贝斯美(300796) - 2024 Q1 - 季度财报

Report Overview Important Notice This quarterly report confirms that the Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of information disclosure, and affirm the financial information is true and complete; this report is unaudited - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions[3] - The company's responsible person, head of accounting, and head of accounting department declare to guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3] - This quarterly report is unaudited[4] Key Financial Data Key Accounting Data and Financial Indicators In Q1 2024, the company's operating revenue significantly increased by 62.30% year-over-year, but net profit attributable to shareholders and non-recurring net profit both saw substantial declines of 59.37% and 62.39% respectively, with net cash flow from operating activities also decreasing by 87.39% Overview of Key Financial Indicators for Q1 2024 | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Year-over-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 354,021,375.03 | 218,122,163.10 | 62.30% | | Net Profit Attributable to Shareholders of the Listed Company | 20,125,230.01 | 49,529,822.72 | -59.37% | | Net Profit Attributable to Shareholders of the Listed Company, Excluding Non-Recurring Gains and Losses | 18,121,748.56 | 48,181,631.47 | -62.39% | | Net Cash Flow from Operating Activities | 11,431,704.38 | 90,637,544.38 | -87.39% | | Basic Earnings Per Share (CNY/share) | 0.06 | 0.14 | -57.14% | | Weighted Average Return on Net Assets | 1.19% | 3.03% | -1.84% | | Period-end Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-end (%) | | Total Assets | 2,964,364,151.51 | 2,923,657,525.69 | 1.39% | | Total Equity Attributable to Shareholders of the Listed Company | 1,692,523,589.39 | 1,674,174,555.36 | 1.10% | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to CNY 2.00 million, primarily from government grants, also including gains/losses from disposal of non-current assets and other non-operating income/expenses Non-Recurring Gains and Losses Items for Q1 2024 | Item | Amount for Current Period (CNY) | Description | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -28,361.99 | | | Government Grants Recognized in Current Period Profit/Loss | 2,629,704.40 | | | Other Non-Operating Income and Expenses Apart from the Above | -176,007.50 | | | Less: Income Tax Impact | 422,227.62 | | | Impact on Minority Interests (After Tax) | -374.16 | | | Total | 2,003,481.45 | -- | Analysis of Changes in Key Accounting Data and Financial Indicators This section details the reasons for year-over-year or sequential changes in major items across the balance sheet, income statement, and cash flow statement, with operating revenue growth primarily driven by the newly consolidated company Jielike, but declining gross margin and increased period expenses led to a significant drop in net profit, and net cash flow from operating activities decreased mainly because the increase in cash operating costs outpaced cash generated from sales activities Changes in Consolidated Balance Sheet Items Key balance sheet changes include a 75.62% decrease in prepayments, a 58.09% increase in long-term deferred expenses, and a 96.36% increase in other non-current assets; on the liability side, short-term borrowings increased by 38.17%, contract liabilities decreased by 73.72%, employee compensation payable decreased by 62.98%, and taxes payable increased by 176.64% - Prepayments decreased by 75.62%, primarily due to a reduction in prepaid material costs[9] - Long-term deferred expenses increased by 58.09%, mainly due to an increase in catalysts with a useful life exceeding one year at Tongling Beismei[9] - Other non-current assets increased by 96.36%, primarily due to an increase in prepaid engineering costs[9] - Short-term borrowings increased by 38.17%, primarily due to an increase in bank short-term borrowings[9] - Contract liabilities decreased by 73.72%, primarily due to the realization of sales from advance receipts for goods[9] - Employee compensation payable decreased by 62.98%, primarily due to the distribution of accrued year-end bonuses[9] - Taxes payable increased by 176.64%, primarily due to an increase in income tax payable[9] - Other comprehensive income decreased by 11128.77%, primarily due to increased foreign currency translation losses from the consolidation of Jielike[9] Changes in Consolidated Income Statement Items Regarding the income statement, operating revenue grew by 62.30% primarily due to the newly consolidated company Jielike, but operating costs, selling expenses, and administrative expenses also significantly increased, leading to a 59.82% year-over-year decline in net profit due to declining gross margin, increased period expenses, and negative investment income from hedging losses - Operating revenue increased by 62.30%, primarily due to increased operating revenue from the newly consolidated company Jielike[9] - Operating cost increased by 116.14%, primarily due to increased operating cost from the newly consolidated company Jielike[9] - Selling expenses increased by 188.94%, primarily due to increased selling expenses from the newly consolidated company Jielike[9] - Administrative expenses increased by 96.93%, primarily due to increased personnel salaries and other administrative expenses at subsidiary Tongling Beismei[9] - Investment income decreased by 197.72% year-over-year, primarily due to increased losses from forward foreign exchange hedging activities[9] - Net