Full text of wafangdian Bearing Co., LTD. 2024 first quarter report
Stock Code: 000706 Notice No.: 2024-10 S hort Form of the Stock: Wazhou B
Wafangdian Bearing Company Limited
The First Quarterly Report of 2024
The Company and whole members of the Board guarantee that the information disclosed is true, accurate and
complete and there are no fictitious records, misleading statements or material omissions carried in the Report.
Important Note:
1. Board of Directors and the Supervisory Committee of Wafangdian Bearing Company Limited (hereinafter
referred to as the Company) and its directors, supervisors and senior executives should guarantee the reality,
accuracy and completion of the quarterly report, there are no any fictitious statements, misleading statements or
important omissions carried in this report, and shall take legal responsibilities, individual and/or joint.
2. Person in charge of the Company, head of accounting and person in charger of accounting organ (accounting
officer) hereby confirm that the financial information of this Quarterly Report is authentic, accurate and complete.
3. The first quarterly report audited or not
□Yes √No
I. Main financial data
(i) Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes√ No
Changes of this period over
Same period of last
Current Period same period of last year
year
（%）
Operating income (Yuan) 526,788,096.65 605,154,931.63 -12.95%
Net profit attributable to shareholders of listed
-25,592,430.55 -22,736,404.65 -12.56%
company (Yuan)
Net profit attributable to shareholders of listed
companies after deducting non-recurring gains -36,610,233.58 -27,072,214.12 -35.23%
and losses (Yuan)
Net cash flow from Operating activities (Yuan) -17,123,610.28 -97,995,389.08 82.53%
Basic earnings per share (RMB/share) -0.0636 -0.0565 -12.57%
Diluted earnings per share (RMB/share) -0.0636 -0.0565 -12.57%
Weighted average return on equity -7.13% -4.94% -2.19%
Changes of this period-end
End of this period End of last period over same period-end of last
year (%)
Total assets (yuan) 3,175,598,548.90 3,180,391,222.98 -0.15%
Owners' equity attributable to Shareholders of
346,833,152.22 371,306,068.15 -6.59%
Listed companies (Yuan)
(ii) Items of non-recurring gains and losses
√ Applicable □Not applicable
Unit: RMB/CNY
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Full text of wafangdian Bearing Co., LTD. 2024 first quarter report
Item Current amount Note
Gain or loss on disposal of illiquid assets (including the write-off of the asset
48,386.78
impairment provision)
Government subsidies included in the profit and loss of the current period (except
government subsidies that are closely related to the normal operation of the
company, comply with national policies and regulations, enjoy in accordance with 6,875,407.85
determined standards, and have a continuous impact on the profit and loss of the
company)
In addition to the effective hedging business related to the normal operation of the
company, the profit or loss of fair value changes arising from the holding of
-13,867.66
financial assets and financial liabilities by non-financial enterprises and the loss or
gain arising from the disposal of financial assets and financial liabilities
Gains and losses on debt restructuring 3,620,019.34
Other non-operating income and expenditure other than those mentioned above 1,437,300.71
Other items of profit or loss that meet the definition of non-recurring profit or loss 1,000,000.00
Less: Income tax impact 1,949,443.99
Total 11,017,803.03 --
Details of other gains/losses items that meet the definition of non-recurring gains/losses:
√ Applicable □Not applicable
Investment in Shanghai Emyi electromechanical equipment chain Co., Ltd. to obtain dividends.
Explain the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss
in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -
-- Extraordinary Profit/loss
□ Applicable √ Not applicable
There are no items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss
in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -
-- Extraordinary Profit/loss
(iii) Circumstances and reasons for changes in major accounting data and financial indicators
√ Applicable □Not applicable
Unit: RMB/CNY
Increase
Opening
Num Amount of increase and
Item Closing balance number/same Explanation of change
ber or decrease decrease
period last year
ratio
Financing of Subject to collections and
1 72,703,179.81 55,546,474.87 17,156,704.94 30.9%
receivables payments
Performance pay accrued at the
Payroll payable to
2 16,295,270.35 47,130,138.90 -30,834,868.55 -65.4% end of last year will be paid this
employees
year
Mainly due to research and
Research and
3 18,534,661.99 27,498,431.76 -8,963,769.77 -32.6% development projects, progress
development expense
and the same period is different.
