秦安股份(603758) - 2018 Q1 - 季度财报

Important Disclosures Statement on Report Authenticity The Board, Supervisory Board, and senior management guarantee the quarterly report's accuracy and completeness, with all directors attending the review and the report being 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[6] - All company directors attended the board meeting to review the quarterly report[6] - This company's first quarter report is unaudited[6] Company Profile Major Financial Data Total assets and net assets attributable to shareholders remained stable, but operating revenue declined 37% and net profit attributable to shareholders fell 96.19%, while operating cash flow increased Key Financial Data from Consolidated Statements As of the end of the reporting period, total assets slightly decreased, net assets attributable to shareholders slightly increased, operating revenue significantly dropped 37%, net profit attributable to shareholders fell 96.19%, and weighted average return on net assets decreased by 3.51 percentage points Key Financial Data from Consolidated Statements for Q1 2018 | Indicator | End of Reporting Period / Year-to-Date (Yuan) | End of Prior Year / Prior Year-to-Date (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,594,448,445.26 | 2,654,824,996.89 | -2.27 | | Net Assets Attributable to Shareholders of the Listed Company | 2,460,658,425.00 | 2,458,343,883.16 | 0.09 | | Net Cash Flow from Operating Activities | 104,594,912.90 | 97,984,725.30 | 6.75 | | Operating Revenue | 202,690,514.78 | 321,735,427.48 | -37.00 | | Net Profit Attributable to Shareholders of the Listed Company | 2,314,541.84 | 60,694,110.09 | -96.19 | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-Recurring Gains and Losses) | 1,523,917.81 | 60,541,448.37 | -97.48 | | Weighted Average Return on Net Assets (%) | 0.09 | 3.60 | Decreased by 3.51 percentage points | | Basic Earnings Per Share (Yuan/share) | 0.01 | 0.16 | -93.75 | | Diluted Earnings Per Share (Yuan/share) | 0.01 | 0.16 | -93.75 | Non-Recurring Gains and Losses Items and Amounts During the reporting period, total non-recurring gains and losses amounted to 790,624.03 Yuan, primarily from government subsidies and fair value changes and investment income from transactional financial assets Non-Recurring Gains and Losses Items and Amounts for Q1 2018 | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 123,000.00 | | Fair value changes and investment income from transactional financial assets, etc. | 806,745.92 | | Other non-operating income and expenses apart from the above | 400.00 | | Income tax impact | -139,521.89 | | Total | 790,624.03 | Total Shareholders, Top Ten Shareholders, and Top Ten Holders of Unrestricted Shares as of the End of the Reporting Period As of the end of the reporting period, the company had 22,370 shareholders; TANG YUANMING, the controlling shareholder, held 65.63% of shares, all restricted, while the top ten holders of unrestricted shares had low proportions - As of the end of the reporting period, the company had 22,370 shareholders[9] Shareholding of Top Ten Shareholders | Shareholder Name (Full Name) | Shares Held at Period End | Proportion (%) | Number of Restricted Shares Held | Pledge/Freeze Status | Number Pledged or Frozen | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | TANG YUANMING | 287,998,169 | 65.63 | 287,998,169 | None | - | Overseas Natural Person | | Shanghai Xianghe Hongan Equity Investment Partnership (Limited Partnership) | 15,000,000 | 3.42 | 15,000,000 | None | - | Domestic Non-State-Owned Legal Person | | Shanghai Hongcheng Equity Investment Partnership (Limited Partnership) | 10,000,000 | 2.28 | 10,000,000 | None | - | Domestic Non-State-Owned Legal Person | | Shanghai Xianghe Yongan Equity Investment Partnership (Limited Partnership) | 9,615,385 | 2.19 | 9,615,385 | None | - | Domestic Non-State-Owned Legal Person | | Tang Zichang | 6,850,000 | 1.56 | 6,850,000 | Pledged | 3,500,000 | Domestic Natural Person | - Significant related party relationships exist among major shareholders, such as Shanghai Xianghe Hongan, Shanghai Hongcheng, and Shanghai Xianghe Yongan being under the same controlling party; Shanghai Lancheng Qin'an and Shanghai Lancheng Jiexie being under the same controlling party; Yang Li being the brother-in-law of Tang Zichang; and Zhang Yushu being the spouse of YUANMING TANG[11] Significant Events Analysis of Major Changes and Reasons in Key Financial Statement Items and Indicators During the reporting period, significant changes occurred across the balance sheet, income statement, and cash flow statement, including decreased accounts receivable and deferred tax assets, increased prepayments and other current assets, substantial declines in operating revenue and net profit, and increased