首开股份(600376) - 2023 Q3 - 季度财报

Important Notice Key Content Notice The company's board, supervisory board, and senior management guarantee the report's accuracy and completeness, with financial information also verified by key accounting personnel, and the quarterly financial statements remain unaudited - The company's Board of Directors, Supervisory Board, Directors, Supervisors, and Senior Management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[2] - The company's head, chief accountant, and head of the accounting department (accounting supervisor) guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3] - The third-quarter financial statements are unaudited[4] Key Financial Data Key Accounting Data and Financial Indicators Operating revenue increased by 7.78% year-on-year in the current period, but net profit attributable to shareholders significantly decreased by 235.64%, while year-to-date operating revenue grew 68.37% and operating cash flow increased 44.79%, despite continued negative net profit Key Accounting Data and Financial Indicators (Unit: RMB Yuan) | Item | Current Reporting Period | YoY Change in Current Reporting Period (%) | Year-to-Date | YoY Change in Year-to-Date (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 13,236,674,115.45 | 7.78% | 32,638,080,764.87 | 68.37% | | Net Profit Attributable to Listed Company Shareholders | -1,159,301,368.72 | -235.64% | -3,065,467,979.85 | Not Applicable | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | -1,166,500,397.08 | -265.44% | -3,085,499,644.40 | Not Applicable | | Net Cash Flow from Operating Activities | Not Applicable | Not Applicable | 6,143,904,014.44 | 44.79% | | Basic Earnings Per Share (RMB/share) | -0.4670 | -250.35% | -1.2289 | Not Applicable | | Diluted Earnings Per Share (RMB/share) | -0.4670 | -250.35% | -1.2289 | Not Applicable | | Weighted Average Return on Net Assets (%) | -5.51 | Decreased by 8.77 percentage points | -13.78 | Decreased by 10.93 percentage points | | Item | End of Current Reporting Period | Change from End of Previous Year (%) | End of Previous Year | Change from End of Current Reporting Period (%) | | Total Assets | 265,987,534,344.54 | -4.42% | 278,295,598,180.99 | Not Applicable | | Owners' Equity Attributable to Listed Company Shareholders | 25,018,396,545.44 | -10.05% | 27,813,942,400.05 | Not Applicable | Non-recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled RMB 7.199 million for this reporting period and RMB 20.032 million year-to-date, primarily from capital occupation fees, government subsidies, and other non-operating income and expenses Non-recurring Gains and Losses Items and Amounts (Unit: RMB Yuan) | Item | Amount for Current Reporting Period | Amount from Year-to-Date | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | -773,329.79 | -689,075.91 | | Government subsidies recognized in current profit or loss | 310,273.42 | 2,030,654.49 | | Capital occupation fees received from non-financial enterprises recognized in current profit or loss | 13,738,722.65 | 38,794,853.05 | | Other non-operating income and expenses apart from the above | 1,255,572.26 | 3,966,222.49 | | Less: Income tax impact | 1,362,614.48 | 3,858,199.46 | | Impact on minority interests (after tax) | 5,969,595.70 | 20,212,790.11 | | Total | 7,199,028.36 | 20,031,664.55 | Changes and Reasons for Key Accounting Data and Financial Indicators Year-to-date operating revenue significantly increased due to concentrated real estate project deliveries, while net profit declined sharply from lower gross margins, investment losses in joint ventures, and fair value decreases, with operating cash flow growth driven by a smaller reduction in inflows than outflows - Operating revenue year-to-date increased by 68.37%, primarily due to a larger volume of concentrated housing delivery projects this period, influenced by the real estate settlement cycle, leading to increased housing settlement revenue[10] - Net profit attributable to shareholders decreased by 235.64% in this reporting period, mainly due to the company's average gross profit margin of 12.81%, a 10.53 percentage point decrease from the same period last year, and the recognition of investment losses in joint ventures and associates[10] - Net cash flow from operating activities year-to-date increased by 44.79%, mainly because, affected by the overall real estate industry, both cash inflows and outflows from operating activities decreased, with the decrease in inflows being smaller than the decrease in outflows[10] - Accounts