BCDC(SH:600376)2018-04-27 16:00markdown [Important Notice](index=3&type=section&id=%E4%B8%80%E3%80%81%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section outlines the company's declaration of report authenticity and audit status [Statement on Report Authenticity and Audit Status](index=3&type=section&id=1.1%20%E6%8A%A5%E5%91%8A%E7%9C%9F%E5%AE%9E%E6%80%A7%E5%A3%B0%E6%98%8E%E4%B8%8E%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, which has been reviewed by all directors but remains unaudited - The company's board of directors, supervisory board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility[4](index=4&type=chunk) - All directors attended the board meeting to review the quarterly report[4](index=4&type=chunk) - This company's first quarter report is **unaudited**[6](index=6&type=chunk) [Company Profile](index=3&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section details the company's key financial data and shareholder ownership [Key Financial Data](index=3&type=section&id=2.1%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) The company demonstrated strong financial performance in Q1 2018, with significant year-on-year growth in operating revenue and net profit attributable to shareholders, alongside a notable improvement in net cash flow from operating activities 2018 Q1 Key Financial Data (Consolidated Statements) | Indicator | Current Period End/YTD (RMB) | Prior Year End/YTD (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | **资产负债表:** | | | | | Total Assets | 253,655,072,412.54 | 240,463,386,620.08 | 5.49% | | Net Assets attributable to shareholders | 29,871,803,343.96 | 29,753,848,950.15 | 0.40% | | **利润表:** | | | | | Operating Revenue | 6,149,580,532.67 | 4,203,973,756.73 | 46.28% | | Net Profit attributable to shareholders | 329,194,799.91 | 160,211,380.11 | 105.48% | | Net Profit attributable to shareholders (excluding non-recurring items) | 156,619,242.60 | 116,220,784.79 | 34.76% | | Weighted Average ROE (%) | 1.04% | 0.43% | 增加 0.61 个百分点 | | Basic EPS (RMB/Share) | 0.0875 | 0.0345 | 153.62% | | Diluted EPS (RMB/Share) | 0.0875 | 0.0345 | 153.62% | | **现金流量表:** | | | | | Net Cash Flow from Operating Activities | -871,191,023.81 | -3,927,695,462.05 | 77.82% | Basic EPS Calculation Method | Indicator | Current Period (RMB) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 329,194,799.91 | | Less: Impact of Dividends on Other Equity Instruments | 103,500,000.00 | | Subtotal | 225,694,799.91 | | Weighted Average Number of Outstanding Common Shares (Shares) | 2,579,565,242 | | Basic EPS (RMB/Share) | 0.0875 | Non-recurring Gains and Losses Items and Amounts | Item | Current Period Amount (RMB) | Notes | | :--- | :--- | :--- | | Non-current asset disposal gains/losses | 77,167.61 | | | Government grants recognized in current profit/loss | 2,017,000.00 | | | Funds occupation fees collected from non-financial enterprises recognized in current profit/loss | 169,407,198.35 | | | Other non-operating income and expenses | 3,261,497.99 | | | Impact on minority interests (after tax) | -1,590,823.40 | | | Income tax impact | -596,483.24 | | | Total | 172,575,557.31 | | [Shareholder Ownership](index=4&type=section&id=2.2%20%E6%88%AA%E6%AD%A2%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the company had 48,915 shareholders, with Beijing Capital Development Holding (Group) Co., Ltd. holding the largest stake at 46.09% - Total number of shareholders: **48,915**[10](index=10&type=chunk) Top Ten Shareholders' Ownership | Shareholder Name (Full) | Shares Held at Period End | Proportion (%) | Number of Restricted Shares Held | Pledge or Freeze Status | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Capital Development Holding (Group) Co., Ltd. | 1,188,809,331 | 46.09% | 33,755,274 | 无 | 国有法人 | | Beijing Shoukai Tianhong Group Co., Ltd. | 142,714,290 | 5.53% | 0 | 无 | 国有法人 | | Anbang Life Insurance Co., Ltd. – Conservative Investment Portfolio | 118,140,895 | 4.58% | 0 | 无 | 其他 | | Junkang Life Insurance Co., Ltd. – Universal Insurance Product | 84,697,445 | 3.28% | 0 | 无 | 其他 | | China Securities Finance Corporation Limited | 83,275,388 | 3.23% | 0 | 无 | 其他 | | CCB Fund – ICBC – Shaanxi International Trust – Shanguotou · Huixiang No. 11 Targeted Investment Collective Fund Trust Plan | 67,513,755 | 2.62% | 0 | 无 | 其他 | | Suzhou Trust Co., Ltd. – Suxin Wealth · Fucheng K1602 Single Fund Trust | 67,508,253 | 2.62% | 0 | 无 | 其他 | | Guoshou Anbao Fund – GF Bank – Guoshou Anbao – Xinyuan Fixed Increase No. 5 Asset Management Plan | 50,634,565 | 1.96% | 0 | 无 | 其他 | | Central Huijin Asset Management Co., Ltd. | 39,229,700 | 1.52% | 0 | 无 | 其他 | | Junkang Life Insurance Co., Ltd. – Own Funds | 38,310,642 | 1.49% | 0 | 无 | 其他 | - Shoukai Group holds **100%** equity in Tianhong Group; Junkang Life Insurance Co., Ltd. – Universal Insurance Product and Junkang Life Insurance Co., Ltd. – Own Funds are **parties acting in concert**[11](index=11&type=chunk) [Significant Events](index=5&type=section&id=%E4%B8%89%E3%80%81%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section highlights significant changes in financial items, progress of key events, and any unfulfilled commitments or profit warnings [Significant Changes and Reasons for Key Financial Statement Items and Indicators](index=5&type=section&id=3.1%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) During the reporting period, several financial indicators underwent significant changes, including a 97.64% decrease in prepayments and a 77.82% improvement in net cash flow from operating activities Major Balance Sheet Item Changes and Reasons | Item | Period End (RMB 10,000) | Period Beginning (RMB 10,000) | Change Rate | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 12,414.82 | 527,161.55 | -97.64% | 主要因期初预付土地款转入存货 | | Taxes Payable | 229,892.12 | 350,527.38 | -34.42% | 主要因本期缴纳期初土增税及企业所得税 | | Non-current Liabilities Due Within One Year | 1,058,970.55 | 1,925,197.25 | -44.99% | 主要因本期归还一年内到期的长期借款 | | Other Current Liabilities | 1,068,431.02 | 813,613.84 | 31.32% | 主要因本期发行短期融资券和超短期融资券 | Major Income Statement and Cash Flow Statement Item Changes and Reasons | Item | Current Period (RMB 10,000) | Prior Period (RMB 10,000) | Change Rate | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 614,958.05 | 420,397.38 | 46.28% | 主要因本期京内营业收入增加 | | Operating Cost | 493,293.60 | 291,332.56 | 69.32% | 主要因本期营业收入增加 | | Cash Received from Other Operating Activities | 471,766.50 | 247,227.13 | 90.82% | 主要因收到的往来款增加 | | Net Cash Flow from Operating Activities | -87,119.10 | -392,769.55 | 77.82% | 主要因本期收到往来款增加和本期支付的地价款降低 | | Cash Received from Capital Contributions | 24,090.00 | 398,000.00 | -93.95% | 主要因本期未发行永续债融资和少数股东投入降低 | | Cash Received from Bond Issuance | 914,832.93 | -- | -- | 主要因本期发行中期票据、公司债券、短期融资券和超短期融资款等 | | Total Cash Inflows from Financing Activities | 1,939,294.93 | 1,196,367.00 | 62.10% | 主要因本期发行中期票据、公司债券、短期融资券和超短期融资款等 | | Net Cash Flow from Financing Activities | 699,031.97 | 187,099.82 | 273.61% | 主要因本期发行中期票据、公司债券、短期融资券和超短期融资款等 | | Net Increase in Cash and Cash Equivalents | 591,657.23 | -237,538.22 | -349.08% | 主要因本期筹资活动产生的现金净流入增加 | [Progress of Significant Events](index=6&type=section&id=3.2%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D%E5%92%8C%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) The company's real estate business progressed smoothly during the reporting period, holding substantial land reserves and actively advancing development projects, with 5.545 billion RMB invested [Real Estate Reserve Status](index=6&type=section&id=%EF%BC%881%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%88%BF%E5%9C%B0%E4%BA%A7%E5%82%A8%E5%A4%87%E6%83%85%E5%86%B5%E8%A1%A8) This section provides an overview of real estate reserve status Real Estate Reserve Projects Overview | Region | Area of Land Held for Development (10,000 sq. meters) | Planned GFA (10,000 sq. meters) | Area Involved in Joint Development Projects (10,000 sq. meters) | | :--- | :--- | :--- | :--- | | 京内项目合计 | 1,679,434.00 | 2,729,617.00 | 1,679,434.00 | | 京外项目合计 | 692,179.00 | 1,479,502.00 | 465,674.00 | | **总计** | **2,371,613.00** | **4,209,120.00** | **2,145,108.00** | - These land reserve projects were **not yet started** during the reporting period[17](index=17&type=chunk) - The company's equity land area equals the area involved in joint development projects multiplied by the equity ratio of the joint development projects[17](index=17&type=chunk) [Shantytown Renovation and Primary Land Development Projects](index=8&type=section&id=%EF%BC%882%EF%BC%89%E5%85%AC%E5%8F%B8%E6%A3%9A%E6%88%B7%E5%8C%BA%E6%94%B9%E9%80%A0%E5%8F%8A%E5%9C%9F%E5%9C%B0%E4%B8%80%E7%BA%A7%E5%BC%80%E5%8F%91%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) This section provides an overview of shantytown renovation and primary land development projects Shantytown Renovation and Primary Land Development Projects Overview | Project Category | Total Land