兖矿能源(600188) - 2020 Q1 - 季度财报

Important Notice This unaudited Q1 2020 report's truthfulness and completeness are guaranteed by the board and management General Statements This unaudited Q1 2020 report's truthfulness and completeness are guaranteed by the board, supervisory board, and senior management - The report's content is true, accurate, and complete, guaranteed by the board, supervisory board, and senior management, who bear legal responsibility[3] - All company directors attended the board meeting to review the quarterly report[3] - Chairman Li Xiyong, CFO Zhao Qingchun, and Head of Financial Management Department Xu Jian guarantee the truthfulness, accuracy, and completeness of the financial statements[3] - This company's Q1 2020 report is unaudited[3] - The reporting period is from January 1 to March 31, 2020[3] Company Profile This section provides key financial data and shareholder information as of the reporting period end Key Financial Data Total assets increased, but net assets attributable to shareholders, operating cash flow, revenue, and net profit all decreased significantly Key Financial Data for Q1 2020 | Metric | As of Report Period End (Thousand Yuan) | As of Previous Year End (Thousand Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 216,887,452 | 207,821,363 | 4.36 | | Net Assets Attributable to Listed Company Shareholders | 62,240,931 | 63,291,840 | -1.66 | | | Year-to-Date as of Report Period End (Thousand Yuan) | Year-to-Date as of Previous Year End (Thousand Yuan) | Change (%) | | Net Cash Flow from Operating Activities | 1,336,342 | 4,424,475 | -69.80 | | Operating Revenue | 45,604,524 | 48,243,536 | -5.47 | | Net Profit Attributable to Listed Company Shareholders | 1,527,504 | 2,308,395 | -33.83 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 1,454,167 | 2,229,570 | -34.78 | | Weighted Average Return on Net Assets (%) | 2.37 | 3.70 | Decrease of 1.33 percentage points | | Basic Earnings Per Share (Yuan/share) | 0.3110 | 0.4699 | -33.82 | | Diluted Earnings Per Share (Yuan/share) | 0.3110 | 0.4699 | -33.82 | - Financial statements of Qingdao Duanxin Asset Management Co., Ltd. and Yankuang Smart Ecological Co., Ltd. were newly consolidated during the reporting period[4] Non-Recurring Gains and Losses Items and Amounts | Item | Current Period Amount (Thousand Yuan) | | :--- | :--- | | Government subsidies included in current profit and loss | 23,851 | | Fair value change gains and losses and investment income | 3,371 | | Reversal of impairment provisions for accounts receivable and contract assets | 8,694 | | Other non-operating income and expenses | 78,611 | | Impact on minority shareholders' equity (after tax) | -6,619 | | Income tax impact | -34,571 | | Total | 73,337 | Shareholder Information as of Report Period End The company had 81,301 shareholders, with Yankuang Group as the largest shareholder, holding 46.16% directly and 53.79% directly and indirectly - Total number of shareholders: 81,301[7] - Yankuang Group Co., Ltd. is the largest shareholder, holding 2,267,169,423 shares, accounting for 46.16%[7] - Yankuang Group directly and indirectly holds 53.79% of the company's shares[9] - Hong Kong Securities Clearing Company Nominees Limited holds 1,948,105,203 shares, accounting for 39.66%[7] Major Shareholders' Interests and/or Short Positions in Shares or Related Shares of the Company | Name of Major Shareholder | Type of Share | Capacity | Number of Shares Held (Shares) | Nature of Interest | Percentage of Company's H-Share Class | Percentage of Total Issued Share Capital of the Company | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yankuang Group | A-shares (State-owned Legal Person Shares) | Beneficial Owner | 2,267,169,423 | Long Position | - | 46.16% | | Yankuang Group ① | H-shares | Interest of Controlled Corporation | 374,989,000 | Long Position | 19.21% | 7.63% | | BNP Paribas Investment Partners SA | H-shares | Investment Manager | 117,641,207 | Long Position | 6.03% | 2.39% | Significant Events This section details the company's overall operating