铁龙物流(600125) - 2020 Q3 - 季度财报

Important Notice Statement of Authenticity and Responsibility The Board of Directors, Supervisory Committee, and senior management collectively guarantee the authenticity, accuracy, and completeness of this quarterly report and assume legal responsibility - The Board of Directors, Supervisory Committee, and senior management pledge the authenticity, accuracy, and completeness of the quarterly report's content and assume legal responsibility[7] - All company directors attended the board meeting to review the quarterly report[7] - Company head Zhang Jiyi, Chief Financial Officer Wu Qiong, and head of the accounting department Bi Jing guarantee the authenticity, accuracy, and completeness of the financial statements[7] - This third-quarter report is unaudited[7] Company Profile Key Financial Data As of September 2020, total assets and net assets attributable to shareholders increased, while net profit declined despite a 17.42% rise in revenue year-to-date Key Balance Sheet Data (as of September 30, 2020) | Indicator | Current Period End (RMB) | Prior Year-End (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 10,363,129,908.11 | 9,891,666,078.27 | 4.77 | | Net Assets Attributable to Shareholders | 6,201,757,501.99 | 5,971,162,208.75 | 3.86 | Key Income Statement and Cash Flow Data (YTD, Jan-Sep) | Indicator | YTD (Jan-Sep) (RMB) | Prior YTD (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 403,178,180.11 | 430,693,756.56 | -6.39 | | Operating Revenue | 14,184,179,324.00 | 12,079,431,201.47 | 17.42 | | Net Profit Attributable to Shareholders | 374,020,910.78 | 388,442,755.04 | -3.71 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 348,831,440.77 | 373,006,195.60 | -6.48 | | Weighted Average Return on Equity (%) | 6.121 | 6.686 | Decreased by 0.565 percentage points | | Basic Earnings Per Share (RMB/Share) | 0.287 | 0.298 | -3.69 | Non-recurring Gains and Losses (YTD, Jan-Sep) | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 14,945,262.71 | | Government Grants Recognized in Current Profit or Loss | 14,234,178.24 | | Gains/Losses from Entrusted Asset Management | 4,033,972.61 | | Other Non-operating Income and Expenses | 400,650.73 | | Impact on Minority Interests (After Tax) | -255.67 | | Income Tax Impact | -8,424,338.61 | | Total | 25,189,470.01 | Shareholder Information The company had 92,749 shareholders, with the top two state-owned entities, China Railway Container Transport and Dalian Railway Economic Development, holding nearly 30% combined - Total number of shareholders was 92,749 as of the reporting period end[11] Top Ten Shareholders (as of September 30, 2020) | Shareholder Name | Shares Held at Period End (Shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | China Railway Container Transport Co., Ltd. | 207,554,700 | 15.90 | State-owned Legal Entity | | Dalian Railway Economic and Technological Development Co., Ltd. | 184,193,104 | 14.11 | State-owned Legal Entity | | Hong Kong Securities Clearing Company Ltd. | 36,925,108 | 2.83 | Other | | Central Huijin Asset Management Ltd. | 15,758,200 | 1.21 | State-owned Legal Entity | | Deng Chaoquan | 11,490,605 | 0.88 | Domestic Individual | | China Agricultural Bank Co., Ltd. - CSI 500 ETF | 4,650,224 | 0.36 | Other | | Basic Pension Insurance Fund Portfolio 903 | 4,418,200 | 0.34 | Other | | Hou Jianxiang | 4,284,280 | 0.33 | Domestic Individual | | Basic Pension Insurance Fund Portfolio 1301 | 2,885,600 | 0.22 | Other | | Li Mingguo | 2,815,695 | 0.22 | Domestic Individual | - China Railway Container Transport Co., Ltd. and Dalian Railway Economic and Technological Development Co., Ltd. are both state-owned shareholders within the railway system[11] Significant Events Analysis of