福瑞达(600223) - 2021 Q1 - 季度财报

Important Notice The company's board, supervisory board, and senior management guarantee the report's authenticity, accuracy, and completeness, with all directors attending the review meeting and the report being unaudited Report Authenticity and Audit Status The company's board, supervisory board, and senior management guarantee the report's authenticity, accuracy, and completeness, with all directors attending the review meeting and the report being unaudited - The company's board of directors, supervisory board, and senior management guarantee the quarterly report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions[7] - All company directors attended the board meeting to review the quarterly report[8] - This company's first-quarter report is unaudited[10] Company Profile This section provides an overview of the company's key financial performance and shareholder structure at the end of the reporting period Key Financial Data The company demonstrated strong financial performance in Q1 2021, with revenue growing by 21.32% and net profit attributable to shareholders increasing by 37.25%, alongside a positive shift in net operating cash flow Key Financial Data for Q1 2021 (Consolidated Statements) | Indicator | End of Current Period/Year-to-Date | End of Prior Year/Prior Year-to-Date | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 62,269,432,977.00 | 61,498,584,742.77 | 1.25 | | Net Assets Attributable to Shareholders (CNY) | 4,147,318,254.85 | 4,080,050,127.32 | 1.65 | | Net Cash Flow from Operating Activities (CNY) | 248,589,677.72 | -1,015,130,298.61 | N/A | | Operating Revenue (CNY) | 1,705,274,995.79 | 1,405,641,084.71 | 21.32 | | Net Profit Attributable to Shareholders (CNY) | 85,803,103.50 | 62,513,808.27 | 37.25 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (CNY) | 83,147,559.79 | 59,686,756.38 | 39.31 | | Weighted Average Return on Net Assets (%) | 2.09 | 2.25 | decreased by 0.16 percentage points | | Basic Earnings Per Share (CNY/share) | 0.085 | 0.06 | 41.67 | | Diluted Earnings Per Share (CNY/share) | 0.085 | 0.06 | 41.67 | Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 8,753.41 | | Government Grants Included in Current Profit/Loss | 4,121,100.30 | | Gains/Losses from Fair Value Changes and Investment Income | 35,295.84 | | Other Non-Operating Income and Expenses | 89,306.66 | | Impact of Minority Interests (After Tax) | -1,003,489.33 | | Income Tax Impact | -595,423.17 | | Total | 2,655,543.71 | Shareholder Information at Report End As of the reporting period end, the company had 62,538 shareholders, with Shandong Commercial Group Co., Ltd. as the largest shareholder at 52.00%, and some top ten shareholders having related party relationships or ongoing share reduction plans - Total shareholders (households) were 62,538[14] Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Share Status | Pledged or Frozen Shares (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Commercial Group Co., Ltd. | 524,739,200 | 52.00 | 0 | Unrestricted | 0 | State-owned Legal Person | | Boshan Wantongda Construction and Installation Company | 19,500,000 | 1.93 | 0 | Pledged | 19,500,000 | Domestic Non-State-owned Legal Person | | LUSHANG Group Co., Ltd. | 17,210,000 | 1.71 | 0 | Unrestricted | 0 | State-owned Legal Person | | Zibo City Asset Management Co., Ltd. | 12,156,250 | 1.20 | 0 | Unrestricted | 0 | State-owned Legal Person | | Shanghai Fangda Investment Management Co., Ltd. | 10,180,000 | 1.01 | 0 | Unrestricted | 0 | Unknown | | Shandong World Trade Center | 9,836,000 | 0.97 | 0 | Unrestricted | 0 | State-owned Legal Person | | Jin Yude | 5,870,000 | 0.58 | 0 | Unrestricted | 0 | Unknown | | Zibo Fifth Cotton Textile Factory | 5,590,000 | 0.55 | 0 | Pledged | 5,590,000 | Domestic Non-State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 4,727,961 | 0.47 | 0 | Unrestricted | 0 | Unknown | | He Zengmao | 4,587,965 | 0.45 | 0 | Unrestricted | 0 | Unknown | - Shandong Commercial Group Co., Ltd., LUSHANG Group Co., Ltd., and Shandong World Trade Center have related party relationships; Boshan Wantongda