泉阳泉(600189) - 2023 Q1 - 季度财报

Key Highlights Key Financial Data The company's Q1 2023 key financial data indicates a 13.48% year-over-year decrease in operating revenue, a 78.74% decline in net profit attributable to shareholders, and a 37.82% reduction in net operating cash flow Key Accounting Data and Financial Indicators for Q1 2023 | Item | Current Period (CNY) | Change from Prior Year Period (%) | | :--- | :--- | :--- | | Operating Revenue | 219,936,708.59 | -13.48 | | Net Profit Attributable to Shareholders | -21,021,917.25 | -78.74 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -22,907,261.34 | -47.72 | | Net Cash Flow from Operating Activities | 58,232,335.64 | -37.82 | | Basic EPS (CNY/share) | -0.03 | -50.00 | | Diluted EPS (CNY/share) | -0.03 | -50.00 | | Weighted Average ROE (%) | -1.28 | Decrease by 0.54 percentage points | Comparison: End of Current Period vs. End of Prior Year: | Item | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,755,001,252.66 | 4,897,379,513.65 | -2.91 | | Owners' Equity Attributable to Shareholders | 1,628,796,739.69 | 1,649,818,656.94 | -1.27 | Non-Recurring Gains and Losses for Q1 2023 | Item | Current Period Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 605,569.89 | | Government Subsidies Recognized in Current P&L | 673,014.32 | | Investment Income from Disposal of Trading Financial Assets | 1,036,318.16 | | Other Non-Operating Income and Expenses | 229,316.48 | | Less: Income Tax Impact | 415,520.74 | | Minority Interests Impact (After Tax) | 243,354.02 | | Total | 1,885,344.09 | Reasons for Changes in Key Accounting Data and Financial Indicators | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Operating Revenue | -13.48 | Slowdown in landscaping project construction and reduced orders in the door manufacturing segment | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -47.72 | Decrease in operating revenue led to a decline in net profit | | Net Cash Flow from Operating Activities | -37.82 | Primarily due to increased cash paid for goods purchased | Shareholder Information Total Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 48,364 common shareholders; China Jilin Forest Industry Group Co., Ltd. is the largest at 30.24%, with some shares pledged and frozen - Total common shareholders at the end of the reporting period were 48,364[7] Top 10 Shareholders' Shareholding | Shareholder Name | Shareholder Type | Number of Shares Held (shares) | Shareholding Percentage (%) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | | China Jilin Forest Industry Group Co., Ltd. | State-owned Legal Entity | 216,254,080 | 30.24 | Pledged: 136,500,000; Frozen: 140,113,053 | | Qingdao Puxin Tongyuan Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-owned Legal Entity | 51,193,531 | 7.16 | None: 0 | | Zhao Zhihua | Domestic Natural Person | 42,246,094 | 5.91 | Pledged: 27,000,000 | | Shanghai Jihong Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-owned Legal Entity | 10,674,902 | 1.49 | Pledged: 6,666,578 | | Jilin Sen Gong Quanyang Forestry Co., Ltd. | State-owned Legal Entity | 4,919,058 | 0.69 | None: 0 | | Jilin Jisheng Asset Management Co., Ltd. | State-owned Legal Entity | 4,812,667 | 0.69 | None: 0 | | Chen Jianhong | Domestic Natural Person | 3,607,200 | 0.50 | None: 0 | | Zhang Sufen | Domestic Natural Person | 3,390,000 | 0.47 | None: 0 | | Gu Chongping | Domestic Natural Person | 3,118,627 | 0.44 | Frozen: 3,118,627 | | Wang Yujie | Domestic Natural Person | 2,960,000 | 0.41 | None: 0 | Explanation of Shareholding Changes and Pledging/Freezing Status During the reporting period, major shareholder Zhao Zhihua reduced holdings by 2,193,600 shares, and the controlling shareholder's 140,113,053 shares were frozen, representing 64.79% of its total - Shareholder Zhao Zhihua and his concerted parties planned to reduce their holdings by no more than 12,949,701 shares, with 2,193,600 shares cumulatively reduced through centralized bidding during the reporting period[9][10] - As of the end of the reporting period, controlling shareholder Sen Gong Group held 216,254,080 shares, of which 140,113,053 shares were cumulatively frozen and sequentially frozen, accounting for 64.79% of its total shareholding[11][12] - Sen