Significant Changes in Key Financial Statement Items Significant fluctuations occurred across the balance sheet, income statement, and cash flow statement, driven by changes in receivables, debt issuance, and the adoption of new revenue standards Analysis of Major Changes in the Balance Sheet (as of September 30, 2020) | Item | Period End Balance (RMB 10,000) | Beginning Balance (RMB 10,000) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 30,000.00 | - | - | Increase in wealth management products from banks | | Accounts Receivable | 36,707.70 | 18,179.22 | 101.92 | Increase in receivables for goods | | Receivables Financing | 10,305.71 | 14,731.28 | -30.04 | Decrease in outstanding bank acceptance bills | | Prepayments | 32,941.33 | 20,302.24 | 62.25 | Increase in prepayments for goods | | Other Receivables | 8,361.40 | 4,165.03 | 100.75 | Increase in receivable VAT turnover | | Notes Payable | 510.00 | 5,000.00 | -89.80 | Bank acceptance bills issued in the period were settled | | Advances from Customers | 36.44 | 150,002.66 | -99.98 | Adoption of the new revenue standard | | Contract Liabilities | 85,957.68 | - | - | Adoption of the new revenue standard | | Other Current Liabilities | 10,294.75 | - | - | Adoption of the new revenue standard | | Bonds Payable | 74,630.90 | - | - | Issuance of 2020 corporate bonds (Phase I) | | Deferred Tax Liabilities | 22,507.03 | 16,385.50 | 37.36 | Implementation of tax preference policies per document [2018] No. 54 | Analysis of Major Changes in the Income Statement (YTD, Jan-Sep) | Item | Current Period Amount (RMB 10,000) | Prior Period Amount (RMB 10,000) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 3,678.03 | 14,302.02 | -74.28 | Certain transportation costs are now listed under cost of sales due to the new revenue standard | | R&D Expenses | 32.55 | 201.60 | -83.85 | Year-on-year decrease in R&D expenses | Analysis of Major Changes in the Cash Flow Statement (YTD, Jan-Sep) | Item | Current Period Amount (RMB 10,000) | Prior Period Amount (RMB 10,000) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 40,317.82 | 43,069.38 | -6.39 | - | | Net Cash Flow from Investing Activities | -40,533.48 | -31,699.19 | -27.87 | - | | Net Cash Flow from Financing Activities | 63,105.91 | -34,316.46 | 283.89 | Primarily due to the issuance of 2020 corporate bonds (Phase I) | Progress of Significant Events There were no significant events, their impacts, or resolutions to be disclosed during the reporting period - No progress on significant events or related analyses of impacts and solutions were reported during this period[17] Overdue Unfulfilled Commitments The company had no overdue unfulfilled commitments during the reporting period - There were no overdue unfulfilled commitments during the reporting period[17] Warning on Cumulative Net Profit Forecast The company has not issued a warning regarding potential losses or significant changes in cumulative net profit for the period from the beginning of the year to the end of the next reporting period - The company has not issued a warning regarding potential losses or significant changes in cumulative net profit for the period from the beginning of the year to the end of the next reporting period[17] Appendix Financial Statements This appendix contains the unaudited consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements for the period ended September 30, 2020 Consolidated Balance Sheet As of September 30, 2020, consolidated total assets reached RMB 10.36 billion, a 4.77% increase from year-end 2019, driven by increases in cash, trading financial assets, and receivables Key Items of the Consolidated Balance Sheet (as of September 30, 2020) | Item | September 