山鹰国际(600567) - 2025 Q1 - 季度财报

Main Financial Data In Q1 2025, operating revenue slightly increased by 1.45%, but net profit attributable to shareholders and basic EPS declined, with operating cash flow significantly decreasing due to increased working capital utilization Key Accounting Data and Financial Indicators Shanying International's Q1 2025 operating revenue slightly increased by 1.45%, but net profit attributable to shareholders and basic EPS declined, and operating cash flow significantly decreased due to increased working capital needs Key Accounting Data and Financial Indicators for the Current Period | Item | Current Period (CNY) | Prior Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,766,066,822.07 | 6,669,120,056.42 | 1.45 | | Net Profit Attributable to Shareholders of Listed Company | 32,814,533.40 | 39,063,252.05 | -16.00 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | -44,330,504.67 | -15,478,790.28 | N/A | | Net Cash Flow from Operating Activities | 266,823,199.25 | 459,877,033.53 | -41.98 | | Basic Earnings Per Share (CNY/share) | 0.006 | 0.009 | -33.33 | | Diluted Earnings Per Share (CNY/share) | 0.007 | 0.012 | -41.67 | | Weighted Average Return on Net Assets (%) | 0.22 | 0.28 | Decreased by 0.06 percentage points | Key Accounting Data and Financial Indicators at Period End | Item | End of Current Period (CNY) | End of Prior Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 53,965,300,843.86 | 52,055,496,537.72 | 3.67 | | Owners' Equity Attributable to Shareholders of Listed Company | 15,108,102,465.07 | 15,072,345,607.81 | 0.24 | Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses for the current period amounted to 77.145 million CNY, primarily from government subsidies totaling 92.3411 million CNY, which effectively offset some losses from disposal of non-current assets Non-recurring Gains and Losses | Non-recurring Gains and Losses Item | Amount for Current Period (CNY) | Notes | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | -817,977.52 | | | Government subsidies recognized in current profit or loss | 92,341,103.79 | Mainly operating subsidies | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 1,930,559.20 | | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 27,570.70 | | | Other non-operating income and expenses | 3,437,508.05 | | | Other gains and losses that meet the definition of non-recurring gains and losses | -211,646.51 | | | Less: Income tax impact | 5,234,300.90 | | | Minority interest impact (after tax) | 14,327,778.74 | | | Total | 77,145,038.07 | | Changes and Reasons for Key Accounting Data and Financial Indicators The decline in net profit attributable to shareholders after non-recurring items, basic EPS, and diluted EPS was primarily due to reduced investment income from associates and joint ventures, while the decrease in net cash flow from operating activities resulted from increased working capital utilization - Net profit attributable to shareholders after non-recurring items decreased, primarily due to reduced investment income from associates in the current period[6] - Net cash flow from operating activities decreased by 41.98% year-on-year, mainly due to increased working capital utilization in the current period[6] - Basic earnings per share (CNY/share) decreased by 33.33% year-on-year, and diluted earnings per share (CNY/share) decreased by 41.67% year-on-year, primarily due to reduced investment income from associates and joint ventures in the current period[6] Shareholder Information As of Q1 2025, the company had 200,858 common shareholders; the controlling shareholder held 24.52% of shares, mostly pledged, and the actual controller and related parties were prominent among the top ten Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the end of Q1 2025, the company had 200,858 common shareholders; among the top ten, controlling shareholder Fujian Taisheng Industrial Co., Ltd. held 24.52% of shares, with most pledged, and actual controller Wu Mingwu and related parties held multiple positions, with some shares held via margin accounts - The total number of common shareholders at the end of the reporting period was 200,858[9] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Number of Shares Held (shares) | Shareholding Percentage (%) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Fujian Taisheng Industrial Co., Ltd. | Domestic Non-State Legal Person | 1,341,572,672 | 24.52 | Pledged 795,265,838 shares | | Wu Liping | Domestic Natural Person | 122,414,516 | 2.24 | None | | HKSCC Nominees Limited | Other | 86,621,055 | 1.58 | None | | Lin Wenxin | Domestic Natural Person | 64,255,175 | 1.17 | None | | Wu Mingwu | Domestic Natural Person | 45,729,602 | 0.84 | Pledged 45,729,602 shares | - Fujian Taisheng Industrial Co., Ltd. is the controlling shareholder, and Wu Mingwu and Xu Lifan are the actual controllers; Wu Liping is Wu Mingwu's sister, Lin Wenxin is Wu Mingwu's brother-in-law, and these shareholders have an associated relationship with the company[10] - As of March 31, 2025, actual controller Wu Mingwu held 97,367,102 shares, including 51,637,500 shares through a Shanghai-Hong Kong Stock Connect account and 45,729,602 shares through a general account[10] Other Reminders The company's controlling shareholder and actual controller have completed their share increase plan, accumulating an additional 62,151,200 shares totaling 109.1603 million CNY, demonstrating confidence in the company's future development Completion of Share Increase Plan by Controlling Shareholder and Actual Controller The controlling shareholder and actual controller completed their share increase