Gong Group's 136.5 million pledged shares matured on April 1, 2020, but remain unreleased; Mr. Zhao Zhihua pledged 27 million shares, representing 63.91% of his holdings; Shanghai Jihong Enterprise Management Partnership (Limited Partnership) pledged 6,666,578 shares; Mr. Gu Chongping's 3,118,627 shares were judicially frozen[13][14] Other Reminders Progress of Consolidated Restructuring of Controlling Shareholder and Investee Subsidiary The execution and supervision periods for the consolidated restructuring plan of the controlling shareholder, Sen Gong Group, and its finance company have been extended by six months to June 30, 2023 - The execution and supervision periods for the consolidated restructuring plan of controlling shareholder Sen Gong Group and its finance company have been extended by six months to June 30, 2023[16] Use of Raised Funds During the reporting period, the company recovered CNY 1.35 billion in unit structured deposits, reinvested CNY 245 million of idle raised funds, and extended the construction period for the Changbai Mountain Tianquan project - The company recovered CNY 1.35 billion in unit structured deposit principal and received CNY 875,638.24 in corresponding income[16] - The company used idle raised funds to purchase unit structured deposits, with a balance of CNY 245 million[17] - The construction period for the supporting public facilities and 50,000-ton capacity production line of the Changbai Mountain Tianquan 200,000-ton carbonated mineral water production project has been extended to September 30, 2024[17] Quarterly Financial Statements Type of Audit Opinion The financial statements for this quarter are unaudited - The financial statements for this reporting period are unaudited[19] Financial Statements This section presents the company's Q1 2023 consolidated and parent company balance sheets, income statements, and cash flow statements, detailing financial position, operating results, and cash flow changes Consolidated Balance Sheet As of March 31, 2023, consolidated total assets were CNY 4.755 billion, down 2.91% from prior year-end, with total liabilities at CNY 2.957 billion Consolidated Balance Sheet Key Data (As of March 31, 2023) | Item | March 31, 2023 (CNY) | December 31, 2022 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 230,888,427.72 | 411,341,357.59 | | Trading Financial Assets | 395,000,000.00 | 215,277,191.78 | | Contract Assets | 1,212,504,402.11 | 1,386,385,019.70 | | Total Current Assets | 2,744,211,364.59 | 2,866,212,945.16 | | Total Non-Current Assets | 2,010,789,888.07 | 2,031,166,568.49 | | Total Assets | 4,755,001,252.66 | 4,897,379,513.65 | | Short-term Borrowings | 1,023,382,684.72 | 1,024,625,151.93 | | Accounts Payable | 647,650,111.94 | 747,919,469.98 | | Total Current Liabilities | 2,488,852,123.60 | 2,590,837,680.97 | | Total Non-Current Liabilities | 467,918,071.00 | 490,771,023.10 | | Total Liabilities | 2,956,770,194.60 | 3,081,608,704.07 | | Total Owners' Equity Attributable to Parent Company | 1,628,796,739.69 | 1,649,818,656.94 | | Total Owners' Equity | 1,798,231,058.06 | 1,815,770,809.58 | Consolidated Income Statement In Q1 2023, total operating revenue was CNY 220 million, down 13.48% year-over-year, with net profit attributable to parent company shareholders at -CNY 21.02 million, indicating an expanded loss Consolidated Income Statement Key Data (January-March 2023) | Item | Q1 2023 (CNY) | Q1 2022 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 219,936,708.59 | 254,198,705.22 | | Total Operating Costs | 239,321,917.52 | 263,465,010.60 | | Selling Expenses | 65,659,236.48 | 45,731,584.33 | | Administrative Expenses | 25,103,105.16 | 40,711,383.97 | | Financial Expenses | 15,996,134.22 | 18,230,490.64 | | Operating Profit | -14,280,356.36 | -8,859,890.25 | | Total Profit | -14,099,940.31 | -6,718,621.27 | | Net Profit | -17,539,751.52 | -10,749,699.48 | | Net Profit Attributable to Parent Company Shareholders | -21,021,917.25 | -11,760,934.82 | | Basic EPS (CNY/share) | -0.03 | -0.02 | Consolidated Cash Flow Statement In Q1 2023, net cash flow from operating activities was CNY 58.23 million, down 37.82% year-over-year, with net cash flow from investing activities turning negative