京东方A(000725) - 2024 Q1 - 季度财报

Key Financial Data The company achieved significant financial growth in Q1 2024, with substantial increases in revenue, net profit, and operating cash flow, driven by sales expansion and favorable exchange rates Key Accounting Data and Financial Indicators In Q1 2024, the company achieved strong performance, with revenue growing by 20.84% year-over-year, net profit attributable to shareholders increasing significantly by 297.80% to turn losses into profits, and net operating cash flow improving by 60.34% Key Financial Indicators for Q1 2024 | Indicator | Current Period | Prior Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Billion Yuan) | 45.89 | 37.97 | +20.84% | | Net Profit Attributable to Shareholders (Million Yuan) | 983.81 | 247.32 | +297.80% | | Net Profit Attributable to Shareholders Excluding Non-recurring Items (Million Yuan) | 596.69 | -1,667.93 | +135.77% | | Net Cash Flow from Operating Activities (Billion Yuan) | 16.23 | 10.12 | +60.34% | | Basic Earnings Per Share (Yuan/Share) | 0.026 | 0.003 | +766.67% | | Weighted Average Return on Net Assets | 0.76% | 0.09% | +0.67 percentage points | Non-recurring Gains and Losses Items and Amounts During the reporting period, total non-recurring gains and losses amounted to 387.12 million Yuan, primarily from government grants (449.28 million Yuan), partially offset by fair value changes in financial assets (-45.78 million Yuan) Key Non-recurring Gains and Losses Items for Q1 2024 | Item | Amount (Million Yuan) | | :--- | :--- | | Government grants included in current profit and loss | 449.28 | | Gains or losses from disposal of non-current assets | 36.58 | | Other non-operating income and expenses | 46.26 | | Fair value changes in financial assets and liabilities | -45.78 | | Impact on minority interests (after tax) | -103.79 | | Total | 387.12 | Changes and Reasons for Key Accounting Data and Financial Indicators During the reporting period, significant changes occurred in income statement items such as financial expenses and investment income, as well as various cash flows, with financial expenses decreasing by 58% due to increased exchange gains, operating cash flow increasing by 60.34% due to expanded sales, and net investment cash flow decreasing by 1414.08% due to reduced cash recovery from investments - Reasons for Income Statement Item Changes - Financial expenses decreased by 58% year-over-year: primarily due to increased net exchange gains during the reporting period[9] - Other income decreased by 73% year-over-year: primarily due to reduced government grants during the reporting period[9] - Investment income decreased by 176% year-over-year: primarily due to reduced investment income recognized from associates during the reporting period[9] - Fair value change gains decreased by 150% year-over-year: primarily due to reduced gains from equity instrument investments during the reporting period[9] - Reasons for Cash Flow Statement Item Changes - Net cash flow from operating activities increased by 60.34% year-over-year: primarily due to increased sales volume during the current reporting period[9] - Net cash flow from investing activities decreased by 1,414.08% year-over-year: primarily due to reduced net cash recovered from investments during the current reporting period[9] - Net cash flow from financing activities increased by 66.34% year-over-year: primarily due to repayment of perpetual bonds and share repurchases in the prior year period[9] Shareholder Information As of the end of the reporting period, the company had over 1.18 million common shareholders, with the top ten shareholders holding approximately 27.88% of the shares, led by a state-owned legal entity Shareholder Holdings As of the end of the reporting period, the company had 1,182,138 common shareholders, with the top ten shareholders collectively holding approximately 27.88%, and Beijing State-owned Capital Operation and Management Co., Ltd. being the largest shareholder with 10.79% - As of the end of the reporting period, the company had 1,182,138 common shareholders, including 1,150,568 A-share shareholders and 31,570 B-share shareholders[10] Top Ten Shareholder Holdings | Shareholder Name | Shareholder Type | Holding Percentage (%) | | :--- | :--- | :--- | | Beijing State-owned Capital Operation and Management Co., Ltd. | State-owned Legal