This is mainly due to the increase
4 Other income 6,875,407.85 2,389,419.56 4,485,988.29 187.7%
in value-added tax
5 Non-operating income 1,496,055.86 315,285.14 1,180,770.72 374.5% Increase in penalty revenue
6 Non-operating 58,755.15 18,676.24 40,078.91 214.6% Increase in penalty expenses
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Full text of wafangdian Bearing Co., LTD. 2024 first quarter report
expenses
The tax refunds received in the
Refund of taxes
7 4,355,083.11 7,322,934.15 -2,967,851.04 -40.5% current period are lower than in
received
the previous period
The VAT and supplementary
taxes paid in the current period
decreased year-on-year, mainly
8 All taxes paid 11,438,332.49 26,583,512.45 -15,145,179.96 -57.0% due to the tax delay policy, and
the tax paid in the same period
last year included the unpaid part
in the previous period
Make other cash
9 payments related to 44,003,223.11 28,265,759.91 15,737,463.20 55.7% Payment increase
operating activities
Effect of exchange
Affected by exchange rate
10 rate changes on cash 107,737.77 -538,981.84 646,719.61 -120.0%
changes
and cash equivalents
II. Shareholder information
(i)The total number of ordinary shareholders, the number of preferred shareholders whose voting rights
have been restored and a statement of the holdings of the top 10 shareholders
Unit: share
Total preference shareholders with voting
Total number of common shareholders at the
5,196 rights recovered at end of reporting period (if 0
end of report period
applicable)
Top ten shareholders(excluding shares lent through refinancing)
Amount of Information of shares pledged,
Proportion tagged or frozen
Nature of Amount of non-
Shareholder’s name of shares
shareholder shares held tradable Amou
held State of share
shares held nt
Wafangdian Bearing State-owned legal 244,000,000
60.61% 244,000,000.00 inapplicability 0.00
Group Corp., Ltd. person .00
AKTIEBOLAGET Foreign legal
19.70% 79,300,000.00 0.00 inapplicability 0.00
SKF person
China Merchants
Overseas legal
Securities Hong Kong 2.23% 8,995,895.00 0.00 inapplicability 0.00
person
Limited
Domestic natural
Huang Junyue 1.81% 7,302,709.00 0.00 inapplicability 0.00
person
Domestic natural
Hu Xiaofeng 0.47% 1,879,277.00 0.00 inapplicability 0.00
person
BOCI SECURITIES Foreign legal
0.33% 1,310,000.00 0.00 inapplicability 0.00
LIMITED person
GUOTAI JUNAN
SECURITIES Foreign legal
0.26% 1,037,111.00 0.00 inapplicability 0.00
（HONG KONG） person
LIMITED
Domestic natural
Meng Qingliang 0.24% 966,048.00 0.00 inapplicability 0.00
person
MAN,KWAI WING Domestic natural
0.18% 713,101.00 0.00 inapplicability 0.00
WenGuiRong person
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Full text of wafangdian Bearing Co., LTD. 2024 first quarter report
Domestic natural
JiangGuangSen 0.17% 687,900.00 0.00 inapplicability 0.00
person
Top ten shareholders with tradable shares held
Type of shares
Shareholder’s name Amount of listed shares held
Type Amount
Domestically listed
AKTIEBOLAGET SKF 79,300,000.00 79,300,000.00
foreign shares
China Merchants Securities Hong Kong Domestically listed
8,995,895.00 8,995,895.00
Limited foreign shares
Domestically listed
Huang Junyue 7,302,709.00 7,302,709.00
foreign shares
Domestically listed
Hu Xiaofeng 1,879,277.00 1,879,277.00
foreign shares
Domestically listed
BOCI SECURITIES LIMITED 1,310,000.00 1,310,000.00
foreign shares
GUOTAI JUNAN SECURITIES（HONG Domestically listed
1,037,111.00 1,037,111.00
KONG） LIMITED foreign shares
Domestically listed
Meng Qingliang 966,048.00 966,048.00
foreign shares
Domestically listed
MAN,KWAI WING WenGuiRong 713,101.00 713,101.00
foreign shares
Domestically listed
JiangGuangSen 687,900.00 687,900.00
foreign shares
Domestically listed
WangWei 619,577.00 619,577.00
foreign shares
Explanation on associated relationship among the aforesaid
None
shareholders
Description of the top 10 shareholders' participation in
None
margin trading (if any)
Shareholders holding more than 5%, the top 10 shareholders and the top 10 shareholders of unlimited tradable
shares participate in the refinancing business to lend shares
□ Applicable √ Not applicable
The top 10 shareholders and the top 10 shareholders of unlimited outstanding shares have changed from the
