奇德新材(300995) - 2023 Q3 - 季度财报

Major Financial Data The company experienced a 3.28% increase in operating revenue for the first three quarters of 2023, yet net profit and cash flow from operating activities significantly declined, reflecting operational challenges Major Accounting Data and Financial Indicators The company's operating revenue increased by 3.28% year-on-year in the first three quarters of 2023, but net profit attributable to shareholders and non-recurring net profit both significantly decreased by over 73%, with net cash flow from operating activities turning negative, and basic earnings per share declining by 73.96% year-on-year | Indicator | Current Period (Yuan) | YoY Change in Current Period | Year-to-Date (Yuan) | YoY Change Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 67,545,459.95 | 21.71% | 201,962,969.76 | 3.28% | | Net Profit Attributable to Shareholders | 741,515.88 | -77.14% | 4,330,278.60 | -73.99% | | Net Profit Attributable to Shareholders (Excl. Non-Recurring Items) | 341,956.74 | -85.95% | 2,760,788.95 | -73.22% | | Net Cash Flow from Operating Activities | -- | -- | -8,509,234.57 | -124.90% | | Basic EPS (Yuan/share) | 0.0088 | -77.11% | 0.0515 | -73.96% | | Diluted EPS (Yuan/share) | 0.0088 | -77.11% | 0.0515 | -73.96% | | Weighted Average ROE | 0.12% | -77.09% | 0.68% | -83.14% | | Total Assets (Period-end) | 770,894,145.59 | 1.28% | 770,894,145.59 | 1.28% | | Shareholders' Equity (Period-end) | 631,634,298.89 | -0.90% | 631,634,298.89 | -0.90% | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 399,600 Yuan, with a cumulative 1.57 million Yuan year-to-date, primarily from government grants, fair value changes of financial assets, and entrusted investment gains and losses | Item | Amount for Current Period (Yuan) | Amount Year-to-Date (Yuan) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -32,623.86 | -43,425.05 | | Government Grants Included in Current P&L | 191,000.00 | 440,656.01 | | Gains/Losses from Entrusted Investments/Asset Management | -53,017.22 | 177,719.28 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities Held for Trading and Investment Disposal Gains | 314,906.55 | 1,549,260.66 | | Other Non-Operating Income and Expenses | 11,611.03 | -300,187.89 | | Less: Income Tax Impact | 31,689.18 | 250,406.90 | | Minority Interest Impact (After Tax) | 628.18 | 4,126.46 | | Total | 399,559.14 | 1,569,489.65 | Changes and Reasons for Major Accounting Data and Financial Indicators The significant decline in the company's net profit is primarily attributed to increased selling expenses from market expansion, reduced government subsidies, lower wealth management income, increased credit impairment losses due to longer collection cycles from automotive clients, and asset impairment provisions for mask and melt-blown fabric equipment - Net profit attributable to shareholders decreased by 73.99% year-to-date compared to the same period last year, and net profit after deducting non-recurring gains and losses decreased by 73.22%, mainly due to[13][14] - Net cash flow from operating activities decreased by 42.68 million Yuan year-on-year, primarily because the previous year included funds recovered from the Aigeton lawsuit, which was absent this period, and increased sales to automotive clients with longer collection cycles led to a decrease in cash received from sales of goods and services[15] - To expand into new energy vehicles and Southeast Asian international markets, the company increased market development investment, leading to a 28.23% year-on-year increase in selling expenses[17] - Government subsidies received year-to-date decreased by 3.52 million Yuan, a 88.88% year-on-year decline[17] - Wealth management income decreased during the reporting period due to reduced idle funds for wealth management and lower returns on bank wealth management products[17] - Increased sales to automotive clients, who have longer collection cycles, led to higher credit impairment losses year-to-date[17] - Asset impairment provisions for the company's mask and melt-blown fabric equipment totaled 4.15 million Yuan as of September 30[17] Shareholder Information As of the reporting period end, the company had 8,303 common shareholders, with the top ten shareholders including controlling shareholder Rao Desheng and related parties, indicating significant insider ownership and control Total Number of Common Shareholders and Shareholding of Top Ten Shareholders As of the reporting period end, the company had 8,303 common