博闻科技(600883) - 2024 Q1 - 季度财报

Financial Summary Q1 2024 revenue surged, but net profit declined from reduced associate investment income and negative operating cash flow Key Accounting Data and Financial Indicators Q1 2024 operating revenue surged, but net profit attributable to shareholders decreased, with negative operating cash flow | Item | Current Period | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 7,079,013.49 Yuan | 326.67% | | Net Profit Attributable to Shareholders | 24,411,349.14 Yuan | -9.80% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Gains/Losses) | 18,033,692.36 Yuan | -27.89% | | Net Cash Flow from Operating Activities | -5,028,695.36 Yuan | N/A | | Basic Earnings Per Share (Yuan/share) | 0.1034 Yuan | -9.77% | | Asset Situation | End of Current Period | Change from End of Last Year (%) | | Total Assets | 991,962,144.15 Yuan | 2.91% | | Owners' Equity Attributable to Shareholders | 931,131,015.84 Yuan | 3.06% | - Operating Revenue increased by 326.67%, primarily due to the recognition of sales revenue from edible fungi export sales at the end of last year, with foreign exchange received in the current period[4] - Net Profit Attributable to Shareholders (Excluding Non-recurring Gains/Losses) decreased by 27.89%, mainly impacted by a year-on-year decrease in net profit of associate Xinjiang Zhonghe and a year-on-year increase in fair value change gains from financial assets held[4] Non-recurring Gains and Losses Non-recurring gains and losses totaled 6.3777 million Yuan, primarily from financial asset fair value changes, significantly impacting net profit | Non-recurring Gains/Losses Item | Current Period Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Government Grants | 57,056.32 | Includes renovation subsidies, export business insurance premium subsidies, etc. | | Fair Value Change Gains/Losses from Financial Assets/Liabilities | 6,294,610.00 | Primarily fair value change gains recognized from held-for-trading financial assets | | Other Gains/Losses Meeting Definition | 26,803.36 | Primarily other business income and expenses | | Total | 6,377,656.78 | | Shareholder Information The company's equity is concentrated, with 13,486 common shareholders; top four domestic non-state-owned entities hold 46.19% of shares Shareholding Structure The company has 13,486 common shareholders; top four domestic non-state-owned entities hold 46.19% of shares, indicating concentrated equity - As of the end of the reporting period, the total number of common shareholders was 13,486[6] | Shareholder Name | Number of Shares Held | Shareholding Ratio (%) | | :--- | :--- | :--- | | Shenzhen Derong Investment Development Co., Ltd. | 40,500,000 | 17.15 | | Beijing Peking University Resources Technology Co., Ltd. | 27,836,605 | 11.79 | | Yunnan Chuanqi Investment Co., Ltd. | 25,190,000 | 10.67 | | Shanghai Depeng Industrial Co., Ltd. | 15,531,700 | 6.58 | Discussion and Analysis of Operations Q1 2024 operating revenue increased, but net profit declined from reduced associate investment income, with mixed main business performance Overall Operating Performance Q1 2024 operating revenue increased, but net profit attributable to parent shareholders decreased, mainly from reduced associate investment income - From January to March 2024, the company's cumulative operating revenue reached 7,079,013.49 Yuan, a year-on-year increase of 326.67%; net profit attributable to listed company shareholders was 24,411,349.14 Yuan, a year-on-year decrease of 9.80%[7] - The main reason for the decline in net profit was a year-on-year decrease in net profit of associate Xinjiang Zhonghe Co., Ltd., leading to a 22.69% year-on-year reduction in the company's long-term equity investment income accounted for by the equity method[7] Main Business Segment Performance Edible fungi revenue surged from export sales, ham business revenue grew but gross margin dropped, and new coffee trading is unprofitable | Segment | Operating Revenue (Yuan) | YoY Change in Operating Revenue (%) | Gross Margin (%) | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Edible Fungi | 4,836,291.36 | 493.07 | 3.87 | Decrease of 1.78 percentage points | | Ham and Products | 1,372,109.21 | 79.43 | 23.44 | Decrease of 16.91 percentage points | | Coffee | 824,933.41 | 100.00 | -0.58 | N/A | - The