performance, significant changes in financial statements, and progress on major events Overall Operating Performance In Q1 2020, the company saw increased coal production and sales, but decreased railway transport volume, with varied performance in chemical and power businesses Key Operating Data for Major Products and Services (Q1 2020 vs Q1 2019) | Item | Q1 2020 | Q1 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Coal Business (Thousand Tons) | | | | | Commercial Coal Production | 24,215 | 23,192 | 4.41 | | Commercial Coal Sales | 33,245 | 26,441 | 25.73 | | Railway Transportation Business (Thousand Tons) | | | | | Cargo Volume | 5,070 | 5,600 | -9.46 | | Coal Chemical Business (Thousand Tons) | | | | | Methanol Production | 474 | 457 | 3.69 | | Methanol Sales | 475 | 461 | 3.15 | | Power Business (Ten Thousand kWh) | | | | | Power Generation | 70,602 | 68,355 | 3.29 | | Power Sales | 44,023 | 43,250 | 1.79 | Operating Performance by Main Business Segment This section details Q1 2020 operational data, production, sales, prices, and cost changes across coal, railway, coal chemical, power, and other key business segments Coal Business Q1 2020 saw increased coal production and sales, particularly trade coal, but a decrease in average selling price and a significant rise in sales cost - In Q1 2020, the Group produced 24.21 million tons of commercial coal, an increase of 1.02 million tons or 4.4% year-on-year[14] Q1 2020 Commercial Coal Production (Thousand Tons) | Item | 2020 | 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Company | 8,000 | 7,919 | 1.03 | | Shanxi Neng Hua | 305 | 400 | -23.73 | | Heze Neng Hua | 817 | 605 | 34.88 | | Ordos Neng Hua | 3,120 | 3,600 | -13.33 | | Haosheng Coal Industry | 1,481 | 441 | 235.84 | | Yancoal Australia | 9,149 | 8,818 | 3.75 | | Yancoal International | 1,343 | 1,409 | -4.68 | | Total | 24,215 | 23,192 | 4.41 | - In Q1 2020, the Group sold 33.24 million tons of commercial coal, an increase of 6.80 million tons or 25.7% year-on-year, primarily due to a 5.96 million tons increase in trade coal sales[17] Q1 2020 Coal Production, Sales, and Selling Prices (Thousand Tons, Yuan/Ton) | Item | Q1 2020 Production | Q1 2020 Sales | Q1 2020 Selling Price | Q1 2019 Production | Q1 2019 Sales | Q1 2019 Selling Price | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Company | 8,000 | 8,003 | 556.65 | 7,919 | 7,872 | 624.69 | | II. Shanxi Neng Hua | 305 | 292 | 306.23 | 400 | 398 | 322.78 | | III. Heze Neng Hua | 817 | 821 | 908.48 | 605 | 468 | 1,138.13 | | IV. Ordos Neng Hua | 3,120 | 2,354 | 242.80 | 3,600 | 3,149 | 270.39 | | V. Haosheng Coal Industry | 1,481 | 1,397 | 297.80 | 441 | 450 | 322.72 | | VI. Yancoal Australia | 9,149 | 8,592 | 468.34 | 8,818 | 8,376 | 647.30 | | VII. Yancoal International | 1,343 | 1,415 | 338.62 | 1,409 | 1,318 | 388.82 | | VIII. Trade Coal | - | 10,369 | 603.37 | - | 4,410 | 734.80 | | IX. Group Total | 24,215 | 33,245 | 512.51 | 23,192 | 26,441 | 595.67 | - In Q1 2020, the Group's coal business sales cost was 12.20 billion Yuan, an increase of 3.44 billion Yuan or 39.3% year-on-year[18] Q1 2020 Coal Sales Cost (Million Yuan, Yuan/Ton) | Item | Total Sales Cost (Million Yuan) | Sales Cost Per Ton (Yuan/Ton) | 2019 Total Sales Cost (Million Yuan) | 2019 Sales Cost Per Ton (Yuan/Ton) | Change in Total Sales Cost (%) | Change in Sales Cost Per Ton (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company | 2,282 | 284.41 | 2,027 | 255.16 | 12.54 | 11.46 | | Shanxi Neng Hua | 65 | 221.39 | 88 | 219.95 | -26.10 | 0.65 | | Heze Neng Hua | 390 | 435.89 | 259 | 489.30 | 50.83 | -10.92 | | Ordos Neng Hua | 352 | 142.95 | 536 | 170.13 | -34.37 | -15.98 | | Haosheng Coal Industry | 244 | 174.98 | 133 | 296.35 | 83.37 | -40.95 | | Yancoal Australia | 2,527 | 294.06 | 2,406 | 287.25 | 5.01 | 2.37 | | Yancoal International | 361 | 254.94 | 298 | 226.45 | 20.88 | 12.58 | | Trade Coal | 6,081 | 586.46 | 3,138 | 711.42 | 93.81 | -17.57 | Railway Transportation Business Q1 2020 saw a 9.5% decrease in cargo volume and a 9.4% decrease in revenue, while transportation