中农立华(603970) - 2018 Q1 - 季度财报

I. Important Notice The company's management ensures the truthfulness, accuracy, and completeness of this quarterly report and assumes corresponding legal responsibilities, noting that the quarterly financial statements are unaudited Report Authenticity and Audit Statement The company's management guarantees the report's integrity and legal responsibility, explicitly stating that the quarterly financial statements are unaudited - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility for its content[6] - This company's first-quarter report is unaudited[6] II. Company Basic Information This section provides an overview of the company's key financial performance, non-recurring items, and shareholder structure for the reporting period Key Financial Data In Q1 2018, the company achieved operating revenue of CNY 1.066 billion, a 13.30% increase, and net profit attributable to shareholders of CNY 23.377 million, up 34.10%, indicating steady growth, despite operating cash flow significantly decreasing by 218.19% to -CNY 153 million Key Financial Indicators | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,066,029,343.58 | 940,856,959.30 | 13.30% | | Net Profit Attributable to Shareholders | 23,377,099.10 | 17,432,666.19 | 34.10% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 21,330,138.11 | 16,216,857.87 | 31.53% | | Net Cash Flow from Operating Activities | -153,373,871.56 | 129,768,672.10 | -218.19% | | Basic Earnings Per Share (CNY/share) | 0.18 | 0.17 | 5.88% | | Weighted Average Return on Net Assets | 2.94% | 4.93% | Decrease of 1.99 percentage points | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to CNY 2.047 million, primarily comprising government grants of CNY 2.249 million and gains from entrusted investments or asset management of CNY 1.661 million Non-recurring Gains and Losses | Item | Current Period Amount (CNY) | | :--- | :--- | | Government grants recognized in current profit/loss | 2,248,845.69 | | Gains/losses from entrusted investments or asset management | 1,660,641.66 | | Fair value changes in financial assets/liabilities | -537,902.00 | | Other non-operating income and expenses | -126,006.01 | | Impact on minority interests (after tax) | -387,223.52 | | Income tax impact | -811,394.83 | | Total | 2,046,960.99 | Shareholder Information As of the end of the reporting period, the company had 19,045 shareholders, with China Agricultural Means of Production Group Co., Ltd. as the controlling shareholder holding 50.25%, indicating a relatively concentrated equity structure - As of the end of the reporting period, the total number of common shareholders was 19,045[10] - The largest shareholder is China Agricultural Means of Production Group Co., Ltd., holding 50.25% of shares, including 67,000,000 restricted shares[10] III. Significant Matters This section details major changes in financial statement items and indicators, along with their underlying reasons, and confirms the absence of other significant events Significant Changes and Reasons for Key Financial Statement Items and Indicators During the reporting period, significant changes occurred across the balance sheet, income statement, and cash flow statement, driven by sales growth increasing accounts receivable and taxes payable, and short-term borrowings rising to support expansion, while operating cash flow faced pressure from increased payments, and investing cash flow improved significantly due to wealth management product redemptions Balance Sheet Item Changes Key balance sheet changes include a 110.49% increase in accounts receivable due to sales growth, a 33.51% rise in short-term borrowings for operational needs, and a 41.84% decrease in monetary funds due to maturing notes and loan repayments Major Changes in Balance Sheet Items | Statement Item | Change (%) | Explanation | | :--- | :--- | :--- | | Accounts Receivable | 110.49 | Primarily due to sales growth and increased credit limits in the current period | | Taxes Payable | 68.20 | Primarily due to increased VAT payable | | Short-term Borrowings | 33.51 | Primarily due to increased bank short-term borrowings | | Monetary Funds | -41.84 | Primarily due to payments for maturing notes and loan repayments in the current period | | Notes Payable | -47.46 | Primarily due to repayment of maturing notes in the current period | Income Statement Item Changes Key income statement changes include a 313.12% increase in investment income due to higher wealth management returns, while non-operating income significantly decreased by 78.58% as government subsidies were reclassified to other income under new accounting standards - Investment income increased by 313.12% year-over-year, primarily due to higher returns from wealth management products[13] - Non-operating income decreased by 78.58% year-over-year, primarily due to the reclassification of government subsidies to other income under new accounting standards[13] Cash Flow Statement Item Changes Core cash flow statement changes include a 218.19% year-over-year deterioration in