国网信通(600131) - 2021 Q1 - 季度财报

Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report and assume legal responsibility; the report is unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false statements, misleading representations, or major omissions, and assume individual and joint legal responsibility[3] - All directors attended the board meeting to review the quarterly report[3] - Company head Yang Shu, chief accountant Sun Hui, and head of accounting department Chen Yaqin guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[3] - This company's first quarterly report is unaudited[3] Company Profile As of the end of the reporting period, the company's total assets decreased by 9.06% year-on-year, while net assets attributable to shareholders increased by 0.94%; operating revenue grew by 14.49%, and net profit attributable to shareholders increased by 4.53%, with a significant decrease in net cash flow from operating activities Key Financial Data As of the end of the reporting period, total assets were 10.029 billion yuan, a 9.06% decrease from the previous year-end; net assets attributable to shareholders were 4.684 billion yuan, a 0.94% increase; operating revenue from the beginning of the year to period-end was 1.068 billion yuan, up 14.49%; net profit attributable to shareholders was 43.76 million yuan, up 4.53%; and net cash flow from operating activities was -877 million yuan, a significant decrease Overview of Key Financial Data | Indicator | As of Reporting Period End (2021.03.31) (yuan) | As of Previous Year End (2020.12.31) (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 10,029,468,000.76 | 11,028,789,897.18 | -9.06 | | Net Assets Attributable to Shareholders of Listed Company | 4,683,819,989.08 | 4,640,060,076.24 | 0.94 | | From Year-Beginning to Reporting Period End | | | | | Net Cash Flow from Operating Activities | -876,502,401.74 | -418,873,772.08 | N/A | | Operating Revenue | 1,068,471,169.86 | 933,226,087.25 | 14.49 | | Net Profit Attributable to Shareholders of Listed Company | 43,759,912.84 | 41,863,814.99 | 4.53 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 35,725,448.53 | 37,951,005.13 | -5.86 | | Weighted Average Return on Net Assets (%) | 0.94 | 1.52 | Decreased by 0.58 percentage points | | Basic Earnings Per Share (yuan/share) | 0.04 | 0.04 | | | Diluted Earnings Per Share (yuan/share) | 0.04 | 0.04 | | Shareholder Information as of Reporting Period End: Total Shareholders, Top Ten Shareholders, and Top Ten Unrestricted Shareholders As of the end of the reporting period, the company had 38,163 shareholders; State Grid Information & Telecommunication Industry Group Co., Ltd. was the largest shareholder with a 48.85% stake, with details on the top ten shareholders and top ten unrestricted tradable share shareholders and their affiliations also disclosed - As of the end of the reporting period, the company had a total of 38,163 shareholders[6] Top Ten Shareholders' Holdings | Shareholder Name (Full) | Shares Held at Period-End | Percentage (%) | Number of Restricted Shares Held | Share Status | Pledged or Frozen Shares | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | State Grid Information & Telecommunication Industry Group Co., Ltd. | 583,920,295 | 48.85 | 558,713,938 | Unrestricted | 0 | State-owned legal entity | | State Grid Sichuan Electric Power Company | 95,385,704 | 7.98 | 95,385,704 | Unrestricted | 0 | State-owned legal entity | | Xinhua Water Conservancy Holding Group Co., Ltd. | 59,849,416 | 5.01 | 0 | Unrestricted | 0 | State-owned legal entity | | Aba State-owned Assets Investment Management Co., Ltd. | 30,654,661 | 2.56 | 0 | Unrestricted | 0 | State-owned legal entity | | Beijing Xinhua Guotai Water Conservancy Asset Management Co., Ltd. | 26,011,299 | 2.18 | 0 | Unrestricted | 0 | State-owned legal entity | | Tibet Longkun Information Technology Partnership (Limited Partnership) | 22,700,594 | 1.90 | 0 | Unrestricted | 0 | Domestic non-state-owned legal entity | | China Three Gorges Capital Holdings Co., Ltd. | 17,835,909 | 1.49 | 0 | Unrestricted | 0 | State-owned legal entity | | China State-owned Enterprise Structural Adjustment Fund Co., Ltd. | 12,118,634 | 1.01 | 0 | Unrestricted | 0 | State-owned legal entity | | CSC Financial Asset Management - Aba State Investment and Development Company - CSC Alpha Corei No. 3 Single Asset Management Plan | 9,440,000 | 0.79 | 0 | Unrestricted | 0 | Unknown | | CSC Financial Asset Management - Aba State-owned Assets Investment Management