佳禾智能(300793) - 2021 Q1 - 季度财报

Important Notice The board, supervisory board, and senior management affirm the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[3] - All directors attended the board meeting that reviewed this quarterly report[4] - Company head Yan Wenhua, chief accountant Yang Ming, and head of accounting department Liu Dongdan declare that the financial statements in the quarterly report are true, accurate, and complete[4] Company Overview This section presents key accounting data, financial indicators, total shareholders, and top ten shareholder details for the reporting period Key Accounting Data and Financial Indicators Q1 2021 revenue grew 63.68% to CNY 526 million, but net profit attributable to shareholders declined 105.59% to a CNY 15.36 million loss, with total assets decreasing 7.13% 2021 Q1 Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Year Same Period (CNY) | Change from Prior Year Same Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 526,497,531.87 | 321,653,451.08 | 63.68% | | Net Profit Attributable to Listed Company Shareholders | -15,359,951.81 | -7,471,156.70 | 105.59% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -19,617,754.51 | -7,961,899.40 | 146.40% | | Net Cash Flow from Operating Activities | -109,448,498.17 | -66,967,245.95 | 63.44% | | Basic Earnings Per Share (CNY/share) | -0.06 | -0.04 | 50.00% | | Diluted Earnings Per Share (CNY/share) | -0.06 | -0.04 | 50.00% | | Weighted Average Return on Net Assets | -1.27% | -0.63% | -0.64% | | As of End of Current Period | | | | | Total Assets | 2,446,868,593.38 | 2,634,591,188.07 | -7.13% | | Net Assets Attributable to Listed Company Shareholders | 1,206,366,005.25 | 1,219,006,562.81 | -1.04% | Non-Recurring Gains and Losses (Year-Start to Period-End) | Item | Amount from Year-Start to Period-End (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -36,578.41 | | Government Subsidies Included in Current Profit/Loss | 945,417.38 | | Gains/Losses from Fair Value Changes and Investment Income | 3,050,874.85 | | Other Non-Operating Income and Expenses | 40.85 | | Less: Income Tax Impact | -298,048.03 | | Total | 4,257,802.70 | Total Shareholders and Top Ten Shareholders at Period-End As of period-end, the company had 19,878 common shareholders, with Dongguan Wenfeng Industrial Investment Co., Ltd. holding 39.60% restricted shares, and Chairman Yan Wenhua and Director Yan Fan as actual controllers - The total number of common shareholders at the end of the reporting period was 19,878[13] Top Ten Shareholders' Holdings at Period-End | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Dongguan Wenfeng Industrial Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 39.60% | 105,600,000 | 105,600,000 | | Dongguan Wenyao Industrial Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.00% | 16,000,000 | 16,000,000 | | Dongguan Wensheng Industrial Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.00% | 16,000,000 | 16,000,000 | | Dongguan Wenhong Industrial Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.00% | 16,000,000 | 16,000,000 | | Yan Fan | Domestic Natural Person | 4.20% | 11,200,000 | 11,200,000 | | Dongguan Hontu Venture Capital Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.65% | 7,073,000 | 0 | | China-Belgium Direct Equity Investment Fund | State-Owned Legal Person | 2.22% | 5,923,020 | 0 | | Long Ting | Domestic Natural Person | 2.02% | 5,400,000 | 0 | | Hu Xiaobin | Domestic Natural Person | 2.02% | 5,400,000 | 0 | | Wu Qiongb | Domestic Natural Person | 1.50% | 3,992,000 | 0 | - The company's actual controllers are Chairman Yan Wenhua and Director Yan Fan[20] - Dongguan Wenfeng Industrial Investment Co., Ltd., Dongguan Wensheng Industrial Investment Partnership (Limited Partnership), and Dongguan Wenhong Industrial Investment Partnership (Limited Partnership) are actually controlled by Chairman Yan Wenhua[17] Significant Matters This section details major financial changes, business review, proceeds utilization, and confirms no significant orders, illegal guarantees, or related party fund occupation Significant Changes in Key Financial Data and Indicators and Their Reasons Balance sheet, income statement, and cash flow