increase in edible fungi business revenue is mainly due to the company's continued efforts to expand foreign markets and the recognition of edible fungi export sales from the end of last year in the current period, leading to year-on-year increases in product sales volume and revenue[7] - The company actively explores and expands its main business, initiating coffee business through trade, which generated 824,933.41 Yuan in operating revenue during the reporting period[8] Associate Company Operating Performance Investment income from associate Xinjiang Zhonghe, a core profit source, decreased 22.69% due to its 20.84% net profit decline, reducing overall company profit - The company's long-term equity investment income from Xinjiang Zhonghe Co., Ltd., accounted for by the equity method, was 22,908,043.78 Yuan, accounting for 93.84% of the listed company's net profit[10] - Due to a 20.84% year-on-year decrease in Xinjiang Zhonghe's net profit attributable to parent company shareholders in Q1 2024, Bowwen Technology's recognized investment income decreased by 22.69% year-on-year[10] Financial Assets Measured at Fair Value Financial assets at fair value totaled 127.87 million Yuan, increasing 36.2946 million Yuan with 6.2946 million Yuan in gains, primarily from new trust products, stocks, and convertible bonds | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gains/Losses (Yuan) | Current Period Purchase Amount (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Entrusted Wealth Management Products | 0 | 162,000 | 30,000,000 | 30,162,000 | | Stocks | 33,097,610 | 1,111,110 | 0 | 34,208,720 | | Convertible Corporate Bonds | 58,479,500 | 5,021,500 | 0 | 63,501,000 | | Total | 91,577,110 | 6,294,610 | 30,000,000 | 127,871,720 | - The company's financial assets include: - Entrusted Wealth Management: Used 30 million Yuan of self-owned funds to purchase the 'Ping An Trust Fixed Income Link 3M-36' trust plan[12] - Stocks: Holds 673,400 shares of Yunnan Baiyao stock[12][13] - Convertible Bonds: Holds 500,000 units of Zhonghe convertible bonds[12][13] Financial Statements The company's Q1 2024 financial statements show increased assets driven by financial investments, a stable low debt-to-asset ratio, and a reliance on non-operating income for profitability despite negative operating cash flow Consolidated Balance Sheet Total assets reached 991.96 million Yuan, increasing 2.91% from year-end, driven by financial assets and long-term equity investments, maintaining a low 5.48% debt-to-asset ratio | Item | March 31, 2024 (Yuan) | December 31, 2023 (Yuan) | | :--- | :--- | :--- | | Financial Assets Measured at Fair Value | 127,871,720.00 | 91,577,110.00 | | Long-term Equity Investments | 697,755,376.31 | 671,629,503.29 | | Total Assets | 991,962,144.15 | 963,924,298.01 | | Total Liabilities | 54,388,666.42 | 53,742,220.88 | | Total Owners' Equity Attributable to Parent Company | 931,131,015.84 | 903,490,235.24 | | Total Liabilities and Owners' Equity | 991,962,144.15 | 963,924,298.01 | Consolidated Income Statement Total operating revenue increased, but surging costs led to a main business loss, with net profit heavily reliant on investment and fair value change gains | Item | Q1 2024 (Yuan) | Q1 2023 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 7,079,013.49 | 1,659,146.09 | | II. Total Operating Costs | 12,132,353.52 | 6,309,145.76 | | Add: Investment Income | 22,908,043.78 | 30,050,880.90 | | Add: Fair Value Change Gains | 6,294,610.00 | 1,442,899.84 | | III. Operating Profit | 24,161,969.14 | 26,949,753.50 | | V. Net Profit | 24,161,969.14 | 26,939,939.46 | | Net Profit Attributable to Parent Company Shareholders | 24,411,349.14 | 27,062,674.25 | Consolidated Cash Flow Statement The company experienced a net cash outflow, with negative operating and investing cash flows, resulting in a significant decrease in cash and cash equivalents | Item | Q1 2024 (Yuan) | Q1 2023 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -5,028,695.36 | -11,093,280.93 | | Net Cash Flow from Investing Activities | -31,505,200.31 | 28,873,159.67 | | Net Cash Flow from Financing Activities | 951,128.50 | -1,995,869.12 | | Net Increase in Cash and Cash Equivalents | -35,529,850.95 | 15,759,138.39 | | Cash and Cash Equivalents at Period End | 71,595,260.65 | 63,756,333.71 |