天阳科技(300872) - 2023 Q3 - 季度财报

Report Overview Important Notice This report emphasizes the board of directors, supervisory board, and senior management's assurance of the quarterly report's truthfulness, accuracy, and completeness, along with statements from the company's head, chief accountant, and accounting department head regarding financial information authenticity - The board of directors, supervisory board, and their members, along with senior management, guarantee the quarterly report's truthfulness, accuracy, and completeness, free from false records, misleading statements, or major omissions, assuming individual and joint legal liabilities[3][4] - The company's head, chief accountant, and head of the accounting department declare that the financial information in the quarterly report is true, accurate, and complete[4] Audit Status The company's Q3 2023 report remains unaudited - The third-quarter report is unaudited[5] Key Financial Data Key Accounting Data and Financial Indicators The company's Q3 2023 operating revenue and net profit attributable to parent company shareholders significantly increased year-over-year, while non-recurring net profit substantially decreased; operating cash flow turned positive, and total assets and equity attributable to parent company shareholders grew, with prior-year data retrospectively adjusted due to accounting policy changes - The company retrospectively adjusted or restated prior-year accounting data due to changes in accounting policies[6] Key Financial Indicators for Q3 2023 (Adjusted) | Indicator | Current Period (Q3 2023) | YoY Change | Year-to-Date (YTD 2023) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 491.93 million | 8.22% | 1.43 billion | 5.80% | | Net Profit Attributable to Shareholders (Yuan) | 38.95 million | 299.25% | 61.51 million | 66.47% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (Yuan) | 7.19 million | -180.25% | 13.50 million | -44.93% | | Net Cash Flow from Operating Activities (Yuan) | - | - | 51.13 million | 110.64% | | Basic Earnings Per Share (Yuan/share) | 0.10 | 400.00% | 0.15 | 66.67% | | Diluted Earnings Per Share (Yuan/share) | 0.10 | 400.00% | 0.15 | 66.67% | | Weighted Average Return on Net Assets | 1.48% | 1.05% | 2.46% | 0.86% | | Period-End Indicators | Period-End (Sep 30, 2023) | Change from Prior Year-End | | | | Total Assets (Yuan) | 4.03 billion | 27.57% | | | | Total Equity Attributable to Shareholders (Yuan) | 2.67 billion | 17.14% | | | - The accounting policy change stems from the Ministry of Finance's November 2022 release of "Interpretation No 16 of Accounting Standards for Business Enterprises," which standardizes the accounting treatment for deferred income tax initial recognition exemptions related to assets and liabilities arising from single transactions, effective January 1, 2023[6][7] Non-Recurring Gains and Losses and Amounts The company's non-recurring gains and losses for the current period and year-to-date primarily originated from government subsidies, fair value changes in financial assets held for trading, and other non-operating income, totaling 46.14 million Yuan and 48.01 million Yuan respectively Non-Recurring Gains and Losses and Amounts | Item | Amount for Current Period (Yuan) | Year-to-Date Amount (Yuan) | | :--- | :--- | :--- | | Government Subsidies Recognized in Current Profit/Loss | 47.72 million | 47.95 million | | Fair Value Changes and Disposal Gains/Losses of Financial Assets Held for Trading | 2.83 million | 3.57 million | | Other Non-Operating Income and Expenses Excluding the Above | -30.00 thousand | -35.16 thousand | | Other Profit/Loss Items Meeting the Definition of Non-Recurring | 0.18 million | 1.28 million | | Less: Income Tax Impact | 4.56 million | 4.76 million | | Minority Interest Impact (After Tax) | - | - | | Total | 46.14 million | 48.01 million | - Other profit/loss items meeting the definition of non-recurring include individual income tax refunds of 0.31 million Yuan and additional VAT input deductions of 0.96 million Yuan[8] Changes and Reasons for Key Accounting Data and Financial Indicators During the reporting period, the company's asset and liability structure significantly changed, with substantial increases in financial assets held for trading, fixed assets, development expenditures, and bonds payable, while short-term borrowings, notes receivable, and accounts payable decreased; profit statement items showed significant changes in financial expenses, other income, and income tax expenses; operating cash flow significantly improved, but cash outflow from investing activities substantially increased Changes in Balance Sheet Items - The period-end balance of financial assets held for trading reached 730 million Yuan, a 100% increase from the beginning of the year, primarily due to the purchase of structured wealth management products[10] - Notes receivable had a period-end balance of 0 Yuan, a 100% decrease from the beginning of