Construction and Installation Company and Zibo Fifth Cotton Textile Factory also have related party relationships[17] - Shandong World Trade Center is executing a centralized bidding share reduction plan[17] Significant Events This section details significant changes in financial statement items, the progress of important corporate events, and any unfulfilled commitments or profit warnings Significant Changes in Key Financial Statement Items and Indicators, and Their Reasons During the reporting period, the company experienced significant changes in several financial indicators, including a 101.70% increase in sales expenses due to reduced promotions last year, a 92.31% rise in R&D expenses from increased project investment, and a 61.12% decrease in financial expenses due to loan repayments, with net operating cash flow turning positive from increased sales collections Changes in Key Financial Statement Items | Item Name | Amount at Period End/Current Period (CNY) | Amount at Prior Period End/Prior Period (CNY) | Change Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | 40,505,630.35 | 256,811,240.51 | -216,305,610.16 | -84.23 | Primarily due to endorsement and discounting of bills | | Employee Remuneration Payable | 73,550,411.14 | 114,041,764.27 | -40,491,353.13 | -35.51 | Primarily due to decreased unpaid remuneration at period end | | Selling Expenses | 211,985,408.97 | 105,101,667.38 | 106,883,741.59 | 101.70 | Primarily due to reduced promotional activities in the prior period affected by the pandemic | | Administrative Expenses | 85,684,794.29 | 64,353,915.87 | 21,330,878.42 | 33.15 | Primarily due to increased expenses from information technology construction in the current period | | Research and Development Expenses | 23,263,647.47 | 12,096,923.78 | 11,166,723.69 | 92.31 | Primarily due to increased investment in R&D projects in the current period | | Financial Expenses | 3,852,868.46 | 9,910,557.27 | -6,057,688.81 | -61.12 | Primarily due to decreased interest expenses from loan repayments | | Credit Impairment Losses | -4,511,627.02 | 5,846,900.30 | -10,358,527.32 | -177.16 | Primarily due to provision for bad debts on receivables in accordance with accounting policies | | Net Cash Flow from Operating Activities | 248,589,677.72 | -1,015,130,298.61 | 1,263,719,976.33 | N/A | Primarily due to increased sales collections in the current period | | Net Cash Flow from Investing Activities | -59,264,663.34 | -287,249,541.34 | 227,984,878.00 | N/A | Primarily due to fewer investment payments in the prior period | | Net Cash Flow from Financing Activities | -1,293,164,502.63 | 1,790,156,163.90 | -3,083,320,666.53 | -172.24 | Primarily due to higher financing in the prior period | Progress of Significant Events, Their Impact, and Analysis of Solutions The company completed the listing of shares from its 2018 stock option incentive plan, adjusted its registered capital, and a subsidiary acquired land for rural revitalization tourism, while also holding an investor performance briefing - 321,296 shares from the company's stock option plan were registered and listed for trading on January 19, 2021[22] - The company's total share capital increased from 1,000,968,000 shares to 1,009,152,199 shares, with registered capital changing to CNY 1,009,152,199, and industrial and commercial registration completed[24] - The wholly-owned subsidiary Shandong LUSHANG Real Estate Co., Ltd.'s joint venture, Taishan You Rural Revitalization Ecological Tourism Development (Shandong) Co., Ltd., successfully bid for 151,560 square meters of state-owned construction land use rights in Tai'an City for a total transaction price of CNY 356.61 million[25] - The company held its 2020 annual performance briefing via the SSE Roadshow Center, engaging with investors on annual performance and operating conditions[25] Overdue Unfulfilled Commitments During the Reporting Period The company had no overdue unfulfilled commitments during the reporting period - There were no overdue unfulfilled commitments during the reporting period[26] Warning and Explanation of Potential Cumulative Net Profit