中再资环(600217) - 2015 Q1 - 季度财报

Important Notice This chapter confirms the board, supervisory board, and senior management guarantee the quarterly report's accuracy and completeness, noting it is unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[8] - All company directors attended the board meeting to review the quarterly report[8] - Company head Yu Jiuzhou, chief accountant Li Ning, and head of accounting Sun Beining guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[8] - This company's first quarter report is unaudited[8] Company's Major Financial Data and Shareholder Changes This chapter summarizes key financial data, including assets, liabilities, net profit, and cash flow, details non-recurring items, and lists top shareholders Major Financial Data Total assets and net assets decreased, operating cash flow significantly declined, revenue fell, net profit remained negative but losses narrowed, and ROE was abnormal Overview of Major Financial Data for Q1 2015 | Indicator | End of Current Period/Year-to-Date (RMB) | End of Prior Year/Prior Year-to-Date (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,999,012,435.28 | 2,053,814,952.62 | -2.67 | | Net Assets attributable to shareholders | -268,894,627.40 | -209,804,248.86 | Not Applicable | | Net cash flow from operating activities | 4,160,320.86 | 39,621,146.39 | -89.50 | | Operating Revenue | 91,651,469.23 | 125,097,963.13 | -26.74 | | Net profit attributable to shareholders | -59,090,378.54 | -84,693,952.85 | Not Applicable | | Net profit attributable to shareholders excluding non-recurring items | -59,201,045.19 | -70,640,480.18 | Not Applicable | | Weighted average return on net assets (%) | 24.69 | 4,574.05 | Decreased by 4549.36 percentage points | | Basic earnings per share (RMB/share) | -0.0894 | -0.1282 | Not Applicable | | Diluted earnings per share (RMB/share) | -0.0894 | -0.1282 | Not Applicable | - The company's net assets and current period net profit are both negative, leading to an abnormal weighted average return on net assets ratio[6] Non-recurring Gains and Losses | Item | Current Period Amount (RMB) | | :--- | :--- | | Government subsidies included in current profit/loss | 132,713.25 | | Other non-operating income and expenses | -22,046.60 | | Total | 110,666.65 | Total Shareholders, Top Ten Shareholders, and Top Ten Unrestricted Shareholders at Period End At period end, the company had 29,820 shareholders, with Tangshan Jidong Cement Co., Ltd. holding the largest stake at 28.05%, all as unrestricted shares - Total number of shareholders: 29,820 households[11] Top Ten Shareholders' Holdings | Shareholder Name (Full Name) | Shares Held at Period End (Shares) | Proportion (%) | Number of Restricted Shares Held | Pledge or Freeze Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Tangshan Jidong Cement Co., Ltd. | 185,380,000 | 28.05 | 0 | None | Domestic Non-State-Owned Legal Person | | Shaanxi Yaoxian Cement Plant | 28,859,093 | 4.37 | 0 | None | State-Owned Legal Person | | Shaanxi Yaoxian Cement Production Technology Service Co. | 16,343,003 | 2.47 | 0 | None | State-Owned Legal Person | | Dacheng Value Growth Securities Investment Fund | 12,961,593 | 1.96 | 0 | None | Other | | Bank of China - Harvest Service Value-Added Industry Securities Investment Fund | 11,360,705 | 1.72 | 0 | None | Other | | National Social Security Fund 118 Portfolio | 9,517,696 | 1.44 | 0 | None | Other | | National Social Security Fund 414 Portfolio | 7,999,774 | 1.21 | 0 | None | Other | | Bank of China - Harvest Stable Open-Ended Securities Investment Fund | 7,690,535 | 1.16 | 0 | None | Other | | Generali China Life Insurance Co., Ltd. - Traditional Insurance Products - Stock Account | 6,038,167 | 0.91 | 0 | None | Other | | National Social Security Fund 115 Portfolio | 5,999,824 | 0.91 | 0 | None | Other | - Except for Shaanxi Yaoxian Cement Production Technology Service Co., a state-owned enterprise funded by Shaanxi Yaoxian Cement Plant, the company cannot verify if other shareholders have an associated relationship or are acting in concert as defined by the 'Measures for the Administration of the Takeover of Listed Companies'[12] Total Preferred Shareholders, Top Ten Preferred Shareholders, and Top Ten Unrestricted Preferred Shareholders at Period End The company has no preferred shareholders, thus this disclosure is not applicable - Disclosure of preferred shareholder information is not applicable[12] Significant Events This chapter details significant changes in financial statements and indicators, explains major asset restructuring progress, and provides future performance warnings Significant Changes and Reasons for Major Financial Statement Items and Indicators Consolidated balance sheet items saw significant shifts, with notes receivable decreasing and accounts receivable increasing; income statement showed major revenue and cost changes; operating cash flow declined, investing cash flow turned positive, and financing cash flow loss narrowed 3.1.1 Major Changes in Consolidated