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瓦轴B:2024年第一季度报告(英文)2024-04-30  

                        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


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