药易购(300937) - 2021 Q3 - 季度财报

Financial Summary and Key Indicators Key Accounting Data and Financial Indicators In Q1-Q3 2021, revenue grew 18.89% YoY, but net profit attributable to shareholders sharply declined 66.12%, while total assets increased 33.20% from year-end Key Financial Indicators for Q3 2021 and Year-to-Date | Indicator | Current Period (Q3) | Year-to-Date (YTD) | YoY Change (YTD) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 812,851,149.23 | 2,406,228,814.29 | 18.89% | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | 2,071,615.79 | 10,982,833.71 | -66.12% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (Yuan) | 1,955,553.81 | -2,243,731.42 | -107.43% | | Net Cash Flow from Operating Activities (Yuan) | - | -173,221,674.20 | -385.91% | | Basic Earnings Per Share (Yuan/share) | 0.02 | 0.12 | -73.33% | | Total Assets (Yuan) | 1,118,030,540.72 | 1,118,030,540.72 | 33.20% (较上年度末) | | Total Equity Attributable to Shareholders of Listed Company (Yuan) | 759,347,034.42 | 759,347,034.42 | 46.59% (较上年度末) | Non-Recurring Gains and Losses Year-to-date non-recurring gains and losses totaled 13.23 million Yuan, primarily from non-current asset disposal and government grants, significantly impacting current profit positively Non-Recurring Gains and Losses Year-to-Date | Item | Amount Year-to-Date (Yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 10,558,078.58 | | Government Grants Recognized in Current Profit or Loss | 7,777,987.71 | | Other Non-Operating Income and Expenses | -575,391.37 | | Less: Income Tax Impact | 1,620,821.76 | | Less: Impact on Minority Interests (After Tax) | 2,913,288.03 | | Total | 13,226,565.13 | - Non-recurring gains and losses were crucial for achieving positive net profit, as net profit after deducting non-recurring items was -2.24 million Yuan, indicating core business loss pressure[3][6] Analysis of Major Financial Data Changes Significant financial changes include increased receivables and prepayments from business expansion, a 46.59% rise in equity from IPO funds, a sharp decline in net profit due to higher personnel costs and new business losses, and substantial operating cash outflow Balance Sheet Item Variation Analysis Assets saw significant increases in accounts receivable and prepayments due to business expansion, while equity investments decreased; liabilities grew with increased payables and contract liabilities, and shareholder equity rose by 46.59% from IPO funds - Accounts receivable increased by 865.82% from the beginning of the year, primarily due to expanded credit sales not yet settled[8] - Other receivables increased by 1314.57% from the beginning of the year, mainly due to added equity transfer payments and loans[8] - Accounts payable and contract liabilities grew by 94.43% and 98.17% respectively, driven by increased sales, procurement, and advance receipts[9] - Total equity attributable to shareholders of the listed company increased by 46.59% from the beginning of the year, primarily due to proceeds from new share issuance[9] Income Statement Item Variation Analysis Year-to-date net profit attributable to the parent company declined by 66.12% due to increased personnel costs and initial losses from a new subsidiary, while investment income surged by 6559.68% from equity disposal and financial expenses decreased by 72.15% - Net profit attributable to the parent company decreased by 66.12% year-on-year, primarily due to increased employee compensation and initial losses from the 'Hezong Traditional Chinese Medicine Decoction Pieces' subsidiary[10] - Administrative expenses increased by 47.56% year-on-year, mainly due to higher employee compensation from increased headcount and IPO-related costs[10] - Investment income increased by 6559.68% year-on-year, primarily from the disposal of equity in Henan Yaoyigou Hezong Pharmaceutical Co., Ltd. and Sichuan Zikushan Pharmaceutical Co., Ltd[10] Cash Flow Statement Item Variation Analysis Year-to-date net cash flow from operating activities was -173.22 million Yuan, a 385.91% year-on-year decrease due to increased receivables and prepayments from expanded sales, while financing cash flow significantly increased to 224 million Yuan from IPO proceeds - Net cash flow from operating activities decreased by 385.91% year-on-year, primarily due to increased accounts receivable from expanded sales and higher prepayments for increased procurement[11] - Net cash outflow from investing activities increased by 96.19%, mainly due to increased acquisition of fixed assets and equity investments during the reporting period[11] - Net cash flow from financing activities significantly increased year-on-year, primarily due to proceeds from the IPO[11] Shareholder Information Shareholding Structure As of the reporting period end, the company had 16,661 common shareholders, with controlling shareholder Li Yanfei holding 36.97% and acting in concert with other key shareholders, indicating high concentration among the top ten, many of whom hold restricted shares - Total common shareholders at the end of the reporting period were 16,661 households[13] Top 10 Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | | Li