Co., Ltd. - CSC Alpha Corei No. 17 Single Asset Management Plan | 9,000,000 | 0.75 | 0 | Unrestricted | 0 | Unknown | Top Ten Unrestricted Tradable Shareholders' Holdings | Shareholder Name | Number of Unrestricted Tradable Shares Held | Share Type | Quantity | | :--- | :--- | :--- | :--- | | Xinhua Water Conservancy Holding Group Co., Ltd. | 59,849,416 | RMB Common Stock | 59,849,416 | | Aba State-owned Assets Investment Management Co., Ltd. | 30,654,661 | RMB Common Stock | 30,654,661 | | Beijing Xinhua Guotai Water Conservancy Asset Management Co., Ltd. | 26,011,299 | RMB Common Stock | 26,011,299 | | State Grid Information & Telecommunication Industry Group Co., Ltd. | 25,206,357 | RMB Common Stock | 25,206,357 | | Tibet Longkun Information Technology Partnership (Limited Partnership) | 22,700,594 | RMB Common Stock | 22,700,594 | | China Three Gorges Capital Holdings Co., Ltd. | 17,835,909 | RMB Common Stock | 17,835,909 | | China State-owned Enterprise Structural Adjustment Fund Co., Ltd. | 12,118,634 | RMB Common Stock | 12,118,634 | | CSC Financial Asset Management - Aba State Investment and Development Company - CSC Alpha Corei No. 3 Single Asset Management Plan | 9,440,000 | RMB Common Stock | 9,440,000 | | CSC Financial Asset Management - Aba State-owned Assets Investment Management Co., Ltd. - CSC Alpha Corei No. 17 Single Asset Management Plan | 9,000,000 | RMB Common Stock | 9,000,000 | | China Huarong Asset Management Co., Ltd. | 8,917,954 | RMB Common Stock | 8,917,954 | - State Grid Information & Telecommunication Industry Group Co., Ltd. and State Grid Sichuan Electric Power Company are parties acting in concert, both wholly-owned subsidiaries of State Grid Corporation of China; Beijing Xinhua Guotai Water Conservancy Asset Management Co., Ltd. is a wholly-owned subsidiary of Xinhua Water Conservancy Holding Group Co., Ltd[8] Shareholder Information as of Reporting Period End: Total Preferred Shareholders, Top Ten Preferred Shareholders, and Top Ten Unrestricted Preferred Shareholders The company had no preferred shareholders as of the end of the reporting period - The company has no preferred shareholders[8] Significant Events During the reporting period, the company experienced several significant changes in key financial statement items and indicators across the balance sheet, income statement, and cash flow statement, with detailed explanations for these changes; there were no other significant event developments, overdue commitments, or warnings of major changes Significant Changes and Reasons for Key Financial Statement Items and Indicators On the balance sheet, cash and cash equivalents, accounts receivable financing, short-term borrowings, notes payable, and taxes payable significantly decreased, while inventories and other current liabilities substantially increased; on the income statement, R&D expenses, taxes and surcharges, and income tax expenses rose, while financial expenses, other income, credit impairment losses, and non-operating income declined; in the cash flow statement, net cash flow from operating and investing activities decreased year-on-year, while net cash flow from financing activities increased - Cash and cash equivalents decreased by 45.19% from the beginning of the year, primarily due to the maturity and payment of notes payable and increased cash payments for goods and services[9][10] - Accounts receivable financing decreased by 57.04% from the beginning of the year, mainly due to the maturity and endorsement of bills[9][10] - Inventories increased by 118.91% from the beginning of the year, primarily due to increased investment in projects that have not yet met revenue recognition criteria[9][10] - Short-term borrowings decreased by 30.43% from the beginning of the year, mainly due to the repayment of matured loans[9][10] - Notes payable decreased by 56.00% from the beginning of the year, primarily due to the maturity and payment of bills[9][10] - Taxes payable decreased by 72.30% from the beginning of the year, mainly due to the payment of taxes due at the beginning of the year[9][10] - Other current liabilities increased by 121.37% from the beginning of the year, primarily due to an increase in other financial liabilities[9][10] - Deferred income decreased by 100.00% from the beginning of the year, mainly due to the completion and settlement of government grant projects[9][10] Balance Sheet Item Changes | Balance Sheet Item | March 31, 2021 (yuan) | December 31, 2020 (yuan) | Change Amount (yuan) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,410,766,787.60 | 2,573,690,308.34 | -1,162,923,520.74 | -45.19 | | Accounts Receivable Financing | 29,251,214.02 | 68,095,528.47 | -38,844,314.45 | -57.04 | | Inventories | 440,402,085.49 | 201,178,586.27 | 239,223,499.22 | 118.91 | | Short-term Borrowings | 320,000,000.00 | 460,000,000.00 | -140,000,000.00 | -30.43 | | Notes Payable | 476,248,205.39 | 1,082,459,558.81 | -606,211,353.42 | -56.00 | | Taxes Payable | 35,341,509.26 | 127,571,981.30 | -92,230,472.04 | -72.30 | | Other Current Liabilities | 25,072,049.00 | 11,325,704.00 | 13,746,345.00 | 121.37 | | Deferred Income | 0.00 | 4,372.98 | -4,372.98 | -100.00 | - Research and development expenses increased by 42.51% year-on-year, primarily due to increased R&D investment during the period[10][11] - Financial expenses decreased by 114.84% year-on-year, mainly due to increased interest income and decreased interest expenses[10][11] - Other income decreased by 41.10% year-on-year, primarily due to a reduction in government grants[10][11] - Credit impairment losses decreased by 71.33% year-on-year, mainly because the provision for bad debts was lower than in the same period last year[10][11] - Non-operating income decreased by 88.95% year-on-year, primarily due to the receipt of refunded litigation fees in the same period last year[10][11] - Income tax expenses increased by 57.76% year-on-year, primarily due to an increase in total profit compared to the same period last year[10][11] - Taxes and surcharges increased by 283.33% year-on-year, primarily due to an increase in value-added tax leading to higher surcharges[11] Income Statement Item Changes | Income Statement Item | Jan-Mar 2021 (yuan) | Jan-Mar 2020 (yuan) | Change Amount (yuan) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Taxes and Surcharges | 2,104,809.77 | 549,086.59 | 1,555,723.18 | 283.33 | | Research and Development Expenses | 37,431,765.28 | 26,265,922.40 | 11,165,842.88 | 42.51 | | Financial Expenses | -1,294,661.23 | 8,722,284.74 | -10,016,945.97 | -114.84 | | Other Income | 9,244,222.38 | 15,694,475.72 | -6,450,253.34 | -41.10 | | Credit Impairment Losses | -1,288,029.19 | -4,492,382.76 | 3,204,353.57 | -71.33 | | Non-Operating Income | 45,500.79 | 411,718.84 | -366,218.05 | -88.95 | | Income Tax Expenses | 3,675,417.88 | 2,329,748.83 | 1,345,669.05 | 57.76 | - Net cash flow from operating activities decreased year-on-year, primarily due to increased payments for purchases[12] - Net cash flow from investing activities decreased year-on-year, primarily due to cash outflows for capital expenditure projects[12] - Net cash flow from financing activities increased year-on-year, primarily due to a reduction in restricted funds[12] Cash Flow Statement Item Changes | Cash Flow Statement Item | Jan-Mar 2021 (yuan) | Jan-Mar 2020 (yuan) | Change Amount (yuan) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -876,502,401.74 | -418,873,772.08 | -457,628,629.66 | N/A | | Net Cash Flow from Investing Activities | -141,591,341.22 | -8,434,676.91 | -133,156,664.31 | N/A | | Net Cash Flow from Financing Activities | 52,795,019.72 | -76,136,230.62 | 128,931,250.34 | N/A | Analysis and Explanation of Progress, Impact, and Solutions for Significant Events There were no significant event developments requiring disclosure during the reporting period - There was no analysis or explanation of the progress, impact, or solutions for significant events during the reporting period[12] Overdue Unfulfilled Commitments During the Reporting Period There were no overdue unfulfilled commitments during the reporting period - There were no overdue unfulfilled commitments during the reporting period[12] Warning and Explanation of Potential Cumulative Net Loss or Significant Change in Net Profit from Year-Beginning to End of Next Reporting Period Compared to Prior Year There was no warning of potential cumulative net loss or significant change in net profit compared to the same period last year during the reporting period - There was no warning or explanation regarding a potential cumulative net loss or significant change in net profit from the beginning of the year to the end of the next reporting period compared to the same period last year[12] Appendix The appendix includes the company's consolidated and parent company financial statements for the first quarter of 2021, along with details on adjustments made to the opening financial statements upon initial adoption of the new lease