BTBP(SH:600161)2020-04-28 16:00Important Notice The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming corresponding legal responsibilities - The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report and assume corresponding legal responsibilities3 - The company's principal officer, head of accounting, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial statements3 - This company's Q1 2020 report is unaudited3 Company Profile This section provides an overview of the company's key financial performance in Q1 2020 and its shareholder structure at the end of the reporting period Key Financial Data In Q1 2020, the company achieved operating revenue of 758 million yuan, a 7.36% increase year-over-year, with net profit attributable to shareholders slightly up by 0.28% to 132 million yuan; net cash flow from operating activities grew strongly by 32.41% to 401 million yuan, and total assets increased by 6.08% from the prior year-end Key Financial Indicators for Q1 2020 | Indicator | Current Period | Prior Year Period | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 757,747,576.25 | 705,832,869.43 | 7.36% | | Net Profit Attributable to Shareholders (yuan) | 131,860,437.89 | 131,496,592.45 | 0.28% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses (yuan) | 128,965,863.19 | 130,855,682.87 | -1.44% | | Net Cash Flow from Operating Activities (yuan) | 401,090,869.77 | 302,921,383.24 | 32.41% | | Basic Earnings Per Share (yuan/share) | 0.13 | 0.13 | 0.28% | | Weighted Average Return on Net Assets (%) | 3.29% | 3.83% | Decrease of 0.54 percentage points | Period-End Balance Sheet Status | Indicator | End of Current Period | End of Prior Year | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets (yuan) | 6,698,622,459.79 | 6,314,412,345.97 | 6.08% | | Net Assets Attributable to Shareholders (yuan) | 4,070,757,902.89 | 3,938,897,465.00 | 3.35% | - Total non-recurring gains and losses for the current period amounted to 2.89 million yuan, primarily from government grants of 4.76 million yuan56 Shareholder Information As of the end of the reporting period, the company had 34,534 shareholders, with China National Biotec Group Co., Ltd. being the largest shareholder holding 49.96% of shares, and its subsidiaries acting as concerted parties - At the end of the reporting period, the company had a total of 34,534 shareholders7 Top Three Shareholders' Holdings | Shareholder Name | Number of Shares Held (shares) | Holding Percentage (%) | | :--- | :--- | :--- | | China National Biotec Group Co., Ltd. | 522,280,375 | 49.96 | | Chengdu Institute of Biological Products Co., Ltd. | 40,403,608 | 3.87 | | Shi Wen | 37,165,792 | 3.56 | - Among the shareholders, Chengdu Institute of Biological Products Co., Ltd. and Beijing Institute of Biological Products Co., Ltd. are both subsidiaries of China National Biotec Group Co., Ltd. and constitute concerted parties8 Significant Events This section details significant changes in the company's key financial statement items and indicators, along with their underlying causes Analysis of Significant Changes in Key Financial Statement Items and Indicators During the current period, several financial statement items experienced significant changes, with cash and cash equivalents increasing due to sales collection and project loans, other income rising from government grants, operating cash flow improving due to reduced plasma collection subsidies, and financing cash flow increasing from project loans Balance Sheet Item Change Analysis Cash and cash equivalents increased by 35.40% due to higher sales collection, a 200 million yuan project loan, and reduced plasma collection subsidies; salaries and wages payable surged by 272.19% from increased accruals; long-term borrowings grew by 49.99% due to a 200 million yuan project loan Major Balance Sheet Changes | Statement Item | Growth Rate (%) | Reason for Change | | :--- | :--- | :--- | | Cash and Cash Equivalents | 35.40 | Increased sales collection, 200 million yuan loan obtained, and reduced plasma collection subsidies | | Accounts Receivable | 65.55 | Increased receivables from end customers | | Other Current Assets | 119.20 | Increased prepaid rent and prepaid taxes | | Salaries and Wages Payable | 272.19 | Increased accrual for employee salaries | | Long-term Borrowings | 49.99 | Yongan Blood Products project obtained 200 million yuan loan | Income Statement Item Change Analysis Financial expenses significantly decreased due to increased interest income; other income surged by 317.15% from higher government grants; asset disposal gains turned into losses; and non-operating income dramatically increased by 2005.42% due to more donation gains Major Income Statement Changes | Statement Item | Growth Rate (%) | Reason for Change | | :--- | :--- | :--- | | Financial Expenses | Not applicable | Primarily due to increased interest income from deposits | | Other Income | 317.15 | Primarily due to increased government grants | | Gains/Losses on Disposal of Assets | -273.66 | Primarily due to losses from disposal of fixed assets | | Non-operating Income | 2,005.42 | Primarily due to more gains from donations received | Cash Flow Statement Item Change Analysis Net cash flow from operating activities increased by 32.41% due to reduced plasma collection subsidies; net cash flow from financing activities surged by 169.04% from a project loan; resulting in a 73.35% increase in net cash and cash equivalents Major Cash