Wafangdian Bearing Company Limited - Third Quarterly Report for 2024 Summary
Core Content Overview
This report presents the financial performance and position of Wafangdian Bearing Company Limited for the third quarter of 2024. The Company and its Board of Directors (BOD), Supervisory Committee, and senior executives confirm that the information disclosed is true, accurate, and complete, with no fictitious records, misleading statements, or important omissions. The financial report has not been audited.
Main Financial Data
Key Accounting Data and Financial Indexes
| Item |
This Period (Yuan) |
This Period vs. Same Period Last Year |
Year-to-Date (Yuan) |
Year-to-Date vs. Same Period Last Year |
| Operating Income |
503,219,497.92 |
-3.30% |
1,625,585,949.75 |
-8.29% |
| Net Profit Attributable to Shareholders |
-2,267,654.62 |
57.44% |
-48,300,786.29 |
-18.66% |
| Net Profit After Non-Recurring Gains/Losses |
-7,763,768.45 |
23.44% |
-65,074,465.95 |
-18.38% |
| Net Cash Flow from Operating Activities |
— |
— |
83,171,947.61 |
161.85% |
| Basic Earnings Per Share |
-0.0057 |
56.82% |
-0.1200 |
-18.69% |
| Diluted Earnings Per Share |
-0.0057 |
56.82% |
-0.1200 |
-18.69% |
| Weighted Average Return on Equity |
-0.70% |
0.52% |
-13.90% |
-4.88% |
Non-Recurring Profit (Loss) Items
| Project |
Amount for the Period (Yuan) |
Amount from Year-Begin to Period-End (Yuan) |
Note |
| Gain or Loss on Disposal of Illiquid Assets |
672,884.92 |
412,941.80 |
— |
| Government Subsidies (Non-Operational) |
1,053,830.79 |
5,037,388.48 |
— |
| Fair Value Changes (Non-Financial Enterprises) |
50,848.10 |
-7,704.25 |
— |
| Gains and Losses on Debt Restructuring |
4,612,127.05 |
9,349,572.81 |
— |
| Other Non-Operational Income and Expenditure |
174,084.02 |
4,057,730.82 |
— |
| Other Non-Recurring Profit (Loss) |
0.00 |
1,000,000.00 |
— |
| Less: Income Tax Impact |
1,067,661.06 |
3,076,250.00 |
— |
| Total |
5,496,113.82 |
16,773,679.66 |
— |
The Company does not have any non-recurring gain/loss items that qualify as recurring profit/loss under the specified Q&A Announcement.
Changes in Main Accounting Data and Financial Indexes
| Item |
Ending Balance (Yuan) |
Beginning Balance (Yuan) |
Year-on-Year Change |
Cause of Change |
| Notes Receivable |
728,200,695.18 |
450,721,512.23 |
61.6% |
Outstanding notes and holdings of commercial paper rose sharply |
| Payroll Payable to Employees |
18,444,806.49 |
47,130,138.90 |
-60.9% |
Year-end performance from 2023 distributed in Q1 2024 |
| Taxes Payable |
11,228,438.55 |
20,327,848.00 |
-44.8% |
Taxes due at the end of 2023 paid this year |
| Other Income |
19,944,734.38 |
7,046,861.39 |
183.0% |
Sharp increase in value-added tax credits |
| Credit Impairment Loss |
709,438.92 |
3,185,699.60 |
-77.7% |
Recovery of goods from impaired receivables |
| Gain on Disposal of Assets |
412,941.80 |
1,193,288.60 |
-65.4% |
Fewer fixed assets disposed of this year |
| Non-Operational Income |
4,716,134.46 |
653,095.68 |
622.1% |
Increase in penalty income and non-payable amounts |
| Non-Operational Expenses |
658,403.64 |
235,956.53 |
179.0% |
Asset retirement losses increased |
| Refund of Taxes Received |
12,680,879.66 |
25,407,770.48 |
-50.1% |
Export rebates decreased during the period |
| Other Cash Received from Operating Activities |
30,187,964.38 |
43,418,476.80 |
-30.5% |
Decreased government subsidies and deposits |
| All Taxes Paid |
38,724,681.20 |
65,488,368.68 |
-40.9% |
Decreased value-added tax and additional taxes paid |
| Net Cash from Disposal of Fixed Assets, Intangible Assets |
14,700.70 |
468,000.00 |
-96.9% |
Decreased cash received from disposal of fixed assets |
| Cash Paid for Purchase of Fixed Assets |
4,474,692.15 |
3,062,338.75 |
46.1% |
Increased monetary expenditures for fixed assets |
| Obtain Cash from Borrowings |
460,000,000.00 |
688,000,000.00 |
-33.1% |
Decreased short-term loans |
| Cash Payments to Repay Debts |
468,550,000.00 |
689,000,000.00 |
-32.0% |
Decreased short-term loans |
| Effect of Exchange Rate Changes on Cash |
687,740.50 |
2,282,509.35 |
-69.9% |
Foreign currency bank deposits subject to exchange rate changes |
Shareholders Information
Total Shareholders and Top Ten Shareholders