shareholders. Among the top ten shareholders, Rao Desheng is the controlling shareholder and actual controller, holding 33.27% of shares and controlling several related companies; Chen Qiyang is Rao Desheng's brother-in-law, and Chen Yunfeng holds equity in Bond Investment and Zhuhai Qide, indicating related party relationships among major shareholders - Total number of common shareholders at the end of the reporting period: 8,303[17] | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Rao Desheng | Domestic Natural Person | 33.27% | 28,000,000 | 28,000,000 | | Jiangmen Bond Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 13.78% | 11,600,000 | 11,600,000 | | Chen Qiyang | Domestic Natural Person | 4.99% | 4,200,000 | 4,200,000 | | Guangdong Yueke Venture Capital Management Co., Ltd. - Guangdong Yueke Huisheng Venture Capital Partnership (Limited Partnership) | Other | 4.46% | 3,755,700 | 0 | | Chen Yunfeng | Domestic Natural Person | 4.38% | 3,685,759 | 3,150,000 | | Guangdong Qide Holding Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.97% | 3,345,000 | 3,345,000 | | Qide (Zhuhai) Commercial Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.69% | 3,105,000 | 3,105,000 | | Zhuhai Bangsu Technology Enterprise (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.96% | 1,650,000 | 1,650,000 | | China International Capital Corporation Hong Kong Asset Management Limited - FT | Overseas Legal Person | 0.62% | 525,914 | 0 | | Zeng Xiaoping | Domestic Natural Person | 0.60% | 505,086 | 0 | - Controlling shareholder and actual controller Rao Desheng controls Bond Investment and Qide Holding, and as a limited partner, holds 20.83% and 29.86% of the capital contributions in Zhuhai Qide and Zhuhai Bangsu, respectively[18] - Chen Qiyang is Rao Desheng's brother-in-law; Chen Yunfeng holds 5.31% equity in Bond Investment and 14.49% of the capital contribution in Zhuhai Qide[18] Total Number of Preferred Shareholders and Shareholding of Top 10 Preferred Shareholders The company has no preferred shareholders - The company has no preferred shareholders[19] Changes in Restricted Shares There were no changes in the company's restricted shares during the reporting period - There were no changes in the company's restricted shares[19] Other Important Matters The company's board approved the postponement of the R&D Center Construction Project until September 30, 2024, a change not expected to materially impact operations or alter the project's purpose or total investment Regarding the Postponement of the Company's Fundraising Investment Projects The company's board approved the postponement of the "R&D Center Construction Project" until September 30, 2024, a decision that does not alter the project's purpose or total amount and is not expected to significantly impact normal operations - On September 8, 2023, the company's board approved the 'Proposal on the Postponement of the Company's Fundraising Investment Projects', agreeing to extend the fundraising projects[19] | No. | Project Name | Expected Date to Reach Usable Condition | | :--- | :--- | :--- | | 1 | R&D Center Construction Project | September 30, 2024 | - The project's postponement only involves a change in the progress of the fundraising projects, does not alter or implicitly alter the direction of fundraising or harm shareholders' interests, and is not expected to have a significant adverse impact on the company's normal operations[19] Quarterly Financial Statements The company's quarterly financial statements show a slight increase in total assets, significant shifts in current and non-current assets and liabilities, a substantial decline in net profit despite revenue growth, and negative net cash flow from operating activities Consolidated Balance Sheet As of September 30, 2023, the company's total assets slightly increased by 1.28% to 771 million Yuan. Within current assets, financial assets held for trading and notes receivable significantly decreased, while accounts receivable, inventories, and non-current assets due within one year substantially increased. In non-current assets, construction in progress significantly grew, while other non-current assets notably decreased. On the liabilities side, long-term borrowings and long-term payables significantly increased, leading to a substantial rise in total non-current liabilities | Item | September 30, 2023 (Yuan) | January 1, 2023 (Yuan) | Change Amount (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 42,180,554.54 | 55,130,471.97 | -12,949,917.43 | -23.49% | | Financial Assets Held for Trading | 11,323,399.77 | 60,402,499.05 | -49,079,099.28 | -81.26% | | Notes Receivable | 2,356,677.59 | 13,427,455.27 | -11,070,777.68 | -82.45% | | Accounts Receivable | 91,088,483.04 | 75,722,322.93 | 15,366,160.11 | 20.29% | | Inventories | 68,805,394.42 | 42,696,876.93 | 26,108,517.49 | 61.15% | | Non-Current Assets Due Within One Year | 106,051,305.56 | 41,519,916.65 | 64,531,388.91 | 155.43% | | Construction in Progress | 166,638,927.92 | 82,066,327.14 | 84,572,600.78 | 103.05% | | Other Non-Current Assets | 40,929,569.45 | 125,295,536.94 | -84,365,967.49 | -67.33% | | Short-Term Borrowings | 10,730,735.50 | 16,443,709.17 | -5,712,973.67 | -34.74% | | Accounts Payable | 56,335,859.98 | 32,657,661.23 | 23,678,198.75 | 72.50% | | Long-Term Borrowings | 23,900,000.00 | 0.00 | 23,900,000.00 | -- | | Long-Term Payables | 3,000,000.00 | 0.00 | 3,000,000.00 | -- | | Total Liabilities | 138,383,310.72 | 122,869,694.21 | 15,513,616.51 | 12.62% | | Total Assets | 770,894,145.59 | 761,132,208.59 | 9,761,937.00 | 1.28% | Consolidated Income Statement Year-to-Date As of September 30, 2023, the company achieved total operating revenue of 202 million Yuan, a 3.28% year-on-year increase. However, due to increased selling, administrative, and financial expenses, higher credit and asset impairment losses, and reduced other income and investment income, net profit attributable to parent company shareholders significantly declined by 73.99% to 4.33 million Yuan | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | Change Amount (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 201,962,969.76 | 195,544,391.24 | 6,418,578.52 | 3.28% | | Total Operating Costs | 196,178,149.94 | 190,292,011.07 | 5,886,138.87 | 3.09% | | Selling Expenses | 13,848,858.47 | 10,799,645.45 | 3,049,213.02 | 28.23% | | Administrative Expenses | 19,631,683.52 | 17,421,134.69 | 2,210,548.83 | 12.69% | | Financial Expenses | 313,650.77 | -768,160.79 | 1,081,811.56 | -140.83% | | Other Income | 440,656.01 | 3,963,369.67 | -3,522,713.66 | -88.88% | | Investment Income | 4,777,812.07 | 6,567,056.66 | -1,789,244.59 | -27.25% | | Gains from Changes in Fair Value | 1,562,078.19 | 2,329,719.54 | -767,641.35 | -32.95% | | Credit Impairment Losses | -2,612,048.07 | 211,659.85 | -2,823,707.92 | -1334.19% | | Asset Impairment Losses | -3,794,224.37 | -644,410.67 | -3,149,813.70 | -488.79% | | Operating Profit | 6,115,668.60 | 18,135,665.70 | -12,019,997.10 | -66.28% | | Net Profit Attributable to Parent Company Shareholders | 4,330,278.60 | 16,645,772.79 | -12,315,494.19 | -73.99% | Consolidated Cash Flow Statement Year-to-Date As of September 30, 2023, net cash flow from operating activities was -8.51 million Yuan, a 124.90% year-on-year decrease, mainly due to reduced cash from sales and the absence of funds from the Aigeton lawsuit. Net cash flow from investing activities turned positive at 2.43 million Yuan, while net cash flow from financing activities was -6.51 million Yuan, resulting in a net decrease in cash and cash equivalents of -12.44 million Yuan | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | Change Amount (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Rendering of Services | 200,709,122.28 | 230,218,267.65 | -29,509,145.37 | -12.82% | | Cash Received Relating to Other Operating Activities | 4,227,338.34 | 15,528,697.40 | -11,301,359.06 | -72.78% | | Net Cash Flow from Operating Activities | -8,509,234.57 | 34,167,692.57 | -42,676,927.14 | -124.90% | | Net Cash Flow from Investing Activities | 2,433,450.00 | -20,072,881.13 | 22,506,331.13 | -112.12% | | Cash Received from Borrowings | 33,720,000.00 | 10,000,000.00 | 23,720,000.00 | 237.20% | | Cash Paid for Debt Repayment | 10,000,000.00 | 66,700,400.00 | -56,700,400.00 | -85.01% | | Net Cash Flow from Financing Activities | -6,514,596.12 | -50,492,273.32 | 43,977,677.20 | -87.10% | | Net Increase in Cash and Cash Equivalents | -12,444,816.56 | -35,666,966.52 | 23,222,149.96 | -65.11% | Adjustments to Financial Statements at the Beginning of the First-Time Adoption Year from 2023 for New Accounting Standards The company did not adjust its financial statements at the beginning of 2023 due to the first-time adoption of new accounting standards - The company did not adjust its financial statements at the beginning of 2023 due to the first-time adoption of new accounting standards[28] Audit Report This quarterly report is unaudited - The company's third-quarter report is unaudited[28]