亚康股份(301085) - 2022 Q1 - 季度财报

Key Financial Data This section presents the company's key financial performance indicators, non-recurring gains and losses, and a detailed analysis of significant changes in the balance sheet, income statement, and cash flow statement for the reporting period Key Accounting Data and Financial Indicators In Q1 2022, the company's operating revenue grew by 11.39% year-over-year, but net profit attributable to parent company shareholders decreased by 28.56%, with a significant outflow in net cash flow from operating activities, declining over 1000% year-over-year, indicating considerable pressure on working capital Q1 2022 Key Financial Indicators | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 293,312,547.96 | 263,320,311.42 | 11.39% | | Net Profit Attributable to Shareholders (CNY) | 17,148,361.84 | 24,003,621.62 | -28.56% | | Net Cash Flow from Operating Activities (CNY) | -148,482,238.59 | -13,243,598.38 | -1,021.16% | | Basic Earnings Per Share (CNY/share) | 0.21 | 0.40 | -47.50% | | Weighted Average Return on Net Assets | 2.15% | 6.59% | -4.44% | | Total Assets (CNY) | 1,029,380,899.08 | - | -3.39% (vs. Year-End Last Year) | | Shareholders' Equity Attributable to Parent Company (CNY) | 806,623,018.45 | - | 2.02% (vs. Year-End Last Year) | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's net non-recurring gains and losses amounted to CNY 245,200, primarily comprising government subsidies and minor losses from fixed asset disposals Q1 2022 Non-Recurring Gains and Losses Details | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -31,321.63 | Disposal of fully depreciated fixed assets with no use value | | Government Subsidies Included in Current P&L | 327,497.13 | Mainly government subsidies received by second-tier subsidiary Singapore Technology | | Less: Income Tax Impact | 50,976.27 | - | | Total | 245,199.23 | - | Analysis of Major Financial Indicator Changes During the reporting period, several financial indicators showed significant changes due to the pandemic, chip shortages, and adjustments in cash management strategies, with substantial increases in prepayments and inventory, a surge in short-term borrowings, rising R&D and financial expenses, and intensified operating cash outflows Balance Sheet Item Changes Analysis The balance sheet indicates that to counter the pandemic and chip shortages, the company increased capital reserves and prepayments, leading to 60.35%, 99.50%, and 79.33% growth in monetary funds, prepayments, and inventory, respectively, while short-term borrowings surged by 267.28%, and financial assets held for trading and notes payable were fully redeemed or settled - Due to the pandemic and chip shortages, some manufacturers required upfront payments before production, leading to a 99.50% increase in prepayments and a 267.28% increase in short-term borrowings to reserve funds[7] - Financial assets held for trading, used for cash management in the prior year, were redeemed this period, resulting in a 100% decrease in this item and a corresponding 60.35% increase in monetary funds[7] - Inventory increased by 79.33% from the beginning of the year, primarily due to logistics disruptions caused by the pandemic, with some purchased products still in transit[7] Income Statement Item Changes Analysis The income statement reveals the company's continued increase in R&D investment, with R&D expenses growing by 84.38% year-over-year, while financial expenses surged by 173.10% due to higher exchange gains in the prior period, and investment income of approximately CNY 1.6 million was generated from cash management products Major Income Statement Changes | Item | Jan-Mar 2022 (CNY) | Jan-Mar 2021 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 3,961,871.67 | 2,148,763.08 | 84.38% | Company continuously increased R&D investment | | Financial Expenses | 963,490.81 | -1,318,134.25 | 173.10% | Higher exchange gains in prior period, reduced this period due to RMB appreciation | | Investment Income | 1,599,729.82 | 0.00 | 100.00% | Income from purchasing cash management products | Cash Flow Statement Item Changes Analysis The cash flow statement indicates a significant CNY 148 million net cash outflow from operating activities, a 1021.16% year-over-year decrease, primarily due to pandemic and chip shortage impacts, changes in procurement payment terms, and bill settlements, while investment activities saw a CNY 210 million net inflow from matured wealth management products, and financing activities increased by 529.02% year-over-year due to increased interest-bearing debt to address market changes Major Cash Flow Statement Changes | Item | Jan-Mar 2022 (CNY) | Jan-Mar 2021 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -148,482,238.59 | -13,243,598.38 | -1021.16% | Impact of pandemic and chip shortages, manufacturers requiring prepayments, and maturity of bills | | Net Cash Flow from Investing Activities | 209,981,241.00 | -15,843.82 | 1325419.53% | Mainly due to redemption of matured financial assets held for trading | | Net Cash Flow from Financing Activities | 81,628,354.11 | 12,977,063.40 | 529.02% | Increased interest-bearing debt to cope with pandemic and supply shortages | Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders, the top ten shareholders' holdings, and their relationships, highlighting the concentrated ownership Shareholding Status of Shareholders As of the end of the reporting period, the company had 12,406 common shareholders, with controlling shareholder Xu Jiang holding 40.75%, and the top ten shareholders, all holding restricted shares, collectively owning over 75%, indicating a relatively concentrated equity structure with some related party or concerted action relationships among shareholders - As of the end of the reporting period, the company had a total of 12,406 common shareholders[9] Top Five Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Xu Jiang | Domestic Natural Person | 40.75% | 32,596,478 | | Tianjin Xiangyuanshun Chang Enterprise Management Consulting Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 11.90% | 9,518,698 | | Tianjin Hengmaoyisheng Enterprise Management Consulting Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 10.32% | 8,252,914 | | Gu Guilin | Domestic Natural Person | 3.33% | 2,663,210 | | Tianjin Tianyouyongxu Enterprise Management Consulting Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.07% | 1,658,671 | - The company's actual controller, Xu Jiang, through direct shareholding and controlled partnerships, forms concerted action or related party relationships with multiple shareholders, exerting strong control over the company[11] Quarterly Financial Statements This section provides the company's unaudited consolidated balance sheet, income statement, and cash flow statement for the first quarter of 2022, offering a comprehensive overview of its financial position, operating results, and cash flows Financial Statements This section presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement for Q1 2022, comprehensively reflecting its financial position, operating results, and cash flows for the reporting period Consolidated Balance Sheet As of March 31, 2022, the company's total assets were CNY 1.029 billion, a 3.39% decrease from the beginning of the year; total liabilities were CNY 223 million, an 18.96% decrease; and shareholders' equity attributable to the parent company was CNY 807 million, a 2.02% increase Major Balance Sheet Items | Item | Period-End Balance (CNY) | Year-Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,029,380,899.08 | 1,065,470,766.02 | | Total Liabilities | 222,757,880.63 | 274,856,988.18 | | Total Equity Attributable to Parent Company | 806,623,018.45 | 790,613,777.84 | Consolidated Income Statement In Q1 2022, the company achieved CNY 293 million in operating revenue, an 11.39% year-over-year increase, with total operating costs of CNY 274 million, a 17.34% increase, leading to a net profit attributable to parent company shareholders of CNY 17.1484 million, a 28.56% year-over-year decrease, due to cost growth outpacing revenue and increased expenses Major Income Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 293,312,547.96 | 263,320,311.42 | | Total Operating Costs | 274,493,028.04 | 233,923,505.18 | | Total Profit | 20,204,076.76 | 29,281,067.64 | | Net Profit | 17,148,361.84 | 24,003,621.62 | | Basic Earnings Per Share | 0.21 | 0.40 | Consolidated Cash Flow Statement In Q1 2022, net cash flow from operating activities was a significant outflow of CNY 148 million year-over-year; investing activities generated a CNY 210 million net inflow from wealth management product redemptions; and financing activities resulted in a CNY 82 million net inflow due to increased borrowings, with the period-end cash and cash equivalents balance at CNY 359 million, an increase of CNY 142 million from the beginning of the period Major Cash Flow Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -148,482,238.59 | -13,243,598.38 | | Net Cash Flow from Investing Activities | 209,981,241.00 | -15,843.82 | | Net Cash Flow from Financing Activities | 81,628,354.11 | 12,977,063.40 | | Net Increase in Cash and Cash Equivalents | 142,024,384.07 | 421,578.67 | | Period-End Balance of Cash and Cash Equivalents | 358,780,896.55 | 185,861,406.24 | - The company's Q1 2022 financial report is unaudited[24] Audit Information The company's Q1 2022 report is unaudited - The company's first-quarter report is unaudited[24]