the year, mainly due to the collection of matured notes receivable at the end of the reporting period[10] - The period-end balance of fixed assets was 165 million Yuan, a 46.30% increase from the beginning of the year due to new fixed assets acquired during the period; development expenditures reached 50.30 million Yuan, a 100% increase from the beginning of the year, resulting from the capitalization of certain R&D projects[10][11] - Short-term borrowings had a period-end balance of 185 million Yuan, a 62.47% decrease from the beginning of the year due to reduced bank loan balances; bonds payable reached 735.77 million Yuan, a 100% increase from the beginning of the year, attributed to the company's issuance of convertible corporate bonds during the reporting period[11] - Deferred income tax liabilities had a period-end balance of 22.08 million Yuan, a 2656.43% increase from the beginning of the year, primarily due to the increase in deferred income tax liabilities arising from the company's issuance of convertible corporate bonds[11] Changes in Income Statement Items - Financial expenses for the current period amounted to 23.54 million Yuan, a 97.10% year-over-year increase, primarily due to increased interest expenses from convertible bonds during the reporting period[12] - Other income for the current period amounted to 50.60 million Yuan, a 1162.30% year-over-year increase, mainly due to increased government subsidies received[12] - Investment income for the current period was 1.91 million Yuan, a 79.32% year-over-year decrease, primarily because investment income in the prior period resulted from the disposal of equity in an associate company[12] - Income tax expense for the current period was -10.01 million Yuan, a 311.67% year-over-year decrease, mainly due to reduced taxable income and an increase in deductible losses from R&D expense super deductions during the reporting period[12] Changes in Cash Flow Statement Items - Net cash flow from operating activities for the current period was 51.13 million Yuan, a 110.64% year-over-year increase, primarily due to higher sales collections compared to the same period last year[13] - Net cash flow from investing activities for the current period was -771.93 million Yuan, a 346.98% year-over-year decrease, primarily due to investments in structured wealth management products during the reporting period[13] - Net cash flow from financing activities for the current period was 646.64 million Yuan, a 2119.78% year-over-year increase, primarily due to the company's issuance of convertible corporate bonds and receipt of raised funds during the reporting period[13] Shareholder Information Common Shareholder Holdings As of the end of the reporting period, the company had 27,512 common shareholders; among the top ten, Ouyang Jianping and his controlled entity, Beijing Tianyang Hongye Investment Management Partnership (Limited Partnership), were major shareholders, with some of Ouyang Jianping's shares pledged - Total common shareholders at period-end: 27,512; total preferred shareholders with restored voting rights at period-end: 0[14] Top 10 Shareholder Holdings | Shareholder Name | Holding Percentage | Number of Shares Held | Number of Restricted Shares Held | Pledge, Mark, or Freeze Status (Share Status/Quantity) | | :--- | :--- | :--- | :--- | :--- | | Ouyang Jianping | 21.79% | 88,105,854 | 66,079,390 | Pledged 50,000,000 | | Beijing Tianyang Hongye Investment Management Partnership (Limited Partnership) | 14.85% | 60,050,117 | 0 | Pledged 7,000,000 | | Li Qing | 5.89% | 23,831,864 | 0 | - | | Yang Mei | 4.00% | 16,176,753 | 0 | - | - Ouyang Jianping controls Beijing Tianyang Hongye Investment Management Partnership (Limited Partnership); Zhuhai Shijian Venture Capital Partnership (Limited Partnership) and Beijing Shijian Investment Partnership (Limited Partnership) are under the control of the same ultimate beneficial owner[14] Changes in Restricted Shares During the reporting period, Ouyang Jianping's restricted shares increased due to executive lock-up regulations, while Beijing Tianyang Hongye Investment Management Partnership (Limited Partnership)'s pre-IPO and bonus share restricted shares were unlocked on September 7, 2023 Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Shares Unlocked in Current Period | Shares Added to Restriction in Current Period | Restricted Shares at End of Period | Reason for Restriction | Proposed Unlocking Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ouyang Jianping | 88,105,854 | 88,105,854 | 66,079,390 | 66,079,390 | Executive Lock-up Shares | 25% of total company shares held at prior year-end to be unlocked annually | | Beijing Tianyang Hongye Investment Management Partnership (Limited Partnership) | 60,050,117 | 60,050,117 | 0 | 0 | Pre-IPO and Bonus Share Restricted Shares | September 7, 2023 | | Total | 148,155,971 | 148,155,971 | 66,079,390 | 66,079,390 | -- | -- | Other Important Matters