嘉亨家化(300955) - 2023 Q3 - 季度财报

Main Financial Data This section provides an overview of the company's key financial performance, including accounting data, financial indicators, non-recurring items, and detailed analysis of changes in balance sheet, income statement, and cash flow items Key Accounting Data and Financial Indicators In Q3 2023 and YTD, the company experienced significant declines in revenue and net profit, primarily due to decreased revenue, low capacity utilization at Huzhou Jiaheng, and increased management and R&D expenses Key Financial Indicators for Q3 2023 and YTD | Indicator | Current Period (Q3) | YTD | YTD vs. Prior Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 284 million RMB | 729 million RMB | -4.51% | | Net Profit Attributable to Shareholders of Listed Company | 12.5184 million RMB | 26.1927 million RMB | -45.84% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 12.3756 million RMB | 25.9543 million RMB | -44.33% | | Net Cash Flow from Operating Activities | - | 99.5237 million RMB | 102.24% | | Basic Earnings Per Share (RMB/share) | 0.12 | 0.26 | -45.83% | | Weighted Average Return on Net Assets | 1.29% | 2.65% | -2.34% | | Total Assets (End of Reporting Period) | 1.699 billion RMB | - | 9.75% (vs. end of prior year) | [4][5] - Net profit significantly declined due to slightly lower revenue, low capacity utilization at subsidiary Huzhou Jiaheng which is in its initial production phase, and a combined 17.9551 million RMB increase in management and R&D expenses[13] - The company changed accounting policies and retrospectively adjusted financial data due to the Ministry of Finance's Interpretation No. 16 of Accounting Standards[4][5] Non-Recurring Gains and Losses YTD non-recurring gains and losses totaled 0.2384 million RMB, primarily from government grants offset by other non-operating income and asset disposal losses Non-Recurring Gains and Losses YTD | Item | YTD Amount (RMB) | | :--- | :--- | | Non-current asset disposal gains/losses | -9,701.32 | | Government grants included in current profit/loss | 1,895,027.07 | | Other non-operating income and expenses | -171,552.06 | | Less: Income tax impact | 1,475,331.04 | | Total | 238,442.65 | [7] Analysis of Major Financial Indicator Changes The company experienced significant changes in financial indicators, with long-term borrowings and deferred tax assets increasing, while R&D and financial expenses rose, impacting net profit, and cash flows showing varied trends Balance Sheet Item Changes Significant balance sheet changes include a 167.96% increase in long-term borrowings due to Huzhou Jiaheng's bank loans and a 61.60% rise in deferred tax assets from its deductible losses - Long-term borrowings increased by 167.96% from the beginning of the year, primarily due to increased long-term bank loans for subsidiary Huzhou Jiaheng[11] - Deferred tax assets increased by 61.60% from the beginning of the year, mainly due to increased deductible temporary differences from subsidiary Huzhou Jiaheng's deductible losses[11] - Other current assets decreased by 93.50% from the beginning of the year, primarily due to subsidiary Huzhou Jiaheng receiving incremental VAT refund and a reduction in ending VAT credit[11] Income Statement Item Changes Income statement items saw substantial changes, with financial expenses surging nearly 40 times, R&D expenses increasing by 57.08%, and credit impairment losses expanding by 267.45%, all contributing to net profit decline - Financial expenses increased by 3996.20% year-over-year, mainly due to increased interest expenses from bank borrowings and reduced exchange gains from currency fluctuations[12] - R&D expenses increased by 57.08% year-over-year, primarily due to increased R&D investment by subsidiary Huzhou Jiaheng[12] - Credit impairment losses increased by 267.45% year-over-year, mainly due to increased provision for doubtful accounts on accounts receivable during the period[12] - Income tax expense decreased by 134.04% year-over-year, primarily due to increased deductible temporary differences from subsidiary Huzhou Jiaheng's deductible losses and deferred income, and reduced operating profit of subsidiary Zhejiang Jiaheng[13] Cash Flow Statement Item Changes Cash flow structure changed significantly, with operating cash flow increasing by 102.24%, investment cash outflow expanding by 77.64%, and financing cash flow surging by 928.40% - Net cash flow from operating activities increased by 102.24% year-over-year, primarily due to reduced payments for goods and services and receipt of incremental VAT refunds[14] - Net cash outflow from investing activities increased by 77.64% year-over-year, mainly due to increased investment in subsidiary Huzhou