日出东方(603366) - 2014 Q3 - 季度财报

Important Notice Report Authenticity and Audit Status The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, which has been approved by all directors and remains unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content[8] - All directors attended the board meeting to review the quarterly report[8] - This third-quarter report is unaudited[8] Company's Key Financial Data and Shareholder Changes Key Financial Data As of the reporting period end, total assets decreased by 6.86% year-over-year, while net assets attributable to shareholders increased by 2.27%; year-to-date, net cash flow from operating activities narrowed its loss by 39.00%, operating revenue decreased by 11.07%, and net profit attributable to shareholders grew by 8.54% Overview of Key Financial Data (As of September 30, 2014, and Year-to-Date) | Metric | As of Report Period End / Year-to-Date (RMB) | Prior Year End / Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet Data | | | | | Total Assets | 4,265,157,162.90 | 4,579,324,205.53 | -6.86 | | Net Assets Attributable to Shareholders | 3,600,585,061.09 | 3,520,666,387.40 | 2.27 | | Cash Flow Statement Data | | | | | Net Cash Flow from Operating Activities (Jan-Sep) | -200,830,908.87 | -329,225,930.84 | 39.00 | | Income Statement Data | | | | | Operating Revenue (Jan-Sep) | 2,099,172,802.62 | 2,360,590,888.87 | -11.07 | | Net Profit Attributable to Shareholders (Jan-Sep) | 291,924,425.82 | 268,965,771.05 | 8.54 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (Jan-Sep) | 292,337,820.99 | 254,280,763.74 | 14.97 | | Weighted Average Return on Net Assets (%) | 8.20 | 8.01 | increased by 0.19 percentage points | | Basic Earnings Per Share (RMB/share) | 0.73 | 0.67 | 8.96 | | Diluted Earnings Per Share (RMB/share) | 0.73 | 0.67 | 8.96 | Non-Recurring Gains and Losses Items and Amounts (Year-to-Date) | Item | Year-to-Date Amount (Jan-Sep) (RMB) | | :--- | :--- | | Disposal gains and losses of non-current assets | -2,867,805.12 | | Government grants recognized in current profit or loss | 8,671,659.98 | | Other non-operating income and expenses apart from the above | -5,749,074.42 | | Income tax impact | -468,175.61 | | Total | -413,395.17 | Total Shareholders, Top Ten Shareholders, and Top Ten Circulating Shareholders' Holdings as of Report Period End As of the reporting period end, the company had 21,084 shareholders; Solar Rain Holding Group Co., Ltd. is the controlling shareholder with 57.75% of shares, all restricted, and the top ten shareholders include related parties, corporate entities, and institutional investors with varying holding changes - As of the reporting period end, the company had 21,084 shareholders[10] Top Ten Shareholders' Holdings (As of September 30, 2014) | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Solar Rain Holding Group Co., Ltd. | 231,000,300 | 57.75 | 231,000,300 | Domestic Non-State-Owned Legal Person | | Jiangsu Taiyangshen Management Consulting Co., Ltd. | 7,126,200 | 1.78 | 7,126,200 | Domestic Non-State-Owned Legal Person | | Jiangsu Xindian Management Consulting Co., Ltd. | 7,126,200 | 1.78 | 7,126,200 | Domestic Non-State-Owned Legal Person | | Jiangsu Yuejiangshen Management Consulting Co., Ltd. | 7,126,200 | 1.78 | 7,126,200 | Domestic Non-State-Owned Legal Person | | Wu Dianhua | 5,999,400 | 1.50 | 5,999,400 | Domestic Natural Person | | Shanghai Fuxing Purun Equity Investment Enterprise (Limited Partnership) | 4,700,000 | 1.175 | 0 | Domestic Non-State-Owned Legal Person | | GF Xinde Investment Management Co., Ltd. | 4,500,000 | 1.13 | 0 | Domestic Non-State-Owned Legal Person | | Bank of China - China Merchants Pioneer Securities Investment Fund | 4,389,960 | 1.10 | 0 | State-Owned Legal Person | | Huaan Fund - Tianshou Investment Institutional Portfolio No. 1 Asset Management Plan | 3,700,000 | 0.93 | 0 | State-Owned Legal Person | | Shanghai Purun Equity Investment Enterprise (Limited Partnership) | 3,130,000 | 0.78 | 0 | Domestic Non-State-Owned Legal Person | - Solar Rain Holding Group Co., Ltd. is the controlling shareholder, Xu Xinjian is the actual controller, and Wu Dianhua is Xu Xinjian's spouse; Solar Rain Holding Group Co., Ltd. holds equity in Jiangsu Xindian, Jiangsu Yuejiangshen, and Jiangsu Taiyangshen Management Consulting Co., Ltd[11] Significant Matters Analysis of Significant Changes in Key Financial Statement Items and Indicators During the reporting period, several financial statement items and indicators experienced significant changes, with accounts receivable, prepayments, and construction in progress notably increasing due to more engineering projects, strategic reserves, and fundraising project construction; prepayments received and operating revenue decreased due to dealer conference payment cycles and the macroeconomic environment, while finance expenses fluctuated significantly due to the company's investment in wealth management products - Accounts receivable increased by 