Services | 13,466.56 | 9,149.75 | 4,316.81 | | Online Distribution | 6,661.04 | 7,693.27 | -1,032.23 | | Total Operating Revenue | 24,286.27 | 26,661.17 | -2,374.90 | GMV Change Analysis Strong GMV growth is driven by 129.89% YTD growth in new businesses and 210.93% growth on non-Taobao platforms, validating the multi-platform strategy GMV Growth by Business Segment | Business Segment | Q3 YoY Change (%) | Q1-Q3 2021 YoY Change (%) | | :--- | :--- | :--- | | Mature Businesses (Beauty + Personal Care) | 14.24% | 11.99% | | New Businesses (Food, Trendy Toys, etc.) | 75.38% | 129.89% | GMV Growth by Platform | Platform Type | Q3 YoY Change (%) | Q1-Q3 2021 YoY Change (%) | | :--- | :--- | :--- | | Taobao Ecosystem | 19.85% | 17.84% | | Non-Taobao Platforms | 222.03% | 210.93% | Progress of Major Asset Restructuring The company is acquiring 49% equity in Zhejiang Shangbai E-commerce via share issuance and cash, a related party transaction not constituting major asset restructuring - The company plans to acquire 49% equity in Zhejiang Shangbai E-commerce Co., Ltd. through share issuance and cash payment, and raise supporting funds[22] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2021, total assets reached 3.052 billion Yuan (+51.52%), with low liabilities and 2.531 billion Yuan in parent equity (+67.31%), driven by private share placement Key Items of Consolidated Balance Sheet (Unit: Yuan) | Item | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Monetary Funds | 1,447,130,274.49 | 631,501,939.84 | | Total Assets | 3,051,896,184.67 | 2,014,165,688.66 | | Total Liabilities | 453,850,600.85 | 429,637,710.61 | | Total Equity Attributable to Parent Company Shareholders | 2,530,741,928.01 | 1,512,584,927.64 | Consolidated Income Statement Q1-Q3 2021 total operating revenue decreased by 11.56% to 729 million Yuan, yet net profit attributable to parent shareholders grew 24.24% to 204 million Yuan, driven by cost control and investment income Key Items of Consolidated Income Statement (Year-to-Date, Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 729,281,527.03 | 824,571,227.18 | | Total Operating Costs | 498,898,386.85 | 618,175,252.93 | | Of which: Selling Expenses | 45,968,694.77 | 110,229,635.72 | | Investment Income | 38,388,526.03 | 771.50 | | Total Profit | 278,187,860.78 | 227,995,830.78 | | Net Profit Attributable to Parent Company Shareholders | 203,560,853.60 | 163,844,019.72 | Consolidated Cash Flow Statement Q1-Q3 2021 operating cash flow was -48.13 million Yuan due to increased prepayments and inventory, while financing cash flow surged to 819 million Yuan from private share placement, boosting cash reserves Key Items of Consolidated Cash Flow Statement (Year-to-Date, Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -48,125,477.64 | 264,009,413.10 | | Net Cash Flow from Investing Activities | 44,295,822.44 | -196,558,355.61 | | Net Cash Flow from Financing Activities | 819,243,483.34 | -64,548,445.69 | | Net Increase in Cash and Cash Equivalents | 815,673,206.50 | 2,488,264.75 | Notes on Financial Statement Adjustments The company retrospectively adopted new leasing standards from January 1, 2021, adjusting opening financial statements by adding "Right-of-Use Assets" and "Lease Liabilities" and modifying "Prepayments" - The company first adopted new leasing standards from January 1, 2021, and adjusted relevant items in its opening financial statements[34] - Key adjustments to the January 1, 2021 balance sheet included increasing "Right-of-Use Assets" by 8.37 million Yuan, increasing "Lease Liabilities" by 6.38 million Yuan, and decreasing "Prepayments" by 1.99 million Yuan[35][36][37]