锦盛新材(300849) - 2023 Q3 - 季度财报

Key Financial Data Key Accounting Data and Financial Indicators The company's performance significantly declined in the first three quarters of 2023, with cumulative revenue slightly down and net profit attributable to shareholders recording a substantial loss Key Accounting Data and Financial Indicators | Indicator | Year-to-Date (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 179,682,616.03 | -3.41% | | Net Profit Attributable to Shareholders of Listed Company | -17,046,168.05 | -308.46% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -22,830,485.03 | -141.47% | | Net Cash Flow from Operating Activities | 15,530,372.68 | -66.45% | | Basic Earnings Per Share (RMB/share) | -0.1136 | -308.63% | | Weighted Average Return on Net Assets | -2.68% | -2.06% (percentage points) | | Indicator | End of Reporting Period (RMB) | Change from End of Previous Year | | Total Assets | 865,550,139.81 | 8.28% | | Total Owners' Equity Attributable to Shareholders of Listed Company | 628,230,384.47 | -2.64% | Non-Recurring Gains and Losses Items and Amounts The company recorded 5.78 million RMB in non-recurring gains in the first three quarters of 2023, primarily from fair value changes in financial assets and government grants Non-Recurring Gains and Losses Items and Amounts | Item | Year-to-Date Amount (RMB) | Explanation | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | -70,020.96 | - | | Government grants recognized in current profit/loss | 1,248,233.89 | - | | Fair value changes of transactional financial assets/liabilities | 5,814,503.02 | Primarily income from wealth management products | | Other non-operating income and expenses | -187,929.53 | - | | Income tax impact | -1,020,469.44 | - | | Total | 5,784,316.98 | - | Analysis of Changes in Key Accounting Data and Financial Indicators Multiple financial indicators showed significant fluctuations, with increased financial assets and short-term borrowings, while net profit turned to loss due to reduced foreign exchange gains and government subsidies Analysis of Balance Sheet Item Changes The balance sheet showed significant changes from the beginning to the end of the period, driven by increased financial assets, short-term borrowings, and other non-current assets - Transactional financial assets: Increased by 35.74%, primarily due to increased purchases of wealth management products during the reporting period[8] - Short-term borrowings: Increased by 88.22%, primarily due to new bank short-term borrowings during the reporting period[8] - Other non-current assets: Increased by 145.87%, primarily due to increased prepayments for equipment during the reporting period[8] - Notes receivable/Accounts receivable financing: Decreased by 52.80% and 74.74% respectively, primarily due to the maturity and settlement of bank acceptance bills[8] Analysis of Income Statement Item Changes Income statement items fluctuated significantly in the first three quarters of 2023, with financial expenses surging due to reduced foreign exchange gains, leading to a substantial net loss - Financial expenses: Increased by 103.61% year-on-year, primarily due to an 11.69 million RMB decrease in foreign exchange gains during the reporting period[9] - Fair value change gains: Increased by 360.46% year-on-year, primarily due to increased investment in wealth management products using own funds during the reporting period[9] - Other income: Decreased by 38.01% year-on-year, primarily due to a decrease in income-related government grants received[9] - Non-operating income: Decreased by 99.14% year-on-year, primarily due to a decrease in government grants unrelated to daily operating activities[9] - Net profit: Decreased by 308.46% year-on-year, primarily due to reduced foreign exchange gains and government grants received during the reporting period[9] Analysis of Cash Flow Statement Item Changes Cash flow structure changed in the first three quarters of 2023, with operating cash flow significantly decreasing, while financing cash flow substantially increased due to new short-term borrowings - Net cash flow from operating activities: Decreased by 66.45% year-on-year, primarily due to reduced sales revenue, export tax refunds, and government grants received[9] - Net cash flow from financing activities: Increased by 615.49% year-on-year, primarily due to increased short-term borrowings in the current period[9] - Impact of exchange rate changes on cash and cash equivalents: The impact decreased from 12.31 million RMB in the same period last year to 0.91 million RMB, a year-on-year decrease of 92.61%, primarily due to changes in the USD exchange rate[9] Explanation of Operating Changes During the Reporting Period Operating revenue decreased by 3.41% and net profit recorded a substantial loss of 17.05 million RMB, primarily due to weak overseas demand, reduced foreign exchange gains, and lower government subsidies - From January to September 2023, the company's net profit attributable to shareholders was -17.05 million RMB, a year-on-year decrease of 308.46%, primarily due to reduced foreign exchange gains (impact of 11.69 million RMB) and decreased government grants[9][10] Sales Area Performance | Sales