previous period due to refinancing lending/restitution reasons
□ Applicable √ Not applicable
(ii) Total shareholders with preferred stock held and shares held by top ten shareholders with preferred
stock held
□ Applicable √ Not applicable
III. Other important matters
□ Applicable √ Not applicable
IV. Quarterly financial statements
(i) Financial statement
1. Consolidate Balance Sheet
Prepared by Wafangdian Bearing Company Limited
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Full text of wafangdian Bearing Co., LTD. 2024 first quarter report
Unit: RMB/CNY
Item Ending balance Opening balance
Current assets:
Monetary funds 181,382,991.69 210,814,228.05
Settlement of provisions
Loan funds
Trading financial assets 200,310.67 214,178.33
Derivative financial assets
Notes receivable 564,125,867.91 450,721,512.23
Accounts receivable 1,055,860,010.47 1,086,438,008.68
Financing of receivables 72,703,179.81 55,546,474.87
prepayment 18,720,839.66 16,939,892.67
Premium receivable
Reinsurance accounts receivable
Reserves receivable for reinsurance contracts
Other receivables 12,815,521.16 9,403,175.09
Among them: interest receivable
Dividends receivable
Buy and resell financial assets
inventory 599,746,603.20 651,494,088.99
Where: Data resources
Contractual assets 5,565,143.57
Holding assets for sale
Non-current assets due within one year
Other current assets 37,585,327.34 47,560,917.19
Total current assets 2,543,140,651.91 2,534,697,619.67
Non-current assets:
Make loans and advances
Debt investment
Other debt investments
Long-term receivables
Long-term equity investment
Investment in other equity instruments 11,910,077.43 11,910,077.43
Other non-current financial assets
Investment real estate 69,348,433.29 68,614,653.76
Fixed assets 437,151,407.63 448,651,044.66
Construction in progress 34,931,314.54 37,354,969.68
Productive biological assets
Oil and gas assets
Use right assets
Intangible assets 73,221,264.80 74,319,876.46
Where: Data resources
Development expenditure
Where: Data resources
goodwill
Long-term deferred expenses 5,895,399.30 4,842,981.32
Deferred tax assets
Other non-current assets
Total non-current assets 632,457,896.99 645,693,603.31
Total assets 3,175,598,548.90 3,180,391,222.98
Current liabilities:
Short-term loan 598,000,000.00 598,000,000.00
Borrow from the central bank
Borrowed funds
Trading financial liabilities
Derivative financial liability
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Full text of wafangdian Bearing Co., LTD. 2024 first quarter report
Notes payable 389,090,969.58 460,840,218.52
Accounts payable 1,443,213,269.57 1,269,200,269.48
Advances received
Contractual liability 23,034,683.44 30,546,735.85
Selling repurchase funds of financial assets
Deposit-taking and interbank deposits
Agent to buy and sell securities
Agent underwrites securities
Employee compensation payable 16,295,270.35 47,130,138.90
Taxes payable 15,762,237.88 20,327,848.00
Other payables 147,615,188.16 185,396,158.28
Among them: interest payable
Dividends payable
Commissions and commissions payable
Reinsurance accounts payable
Holding liabilities held for sale
Non-current liabilities due within one year
Other current liabilities 2,983,971.03 4,574,730.79
Total current liabilities 2,635,995,590.01 2,616,016,099.82
Non-current liabilities:
Insurance contract reserve
Long-term loan 99,450,000.00 99,450,000.00
Bonds payable
Among them: preferred stock
Perpetual debt
Lease liability
Long-term payables 344,974.84 344,974.84
Long-term employee compensation payable
Projected liability 50,373,240.40 49,598,202.66
Deferred income 42,025,894.32 43,100,180.40
Deferred income tax liabilities 575,697.11 575,697.11
Other non-current liabilities
Total non-current liabilities 192,769,806.67 193,069,055.01
Total liabilities 2,828,765,396.68 2,809,085,154.83
Owner's equity:
Capital stock 402,600,000.00 402,600,000.00
Other equity instruments
Among them: preferred stock
Perpetual debt
Capital reserve 485,691,050.47 485,691,050.47
Minus: Treasury stocks
Other comprehensive income
Special reserve 3,534,392.25 2,414,877.63
Surplus reserve 136,770,391.01 136,770,391.01
General risk reserve
Undistributed profit -681,762,681.51 -656,170,250.96
Total owner's equity attributable to parent company 346,833,152.22 371,306,068.15
