福田股份(08196) - 2022 Q1 - 季度财报

Financial Highlights Jianyu Group's Q1 2022 revenue increased 53.0% to RMB 19.6 million, yet gross profit declined 39.3% to RMB 1.2 million, and loss attributable to owners widened 26.6% to RMB 5.63 million Financial Highlights Summary | Indicator | 2022 Q1 (RMB) | 2021 Q1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 19,596,000 | 12,809,000 | +53.0% | | Gross Profit | 1,201,000 | 1,977,000 | -39.3% | | Loss Attributable to Owners of the Company | (5,628,000) | (4,447,000) | +26.6% (Loss Widened) | | Interim Dividend | Not Proposed | N/A | - | Condensed Consolidated Financial Statements Condensed Consolidated Statement of Comprehensive Income The company's revenue increased 53.0% to RMB 19.6 million, but a significant rise in cost of sales led to gross profit falling to RMB 1.2 million, with the loss for the period widening to RMB 5.63 million and basic loss per share at RMB 0.019 Condensed Consolidated Statement of Comprehensive Income Summary | Item (RMB Thousands) | 2022 Q1 (Unaudited) | 2021 Q1 (Unaudited) | | :--- | :--- | :--- | | Revenue | 19,596 | 12,809 | | Cost of Sales | (18,395) | (10,832) | | Gross Profit | 1,201 | 1,977 | | Administrative Expenses | (6,962) | (6,829) | | Loss Before Tax | (6,289) | (4,816) | | Loss for the Period | (5,628) | (4,447) | | Basic Loss Per Share Attributable to Owners of the Company (RMB) | (0.019) | (0.015) | Condensed Consolidated Statement of Changes in Equity As of March 31, 2022, total equity decreased to RMB 69.03 million from RMB 74.82 million at year-start, primarily due to a RMB 5.63 million loss and RMB 0.16 million exchange difference loss during the period - As of March 31, 2022, total equity decreased from RMB 74.823 million at the beginning of the year to RMB 69.033 million, primarily due to a loss for the period of RMB 5.628 million and an exchange loss of RMB 0.162 million[14] Notes to the Condensed Consolidated Financial Statements The notes detail key accounting policies, including the company's five operating segments, revenue recognition, and tax status, highlighting equipment projects as the primary Q1 2022 revenue source and the group's main operating subsidiary enjoying a 15% preferential corporate income tax rate Operating Segment Information The company's business is divided into five segments, with equipment projects contributing the largest revenue (RMB 10.29 million) in Q1 2022, followed by service concession arrangements (RMB 5.08 million), and most revenue originating from Mainland China Operating Segment Performance (RMB Thousands) | Segment | 2022 Q1 Revenue | 2022 Q1 Performance | | :--- | :--- | :--- | | EPC Projects | 1,268 | 108 | | Construction Projects | 2,228 | 390 | | Equipment Projects | 10,285 | 816 | | Service Concession Arrangements | 5,082 | (96) | | Others | 733 | (17) | | Total | 19,596 | 1,201 | - Geographically, almost all of the company's revenue (RMB 19.6 million) was derived from customers in Mainland China[23] Revenue, Other Income and Gains Total revenue for Q1 2022 significantly increased to RMB 19.6 million from RMB 12.81 million in the prior year, driven primarily by equipment projects and new construction projects, while other income decreased to RMB 0.504 million due to the absence of government grants present in the prior period Revenue and Other Income Breakdown (RMB Thousands) | Revenue Source (RMB Thousands) | 2022 Q1 | 2021 Q1 | | :--- | :--- | :--- | | Revenue | | | | EPC Projects | 1,268 | 598 | | Construction Projects | 2,228 | – | | Equipment Projects | 10,285 | 3,780 | | Service Concession Arrangements | 5,082 | 4,812 | | Others | 733 | 3,619 | | Total Revenue | 19,596 | 12,809 | | Other Income | | | | Bank Interest Income | 81 | 26 | | Rental Income | 423 | 415 | | Government Grants | – | 400 | | Total Other Income | 504 | 841 | Income Tax Guangzhou Zhongke Jianyu Environmental Protection Co Ltd, the group's main operating subsidiary, is recognized as a high-tech enterprise, enjoying a preferential corporate income tax rate of 15% during the reporting period, lower than the standard 25% - The Group's principal operating subsidiary in Mainland China is certified as a high-tech