晋西车轴(600495) - 2018 Q1 - 季度财报

Important Notes This section outlines the company's declarations regarding report authenticity, director attendance, financial statement accuracy, and the unaudited status of the quarterly report Statement on Report Authenticity The board, supervisory board, and senior management affirm the quarterly report's truthfulness, accuracy, and completeness, assuming legal responsibility - The company's board of directors, supervisory board, and all directors, supervisors, 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[4] Absence of Directors Director Kong Jionggang was absent due to business travel and delegated proxy to Zhang Chaohong Absence of Directors | Absent Director Name | Position | Reason for Absence | Proxy Name | | :--- | :--- | :--- | :--- | | Kong Jionggang | Director | Business Travel | Zhang Chaohong | Statement on Financial Statement Authenticity The company's head, general manager, chief accountant, and head of accounting department guarantee the financial statements' truthfulness, accuracy, and completeness - The company's chairman Zhang Chaohong, general manager Kong Jionggang, chief accountant Han Qiushi, and head of accounting department Zhang Xiaojun guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[4] Statement on Unaudited Report The company's first-quarter report has not been audited - This company's first-quarter report is unaudited[4] Company Profile This section provides an overview of the company's key financial performance, shareholder structure, and preferred share status Key Financial Data As of the reporting period end, total assets increased by 2.07% year-over-year, while net assets attributable to shareholders slightly decreased; operating revenue declined by 38.08%, and net profit attributable to shareholders was a loss that expanded year-over-year, with operating cash flow net amount increasing by 126.74% Overview of Key Financial Data | Indicator | Current Period End/Year-to-Date (RMB) | Prior Year End/Year-to-Date (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,917,881,328.94 | 3,838,442,762.55 | 2.07 | | Net Assets Attributable to Shareholders | 3,109,834,781.74 | 3,121,127,049.49 | -0.36 | | Net Cash Flow from Operating Activities | 19,050,085.99 | 8,401,631.86 | 126.74 | | Operating Revenue | 114,021,212.01 | 184,146,030.43 | -38.08 | | Net Profit Attributable to Shareholders | -11,972,707.24 | -10,919,128.85 | N/A | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -23,499,692.58 | -16,911,039.67 | N/A | | Weighted Average Return on Net Assets (%) | -0.38 | -0.35 | N/A | | Basic Earnings Per Share (RMB/share) | -0.01 | -0.01 | N/A | | Diluted Earnings Per Share (RMB/share) | -0.01 | -0.01 | N/A | Non-Recurring Gains and Losses | Item | Current Period Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -81,788.53 | | Government Subsidies Included in Current Profit/Loss | 414,285.72 | | Other Non-Operating Income and Expenses Apart from the Above | 294,719.26 | | Other Gains/Losses Meeting the Definition of Non-Recurring Items | 11,636,417.90 | | Income Tax Impact | -736,649.01 | | Total | 11,526,985.34 | Shareholder Ownership As of the reporting period end, the company had 139,135 shareholders; Jinxi Industrial Group Co., Ltd. was the largest shareholder with 30.79% and shared ultimate control with Shanxi Jiangyang Chemical Co., Ltd. and China North Industries Group Material North China Co., Ltd. under China North Industries Group Corporation Limited - As of the end of the reporting period, the company had a total of 139,135 shareholders[8] Top Ten Shareholders' Holdings | Shareholder Name (Full Name) | Shares Held at Period End (shares) | Percentage (%) | Share Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Jinxi Industrial Group Co., Ltd. | 372,014,755 | 30.79 | None | State-owned Legal Person | | Wang Yong | 7,466,400 | 0.62 | None | Other | | Wang Yan | 3,690,000 | 0.31 | None | Other | | Shanxi Jiangyang Chemical Co., Ltd. | 2,641,153 | 0.22 | None | State-owned Legal Person | | Yu Yajie | 2,581,295 | 0.21 | None | Other | | Liu Jian | 1,790,000 | 0.15 | None | Other | | Hong Kong Securities Clearing Company Limited | 1,764,937 | 0.15 | None | Other | | China North