泰和科技(300801) - 2021 Q3 - 季度财报

I. Key Financial Data Key Accounting Data and Financial Indicators In Q3 2021, the company achieved significant revenue growth, but net profit attributable to shareholders of the listed company declined year-over-year, while total assets and owners' equity showed slight increases compared to the end of the previous year Key Financial Indicators for Q3 2021 | Indicator | Current Period | Year-to-Date | Year-to-Date YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 524.70 million | 1.38 billion | 21.84% | | Net Profit Attributable to Shareholders of the Listed Company (RMB) | 47.50 million | 118.48 million | -32.06% | | Net Cash Flow from Operating Activities (RMB) | - | 81.87 million | -53.21% | | Basic Earnings Per Share (RMB/share) | 0.22 | 0.55 | -32.10% | | Total Assets (RMB) | 2.23 billion | - | 5.20% (vs. end of prior year) | | Total Equity Attributable to Shareholders of the Listed Company (RMB) | 1.94 billion | - | 3.57% (vs. end of prior year) | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's non-recurring gains and losses amounted to 2.381 million RMB, with a year-to-date cumulative total of 11.184 million RMB, primarily from government grants and fair value changes of financial assets held for trading Details of Non-recurring Gains and Losses (Year-to-Date) | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | 0.28 million | | Government Grants Recognized in Current Profit/Loss | 5.99 million | | Gains and Losses from Changes in Fair Value of Financial Assets/Liabilities Held for Trading, etc | 7.37 million | | Other Non-operating Income and Expenses | -0.48 million | | Less: Income Tax Impact | 1.97 million | | Total | 11.18 million | Analysis of Changes in Key Financial Indicators and Their Causes Changes in the company's financial indicators are primarily influenced by external market conditions, with revenue growth driven by product price increases, but net profit declining due to raw material and shipping cost increases exceeding selling price increases, while increased raw material procurement expenditures led to reduced operating cash flow - Operating revenue for the current period increased by 46.91% year-over-year, primarily due to rising raw material prices leading to higher product selling prices and a slight increase in sales volume[8] - Year-to-date net profit decreased by 32.06% year-over-year, mainly because significant increases in raw material prices and shipping costs were not fully offset by product selling price increases[8] - Year-to-date net cash flow from operating activities decreased by 53.21% year-over-year, primarily due to increased cash paid for raw material purchases driven by higher unit prices and increased inventory stocking[8] II. Shareholder Information Shareholding Information As of the end of the reporting period, the company had 15,150 ordinary shareholders and no preferred shareholders, with actual controller Cheng Zhongfa holding 47.63%, indicating a relatively concentrated equity structure, and several related parties among the top ten shareholders - As of the end of the reporting period, the company had 15,150 ordinary shareholders[10] Top Five Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares | | :--- | :--- | :--- | | Cheng Zhongfa | 47.63% | 102.87 million | | Shanghai Fosun Chuanghong Equity Investment Fund Partnership (Limited Partnership) | 11.70% | 25.27 million | | Zaozhuang Hesheng Investment Management Center (Limited Partnership) | 6.75% | 14.58 million | | Wang Jiageng | 1.69% | 3.65 million | | Cheng Xia | 1.26% | 2.72 million | - Shareholders Li Jingjuan, Cheng Xia, and Cheng Cheng are close relatives of the actual controller Cheng Zhongfa, and Zaozhuang Hesheng Investment Management Center (Limited Partnership) is an enterprise controlled by Cheng Zhongfa[11] Changes in Restricted Shares During the reporting period, the company's restricted shares decreased by 1.215 million due to the unlocking of senior management restricted shares, resulting in a total of 132.52 million restricted shares at period-end, primarily from pre-IPO and senior management restricted shares - During the current reporting period, shareholder Wang Jiageng unlocked 1.215 million shares due to the expiration of senior management restricted shares[13] Overview of Restricted Share Changes | Item | Number of Shares | | :--- | :--- | | Restricted Shares at Beginning of Period | 133.73 million | | Shares Unlocked in Current Period | 1.215 million | | Shares Added in Current Period | 0 | | Restricted Shares at End of Period | 132.52 million | III. Other Significant Matters Other Significant Matters During the reporting period, the company disclosed several significant matters, including the unlocking of senior