Area (10,000 sq. meters) | Implementation Progress Example | | :--- | :--- | :--- | | Implemented Projects | 332.21 | 住宅类拆迁腾退工作基本完成；目前签约比例98.52% | | Subsequent Projects | 869.27 | 各项工作正在积极开展中 | | **Total** | **1,201.48** | | [Real Estate Development Investment Status](index=8&type=section&id=%EF%BC%883%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%88%BF%E5%9C%B0%E4%BA%A7%E5%BC%80%E5%8F%91%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) This section provides an overview of real estate development investment status Real Estate Development Investment Projects Overview | Region | Project Land Area (sq. meters) | Project Planned GFA (sq. meters) | Total GFA (sq. meters) | GFA Under Construction (sq. meters) | New Construction Started Area (sq. meters) | Area Completed in Current Period (sq. meters) | Completed Area (sq. meters) | Total Investment (billion RMB) | Actual Investment in Reporting Period (billion RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 京内项目合计 | 4,750,418 | 6,488,603 | 9,220,277 | 3,552,710 | 204,592 | 868,936 | 5,889,353 | 1,671.44 | 16.55 | | 京外项目合计 | 9,458,715 | 17,334,563 | 22,881,864 | 8,438,490 | 768,596 | 27,182 | 8,041,127 | 2,589.14 | 38.90 | | **总计** | **14,209,133** | **23,823,166** | **32,102,141** | **11,991,200** | **973,188** | **896,118** | **13,930,480** | **4,260.58** | **55.45** | - Total investment is the **estimated total investment** of the project (including land price)[29](index=29&type=chunk) - GFA under construction, new construction started area, and completed area are for the **reporting period**, while completed area is the **cumulative total** over the years[29](index=29&type=chunk) [Real Estate Sales Status](index=16&type=section&id=%EF%BC%884%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%88%BF%E5%9C%B0%E4%BA%A7%E9%94%80%E5%94%AE%E6%83%85%E5%86%B5%E8%A1%A8) This section provides an overview of real estate sales status Real Estate Sales Overview | Region | Area Available for Sale (sq. meters) | Pre-sold Area (sq. meters) | | :--- | :--- | :--- | | 京内项目合计 | 3,657,065 | 63,302 | | 京外项目合计 | 13,307,590 | 315,182 | | **总计** | **16,964,655** | **378,484** | - Pre-sold area refers to the **sales area of projects during the current reporting period** (excluding projects not yet launched in the reporting period)[32](index=32&type=chunk) [Current Period Profit Recognition Status](index=17&type=section&id=%EF%BC%885%EF%BC%89%E6%9C%AC%E6%9C%9F%E7%BB%93%E5%88%A9%E6%83%85%E5%86%B5) This section provides an overview of current period profit recognition status Current Period Profit Recognition Area Overview | Region | Profit Recognition Area in Current Period (10,000 sq. meters) | | :--- | :--- | | 京内项目合计 | 14.39 | | 京外项目合计 | 11.09 | | **总计** | **25.49** | [Overdue Unfulfilled Commitments](index=18&type=section&id=3.3%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company had no overdue unfulfilled commitments during the reporting period - No overdue unfulfilled commitments during the reporting period[35](index=35&type=chunk) [Cumulative Net Profit Forecast Warning](index=18&type=section&id=3.4%20%E9%A2%84%E6%B5%8B%E5%B9%B4%E5%88%9D%E8%87%B3%E4%B8%8B%E4%B8%80%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%9F%E6%9C%AB%E7%9A%84%E7%B4%AF%E8%AE%A1%E5%87%80%E5%88%A9%E6%B6%A6%E5%8F%AF%E8%83%BD%E4%B8%BA%E4%BA%8F%E6%8D%9F%E6%88%96%E8%80%85%E4%B8%8E%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%9B%B8%E6%AF%94%E5%8F%91%E7%94%9F%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E7%9A%84%E8%AD%A6%E7%A4%BA%E5%8F%8A%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company has not issued any warning regarding a potential loss or significant change in cumulative net profit from the beginning of the year to the end of the next reporting period - The company has not issued any warning regarding a potential loss or significant change in cumulative net profit from the beginning of the year to the end of the next reporting period[35](index=35&type=chunk) [Appendix](index=19&type=section&id=%E5%9B%9B%E3%80%81%E9%99%84%E5%BD%95) This section provides the company's unaudited financial statements and audit report status [Financial Statements](index=19&type=section&id=4.1%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The appendix includes the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements [Consolidated Balance Sheet](index=19&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) This section provides an overview of consolidated