receivable increased by 48.68% at the end of this reporting period, primarily due to an increase in housing receivables[10] - Long-term receivables increased by 201.50% at the end of this reporting period, mainly due to an increase in long-term intercompany balances with the company's associates[11] - Taxes payable decreased by 34.87% at the end of this reporting period, mainly due to a decrease in the company's corporate income tax and land value-added tax[11] - Dividends payable decreased by 84.18% at the end of this reporting period, mainly due to the company's payment of dividends[11] Shareholder Information Total Number of Common Shareholders and Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the reporting period end, the company had 36,321 common shareholders, with Beijing Capital Development Holding (Group) Co., Ltd. and its affiliate holding over 52% of shares, indicating state-owned control, while multiple Jun Kang Life and Baonian Life products also featured among the top ten with concerted action relationships - Total number of common shareholders at the end of the reporting period was 36,321[12] Top 10 Shareholders' Holdings (Unit: Shares) | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Beijing Capital Development Holding (Group) Co., Ltd. | State-owned Legal Person | 1,215,584,048 | 47.12 | | Beijing Shoukai Tianhong Group Co., Ltd. | State-owned Legal Person | 142,714,290 | 5.53 | | Jun Kang Life Insurance Co., Ltd. - Universal Insurance Product | Other | 84,697,445 | 3.28 | | Suzhou Trust Co., Ltd. - Su Xin Wealth · Fu Cheng K1602 Single Fund Trust | Other | 67,508,253 | 2.62 | | Baonian Life Insurance Co., Ltd. - Participating Insurance Product | Other | 62,660,150 | 2.43 | | Shaanxi International Trust Co., Ltd. - Shaan Guo Tou · Hui Xiang No. 11 Targeted Investment Collective Fund Trust Plan | Other | 61,233,681 | 2.37 | | China Merchants Bank Co., Ltd. - SSE Dividend Exchange Traded Open-end Index Securities Investment Fund | Other | 43,214,776 | 1.68 | | Central Huijin Asset Management Co., Ltd. | State-owned Legal Person | 38,410,600 | 1.49 | | Jun Kang Life Insurance Co., Ltd. - Proprietary Funds | Other | 38,310,642 | 1.49 | | Baonian Life Insurance Co., Ltd. - Traditional Insurance Product | Other | 37,569,763 | 1.46 | - Beijing Capital Development Holding (Group) Co., Ltd. holds 100% equity in Beijing Shoukai Tianhong Group Co., Ltd.; Jun Kang Life Insurance Co., Ltd. - Universal Insurance Product and Jun Kang Life Insurance Co., Ltd. - Proprietary Funds are parties acting in concert; Baonian Life Insurance Co., Ltd. - Participating Insurance Product and Baonian Life Insurance Co., Ltd. - Traditional Insurance Product are parties acting in concert[13] Other Reminders Major Real Estate Development Investment During the Reporting Period During the reporting period, the company's total real estate development investment reached RMB 24.155 billion, with RMB 13.901 billion in Beijing and RMB 10.254 billion outside Beijing, resulting in over 14.71 million square meters under construction and 4.14 million square meters completed Major Real Estate Development Investment During the Reporting Period (Unit: RMB Billion, Square Meters) | Project | Actual Investment Amount | Construction Area Under Development | New Construction Area | Completed Area | | :--- | :--- | :--- | :--- | :--- | | Total Beijing Projects | 13.901 | 6,104,307 | 276,658 | 1,235,169 | | Total Non-Beijing Projects | 10.254 | 8,607,358 | 64,731 | 2,910,110 | | Total | 24.155 | 14,711,665 | 341,389 | 4,145,279 | Real Estate Sales During the Reporting Period During the reporting period, the company's total real estate sold (pre-sold) area was 1.6984 million square meters, with non-Beijing projects contributing the majority of sales area Real Estate Sales During the Reporting Period (Unit: Square Meters) | Project | Current Period Sold (Pre-sold) Area | | :--- | :--- | | Total Beijing Projects | 664,552 | | Total Non-Beijing Projects | 1,033,867 | | Total | 1,698,419 | Real Estate Sales Settlement During the Reporting Period This period, the company's total real estate sales settlement area was 1.2182 million square meters, with non-Beijing projects accounting for a larger portion than Beijing projects Real Estate Sales Settlement During the Reporting Period (Unit: Million Square Meters) | Project | Current Period Settlement Area | | :--- | :--- | | Total Beijing | 0.4496 | | Total Non-Beijing | 0.7686 | | Total | 1.2182 | Asset Transfer Progress and Signing Status The company completed