Minority shareholders' interests
Total owners' equity 346,833,152.22 371,306,068.15
Total liabilities and equity 3,175,598,548.90 3,180,391,222.98
Legal Representative: Liu Jun Person in charge of accounting works: Sun Najuan Person in charge of accounting institute: Sun Xinyan
2. Consolidated Profit Statement
Unit: RMB/CNY
Item Current period Last period
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Full text of wafangdian Bearing Co., LTD. 2024 first quarter report
I. Gross operating income 526,788,096.65 605,154,931.63
Among them: operating income 526,788,096.65 605,154,931.63
Interest income
Earned premium
Fee and commission income
Ii. Total operating costs 565,421,974.05 635,097,646.10
Among them: operating cost 475,096,653.42 534,741,247.58
Interest expense
Commission and commission expenses
Surrender premium
Net claims disbursement
Net reserve for insurance liability
Policy dividend payout
Reinsurance expense
Taxes and surcharges 3,212,846.21 3,581,778.42
Selling expense 34,751,895.22 33,750,240.40
Administrative expenses 25,942,227.65 25,626,399.66
Research and development expenses 18,534,661.99 27,498,431.76
Financial expense 7,883,689.56 9,899,548.28
Among them: interest expense 5,814,389.55 7,330,986.12
Interest income 412,272.25 224,610.52
Plus: Other earnings 6,875,407.85 2,389,419.56
Investment income (loss marked with "-") 4,620,019.34 4,497,803.62
Among them: income from investment in joint venture and joint
venture
Financial assets measured at amortized cost cease to recognize
income
Exchange gain (loss marked with "-")
Net exposure hedge gain (loss marked with "-")
Gain on changes in fair value (loss marked with "-") -13,867.66
Credit impairment loss (loss marked with "-") 74,199.83 10,513.00
Asset impairment loss (marked with "-")
Gain on disposal of assets (loss marked with "-") 48,386.78 11,964.74
Iii. Operating profit (loss listed with "-") -27,029,731.26 -23,033,013.55
Plus: non-operating income 1,496,055.86 315,285.14
Less: non-operating expenses 58,755.15 18,676.24
Iv. Total Profit (total loss listed with "-") -25,592,430.55 -22,736,404.65
Less: Income tax expense
V. Net profit (marked with "-" for net loss) -25,592,430.55 -22,736,404.65
(1) Classification by business continuity
1. Net profit from continuing operations (marked with "-" for net
-25,592,430.55 -22,736,404.65
loss)
2. Net profit of discontinued operations (marked with "-" for net
loss)
(2) Classification according to ownership
1. Net profit attributable to owners of the parent company -25,592,430.55 -22,736,404.65
2. Profit and loss of minority shareholders
Vi. Net of other comprehensive income after tax
Net of other comprehensive income attributable to the owner of
the parent company after tax
(1) Other comprehensive income that cannot be reclassified into
profit or loss
1. Remeasure and set the variation of benefit plan
2. Other comprehensive income that cannot be transferred to
profit or loss under the equity method
3. Changes in fair value of investments in other equity
instruments
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Full text of wafangdian Bearing Co., LTD. 2024 first quarter report
4. Changes in the fair value of the enterprise's own credit risk
5. Others
(2) Other comprehensive income reclassified into profit or loss
1. Other comprehensive income that can be transferred to profit
or loss under the equity method
2. Changes in the fair value of other creditor's rights investments
3. The amount of financial assets reclassified into other
comprehensive income
4. Reserve for credit impairment of other creditor's rights
investments
5. Cash flow hedge reserve
6. Difference in translation of foreign currency financial
statements
7. Others
Net of other comprehensive income attributable to minority
shareholders after tax
Vii. Total comprehensive income -25,592,430.55 -22,736,404.65
Total comprehensive income attributable to the owner of the
-25,592,430.55 -22,736,404.65
parent company
Total comprehensive income attributable to minority
shareholders
Viii. Earnings per Share:
(1) Basic earnings per share -0.0636 -0.0565
(2) Diluted earnings per share -0.0636 -0.0565
Legal Representative: Liu Jun Person in charge of accounting works: Sun Najuan Person in charge of accounting institute: Sun Xinyan