items saw significant changes, including increased cash from redemptions, decreased trading assets, 63.68% revenue growth, and a 105.59% net profit decline due to costs, expenses, and exchange losses, while operating cash outflows increased and investment cash inflows significantly rose from wealth management redemptions Balance Sheet Items Significant Changes (March 31, 2021 vs. December 31, 2020) | Balance Sheet Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 734,666,354.48 | 518,750,457.85 | 41.62% | Redemption of idle wealth management funds | | Trading Financial Assets | 30,870,156.52 | 238,433,798.00 | -87.05% | Redemption of idle wealth management funds | | Accounts Receivable | 437,798,217.32 | 771,155,613.09 | -43.23% | Collection of prior period accounts receivable during the reporting period | | Other Receivables | 7,496,478.47 | 25,479,429.58 | -70.58% | Collection of export tax rebates | | Other Current Assets | 83,207,117.01 | 59,592,721.04 | 39.63% | Increased export sales scale, leading to higher deductible VAT for exports | | Construction in Progress | 58,220,062.03 | 84,596,882.50 | -31.18% | Vietnam Industrial Park project transferred to fixed assets | | Other Non-Current Assets | 44,397,924.53 | 24,207,548.25 | 83.41% | Increased prepayments for ongoing headquarters project | | Short-Term Borrowings | 345,994,600.00 | 262,745,678.35 | 31.68% | Increased short-term bank loans due to growing operating scale | | Contract Liabilities | 2,803,508.38 | 14,528,800.61 | -80.70% | Decreased advance receipts for goods, leading to reduced contract liabilities | | Taxes Payable | 3,434,418.28 | 6,886,725.43 | -50.13% | Decreased sales gross margin, leading to reduced corresponding taxes | Income Statement Items Significant Changes (2021 Q1 vs. 2020 Q1) | Income Statement Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 526,497,531.87 | 321,653,451.08 | 63.68% | Increased revenue scale during the reporting period | | Operating Costs | 485,423,831.78 | 290,305,128.70 | 67.21% | Increased costs corresponding to revenue growth during the reporting period | | Taxes and Surcharges | 2,212,958.26 | 1,241,314.34 | 78.28% | Increased accrued taxes during the reporting period | | Financial Expenses | 6,172,069.77 | -3,404,961.93 | -281.27% | Significant exchange rate fluctuations, leading to changes in exchange gains/losses | | Other Income | 174,939.38 | 5,622,482.79 | -96.89% | Decreased government subsidies recognized in current profit/loss during the reporting period | | Investment Income | -514,673.32 | 1,790,709.81 | -128.74% | Changes in gains from foreign exchange forward contracts and wealth management products during the reporting period | | Gains/Losses from Fair Value Changes | 3,565,548.17 | -5,805,758.33 | -161.41% | Changes from foreign exchange forward contracts during the reporting period | | Credit Impairment Losses | 1,186,819.36 | 3,065,402.22 | -61.28% | Decreased accounts receivable balance at period-end, leading to lower expected credit losses | | Non-Operating Expenses | 0.00 | 308,966.76 | -100.00% | Primarily public welfare donations in the same period last year | Cash Flow Statement Items Significant Changes (2021 Q1 vs. 2020 Q1) | Cash Flow Statement Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 881,395,854.54 | 540,116,355.04 | 63.19% | Collection of prior period payments during the reporting period | | Tax Refunds Received | 65,217,763.03 | 41,573,731.61 | 56.87% | Increased export tax refunds received during the reporting period | | Other Cash Received Related to Operating Activities | 1,933,992.60 | 7,948,658.88 | -75.67% | Changes in government subsidies received during the reporting period | | Cash Paid for Goods and Services | 893,630,621.96 | 553,651,161.11 | 61.41% | Increased accounts payable due during the reporting period | | Cash Paid to and for Employees | 117,988,626.75 | 63,024,786.02 | 87.21% | Increased total employee wages due to growing revenue scale during the reporting period | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 43,557,898.03 | 22,519,675.83 | 93.42% | Increased payments for equipment and fixed asset investments during the reporting period | | Cash Received from