Balance Sheet Items at Period End vs. Beginning of Year | Item | Current Period Amount (Million RMB) | Beginning of Year Amount (Million RMB) | Change (%) | Primary Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 20.71 | 76.05 | -72.77 | Increase in endorsement payments of bank acceptance bills | | Accounts Receivable | 56.23 | 27.27 | 106.16 | Increase in cement turnover for high-quality customers | | Prepayments | 13.55 | 3.73 | 263.33 | Increase in prepaid engineering and material costs | | Other Current Assets | 0.86 | 4.98 | -82.65 | Beginning of year had input tax credit | | Taxes Payable | 2.69 | 1.92 | 40.06 | Increase in value-added tax payable | 3.1.2 Major Changes in Consolidated Income Statement Items vs. Prior Year | Item | Current Period Amount (Million RMB) | Prior Period Amount (Million RMB) | Change (%) | Primary Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 91.65 | 125.10 | -26.74 | Decrease in cement sales volume and price | | Operating Cost | 88.96 | 123.61 | -28.03 | Decrease in cement production and sales volume | | Operating Taxes and Surcharges | 0.09 | 0.06 | 52.68 | Increase in value-added tax payable | | Non-operating Income | 0.14 | 0.53 | -72.90 | Disposal of fixed assets in the same period | | Non-operating Expenses | 0.03 | 14.58 | -99.78 | Restructuring compensation incurred in the same period | 3.1.3 Changes in Consolidated Cash Flow Statement for the Current Period | Item | Current Period Amount (Million RMB) | Prior Period Amount (Million RMB) | Change Amount (Million RMB) | Primary Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 4.16 | 39.62 | -35.46 | Decrease in cash received from sales of goods | | Net cash flow from investing activities | 0.09 | -0.44 | 0.52 | Decrease in investment subsidies received, decrease in cash paid for fixed asset purchases | | Net cash flow from financing activities | -5.94 | -24.76 | 18.83 | Increase in entrusted loan receipts | Analysis of Progress, Impact, and Solutions for Significant Events The company is progressing a major asset restructuring, acquiring e-waste recycling assets via share issuance, with Jidong Cement acquiring existing assets; the restructuring received conditional CSRC approval and is actively moving forward - The company is undergoing a major asset restructuring, proposing to issue shares to China Renewable Resources Development Co., Ltd. and other transaction parties to acquire assets related to the waste electrical and electronic product recycling and processing industry[16] - Controlling shareholder Jidong Cement will acquire all of the company's existing assets through debt assumption[16] - If the restructuring is successful, China Renewable Resources will become the company's largest shareholder, and China National Supply and Marketing Cooperative will become the actual controller[16] - The major asset restructuring plan was approved by the board of directors and disclosed on April 29, 2014, with trading resuming on April 30, 2014[17] - The restructuring draft was approved by the board of directors on September 3, 2014, and by the shareholders' meeting on September 22, 2014[19] - On February 16, 2015, the China Securities Regulatory Commission's M&A and Restructuring Committee conditionally approved the company's major asset restructuring[19] - On April 1, 2015, the company received the CSRC's approval (CSRC Permit [2015] No. 491)[19] - As of the report disclosure date, the company and relevant parties are actively advancing work related to the major asset restructuring[19] Fulfillment of Commitments by the Company and Shareholders Holding 5% or More The company and shareholders holding 5% or more have no commitment matters to disclose - Disclosure of commitment fulfillment is not applicable[20] Warning and Explanation for Potential Cumulative Net Loss or Significant Change from Year-Ago Period by Next Reporting Period End The company anticipates reduced Q2 losses, but cumulative net profit for the first half will remain negative due to intense regional market competition and persistently low cement product prices - The company predicts that Q2 losses will decrease, but cumulative net profit for the first half is still expected to be a loss[20] - The primary reason is intense regional market competition leading to persistently low cement product prices[20] Appendix This appendix contains the company's detailed unaudited Q1 2015 financial statements, including consolidated and parent company balance sheets, income statements, and cash flow statements Financial Statements This section provides the company's unaudited Q1 2015 consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements Consolidated Balance Sheet Consolidated total assets decreased by 2.67% to 1.999 billion RMB, with parent company equity further deteriorating to -268.89 million RMB Consolidated Balance Sheet Key Data (As of March 31, 2015) | Item | Period-End Balance (RMB) | Year-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 1,999,012,435.28 | 2,053,814,952.62 | | Total