58.27% from the beginning of the period, primarily due to an increase in engineering projects not yet due for payment[13] - Prepayments increased by 53.71% from the beginning of the period, mainly due to higher strategic reserves in October 2013[13] - Construction in progress increased by 154.79% from the beginning of the period, primarily due to the gradual investment in fundraising projects[13] - Prepayments received decreased by 51.98% from the beginning of the period, mainly influenced by the payment cycle of dealer conferences[13] - Operating revenue decreased by 11.07% compared to the same period last year, primarily due to the macroeconomic environment and stagnation in urbanization construction[13] - Finance expenses changed significantly compared to the same period last year, mainly because the company's funds were invested in wealth management, with returns accounted for under investment income[13] Progress of Significant Matters No significant matters requiring analysis of progress, impact, or solutions were disclosed during this reporting period - No significant matters applicable for this disclosure in the current reporting period[14] Fulfillment of Commitments As of September 30, 2014, the company and shareholders holding 5% or more strictly fulfilled all commitments, including share lock-up, avoidance of horizontal competition, social insurance and housing provident fund contributions, and commercial bill-related pledges, with no non-compliance or overdue fulfillment issues - The company's actual controller and related parties, controlling shareholder, and relevant companies strictly fulfilled share lock-up commitments, with the commitment period extending to May 21, 2015[14][15] - Controlling shareholder Solar Rain Holding Group Co., Ltd. and actual controller Xu Xinjian strictly fulfilled their long-term commitment to avoid horizontal competition[15][16] - The controlling shareholder and actual controller strictly fulfilled their long-term commitment regarding social insurance and housing provident fund contributions, bearing all losses arising from non-payment[16][17] - The controlling shareholder and actual controller strictly fulfilled their long-term commitment regarding commercial bills, bearing losses incurred by the issuer due to non-standard use of bills[17][18] - During the reporting period, the company had no commitments that did not comply with regulatory guidelines or were overdue for fulfillment[18] Cumulative Net Profit Forecast Warning During this reporting period, the company issued no warnings regarding potential losses or significant changes in cumulative net profit from the beginning of the year to the end of the next reporting period - No warnings or explanations applicable for this disclosure in the current reporting period[18] Impact of New Accounting Standards The company states that the implementation of new accounting standards has no impact on its consolidated financial statements - The implementation of new accounting standards has no impact on consolidated financial statements[19] Appendix Financial Statements The appendix provides unaudited consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements, detailing the company's financial position and operating results at the end of the reporting period Consolidated Balance Sheet As of September 30, 2014, consolidated total assets were RMB 4.265 billion, a 6.86% decrease from the beginning of the year; total equity attributable to parent company owners was RMB 3.601 billion, a 2.27% increase, with total current liabilities significantly down by 39.57% and total non-current assets up by 15.52% Consolidated Balance Sheet Key Data (As of September 30, 2014) | Item | Period-End Balance (RMB) | Year-Beginning Balance (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,265,157,162.90 | 4,579,324,205.53 | -6.86 | | Total Equity Attributable to Parent Company Owners | 3,600,585,061.09 | 3,520,666,387.40 | 2.27 | | Total Current Assets | 3,092,697,104.13 | 3,564,423,755.64 | -13.23 | | Total Non-Current Assets | 1,172,460,058.77 | 1,014,900,449.89 | 15.52 | | Total Liabilities | 664,572,101.81 | 1,058,657,818.13 | -37.23 | | Total Current Liabilities | 598,936,207.10 | 991,130,381.56 | -39.57 | | Cash and Bank Balances | 1,538,077,615.44 | 1,812,110,713.15 | -15.01 | | Accounts Receivable | 56,309,176.21 | 35,578,899.33 | 58.27 | | Prepayments | 91,414,245.85 | 59,473,003.24 | 53.71 | | Construction in Progress | 115,883,779.33 | 45,513,935.04 | 154.79 | | Prepayments Received | 267,010,921.47 | 556,086,103.79 | -51.98 | Parent Company Balance Sheet As of September 30, 2014, parent company total assets were RMB 4.650 billion, a 7.99% decrease from the beginning of the year; total owner's equity was RMB 3.417 billion, a 1.53% increase, with prepayments significantly up by 517.33%, and long-term equity investments and construction in progress also showing substantial growth Parent Company Balance Sheet Key Data (As of