investing cash outflows with reduced financing cash outflows Balance Sheet Major Changes Analysis As of the reporting period end, accounts receivable decreased 48.56% due to lower sales, prepayments increased 48.23% from higher purchases, other current assets rose 171.43% due to increased investments, and short-term borrowings were fully repaid, decreasing 100% Major Balance Sheet Item Changes | Item Name | Amount at Period End (Yuan) | Amount at Year Start (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 72,273,184.68 | 140,489,978.45 | -48.56 | | Prepayments | 52,573,965.67 | 35,468,053.27 | 48.23 | | Other Current Assets | 190,000,000.00 | 70,000,000.00 | 171.43 | | Deferred Income Tax Assets | 1,235,074.98 | 2,601,375.78 | -52.52 | | Short-term Borrowings | - | 30,000,000.00 | -100.00 | | Employee Benefits Payable | 7,442,673.60 | 14,015,968.69 | -46.90 | | Taxes Payable | 3,889,782.75 | 15,325,081.67 | -74.62 | - Accounts receivable decreased 48.56% year-on-year, primarily due to reduced sales revenue in February and March and lower customer credit sales[13] - Other current assets increased 171.43% year-on-year, mainly due to increased wealth management investments[13] - Short-term borrowings decreased 100% year-on-year, resulting from the repayment of bank loans[13] Income Statement Major Changes Analysis Operating revenue decreased 37.00% to 202.69 million Yuan due to major client product adjustments, financial expenses fell 243.76% to -3.21 million Yuan from increased deposit interest and no loan interest, and operating profit, total profit, and net profit all declined over 94% due to lower revenue and higher depreciation Major Income Statement Item Changes | Item Name | Amount for Current Period (Yuan) | Prior Year Same Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 202,690,514.78 | 321,735,427.48 | -37.00 | | Taxes and Surcharges | 2,353,915.14 | 4,316,826.31 | -45.47 | | Financial Expenses | -3,209,359.23 | 2,232,475.16 | -243.76 | | Operating Profit | 4,091,236.77 | 71,223,468.67 | -94.26 | | Non-operating Income | 123,400.00 | 208,124.30 | -40.71 | | Non-operating Expenses | - | 26,757.57 | -100.00 | | Total Profit | 4,214,636.77 | 71,404,835.40 | -94.10 | | Income Tax Expense | 1,900,094.93 | 10,710,725.31 | -82.26 | | Net Profit | 2,314,541.84 | 60,694,110.09 | -96.19 | - Operating revenue decreased 37.00% year-on-year, attributed to major client product structure adjustments and reduced supply volume in the first quarter[14] - Financial expenses decreased 243.76% year-on-year, primarily due to increased deposit interest income and no loan interest expenses[14] - Operating profit, total profit, and net profit all significantly declined, mainly due to decreased revenue and increased depreciation and amortization[15] Cash Flow Statement Major Changes Analysis Net cash flow from operating activities increased 6.75% to 104.59 million Yuan, while net cash flow from investing activities significantly decreased 850.99% to -305.01 million Yuan due to increased investments, and net cash flow from financing activities rose 75.83% to -30 million Yuan due to reduced bank loan repayments Major Cash Flow Statement Item Changes | Item Name | Amount for Current Period (Yuan) | Prior Year Same Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 104,594,912.90 | 97,984,725.30 | 6.75 | | Net Cash Flow from Investing Activities | -305,008,035.47 | -32,072,702.82 | -850.99 | | Net Cash Flow from Financing Activities | -30,000,000.00 | -124,132,896.22 | 75.83 | - Net cash flow from investing activities decreased 850.99% year-on-year, primarily due to increased wealth management investments[17] - Net cash flow from financing activities increased 75.83% year-on-year, mainly due to reduced bank loan repayments in 2018[17] Analysis of Progress, Impact, and Solutions for Significant Events No significant events requiring disclosure of progress, impact, or solutions during the reporting period - No analysis of progress, impact, or solutions for significant events during the reporting period[18] Unfulfilled Commitments Overdue as of the Reporting Period No unfulfilled commitments overdue as of the reporting period - No unfulfilled commitments overdue as of the reporting period[18] Warning and Explanation for Potential Cumulative Net Loss or Significant Change in Net Profit from Year-Start to End of Next Reporting Period No warning or explanation regarding potential cumulative net loss or significant change in net profit from year-start to the end of the next reporting period - No warning or explanation regarding potential cumulative net loss or significant change in net profit from year-start to the end of the next reporting period[18] Appendix Financial Statements This section presents the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2018, detailing