balance sheet Consolidated Balance Sheet Key Data | Item | Period End Balance (RMB) | Year Beginning Balance (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 253,655,072,412.54 | 240,463,386,620.08 | 5.49% | | Cash and Cash Equivalents | 26,652,273,307.35 | 20,739,525,643.33 | 28.51% | | Inventories | 153,140,718,971.19 | 141,532,441,218.25 | 8.20% | | Long-term Equity Investments | 14,957,045,484.56 | 14,776,230,215.51 | 1.22% | | Total Liabilities | 206,564,487,989.59 | 193,787,508,661.69 | 6.69% | | Long-term Borrowings | 70,793,291,413.23 | 60,652,511,422.48 | 16.73% | | Bonds Payable | 25,658,693,579.01 | 21,727,703,851.51 | 18.00% | | Total Equity Attributable to Parent Company Owners | 29,871,803,343.96 | 29,753,848,950.15 | 0.40% | [Parent Company Balance Sheet](index=21&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) This section provides an overview of parent company balance sheet Parent Company Balance Sheet Key Data | Item | Period End Balance (RMB) | Year Beginning Balance (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 116,391,360,815.67 | 111,201,028,811.73 | 4.67% | | Cash and Cash Equivalents | 7,376,382,791.75 | 5,125,005,151.30 | 44.00% | | Other Receivables | 67,337,382,695.06 | 60,756,069,353.46 | 10.83% | | Long-term Equity Investments | 30,000,502,509.31 | 29,770,631,718.99 | 0.77% | | Total Liabilities | 88,018,227,866.80 | 82,385,469,439.52 | 6.84% | | Long-term Borrowings | 20,670,600,000.00 | 21,060,000,000.00 | -1.85% | | Bonds Payable | 25,658,693,579.01 | 21,727,703,851.51 | 18.00% | | Total Owners' Equity | 28,373,132,948.87 | 28,815,559,372.21 | -1.54% | [Consolidated Income Statement](index=23&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) This section provides an overview of consolidated income statement Consolidated Income Statement Key Data | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 6,149,580,532.67 | 4,203,973,756.73 | 46.28% | | Total Operating Cost | 5,797,419,657.95 | 3,893,710,435.18 | 48.90% | | Net Profit Attributable to Parent Company Shareholders | 329,194,799.91 | 160,211,380.11 | 105.48% | | Investment Income | 124,407,088.05 | -31,942,864.98 | 489.40% | | Taxes and Surcharges | 265,017,678.51 | 480,514,875.67 | -44.85% | | Basic EPS (RMB/Share) | 0.0875 | 0.0345 | 153.62% | [Parent Company Income Statement](index=25&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) This section provides an overview of parent company income statement Parent Company Income Statement Key Data | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 430,810,608.04 | 1,588,914,110.69 | -72.88% | | Operating Cost | 258,406,978.53 | 1,415,182,899.30 | -81.72% | | Net Profit | -233,176,423.34 | -159,758,209.89 | -45.96% (亏损扩大) | | Investment Income | -15,729,049.83 | -3,549,882.25 | -343.10% (亏损扩大) | | Financial Expenses | 312,364,969.92 | 201,218,959.74 | 55.23% | [Consolidated Cash Flow Statement](index=26&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This section provides an overview of consolidated cash flow statement Consolidated Cash Flow Statement Key Data | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -871,191,023.81 | -3,927,695,462.05 | 77.82% | | Net Cash Flow from Investing Activities | -200,565,934.94 | -318,129,350.98 | 36.94% | | Net Cash Flow from Financing Activities | 6,990,319,661.72 | 1,870,998,162.60 | 273.61% | | Net Increase in Cash and Cash Equivalents | 5,916,572,296.87 | -2,375,382,192.10 | -349.08% | | Cash and Cash Equivalents at Period End | 26,493,033,537.68 | 24,382,356,508.10 | 8.66% | [Parent Company Cash Flow Statement](index=28&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This section provides an overview of parent company cash flow statement Parent Company Cash Flow Statement Key Data | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,962,832,777.02 | -1,877,831,859.09 | 311.02% | | Net Cash Flow from Investing Activities | -1,888,800,854.90 | -253,083,772.50 | -648.00% (流出扩大) | | Net Cash Flow from Financing Activities | 177,345,718.33 | -912,263,111.79 | 119.44% | | Net Increase in Cash and Cash Equivalents | 2,251,377,640.45 | -3,043,178,743.38 | 173.97% | | Cash and Cash Equivalents at Period End | 7,376,382,791.75 | 9,911,029,613.72 | -25.57% | [Audit Report](index=29&type=section&id=4.2%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This quarterly report is unaudited - This company's first quarter report is **unaudited**[6](index=6&type=chunk)[58](index=58&type=chunk)