costs increased by 5.1% - Cargo volume: 5.07 million tons, a year-on-year decrease of 9.5%[20] - Railway transportation business revenue: 98.738 million Yuan, a year-on-year decrease of 9.4%[20] - Railway transportation business cost: 38.925 million Yuan, a year-on-year increase of 5.1%[20] Coal Chemical Business Q1 2020 saw increased methanol production and sales, but a decrease in both sales revenue and sales cost for methanol products Q1 2020 Methanol Production and Sales (Thousand Tons) | Item | Q1 2020 Production | Q1 2019 Production | Change (%) | Q1 2020 Sales | Q1 2019 Sales | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yulin Neng Hua | 197 | 189 | 4.26 | 194 | 201 | -3.46 | | Ordos Neng Hua | 277 | 268 | 3.28 | 281 | 260 | 8.26 | Q1 2020 Methanol Sales Revenue and Cost (Thousand Yuan) | Item | Q1 2020 Sales Revenue | Q1 2019 Sales Revenue | Change (%) | Q1 2020 Sales Cost | Q1 2019 Sales Cost | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yulin Neng Hua | 274,865 | 343,332 | -19.94 | 213,119 | 269,293 | -20.86 | | Ordos Neng Hua | 394,277 | 436,244 | -9.62 | 239,624 | 285,945 | -16.20 | Power Business Q1 2020 saw slight increases in power generation and sales, but significant decreases in sales, revenue, and costs for Yulin Energy's power segment Q1 2020 Power Production and Sales (Ten Thousand kWh) | Item | Q1 2020 Power Generation | Q1 2019 Power Generation | Change (%) | Q1 2020 Power Sales | Q1 2019 Power Sales | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huaju Energy | 19,785 | 19,612 | 0.88 | 6,215 | 5,868 | 5.91 | | Yulin Neng Hua | 7,694 | 7,638 | 0.73 | 86 | 485 | -82.27 | | Heze Neng Hua | 43,122 | 41,105 | 4.91 | 37,722 | 36,898 | 2.23 | Q1 2020 Power Sales Revenue and Cost (Thousand Yuan) | Item | Q1 2020 Sales Revenue | Q1 2019 Sales Revenue | Change (%) | Q1 2020 Sales Cost | Q1 2019 Sales Cost | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huaju Energy | 26,258 | 25,358 | 3.55 | 18,045 | 18,458 | -2.24 | | Yulin Neng Hua | 167 | 912 | -81.69 | 312 | 1,778 | -82.45 | | Heze Neng Hua | 131,538 | 126,650 | 3.86 | 84,011 | 106,024 | -20.76 | - Yulin Energy's power product sales, revenue, and costs significantly decreased, mainly due to a year-on-year reduction in external power sales[24] Heating Business Q1 2020 saw production of 560,000 steam tons and sales of 200,000 steam tons, generating 20.683 million Yuan in revenue - Heating production: 560,000 steam tons[25] - Heating sales: 200,000 steam tons[25] - Sales revenue: 20.683 million Yuan[25] - Sales cost: 12.539 million Yuan[25] Electromechanical Equipment Manufacturing Business Q1 2020 generated 2.951 million Yuan in sales revenue with a corresponding sales cost of 2.686 million Yuan - Sales revenue: 2.951 million Yuan[25] - Sales cost: 2.686 million Yuan[25] Non-Coal Trading Business Q1 2020 generated significant sales revenue of 26.325 billion Yuan, with sales costs closely matching at 26.214 billion Yuan - Sales revenue: 26.325 billion Yuan[26] - Sales cost: 26.214 billion Yuan[26] Equity Investment Business Q1 2020 generated 322 million Yuan in equity investment income - Equity investment income: 322 million Yuan[26] Operating Performance of Yankuang Group Finance Co., Ltd. during the Reporting Period In Q1 2020, Yankuang Group Finance Co., Ltd. saw increased revenue but decreased net profit, with slight growth in net and total assets Operating Performance of Yankuang Group Finance Co., Ltd. (Q1 2020) | Metric | Q1 2020 | Q1 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 125 (Million Yuan) | 118 (Million Yuan) | 5.89 | | Net Profit | 49 (Million Yuan) | 56 (Million Yuan) | -12.65 | | | As of March 31, 2020 | As of December 31, 2019 | Change (%) | | Net Assets | 3,198 (Million Yuan) | 3,149 (Million Yuan) | 1.54 | | Total Assets | 24,928 (Million Yuan) | 24,694 (Million Yuan) | 0.95 | Significant Changes and Reasons for Major Financial Statement Items and Indicators This section explains significant changes in balance sheet, income statement, and cash flow items, including accounts receivable, borrowings, and