Industries Group Material North China Co., Ltd. | 1,721,088 | 0.14 | None | State-owned Legal Person | | Guo Mingyue | 1,603,100 | 0.13 | None | Other | | Dou Zhenjiang | 1,568,882 | 0.13 | None | Other | - As of the end of the reporting period, Jinxi Industrial Group Co., Ltd., Shanxi Jiangyang Chemical Co., Ltd., and China North Industries Group Material North China Co., Ltd. among the company's top ten shareholders are ultimately controlled by China North Industries Group Corporation Limited[8] Preferred Shareholder Information The company had no preferred shareholders at the end of the reporting period - The company has no preferred shareholders[9] Significant Events This section analyzes major changes in financial statement items and indicators, and confirms the absence of significant event progress, overdue commitments, or warnings regarding cumulative net profit Analysis of Major Financial Statement Items and Indicators The company experienced significant changes across its balance sheet, income statement, and cash flow statement, including a substantial decrease in monetary funds due to wealth management product purchases, increased prepayments and interest receivable, decreased revenue and costs from lower product sales, higher financial expenses from exchange losses, significantly increased investment income from wealth management products, reduced tax refunds and other operating cash inflows, and increased investment in wealth management products Significant Changes in Balance Sheet Items | Item | Period-End Balance (RMB) | Year-Beginning Balance (RMB) | Change (%) | Reason | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 110,737,524.27 | 282,569,204.55 | -60.81% | Primarily due to the purchase of short-term wealth management products with idle funds during the current period | | Prepayments | 92,194,755.67 | 32,401,712.46 | 184.54% | Primarily due to increased prepayments for materials | | Interest Receivable | 11,759,713.91 | 3,587,292.11 | 227.82% | Primarily due to increased interest from wealth management products | | Other Receivables | 16,660,850.36 | 6,973,701.42 | 138.91% | Primarily due to increased inter-company borrowings | | Short-term Borrowings | 20,000,000.00 | | — | Subsidiary Jinxi Equipment added short-term borrowings from Norinco Finance during the current period | | Advances from Customers | 59,573,044.43 | 40,377,085.59 | 47.54% | Primarily due to increased advance receipts for axle products | | Taxes Payable | 5,480,065.41 | 15,332,970.13 | -64.26% | Primarily due to decreased VAT and corporate income tax payable | | Special Reserves | 2,474,774.61 | 1,781,955.83 | 38.88% | Primarily due to increased surplus in safety production funds | Significant Changes in Income Statement Items | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 114,021,212.01 | 184,146,030.43 | -38.08% | Primarily due to decreased sales of railway vehicle products and bolster side frame products in the current period | | Operating Cost | 97,206,941.40 | 156,456,470.49 | -37.87% | Primarily due to decreased sales of railway vehicle products and bolster side frame products in the current period | | Financial Expenses | 2,128,214.85 | 1,446,813.98 | 47.10% | Primarily due to increased exchange losses affected by exchange rate fluctuations compared to the same period last year | | Asset Impairment Losses | -1,097,332.66 | 18,932.10 | -5,896.15% | Primarily due to reversal and write-off of inventory depreciation reserves and reduced provision for bad debts in the current period | | Investment Income | 11,636,417.90 | 4,491,538.07 | 159.07% | Primarily due to increased investment income from wealth management products | | Non-Operating Income | 295,184.26 | 1,086,087.72 | -72.82% | Primarily due to lower insurance claims received in the current period compared to the same period last year | | Income Tax Expense | 1,106,420.15 | 178,385.22 | 520.24% | Primarily due to increased total profit of the parent company, leading to a corresponding increase in current income tax expense | Significant Changes in Cash Flow Statement Items | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | Reason | | :--- | :--- | :--- | :--- | :--- | | Tax Refunds Received | 3,911,159.83 | 6,064,455.77 | -35.51% | Primarily due to decreased export tax refunds in the current period | | Other Cash Received Related to Operating Activities | 1,147,998.10 | 22,246,510.12 | -94.84% | Primarily due to 19.98 million RMB in government subsidies and research grants received in the same period last year | | Taxes and Fees Paid | 20,959,259.14 | 30,574,946.33 | -31.45% | Primarily due to decreased VAT paid compared to the same period | | Cash Received from Investment Income | 3,602,576.49 | 9,426,067.76 | -61.78% | Decreased investment income received from matured wealth management products | | Cash Paid for Investments | 430,000,000.00 | 290,000,000.00 | 48.28% | Primarily due to the purchase of short-term wealth management products with idle funds during the current period | | Cash Paid for Debt Repayment | | 30,000,000.00 | -100.00% | Repayment of 30 million RMB short-term borrowings from Norinco Finance in the same period last year | | Cash Paid for Distribution of Dividends, Profits, or Interest | 41,325.00 | 169,650.00 | -75.64% | Repayment of interest on short-term borrowings from Norinco Finance in the same period last year | | Other Cash Paid Related to Financing Activities | | 8,000,636.00 | -100.00% | Repayment of green special funds in the same period last year | Progress of Significant Matters The company had no significant matters requiring explanation during the reporting period - During the reporting period, the company had no analysis or explanation of the progress, impact, and solutions for significant matters[10] Overdue Unfulfilled Commitments The company had no overdue unfulfilled commitments during the reporting period - During the reporting period, the company had no overdue unfulfilled commitments[10] Warning on Significant Changes in Cumulative Net Profit The company had no warnings or explanations regarding significant changes in cumulative net profit or potential losses compared to the prior year for the period from the beginning of the year to the end of the next reporting period - During the reporting period, the company had no warnings or explanations regarding the cumulative net profit from the beginning of the year to the end of the next reporting period potentially being a loss or experiencing significant changes compared to the same period last year[11] Appendix This section includes the company's unaudited consolidated and parent company financial statements for the first quarter of 2018, detailing financial position, operating results, and cash flows Financial Statements This chapter provides the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for the first quarter of 2018, detailing financial status, operating results, and cash flows for the reporting period Consolidated Balance Sheet As of March 31, 2018, consolidated total assets were RMB 3.918 billion, a 2.07% increase from the beginning of the year, with total current assets at RMB 2.314 billion and total non-current assets at RMB 1.604 billion; total liabilities were RMB 808 million, and total owner's equity was RMB 3.110 billion; monetary funds decreased by 60.81% due to wealth management product purchases, while prepayments and interest receivable increased by 184.54% and 227.82% respectively Key Data from Consolidated Balance Sheet | Item | Period-End Balance (RMB) | Year-Beginning Balance (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,917,881,328.94 | 3,838,442,762.55 | 2.07 | | Total Current Assets | 2,313,658,095.63 | 2,257,552,974.65 | 2.48 | | Total Non-Current Assets | 1,604,223,233.31 | 1,580,889,787.90 | 1.48 | | Total Liabilities | 808,046,547.20 | 717,315,713.06 | 12.65 | | Total Owner's Equity | 3,109,834,781.74 | 3,121,127,049.49 | -0.36 | | Monetary Funds | 110,737,524.27 | 282,569,204.55 | -60.81 | | Prepayments | 92,194,755.67 | 32,401,712.46 | 184.54 | | Interest Receivable | 11,759,713.91 | 3,587,292.11 | 227.82 | Parent Company Balance Sheet As of March 31, 2018, parent company total assets were RMB 3.134 billion, a 4.17% increase from the beginning of the year, with total current assets at RMB 1.665 billion and total non-current assets at RMB 1.469 billion; total liabilities were RMB 398 million, and total owner's equity was RMB 2.736 