航天工程(603698) - 2018 Q1 - 季度财报

I. Important Notice 1.1 Report Authenticity and Audit Statement The company's management ensures the truthfulness, accuracy, and completeness of this quarterly report, free from false records, misleading statements, or material omissions, and notes that this report is unaudited - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume corresponding legal responsibilities[9] - The company's Q1 2018 report is unaudited[9] II. Company Overview 2.1 Key Financial Data In Q1 2018, the company's operating revenue decreased by 11.37% year-over-year, while net profit attributable to shareholders increased by 41.29%, with net cash flow from operating activities significantly declining by 355.77% to a negative value, and total assets decreasing by 3.88% from the end of the previous year | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 138,428,570.52 | 156,191,961.85 | -11.37% | | Net Profit Attributable to Shareholders (RMB) | 44,919,450.20 | 31,792,002.97 | 41.29% | | Net Cash Flow from Operating Activities (RMB) | -82,955,183.82 | 32,433,790.32 | -355.77% | | Basic Earnings Per Share (RMB/share) | 0.11 | 0.08 | 37.50% | | Weighted Average Return on Net Assets (%) | 1.79% | 1.35% | Increased by 0.44 percentage points | | Total Assets (RMB) | 3,680,364,670.63 | 3,828,744,045.57 (Year-End) | -3.88% (vs. Year-Beginning) | - During the reporting period, non-recurring gains and losses totaled RMB 931,077.72, primarily from government subsidies and disposal gains/losses of non-current assets[11][13] 2.2 Shareholder Information as of Report End As of the end of the reporting period, the company had 26,955 shareholders, with the top three being state-owned legal entities or related funds, holding over 68% combined, and China Academy of Launch Vehicle Technology being the largest shareholder with 45.98% - As of the end of the reporting period, the company had 26,955 shareholders[14] | Shareholder Name | Shares Held | Holding Percentage (%) | | :--- | :--- | :--- | | China Academy of Launch Vehicle Technology | 189,558,330 | 45.98 | | Aerospace Investment Holdings Co., Ltd. | 62,954,904 | 15.27 | | Beijing Aerospace Industrial Investment Fund (Limited Partnership) | 32,352,941 | 7.85 | | Beijing Aerospace Propulsion Institute | 31,438,497 | 7.63 | - The actual controller of China Academy of Launch Vehicle Technology, Aerospace Investment Holdings Co., Ltd., and Beijing Aerospace Propulsion Institute among the top ten shareholders is China Aerospace Science and Technology Corporation, constituting an affiliated relationship[16] III. Significant Events 3.1 Analysis of Significant Changes in Key Financial Statement Items and Indicators During this reporting period, several financial indicators showed significant changes, with profit growth primarily driven by high-margin patent business settlements leading to a 35.15% year-over-year decrease in operating costs, while increased project payments caused a 30.69% rise in prepayments and a substantial increase in operating cash outflows, deteriorating net cash flow, and asset impairment losses significantly reversed due to effective accounts receivable collection - Operating costs decreased by 35.15% year-over-year, primarily due to higher gross margins from patent equipment sales and patent licensing businesses settled in this period[16] - Operating profit and net profit increased by 37.96% and 41.29% year-over-year respectively, mainly attributed to the project settlement cycle and the nature of high-margin businesses in this period[18] - Asset impairment losses decreased by 224.17% year-over-year (indicating a significant reversal), primarily due to the company's intensified efforts in accounts receivable collection, recovering prior year receivables in this period[16] - Cash paid for goods and services increased sharply by 541.46% year-over-year, mainly due to increased payments for materials, engineering, and equipment according to contract milestones in this period, which is the primary reason for the deterioration of operating cash flow[18] - Cash paid for the acquisition of fixed assets, intangible assets, etc., increased by 3177.07% year-over-year, primarily due to increased payments for infrastructure investments[18] IV. Appendix 4.1 Financial Statements Summary This appendix includes the company's unaudited Q1 2018 consolidated and parent company financial statements, comprising the balance sheet, income statement, and cash flow statement Consolidated Balance Sheet As of March 31, 2018, the company's total assets were RMB 3.68 billion, a 3.88% decrease from the beginning of the year, total liabilities were RMB 1.14 billion, a 14.5% decrease, and total equity attributable to the parent company was RMB 2.54 billion, an increase of 1.83% | Item | Period-End Balance (RMB) | Year-Beginning Balance (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 3,680,364,670.63 | 3,828,744,045.57 | -3.88% | | Total Current Assets | 2,786,899,339.49 | 2,922,503,426.86 | -4.64% | | Total Liabilities | 1,143,314,008.60 | 1,337,272,126.97 | -14.50% | | Total Current Liabilities | 1,068,535,496.28 | 1,261,819,992.88 | -15.32% | | Total Equity Attributable to Parent Company Owners | 2,537,050,662.03 | 2,491,471,918.60 | +1.83% | Consolidated Income Statement In Q1 2018, the company achieved operating revenue of RMB 138.43 million, a 11.37% year-over-year decrease, but due to a significant 35.15% reduction in operating costs, both operating profit and net profit saw strong growth, with net profit attributable to the parent company reaching RMB 44.92 million, up 41.29% year-over-year | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change | | :--- | :--- | :--- | :--- | | I. Total Operating Revenue | 138,428,570.52 | 156,191,961.85 | -11.37% | | Including: Operating Costs | 65,063,293.43 | 100,332,038.81 | -35.15% | | III. Operating Profit | 50,871,171.29 | 36,874,685.80 | +37.96% | | IV. Total Profit | 50,872,217.81 | 36,877,951.80 | +37.95% | | V. Net Profit | 44,919,450.20 | 31,792,002.97 | +41.29% | | VIII. Basic Earnings Per Share (RMB/share) | 0.11 | 0.08 | +37.50% | Consolidated Cash Flow Statement In Q1 2018, net cash flow from operating activities was RMB -82.96 million, a significant deterioration compared to the prior year's net inflow of RMB 32.43 million, primarily due to a substantial increase in cash paid for goods and services, while net cash outflow from investing activities expanded to RMB -21.08 million | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -82,955,183.82 | 32,433,790.32 | | Net Cash Flow from Investing Activities | -21,080,899.15 | -659,224.39 | | Net Cash Flow from Financing Activities | -20,906.62 | -22,130.67 | | Net Increase in Cash and Cash Equivalents | -104,056,989.59 | 31,752,435.26 |