cash flows Significant Changes and Reasons for Balance Sheet Items Accounts receivable, prepayments, short-term borrowings, contract liabilities, other current liabilities, and bonds payable all increased significantly due to various factors Significant Balance Sheet Item Changes (As of March 31, 2020 vs December 31, 2019) | Item | As of March 31, 2020 (Million Yuan) | As of December 31, 2019 (Million Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 8,262 | 4,495 | 83.79 | | Prepayments | 5,725 | 3,484 | 64.30 | | Short-term Borrowings | 12,362 | 8,748 | 41.32 | | Contract Liabilities | 3,565 | 2,717 | 31.20 | | Other Current Liabilities | 4,499 | 2,999 | 50.04 | | Bonds Payable | 19,584 | 14,567 | 34.44 | | Other Comprehensive Income | -9,650 | -6,810 | / | - Increase in accounts receivable is mainly due to increases at the company, Yankuang International, Shandong Zhongyin International Trade Co., Ltd., and Qingdao Zhongyin Ruifeng International Trade Co., Ltd[29] - Increase in prepayments is mainly due to increases at the company, Yulin Energy, and Smart Logistics[29] - Increase in short-term borrowings is mainly due to increases at the company, Qingdao Zhongyan, and Yankuang International[30] - Other current liabilities increased by 1.5 billion Yuan due to the issuance of the company's first tranche of ultra-short-term financing bonds in 2020[30] - Bonds payable increased by 5 billion Yuan due to the issuance of Yanzhou Coal's 2020 corporate bonds (first tranche)[30] - Decrease in other comprehensive income is mainly due to exchange rate fluctuations affecting foreign currency translation differences[30] Significant Changes and Reasons for Income Statement Items Q1 2020 saw a significant decrease in financial expenses due to exchange gains, negative net hedge gains from accounting adjustments, and reduced income tax expenses Significant Income Statement Item Changes (Q1 2020 vs Q1 2019) | Item | Q1 2020 (Million Yuan) | Q1 2019 (Million Yuan) | Change (%) | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | 259 | 811 | -68.06 | Exchange rate fluctuations led to a year-on-year increase in exchange gains | | Net Hedge Gains/Losses | -285 | - | / | Yancoal Australia's accounting method reclassified hedging gains/losses from operating revenue to net hedge gains/losses | | Income Tax Expenses | 624 | 898 | -30.51 | The Group's taxable income decreased year-on-year | Changes and Reasons for Cash Flow Statement Items Q1 2020 saw a significant decrease in net cash flow from operating activities, while net cash flow from financing activities turned positive due to increased borrowings Cash Flow Statement Item Changes (Q1 2020 vs Q1 2019) | Item | Q1 2020 (Million Yuan) | Q1 2019 (Million Yuan) | Change (%) | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,336 | 4,424 | -69.80 | ① Cash received from sales of goods and provision of services decreased by 7.362 billion Yuan year-on-year; ② Cash paid for purchases of goods and acceptance of services decreased by 6.023 billion Yuan year-on-year; ③ Cash paid for other operating activities increased by 1.762 billion Yuan year-on-year | | Net Cash Flow from Investing Activities | -2,217 | -2,711 | -18.21 | ① Cash received from disposal of investments decreased by 0.857 billion Yuan year-on-year; ② Cash paid for acquisition of fixed assets, intangible assets, and other long-term assets decreased by 1.118 billion Yuan year-on-year | | Net Cash Flow from Financing Activities | 5,861 | -8,157 | / | ① Cash received from borrowings increased by 8.441 billion Yuan year-on-year; ② Cash paid for repayment of debts decreased by 5.891 billion Yuan year-on-year | | Net Increase in Cash and Cash Equivalents | 4,868 | -6,660 | / | - | Analysis of Progress, Impact, and Solutions for Significant Events This section covers the progress of four litigation cases, three major related party transactions, and other significant matters including personnel changes and subsidiary deregistration Litigation and Arbitration Status The company is involved in four lawsuits; one was won on appeal, two