the sale of a 61.5% equity stake in Beijing Lianbao Real Estate Co., Ltd. for RMB 424.14 million after the reporting period, which does not impact current profit, and notes that current contracted sales deviate from internal plans, advising investors of risks - The company disclosed the "Announcement on Asset Transfer Progress" on October 10, 2023, stating that the sale of a 61.5% equity stake in Beijing Lianbao Real Estate Co., Ltd. has been completed, and the full transfer price of RMB 424.14388644 million has been received, but this transaction was completed after the reporting period and does not impact current period profit[20] - As of the end of this reporting period, the company achieved a contracted area of 1.6984 million square meters and a contracted amount of RMB 44.733 billion, which deviates somewhat from the company's internal annual plan, and investors are advised to be aware of investment risks[20] Quarterly Financial Statements Type of Audit Opinion This quarterly financial statement is unaudited - This quarterly financial statement is unaudited[21] Consolidated Balance Sheet As of September 30, 2023, total assets were RMB 265.988 billion, a 4.42% decrease from year-end, and owners' equity attributable to the parent company was RMB 25.018 billion, a 10.05% decrease, with inventory and long-term equity investments as major current assets, and contract liabilities and non-current liabilities due within one year as key current liabilities - As of September 30, 2023, the company's total assets were RMB 265.987534344.54 billion, a 4.42% decrease from December 31, 2022[6][24] - As of September 30, 2023, total owners' equity attributable to the parent company was RMB 25.018396545.44 billion, a 10.05% decrease from December 31, 2022[6][25] - Current assets primarily included RMB 135.706 billion in inventory, RMB 51.568 billion in other receivables, and RMB 23.778 billion in monetary funds[23] - Current liabilities primarily included RMB 37.851 billion in contract liabilities, RMB 20.833 billion in other payables, and RMB 13.615 billion in non-current liabilities due within one year[24] Consolidated Income Statement In the first three quarters of 2023, total operating revenue grew 68.37% to RMB 32.638 billion, but increased operating costs, a shift from investment gains to losses, and fair value losses led to an expanded net loss of RMB 3.065 billion attributable to parent company shareholders, with basic EPS at -1.2289 RMB per share - Total operating revenue for the first three quarters of 2023 was RMB 32.638080764.87 billion, a 68.37% increase from the same period last year[5][27] - Net profit attributable to parent company shareholders for the first three quarters of 2023 was RMB -3.065467979.85 billion, compared to RMB -569.678693.05 million in the same period last year, indicating an expanded loss year-on-year[29] - Investment income shifted from RMB 62.372668.27 million in the same period last year to RMB -578.334306.24 million in the current period, primarily due to investment losses in associates and joint ventures[28] - Fair value change income shifted from RMB 53.074876.96 million in the same period last year to RMB -500.763463.33 million in the current period[28] - Basic earnings per share was RMB -1.2289 per share, compared to RMB -0.2825 per share in the same period last year[29] Consolidated Cash Flow Statement In the first three quarters of 2023, net cash flow from operating activities increased 44.79% to RMB 6.144 billion, while investing activities turned negative at RMB -571.42 million, and financing activities' negative value significantly narrowed to RMB -2.318 billion, with period-end cash and cash equivalents rising to RMB 23.443 billion - Net cash flow from operating activities for the first three quarters of 2023 was RMB 6.143904014.44 billion, a 44.79% increase from the same period last year[6][31] - Net cash flow from investing activities for the first three quarters of 2023 was RMB -571.420413.89 million, compared to RMB 19.595577.94 million in the same period last year, shifting from positive to negative[32] - Net cash flow from financing activities for the first three quarters of 2023 was RMB -2.317832582.26 billion, compared to RMB -12.733166243.66 billion in the same period last year, with the negative value significantly narrowing year-on-year[32] - As of September 30, 2023, the cash and cash equivalents balance at period-end was RMB 23.443135888.81 billion, an increase of RMB 3.256503347.21 billion from the beginning of the period[32]