Investment Redemptions | 610,000,000.00 | 197,240,000.00 | 209.27% | Redemption of idle wealth management products during the reporting period | | Cash Received from Investment Income | 3,727,627.25 | 251,370.85 | 1382.92% | Income generated from idle wealth management products during the reporting period | Business Review and Outlook Q1 2021 revenue grew 63.68% to CNY 526 million, but net profit fell 105.59% to a CNY 15.36 million loss due to product mix, rising costs, increased management expenses, and exchange losses, with plans for R&D and smart wearables expansion - The company's products primarily include various electro-acoustic products such as headphones, speakers, audio cables, and headphone components, maintaining close, stable, and long-term strategic partnerships with top global electro-acoustic product brands, smartphone brands, telecom operators, and internet giants[34] - Benefiting from the company's "major client, major order" strategic positioning, Q1 operating revenue continued to grow, reaching CNY 526 million, a 63.68% year-on-year increase[34] - Net profit attributable to listed company shareholders was a loss of CNY 15.36 million, a 105.59% year-on-year decrease, primarily due to changes in product structure, rising comprehensive costs leading to a decline in gross profit margin, increased management expenses for the "Dongguan-Vietnam-Jiangxi" integrated production base, and significant exchange losses from USD depreciation[34] - The company plans to continuously strengthen R&D innovation, deeply deploy technical R&D in "new products, new technologies, new components, new processes, and new systems," accelerate the development of new product lines and new clients, and further expand its business scope to smart wearable products[34] Top Five Supplier Procurement (Year-Start to Period-End) | Indicator | Year-Start to Current Period-End (CNY) | Prior Year Same Period (CNY) | | :--- | :--- | :--- | | Total Procurement from Top Five Suppliers | 165,324,806.10 | 57,188,182.88 | | Percentage of Total Q1 Procurement from Top Five Suppliers | 35.36% | 40.37% | Top Five Customer Sales (Year-Start to Period-End) | Indicator | Year-Start to Current Period-End (CNY) | Prior Year Same Period (CNY) | | :--- | :--- | :--- | | Total Sales to Top Five Customers | 442,064,644.55 | 304,463,107.82 | | Percentage of Total Q1 Sales to Top Five Customers | 83.96% | 94.66% | Progress of Significant Matters No significant progress on major signed orders, product/service changes, key R&D projects, or changes to intangible assets, core competitiveness, or technical teams were reported - No significant signed orders or their progress were reported during the period[35] - The company's products or services did not undergo significant changes or adjustments during the reporting period[35] - No significant R&D project progress or impacts were reported during the period[35] - No significant changes occurred in the company's intangible assets, core competitiveness, core technical team, or key technical personnel during the reporting period[35] Unfulfilled Commitments by Controlling Shareholders, Related Parties, Acquirers, and the Company No overdue unfulfilled commitments from actual controllers, shareholders, related parties, acquirers, or the company were reported during the period - The company reported no overdue unfulfilled commitments from its actual controllers, shareholders, related parties, acquirers, or the company itself during the reporting period[39] Comparison Table of Proceeds Utilization Total raised funds were CNY 507.9933 million, with CNY 146.71 million (28.88%) reallocated, and CNY 305.6476 million cumulatively invested; the "Electro-acoustic Product Smart Factory" project is incomplete and its benefits are not yet evaluable Overview of Proceeds Utilization | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Total Raised Funds | 50,799.33 | | Total Reallocated Funds During Reporting Period | 0 | | Total Cumulatively Reallocated Funds | 14,671 | | Percentage of Cumulatively Reallocated Funds | 28.88% | | Total Funds Invested This Quarter | 2,613.47 | | Total Cumulatively Invested Funds | 30,564.76 | Utilization of Proceeds for Committed