Yanfei | 36.97% | 35,370,000 | 35,370,000 | | Chengdu Heshen Investment Management Center (Limited Partnership) | 7.11% | 6,800,000 | 6,800,000 | | Tian Wenshu | 6.27% | 6,000,000 | 6,000,000 | | Chengdu Boyuan Xinhang Venture Capital Fund Partnership (Limited Partnership) | 3.70% | 3,537,386 | 3,537,386 | | Zhou Yuewu | 3.45% | 3,300,000 | 3,300,000 | | Sichuan Haite Aviation Venture Capital Fund Partnership (Limited Partnership) | 2.93% | 2,800,000 | 2,800,000 | | Jiaxing Hairong Luhao Equity Investment Partnership (Limited Partnership) | 2.79% | 2,670,263 | 2,670,263 | | Li Jin | 2.51% | 2,400,000 | 2,400,000 | | Shenzhen Dingfeng Mingdao Huicheng Investment Partnership (Limited Partnership) | 2.09% | 2,000,000 | 2,000,000 | | Chengdu Jizhuan Zhishi Equity Investment Fund Management Co., Ltd. - Chengdu Jizhuan Zhishi Venture Capital Partnership (Limited Partnership) | 1.83% | 1,750,011 | 1,750,011 | - The company's controlling shareholder and de facto controller, Li Yanfei, acts in concert with Zhou Yuewu, Li Jin, Chengdu Heshen Investment Management Center (Limited Partnership), and Chengdu Heqi Investment Management Center (Limited Partnership)[14] Changes in Restricted Shares During the period, 1,200,281 post-IPO offline restricted shares were unlocked on July 27, 2021, reducing total restricted shares from 72,950,292 to 71,750,011, with most pre-IPO restricted shares set to unlock in January 2022 or January 2024 - During this period, 1,200,281 'post-IPO offline restricted shares' were unlocked, with no new restricted shares added[17] - Total restricted shares at period-end were 71,750,011, primarily pre-IPO restricted shares[17] - Restricted shares held by controlling shareholder Li Yanfei and her concerted parties (e.g., Zhou Yuewu, Li Jin) will be unlocked on January 27, 2024[16] Other Significant Matters On September 17, 2021, the company approved establishing Hainan Xinran Health Technology Co., Ltd., a controlling subsidiary with a 51% stake (5.1 million Yuan investment) in a 10 million Yuan registered capital venture, likely to expand into new business areas or regional markets - On September 17, 2021, the company's board approved the establishment of a controlling subsidiary, 'Hainan Xinran Health Technology Co., Ltd.'[18] - The new company has a registered capital of 10 million Yuan, with Yaoyigou subscribing 5.1 million Yuan for a 51% stake[18] Quarterly Financial Statements Consolidated Balance Sheet As of September 30, 2021, total assets reached 1.118 billion Yuan, up 33.20% from year-end, total liabilities were 339 million Yuan, up 7.77%, and equity attributable to the parent company significantly increased by 46.59% to 759 million Yuan, primarily due to IPO proceeds Consolidated Balance Sheet Key Items (September 30, 2021) | Item | September 30, 2021 (Yuan) | December 31, 2020 (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 1,118,030,540.72 | 839,378,687.05 | 33.20% | | Total Liabilities | 338,538,937.83 | 314,146,878.12 | 7.77% | | Total Equity Attributable to Parent Company Shareholders | 759,347,034.42 | 518,024,241.68 | 46.59% | | Total Equity | 779,491,602.89 | 525,231,808.93 | 48.41% | Consolidated Income Statement In Q1-Q3 2021, revenue reached 2.406 billion Yuan, up 18.89% YoY, but increased operating, sales, and administrative costs led to a 54.84% decline in operating profit and a 66.12% drop in net profit attributable to the parent company to 10.98 million Yuan Consolidated Income Statement Key Items (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,406,228,814.29 | 2,023,890,397.57 | 18.89% | | Total Operating Costs | 2,394,943,029.09 | 1,975,007,610.35 | 21.26% | | Operating Profit | 15,522,396.67 | 34,374,589.72 | -54.84% | | Total Profit | 14,947,005.30 | 36,126,498.52 | -58.63% | | Net Profit Attributable to Parent Company Shareholders | 10,982,833.71 | 32,418,281.47 | -66.12% | Consolidated Cash Flow Statement In Q1-Q3 2021, net cash flow from operating activities was -173.22 million Yuan, indicating weak cash collection and significant working capital use, while investing activities had a 34.10 million Yuan net outflow, and financing activities saw a 224 million Yuan net inflow from IPO proceeds, with cash and equivalents at 110 million Yuan at period-end Consolidated Cash Flow Statement Key Items (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -173,221,674.20 | 60,585,029.84 | -385.91% | | Net Cash Flow from Investing Activities | -34,098,623.56 | -17,380,741.29 | -96.19% | | Net Cash Flow from Financing Activities | 223,989,522.76 | -13,441,249.37 | 1766.43% | | Net Increase in Cash and Cash Equivalents | 16,669,225.00 | 29,763,039.18 | -44.00% | Financial Statement Adjustments and Audit Status The company adopted new lease standards in 2021 but made no adjustments to prior period financial statements due to no initial lease assets, and this quarterly report remains unaudited - The company adopted new lease standards from 2021, but did not adjust the beginning-of-year financial statements as there were no lease assets at the start of the period[30] - The company's Q3 2021 report is unaudited[30]