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保立佳(301037) - 2023 Q1 - 季度财报

Main Financial Data Key Accounting Data and Financial Indicators In Q1 2023, the company experienced a significant performance decline, with operating revenue decreasing by 25.57% year-over-year and net profit attributable to shareholders turning from profit to loss, plummeting by 318.90%; however, net cash flow from operating activities surged by 294.37%, indicating improved cash collection Key Accounting Data and Financial Indicators | Indicator | Current Period | Prior Year Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 557,861,952.13 | 749,508,623.14 | -25.57% | | Net Profit Attributable to Shareholders (RMB) | -15,251,311.17 | 6,967,258.38 | -318.90% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (RMB) | -15,655,973.91 | 5,496,220.72 | -384.85% | | Net Cash Flow from Operating Activities (RMB) | 85,217,292.86 | -43,843,370.65 | 294.37% | | Basic Earnings Per Share (RMB/share) | -0.15 | 0.08 | -287.50% | | Total Assets (RMB) | 2,343,074,109.07 | 2,518,132,544.98 | -6.95% (vs. prior year-end) | | Shareholders' Equity Attributable to the Parent Company (RMB) | 815,334,993.33 | 831,261,673.04 | -1.92% (vs. prior year-end) | Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled RMB 404,662.74 in the current period, primarily from government grants and acquisition-related gains, with minimal impact on the net loss Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -20,592.27 | | Government Grants Recognized in Current Profit/Loss | 285,252.90 | | Gains from Acquisition of Subsidiaries | 202,493.58 | | Other Non-Operating Income/Expenses and Entrusted Investment Gains/Losses | -26,402.95 | | Total | 404,662.74 | Analysis of Changes in Key Financial Indicators and Reasons The significant decline in net profit is attributed to decreased product sales and prices, increased employee compensation due to higher social security bases, and share-based payment expenses from equity incentive plans, while improved operating cash flow resulted from increased customer collections and optimized raw material procurement - The 318.90% year-over-year decrease in net profit attributable to the parent company was primarily due to: - A decline in the company's product sales volume and average selling prices compared to the prior year period - Increased employee compensation due to higher social security contribution bases - Recognition of share-based payment expenses from the implementation of equity incentive plans9 - Net cash flow from operating activities increased significantly by 294.37% year-over-year, primarily benefiting from: - Increased customer collections - Improved raw material procurement methods9 Shareholder Information Common Shareholder Holdings As of the reporting period end, the company had 6,589 common shareholders, with the actual controller Mr. Yang Wenyu and his concerted parties (family relations and controlled partnership) holding over 67% of shares, indicating absolute control - The total number of common shareholders at the end of the reporting period was 6,58911 - Shareholding is highly concentrated, with the top four shareholders — Yang Wenyu, Yang Meiqin, Yang Huijing, and Shanghai Yuwei Investment Partnership (Limited Partnership) — all being related parties, holding a combined 70.85% of shares12 - Actual controller Mr. Yang Wenyu is the father of the third largest shareholder, Yang Huijing; Yang Wenyu is also the executive partner of the fourth largest shareholder, Shanghai Yuwei Investment Partnership; the second largest shareholder, Yang Meiqin, is the sister of Yang Huijing's mother12 Other Significant Matters External Investments To expand overseas markets, the company acquired a 60% stake in Malaysian water-based acrylic emulsion manufacturer MORTRADE SDN.BHD. for approximately RMB 5.4471 million in March 2023, aligning with its core business for international expansion - In March 2023, the company acquired a 60% stake in Malaysian company MORTRADE SDN.BHD. for MYR 3.54 million (equivalent to approximately RMB 5.4471 million) using its own funds14 - The acquired company, MORTRADE SDN.BHD., has the same primary business as Baolijia, focusing on the research, development, production, and sales of water-based acrylic emulsions14 Quarterly Financial Statements Consolidated Balance Sheet As of Q1 2023, total assets decreased by 6.95% to RMB 2.343 billion, and total liabilities decreased by 9.67% to RMB 1.524 billion, with the asset-liability ratio falling from 67.0% to 65.0%, and notable declines in monetary funds, notes receivable, and accounts receivable Consolidated Balance Sheet | Key Balance Sheet Items (RMB) | Period-End Balance (2023-03-31) | Year-Beginning Balance (2023-01-01) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,343,074,109.07 | 2,518,132,544.98 | -6.95% | | Monetary Funds | 185,210,255.19 | 308,810,234.79 | -40.02% | | Accounts Receivable | 618,632,300.90 | 709,387,125.68 | -12.79% | | Inventories | 199,972,932.58 | 137,926,806.38 | +45.00% | | Total Liabilities | 1,523,797,781.96 | 1,686,870,871.94 | -9.67% | | Short-term Borrowings | 795,879,229.90 | 892,634,012.74 | -10.84% | | Equity Attributable to Parent Company Shareholders | 815,334,993.33 | 831,261,673.04 | -1.92% | Consolidated Income Statement In Q1 2023, total operating revenue decreased by 25.57% to RMB 557.86 million, while operating costs decreased by a larger 28.10%; however, significant increases in selling and administrative expenses led to operating profit and net profit turning into losses, with a net loss attributable to the parent company of RMB 15.2513 million Consolidated Income Statement | Key Income Statement Items (RMB) | Current Period Amount | Prior Period Amount | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 557,861,952.13 | 749,508,623.14 | -25.57% | | Total Operating Costs | 576,691,398.23 | 743,451,534.69 | -22.44% | | Selling Expenses | 37,361,470.99 | 20,466,524.13 | +82.55% | | Administrative Expenses | 23,148,069.61 | 18,701,226.10 | +23.78% | | Operating Profit | -11,475,031.34 | 10,776,107.59 | -206.52% | | Net Profit Attributable to Parent Company Shareholders | -15,251,311.17 | 6,967,258.38 | -318.90% | Consolidated Cash Flow Statement Q1 2023 saw divergent cash flow trends: operating cash flow significantly improved to a net inflow of RMB 85.2173 million due to better collections and procurement, but investing activities resulted in increased net outflow of RMB 75.7343 million, and financing activities turned to a net outflow of RMB 75.4573 million due to debt repayments exceeding new borrowings, leading to a RMB 66.3723 million decrease in period-end cash and cash equivalents Consolidated Cash Flow Statement | Cash Flow Items (RMB) | Current Period Amount | Prior Period Amount | Trend | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 85,217,292.86 | -43,843,370.65 | Significant Net Inflow Increase | | Net Cash Flow from Investing Activities | -75,734,341.11 | -63,871,439.81 | Increased Net Outflow | | Net Cash Flow from Financing Activities | -75,457,295.06 | 140,812,154.55 | Shift from Net Inflow to Net Outflow | | Net Increase/Decrease in Cash and Cash Equivalents | -66,372,310.21 | 33,068,967.09 | Significant Decrease | Audit Opinion The company's first-quarter 2023 financial report is unaudited - The company's first-quarter report is unaudited24