青岛中程(300208) - 2019 Q1 - 季度财报

Important Notice The company's board and management affirm the accuracy and completeness of this quarterly report, with all directors participating in its review - The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, assuming corresponding legal responsibilities. All directors attended the board meeting to review this quarterly report[3][4] Company Profile Key Accounting Data and Financial Indicators The company's Q1 2019 performance significantly declined, with total operating revenue down 40.36% and net profit attributable to shareholders down 95.54%, alongside increased operating cash outflow Key Financial Data for Q1 2019 | Indicator | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 232,270,929.57 | 389,469,937.43 | -40.36% | | Net Profit Attributable to Shareholders | 4,261,831.72 | 95,471,677.79 | -95.54% | | Net Profit Excluding Non-Recurring Items | -3,916,982.64 | 95,086,642.82 | -104.12% | | Net Cash Flow from Operating Activities | -255,088,058.62 | -182,160,953.35 | -40.03% | | Basic Earnings Per Share (RMB/share) | 0.01 | 0.12 | -91.67% | | Total Assets (RMB) | 5,371,098,008.55 | 5,088,908,170.43 (Year-end) | 5.55% (vs. Year-start) | | Net Assets Attributable to Shareholders (RMB) | 2,101,465,226.54 | 2,105,756,554.23 (Year-end) | -0.20% (vs. Year-start) | - During the reporting period, the company's non-recurring gains and losses totaled RMB 8.18 million, primarily from RMB 9.57 million in government subsidies[8] Shareholder Information As of the period end, the company had 30,147 common shareholders, with top holders Qingdao Urban Investment Financial Holdings and Jia Quanchen, and several top shareholders, including family members, having high proportions of pledged or frozen shares Top Five Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held | Pledged or Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Qingdao Urban Construction Investment Financial Holdings Group Co., Ltd. | State-owned Legal Person | 21.73% | 166,315,691 | Pledged 77,870,000 | | Jia Quanchen | Domestic Natural Person | 14.58% | 111,650,623 | Frozen 111,650,623 | | Dai Yiming | Domestic Natural Person | 10.26% | 78,572,882 | Pledged 78,500,000 | | Jia Xiaoyu | Domestic Natural Person | 10.05% | 76,970,124 | Pledged 76,970,124 | | Jia Yulan | Domestic Natural Person | 0.75% | 5,749,875 | Pledged 5,000,000 | - Shareholders Jia Quanchen, Jia Yulan, Jia Xiaoyu, and Dai Yiming have family relationships (siblings, father-son, mother-son)[12] - During the reporting period, the company's restricted shares did not decrease or increase, with a total of 163.91 million restricted shares at period end, primarily consisting of executive lock-up shares and equity incentive restricted shares[14][15] Significant Matters Significant Changes in Financial Data and Reasons The company experienced significant financial metric changes, including a 116.06% surge in short-term borrowings, a 73.54% rise in financial expenses, and a 90.19% increase in net cash flow from financing activities - Short-term borrowings increased by 116.06% from the beginning of the year, primarily due to increased bank loans[18] - Financial expenses increased by 73.54% year-on-year, mainly due to increased interest expenses from operational financing[18] - Net cash flow from operating activities decreased by 40.03% year-on-year, primarily due to increased payments for purchases and project deposits[18] - Net cash flow from financing activities increased by 90.19% year-on-year, primarily due to increased bank borrowings[18] Business Review and Outlook Operating revenue decreased by 40.36% as projects entered lower-margin construction phases, with several major overseas projects facing delays or termination, and the company identified key risks including overseas political environment, management, project implementation, legal, and exchange rate fluctuations - Total operating revenue for the reporting period was RMB 232 million, a 40.36% year-on-year decrease, as projects entered lower-margin construction and installation phases[19] - The company provided updates on several major overseas projects, including Indonesia's RKEF special smelting project (91% complete) and coal-fired power plant project (90% complete), and the Philippines' wind-solar integrated project (71% complete, extended)[19][20][21] - The company decided to terminate the EPC general