Full text of wafangdian Bearing Co., LTD. 2023 first quarter report
Stock Code: 000706 Notice No.: 2023-14 Short Form of the Stock: Wazhou B
Wafangdian Bearing Company Limited
The First Quarterly Report of 2023
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
Current Period Same period of last year same period of last year
（%）
Operating income (Yuan) 605,154,931.63 516,856,921.09 17.08%
Net profit attributable to
shareholders of listed -22,736,404.65 -31,201,728.45 27.13%
company (Yuan)
Net profit attributable to
shareholders of listed
companies after deducting -27,072,214.12 -36,234,334.17 25.29%
non-recurring gains and
losses (Yuan)
Net cash flow from
-97,995,389.08 -112,415,257.84 12.83%
Operating activities (Yuan)
Basic earnings per share
-0.0565 -0.0775 27.10%
(RMB/share)
Diluted earnings per share
-0.0565 -0.0775 27.10%
(RMB/share)
Weighted average return on
-4.94% -5.26% 0.32%
equity
Changes of this period-end
End of this period End of last period
over same period-end of
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Full text of wafangdian Bearing Co., LTD. 2023 first quarter report
last year (%)
Total assets (yuan) 3,261,756,772.87 3,324,777,599.86 -1.90%
Owners' equity attributable
to Shareholders of Listed 450,373,268.71 470,302,993.46 -4.24%
companies (Yuan)
(ii) Items of non-recurring gains and losses
√ Applicable □Not applicable
Unit: RMB/CNY
Item Current amount Note
Gain or loss on disposal of non-current
assets (including the write-off part of the 11,964.74
asset impairment reserve accrued)
Government subsidies booked into current
profit and loss (closely related to the
company's normal business, except
2,389,419.56
government subsidies in line with national
policies and provisions, in accordance with a
certain standard quota or quantitative)
Gains and losses on debt restructuring 2,497,803.62
Other non-operating income and expenses
296,608.90
other than those mentioned above
Less: Income tax impact 859,987.35
total 4,335,809.47
Details of other gains/losses items that meet the definition of non-recurring gains/losses:
□ Applicable √ Not applicable
There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company.
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/los
(iii) Circumstances and reasons for changes in major accounting data and financial
indicators
□ Applicable √ Not applicable
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 number of common Total preference shareholders with voting rights
shareholders at the end of 5,351 recovered at end of reporting period (if 0
report period applicable)
Top ten shareholders
Amount of Information of shares pledged,
Shareholder’s Nature of Proportion of Amount of non-tradabl tagged or frozen
name shareholder shares held shares held e shares
State of share Amount
held
Wafangdian State-owned 244,000,000.0 244,000,00
60.61%
0 0.00
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Full text of wafangdian Bearing Co., LTD. 2023 first quarter report
Bearing legal person
Group Corp.,
Ltd.
AKTIEBOLAG Foreign legal
19.70% 79,300,000.00
ET SKF person
China
Merchants
Overseas
Securities 2.23% 8,962,695.00
legal person
Hong Kong
Limited
Domestic
Huang Junyue 1.81% 7,302,709.00
natural person
Domestic
Hu Xiaofeng 0.47% 1,879,277.00
natural person
BOCI
Foreign legal
SECURITIES 0.33% 1,310,000.00
person
LIMITED
GUOTAI
JUNAN
SECURITIES Foreign legal
（HONG 0.26% 1,037,311.00
person
KONG）
LIMITED
Meng Domestic
0.24% 966,048.00
Qingliang natural person
Domestic
Jin Yunhua 0.18% 727,900.00
natural person
MAN,KWAI Foreign
0.18% 713,101.00
WING natural person
Top ten shareholders with tradable shares held
Type of shares
Shareholder’s name Amount of listed shares held
Type Amount
Domestically
AKTIEBOLAGET SKF 79,300,000.00 listed foreign 79,300,000.00
shares
Domestically
China Merchants Securities
8,962,695.00 listed foreign 8,962,695.00
Hong Kong Limited
shares
Domestically
Huang Junyue 7,302,709.00 listed foreign 7,302,709.00
shares
Hu Xiaofeng 1,879,277.00 Domestically 1,879,277.00
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Full text of wafangdian Bearing Co., LTD. 2023 first quarter report
listed foreign
shares
Domestically
BOCI SECURITIES LIMITED 1,310,000.00 listed foreign 1,310,000.00
shares
Domestically
GUOTAI JUNAN SECURITIES
1,037,311.00 listed foreign 1,037,311.00
（HONG KONG） LIMITED
shares
Domestically
Meng Qingliang 966,048.00 listed foreign 966,048.00
shares
Domestically
Jin Yunhua 727,900.00 listed foreign 727,900.00
shares
Domestically
MAN,KWAI WING 713,101.00 listed foreign 713,101.00
shares
Domestically
Jiang Guangsen 687,900.00 listed foreign 687,900.00
shares
Among the top ten shareholders, there is no affiliation or concerted
action between the first majority shareholder and other
Explanation on associated relationship among shareholders or the top ten outstanding shareholders; Affiliation or
the aforesaid shareholders concerted action among other shareholders, among the top ten
outstanding shareholders, and between the top ten outstanding
shareholders and other shareholders are not available.
