中国动力(600482) - 2021 Q1 - 季度财报

Important Notice This section confirms the report's authenticity and audit status, emphasizing board responsibility and the unaudited nature of the quarterly report Report Authenticity and Audit Status The company's board, supervisory board, and senior management guarantee the report's accuracy and completeness, with all directors approving it, though unaudited - The company's board, supervisory board, and senior management guarantee the quarterly report's truthfulness, accuracy, and completeness, assuming individual and joint legal responsibility[3] - All company directors attended the board meeting to review the quarterly report[3] - This first quarter report is unaudited[3] Company Basic Information This section provides an overview of the company's key financial performance, shareholder structure, and other fundamental operational details Key Financial Data Total assets and net assets attributable to shareholders increased, with operating revenue growing by 66.74%, net profit turning profitable, and weighted average ROE significantly improving, while operating cash outflow narrowed Key Financial Data Summary | Metric | Current Period End/Year-to-Date (CNY) | Prior Year End/Prior Year-to-Date (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet Items | | | | | Total Assets | 60,688,190,552.14 | 58,744,689,010.30 | 3.31% | | Net Assets Attributable to Shareholders | 35,910,719,803.62 | 35,782,597,655.99 | 0.36% | | Income Statement Items | | | | | Operating Revenue | 6,236,230,451.70 | 3,740,188,408.68 | 66.74% | | Net Profit Attributable to Shareholders | 146,941,776.46 | -34,305,864.84 | - | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 71,456,425.67 | -57,857,675.64 | - | | Weighted Average Return on Equity (%) | 0.36 | -0.13 | Increased by 0.49 percentage points | | Basic Earnings Per Share (CNY/share) | 0.07 | -0.02 | - | | Diluted Earnings Per Share (CNY/share) | 0.07 | -0.02 | - | | Cash Flow Statement Items | | | | | Net Cash Flow from Operating Activities | -269,849,884.33 | -406,657,171.47 | N/A | Non-Recurring Items | Non-Recurring Items | Current Period Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -626,256.95 | | Government Grants Recognized in Current Profit/Loss | 61,724,540.34 | | Net Profit/Loss of Subsidiaries from Beginning of Period to Merger Date under Common Control | -1,739,559.10 | | Other Non-Operating Income and Expenses | 6,478,436.67 | | Other Profit/Loss Items Meeting Definition of Non-Recurring Items | 22,858,872.16 | | Impact of Minority Interests (After Tax) | -13,131,304.65 | | Income Tax Impact | -79,377.68 | | Total | 75,485,350.79 | Total Shareholders, Top Ten Shareholders, and Top Ten Floating Shareholders at Period End As of the reporting period end, the company had 41,854 shareholders, with China Shipbuilding Industry Corporation and its affiliates holding a significant stake among the top ten, indicating state-owned control - As of the end of the reporting period, the total number of shareholders was 41,854[6] Top Ten Shareholders | Shareholder Name | Shares Held at Period End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Shipbuilding Industry Corporation Limited | 563,578,173 | 26.08 | State-owned Legal Person | | China Shipbuilding Industry Co., Ltd. | 454,731,000 | 21.05 | State-owned Legal Person | | China Cinda Asset Management Co., Ltd. | 118,081,403 | 5.47 | State-owned Legal Person | | Shenzhen Hongta Asset - CITIC Bank - CITIC Trust - CITIC Hongshang Financial Investment Project Phase 1601 Single Fund Trust | 100,666,107 | 4.66 | Domestic Non-State-owned Legal Person | | Shenzhen Xinhua Futime - CITIC Bank - SDIC Taikang Trust - SDIC Taikang Trust Jindiao No. 399 Single Fund Trust | 100,661,073 | 4.66 | Domestic Non-State-owned Legal Person | - China Shipbuilding Industry Co., Ltd. and Institute 704 are parties acting in concert with China Shipbuilding