accounting standard Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first quarter of 2021, comprehensively illustrating the financial position and operating results as of the end of the reporting period Consolidated Balance Sheet Presents the company's consolidated financial position as of March 31, 2021 - The consolidated balance sheet for the company as of March 31, 2021 is provided[14][15][16] Parent Company Balance Sheet Presents the parent company's financial position as of March 31, 2021 - The parent company balance sheet for the company as of March 31, 2021 is provided[17][18][19] Consolidated Income Statement Presents the company's consolidated operating results for the first quarter of 2021 - The consolidated income statement for the company's first quarter of 2021 is provided[20][21][22] Parent Company Income Statement Presents the parent company's operating results for the first quarter of 2021 - The parent company income statement for the company's first quarter of 2021 is provided[23][24] Consolidated Cash Flow Statement Presents the company's consolidated cash flows for the first quarter of 2021 - The consolidated cash flow statement for the company's first quarter of 2021 is provided[25][26][27] Parent Company Cash Flow Statement Presents the parent company's cash flows for the first quarter of 2021 - The parent company cash flow statement for the company's first quarter of 2021 is provided[28][29] Initial Adoption of New Lease Accounting Standard from 2021 and Adjustments to Opening Financial Statements The company initially adopted the new lease accounting standard from January 1, 2021, and adjusted the opening consolidated and parent company financial statements in accordance with transitional provisions, primarily impacting items such as right-of-use assets and lease liabilities in the consolidated statements Consolidated Statement Adjustments Details the adjustments made to the consolidated financial statements upon the initial adoption of the new lease accounting standard - The company adopted the revised "Accounting Standard for Business Enterprises No. 21 – Leases" (Cai Kuai [2018] No. 35) effective January 1, 2021[32] - In accordance with transitional provisions, entities initially adopting this standard should adjust the opening retained earnings and other relevant financial statement items for the year of initial adoption based on the cumulative effect, with comparative period information not being restated[32] Consolidated Balance Sheet Adjustments upon Initial Adoption of New Lease Standard | Item | December 31, 2020 (yuan) | January 1, 2021 (yuan) | Adjustment Amount (yuan) | | :--- | :--- | :--- | :--- | | Non-Current Assets: | | | | | Right-of-Use Assets | | 205,899,276.63 | 205,899,276.63 | | Total Non-Current Assets | 1,751,217,699.49 | 1,957,116,976.12 | 205,899,276.63 | | Total Assets | 11,028,789,897.18 | 11,234,689,173.81 | 205,899,276.63 | | Non-Current Liabilities: | | | | | Lease Liabilities | | 205,899,276.63 | 205,899,276.63 | | Deferred Income | 4,372.98 | 4,372.98 | 0.00 | | Total Non-Current Liabilities | 4,372.98 | 205,903,649.61 | 205,899,276.63 | | Total Liabilities | 6,388,145,844.53 | 6,594,045,121.16 | 205,899,276.63 | Parent Company Statement Adjustments Details the adjustments made to the parent company's financial statements upon the initial adoption of the new lease accounting standard - The company adopted the revised "Accounting Standard for Business Enterprises No. 21 – Leases" (Cai Kuai [2018] No. 35) effective January 1, 2021[35] - In accordance with transitional provisions, entities initially adopting this standard should adjust the opening retained earnings and other relevant financial statement items for the year of initial adoption based on the cumulative effect, with comparative period information not being restated[35] - The parent company financial statements did not show specific adjustments upon initial adoption of the new lease standard, with all item amounts remaining consistent between December 31, 2020, and January 1, 2021[33][34] Explanation of Retrospective Adjustment of Prior Period Comparative Data upon Initial Adoption of New Lease Accounting Standard from 2021 During the reporting period, the company did not retrospectively adjust prior period comparative data - During the reporting period, the company did not retrospectively adjust prior period comparative data[35] Audit Report This quarterly report is unaudited - This company's first quarterly report is unaudited[3]