profit decreased by 59.82% year-over-year, primarily due to a decline in gross margin and an increase in various period expenses during the current period[10] Changes in Consolidated Cash Flow Statement Items The cash flow statement shows that net cash flow from operating activities significantly decreased by 87.39% year-over-year, mainly because the increase in cash operating costs outpaced cash generated from sales activities; net cash flow from financing activities significantly increased by 369.92%, primarily due to increased bank borrowings in the current period - Net cash flow from operating activities decreased by 87.39%, primarily because while sales revenue grew, the increase in cash operating costs outpaced the cash generated from sales activities[10] - Net cash flow from financing activities increased by 369.92%, primarily due to an increase in bank borrowings during the current period[10] - Net increase in cash and cash equivalents grew by 624.14%, primarily due to an increase in net cash flow from financing activities during the current period[10] Shareholder Information Common Shareholder Holdings As of the end of the reporting period, the company had 7,594 common shareholders; among the top ten shareholders, Ningbo Beismei Investment Holding Co., Ltd. is the largest shareholder with a 23.02% stake, part of which is pledged, and Mr. Chen Feng, the company's actual controller, acts in concert with Ningbo Beismei Investment Holding Co., Ltd. and Jiangsu Xihua Private Equity Fund Management Co., Ltd. – Jiangsu Xihua Qinghe No. 2 Private Securities Investment Fund - Total number of common shareholders at the end of the reporting period: 7,594[12] - Ningbo Beismei Investment Holding Co., Ltd. holds 83,118,980 shares, representing 23.02% of total shares, with 41,328,000 shares pledged[12] - Jiangsu Xihua Private Equity Fund Management Co., Ltd. – Jiangsu Xihua Qinghe No. 2 Private Securities Investment Fund holds 5.35%, making it the second-largest shareholder[12] - Ningbo Beismei Investment Holding Co., Ltd. and Jiangsu Xihua Private Equity Fund Management Co., Ltd. – Jiangsu Xihua Qinghe No. 2 Private Securities Investment Fund are both parties acting in concert with Mr. Chen Feng, the company's actual controller[13] Preferred Shareholders and Restricted Shares The company had no preferred shareholders at the end of the reporting period, nor any changes in restricted shares - No preferred shareholders at the end of the reporting period[14] - No changes in restricted shares during the reporting period[14] Other Important Matters The company had no other important matters to disclose during the reporting period - The company has no other important matters[14] Quarterly Financial Statements Consolidated Balance Sheet As of March 31, 2024, the company's total assets were CNY 2.964 billion, a slight increase of 1.39% from the end of the previous year, with both current and non-current assets remaining stable, and total liabilities and total owner's equity also showing modest growth Key Data from Consolidated Balance Sheet as of March 31, 2024 | Item | Period-end Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,964,364,151.51 | 2,923,657,525.69 | | Total Liabilities | 1,242,545,313.94 | 1,220,575,653.48 | | Total Owner's Equity | 1,721,818,837.57 | 1,703,081,872.21 | | Total Equity Attributable to Parent Company Owners | 1,692,523,589.39 | 1,674,174,555.36 | Consolidated Income Statement In Q1 2024, the company achieved total operating revenue of CNY 354.02 million, a year-over-year increase of 62.30%; however, due to significant increases in operating costs, selling expenses, and administrative expenses, coupled with investment income turning into losses, net profit decreased by 59.82% year-over-year to CNY 20.51 million Key Data from Consolidated Income Statement for Q1 2024 | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 354,021,375.03 | 218,122,163.10 | | Total Operating Cost | 326,563,281.69 | 157,428,131.80 | | Operating Profit | 29,363,390.60 | 67,315,402.83 | | Total Profit | 29,159,021.11 | 66,788,129.37 | | Net Profit | 20,513,161.34 | 51,050,512.43 | | Net Profit Attributable to Parent Company Owners | 20,125,230.01 | 49,529,822.72 | | Basic Earnings Per Share | 0.06 | 0.14 | Consolidated Cash Flow Statement In Q1 2024, the company's net cash flow from operating activities was CNY 11.43 million, a significant year-over-year decrease of 87.39%; net cash flow from investing activities was -CNY 49.54 million, indicating reduced outflow; net cash flow from financing activities was CNY 102.29 million, a substantial year-over-year increase, primarily due to increased bank borrowings Key Data from Consolidated Cash Flow Statement for Q1 2024 | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 11,431,704.38 | 90,637,544.38 | | Net Cash Flow from Investing Activities | -49,539,613.63 | -64,459,491.93 | | Net Cash Flow from Financing Activities | 102,286,795.90 | -37,895,723.84 | | Net Increase in Cash and Cash Equivalents | 63,481,797.11 | -12,111,621.61 | | Cash and Cash Equivalents at Period End | 558,910,328.42 | 594,485,431.48 | Accounting Standard Adjustments and Audit Status The company's Q1 2024 report did not adjust initial financial statement items for the first-time adoption of new accounting standards, and this quarterly report is unaudited - The company did not adjust initial financial statement items for the first-time adoption of new accounting standards starting in 2024[24] - The company's first-quarter report is unaudited[24]