Industry Corporation[9] Preferred Shareholder Holdings The company had no preferred shareholders at the end of the reporting period, rendering this disclosure inapplicable - The company has no preferred shareholders, so this item is not applicable[9] Significant Events This section details major changes in financial statement items and indicators, progress of significant matters, and any unfulfilled commitments Significant Changes in Key Financial Statement Items and Indicators During the reporting period, several financial indicators experienced significant changes, with contract liabilities, operating revenue, and other income increasing due to business recovery and government subsidies, while employee compensation, other payables, and R&D expenses decreased Major Financial Statement Item Changes | Account Name | Period-End Balance/Current Period Amount (CNY) | Period-Beginning Balance/Prior Period Amount (CNY) | Variance Rate (%) | Reason | | :--- | :--- | :--- | :--- | :--- | | Contract Liabilities | 3,005,442,747.90 | 1,810,326,851.74 | 66.02 | Receipts before settlement period | | Employee Compensation Payable | 148,340,182.72 | 244,005,156.86 | -39.21 | Payment of accrued prior year-end bonuses | | Other Payables | 396,490,497.60 | 847,155,695.55 | -53.20 | Repayment of working capital replenishment funds | | Non-Current Liabilities Due Within One Year | 698,931,885.11 | 310,183,284.28 | 125.33 | Receipts before settlement period | | Operating Revenue | 6,236,230,451.70 | 3,740,188,408.68 | 66.74 | Prior period affected by epidemic, current period gradually recovering | | Operating Cost | 5,519,320,317.78 | 3,311,849,631.06 | 66.65 | Increased revenue, corresponding increase in costs | | Taxes and Surcharges | 95,011,858.52 | 59,587,166.85 | 59.45 | Increased revenue, corresponding increase in surtaxes | | Selling Expenses | 139,824,636.98 | 122,244,634.44 | 14.38 | Increased three-guarantee claim expenses in current period | | Administrative Expenses | 299,606,842.43 | 190,356,927.65 | 57.39 | Increased employee compensation in current period | | Research and Development Expenses | 103,741,322.17 | 150,927,198.98 | -31.26 | Some R&D projects not yet initiated according to R&D plan | | Financial Expenses | -12,982,172.76 | -241,693.10 | 5271.35 | Increased interest income in current period | | Other Income | 69,929,668.91 | 42,399,861.83 | 64.93 | Increased government grants received in current period | | Investment Income | 6,091,965.71 | 12,267.61 | 49558.95 | Increased investment income accounted for under equity method in current period | | Credit Impairment Losses | -8,812,997.41 | -111,573.66 | 7798.82 | Increase due to new accounting estimate change | | Non-Operating Income | 24,766,398.63 | 37,761,460.14 | -34.41 | Received customer litigation compensation in the same period last year | | Income Tax Expense | 24,252,014.40 | 13,763,236.21 | 76.21 | Total profit realized this year increased compared to the same period last year | Progress of Significant Events The company had no significant events requiring disclosure of progress during the reporting period - There were no significant events, their impact, or explanations of solutions requiring disclosure during the reporting period[11] Overdue Unfulfilled Commitments The company had no overdue unfulfilled commitments during the reporting period - There were no overdue unfulfilled commitments during the reporting period[11] Warning of Significant Changes in Cumulative Net Profit The company has not issued a warning regarding potential cumulative net profit loss or significant changes from the beginning of the year to the end of the next reporting period - The company has not issued a warning regarding potential cumulative net profit loss or significant changes[11] Appendix This section includes the company's consolidated and parent company financial statements, along with disclosures on new lease