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,884,168,647.86 | 1,264,770,468.92 | | Trading Financial Assets | 300,000,000.00 | - | | Accounts Receivable | 367,076,952.09 | 181,792,199.19 | | Prepayments | 329,413,258.36 | 203,022,355.51 | | Other Receivables | 83,614,003.05 | 41,650,317.69 | | Inventories | 2,200,784,167.93 | 3,019,692,464.98 | | Total Current Assets | 5,432,236,786.28 | 5,083,352,615.02 | | Fixed Assets | 3,890,375,990.94 | 3,800,323,913.23 | | Total Assets | 10,363,129,908.11 | 9,891,666,078.27 | | Notes Payable | 5,100,000.00 | 50,000,000.00 | | Advances from Customers | 364,383.92 | 1,500,026,607.13 | | Contract Liabilities | 859,576,759.62 | - | | Bonds Payable | 746,308,968.65 | - | | Total Liabilities | 4,124,609,129.56 | 3,897,816,071.88 | | Total Equity Attributable to Parent Company | 6,201,757,501.99 | 5,971,162,208.75 | Parent Company Balance Sheet As of September 30, 2020, the parent company's total assets were RMB 8.63 billion, a 14.48% increase from year-end 2019, mainly driven by increases in cash and financial assets Key Items of the Parent Company Balance Sheet (as of September 30, 2020) | Item | September 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,642,974,820.38 | 1,125,163,313.97 | | Trading Financial Assets | 300,000,000.00 | - | | Other Receivables | 1,801,916,432.49 | 1,548,158,679.19 | | Total Assets | 8,631,027,400.90 | 7,543,662,972.15 | | Accounts Payable | 211,909,165.07 | 149,935,495.70 | | Advances from Customers | 364,383.92 | 54,794,764.13 | | Contract Liabilities | 59,529,579.96 | - | | Other Payables | 673,764,904.94 | 492,218,135.30 | | Bonds Payable | 746,308,968.65 | - | | Total Liabilities | 2,757,749,744.14 | 1,707,266,615.06 | | Total Equity | 5,873,277,656.76 | 5,836,396,357.09 | Consolidated Income Statement For the first three quarters of 2020, consolidated revenue grew 17.42% to RMB 14.18 billion, but net profit attributable to parent company shareholders decreased by 3.71% to RMB 374 million Key Items of the Consolidated Income Statement (YTD, Jan-Sep 2020) | Item | YTD 2020 (RMB) | YTD 2019 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 14,184,179,324.00 | 12,079,431,201.47 | 17.42 | | Total Operating Costs | 13,695,644,122.79 | 11,575,015,465.60 | 18.32 | | Selling Expenses | 36,780,343.67 | 143,020,230.59 | -74.28 | | R&D Expenses | 325,504.31 | 2,016,037.75 | -83.85 | | Investment Income | 841,968.95 | 6,444,441.33 | -86.95 | | Credit Impairment Loss | -8,449,918.21 | 4,355,586.99 | -294.00 | | Operating Profit | 511,004,632.55 | 531,608,187.92 | -3.88 | | Net Profit | 375,517,746.70 | 387,879,123.58 | -3.19 | | Net Profit Attributable to Parent Company Shareholders | 374,020,910.78 | 388,442,755.04 | -3.71 | | Basic Earnings Per Share (RMB/Share) | 0.287 | 0.298 | -3.69 | Parent Company Income Statement For the first three quarters of 2020, the parent company's revenue grew 1.86% to RMB 2.14 billion, while net profit decreased by 9.79% to RMB 180 million Key Items of the Parent Company Income Statement (YTD, Jan-Sep 2020) | Item | YTD 2020 (RMB) | YTD 2019 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,137,902,447.27 | 2,098,909,678.10 | 1.86 | | Operating Costs | 1,815,319,012.38 | 1,736,899,570.76 | 4.51 | | Selling Expenses | 14,193,610.36 | 18,771,475.55 | -24.49 | | R&D Expenses | 325,504.31 | 2,016,037.75 | -83.85 | | Investment Income | 1,628,291.12 | 7,109,445.55 | -77.09 | | Credit Impairment Loss | -2,079,136.23 | -459,788.29 | -352.19 | | Operating Profit | 242,238,293.15 | 266,536,580.85 | -9.12 | | Net Profit | 180,488,705.81 | 200,067,940.71 | -9.79 | Consolidated Cash Flow Statement For the first three quarters of 2020, consolidated net operating cash flow was RMB 403 million, a 6.39% decrease, while