net cash flow from operating activities due to increased procurement payments and maturing notes, while net cash flow from investing activities significantly improved by 285.89% due to wealth management product redemptions - Net cash flow from operating activities decreased by 218.19% year-over-year, primarily due to increased procurement payments and repayment of maturing notes in the current period[13] - Net cash flow from investing activities increased by 285.89% year-over-year, primarily due to increased redemptions of wealth management products in the current period[13] Other Significant Matters During the reporting period, the company had no significant matter progress, overdue unfulfilled commitments, or requirements for performance forecast warnings - There were no significant matter developments, no overdue unfulfilled commitments, and no need for a significant change warning regarding cumulative net profit at the end of the next reporting period[14] IV. Appendix This section contains the company's unaudited financial statements for the first quarter of 2018, providing detailed data for financial analysis Financial Statements The appendix provides the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2018, offering detailed data to support the financial analysis in this report Consolidated Balance Sheet As of March 31, 2018, the company's consolidated total assets were CNY 2.716 billion, a 2.41% decrease from the beginning of the year, with total liabilities at CNY 1.825 billion, and equity attributable to parent company owners at CNY 807 million, up 2.98% from the year's start Consolidated Balance Sheet | Item | Period-end Balance (CNY) | Year-start Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,715,714,987.52 | 2,782,912,548.63 | | Total Liabilities | 1,825,199,179.65 | 1,916,561,720.83 | | Total Equity Attributable to Parent Company Owners | 806,596,722.98 | 783,225,036.84 | Parent Company Balance Sheet As of March 31, 2018, the parent company's total assets were CNY 2.568 billion, total liabilities were CNY 1.713 billion, and total owner's equity was CNY 856 million Parent Company Balance Sheet | Item | Period-end Balance (CNY) | Year-start Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,568,341,870.38 | 2,660,747,571.70 | | Total Liabilities | 1,712,825,993.15 | 1,828,948,708.33 | | Total Owner's Equity | 855,515,877.23 | 831,798,863.37 | Consolidated Income Statement In Q1 2018, the company's consolidated statements reported total operating revenue of CNY 1.066 billion, operating profit of CNY 34.09 million, and net profit of CNY 24.16 million, with net profit attributable to parent company shareholders at CNY 23.38 million and basic earnings per share of CNY 0.18 Consolidated Income Statement | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,066,029,343.58 | 940,856,959.30 | | III. Operating Profit | 34,089,639.30 | 28,478,828.31 | | V. Net Profit | 24,164,980.06 | 20,920,335.85 | | Net Profit Attributable to Parent Company Shareholders | 23,377,099.10 | 17,432,666.19 | | VIII. Earnings Per Share (CNY/share) | 0.18 | 0.17 | Parent Company Income Statement In Q1 2018, the parent company achieved operating revenue of CNY 1.029 billion, operating profit of CNY 32.12 million, and net profit of CNY 23.72 million, serving as the primary source of the company's consolidated profit Parent Company Income Statement | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | I. Operating Revenue | 1,029,406,211.31 | 945,383,965.17 | | II. Operating Profit | 32,122,384.75 | 31,425,031.46 | | IV. Net Profit | 23,717,013.86 | 23,568,773.60 | Consolidated Cash Flow Statement In Q1 2018, the company's net cash flow from operating activities was -CNY 153 million, from investing activities was CNY 67.68 million, and from financing activities was -CNY 9.38 million, with cash and cash equivalents totaling CNY 173 million at period-end Consolidated Cash Flow Statement | Item | Current Period Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -153,373,871.56 | | Net Cash Flow from Investing Activities | 67,677,083.61 | | Net Cash Flow from Financing Activities | -9,380,072.32 | | Net Increase in Cash and Cash Equivalents | -96,622,054.57 | | Cash and Cash Equivalents at Period-end | 172,503,848.30 | Parent Company Cash Flow Statement In Q1 2018, the parent company's net cash flow from operating activities was -CNY 103 million, from investing activities was CNY 28.55 million, and from financing activities was -CNY 9.38 million, with cash and cash equivalents totaling CNY 145 million at period-end Parent Company Cash Flow Statement | Item | Current Period Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -102,793,348.85 | | Net Cash Flow from Investing Activities | 28,550,100.82 | | Net Cash Flow from Financing Activities | -9,380,072.32 | | Net Increase in Cash and Cash Equivalents | -84,857,198.77 | | Cash and Cash Equivalents at Period-end | 144,980,453.95 | Audit Report This quarterly report is unaudited - The audit report is not applicable as this quarterly report is unaudited[35]