Current Assets | 246,532,315.08 | 266,490,864.79 | | Total Non-Current Assets | 1,752,480,120.20 | 1,787,324,087.83 | | Total Liabilities | 2,271,076,581.93 | 2,266,758,445.22 | | Total Current Liabilities | 1,511,007,489.16 | 1,506,557,689.20 | | Total Non-Current Liabilities | 760,069,092.77 | 760,200,756.02 | | Total Equity attributable to parent company owners | -268,894,627.40 | -209,804,248.86 | | Total Owner's Equity | -272,064,146.65 | -212,943,492.60 | - Total assets at period end decreased by 2.67% from the beginning of the year[6] - Total equity attributable to parent company owners is negative and further decreased from the beginning of the year[6][25] Parent Company Balance Sheet As of March 31, 2015, parent company total assets significantly decreased to 16.06 million RMB, with owner's equity further deteriorating to -20.65 million RMB Parent Company Balance Sheet Key Data (As of March 31, 2015) | Item | Period-End Balance (RMB) | Year-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 16,059,152.01 | 25,039,779.62 | | Total Current Assets | 6,059,152.01 | 15,039,779.62 | | Total Non-Current Assets | 10,000,000.00 | 10,000,000.00 | | Total Liabilities | 36,709,757.92 | 36,677,074.49 | | Total Owner's Equity | -20,650,605.91 | -11,637,294.87 | - Parent company total assets decreased by approximately 35.87% from the beginning of the year[27] - Parent company owner's equity is negative, and losses have expanded[28] Consolidated Income Statement In Q1 2015, consolidated operating revenue was 91.65 million RMB, a 26.74% year-on-year decrease, with net losses narrowing despite negative profits Consolidated Income Statement Key Data (Jan-Mar 2015) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 91,651,469.23 | 125,097,963.13 | | Total Operating Costs | 150,992,512.53 | 195,758,357.35 | | Operating Profit | -59,231,320.70 | -70,660,394.22 | | Total Profit | -59,120,654.05 | -84,713,866.89 | | Net Profit | -59,120,654.05 | -84,713,866.89 | | Net profit attributable to parent company owners | -59,090,378.54 | -84,693,952.85 | | Basic earnings per share (RMB/share) | -0.09 | -0.13 | - Total operating revenue decreased by 26.74% year-on-year[6][30] - Net loss attributable to parent company owners narrowed year-on-year[6][31] Parent Company Income Statement In Q1 2015, parent company operating revenue significantly decreased to 4.07 million RMB, while net losses significantly narrowed to -9.01 million RMB Parent Company Income Statement Key Data (Jan-Mar 2015) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Operating Revenue | 4,074,898.09 | 124,597,963.12 | | Operating Cost | 4,074,898.09 | 122,715,305.41 | | Operating Profit | -253,254.07 | -70,189,117.22 | | Total Profit | -9,013,311.04 | -84,242,589.89 | | Net Profit | -9,013,311.04 | -84,242,589.89 | - Parent company operating revenue significantly decreased by approximately 96.73% year-on-year[34] - Parent company net loss significantly narrowed year-on-year[34] Consolidated Cash Flow Statement In Q1 2015, operating cash flow significantly decreased by 89.50% to 4.16 million RMB, investing cash flow turned positive, and financing cash flow loss narrowed Consolidated Cash Flow Statement Key Data (Jan-Mar 2015) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net cash flow from operating activities | 4,160,320.86 | 39,621,146.39 | | Net cash flow from investing activities | 86,826.42 | -437,248.31 | | Net cash flow from financing activities | -5,936,865.28 | -24,763,875.00 | | Net increase in cash and cash equivalents | -1,689,718.00 | 14,420,023.08 | | Cash and cash equivalents at period end | 21,506,919.96 | 37,301,466.23 | - Net cash flow from operating activities decreased by 89.50% year-on-year, primarily due to reduced cash received from sales of goods[6][16][36] - Net cash flow from investing activities turned from negative to positive[16][37] - Net cash flow from financing activities loss narrowed year-on-year, primarily due to increased entrusted loan receipts[16][37] Parent Company Cash Flow Statement In Q1 2015, parent company operating cash flow significantly decreased to -5.42 million RMB, investing cash flow turned positive, and financing cash flow was 0 Parent Company Cash Flow Statement Key Data (Jan-Mar 2015) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net cash flow from operating activities | -5,418,126.70 | 39,679,220.51 | | Net cash flow from investing activities | 109,722.60 | -437,248.31 | | Net cash flow from financing activities | 0 | -24,763,875.00 | | Net increase in cash and cash equivalents | -5,308,404.10 | 14,478,097.20 | | Cash and cash equivalents at period end | 188,922.71 | 37,092,762.88 | - Parent company net cash flow from operating activities turned from positive to negative, significantly decreasing year-on-year[39] - Parent company net cash flow from investing activities turned from negative to positive[40] - Parent company net cash flow from financing activities was 0 for the current period, compared to a negative value in the prior year[40]