billion; parent company monetary funds decreased by 73.25%, while prepayments and interest receivable increased by 372.51% and 268.32% respectively Key Data from Parent Company Balance Sheet | Item | Period-End Balance (RMB) | Year-Beginning Balance (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,134,161,770.48 | 3,008,581,470.92 | 4.17 | | Total Current Assets | 1,664,711,802.15 | 1,534,444,036.57 | 8.49 | | Total Non-Current Assets | 1,469,449,968.33 | 1,474,137,434.35 | -0.32 | | Total Liabilities | 398,498,381.12 | 277,264,775.16 | 43.73 | | Total Owner's Equity | 2,735,663,389.36 | 2,731,316,695.76 | 0.16 | | Monetary Funds | 45,630,817.49 | 170,636,184.76 | -73.25 | | Prepayments | 34,143,916.27 | 7,226,647.59 | 372.51 | | Interest Receivable | 11,671,590.44 | 3,168,747.34 | 268.32 | Consolidated Income Statement In Q1 2018, consolidated total operating revenue was RMB 114 million, a 38.08% year-over-year decrease; both operating profit and net profit were losses, with a net loss of RMB 11.97 million, expanding year-over-year; investment income significantly increased by 159.07%, primarily due to higher returns from wealth management products Key Data from Consolidated Income Statement | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 114,021,212.01 | 184,146,030.43 | -38.08 | | Total Operating Cost | 137,151,133.45 | 200,878,684.88 | -31.62 | | Operating Profit | -11,079,217.82 | -11,826,830.66 | 6.32 | | Total Profit | -10,866,287.09 | -10,740,743.63 | -1.17 | | Net Profit | -11,972,707.24 | -10,919,128.85 | -9.65 | | Investment Income | 11,636,417.90 | 4,491,538.07 | 159.07 | | Income Tax Expense | 1,106,420.15 | 178,385.22 | 520.24 | | Basic Earnings Per Share (RMB/share) | -0.01 | -0.01 | 0.00 | Parent Company Income Statement In Q1 2018, parent company operating revenue was RMB 57.94 million, a slight year-over-year decrease; net profit reached RMB 4.14 million, reversing the loss from the prior year; investment income significantly increased from RMB 4.79 million to RMB 11.42 million Key Data from Parent Company Income Statement | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 57,944,203.55 | 58,721,428.47 | -1.32 | | Operating Profit | 5,247,537.63 | -751,965.28 | N/A | | Total Profit | 5,198,257.51 | -594,794.59 | N/A | | Net Profit | 4,142,310.07 | -519,454.56 | N/A | | Investment Income | 11,420,651.56 | 4,793,582.33 | 138.25 | Consolidated Cash Flow Statement In Q1 2018, net cash flow from operating activities was RMB 19.05 million, a 126.74% year-over-year increase; net cash flow from investment activities was a negative RMB 203 million, primarily due to increased spending on short-term wealth management products; net cash flow from financing activities was RMB 19.96 million, mainly from new short-term borrowings Key Data from Consolidated Cash Flow Statement | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 19,050,085.99 | 8,401,631.86 | 126.74 | | Net Cash Flow from Investment Activities | -203,463,254.57 | 21,254,867.42 | N/A | | Net Cash Flow from Financing Activities | 19,958,675.00 | -38,170,286.00 | N/A | | Net Increase in Cash and Cash Equivalents | -165,626,618.62 | -8,801,660.79 | N/A | | Cash Paid for Investments | 430,000,000.00 | 290,000,000.00 | 48.28 | | Cash Received from Borrowings | 20,000,000.00 | 0.00 | N/A | Parent Company Cash Flow Statement In Q1 2018, net cash flow from parent company operating activities was RMB 52.03 million, turning positive year-over-year; net cash flow from investment activities was a negative RMB 177 million, mainly due to increased investment payments; financing activities had no cash inflow, debt repayment, or dividend distribution Key Data from Parent Company Cash Flow Statement | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 52,033,712.67 | -3,330,753.34 | N/A | | Net Cash Flow from Investment Activities | -176,606,187.27 | 21,420,657.19 | N/A | | Net Cash Flow from Financing Activities | 0.00 | -38,169,650.00 | N/A | | Net Increase in Cash and Cash Equivalents | -125,007,873.03 | -20,175,148.63 | N/A | | Cash Paid for Investments | 370,000,000.00 | 300,600,000.00 | 23.09 | Audit Report This quarterly report has not been audited - This quarterly report is unaudited[33]