Entity | 10.79% | | Hong Kong Securities Clearing Company Limited | Overseas Legal Entity | 6.97% | | Beijing BOE Investment Development Co., Ltd. | State-owned Legal Entity | 2.18% | | Beijing Jingguorui State-owned Enterprise Reform and Development Fund (Limited Partnership) | Other | 1.91% | | Hefei Jianxiang Investment Co., Ltd. | State-owned Legal Entity | 1.77% | | Fuqing Huirong Venture Capital Group Co., Ltd. | Domestic Non-state-owned Legal Entity | 1.43% | | Industrial and Commercial Bank of China - Huatai-PineBridge CSI 300 ETF | Other | 1.07% | | Shanghai Gaoyi Asset Management Partnership (Limited Partnership) - Gaoyi Xiaofeng No. 2 Zhixin Fund | Other | 0.94% | | Abu Dhabi Investment Authority | Overseas Legal Entity | 0.92% | | Xu Lili | Overseas Natural Person | 0.90% | Other Significant Matters During the reporting period, the company completed interest payments for its "22BOEY1" perpetual corporate bonds, implemented the second lifting of restrictions for restricted shares under the 2020 equity incentive plan, and elected new non-independent directors for the tenth board of directors - The company completed interest payments for its "22BOEY1" perpetual corporate bonds in March 2024, with 35.00 Yuan (tax inclusive) paid per 10 bonds[15] - The conditions for the second lifting of restrictions on restricted shares granted under the company's 2020 equity incentive plan were met, allowing 716 incentive recipients to lift restrictions on 95.86 million shares, representing 0.2546% of the company's total share capital, with the listing and circulation date on April 11, 2024[16] - The company elected Mr. Feng Qiang, Mr. Zhu Baocheng, and Mr. Wang Xiping as non-independent directors of the tenth board of directors in April 2024[16] Quarterly Financial Statements The quarterly financial statements show a stable asset structure with a slight decrease in total assets, while net profit significantly improved, and operating cash flow increased, reflecting enhanced financial health Consolidated Balance Sheet As of March 31, 2024, the company's total assets were 417.27 billion Yuan, a slight decrease of 0.46% from the end of the previous year, while equity attributable to shareholders was 130.36 billion Yuan, an increase of 0.72%, maintaining a stable asset structure with a notable increase in monetary funds Key Items from Consolidated Balance Sheet | Item | March 31, 2024 (Billion Yuan) | December 31, 2023 (Billion Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 417.27 | 419.19 | -0.46% | | Total Liabilities | 218.92 | 221.39 | -1.11% | | Equity Attributable to Parent Company Owners | 130.36 | 129.43 | +0.72% | | Total Owners' Equity | 198.35 | 197.80 | +0.28% | Consolidated Income Statement In Q1 2024, the company achieved operating revenue of 45.89 billion Yuan, a 20.84% year-over-year increase, with net profit attributable to the parent company reaching 983.81 million Yuan, a significant 297.80% year-over-year increase, successfully turning losses into profits and significantly improving profitability Key Items from Consolidated Income Statement | Item | Current Period Amount | Prior Period Amount | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (Billion Yuan) | 45.89 | 37.97 | +20.84% | | Operating Profit (Million Yuan) | 586.28 | -1,050.33 | Turned losses into profits | | Total Profit (Million Yuan) | 634.74 | -992.33 | Turned losses into profits | | Net Profit Attributable to Parent Company Owners (Million Yuan) | 983.81 | 247.32 | +297.80% | | Basic Earnings Per Share (Yuan/Share) | 0.026 | 0.003 | +766.67% | Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities was 16.23 billion Yuan, a 60.34% year-over-year increase primarily due to expanded sales, while net cash outflow from investing activities was 9.40 billion Yuan and from financing activities was 3.65 billion Yuan, with cash and cash equivalents increasing to 55.35 billion Yuan at period-end Key Items from Consolidated Cash Flow Statement | Item | Current Period Amount (Billion Yuan) | Prior Period Amount (Billion Yuan) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 16.23 | 10.12 | +60.34% | | Net Cash Flow from Investing Activities | -9.40 | -0.62 | -1414.08% | | Net Cash Flow from Financing Activities | -3.65 | -10.86 | +66.34% | | Net Increase in Cash and Cash Equivalents | 3.26 | -1.58 | Turned negative to positive |