accounting standards and audit status Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021, detailing financial position, operating results, and cash flows Consolidated Balance Sheet As of March 31, 2021, consolidated total assets reached CNY 60.688 billion, a 3.31% increase from year-end, with total liabilities at CNY 23.998 billion and total owner's equity at CNY 36.690 billion | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 10,229,846,298.96 | 10,579,173,507.64 | | Accounts Receivable | 12,274,679,286.57 | 11,655,843,735.92 | | Inventories | 11,051,332,570.52 | 10,110,544,256.87 | | Total Current Assets | 42,274,766,618.03 | 40,462,575,401.15 | | Fixed Assets | 8,227,483,097.87 | 8,266,236,455.66 | | Total Non-Current Assets | 18,413,423,934.11 | 18,282,113,609.15 | | Total Assets | 60,688,190,552.14 | 58,744,689,010.30 | | Short-Term Borrowings | 2,278,000,000.00 | 1,780,626,624.99 | | Contract Liabilities | 3,005,442,747.90 | 1,810,326,851.74 | | Total Current Liabilities | 17,832,441,577.90 | 15,530,229,094.08 | | Long-Term Borrowings | 1,309,300,000.00 | 1,779,000,000.00 | | Total Non-Current Liabilities | 6,165,707,128.62 | 6,663,435,295.56 | | Total Liabilities | 23,998,148,706.52 | 22,193,664,389.64 | | Total Equity Attributable to Parent Company Shareholders | 35,910,719,803.62 | 35,782,597,655.99 | | Total Shareholders' Equity | 36,690,041,845.62 | 36,551,024,620.66 | Parent Company Balance Sheet As of March 31, 2021, parent company total assets were CNY 38.669 billion, a slight increase from year-end, with long-term equity investments as the primary non-current asset at CNY 30.263 billion | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,682,230,584.78 | 1,471,625,094.55 | | Other Receivables | 6,644,915,900.90 | 6,849,213,751.39 | | Total Current Assets | 8,330,840,798.16 | 8,323,925,744.95 | | Long-Term Equity Investments | 30,263,495,600.15 | 30,263,495,600.15 | | Total Non-Current Assets | 30,338,327,063.19 | 30,338,194,134.22 | | Total Assets | 38,669,167,861.35 | 38,662,119,879.17 | | Employee Compensation Payable | 0.00 | 1,416,630.00 | | Total Current Liabilities | 3,164,782.07 | 4,573,392.23 | | Bonds Payable | 2,091,283,141.87 | 2,075,374,430.46 | | Total Non-Current Liabilities | 2,091,283,141.87 | 2,075,374,430.46 | | Total Liabilities | 2,094,447,923.94 | 2,079,947,822.69 | | Total Shareholders' Equity | 36,574,719,937.41 | 36,582,172,056.48 | Consolidated Income Statement In Q1 2021, consolidated operating revenue was CNY 6.236 billion, a 66.74% year-on-year increase, with operating profit turning to CNY 160 million from a loss, and net profit attributable to parent company shareholders at CNY 147 million | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 6,236,230,451.70 | 3,740,188,408.68 | | Total Operating Cost | 6,144,522,805.12 | 3,834,723,865.88 | | Operating Profit | 160,131,525.33 | -51,899,222.12 | | Total Profit | 182,123,761.88 | -15,893,409.80 | | Net Profit | 157,871,747.48 | -29,656,646.01 | | Net Profit Attributable to Parent Company Shareholders | 146,941,776.46 | -34,305,864.84 | | Basic Earnings Per Share (CNY/share) | 0.07 | -0.02 | | Diluted Earnings Per Share (CNY/share) | 0.07 | -0.02 | Parent Company Income Statement In Q1 2021, parent company total profit was CNY 17.856 million and net profit was CNY 15.298 million, a decrease from the prior year, with financial expenses turning positive due to reduced interest income and increased interest expenses | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | | :--- | :--- | :--- | | Taxes and Surcharges | 15,288.12 | 15,019.02 | | Administrative Expenses | -18,289,311.18 | 1,694,009.58 | | Financial Expenses | 417,715.06 | -25,682,675.64 | | Including: Interest Expense | 15,601,039.15 | 709,166.67 | | Interest Income | 15,734,240.09 | 25,748,510.67 | | Operating Profit | 17,856,308.00 | 23,973,647.04 | | Total Profit | 17,856,308.00 | 