凯恩股份(002012) - 2024 Q1 - 季度财报

Main Financial Data and Analysis This section provides an overview of the company's core financial indicators, non-recurring gains and losses, and the reasons for significant changes in key financial metrics, primarily due to a reduced consolidation scope Overview of Core Financial Indicators In Q1 2024, the company's operating revenue and net profit attributable to shareholders both significantly declined by 50.88% and 87.74% year-over-year, respectively; however, net profit excluding non-recurring gains and losses increased by 137.08%, indicating an improvement in core business profitability, primarily due to the disposal of some subsidiaries in 2023 which narrowed the consolidation scope | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 140,175,219.97 | 285,349,443.12 | -50.88% | | Net Profit Attributable to Shareholders | 6,056,980.61 | 49,389,936.90 | -87.74% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items | 4,681,343.50 | -12,623,698.47 | 137.08% | | Net Cash Flow from Operating Activities | 709,856.53 | 96,370,637.36 | -99.26% | | Basic Earnings Per Share (RMB/share) | 0.01 | 0.11 | -90.91% | | Weighted Average Return on Net Assets | 0.39% | 3.25% | -2.86% | | Total Assets | 1,940,235,657.12 | 1,960,257,605.99 | -1.02% | | Shareholders' Equity Attributable to Shareholders | 1,541,725,408.27 | 1,535,668,427.66 | 0.39% | Analysis of Non-Recurring Gains and Losses During the current reporting period, the company's total non-recurring gains and losses amounted to RMB 1.38 million, primarily from government grants (RMB 2.34 million) and investment income from wealth management products (RMB 30,308.68) | Item | Amount in Current Period (RMB) | Description | | :--- | :--- | :--- | | Government Grants Included in Current Profit/Loss | 2,343,781.23 | Government grants included in current profit/loss | | Gains/Losses from Entrusted Investments or Asset Management | 30,308.68 | Income from company's wealth management products | | Other Non-Operating Income and Expenses | 150,000.00 | - | | Total | 1,375,637.11 | -- | Reasons for Changes in Key Financial Indicators Multiple financial indicators experienced significant year-over-year changes in the current period, primarily due to the company's disposal of some subsidiaries in 2023, which narrowed the consolidation scope and directly led to substantial declines in operating revenue, costs, various expenses, and operating cash flow; investment income also significantly decreased due to large disposal gains in the prior year, while financial expenses sharply reduced due to increased interest income, and trading financial assets surged from purchasing wealth management products - Significant year-over-year declines in operating revenue, operating costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, credit impairment losses, and net cash flow from operating activities are primarily attributed to the company's disposal of some subsidiaries in 2023, resulting in a reduced consolidation scope for the current period[9][10] | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Trading Financial Assets | 628.03% | Increased purchase of bank wealth management products compared to the beginning of the period | | Financial Expenses | -474.89% | Increased interest income in the current period compared to the prior year period | | Investment Income | -96.46% | Significant investment income from disposal of subsidiary equity in the prior year period | | Net Cash Flow from Investing Activities | -257.45% | Increased cash used for purchasing bank wealth management products in the current period compared to the prior year period | Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders and the shareholding status of the top ten shareholders, particularly the controlling shareholder Shareholder Structure and Shareholding Status As of the end of the reporting period, the company had 33,462 common shareholders; the controlling shareholder, Zhejiang Kairong Special Paper Co., Ltd., holds 21.91% of shares, with all 102,467,917 shares pledged - As of the end of the reporting period, the company had 33,462 common shareholders[12] | Shareholder Name | Shareholder Type | Shareholding (%) | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Kairong Special Paper Co., Ltd. | Domestic Non-State-Owned Legal Person | 21.91% | 102,467,917 | Pledged | Other Significant Matters This section confirms the absence of any other significant matters requiring disclosure during the reporting period Other Significant Matters During the reporting period, the company had no other significant matters requiring disclosure - The company had no other significant matters during the current reporting period[14] Quarterly Financial Statements This section presents the company's unaudited consolidated financial statements for the first quarter, including the balance sheet, income statement, and cash flow statement, reflecting key financial positions and performance Consolidated Balance Sheet As of March 31, 2024, the company's total assets were RMB 1.94 billion, a slight decrease of 1.02% from the beginning of the period, while total liabilities were RMB 232 million, down 11.79%; the most significant asset-side change was a 628.03% increase in trading financial assets due to wealth management product purchases, and on the liability side, both accounts payable and employee compensation payable saw substantial declines | Item | Period-End Balance (RMB) | Period-Start Balance (RMB) | Change from Period-Start (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,940,235,657.12 | 1,960,257,605.99 | -1.02% | | Total Liabilities | 231,867,557.00 | 262,859,511.85 | -11.79% | | Total Equity Attributable to Parent Company Owners | 1,541,725,408.27 | 1,535,668,427.66 | 0.39% | - Trading financial assets increased from RMB 40.86 million at the beginning of the period to RMB 297 million, a 628.03% increase, primarily due to the purchase of more bank wealth management products in the current period[9][16] Consolidated Income Statement In Q1 2024, the company achieved RMB 140.18 million in operating revenue, a 50.88% year-over-year decrease, and RMB 6.06 million in net profit attributable to parent company owners, an 87.74% year-over-year decrease, primarily due to the reduced consolidation scope from subsidiary disposals in 2023; notably, financial expenses were -RMB 6.71 million compared to RMB 1.79 million in the prior year, largely benefiting from a significant increase in interest income | Item | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 140,175,219.97 | 285,349,443.12 | -50.88% | | Total Operating Costs | 132,667,520.86 | 302,158,961.19 | -56.08% | | Total Profit | 13,049,537.51 | 49,740,216.45 | -73.76% | | Net Profit | 10,970,005.98 | 49,205,037.29 | -77.71% | | Net Profit Attributable to Parent Company Owners | 6,056,980.61 | 49,389,936.90 | -87.74% | Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities was RMB 0.71 million, a sharp 99.26% year-over-year decrease primarily due to the reduced consolidation scope; net cash flow from investing activities turned significantly negative at -RMB 257 million, mainly due to increased cash payments for wealth management product purchases; net cash flow from financing activities was -RMB 9.91 million, resulting in an overall net decrease of RMB 266 million in cash and cash equivalents | Item | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 709,856.53 | 96,370,637.36 | -99.26% | | Net Cash Flow from Investing Activities | -257,262,077.32 | 163,394,653.60 | -257.45% | | Net Cash Flow from Financing Activities | -9,904,811.03 | -4,038,471.60 | -145.26% | | Net Increase in Cash and Cash Equivalents | -266,476,588.12 | 255,086,190.61 | -204.47% | Audit Status The company's Q1 2024 report is unaudited - The company's first quarter report is unaudited[23]