Area | 2023 Jan-Sep Change | Year-on-Year Change | Revenue Share Change | | :--- | :--- | :--- | :--- | | Domestic Sales | Increased by 25.42 million RMB | +28.52% | Share increased | | Export Sales | Decreased by 31.77 million RMB | -32.79% | Share decreased from 52.80% to 37.15% | - Overall gross profit margin was 12.43%, an increase of 1.84 percentage points from 10.59% in the same period last year, primarily due to a slight increase in capacity utilization and a decrease in product unit costs[10] Shareholder Information Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 8,772 common shareholders, with the controlling shareholders and actual controllers, Ruan Rongtao and Gao Lijun, collectively controlling 35.11% of the equity - The total number of common shareholders at the end of the reporting period was 8,772[13] - The company's controlling shareholders and actual controllers are Mr. Ruan Rongtao and Ms. Gao Lijun. Through direct holdings, controlled partnerships, and an "Acting in Concert Agreement" with Ruan Jinjian, Ruan Cenghong, and Ruan Ronggen, they collectively control 35.11% of the company's equity[13] Changes in Restricted Shares During the reporting period, 61,389,641 shares of pre-IPO restricted stock and director/supervisor/senior management locked-up shares were released from restrictions Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Shares Released in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Ruan Rongtao | 30,486,966 | 30,486,966 | 22,865,224 | IPO restricted shares released, end of period as senior management locked-up shares | | Shaoxing Jinsheng Enterprise Management Consulting Partnership (L.P.) | 7,875,000 | 7,875,000 | 0 | Pre-IPO restricted | | Gao Lijun | 4,180,671 | 4,180,671 | 3,135,503 | IPO restricted shares released, end of period as senior management locked-up shares | | Ruan Cenghong | 3,375,000 | 3,375,000 | 2,531,250 | IPO restricted shares released, end of period as senior management locked-up shares | | Hong Yu | 6,389,165 | 6,389,165 | 0 | Locked-up after resignation of director/supervisor/senior management | | Total | 61,389,641 | 61,389,641 | 28,531,977 | -- | Other Significant Matters During the reporting period, the company had no other significant matters requiring disclosure - The company had no other significant matters applicable or inapplicable during this reporting period[15] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2023, total assets were 865.55 million RMB, an 8.28% increase, while total liabilities surged 54.02% to 237.32 million RMB, primarily due to increased short-term borrowings Consolidated Balance Sheet | Item | Sep 30, 2023 (RMB) | Jan 1, 2023 (RMB) | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Cash and Cash Equivalents | 98,672,345.99 | 94,893,606.13 | +3.98% | | Transactional Financial Assets | 157,158,548.02 | 115,781,508.72 | +35.74% | | Inventories | 74,712,406.70 | 65,820,659.63 | +13.51% | | Fixed Assets | 244,166,623.26 | 262,375,398.21 | -6.94% | | Construction in Progress | 134,864,160.31 | 113,226,862.80 | +19.11% | | Total Assets | 865,550,139.81 | 799,363,305.72 | +8.28% | | Liabilities | | | | | Short-term Borrowings | 169,564,125.00 | 90,087,916.67 | +88.22% | | Total Liabilities | 237,319,755.34 | 154,086,753.20 | +54.02% | | Owners' Equity | | | | | Total Owners' Equity Attributable to Parent Company | 628,230,384.47 | 645,276,552.52 | -2.64% | | Total Liabilities and Owners' Equity | 865,550,139.81 | 799,363,305.72 | +8.28% | Consolidated Income Statement from Year-Beginning to End of Reporting Period In the first three quarters of 2023, the company's operating revenue decreased by 3.41% to 179.68 million RMB, resulting in a net loss of 17.05 million RMB, a significant increase in loss from the prior year Consolidated Income Statement from Year-Beginning to End of Reporting Period | Item | Current Period (RMB) | Prior Period (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 179,682,616.03 | 186,027,437.78 | -3.41% | | Total Operating Costs | 205,251,130.34 | 197,792,052.25 | +3.77% | | Including: Operating Costs | 157,356,242.74 | 166,333,097.34 | -5.40% | | Financial Expenses | 488,777.38 | -13,547,338.54 | +103.61% | | Operating Profit | -19,518,637.02 | -8,667,650.96 | -125.19% | | Net Profit | -17,046,168.05 | -4,173,276.61 | -308.46% | | Basic Earnings Per Share | -0.1136 | -0.0278 | -308.63% | Consolidated Cash Flow Statement from Year-Beginning to End of Reporting Period Net cash flow from operating activities significantly decreased by 66.45% to 15.53 million RMB, while financing activities saw a substantial increase of 615.49% due to new borrowings Consolidated Cash Flow Statement from Year-Beginning to End of Reporting Period | Item | Current Period (RMB) | Prior Period (RMB) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 15,530,372.68 | 46,293,140.41 | -66.45% | | Net Cash Flow from Investing Activities | -88,070,551.46 | -101,318,878.40 | +13.08% | | Net Cash Flow from Financing Activities | 75,409,202.21 | 10,539,506.67 | +615.49% | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 909,716.43 | 12,308,352.14 | -92.61% | | Net Increase in Cash and Cash Equivalents | 3,778,739.86 | -32,177,879.18 | N/A |