Financial Performance - Revenue for the three months ended March 31, 2020, was RMB 42,096,588, an increase of 35.3% compared to RMB 31,104,865 for the same period in 2019[8]. - Gross profit for the same period was RMB 22,646,041, a decrease of 10.4% from RMB 25,380,936 in Q1 2019[8]. - Profit before income tax for Q1 2020 was RMB 9,900,764, down 36.5% from RMB 15,636,200 in Q1 2019[8]. - Earnings per share for Q1 2020 were RMB 2.13, a decrease of 34.5% compared to RMB 3.26 in Q1 2019[8]. - For the three months ended March 31, 2020, profit attributable to equity owners of the Company was RMB 11,698,166, compared to RMB 7,667,963 for the same period in 2019, representing an increase of approximately 52.5%[39]. - The Group's profit decreased to approximately RMB 7.67 million, down approximately 34.44% from RMB 11.70 million for the same period last year, primarily due to increased provisions for impairment losses on accounts receivable related to COVID-19 risks[59]. Costs and Expenses - Direct costs increased significantly to RMB 19,450,547, compared to RMB 5,723,929 in the previous year, reflecting a rise of 239.5%[8]. - Administrative expenses decreased to RMB 7,476,235 from RMB 7,996,736, showing a reduction of 6.5%[8]. - Costs of borrowings included in direct costs rose to RMB 6,207,043 in Q1 2020, compared to RMB 5,590,309 in Q1 2019, indicating an increase of approximately 11%[29]. - Staff costs for the period were RMB 7,074,894, slightly down from RMB 7,150,712 in the previous year, showing a decrease of about 1%[29]. - Depreciation of plant and equipment increased to RMB 189,429 in Q1 2020 from RMB 81,587 in Q1 2019, marking an increase of approximately 132%[29]. - Operating expenses amounted to approximately RMB 3.76 million, reflecting a 4.16% increase from RMB 3.61 million for the same period last year[68]. Income and Gains - Other income and gains for Q1 2020 were RMB 600,412, down 14.7% from RMB 704,407 in Q1 2019[8]. - Total other income and gains decreased to RMB 600,412 from RMB 704,407, a decline of 14.7%[23]. - Bank interest income increased to RMB 638,506 from RMB 83,059, a growth of 669.5%[23]. - Finance lease income decreased to RMB 9,897,950 from RMB 20,049,113, representing a decline of 50.7% year-over-year[23]. - Income from sale-leaseback transactions significantly increased to RMB 8,826,958 from RMB 810,945, marking a growth of 1,086.5%[23]. - Factoring income rose to RMB 6,395,753, up 17.9% from RMB 5,417,438 in the previous year[23]. - Advisory service fee income decreased to RMB 2,436,560 from RMB 4,003,260, a decline of 39.2%[23]. - Sale of goods revenue surged to RMB 14,539,367 from RMB 521,031, reflecting a substantial increase of 2,685.5%[23]. Impairment and Provisions - The company reported a provision for impairment loss on accounts receivable of RMB 2,107,976, compared to a reversal of RMB 1,153,648 in Q1 2019[8]. - The impairment loss on accounts receivable was RMB 2,107,976 for the period, compared to a recovery of RMB 1,153,648 in the same period last year[29]. - The Group's impairment loss on accounts receivable was approximately RMB 2.11 million, compared to a reversal of impairment loss of approximately RMB 1.15 million for the same period last year[69]. Shareholder Information - Hong Kong Shanshan holds 149,500,000 shares, representing 100% of its class shares and approximately 41.60% of the total share capital of the company[82]. - Ningbo Shanshan Co., Ltd. also holds 149,500,000 shares, indicating a 100% interest in its class shares and approximately 41.60% of the total share capital[82]. - Shanshan Group Co., Ltd. has a beneficial ownership of 149,500,000 shares, which is 100% of its class shares and approximately 41.60% of the total share capital[84]. - Domestic shares held by Shanshan Group amount to 2,000,000, representing 1.67% of its class shares and approximately 0.56% of the total share capital[84]. - Beijing Municipality Dayuan Tiandi Property Development Co., Ltd. holds 80,000,000 domestic shares, accounting for 66.67% of its class shares and approximately 22.26% of the total share capital[90]. - As of March 31, 2020, the company issued a total of 359,340,000 shares, including 120,000,000 domestic shares, 89,840,000 H Shares, and 149,500,000 unlisted foreign shares[94]. - Mr. Zhao Dehua and Mr. Gong Liang each hold 80,000,000 domestic shares, representing approximately 66.67% of the relevant class shares and 22.26% of the total share capital[92]. - KKC Capital SPC holds 9,408,000 H Shares, accounting for approximately 10.47% of the relevant class shares and 2.62% of the total share capital[92]. - Tiger Capital Fund SPC holds 9,318,000 H Shares, which is approximately 10.37% of the relevant class shares and 2.59% of the total share capital[92]. - Shanshan Group holds 32.69% of the registered share capital of Shanshan, controlling the majority of the board of directors[94]. - Ningbo Yonggang is interested in 11.94% of the registered share capital of Shanshan Group, which also controls the majority of the board of directors[94]. - Qinggang Investment owns approximately 61.81% of the registered capital of Shanshan Holding, indicating significant control over the company[96]. - Shanshan Holding directly holds approximately 7.18% of the registered share capital of Shanshan and indirectly holds approximately 32.69% through other entities[96]. - The company has a diverse shareholder base, with significant interests held by both domestic and international investors[92]. - The financial structure indicates a strong concentration of ownership among key stakeholders, which may influence corporate governance and strategic decisions[94]. Governance and Compliance - The Group's financial statements were prepared in accordance with the same accounting policies adopted in the audited financial statements for the year ended December 31, 2019[18]. - The Company operates under the GEM Listing Rules, which apply to the Supervisors as they do to the Directors[109]. - The Company has maintained compliance with the required standards of dealings by directors of listed issuers[109]. - The report is dated May 11, 2020, indicating the latest updates on the Company's governance and financial status[112]. - The Directors confirmed that as of March 31, 2020, there were no competing interests with any business that may compete with the Group's business[109]. - As of March 31, 2020, none of the Directors, Supervisors, or chief executives had interests or short positions recorded in the register required under Section 352 of the SFO[109]. - The Board comprises several executive and non-executive directors, including Mr. Zhuang Wei as Chairman[112]. - The Company and its subsidiaries did not purchase, sell, or redeem any of the Company's listed securities during the Reporting Period[111].
富银融资股份(08452) - 2020 Q1 - 季度财报