at -CNY 180 million Consolidated Cash Flow Statement Key Data (January-March 2023) | Item | Q1 2023 (CNY) | Q1 2022 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 58,232,335.64 | 93,653,014.73 | | Net Cash Flow from Investing Activities | -179,995,864.51 | 187,851,583.59 | | Net Cash Flow from Financing Activities | -52,679,183.13 | -71,069,208.62 | | Net Increase in Cash and Cash Equivalents | -174,442,712.00 | 210,435,389.70 | | Cash and Cash Equivalents at Period End | 225,241,802.74 | 333,864,682.57 | - Increased cash paid for goods purchased and services received was the primary reason for the decrease in net cash flow from operating activities[28] - Cash paid for investments in investing activities significantly increased to CNY 435 million, causing net cash flow from investing activities to turn negative[28] Parent Company Balance Sheet As of March 31, 2023, parent company total assets were CNY 3.025 billion, down 1.87% from prior year-end, with total liabilities at CNY 1.823 billion Parent Company Balance Sheet Key Data (As of March 31, 2023) | Item | March 31, 2023 (CNY) | December 31, 2022 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 112,031,539.59 | 259,624,283.58 | | Trading Financial Assets | 165,000,000.00 | 95,277,191.78 | | Other Receivables | 643,380,598.73 | 628,623,348.87 | | Total Current Assets | 970,056,763.32 | 1,027,469,349.67 | | Long-term Equity Investments | 1,924,617,586.13 | 1,923,364,864.61 | | Total Assets | 3,025,230,648.96 | 3,082,844,042.22 | | Short-term Borrowings | 986,831,000.00 | 988,073,467.21 | | Other Payables | 249,512,796.85 | 249,663,590.06 | | Total Current Liabilities | 1,591,398,436.78 | 1,612,914,985.62 | | Long-term Borrowings | 177,000,000.00 | 191,000,000.00 | | Total Liabilities | 1,823,238,361.45 | 1,864,326,160.27 | | Retained Earnings | -1,779,172,928.03 | -1,762,647,333.59 | | Total Owners' Equity | 1,201,992,287.51 | 1,218,517,881.95 | Parent Company Income Statement In Q1 2023, parent company operating revenue was CNY 14.22 million, down 44.36% year-over-year, with net profit at -CNY 16.53 million, consistent with the prior year Parent Company Income Statement Key Data (January-March 2023) | Item | Q1 2023 (CNY) | Q1 2022 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 14,223,758.42 | 25,564,455.64 | | Operating Costs | 12,482,511.18 | 14,563,496.87 | | Administrative Expenses | 7,987,994.06 | 16,650,803.01 | | Financial Expenses | 12,354,496.54 | 12,409,740.98 | | Investment Income | 1,591,719.61 | 2,693,127.05 | | Net Profit | -16,525,594.44 | -16,742,396.79 | | Basic EPS (CNY/share) | -0.02 | -0.02 | Parent Company Cash Flow Statement In Q1 2023, parent company net cash flow from operating activities turned negative at -CNY 26.12 million, and net cash flow from investing activities was -CNY 70.27 million due to increased investments Parent Company Cash Flow Statement Key Data (January-March 2023) | Item | Q1 2023 (CNY) | Q1 2022 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -26,118,851.69 | 41,909,899.88 | | Net Cash Flow from Investing Activities | -70,270,091.13 | 180,028,309.77 | | Net Cash Flow from Financing Activities | -51,203,801.17 | -45,670,941.58 | | Net Increase in Cash and Cash Equivalents | -147,592,743.99 | 176,267,268.07 | | Cash and Cash Equivalents at Period End | 111,131,539.59 | 227,587,059.42 | - Parent company's net cash flow from operating activities shifted from positive to negative year-over-year, primarily due to increased cash paid for other operating activities[37] - Cash paid for investments in investing activities significantly increased from CNY 1 million in the prior year to CNY 165 million, leading to a substantial decrease in net cash flow from investing activities[37] Adjustments to Financial Statements at the Beginning of the First Year of Application of New Accounting Standards or Interpretations The company's first-time adoption of new accounting standards or interpretations from 2023 does not involve adjustments to the financial statements at the beginning of the first year of application - Not applicable for adjustments to financial statements at the beginning of the first year of application of new accounting standards or interpretations[38]