建发股份(600153) - 2020 Q1 - 季度财报

Important Notice Statement on Report Authenticity The company's management guarantees the truthfulness, accuracy, and completeness of this quarterly report, free from false records, misleading statements, or major omissions, and assumes legal responsibility; this quarterly report is unaudited - The company's Board of Directors, Supervisory Board, and senior management ensure the truthfulness, accuracy, and completeness of the report - This company's Q1 report is unaudited Company Profile Key Financial Data In Q1 2020, the company achieved operating revenue of RMB 67.46 billion, a 25.25% year-on-year increase, with net profit attributable to shareholders of the listed company surging by 233.88% to RMB 1.47 billion, primarily due to the recognition of revenue and profit from the 'Xiamen 2019P05' land primary development project by a subsidiary in this period, while net cash flow from operating activities was -RMB 15.54 billion, indicating increased cash outflow pressure Key Financial Data for Q1 2020 | Metric | Current Period | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 67.46 billion | 53.86 billion | 25.25% | | Net Profit Attributable to Shareholders of Listed Company (RMB) | 1.47 billion | 439.62 million | 233.88% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) (RMB) | 1.03 billion | 370.45 million | 178.80% | | Net Cash Flow from Operating Activities (RMB) | -15.54 billion | -5.09 billion | Not Applicable | | Basic Earnings Per Share (RMB/share) | 0.52 | 0.16 | 225.00% | | Weighted Average Return on Net Assets (%) | 4.62% | 1.58% | 增加3.04个百分点 | - The significant year-on-year increase in net profit attributable to the parent company is primarily due to the recognition of revenue and profit from the 'Xiamen 2019P05' land primary development project by a subsidiary in this period[4] - Total non-recurring gains and losses for this period amounted to RMB 435 million, mainly from fair value changes and investment income generated by held-for-trading financial assets and derivative financial instruments, as well as government subsidies[6] Shareholder Information As of the end of the reporting period, the company had 87,340 shareholders, with Xiamen C&D Group Co., Ltd. as the controlling shareholder, holding 45.89% of shares, and the top ten shareholders including Hong Kong Securities Clearing Company Limited, China Pacific Life Insurance, China Securities Finance Corporation Limited, and various social security and pension insurance funds, indicating broad institutional investor participation - As of the end of the reporting period, the total number of shareholders was 87,340[7] Top Five Shareholders' Shareholding Status | Shareholder Name | Shares Held (shares) | Proportion (%) | | :--- | :--- | :--- | | Xiamen C&D Group Co., Ltd. | 1,301,203,376 | 45.89 | | Hong Kong Securities Clearing Company Limited | 103,543,979 | 3.65 | | China Pacific Life Insurance Co., Ltd.－Traditional－Ordinary Insurance Products | 96,829,804 | 3.42 | | China Securities Finance Corporation Limited | 84,868,979 | 2.99 | | China Pacific Life Insurance Co., Ltd.－Dividend－Individual Dividend | 66,384,907 | 2.34 | - The company has no preferred shareholders[8] Significant Events Analysis of Significant Changes in Key Financial Statement Items During this reporting period, several financial statement items of the company experienced significant changes; regarding assets and liabilities, derivative financial assets and short-term borrowings significantly increased due to business development and accounting standard changes, while long-term receivables and advances from customers were adjusted accordingly; on the income statement, investment income and fair value change gains significantly grew due to profitability from futures hedging activities, and the increase in total profit led to a corresponding rise in income tax expense; in terms of cash flow, net cash outflow from operating activities expanded, mainly due to increased working capital occupied by the expanding supply chain business, while net cash inflow from financing activities significantly increased, reflecting the company's expanded financing scale Analysis of Balance Sheet Item Changes Key balance sheet changes include: derivative financial assets soaring by 2435.66% due to increased unrealized gains from commodity futures contracts; short-term borrowings growing by 198.41% to meet financing needs for supply chain business; accounts receivable increasing by 41.22% due to land