Investment Projects | Committed Investment Project | Project Changed | Adjusted Total Investment (1) (CNY 10,000) | Amount Invested This Period (CNY 10,000) | Cumulatively Invested Amount as of Period-End (2) (CNY 10,000) | Investment Progress as of Period-End (3)=(2)/(1) | Benefits Achieved This Period (CNY 10,000) | Cumulatively Achieved Benefits (CNY 10,000) | Achieved Expected Benefits | Significant Change in Project Feasibility | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1. Electro-acoustic Product Smart Factory Construction Project | Yes | 11,971.66 | 627.85 | 6,272.11 | 52.39% | -599.77 | 270.85 | No | Yes | | 2. R&D Center Construction Project | No | 6,460.8 | 492.42 | 5,103.58 | 78.99% | | | Not Applicable | No | | 3. Replenishment of Working Capital | No | 17,695.87 | 0 | 17,695.87 | 100.00% | | | Not Applicable | No | | 4. Jiangxi Smart Electro-acoustic Product Production Project | No | 14,671 | 1,493.2 | 1,493.2 | 10.18% | | | Not Applicable | No | - The "Electro-acoustic Product Smart Factory Construction Project" has not achieved its expected benefits because the project is not yet fully completed, thus its annual benefits cannot be evaluated against the promised expected benefits after production[43] - The implementation location and use of proceeds for the "Electro-acoustic Product Smart Factory Construction Project" underwent significant changes, with CNY 146.71 million reallocated to the "Jiangxi Smart Electro-acoustic Product Production Project" to expand production scale and overcome domestic capacity bottlenecks[43][46] Warning and Explanation of Potential Loss or Significant Change in Cumulative Net Profit The company did not issue any warning regarding potential loss or significant changes in cumulative net profit for the upcoming reporting period - The company did not issue any warning regarding a potential loss or significant change in cumulative net profit during the reporting period[46] Illegal External Guarantees The company reported no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[47] Non-Operating Occupation of Funds by Controlling Shareholders and Related Parties No non-operating occupation of funds by controlling shareholders or related parties was reported during the period - The company reported no non-operating occupation of funds by its controlling shareholders or related parties during the reporting period[48] Registration of Research, Communication, and Interview Activities The company did not host any research, communication, or interview activities during the reporting period - The company did not host any research, communication, or interview activities during the reporting period[51] Financial Statements This section presents the unaudited consolidated and parent company financial statements for Q1 2021, including balance sheets, income statements, and cash flow statements, along with adjustment explanations Financial Statements This section details the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021, reflecting financial position and operating results Consolidated Balance Sheet As of March 31, 2021, consolidated total assets decreased to CNY 2,446.87 million, with increased cash and inventory, and decreased trading financial assets and accounts receivable Consolidated Balance Sheet Key Items (March 31, 2021 vs. December 31, 2020) | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 734,666,354.48 | 518,750,457.85 | | Trading Financial Assets | 30,870,156.52 | 238,433,798.00 | | Accounts Receivable | 437,798,217.32 | 771,155,613.09 | | Inventory | 613,877,287.50 | 512,826,718.53 | | Total Current Assets | 1,909,602,071.63 | 2,127,990,803.43 | | Fixed Assets | 348,142,720.05 | 309,600,768.51 | | Total Assets | 2,446,868,593.38 | 2,634,591,188.07 | | Short-Term Borrowings | 345,994,600.00 | 262,745,678.35 | | Accounts Payable | 828,450,577.57 | 1,071,851,033.35 | | Total Liabilities | 1,238,522,307.72 | 1,415,584,625.26 | | Total Equity Attributable to Parent Company Owners | 1,206,366,005.25 | 1,219,006,562.81 | Parent Company Balance Sheet As of March 31, 2021, parent company total assets decreased to CNY 1,675.31 million, with increased cash and inventory, and decreased