enterprise, enjoying a 15% preferential corporate income tax rate[28] Dividends & Loss Per Share The Board does not recommend any interim dividend for the three months ended March 31, 2022, and due to increased losses, basic loss per share widened to RMB 0.019 from RMB 0.015 in the prior period - The Board does not recommend the payment of an interim dividend for Q1 2022[30] - Basic loss per share was RMB 0.019, compared to RMB 0.015 in the prior period, calculated based on 300 million weighted average ordinary shares in issue[31] Management Discussion and Analysis Business Review & Outlook In Q1 2022, company revenue grew 53% due to a large equipment project, but its low gross margin led to widened overall losses; management remains cautious on the economic outlook, focusing on the Greater Bay Area, restarting pandemic-affected projects, and exploring the big health market for diversification - Revenue growth was primarily driven by a large equipment project, but its low gross margin and the absence of government grants in the prior period were the main reasons for the increased loss in the current period[34] - The company maintains a cautious outlook on 2022 business conditions, considering factors such as sporadic domestic outbreaks, uncertain pandemic prevention policies, rising raw material prices, and tense international political situations[38] - The Group has begun exploring the big health market, signing a memorandum of understanding in April 2022, aiming to enhance business performance and diversify its business structure[39] Financial Review This section analyzes financial performance, highlighting revenue growth driven by equipment projects (+172.1%) and new construction projects, offset by a 79.7% decline in other business revenue, with cost of sales increasing 69.8% (exceeding revenue growth), leading to a 39.3% drop in gross profit and widened losses Revenue Analysis by Segment Total revenue grew 53.0% to RMB 19.6 million, driven by a 172.1% surge in equipment project revenue to RMB 10.29 million and a 112.0% increase in EPC project revenue to RMB 1.27 million, while other business revenue sharply declined 79.7% Revenue by Segment (RMB Thousands) | Segment | 2022 Q1 Revenue (RMB Thousands) | YoY Change | | :--- | :--- | :--- | | EPC Projects | 1,268 | +112.0% | | Construction Projects | 2,228 | (None in prior year) | | Equipment Projects | 10,285 | +172.1% | | Service Concession Arrangements | 5,082 | +5.6% | | Others | 733 | -79.7% | Cost, Expense, and Profitability Analysis Cost of sales increased 69.8% to RMB 18.4 million, outpacing revenue growth and leading to a 39.3% decline in gross profit to RMB 1.2 million, primarily due to a large equipment project's low-profit margin, while sales and distribution expenses rose 90.6% - Gross profit decreased 39.3% to RMB 1.2 million, primarily due to the lower profit margin of a large equipment project[50] - Cost of sales increased 69.8% to RMB 18.4 million, generally consistent with the increase in revenue for the period[49] - Sales and distribution expenses increased 90.6% to RMB 0.467 million, mainly due to higher salaries, business entertainment expenses, and repair and maintenance expenses[51] Other Disclosure Matters The company complies with corporate governance codes, with Mr. Xie Yang serving as both Chairman and CEO, a structure the Board believes benefits the group, and Mr. Xie holding 30.45% of shares through controlled corporations, while the Audit Committee, composed of three independent non-executive directors, has reviewed the quarterly financial statements - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Xie Yang; the Board believes this arrangement benefits the Group's business prospects and management, and the Board's composition, including three independent non-executive directors, ensures a balance of power[55] - As of March 31, 2022, Chairman Mr. Xie Yang, through his wholly-owned company, is deemed to have an interest in 91,350,000 shares, representing 30.45% of the total issued shares[60][61] - The company's Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited condensed consolidated financial statements for the period[67][68]