September 30, 2014) | Item | Period-End Balance (RMB) | Year-Beginning Balance (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,649,708,791.27 | 5,053,628,940.00 | -7.99 | | Total Owner's Equity | 3,417,242,459.64 | 3,365,833,602.30 | 1.53 | | Cash and Bank Balances | 1,402,281,906.55 | 1,750,686,072.58 | -19.90 | | Prepayments | 280,123,449.38 | 45,371,650.91 | 517.33 | | Long-Term Equity Investments | 1,308,096,571.81 | 1,148,432,259.36 | 13.90 | | Construction in Progress | 93,937,111.58 | 32,720,971.42 | 187.09 | | Prepayments Received | 925,539,908.64 | 1,260,881,171.54 | -26.59 | Consolidated Income Statement Year-to-date, consolidated operating revenue was RMB 2.099 billion, a 11.07% year-over-year decrease; despite the revenue decline, operating profit, total profit, and net profit attributable to parent company owners all increased year-over-year by 15.26%, 9.10%, and 8.54% respectively, primarily due to a significant reduction in finance expenses and substantial growth in investment income Consolidated Income Statement Key Data (Year-to-Date, Jan-Sep) | Item | Year-to-Date Amount (RMB) | Prior Year Year-to-Date Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,099,172,802.62 | 2,360,590,888.87 | -11.07 | | Operating Profit | 351,147,101.89 | 304,655,577.75 | 15.26 | | Total Profit | 351,201,882.33 | 321,932,056.94 | 9.10 | | Net Profit | 291,924,425.82 | 268,965,771.05 | 8.54 | | Net Profit Attributable to Parent Company Owners | 291,924,425.82 | 268,965,771.05 | 8.54 | | Basic Earnings Per Share (RMB/share) | 0.73 | 0.67 | 8.96 | | Finance Expenses | -52,076,252.00 | -90,870,419.73 | 42.69 | | Investment Income | 75,462,924.17 | 1,620,500.00 | 4556.86 | Parent Company Income Statement Year-to-date, parent company operating revenue was RMB 1.230 billion, a 22.58% year-over-year decrease; however, operating profit, total profit, and net profit all achieved substantial growth, increasing by 61.74%, 58.87%, and 57.61% respectively, primarily driven by a significant reduction in finance expenses and explosive growth in investment income Parent Company Income Statement Key Data (Year-to-Date, Jan-Sep) | Item | Year-to-Date Amount (RMB) | Prior Year Year-to-Date Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,229,592,949.35 | 1,588,265,681.91 | -22.58 | | Operating Profit | 313,943,749.72 | 194,102,631.68 | 61.74 | | Total Profit | 311,945,524.15 | 196,357,125.64 | 58.87 | | Net Profit | 263,408,857.34 | 167,128,524.66 | 57.61 | | Finance Expenses | -49,924,813.06 | -86,923,723.62 | 42.57 | | Investment Income | 74,020,047.45 | 1,620,500.00 | 4467.70 | Consolidated Cash Flow Statement Year-to-date, net cash flow from operating activities was RMB -201 million, narrowing its loss by 39.00% year-over-year; net cash flow from investing activities turned positive, increasing by 123.75% to RMB 135 million; net cash flow from financing activities was RMB -209 million, narrowing its outflow by 25.36% year-over-year; period-end cash and cash equivalents balance was RMB 1.538 billion, a 28.82% decrease year-over-year Consolidated Cash Flow Statement Key Data (Year-to-Date, Jan-Sep) | Item | Year-to-Date Amount (RMB) | Prior Year Year-to-Date Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -200,830,908.87 | -329,225,930.84 | 39.00 | | Net Cash Flow from Investing Activities | 135,439,090.91 | -570,195,559.32 | 123.75 | | Net Cash Flow from Financing Activities | -208,665,216.59 | -279,549,084.38 | 25.36 | | Net Increase in Cash and Cash Equivalents | -274,033,097.71 | -1,179,232,066.10 | 76.76 | | Period-End Cash and Cash Equivalents Balance | 1,538,077,615.44 | 2,160,807,737.79 | -28.82 | Parent Company Cash Flow Statement Year-to-date, net cash flow from parent company operating activities was RMB -384 million, a 357.90% year-over-year decrease; net cash flow from investing activities was RMB 244 million, a substantial 127.57% year-over-year increase; net cash flow from financing activities was RMB -209 million, narrowing its outflow by 25.36% year-over-year; period-end cash and cash equivalents balance was RMB 1.402 billion, a 27.76% decrease year-over-year Parent Company Cash Flow Statement Key Data (Year-to-Date, Jan-Sep) | Item | Year-to-Date Amount (RMB) | Prior Year Year-to-Date Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -383,885,206.46 | 148,836,418.90 | -357.90 | | Net Cash Flow from Investing Activities | 244,146,253.85 | -885,602,459.71 | 127.57 | | Net Cash Flow from Financing Activities | -208,665,216.59 | -279,549,084.38 | 25.36 | | Net Increase in Cash and Cash Equivalents | -348,404,166.03 | -1,016,315,131.72 | 65.75 | | Period-End Cash and Cash Equivalents Balance | 1,402,281,906.55 | 1,941,122,813.52 | -27.76 | Audit Report This quarterly report has not been audited by a certified public accountant, thus the full audit report is not included in the appendix - This quarterly report is unaudited by a certified public accountant, and the full audit report is not disclosed[40]