financial position and operating results Consolidated Balance Sheet As of March 31, 2018, consolidated total assets were 2.59 billion Yuan, slightly down from year-start, with decreased cash and accounts receivable but significantly increased other current assets, while total liabilities decreased to 133.79 million Yuan, with short-term borrowings fully repaid - As of March 31, 2018, consolidated total assets amounted to 2,594,448,445.26 Yuan, a 2.27% decrease from 2,654,824,996.89 Yuan at year-start[22] - Cash and cash equivalents within current assets decreased from 696,659,555.34 Yuan at year-start to 621,131,208.09 Yuan[21] - Short-term borrowings decreased from 30,000,000.00 Yuan at year-start to 0 Yuan[22] Parent Company Balance Sheet As of March 31, 2018, parent company total assets were 2.23 billion Yuan, slightly down from year-start, with decreased cash, accounts receivable, and inventories, but increased prepayments and other current assets, while total liabilities decreased to 59.45 million Yuan - As of March 31, 2018, parent company total assets amounted to 2,227,829,453.45 Yuan, a slight decrease from 2,254,562,290.69 Yuan at year-start[27] - Parent company cash and cash equivalents decreased from 677,769,350.01 Yuan at year-start to 583,217,694.46 Yuan[25] - Parent company prepayments increased from 139,164,737.67 Yuan at year-start to 199,872,064.63 Yuan[25] Consolidated Income Statement For January-March 2018, consolidated operating revenue was 202.69 million Yuan, a 37.00% year-on-year decrease, with operating profit, total profit, and net profit all significantly declining, and net profit at 2.31 million Yuan, a 96.19% year-on-year drop, while financial expenses turned negative due to increased deposit interest - For January-March 2018, consolidated operating revenue was 202,690,514.78 Yuan, compared to 321,735,427.48 Yuan in the prior year, a 37.00% year-on-year decrease[28] - Consolidated net profit was 2,314,541.84 Yuan, compared to 60,694,110.09 Yuan in the prior year, a 96.19% year-on-year decrease[29] - Financial expenses were -3,209,359.23 Yuan, compared to 2,232,475.16 Yuan in the prior year, a 243.76% year-on-year decrease[29] Parent Company Income Statement For January-March 2018, parent company operating revenue was 199.62 million Yuan, a year-on-year decrease, with net profit at 3.63 million Yuan, a significant decline from 38.37 million Yuan in the prior year, and financial expenses also turning negative - For January-March 2018, parent company operating revenue was 199,616,799.28 Yuan, compared to 304,411,777.40 Yuan in the prior year[31] - Parent company net profit was 3,626,742.61 Yuan, compared to 38,367,018.72 Yuan in the prior year[32] - Parent company financial expenses were -3,219,481.23 Yuan, compared to 2,121,569.31 Yuan in the prior year[31] Consolidated Cash Flow Statement For January-March 2018, consolidated net cash flow from operating activities increased 6.75% to 104.59 million Yuan, net cash flow from investing activities was -305.01 million Yuan due to increased investments, and net cash flow from financing activities was -30 million Yuan due to reduced debt repayments, with cash and cash equivalents at period end totaling 176.46 million Yuan - Net cash flow from operating activities was 104,594,912.90 Yuan, compared to 97,984,725.30 Yuan in the prior year, a 6.75% year-on-year increase[36] - Net cash flow from investing activities was -305,008,035.47 Yuan, compared to -32,072,702.82 Yuan in the prior year, primarily due to 610,000,000.00 Yuan in cash paid for investments[35][36] - Net cash flow from financing activities was -30,000,000.00 Yuan, compared to -124,132,896.22 Yuan in the prior year, mainly due to reduced cash paid for debt repayment[36] Parent Company Cash Flow Statement For January-March 2018, parent company net cash flow from operating activities increased to 40.37 million Yuan, net cash flow from investing activities was -292.74 million Yuan due to increased investments, and net cash flow from financing activities was 0 Yuan due to no new borrowings or debt repayments, with cash and cash equivalents at period end totaling 153.23 million Yuan - Net cash flow from operating activities was 40,367,390.88 Yuan, compared to 23,356,490.02 Yuan in the prior year[38] - Net cash flow from investing activities was -292,740,797.65 Yuan, compared to -9,308,827.05 Yuan in the prior year, primarily due to 610,000,000.00 Yuan in cash paid for investments[39] - Net cash flow from financing activities was 0 Yuan, compared to -58,296,856.25 Yuan in the prior year[39] Audit Report No audit report is available for the current reporting period - This company's first quarter report is unaudited[6] - No audit report is available for the current reporting period[39]