are in second or first instance, and one first-instance ruling found the company not liable Weihai City Commercial Bank Co., Ltd. vs. Yanzhou Coal Financial Loan Contract Dispute Case This financial loan dispute involves 99.119 million Yuan, with the case currently in its second instance after a retrial ruled in favor of the company - Case amount: Hengfeng Company's loan of 99.119 million Yuan plus interest, with Weihai Commercial Bank demanding Yanzhou Coal fulfill payment obligations within the scope of pledged accounts receivable[34] - Litigation progress: Company lost in first instance, second instance remanded for retrial. Retrial first instance ruled against Weihai Commercial Bank's claims, and Weihai Commercial Bank appealed again[34] - Current status: Currently in second instance proceedings, the impact on the company's future profits cannot yet be determined[35] China Construction Bank Jining Guhuai Road Branch vs. Yanzhou Coal Financial Loan Contract Dispute Case This financial loan dispute involves 95.8596 million Yuan, with a retrial ruling in favor of the company, which is currently within the appeal period - Case amount: Jining Liaoyuan's loan principal of 95.8596 million Yuan plus interest, with CCB Guhuai Road Branch demanding the company fulfill payment obligations within the scope of accounts receivable[36] - Litigation progress: Company lost in first instance, second instance remanded for retrial. Retrial judgment dismissed the plaintiff's claims against the company, absolving the company of liability[36] - Current status: Currently within the appeal period, the impact on the company's future profits cannot yet be determined[36] Shandong Zikuang Coal Marketing Co., Ltd. vs. Yanzhou Coal Sales Contract Dispute Case This sales contract dispute, involving 33.956 million Yuan, has concluded with the company winning both the first and second instances - Case amount: Demand for return of prepaid coal purchase funds of 25.478 million Yuan, interest loss of 7.042 million Yuan, loss of anticipated profits of 0.936 million Yuan, and debt realization expenses of 0.5 million Yuan, totaling 33.956 million Yuan[37] - Litigation progress: Company won in first instance, second instance upheld the original judgment, company won[37] - Conclusion: This case has concluded and will not have an adverse impact on the company's future profits[38] Xiamen Xinda Co., Ltd. vs. Yanzhou Coal Sales Contract Dispute Case This sales contract dispute involves 233 million Yuan, with the company currently undergoing first-instance proceedings, and the impact on future profits is uncertain - Case amount: Demand for Zhongyin Logistics to return principal and interest of 233 million Yuan, with the company requested to bear joint liability[39] - Current status: Currently undergoing first instance proceedings, the impact of this litigation on the company's future profits cannot yet be determined[39] Significant Related Party Transactions The reporting period included three major related party transactions: property leasing, acquisition of a 10% interest in the Moolarben Coal Joint Venture, and sale of non-coal trading companies Continuing Connected Transaction for Property Leasing Shanghai Dongjiang Real Estate Development Co., Ltd. signed a lease agreement with Shanghai Yankuang Xinda Hotel Co., Ltd. - Transaction content: The company's wholly-owned subsidiary, Shanghai Dongjiang Real Estate Development Co., Ltd., signed the 'Shanghai Dongjiang Mingzhu Plaza Lease Agreement' with Shanghai Yankuang Xinda Hotel Co., Ltd., a subsidiary of Yankuang Group[40] Acquisition of 10% Interest in Moolarben Coal Joint Venture Connected Transaction Yancoal Australia acquired a 10% interest in the Moolarben Coal Joint Venture from Sojitz Moolarben Resources for 300 million Australian Dollars - Transaction content: Yancoal Australia, through Moolarben Company, acquired a 10% interest in the Moolarben Coal Joint Venture from Sojitz Moolarben Resources for a transaction price of 300 million Australian Dollars[41][42] - Progress: As of the report disclosure