23,973,647.04 | | Income Tax Expense | 2,558,427.07 | 5,990,378.89 | | Net Profit | 15,297,880.93 | 17,983,268.15 | | Total Comprehensive Income | 15,297,880.93 | 17,983,268.15 | Consolidated Cash Flow Statement In Q1 2021, net cash flow from operating activities was -CNY 270 million, an improvement from the prior year's outflow, while net cash flow from investing activities increased outflow, and financing activities turned positive with CNY 81 million inflow | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 6,827,374,335.13 | 3,749,048,202.68 | | Subtotal Cash Inflows from Operating Activities | 7,231,967,968.46 | 4,056,354,534.97 | | Cash Paid for Goods and Services | 5,677,587,305.84 | 3,271,867,250.56 | | Subtotal Cash Outflows from Operating Activities | 7,501,817,852.79 | 4,463,011,706.44 | | Net Cash Flow from Operating Activities | -269,849,884.33 | -406,657,171.47 | | Subtotal Cash Inflows from Investing Activities | 118,529,823.23 | 13,472,080.33 | | Subtotal Cash Outflows from Investing Activities | 465,862,114.89 | 298,744,576.73 | | Net Cash Flow from Investing Activities | -347,332,291.66 | -285,272,496.40 | | Cash Received from Borrowings | 5,315,000,000.00 | 4,319,000,000.00 | | Subtotal Cash Inflows from Financing Activities | 5,340,640,000.00 | 4,319,000,000.00 | | Cash Paid for Debt Repayment | 5,025,700,000.00 | 4,370,245,138.89 | | Subtotal Cash Outflows from Financing Activities | 5,259,975,139.91 | 4,403,257,775.04 | | Net Cash Flow from Financing Activities | 80,664,860.09 | -84,257,775.04 | | Net Increase in Cash and Cash Equivalents | -536,653,868.95 | -769,555,956.92 | | Cash and Cash Equivalents at Period End | 8,801,305,297.86 | 8,070,312,708.02 | Parent Company Cash Flow Statement In Q1 2021, parent company net cash flow from operating activities was CNY 11.092 million, a decrease from the prior year, while net cash flow from investing activities turned positive at CNY 199.987 million, and financing cash outflow decreased to CNY 0.474 million | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | | :--- | :--- | :--- | | Subtotal Cash Inflows from Operating Activities | 20,400,152.02 | 26,392,866.31 | | Subtotal Cash Outflows from Operating Activities | 9,307,822.90 | 8,576,342.01 | | Net Cash Flow from Operating Activities | 11,092,329.12 | 17,816,524.30 | | Subtotal Cash Inflows from Investing Activities | 1,300,000,000.00 | 0.00 | | Subtotal Cash Outflows from Investing Activities | 1,100,013,200.00 | 66,360,000.00 | | Net Cash Flow from Investing Activities | 199,986,800.00 | -66,360,000.00 | | Cash Received from Borrowings | 2,890,000,000.00 | 3,700,000,000.00 | | Subtotal Cash Inflows from Financing Activities | 2,890,000,000.00 | 3,700,000,000.00 | | Cash Paid for Debt Repayment | 2,890,473,638.89 | 3,700,709,166.67 | | Subtotal Cash Outflows from Financing Activities | 2,890,473,638.89 | 3,700,709,166.67 | | Net Cash Flow from Financing Activities | -473,638.89 | -709,166.67 | | Net Increase in Cash and Cash Equivalents | 210,605,490.23 | -49,252,642.37 | | Cash and Cash Equivalents at Period End | 1,682,230,584.78 | 921,858,206.52 | First-Time Adoption of New Lease Standards Adjustment The company did not disclose adjustments to the opening financial statements for the current year due to the first-time adoption of new lease standards - The company did not disclose adjustments to the opening financial statements for the current year due to the first-time adoption of new lease standards[29] Explanation of Retrospective Adjustment for New Lease Standards The company stated that no retrospective adjustments were made to prior comparative data to reflect the impact of the new lease standards - The company stated that no retrospective adjustments were made to prior comparative data to reflect the impact of the new lease standards[29] Audit Report This quarterly report is unaudited - This quarterly report is unaudited[29]