Loss or Significant Change from Prior Year-End to Next Reporting Period End The company has not issued any warnings regarding potential cumulative net profit loss or significant changes from the beginning of the year to the end of the next reporting period - The company has not issued any warnings regarding potential cumulative net profit loss or significant changes[26] Appendix This section contains the company's financial statements, details on the first-time adoption of new lease standards, and the audit status of the quarterly report Financial Statements This section provides the company's consolidated and parent company financial statements for Q1 2021, including the balance sheet, income statement, and cash flow statement, offering a comprehensive view of its financial position, operating results, and cash flows Consolidated Balance Sheet As of March 31, 2021, the company's consolidated total assets increased by 1.25% from the prior year-end, primarily driven by increases in inventory and contract liabilities, while monetary funds decreased and net assets attributable to parent company shareholders grew Key Data from Consolidated Balance Sheet | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 4,427,813,016.95 | 5,073,947,631.28 | -12.74 | | Inventories | 48,804,987,297.74 | 46,664,870,520.66 | 4.59 | | Total Current Assets | 59,870,018,647.41 | 59,116,788,820.88 | 1.27 | | Total Assets | 62,269,432,977.00 | 61,498,584,742.77 | 1.25 | | Contract Liabilities | 20,439,101,774.89 | 18,560,560,051.08 | 10.12 | | Total Liabilities | 55,743,669,675.72 | 54,981,173,661.44 | 1.39 | | Total Equity Attributable to Parent Company Owners | 4,147,318,254.85 | 4,080,050,127.32 | 1.65 | Parent Company Balance Sheet As of March 31, 2021, the parent company's total assets slightly increased due to higher other receivables, while long-term equity investments decreased and total liabilities rose from increased other payables Key Data from Parent Company Balance Sheet | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 400,370,069.33 | 427,967,057.82 | | Other Receivables | 3,156,226,745.17 | 2,998,991,263.80 | | Long-Term Equity Investments | 2,092,328,550.02 | 2,161,172,622.68 | | Total Assets | 5,674,826,766.38 | 5,613,711,549.34 | | Other Payables | 2,088,597,612.35 | 1,983,728,900.15 | | Total Liabilities | 2,712,960,417.31 | 2,631,388,924.48 | | Total Owners' Equity | 2,961,866,349.07 | 2,982,322,624.86 | Consolidated Income Statement In Q1 2021, the company's consolidated total operating revenue increased by 21.32%, and net profit attributable to parent company shareholders grew by 37.25%, despite significant increases in sales and R&D expenses, with investment income also contributing to profit growth Key Data from Consolidated Income Statement | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,705,274,995.79 | 1,405,641,084.71 | 21.32 | | Total Operating Costs | 1,575,558,636.96 | 1,300,750,231.59 | 21.13 | | Selling Expenses | 211,985,408.97 | 105,101,667.38 | 101.70 | | Research and Development Expenses | 23,263,647.47 | 12,096,923.78 | 92.31 | | Investment Income | 14,208,702.80 | 12,265,504.76 | 15.84 | | Operating Profit | 143,290,867.02 | 125,135,260.09 | 14.51 | | Net Profit | 92,736,542.99 | 65,178,478.33 | 42.28 | | Net Profit Attributable to Parent Company Shareholders | 85,803,103.50 | 62,513,808.27 | 37.25 | | Basic Earnings Per Share (CNY/share) | 0.085 | 0.06 | 41.67 | Parent Company Income Statement In Q1 2021, the parent company's net loss significantly narrowed to -CNY 1,921,299.82, primarily due to financial expenses turning into income and contributions from investment gains Key Data from Parent Company Income Statement | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | | :--- | :--- | :--- | | Administrative Expenses | 13,905,740.56 | 6,779,751.91 | | Financial Expenses | -9,707,858.96 | 2,299.30 | | Investment Income | 2,170,527.34 | N/A | | Operating Profit | -1,921,299.84 | -6,782,051.21 | | Total Profit | -1,921,299.82 | -6,782,051.21 | | Net Profit | -1,921,299.82 | -6,782,051.21 | Consolidated Cash Flow Statement In Q1 