(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
Unit: RMB/CNY
Item Ending balance Opening balance
Current assets:
Monetary funds 234,897,275.04 330,746,706.88
Settlement of provisions
Loan funds
Trading financial assets 243,454.50 243,454.50
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Full text of wafangdian Bearing Co., LTD. 2023 first quarter report
Derivative financial assets
Notes receivable 425,352,973.87 469,784,593.61
Accounts receivable 1,184,130,234.43 1,136,295,329.59
Financing of receivables 49,123,224.48 30,996,930.63
prepayment 38,354,936.74 52,901,066.01
Premium receivable
Reinsurance accounts receivable
Reserves receivable for
reinsurance contracts
Other receivables 14,590,888.08 10,555,282.33
Among them: interest receivable
Dividends receivable
Buy and resell financial assets
inventory 681,734,515.69 646,619,143.91
Contractual assets 0.00 601,375.84
Holding assets for sale
Non-current assets due within one
year
Other current assets 13,995,360.29 15,681,599.83
Total current assets 2,642,422,863.12 2,694,425,483.13
Non-current assets:
Make loans and advances
Debt investment
Other debt investments
Long-term receivables
Long-term equity investment
Investment in other equity
11,926,856.64 11,926,856.64
instruments
Other non-current financial assets
Investment real estate 66,155,443.05 67,211,806.69
Fixed assets 390,310,556.53 391,769,315.64
Construction in progress 74,490,139.04 81,891,139.54
Productive biological assets
Oil and gas assets
Use right assets
Intangible assets 76,353,492.57 77,438,618.71
Development expenditure
goodwill
Long-term deferred expenses 97,421.92 114,379.51
Deferred tax assets
Other non-current assets
Total non-current assets 619,333,909.75 630,352,116.73
Total assets 3,261,756,772.87 3,324,777,599.86
Current liabilities:
Short-term loan 698,000,000.00 699,000,000.00
Borrow from the central bank
Borrowed funds
Trading financial liabilities
Derivative financial liability
Notes payable 459,220,268.41 462,446,562.00
Accounts payable 1,306,376,220.39 1,300,975,034.72
Advances received
Contractual liability 25,796,380.38 30,449,983.07
Selling repurchase funds of
financial assets
Deposit-taking and interbank
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Full text of wafangdian Bearing Co., LTD. 2023 first quarter report
deposits
Agent to buy and sell securities
Agent underwrites securities
Employee compensation payable 16,638,985.36 46,797,303.83
Taxes payable 14,241,606.00 26,467,193.95
Other payables 184,961,516.77 180,459,153.26
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 3,313,615.86 4,294,078.63
Total current liabilities 2,708,548,593.17 2,750,889,309.46
Non-current liabilities:
Insurance contract reserve
Long-term loan
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 54,613,759.15 54,288,933.94
Deferred income 47,249,267.98 48,324,479.14
Deferred income tax liabilities 626,909.02 626,909.02
Other non-current liabilities
Total non-current liabilities 102,834,910.99 103,585,296.94
Total liabilities 2,811,383,504.16 2,854,474,606.40
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 4,739,889.76 1,933,209.86
Surplus reserve 136,770,391.01 136,770,391.01
General risk reserve
Undistributed profit -579,428,062.53 -556,691,657.88
Total owner's equity attributable to
450,373,268.71 470,302,993.46
parent company
Minority shareholders' interests
Total owners' equity 450,373,268.71 470,302,993.46
Total liabilities and equity 3,261,756,772.87 3,324,777,599.86
Legal Representative: Liu Jun
Person in charge of accounting works: Sun Najuan
Person in charge of accounting institute: Sunxinyan
2. Consolidated Profit Statement
Unit: RMB/CNY
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Full text of wafangdian Bearing Co., LTD. 2023 first quarter report
Item Current period Last period
I. Gross operating income 605,154,931.63 516,856,921.09
Among them: operating income 605,154,931.63 516,856,921.09
Interest income
Earned premium
Fee and commission income
Ii. Total operating costs 635,097,646.10 554,178,164.52
Among them: operating cost 534,741,247.58 459,307,688.70
Interest expense
Commission and commission expenses
Surrender premium
Net claims disbursement
Net reserve for insurance liability
Policy dividend payout
Reinsurance expense
Taxes and surcharges 3,581,778.42 3,153,559.66
Selling expense 33,750,240.40 30,842,565.48
Administrative expenses 25,626,399.66 22,857,415.49
Research and development expenses 27,498,431.76 27,056,371.11
Financial expense 9,899,548.28 10,960,564.08
Among them: interest expense 7,330,986.12 6,949,881.80
Interest income 224,610.52 236,982.31
Plus: Other earnings 2,389,419.56 1,303,954.41
Investment income (loss marked with "-") 4,497,803.62 1,212,992.08