contract for the Philippines Ozamis 300MW coal-fired power plant due to the owner's inability to obtain construction permits caused by local policy changes[22] - The company faces key risks including overseas investment political environment, management challenges from expansion, investment project implementation, overseas legal issues, and exchange rate fluctuations, with corresponding mitigation measures in place[25][27][28][30][31] Other Significant Matters The company formally terminated the USD 423 million Philippines Ozamis 300MW coal-fired power plant EPC contract due to the owner's inability to secure permits, with no significant financial impact expected, and no overdue commitments or illegal guarantees reported - The company terminated the Philippines Ozamis 300MW coal-fired power plant project contract, which is not expected to significantly impact the company's financial position or operations as the project had not commenced[32][33] - During the reporting period, the company had no instances of illegal external guarantees or non-operating funds occupied by controlling shareholders[35][36] Financial Statements Consolidated Balance Sheet As of March 31, 2019, total assets grew 5.55% to RMB 5.37 billion, total liabilities increased 9.56% to RMB 3.25 billion, driven by short-term borrowings, and net assets attributable to the parent company slightly decreased by 0.20% Key Items from Consolidated Balance Sheet | Item | March 31, 2019 (RMB) | December 31, 2018 (RMB) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 376,948,277.96 | 343,333,293.57 | 9.79% | | Notes and Accounts Receivable | 828,597,461.85 | 724,935,793.03 | 14.30% | | Inventories | 2,582,969,560.95 | 2,523,449,005.10 | 2.36% | | Total Assets | 5,371,098,008.55 | 5,088,908,170.43 | 5.55% | | Short-term Borrowings | 594,551,404.98 | 275,172,912.99 | 116.06% | | Notes and Accounts Payable | 1,372,227,783.68 | 1,422,231,375.81 | -3.52% | | Total Liabilities | 3,252,435,929.74 | 2,968,725,015.00 | 9.56% | | Total Equity Attributable to Parent Company Owners | 2,101,465,226.54 | 2,105,756,554.23 | -0.20% | Consolidated Income Statement In Q1 2019, total operating revenue decreased by 40.36% to RMB 232 million, leading to an operating loss of RMB 4.49 million, and net profit attributable to the parent company plummeted 95.54% to RMB 4.26 million, supported by non-operating income Key Items from Consolidated Income Statement | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | I. Total Operating Revenue | 232,270,929.57 | 389,469,937.43 | -40.36% | | II. Total Operating Costs | 236,591,545.77 | 274,180,765.14 | -13.71% | | Of which: Operating Costs | 176,545,573.70 | 235,993,699.02 | -25.19% | | Administrative Expenses | 24,201,565.53 | 14,456,853.78 | 67.40% | | Financial Expenses | 26,407,627.59 | 15,217,398.42 | 73.54% | | III. Operating Profit | -4,492,518.18 | 115,289,172.29 | -103.90% | | Add: Non-operating Income | 9,574,027.94 | 744,027.94 | 1186.78% | | V. Net Profit | 2,890,752.20 | 95,303,573.28 | -96.97% | | Net Profit Attributable to Parent Company Owners | 4,261,831.72 | 95,471,677.79 | -95.54% | Consolidated Cash Flow Statement The company faced increased cash flow pressure, with net cash outflow from operating activities expanding to RMB 255 million, net cash outflow from investing activities at RMB 31.19 million, and net cash inflow from financing activities significantly increasing to RMB 328 million Key Items from Consolidated Cash Flow Statement | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -255,088,058.62 | -182,160,953.35 | | Net Cash Flow from Investing Activities | -31,193,702.31 | -12,425,685.35 | | Net Cash Flow from Financing Activities | 328,001,804.76 | 172,463,818.91 | | Net Increase in Cash and Cash Equivalents | 36,834,002.01 | -27,017,888.55 | | Cash and Cash Equivalents at Period End | 211,467,708.31 | 109,847,631.40 | Financial Statement Adjustments and Audit Opinion Effective January 1, 2019, the company adopted new financial instrument, revenue, and lease accounting standards, which had no impact on the opening financial statements for 2019, and this quarterly report remains unaudited - The company first adopted new financial instrument, revenue, and lease accounting standards, but with no adjustment impact on the relevant financial statement items as of January 1, 2019[65][66] - The company's Q1 2019 report is unaudited[71]