2021, consolidated net cash flow from operating activities turned positive to CNY 249 million, driven by increased sales collections, while investment cash outflows decreased and net cash flow from financing activities shifted from positive to negative due to higher financing in the prior year Key Data from Consolidated Cash Flow Statement | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | Change | | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 3,571,795,540.77 | 1,880,504,637.55 | ⬆️ | | Net Cash Flow from Operating Activities | 248,589,677.72 | -1,015,130,298.61 | ⬆️ (from negative to positive) | | Net Cash Flow from Investing Activities | -59,264,663.34 | -287,249,541.34 | ⬆️ (outflow decreased) | | Net Cash Flow from Financing Activities | -1,293,164,502.63 | 1,790,156,163.90 | ⬇️ (from positive to negative) | | Net Increase in Cash and Cash Equivalents | -1,103,858,901.99 | 487,756,560.02 | ⬇️ (from positive to negative) | | Cash and Cash Equivalents at Period End | 1,536,222,968.76 | 2,136,967,131.43 | ⬇️ | Parent Company Cash Flow Statement In Q1 2021, the parent company's net cash flow from operating activities remained negative, but net cash flow from investing activities turned positive due to cash received from investment recovery, while net cash flow from financing activities shifted from positive to negative, reflecting increased debt repayment and dividend distribution Key Data from Parent Company Cash Flow Statement | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -8,631,457.81 | 6,966,164.17 | | Net Cash Flow from Investing Activities | 37,284,980.61 | -403,383,109.23 | | Net Cash Flow from Financing Activities | -56,250,511.29 | 403,309,788.01 | | Net Increase in Cash and Cash Equivalents | -27,596,988.49 | 6,892,842.95 | | Cash and Cash Equivalents at Period End | 400,370,069.33 | 11,254,814.73 | Adjustments to Financial Statements at the Beginning of the First Year of Adopting New Lease Standards from 2021 The company adopted new lease standards from January 1, 2021, but due to its primary engagement in short-term leases, the implementation had no significant impact on the opening balances of the financial statements, financial position, operating results, or cash flows for the period - The company adopted new lease standards effective January 1, 2021[75] - The company's leasing activities primarily involve short-term leases, thus the adoption of new lease standards had no significant impact on the opening balances of the financial statements for the current period[76] - The adoption of new lease standards will not have a significant impact on the company's financial position, operating results, or cash flows[76] Consolidated Balance Sheet Adjustment The first-time adoption of new lease standards resulted in no adjustments to the company's consolidated balance sheet between January 1, 2021, and December 31, 2020 - All items in the consolidated balance sheet show identical amounts for December 31, 2020, and January 1, 2021, with zero adjustments, indicating no significant impact of the new lease standards on the consolidated opening balances[67][75] Parent Company Balance Sheet Adjustment Similar to the consolidated statements, the first-time adoption of new lease standards also resulted in no adjustments to the parent company's balance sheet between January 1, 2021, and December 31, 2020 - All items in the parent company balance sheet show identical amounts for December 31, 2020, and January 1, 2021, with zero adjustments, indicating no significant impact of the new lease standards on the parent company's opening balances[77][82] Explanation of Retrospective Adjustment of Prior Period Comparative Data upon First Adoption of New Lease Standards from 2021 The company did not retrospectively adjust prior period comparative data upon the first-time adoption of new lease standards from 2021 - The company did not retrospectively adjust prior period comparative data[82] Audit Report This quarterly report is unaudited, therefore no audit report is attached - This quarterly report is unaudited, and thus no audit report is provided[82]