date, the equity transfer has been completed[42] Disposal of 100% Equity in Non-Coal Trading Companies Connected Transaction Yankuang International sold its wholly-owned subsidiaries, Yankuang International Trade Co., Ltd. and Yankuang International (Singapore) Co., Ltd., for 150.6712 million Yuan - Transaction content: Yankuang International sold 100% equity in its wholly-owned subsidiaries, Yankuang International Trade Co., Ltd. and Yankuang International (Singapore) Co., Ltd., to Dianlv Hong Kong Company for a transaction price of 150.6712 million Yuan[43] Other Significant Matters This section covers the deregistration of Xinyinlian Co., Ltd., board and supervisory board re-elections, and appointments of new senior management Deregistration of Xinyinlian Co., Ltd. The company's controlling subsidiary, Xinyinlian Co., Ltd., has completed its liquidation and deregistration process - Progress: The company's controlling subsidiary, Xinyinlian Co., Ltd., has completed its liquidation and deregistration process[44] Board of Directors and Supervisory Board Re-election The company has nominated candidates for the board of directors and supervisory board, pending approval at the general meeting of shareholders - Board of Directors candidates: Li Xiyong, Li Wei, Wu Xiangqian, Liu Jian, Zhao Qingchun, and He Jing nominated as non-independent director candidates; Tian Hui, Cai Chang, Pan Zhaoguo, and Zhu Limin nominated as independent director candidates[45] - Supervisory Board candidates: Gu Shisheng, Zhou Hong, Li Shipeng, and Qin Yanpo nominated as non-employee representative supervisor candidates[46] - Progress: The aforementioned re-election matters for the Board of Directors and Supervisory Board are subject to approval at the company's general meeting of shareholders[46] Appointment of Company Investment Director Mr. Zhang Lei has been appointed as the company's Investment Director, with a term consistent with other senior management - Personnel change: The company appointed Mr. Zhang Lei as Investment Director, with a term consistent with other senior management appointed by the company's seventh Board of Directors[47] Appointment of Company General Manager Mr. Liu Jian has been appointed as the company's General Manager, succeeding Mr. Wu Xiangqian - Personnel change: The company appointed Mr. Liu Jian as General Manager[48] - Former General Manager change: Mr. Wu Xiangqian no longer serves as the company's General Manager[48] Appointment of Company Deputy General Managers and Chief Engineer The company appointed Mr. Xiao Yaomeng, Mr. Zhang Chuanchang, and Mr. Wang Peng as Deputy General Managers, and Mr. Wang Chunyao as Chief Engineer - Personnel change: The company appointed Mr. Xiao Yaomeng, Mr. Zhang Chuanchang, and Mr. Wang Peng as Deputy General Managers; Mr. Wang Chunyao was appointed as Chief Engineer[49] - Former senior management change: Mr. Zhao Honggang no longer serves as Deputy General Manager; Mr. Wang Fuqi no longer serves as Chief Engineer[49] Unfulfilled Commitments Overdue During the Reporting Period There were no unfulfilled commitments overdue during the reporting period - There are no unfulfilled commitments overdue[50] Warning and Explanation of Potential Cumulative Net Profit Loss or Significant Change from Year-Start to End of Next Reporting Period Not applicable - Not applicable[50] Appendix This section contains the company's unaudited financial statements for Q1 2020, including balance sheets, income statements, and cash flow statements Financial Statements This section provides the company's unaudited consolidated and parent company financial statements for Q1 2020, detailing financial position, operating results, and cash flows - Includes unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2020[52][57][62][54][60][66] Consolidated Balance Sheet As of March 31, 2020, consolidated total assets were 216.887 billion Yuan, with total liabilities at 135.912 billion Yuan Key Consolidated Balance Sheet Data (As of March 31, 2020 vs December 31, 2019) | Item | As of March 31, 2020 (Thousand