trading financial assets and accounts receivable Parent Company Balance Sheet Key Items (March 31, 2021 vs. December 31, 2020) | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 297,511,218.90 | 210,644,589.20 | | Trading Financial Assets | 843,600.00 | 56,932,768.39 | | Accounts Receivable | 510,771,815.71 | 944,666,405.59 | | Inventory | 102,331,575.56 | 63,791,768.57 | | Total Assets | 1,675,307,707.90 | 2,018,769,606.18 | | Short-Term Borrowings | 275,994,600.00 | 157,660,850.00 | | Accounts Payable | 188,676,154.81 | 663,129,459.54 | | Total Liabilities | 489,948,821.86 | 835,358,428.20 | | Total Owners' Equity | 1,185,358,886.04 | 1,183,411,177.98 | Consolidated Income Statement Q1 2021 consolidated revenue grew 63.68% to CNY 526 million, but net profit attributable to parent shareholders was a CNY 15.36 million loss, exacerbated by costs, financial expenses, and reduced other income Consolidated Income Statement Key Items (2021 Q1 vs. 2020 Q1) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 526,497,531.87 | 321,653,451.08 | | Total Operating Costs | 543,825,172.87 | 331,484,672.86 | | Operating Costs | 485,423,831.78 | 290,305,128.70 | | Financial Expenses | 6,172,069.77 | -3,404,961.93 | | Operating Profit | -14,782,078.71 | -6,641,341.31 | | Total Profit | -14,011,559.86 | -6,549,123.48 | | Net Profit | -15,379,671.40 | -7,471,156.70 | | Net Profit Attributable to Parent Company Shareholders | -15,359,951.81 | -7,471,156.70 | | Basic Earnings Per Share | -0.06 | -0.04 | Parent Company Income Statement Q1 2021 parent company revenue grew to CNY 486 million, achieving a net profit of CNY 1.95 million, an improvement from the prior year despite increased financial expenses Parent Company Income Statement Key Items (2021 Q1 vs. 2020 Q1) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Operating Revenue | 485,585,377.25 | 312,809,388.28 | | Operating Costs | 447,755,780.82 | 286,203,301.84 | | Financial Expenses | 5,440,680.44 | -3,020,227.62 | | Investment Income | 3,071,345.57 | 1,391,494.75 | | Operating Profit | 1,177,230.02 | 1,342,652.04 | | Total Profit | 1,947,708.06 | 1,069,136.55 | | Net Profit | 1,947,708.06 | 1,059,389.00 | Consolidated Cash Flow Statement Q1 2021 operating cash flow was negative CNY 109 million, while investing cash flow turned positive to CNY 164 million due to investment redemptions, and financing cash flow increased to CNY 157 million Consolidated Cash Flow Statement Key Items (2021 Q1 vs. 2020 Q1) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -109,448,498.17 | -66,967,245.95 | | Net Cash Flow from Investing Activities | 164,221,023.22 | -166,528,304.98 | | Net Cash Flow from Financing Activities | 157,477,051.62 | 109,678,125.00 | | Net Increase in Cash and Cash Equivalents | 215,915,896.63 | -124,432,681.36 | | Cash and Cash Equivalents at Period-End | 729,960,554.48 | 439,089,394.02 | Parent Company Cash Flow Statement Q1 2021 parent company operating cash flow was negative CNY 41.90 million, an improvement, while investing cash flow turned positive to CNY 11.92 million, and financing cash flow significantly improved to CNY 116 million Parent Company Cash Flow Statement Key Items (2021 Q1 vs. 2020 Q1) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -41,903,612.10 | -112,531,545.72 | | Net Cash Flow from Investing Activities | 11,918,535.30 | -40,976,555.01 | | Net Cash Flow from Financing Activities | 116,019,301.60 | 93,636,125.00 | | Net Increase in Cash and Cash Equivalents | 86,866,629.70 | -57,950,925.11 | | Cash and Cash Equivalents at Period-End | 297,511,218.90 | 173,915,794.95 | Explanation of Financial Statement Adjustments The company did not retrospectively adjust financial statements for the first-time adoption of new lease standards or prior comparative data in Q1 2021 - The company did not adjust the financial statements at the beginning of the year for the first-time adoption of new lease standards starting in 2021[100] - The company did not retrospectively adjust prior comparative data for the first-time adoption of new lease standards starting in 2021[102] Audit Report The company's Q1 2021 report is unaudited - The company's first quarterly report is unaudited[103]