四方精创(300468) - 2018 Q1 - 季度财报

Important Notice This section contains the management's declaration regarding the truthfulness and completeness of the quarterly report Management Statement The Board, Supervisory Board, and senior management guarantee the truthfulness and completeness of this quarterly report, with all directors attending the review meeting - The company's management, including the Board of Directors, Supervisory Board, and senior management, collectively guarantee the truthfulness, accuracy, and completeness of this quarterly report[4] - Zhou Zhiqin, the person in charge of the company, Li Lin, the person in charge of accounting, and Shi Guoyan, the head of the accounting department, jointly declare that the financial statements are true, accurate, and complete[5] Company Profile This section provides key financial data, significant risks, and shareholder information for the reporting period Key Accounting Data and Financial Indicators In Q1 2018, total operating revenue grew by 8.70% to RMB 104.02 million, while net profit increased by 5.05% to RMB 13.17 million | Indicator | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (RMB) | 104,018,884.20 | 95,696,968.11 | 8.70% | | Net Profit Attributable to Shareholders (RMB) | 13,171,433.87 | 12,538,823.86 | 5.05% | | Net Cash Flow from Operating Activities (RMB) | -42,478,213.04 | -33,007,952.76 | -28.69% | | Basic Earnings Per Share (RMB/share) | 0.12 | 0.12 | 0.00% | | Total Assets (RMB) | 1,171,626,719.35 | 1,178,371,191.97 | -0.57% | | Net Assets Attributable to Shareholders (RMB) | 964,384,241.05 | 949,321,068.27 | 1.59% | - During the reporting period, the company's total non-recurring gains and losses amounted to RMB 0.15 million, primarily from government subsidies[9] Significant Risk Factors The company faces operational risks including high dependence on banking, market competition, talent issues, and seasonal business fluctuations - The company's business is highly dependent on the banking sector with high customer concentration; a slowdown in IT investment by banks will adversely affect the company[10] - The company faces risks of intensifying market competition, talent loss, and rising labor costs[10] - The company's performance is subject to seasonal fluctuations, with a higher proportion of revenue and profit typically generated in the second half of the year[10] - The company faces management and underperformance risks in business expansion, external investments, technology transformation, and fundraising investment projects[10] Shareholder Information As of period-end, the company had 16,756 common shareholders, with top foreign entities holding significant stakes, and actual controllers identified | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | E-Group Holdings Limited | 25.65% | 27,742,500 | | SYSTEX SOLUTIONS (HK) LIMITED | 10.67% | 11,538,000 | | E-Zhi Group Holdings Limited | 7.81% | 8,452,500 | - As of the end of the reporting period, the company had 16,756 common shareholders[12] - During the reporting period, restricted shares increased by 276,000 due to an equity incentive plan, bringing the total restricted shares at period-end to 41,303,180[16] Significant Events This section details major financial changes, business progress, use of raised funds, and the proposed cash dividend policy Significant Changes in Key Financial Data and Reasons Key financial items like inventory, financial expenses, and other comprehensive income saw significant changes due to project status, exchange losses, and foreign currency translation | Financial Statement Item | Change Rate | Reason | | :--- | :--- | :--- | | Inventory | 83.31% | Due to unaccepted phased projects | | Long-term Prepaid Expenses | 76.98% | Due to new office renovation | | Other Comprehensive Income | 216.42% | Due to increased foreign currency translation differences | | Financial Expenses | 313.80% | Due to increased exchange losses | | Non-operating Income | 787.82% | Due to receipt of government subsidies | | Net Cash Flow from Financing Activities | -84.97% | Due to receipt of restricted stock subscriptions in the prior period | Business Review and Outlook Net profit growth was driven by software and technical maintenance revenue, with ongoing R&D for fundraising projects and high customer/supplier concentration - The primary reason for net profit growth during the reporting period was an increase in software development and technical maintenance revenue compared to the prior year[20] - The company continued to advance R&D for several fundraising projects, including the Bank Software Technology Service Delivery Center, R&D Center, Next-Generation Bank Core Business System, and Inclusive Finance Cloud Service Center[20] Customer and Supplier Concentration | Customer and Supplier Concentration | Percentage | | :--- | :--- | | Top Five Customers' Sales as % of Total Annual Sales | 77.44% | | Top Five Suppliers' Purchases as % of Total Annual Purchases | 99.44% | Use of Raised Funds As of period-end, RMB 355.45 million of the RMB 427.47 million raised funds have been invested, with two projects 100% complete | Committed Investment Project | Total Committed Raised Funds Investment (RMB Million) | Cumulative Investment as of Period-End (RMB Million) | Investment Progress | | :--- | :--- | :--- | :--- | | Bank Software Technology Service Delivery Center Project | 132.73 | 80.52 | 60.66% | | R&D Center Project | 54.18 | 50.78 | 93.73% | | Next-Generation Bank Core Business System Project | 68.23 | 68.23 | 100.00% | | Inclusive Finance Cloud Service Center Project | 117.14 | 100.72 | 85.98% | | Bank Mobile Application Platform Project | 55.20 | 55.20 | 100.00% | | Total | 427.47 | 355.45 | -- | Cash Dividend Policy The Board approved a 2017 profit distribution plan proposing a RMB 2.50 cash dividend and 8 bonus shares per 10 shares, pending shareholder approval - The company proposed a 2017 profit distribution plan: a cash dividend of RMB 2.50 (tax inclusive) per 10 shares, along with a capital reserve transfer of 8 shares per 10 shares[26][27] - This profit distribution plan is subject to approval by the company's 2017 Annual General Meeting of Shareholders[27] Financial Statements This section presents the unaudited consolidated balance sheet, income statement, and cash flow statement for the reporting period Consolidated Balance Sheet As of March 31, 2018, total assets were RMB 1.17 billion, with equity attributable to owners of the parent company at RMB 0.96 billion | Item | Balance at Period-End (RMB) | Balance at Beginning of Period (RMB) | | :--- | :--- | :--- | | Total Assets | 1,171,626,719.35 | 1,178,371,191.97 | | Total Liabilities | 207,242,478.30 | 229,050,123.70 | | Total Equity Attributable to Owners of the Parent Company | 964,384,241.05 | 949,321,068.27 | Consolidated Income Statement In Q1 2018, total operating revenue reached RMB 104.02 million, leading to a net profit attributable to owners of the parent company of RMB 13.17 million | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 104,018,884.20 | 95,696,968.11 | | II. Total Operating Costs | 94,020,550.32 | 82,472,812.66 | | III. Operating Profit | 13,510,929.33 | 13,224,155.45 | | Net Profit Attributable to Owners of the Parent Company | 13,171,433.87 | 12,538,823.86 | Consolidated Cash Flow Statement Q1 2018 saw a net cash outflow of RMB 42.48 million from operating activities, RMB 18.57 million from investing, and a net inflow of RMB 6.53 million from financing | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -42,478,213.04 | -33,007,952.76 | | Net Cash Flow from Investing Activities | -18,568,945.97 | -13,710,351.05 | | Net Cash Flow from Financing Activities | 6,534,044.00 | 43,476,090.00 | | Net Increase in Cash and Cash Equivalents | -56,725,457.49 | -3,419,932.05 | Audit Report The company's first quarter report for 2018 is unaudited - The company's first quarter report is unaudited[56]