Yuan) | As of December 31, 2019 (Thousand Yuan) | | :--- | :--- | :--- | | Total Assets | 216,887,452 | 207,821,363 | | Total Current Assets | 77,607,128 | 63,562,136 | | Total Non-Current Assets | 139,280,324 | 144,259,227 | | Total Liabilities | 135,912,580 | 124,297,241 | | Total Owners' Equity | 80,974,872 | 83,524,122 | Parent Company Balance Sheet As of March 31, 2020, parent company total assets were 146.711 billion Yuan, with total liabilities at 81.602 billion Yuan Key Parent Company Balance Sheet Data (As of March 31, 2020 vs December 31, 2019) | Item | As of March 31, 2020 (Thousand Yuan) | As of December 31, 2019 (Thousand Yuan) | | :--- | :--- | :--- | | Total Assets | 146,711,534 | 141,921,095 | | Total Current Assets | 58,090,248 | 53,325,213 | | Total Non-Current Assets | 88,621,286 | 88,595,882 | | Total Liabilities | 81,602,538 | 77,788,571 | | Total Owners' Equity | 65,108,996 | 64,132,524 | Consolidated Income Statement Q1 2020 consolidated total operating revenue decreased by 5.47%, with net profit and net profit attributable to parent company shareholders also declining Key Consolidated Income Statement Data (Q1 2020 vs Q1 2019) | Item | Q1 2020 (Thousand Yuan) | Q1 2019 (Thousand Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 45,604,524 | 48,243,536 | -5.47 | | Total Operating Costs | 43,272,681 | 44,691,093 | -3.17 | | Operating Profit | 2,400,664 | 3,859,024 | -37.80 | | Total Profit | 2,485,089 | 3,915,437 | -36.53 | | Net Profit | 1,861,070 | 3,017,437 | -38.33 | | Net Profit Attributable to Parent Company Shareholders | 1,527,504 | 2,308,395 | -33.83 | | Basic Earnings Per Share (Yuan/share) | 0.3110 | 0.4699 | -33.82 | Parent Company Income Statement Q1 2020 parent company operating revenue decreased by 11.19%, with net profit and net profit attributable to parent company shareholders also declining Key Parent Company Income Statement Data (Q1 2020 vs Q1 2019) | Item | Q1 2020 (Thousand Yuan) | Q1 2019 (Thousand Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,472,263 | 6,161,595 | -11.19 | | Operating Profit | 1,255,128 | 1,841,292 | -31.84 | | Total Profit | 1,309,681 | 1,888,201 | -30.64 | | Net Profit | 975,768 | 1,513,242 | -35.52 | | Net Profit Attributable to Parent Company Shareholders | 827,893 | 1,372,057 | -39.66 | | Basic Earnings Per Share (Yuan/share) | 0.1685 | 0.2793 | -39.67 | Consolidated Cash Flow Statement Q1 2020 saw a significant decrease in net cash from operating activities, while net cash from financing activities turned positive Key Consolidated Cash Flow Statement Data (Q1 2020 vs Q1 2019) | Item | Q1 2020 (Thousand Yuan) | Q1 2019 (Thousand Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,336,342 | 4,424,475 | -69.80 | | Net Cash Flow from Investing Activities | -2,216,967 | -2,710,523 | -18.21 | | Net Cash Flow from Financing Activities | 5,861,344 | -8,156,614 | / | | Net Increase in Cash and Cash Equivalents | 4,868,188 | -6,660,010 | / | | Cash and Cash Equivalents at Period End | 27,690,812 | 20,736,116 | 33.55 | Parent Company Cash Flow Statement Q1 2020 saw a decrease in net cash from operating activities, while net cash from investing and financing activities both turned positive Key Parent Company Cash Flow Statement Data (Q1 2020 vs Q1 2019) | Item | Q1 2020 (Thousand Yuan) | Q1 2019 (Thousand Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,260,203 | 2,011,482 | -37.35 | | Net Cash Flow from Investing Activities | 215,416 | -212,316 | / | | Net Cash Flow from Financing Activities | 1,451,125 | -7,169,245 | / | | Net Increase in Cash and Cash Equivalents | 2,935,010 | -5,369,811 | / | | Cash and Cash Equivalents at Period End | 7,523,571 | 8,283,822 | -9.18 | Information on Adjustments to Financial Statements at the Beginning of the First Year of Application of New Revenue and Lease Standards from 2020 Not applicable - Not applicable[69] Explanation of Retrospective Adjustments to Prior Period Comparative Data for New Revenue and Lease Standards from 2020 Not applicable - Not applicable[69] Audit Report Not applicable - Not applicable[69]