北方股份(600262) - 2021 Q1 - 季度财报

Important Notice The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report - The company's responsible person, chief accountant, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial statements[4] - This company's first quarter 2021 report is unaudited[4] - The board of directors, supervisory board, and all directors, supervisors, and senior management of the company assure the authenticity, accuracy, and completeness of this quarterly report, with no false records, misleading statements, or major omissions[4] Company Profile This section provides an overview of the company's key financial performance and shareholder structure as of the report period end Key Financial Data In Q1 2021, operating revenue decreased by 19.09% to 272 million CNY, while net profit attributable to shareholders increased by 5.67% to 17.46 million CNY, with total assets slightly up by 1.48% and operating cash flow loss narrowing 2021 Q1 Key Financial Data | Indicator | As of Report Period End / Year-to-date | As of Prior Year End / Prior Year-to-date | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 2,515,046,135.91 | 2,478,410,539.39 | 1.48% | | Net Assets Attributable to Shareholders (CNY) | 1,246,207,156.48 | 1,228,551,466.38 | 1.44% | | Operating Revenue (CNY) | 271,840,273.09 | 335,988,159.79 | -19.09% | | Net Profit Attributable to Shareholders (CNY) | 17,461,904.15 | 16,525,337.89 | 5.67% | | Net Cash Flow from Operating Activities (CNY) | -134,983,187.89 | -168,316,323.98 | Not applicable | | Basic Earnings Per Share (CNY/share) | 0.1027 | 0.0972 | 5.66% | Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Government grants recognized in current profit/loss | 103,000.00 | | Other non-operating income and expenses | 15,755.39 | | Income tax impact | -17,813.31 | | Total | 100,942.08 | Shareholder Information at Report End As of the report period end, the company had 8,527 shareholders, with Inner Mongolia North Heavy Industries Group Co., Ltd. and TEWO (Shanghai) Enterprise Management Consulting Co., Ltd. being the top two shareholders, holding 27.26% and 25.16% respectively, both state-owned legal entities, with no pledges or freezes among the top ten shareholders - As of the report period end, the company had 8,527 shareholders[8] Top Five Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Inner Mongolia North Heavy Industries Group Co., Ltd. | 46,341,499 | 27.26 | State-owned legal entity | | TEWO (Shanghai) Enterprise Management Consulting Co., Ltd. | 42,780,000 | 25.16 | State-owned legal entity | | China Ordnance Investment Management Co., Ltd. | 5,100,000 | 3.00 | State-owned legal entity | | Qu Junwei | 3,565,665 | 2.10 | Domestic natural person | | GF Fund - China Ordnance Investment Management Co., Ltd. - GF Fund - Tian Shu Single Asset Management Plan | 3,400,000 | 2.00 | Other | - Inner Mongolia North Heavy Industries Group Co., Ltd. and China Ordnance Investment Management Co., Ltd. are under the same ultimate controller, China North Industries Group Corporation Limited, forming concerted parties[9] Significant Events This section details the 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 reporting period, the company experienced significant changes across several financial items, including a 61.68% increase in inventories to meet production demands, a 45.91% decrease in prepayments, and a corresponding 83.22% increase in accounts payable, alongside a 303.73% surge in construction in progress due to vehicle test site project investments, and an 838.91% rise in financial expenses primarily due to exchange rate fluctuations, while net cash flow from financing activities significantly decreased due to a large working capital loan in the prior year Balance Sheet Key Item Changes and Reasons | Item | Change (%) | Explanation for Change | | :--- | :--- | :--- | | Cash and cash equivalents | -33.08% | Due to payments for supplier goods and other production and operating expenses | | Prepayments | -45.91% | Due to project deliveries | | Inventories | 61.68% | Increased spare parts reserves to meet current year's production demand | | Accounts payable | 83.22% | Increased due to higher purchases of spare parts | | Construction in progress | 303.73% | Increased investment in vehicle test site project | Income Statement and Cash Flow Statement Key Item Changes and Reasons | Item | Change (%) | Explanation for Change | | :--- | :--- | :--- | | Financial expenses | 838.91% | Affected by exchange rate fluctuations | | Non-operating income | -83.11% | Larger amount of quality claims from suppliers in the prior year | | Net cash flow from financing activities | -105.07% | Due to an increase in working capital loans in the prior year | Appendix This appendix contains the company's unaudited financial statements, including the balance sheet as of March 31, 2021, and the income statement and cash flow statement for the first quarter of 2021 Financial Statements This section presents the company's unaudited financial statements for the first quarter of 2021 Balance Sheet As of March 31, 2021, the company's total assets were 2.515 billion CNY, a 1.48% increase from the end of the previous year, with total liabilities at 1.269 billion CNY, resulting in a debt-to-asset ratio of 50.45%, and net assets attributable to shareholders at 1.246 billion CNY, up 1.44% from the prior year-end Balance Sheet Key Data (Unit: CNY) | Item | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Assets | 2,515,046,135.91 | 2,478,410,539.39 | | Total Liabilities | 1,268,838,979.43 | 1,249,859,073.01 | | Total Owner's Equity (or Shareholder's Equity) | 1,246,207,156.48 | 1,228,551,466.38 | Income Statement In Q1 2021, the company's operating revenue was 272 million CNY, a 19.09% year-on-year decrease, with operating costs at 218 million CNY, down 18.15%, yet operating profit increased by 6.72% due to cost control and investment income, leading to a net profit of 17.46 million CNY, a 5.67% year-on-year increase Income Statement Key Data (Unit: CNY) | Item | 2021 Q1 | 2020 Q1 | | :--- | :--- | :--- | | Operating Revenue | 271,840,273.09 | 335,988,159.79 | | Operating Cost | 217,737,741.31 | 266,015,363.29 | | Operating Profit | 20,524,661.26 | 19,232,798.01 | | Total Profit | 20,543,416.65 | 19,441,573.99 | | Net Profit | 17,461,904.15 | 16,525,337.89 | Cash Flow Statement In Q1 2021, net cash flow from operating activities was -135 million CNY, an improvement from -168 million CNY in the prior year, while net cash outflow from investing activities was 0.79 million CNY, and net cash flow from financing activities was -12.18 million CNY, a significant decrease from a net inflow of 240 million CNY in the prior year primarily due to large borrowings then, with cash and cash equivalents at period end totaling 248 million CNY Cash Flow Statement Key Data (Unit: CNY) | Item | 2021 Q1 | 2020 Q1 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -134,983,187.89 | -168,316,323.98 | | Net Cash Flow from Investing Activities | -793,630.48 | -1,303,895.15 | | Net Cash Flow from Financing Activities | -12,180,371.50 | 240,012,503.06 | | Net Increase in Cash and Cash Equivalents | -146,647,113.80 | 70,506,750.78 |