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 "-") 0.00 -30,817.03
Credit impairment loss (loss marked with "-") 10,513.00 38,891.11
Asset impairment loss (marked with "-") 0.00 194,436.80
Gain on disposal of assets (loss marked with "-") 11,964.74 848,457.68
Iii. Operating profit (loss listed with "-") -23,033,013.55 -33,753,328.38
Plus: non-operating income 315,285.14 2,597,979.12
Less: non-operating expenses 18,676.24 46,379.19
Iv. Total Profit (total loss listed with "-") -22,736,404.65 -31,201,728.45
Less: Income tax expense
V. Net profit (marked with "-" for net loss) -22,736,404.65 -31,201,728.45
(1) Classification by business continuity
1. Net profit from continuing operations (marked with "-"
-22,736,404.65 -31,201,728.45
for net 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
-22,736,404.65 -31,201,728.45
company
2. Profit and loss of minority shareholders
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Full text of wafangdian Bearing Co., LTD. 2023 first quarter report
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
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 -22,736,404.65 -31,201,728.45
Total comprehensive income attributable to the owner of
-22,736,404.65 -31,201,728.45
the parent company
Total comprehensive income attributable to minority
shareholders
Viii. Earnings per Share:
(1) Basic earnings per share -0.0565 -0.0775
(2) Diluted earnings per share -0.0565 -0.0775
Enterprise combine under the same control in the Period, the combined party realized net profit of 0.00 Yuan before
combination, and realized 0.00 Yuan at last period for combined party.
Legal Representative: Liu Jun
Person in charge of accounting works: Sun Najuan
Person in charge of accounting institute: Sunxinyan
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
240,080,743.00 192,730,297.96
provided
Net increase in customer deposits and interbank
deposits
Net increase in borrowing from the Central bank
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Full text of wafangdian Bearing Co., LTD. 2023 first quarter report
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 7,322,934.15 1,262,463.01
Other cash received in connection with operating
10,332,216.18 16,296,874.82
activities
Subtotal of cash inflow from operating activities 257,735,893.33 210,289,635.79
Cash paid for goods purchased or services received 189,871,214.47 166,960,415.32
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 111,010,795.58 116,252,789.39
All taxes paid 26,583,512.45 11,722,385.77
Disburse other cash in connection with operating
28,265,759.91 27,769,303.15
activities
Subtotal of cash outflow from operating activities 355,731,282.41 322,704,893.63
Net cash flow from operating activities -97,995,389.08 -112,415,257.84
Ii. Cash Flows generated from investment activities:
Recovery of cash received from investment
Cash received from investment income 2,000,000.00
Net cash recovered from disposal of fixed assets,
0.00 981,190.00
intangible assets 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 2,000,000.00 981,190.00
Cash paid for the purchase and construction of fixed
780,248.69 1,752,828.15
assets, 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 780,248.69 1,752,828.15
Net cash flow from investing activities 1,219,751.31 -771,638.15
Iii. Cash Flows generated by financing Activities:
Absorb cash received from investments
Among them: subsidiaries absorb minority
shareholders investment received cash
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Full text of wafangdian Bearing Co., LTD. 2023 first quarter report
Obtain cash received on loan 288,000,000.00 300,000,000.00
Other cash received in connection with fund-raising
98,486,638.89 73,348,314.77
activities
Subtotal cash inflow from financing activities 386,486,638.89 373,348,314.77
Cash to pay off debts 289,000,000.00 145,000,000.00
Cash disbursed to distribute dividends, profits, or
8,044,286.12 7,825,440.39
interest payments
Among them: dividends and profits paid by
subsidiaries to minority shareholders
Disburse cash in connection with other fundraising
90,400,000.00 82,000,000.00
activities
Subtotal cash outflow from financing activities 387,444,286.12 234,825,440.39
Net cash flows from financing activities -957,647.23 138,522,874.38
4. The impact of exchange rate changes on cash and
-538,981.84 -687,990.74
cash equivalents
5. Net increase in cash and cash equivalents -98,272,266.84 24,647,987.65
Plus: Starting cash and cash equivalents balance 227,357,291.37 209,847,896.42
Vi. Balance of cash and cash equivalents at the end of the
129,085,024.53 234,495,884.07
period
(ii) 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
10