- Total common shareholders at the end of the report period: 4,999
- Total preference shareholders with voting rights recovered: 0
Top Ten Shareholders
| Shareholder |
Shareholding Proportion |
Shares Held |
Non-Tradable Shares |
Share Pledged/Tagged/Frozen |
| Wafangdian Bearing Group Co., Ltd. |
60.61% |
244,000,000 |
244,000,000 |
Inapplicability |
| AKTIEBOLAGET SKF |
19.70% |
79,300,000 |
0 |
Inapplicability |
| China Merchants Securities (Hong Kong) Limited |
2.71% |
10,896,585 |
0 |
Inapplicability |
| Huang Junyue |
1.81% |
7,302,709 |
0 |
Inapplicability |
| Hu Xiaofeng |
0.47% |
1,879,277 |
0 |
Inapplicability |
| BOCI SECURITIES LIMITED |
0.36% |
1,433,154 |
0 |
Inapplicability |
| Wang Xiao |
0.19% |
774,420 |
0 |
Inapplicability |
| Yang Yufei |
0.19% |
760,500 |
0 |
Inapplicability |
| MAN, KWAI WING |
0.18% |
713,101 |
0 |
Inapplicability |
| Jiang Guangsen |
0.17% |
687,900 |
0 |
Inapplicability |
Note: There is no correlation or concerted action among the top ten shareholders.
Other Significant Events
- Applicable: No significant events reported.
Quarterly Financial Statements
Consolidated Balance Sheet (as of September 30, 2024)
| Item |
Ending Balance (Yuan) |
Opening Balance (Yuan) |
| Total Assets |
3,453,450,824.95 |
3,180,391,222.98 |
| Total Liabilities |
3,129,867,603.11 |
2,809,085,154.83 |
| Owner's Equity |
323,583,221.84 |
371,306,068.15 |
| Total Liabilities and Owner's Equity |
3,453,450,824.95 |
3,180,391,222.98 |
Consolidated Profit Statement (Year-to-Date)
| Item |
Current Period (Yuan) |
Last Period (Yuan) |
| Total Operating Income |
1,625,585,949.75 |
1,772,444,939.14 |
| Total Operating Cost |
1,709,353,450.52 |
1,833,139,488.11 |
| Operating Profit |
-52,358,517.11 |
-41,122,584.13 |
| Non-Operational Income |
4,716,134.46 |
653,095.68 |
| Non-Operational Expenses |
658,403.64 |
235,956.53 |
| Total Profit |
-48,300,786.29 |
-40,705,444.98 |
| Net Profit |
-48,300,786.29 |
-40,705,444.98 |
Consolidated Cash Flow Statement (Year-to-Date)
| Item |
Current Period (Yuan) |
Last Period (Yuan) |
| Net Cash Flow from Operating Activities |
83,171,947.61 |
-134,480,899.14 |
| Net Cash Flow from Investing Activities |
1,014,700.70 |
2,468,000.00 |
Summary of Key Financial Performance
- Operating income decreased by 3.30% in the quarter, and by 8.29% year-to-date.
- Net profit was negative for both the quarter and year-to-date, with a year-to-date decrease of 18.66%.
- Net cash flow from operating activities increased significantly by 161.85% year-to-date.
- Non-recurring gains/losses were reported, with a total of 5,496,113.82 Yuan in the quarter and 16,773,679.66 Yuan year-to-date.
- Total assets increased by 8.59% year-to-date to 3,453,450,824.95 Yuan.
- Owner's equity decreased by 12.85% year-to-date to 323,583,221.84 Yuan.
- Major shareholders include Wafangdian Bearing Group Co., Ltd. (60.61%) and AKTIEBOLAGET SKF (19.70%).
Key Financial Highlights
- The Company has not reported any significant non-recurring profit/loss items that qualify as recurring.
- The increase in non-operational income was mainly due to a rise in value-added tax credits.
- Notes receivable increased significantly due to outstanding notes and commercial paper.
- Payroll payable decreased due to the distribution of year-end performance from the previous year.
- Taxes payable decreased as taxes from the previous year were settled.
- Cash received from borrowings and cash payments to repay debts both decreased due to a reduction in short-term loans.
- Exchange rate changes had a negative impact on cash and cash equivalents, primarily due to foreign currency bank deposits.
Conclusion
The third quarter of 2024 saw a decline in operating income and net profit, with a notable increase in net cash flow from operating activities. The Company's financial position remains stable, with a rise in total assets and a decrease in owner's equity. Shareholder structure is dominated by the state-owned legal person and an overseas legal person, with no reported correlations or concerted actions among major shareholders. Financial statements show a significant improvement in cash flow from operations, indicating better liquidity and operational efficiency.