development projects and supply chain business growth; long-term receivables decreasing by 67.40% due to settlement of real estate primary land development projects; additionally, the adoption of new revenue standards led to new 'contract assets' and 'contract liabilities' accounts, and 'advances from customers' being reclassified to zero into new accounts Key Balance Sheet Change Items | Account | Change (%) | Reason for Change | | :--- | :--- | :--- | | Derivative Financial Assets | 2435.66% | Due to increased unrealized gains from commodity futures contracts at the end of the reporting period | | Short-term Borrowings | 198.41% | Due to increased financing scale for supply chain business in the reporting period | | Receivables Financing | 139.77% | Due to increased sales settled with bank acceptance bills in supply chain business during the reporting period | | Long-term Receivables | -67.40% | Due to settlement of real estate primary land development projects in the reporting period | | Other Current Liabilities | 389.20% | Due to the adoption of new revenue standards and increased issuance of short-term financing bills | | Advances from Customers | -100.00% | Due to the adoption of new revenue standards, items reclassified to contract liabilities and other current liabilities | Analysis of Income Statement Item Changes Key income statement changes include: investment income increasing by 626.29% year-on-year, and fair value change gains increasing by 289.95% year-on-year, both primarily due to increased realized and unrealized profits from commodity futures hedging activities; other income grew by 169.02% due to increased government subsidies; credit impairment losses and asset impairment losses significantly increased, mainly due to increased provision for bad debts from larger accounts receivable and increased inventory impairment provisions; income tax expense increased by 299.09% year-on-year due to higher total profit Key Income Statement Change Items | Account | Change (%) | Reason for Change | | :--- | :--- | :--- | | Investment Income | 626.29% | Due to increased investment income from commodity futures hedging compared to the prior year | | Gains from Changes in Fair Value | 289.95% | Due to increased unrealized gains from commodity futures hedging contracts in the reporting period | | Other Income | 169.02% | Due to increased government subsidies related to income compared to the prior year | | Credit Impairment Losses | Not Applicable | Due to increased provision for bad debts from larger accounts receivable in the reporting period | | Asset Impairment Losses | Not Applicable | Due to unrealized losses on spot goods under futures hedging business, leading to increased inventory impairment provisions | | Income Tax Expense | 299.09% | Due to increased total profit in the reporting period, leading to a corresponding increase in income tax expense | Analysis of Cash Flow Statement Item Changes In terms of cash flow, net cash flow from operating activities decreased from -RMB 5.09 billion in the prior period to -RMB 15.54 billion, mainly due to expanded supply chain business, increasing prepayments and inventory capital occupation; net cash outflow from investing activities expanded, primarily due to increased payments for cooperative real estate projects; net cash inflow from financing activities surged by 171.65% year-on-year to RMB 26.98 billion, reflecting the company's expanded financing scale Key Cash Flow Statement Change Items | Account | Current Period (RMB) | Prior Period (RMB) | Reason for Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -15.54 billion | -5.09 billion | Expanded supply chain business, increasing prepayments and inventory capital occupation at period-end | | Net Cash Flow from Investing Activities | -3.63 billion | -140.52 million | Increased payments for cooperative real estate projects compared to the prior year | | Net Cash Flow from Financing Activities | 26.98 billion | 9.93 billion | Increased financing scale compared to the prior year | Progress of Significant Events The most significant event during the reporting period was the company's recognition of revenue from the 'Xiamen 2019P05' land primary development project; the land plot was successfully transferred in December 2019 and physically delivered on January 3, 2020; according to revenue recognition criteria, the company settled related revenue and recognized profit in Q1 2020, which was the core driver of the significant profit growth in this period - The 'Xiamen 2019P05' land primary development project, entrusted by the government to a subsidiary, was physically delivered on January 3, 2020, and the company recognized related revenue and profit in Q1 2020[15] Other Significant Matters During the reporting period, the company had no overdue unfulfilled commitments and did not issue any warnings regarding potential cumulative net loss or significant changes in net profit from the beginning of the year to the end of the next reporting period - The company has no overdue unfulfilled commitments[15] - The company has not issued a profit warning[15] Appendix Financial Statements This appendix contains the company's unaudited consolidated and parent company financial statements for Q1 2020, including the balance sheet, income statement, and cash flow statement, which comprehensively reflect the company's financial position at the end of the reporting period, as well as its operating results and cash flows during the period Consolidated Balance Sheet As of March 31, 2020, the company's total assets were RMB 334.36 billion, a 13.19% increase from the beginning of the year; total liabilities were RMB 268.19 billion, a 16.97% increase; and equity attributable to parent company owners was RMB 32.52 billion, a 5.29% increase Consolidated Balance Sheet Summary (2020-03-31) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 334.36 billion | | Total Liabilities | 268.19 billion | | Total Equity Attributable to Parent Company Owners | 32.52 billion | | Total Liabilities and Equity | 334.36 billion | Consolidated Income Statement In Q1 2020, the company achieved total operating revenue of RMB 67.46 billion, a 25.25% year-on-year increase; operating profit was RMB 3.27 billion, a 343.97% year-on-year increase; net profit attributable to parent company shareholders was RMB 1.47 billion, a 233.88% year-on-year increase; and basic earnings per share was RMB 0.52 Consolidated Income Statement Summary (Q1 2020) | Item | Amount (RMB) | | :--- | :--- | | I. Total Operating Revenue | 67.46 billion | | III. Operating Profit | 3.27 billion | | IV. Total Profit | 3.26 billion | | Net Profit Attributable to Parent Company Shareholders | 1.47 billion | | VIII. Basic Earnings Per Share (RMB/share) | 0.52 | Consolidated Cash Flow Statement In Q1 2020, net cash flow from operating activities was -RMB 15.54 billion, net cash flow from investing activities was -RMB 3.63 billion, and net cash flow from financing activities was RMB 26.98 billion; cash and cash equivalents at period-end totaled RMB 36.98 billion Consolidated Cash Flow Statement Summary (Q1 2020) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -15.54 billion | | Net Cash Flow from Investing Activities | -3.63 billion | | Net Cash Flow from Financing Activities | 26.98 billion | | V. Net Increase in Cash and Cash Equivalents | 7.83 billion | Impact of Accounting Standard Changes Effective January 1, 2020, the company adopted the Ministry of Finance's revised 'Accounting Standard for Business Enterprises No. 14 – Revenue'; in accordance with transitional provisions, the company adjusted its financial statements as of the initial adoption date (January 1, 2020), primarily reclassifying original 'advances from customers' and some 'deferred income' to 'contract liabilities' and 'other current liabilities', and making corresponding adjustments to 'contract assets', 'inventories', and retained earnings, without retrospective adjustment of comparable period information - The company adopted the new revenue standard effective January 1, 2020, adjusting the financial statement items at the beginning of the year based on cumulative impact, without retrospective adjustment of comparable period information[37][39] Impact of New Revenue Standard Adoption on Key Consolidated Balance Sheet Items at Year-Start | Item | Before Adjustment (2019-12-31) | After Adjustment (2020-01-01) | Adjustment Amount | | :--- | :--- | :--- | :--- | | Accounts Receivable | 6.98 billion | 6.14 billion | -835.11 million | | Contract Assets | 0 | 835.11 million | 835.11 million | | Advances from Customers | 81.10 billion | 0 | -81.10 billion | | Contract Liabilities | 0 | 75.69 billion | 75.69 billion | | Other Current Liabilities | 3.19 billion | 9.21 billion | 6.02 billion | | Undistributed Profits | 24.18 billion | 24.29 billion | 114.42 million | Audit Report This quarterly report is unaudited - This quarterly financial report is subject to an 'Not Applicable' audit report, meaning it is unaudited[40]