3. Consolidated Cash Flow Statement
Unit: RMB/CNY
Item Current period Last period
I. Cash flows generated from operating activities:
Cash received from sales of goods and services provided 291,413,316.91 240,080,743.00
Net increase in customer deposits and interbank deposits
Net increase in borrowing from the Central bank
Net increase of funds borrowed from other financial institutions
Cash from receipt of premiums from the original insurance contract
Net cash received from reinsurance operations
Net increase of depository and investment funds
Cash for interest, charges and commissions
Net increase in borrowed funds
Net increase in repurchase funds
Net cash received from agents buying and selling securities
Tax refunds received 4,355,083.11 7,322,934.15
Other cash received in connection with operating activities 10,530,178.95 10,332,216.18
Subtotal of cash inflow from operating activities 306,298,578.97 257,735,893.33
Cash paid for goods purchased or services received 154,042,858.44 189,871,214.47
Net increase in customer loans and advances
Net increase in central bank and interbank deposits
Cash payable on the original insurance contract
Net increase of funds sold out
Cash to pay interest, fees and commissions
Cash to pay dividends on policies
Cash paid to and for employees 116,643,641.89 111,010,795.58
All taxes paid 11,438,332.49 26,583,512.45
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Full text of wafangdian Bearing Co., LTD. 2024 first quarter report
Disburse other cash in connection with operating activities 41,297,356.43 28,265,759.91
Subtotal of cash outflow from operating activities 323,422,189.25 355,731,282.41
Net cash flow from operating activities -17,123,610.28 -97,995,389.08
Ⅱ.Cash Flows generated from investment activities:
Recovery of cash received from investment
Cash received from investment income 1,000,000.00 2,000,000.00
Net cash recovered from disposal of fixed assets, intangible assets
10,657.35
and other long-term assets
Net cash received on disposal of subsidiaries and other operating
units
Other cash received in connection with investment activities
Subtotal of cash inflows from investing activities 1,010,657.35 2,000,000.00
Cash paid for the purchase and construction of fixed assets,
234,308.60 780,248.69
intangible assets and other long-term assets
Cash paid by investment
Net increase in pledged loans
Obtain net cash paid by subsidiaries and other business units
Disburse cash in connection with other investment activities
Subtotal cash outflow from investment activities 234,308.60 780,248.69
Net cash flow from investing activities 776,348.75 1,219,751.31
Ⅲ. Cash Flows generated by financing Activities:
Absorb cash received from investments
Among them: subsidiaries absorb minority shareholders investment
received cash
Obtain cash received on loan 218,000,000.00 288,000,000.00
Other cash received in connection with fund-raising activities 110,652,041.31 98,486,638.89
Subtotal cash inflow from financing activities 328,652,041.31 386,486,638.89
Cash to pay off debts 218,000,000.00 289,000,000.00
Cash disbursed to distribute dividends, profits, or interest payments 10,925,952.20 8,044,286.12
Among them: dividends and profits paid by subsidiaries to
minority shareholders
Disburse cash in connection with other fundraising activities 93,271,849.22 90,400,000.00
Subtotal cash outflow from financing activities 322,197,801.42 387,444,286.12
Net cash flows from financing activities 6,454,239.89 -957,647.23
Ⅳ. The impact of exchange rate changes on cash and cash
107,737.77 -538,981.84
equivalents
V. Net increase in cash and cash equivalents -9,785,283.87 -98,272,266.84
Plus: Starting cash and cash equivalents balance 110,664,560.63 227,357,291.37
Ⅵ. Balance of cash and cash equivalents at the end of the period 100,879,276.76 129,085,024.53
(ii)The first implementation of the new accounting standards from 2024 to adjust the first
implementation of the financial statements at the beginning of the year related items
□ Applicable √ Not applicable
(iii) Audit report
Whether the 1st quarterly report has been audited or not
□Yes √ No
The 1st quarterly report of the Company has not been audited.
Board of Directors of
Wafangdian Bearing Company Limited
April 26, 2024
9