management shares, the controlling shareholder's share increase plan, a change in CFO, and a subsidiary's external investment to establish a joint venture, reflecting the company's dynamics in capital operations, corporate governance, and strategic expansion - Controlling shareholder and Chairman Cheng Zhongfa plans to increase his shareholding in the company by no less than 10 million RMB and no more than 20 million RMB within six months starting from July 12, 2021[15] - Ms Yao Ya, the company's former CFO, resigned but continues to serve as a director and general manager; the board of directors appointed Ms Zhang Jing as the new CFO[16] - Wholly-owned subsidiary Fenghuitaihe and Shandong Guosheng jointly established Shandong Fenghui Guosheng Battery Co Ltd, with Fenghuitaihe contributing 10 million RMB for a 62.5% stake, aiming to improve investment efficiency[16][17] IV. Quarterly Financial Statements Financial Statements This section provides the unaudited consolidated balance sheet, consolidated income statement, and consolidated cash flow statement, comprehensively reflecting the company's financial position, operating results, and cash flows as of September 30, 2021 Consolidated Balance Sheet As of September 30, 2021, the company's total assets were 2.235 billion RMB, a 5.20% increase from the beginning of the year, with a high proportion of current assets and total liabilities of 299 million RMB, indicating a low debt-to-asset ratio and sound financial structure, with key asset changes including a decrease in financial assets held for trading and increases in inventories and accounts receivable Key Items from Consolidated Balance Sheet (Unit: RMB) | Item | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Assets | | | | Cash and Cash Equivalents | 591.36 million | 547.37 million | | Financial Assets Held for Trading | 340.15 million | 488.00 million | | Accounts Receivable | 190.64 million | 142.85 million | | Inventories | 155.35 million | 95.50 million | | Fixed Assets | 370.79 million | 350.80 million | | Total Assets | 2.23 billion | 2.12 billion | | Liabilities | | | | Notes Payable | 129.39 million | 131.55 million | | Contract Liabilities | 42.24 million | 10.28 million | | Total Liabilities | 299.37 million | 255.58 million | | Total Owners' Equity | 1.94 billion | 1.87 billion | Consolidated Income Statement (Year-to-Date) In the first three quarters of 2021, the company achieved total operating revenue of 1.383 billion RMB, a 21.84% year-over-year increase; however, operating costs (up 34.64% YoY) grew significantly faster than revenue, leading to a 33.54% year-over-year decline in operating profit and a net profit attributable to parent company shareholders of 118 million RMB, down 32.06% year-over-year Key Items from Consolidated Income Statement (Year-to-Date, Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 1.38 billion | 1.14 billion | | Total Operating Costs | 1.25 billion | 943.06 million | | Including: Operating Costs | 1.15 billion | 851.88 million | | Research and Development Expenses | 56.36 million | 46.82 million | | Operating Profit | 138.82 million | 208.88 million | | Total Profit | 138.34 million | 208.41 million | | Net Profit | 118.48 million | 174.40 million | | Basic Earnings Per Share | 0.55 RMB/share | 0.81 RMB/share | Consolidated Cash Flow Statement (Year-to-Date) In the first three quarters of 2021, net cash flow from operating activities was 81.87 million RMB, a significant 53.21% year-over-year decrease, primarily due to increased cash paid for goods purchased; investing activities shifted from negative to positive cash flow, while financing activities mainly involved dividend distribution, with cash and cash equivalents totaling 531 million RMB at period-end Key Items from Consolidated Cash Flow Statement (Year-to-Date, Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 81.87 million | 174.97 million | | Net Cash Flow from Investing Activities | 17.19 million | -423.14 million | | Net Cash Flow from Financing Activities | -54.01 million | -60.11 million | | Net Increase in Cash and Cash Equivalents | 43.16 million | -309.98 million | | Cash and Cash Equivalents at Period End | 530.50 million | 563.40 million | Explanation of Financial Statement Adjustments The company adopted new lease standards for the first time starting in 2021, but this accounting policy change had no impact on the opening balance sheet items, thus no adjustments to the opening financial statements were required - The company's adoption of new lease standards did not affect opening balance sheet items, thus no adjustments to opening balance sheet accounts were required[29][30] Audit Report This quarterly report is unaudited - The company's Q3 2021 report is unaudited[31]