Flow Statement Changes | Statement Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Growth Rate (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 401,090,869.77 | 302,921,383.24 | 32.41 | Reduced plasma collection subsidies due to COVID-19 impact | | Cash Paid for Acquisition of Fixed Assets and Other Assets | 95,739,282.00 | 65,446,748.34 | 46.29 | Increased investment in construction in progress for Yunnan Blood Products project | | Cash Received from Borrowings | 200,000,000.00 | 93,976,000.00 | 112.82 | Yongan Blood Products project obtained 200 million yuan loan | | Net Cash Flow from Financing Activities | 194,568,822.21 | 72,320,334.23 | 169.04 | Primarily due to Yongan Blood Products project obtaining a loan | | Net Increase in Cash and Cash Equivalents | 500,095,867.98 | 288,486,980.56 | 73.35 | Primarily due to obtaining loans and reduced plasma collection subsidies | Appendix This appendix provides the company's unaudited financial statements for Q1 2020 and details on adjustments made due to the first-time adoption of new accounting standards Financial Statements This appendix includes the company's unaudited consolidated and parent company financial statements for Q1 2020, comprising the balance sheet, income statement, and cash flow statement Consolidated Balance Sheet As of March 31, 2020, the company's consolidated total assets were 6.70 billion yuan, total liabilities were 1.32 billion yuan, and equity attributable to owners of the parent company was 4.07 billion yuan Consolidated Balance Sheet Key Data (March 31, 2020) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 6,698,622,459.79 | | Total Liabilities | 1,323,450,448.64 | | Total Equity Attributable to Owners of the Parent Company | 4,070,757,902.89 | | Total Liabilities and Equity | 6,698,622,459.79 | Parent Company Balance Sheet As of March 31, 2020, the parent company's total assets were 2.21 billion yuan, total liabilities were 8.58 million yuan, and total owner's equity was 2.20 billion yuan Parent Company Balance Sheet Key Data (March 31, 2020) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 2,208,440,882.58 | | Total Liabilities | 8,576,575.98 | | Total Owner's Equity | 2,199,864,306.60 | Consolidated Income Statement In Q1 2020, the company's consolidated total operating revenue was 758 million yuan, total profit was 232 million yuan, net profit attributable to parent company shareholders was 132 million yuan, and basic earnings per share was 0.13 yuan Consolidated Income Statement Key Data (Q1 2020) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 757,747,576.25 | | Total Profit | 232,033,373.38 | | Net Profit Attributable to Owners of the Parent Company | 131,860,437.89 | | Basic Earnings Per Share (yuan/share) | 0.13 | Parent Company Income Statement In Q1 2020, the parent company generated operating revenue of 2.49 million yuan but recorded a net loss of 8.84 million yuan due to high administrative expenses Parent Company Income Statement Key Data (Q1 2020) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 2,489,241.00 | | Administrative Expenses | 14,156,120.93 | | Net Profit | -8,839,652.74 | Consolidated Cash Flow Statement In Q1 2020, the company's net cash flow from operating activities was 401 million yuan, from investing activities was -95.62 million yuan, from financing activities was 195 million yuan, with cash and cash equivalents at period-end totaling 1.91 billion yuan Consolidated Cash Flow Statement Key Data (Q1 2020) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 401,090,869.77 | | Net Cash Flow from Investing Activities | -95,616,502.00 | | Net Cash Flow from Financing Activities | 194,568,822.21 | | Net Increase in Cash and Cash Equivalents | 500,095,867.98 | | Cash and Cash Equivalents at End of Period | 1,911,910,780.23 | Parent Company Cash Flow Statement In Q1 2020, the parent company's net cash flow from operating activities was -7.08 million yuan, from investing activities was 0.32 million yuan, with cash and cash equivalents at period-end totaling 929 million yuan Parent Company Cash Flow Statement Key Data (Q1 2020) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -7,082,639.23 | | Net Cash Flow from Investing Activities | 319,725.00 | | Net Increase in Cash and Cash Equivalents | -6,762,914.23 | | Cash and Cash Equivalents at End of Period | 929,345,937.80 | Adjustments to Financial Statements upon First Adoption of New Accounting Standards Effective January 1, 2020, the company adopted the new revenue standard, reclassifying 'Advances from Customers' to 'Contract Liabilities' and 'Other Payables' at the adoption date, without retrospective adjustment to comparable periods - The company adopted the revised 'Accounting Standard for Business Enterprises No. 14 – Revenue' issued by the Ministry of Finance in 2017, effective January 1, 202042 - In accordance with the transition provisions, the company only adjusted retained earnings and relevant financial statement items at the beginning of the first year of adoption, without adjusting information for comparable periods42 Major Consolidated Balance Sheet Adjustments (January 1, 2020) | Item | Before Adjustment (yuan) | After Adjustment (yuan) | Adjustment Amount (yuan) | | :--- | :--- | :--- | :--- | | Advances from Customers | 154,709,200.08 | 0.00 | -154,709,200.08 | | Contract Liabilities | 0.00 | 284,303,831.28 | 284,303,831.28 | | Other Payables | 347,604,481.65 | 218,009,850.45 | -129,594,631.20 |