Jiaheng's cosmetics and home care product manufacturing base project[14] - Net cash flow from financing activities increased by 928.40% year-over-year, primarily due to increased bank borrowings during the period[14] Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders and the holdings of the top shareholders Common Shareholder Holdings As of the reporting period end, the company had 7,643 common shareholders, with controlling shareholder Zeng Bensheng holding 55.49%, indicating highly concentrated equity, and several top ten investment partnerships controlled by the same individual - As of the end of the reporting period, the company had 7,643 common shareholders[16] Top Five Shareholder Holdings | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | :--- | | Zeng Bensheng | Foreign natural person | 55.49% | 55,938,212 | | Shanghai Huiying Investment Partnership (Limited Partnership) | Domestic non-state legal person | 4.48% | 4,515,619 | | Fujian Huixin Zhicheng Equity Investment Partnership (Limited Partnership) | Domestic non-state legal person | 2.09% | 2,108,635 | | Quanzhou Zhonghe Equity Investment Partnership (Limited Partnership) | Domestic non-state legal person | 1.87% | 1,881,509 | | Fujian Huishui Zhicheng Equity Investment Partnership (Limited Partnership) | Domestic non-state legal person | 1.76% | 1,776,101 | [16] - Shareholders Fujian Huixin Zhicheng, Fujian Huishui Zhicheng, and Fujian Huohuo Zhicheng Equity Investment Partnerships (Limited Partnership) are all controlled by Zheng Ping[17] Other Significant Matters This section confirms that there were no other significant matters requiring disclosure during the reporting period Other Significant Matters No other significant matters required disclosure during the reporting period - This section is marked as 'Not Applicable,' indicating no other significant matters during the reporting period[19] Quarterly Financial Statements This section presents the company's consolidated quarterly financial statements, including the balance sheet, income statement, cash flow statement, and details on the impact of accounting standard changes Consolidated Balance Sheet As of September 30, 2023, total assets were 1.699 billion RMB, total liabilities 719 million RMB (up 28.62% due to long-term borrowings), and equity attributable to parent company 980 million RMB Consolidated Balance Sheet Key Items (Unit: RMB) | Item | September 30, 2023 | January 1, 2023 | | :--- | :--- | :--- | | Total Assets | 1,699,117,501.28 | 1,548,235,483.48 | | Total Liabilities | 718,759,840.41 | 558,823,707.54 | | Total Equity Attributable to Parent Company | 980,357,660.87 | 989,411,775.94 | [21][22] Consolidated Income Statement In Q1-Q3 2023, revenue was 729 million RMB (down 4.51%), total costs 705 million RMB, operating profit 24.1 million RMB (down 56.61%), and net profit attributable to parent 26.19 million RMB (down 45.84%) Consolidated Income Statement Key Items (YTD, Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 728,517,781.25 | 762,954,252.52 | | Total Operating Costs | 704,508,293.67 | 709,499,338.40 | | Operating Profit | 24,101,225.25 | 55,541,790.50 | | Total Profit | 23,890,480.50 | 55,126,925.68 | | Net Profit | 26,192,717.31 | 48,364,089.57 | [23][25] Consolidated Cash Flow Statement In Q1-Q3 2023, cash and cash equivalents decreased by 18.95 million RMB; operating cash flow was 99.52 million RMB (up 102.24%), investing cash outflow 218 million RMB, and financing cash inflow 99.26 million RMB (up 928.40%) Consolidated Cash Flow Statement Key Items (YTD, Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 99,523,705.31 | 49,209,755.29 | | Net Cash Flow from Investing Activities | -217,680,022.60 | -122,541,822.79 | | Net Cash Flow from Financing Activities | 99,256,318.46 | 9,651,495.69 | | Net Increase in Cash and Cash Equivalents | -18,954,344.71 | -61,612,938.24 | [26][27] Impact of Accounting Standard Changes Effective January 1, 2023, the company adopted Interpretation No. 16, adjusting deferred tax assets by 7.86 million RMB, deferred tax liabilities by 6.97 million RMB, and retained earnings by 0.887 million RMB - The company adopted 'Interpretation No. 16 of Enterprise Accounting Standards' from January 1, 2023, and adjusted relevant items in the financial statements at the beginning of the first year of implementation[28] Impact of Accounting Standard Changes on Consolidated Balance Sheet as of January 1, 2023 (Unit: RMB) | Item | Adjustment Amount | | :--- | :--- | | Deferred Tax Assets | +7,861,162.67 | | Deferred Tax Liabilities | +6,974,114.68 | | Retained Earnings | +887,047.99 | [29] Audit Opinion The company's Q3 2023 report is unaudited - The company's third-quarter report is unaudited[31]