plan, acquiring 62,151,200 shares for 109.1603 million CNY, signaling confidence in the company's future - The controlling shareholder and actual controller cumulatively increased their holdings by 62,151,200 shares[11] - The total increase amount was 109.1603 million CNY (excluding transaction fees)[11] Completion of Convertible Bond Increase by Some Directors, Supervisors, and Senior Management Some directors, supervisors, and senior management completed increasing their convertible bond holdings by 2.3708 million CNY, aiming to protect investor interests and stabilize market expectations - Some directors, supervisors, and senior management cumulatively increased their holdings of the company's convertible bonds by 2.3708 million CNY through centralized bidding on the Shanghai Stock Exchange trading system[12] - This increase aims to protect the interests of convertible bond investors and all company shareholders, maintain the market value of convertible bonds, and stabilize market expectations[12] Quarterly Financial Statements The quarterly financial statements for the current reporting period are unaudited, presenting a detailed view of the company's financial position, performance, and cash flows Type of Audit Opinion The quarterly financial statements for the current reporting period are unaudited - The first quarter financial statements are unaudited[3] Financial Statements Consolidated Balance Sheet As of March 31, 2025, total assets grew by 3.67% driven by increased cash and construction in progress, while both current and non-current liabilities, particularly borrowings, also rose Consolidated Balance Sheet - Assets | Item | March 31, 2025 (CNY) | December 31, 2024 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 4,756,848,295.68 | 3,302,735,128.60 | 44.03 | | Accounts Receivable | 4,211,667,514.03 | 4,054,631,116.20 | 3.87 | | Inventories | 2,484,993,669.51 | 2,277,343,172.71 | 9.12 | | Total Current Assets | 13,093,005,115.32 | 11,320,455,981.47 | 15.66 | | Fixed Assets | 28,393,106,577.93 | 28,758,057,446.32 | -1.27 | | Construction in Progress | 5,326,999,154.84 | 4,765,735,444.14 | 11.77 | | Total Assets | 53,965,300,843.86 | 52,055,496,537.72 | 3.67 | Consolidated Balance Sheet - Liabilities and Equity | Item | March 31, 2025 (CNY) | December 31, 2024 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Short-term Borrowings | 15,363,216,692.81 | 13,463,726,927.85 | 14.11 | | Notes Payable | 499,363,273.41 | 285,620,698.79 | 74.83 | | Total Current Liabilities | 28,944,152,230.13 | 28,049,875,156.29 | 3.19 | | Long-term Borrowings | 6,693,578,733.68 | 5,593,162,261.12 | 19.67 | | Total Liabilities | 37,108,270,906.84 | 35,225,075,783.62 | 5.35 | | Total Equity Attributable to Parent Company Shareholders | 15,108,102,465.07 | 15,072,345,607.81 | 0.24 | | Total Liabilities and Equity | 53,965,300,843.86 | 52,055,496,537.72 | 3.67 | Consolidated Income Statement In Q1 2025, total operating revenue increased by 1.45%, but net profit and net profit attributable to parent company shareholders declined due to reduced investment income from associates and increased credit impairment losses Consolidated Income Statement - Q1 | Item | Q1 2025 (CNY) | Q1 2024 (CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 6,766,066,822.07 | 6,669,120,056.42 | 1.45 | | Total Operating Costs | 6,992,716,680.40 | 6,908,292,212.28 | 1.22 | | Finance Costs | 241,003,956.49 | 273,715,416.28 | -11.95 | | Investment Income | -3,272,010.55 | 62,915,285.04 | -105.20 | | Investment Income from Associates and Joint Ventures | 1,868,578.43 | 73,222,836.32 | -97.45 | | Credit Impairment Losses | -5,568,076.79 | -2,761,596.58 | 101.63 | | Net Profit | 24,024,268.91 | 27,083,733.42 | -11.30 | | Net Profit Attributable to Parent Company Shareholders | 32,814,533.40 | 39,063,252.05 | -16.00 | - Net other comprehensive income after tax turned from negative to positive year-on-year, with net other comprehensive income attributable to parent company owners at 2,907,754.34 CNY, compared to -97,543,014.11 CNY in the prior year[18] Consolidated Cash Flow Statement In Q1 2025, operating cash flow significantly decreased by 41.98% due to increased working capital, while investing cash outflow expanded, and financing cash flow turned positive with a 928 million CNY net inflow Consolidated Cash Flow Statement - Q1 | Item | Q1 2025 (CNY) | Q1 2024 (CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 266,823,199.25 | 459,877,033.53 | -41.98 | | Net Cash Flow from Investing Activities | -787,472,061.79 | -245,135,614.04 | 221.24 (Increased outflow) | | Net Cash Flow from Financing Activities | 927,831,153.24 | -111,619,497.59 | 931.94 (Turned from negative to positive) | | Net Increase in Cash and Cash Equivalents | 399,640,412.31 | 105,531,136.38 | 278.70 | | Cash and Cash Equivalents at Period End | 1,389,054,255.06 | 786,053,715.92 | 76.71 | - Subtotal cash inflow from investing activities significantly increased, mainly due to 534 million CNY received from investment recovery[21] - Subtotal cash inflow from financing activities slightly increased, primarily due to cash received from borrowings[21] Adjustments to Financial Statements at the Beginning of the First Year of Application of New Accounting Standards or Interpretations from 2025 The company states that it has not adopted new accounting standards or interpretations requiring adjustments to financial statements at the beginning of the first year of application from 2025 - The company has not adopted new accounting standards or interpretations requiring adjustments to financial statements at the beginning of the first year of application[23]