financing cash flow turned positive due to bond issuance Key Items of the Consolidated Cash Flow Statement (YTD, Jan-Sep 2020) | Item | YTD 2020 (RMB) | YTD 2019 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 403,178,180.11 | 430,693,756.56 | -6.39 | | Net Cash Flow from Investing Activities | -405,334,782.12 | -316,991,930.82 | -27.87 | | Net Cash Flow from Financing Activities | 631,059,058.01 | -343,164,602.50 | 283.89 | | Net Increase in Cash and Cash Equivalents | 628,378,178.94 | -229,333,765.62 | -374.00 | | Closing Balance of Cash and Cash Equivalents | 1,883,148,647.86 | 890,398,840.77 | 111.50 | Parent Company Cash Flow Statement For the first three quarters of 2020, the parent company's net operating cash flow was RMB 272 million, a 26.36% decrease, while financing cash flow turned positive due to new borrowings Key Items of the Parent Company Cash Flow Statement (YTD, Jan-Sep 2020) | Item | YTD 2020 (RMB) | YTD 2019 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 271,797,443.75 | 369,092,786.29 | -26.36 | | Net Cash Flow from Investing Activities | -347,108,047.35 | -223,427,342.43 | -55.36 | | Net Cash Flow from Financing Activities | 593,120,438.58 | -431,188,972.66 | 237.50 | | Net Increase in Cash and Cash Equivalents | 517,811,506.41 | -285,523,523.27 | -281.30 | | Closing Balance of Cash and Cash Equivalents | 1,642,974,820.38 | 597,319,807.25 | 175.00 | Adjustments for First-Time Adoption of New Accounting Standards The company adopted the new revenue standard from 2020, resulting in adjustments to the opening financial statements by reclassifying "advances from customers" to "contract liabilities" and "other current liabilities" Consolidated Financial Statement Adjustments At the consolidated level, "advances from customers" decreased by RMB 1.50 billion, with corresponding increases in "contract liabilities" and "other current liabilities," leaving total assets and liabilities unchanged Consolidated Financial Statement Adjustment Details (January 1, 2020) | Item | December 31, 2019 (RMB) | January 1, 2020 (RMB) | Adjustment (RMB) | | :--- | :--- | :--- | :--- | | Advances from Customers | 1,500,026,607.13 | 686,930.35 | -1,499,339,676.78 | | Contract Liabilities | - | 1,338,635,191.65 | 1,338,635,191.65 | | Other Current Liabilities | - | 160,704,485.13 | 160,704,485.13 | | Total Assets | 9,891,666,078.27 | 9,891,666,078.27 | 0 | | Total Liabilities | 3,897,816,071.88 | 3,897,816,071.88 | 0 | Parent Company Financial Statement Adjustments At the parent company level, "advances from customers" decreased by RMB 54.11 million, with corresponding increases in "contract liabilities" and "other current liabilities," leaving total assets and liabilities unchanged Parent Company Financial Statement Adjustment Details (January 1, 2020) | Item | December 31, 2019 (RMB) | January 1, 2020 (RMB) | Adjustment (RMB) | | :--- | :--- | :--- | :--- | | Advances from Customers | 54,794,764.13 | 686,930.35 | -54,107,833.78 | | Contract Liabilities | - | 50,066,525.79 | 50,066,525.79 | | Other Current Liabilities | - | 4,041,307.99 | 4,041,307.99 | | Total Assets | 7,543,662,972.15 | 7,543,662,972.15 | 0 | | Total Liabilities | 1,707,266,615.06 | 1,707,266,615.06 | 0 | Explanation of Retrospective Adjustments for New Accounting Standards The company did not retrospectively adjust prior period comparative data for the first-time adoption of the new revenue and lease standards in 2020 - The company did not retrospectively adjust prior period comparative data to reflect the first-time adoption of the new revenue and lease standards[64] Audit Report This quarterly report has not been audited and therefore does not include an audit report - This quarterly report is unaudited[64]