Overview of Important Matters During the reporting period, the company undertook several important matters, including capital increases in an associate company, participation in establishing an industrial investment fund to deepen cloud computing cooperation and expand strategic layout, and changes in board members - On July 3, 2023, the company increased its capital in Beijing Heshun Hengtong Technology Co, Ltd by 15 million Yuan, subscribing to 5.20 million Yuan of newly added registered capital, resulting in the company holding a 32.1916% equity stake in the target company post-investment[17] - On July 18, 2023, the company proposed to acquire 10 million Yuan of Herun Fund shares held by Capital Online, adjusting the company's subscription to Herun Fund from 30 million Yuan to 40 million Yuan, aiming to deepen cooperation in cloud computing and expand its strategic layout[18] - In September 2023, Mr Zhao Wei was elected as a non-independent director and audit committee member of the third board of directors, filling the vacancy left by Mr Ling Yun's resignation[19] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2023, the company's total assets reached 4.03 billion Yuan, a 27.57% increase from the beginning of the year; financial assets held for trading significantly increased within current assets, while fixed assets and development expenditures notably grew in non-current assets; on the liabilities side, short-term borrowings decreased, but bonds payable and deferred income tax liabilities substantially rose due to convertible bond issuance - Total assets at period-end amounted to 4.03 billion Yuan, a 27.57% increase from the beginning of the year[23] - Total current assets were 3.41 billion Yuan, and total non-current assets were 614.33 million Yuan[22] - Total current liabilities were 596.83 million Yuan, and total non-current liabilities were 762.61 million Yuan[23] - Total equity attributable to parent company owners was 2.67 billion Yuan[23] Consolidated Income Statement As of September 30, 2023, the company's year-to-date operating revenue reached 1.43 billion Yuan, a 5.80% year-over-year increase; net profit attributable to parent company shareholders was 61.51 million Yuan, up 66.47% year-over-year; after-tax net other comprehensive income turned positive, significantly improving total comprehensive income - Total operating revenue year-to-date was 1.43 billion Yuan, a 5.80% year-over-year increase[25] - Net profit attributable to parent company shareholders year-to-date was 61.51 million Yuan, a 66.47% year-over-year increase[26] - After-tax net other comprehensive income was 64.94 million Yuan, a significant improvement from -35.85 million Yuan in the prior period[26] - Total comprehensive income was 126.07 million Yuan, compared to -0.94 million Yuan in the prior period[26] Consolidated Cash Flow Statement As of September 30, 2023, net cash flow from operating activities was 51.13 million Yuan, a significant improvement year-over-year; net cash flow from investing activities was -771.93 million Yuan, primarily due to wealth management product purchases; net cash flow from financing activities was 646.64 million Yuan, mainly driven by the issuance of convertible corporate bonds - Net cash flow from operating activities was 51.13 million Yuan, a 110.64% year-over-year increase from -480.43 million Yuan in the prior period[28] - Net cash flow from investing activities was -771.93 million Yuan, an outflow increase of 346.98% from -172.70 million Yuan in the prior period[28] - Net cash flow from financing activities was 646.64 million Yuan, an inflow increase of 2119.78% from 29.13 million Yuan in the prior period[28] - Cash and cash equivalents balance at period-end was 487.97 million Yuan[28] Accounting Policy Changes and Audit Notes Accounting Policy Changes Effective January 1, 2023, the company adopted the Ministry of Finance's "Interpretation No 16 of Accounting Standards for Business Enterprises" regarding the accounting treatment for deferred income tax on assets and liabilities arising from single transactions, which no longer applies the initial recognition exemption, and retrospectively adjusted relevant items in the opening financial statements - Effective January 1, 2023, the company implemented "Interpretation No 16 of Accounting Standards for Business Enterprises," which stipulates that deferred income tax related to assets and liabilities arising from single transactions no longer qualifies for initial recognition exemption[29][30] - The implementation of Interpretation No 16 resulted in an increase of 0.87 million Yuan in deferred income tax assets, 0.80 million Yuan in deferred income tax liabilities, 6.65 thousand Yuan in surplus reserves, and 59.89 thousand Yuan in retained earnings in the consolidated financial statements as of January 1, 2023[31] Audit Report The company's Q3 2023 report remains unaudited - The company's third-quarter report is unaudited[31]