TJBE(SZ:000695)2014-04-23 16:00Financial Performance - The company's operating revenue for Q1 2014 was ¥267,305,323.22, a decrease of 5.68% compared to ¥283,392,255.59 in the same period last year[9] - Net profit attributable to shareholders was ¥7,227,584.74, down 10.89% from ¥8,111,148.23 year-on-year[9] - The net cash flow from operating activities decreased by 19.92%, amounting to ¥25,221,793.67 compared to ¥31,493,867.54 in the previous year[9] - The weighted average return on equity was 2.27%, down from 2.58% in the previous year, a decrease of 0.31%[9] - The company forecasts a cumulative net profit loss for the period from the beginning of the year to the next reporting period, estimated between -10 million to -5.07 million CNY, representing a decline of 97% to 58% compared to the same period last year[30] - Basic earnings per share are expected to be between -0.05 to -0.02 CNY, a decrease of 97% to 58% compared to -0.04 CNY in the same period last year[30] - The decline in performance for Q2 2014 is attributed to a slowdown in macroeconomic growth, leading to reduced steam sales volume compared to the same period last year[30] - The overall performance in the first half of 2014 is expected to show a greater loss compared to the same period in 2013[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,187,015,501.78, reflecting a 2.78% increase from ¥1,154,914,346.05 at the end of the previous year[9] - The company reported a 51.08% increase in accounts receivable, totaling ¥284,378,466.90, primarily due to sales payments not yet received[17] - The company’s inventory decreased by 74.68%, with a closing balance of ¥11,587,590.02, attributed to reduced procurement[17] - As of the end of the reporting period, the company provided guarantees totaling RMB 45 million, accounting for 14.27% of the latest audited net assets[22] - The company has a total approved external guarantee limit of RMB 50 million, which is 15.86% of the latest audited net assets[22] Contracts and Agreements - The company signed a steam sales contract with Tianjin Taida Jinlian Thermal Power Co., Ltd., with a sales price of ¥166.94 per ton, effective from January 1 to December 31, 2014[18] - Sales to Tianjin Taida Jinlian Thermal Power accounted for 94.12% of the company's total sales in the reporting period, amounting to ¥25,122.2 million[18] - The company entered into a lease agreement with its controlling shareholder for the use of a thermal power plant, with a rental fee of ¥17.22 million for the year[18] - The total rental fee for the asset leasing contract with Tianjin TEDA Thermal Power Company is RMB 38.2 million, with RMB 16.54 million for asset rental and RMB 21.66 million for labor costs[21] - The company incurred rental expenses of RMB 4.305 million during the reporting period[19] Projects and Developments - The Guohua Thermal Power Plant expansion project has a total investment of approximately RMB 300 million and is expected to be completed within two years[24] - The Guohua Thermal Power Plant expansion project has been fully completed and has officially started supplying heat[24] Corporate Governance and Legal Matters - The company is currently undergoing a major asset restructuring, with stock trading suspended since February 24, 2014[26] - The company will provide updates on the asset restructuring progress every five trading days during the suspension period[26] - The company has no significant litigation or arbitration matters as of the reporting period[21] - The company has not experienced any new guarantee matters during the reporting period[23] Market Conditions - The company experienced a seasonal sales downturn in the thermal power industry during Q2 2014[30] - The steam purchase and sale price signed on March 12, 2014, was 166.94 CNY/ton (excluding tax), a decrease of 9.69 CNY/ton from the 176.63 CNY/ton price in the same period last year[30]