湘邮科技(600476) - 2020 Q1 - 季度财报

Important Notice This section provides essential disclaimers regarding the unaudited nature of the report and the responsibilities of the board and management Unaudited Report Statement The company's first quarter 2020 report is unaudited - The company's first quarter report is unaudited[5] Board of Directors and Management Statement The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, assuming legal responsibility; the company's head, chief accountant, and head of accounting department also ensure the financial statements' truthfulness, accuracy, and completeness - 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[8] - Company head Dong Zhihong, chief accountant Liu Zhaohui, and head of accounting department Zhu Jianying guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[8] Company Profile This section provides an overview of the company's key financial performance and shareholding structure as of the reporting period Key Financial Data As of the end of Q1 2020, the company's total assets and net assets attributable to shareholders both decreased year-over-year; operating revenue and net profit significantly declined, with net profit attributable to shareholders turning from profit to loss, and weighted average ROE and basic EPS also deteriorated significantly Key Financial Data Overview (As of Q1 2020) | Indicator | Current Period End/Year-to-Date | Prior Year End/Prior Year-to-Date | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet (Period End): | | | | | Total Assets | 369,013,407.70 CNY | 410,692,699.22 CNY | -10.15 | | Net Assets Attributable to Shareholders | 153,181,687.16 CNY | 167,392,836.16 CNY | -8.49 | | Income Statement (Year-to-Date): | | | | | Operating Revenue | 20,607,011.88 CNY | 134,689,786.44 CNY | -84.70 | | Net Profit Attributable to Shareholders | -14,211,149.00 CNY | 4,127,955.46 CNY | -444.27 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -10,923,871.98 CNY | 2,588,755.46 CNY | -521.97 | | Weighted Average ROE (%) | -0.09 | 1.77 | Decrease by 1.86 percentage points | | Basic EPS (CNY/share) | -0.088 | 0.026 | -438.46 | | Diluted EPS (CNY/share) | -0.088 | 0.026 | -438.46 | | Cash Flow Statement (Year-to-Date): | | | | | Net Cash Flow from Operating Activities | -488,447.98 CNY | -44,282,488.85 CNY | Not applicable | Non-recurring Gains and Losses Items During the reporting period, the company's total non-recurring gains and losses amounted to -3,287,277.02 CNY, primarily comprising government subsidies of 1,587,000.00 CNY recognized in current profit or loss, and fair value changes in financial assets of -6,499,809.36 CNY Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 1,587,000.00 | | Fair value changes and investment gains/losses from disposal of financial assets, derivative financial assets, etc | -6,499,809.36 | | Other non-operating income and expenses | 580.00 | | Income tax impact | 1,624,952.34 | | Total | -3,287,277.02 | Shareholding Information As of the end of the reporting period, the company had 24,492 shareholders; the top two shareholders, Beijing China Post Asset Management Co., Ltd. and Postal Science Research and Planning Institute, both state-owned legal entities, collectively held nearly 40% and are related parties - As of the end of the reporting period, the total number of shareholders was 24,492[11] Top Ten Shareholders' Shareholding Information | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Beijing China Post Asset Management Co., Ltd. | 53,128,388 | 32.98 | State-owned Legal Entity | | Postal Science Research and Planning Institute | 10,229,332 | 6.35 | State-owned Legal Entity | | Jiangxi Ganyue Expressway Co., Ltd. | 6,864,000 | 4.26 | State-owned Legal Entity | | Wei Ran | 1,280,000 | 0.79 | Other | | Sun Mei | 1,221,000 | 0.76 | Other | | Chen Jiafu | 1,195,100 | 0.74 | Other | | Ye Xiaoyan | 765,200 | 0.48 | Other | | Tian Cheng | 723,300 | 0.45 | Other | | Sun Xitang | 668,300 | 0.41 | Other | | Yao Wei | 438,100 | 0.27 | Other | - Beijing China Post Asset Management Co., Ltd. and Postal Science Research and Planning Institute are both subsidiaries of China Post Group Co., Ltd., have related party relationships, and are considered parties acting in concert[12] Significant Events This section outlines significant changes in key financial statement items and indicators, along with other important corporate matters Significant Changes and Reasons for Key Financial Statement Items and Indicators During the reporting period, several financial indicators underwent significant changes: cash and cash equivalents decreased due to loan repayments, while prepayments and advances from customers increased due to extended settlement cycles; operating revenue and costs sharply declined from reduced product sales, and net profit turned to loss due to operating losses and fair value declines of financial assets; cash received from sales and paid for purchases both significantly decreased, yet net cash flow from operating activities improved despite remaining negative Balance Sheet Item Variation Analysis Cash and cash equivalents decreased by 35.42% year-over-year primarily due to bank loan repayments; prepayments increased by 76.21% mainly due to goods paid for but not yet invoiced; advances from customers increased by 84.14% due to uncompleted project settlements not yet recognized as revenue; and employee compensation payable decreased by 87.36% mainly due to salary payments Major Balance Sheet Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 53,090,669.12 | 82,208,713.55 | -35.42 | Primarily due to bank loan repayments during the reporting period | | Prepayments | 7,750,526.23 | 4,398,378.41 | 76.21 | Primarily due to prepayments for goods under contract not yet invoiced during the reporting period | | Advances from Customers | 2,175,154.89 | 1,181,245.25 | 84.14 | Primarily due to uncompleted project settlements not yet recognized as revenue during the reporting period | | Employee Compensation Payable | 595,669.75 | 4,711,504.25 | -87.36 | Primarily due to salary payments during the reporting period | Income Statement and Cash Flow Statement Item Variation Analysis Operating revenue and costs decreased by 84.70% and 84.40% year-over-year, respectively, mainly due to reduced product sales; R&D expenses increased by 322.72%, indicating increased investment; fair value change income decreased by 155.13% due to falling Changsha Bank stock prices; net profit turned to loss, decreasing by 444.27%; both operating cash inflows and outflows significantly reduced, yet net cash flow from operating activities saw a narrowed loss Major Income Statement and Cash Flow Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Income Statement: | | | | | | Operating Revenue | 20,607,011.88 | 134,689,786.44 | -84.70 | Primarily due to decreased product sales revenue during the reporting period | | Operating Cost | 20,114,918.96 | 128,924,544.32 | -84.40 | Primarily due to corresponding cost reduction caused by decreased revenue during the reporting period | | Taxes and Surcharges | 565,898.97 | 362,285.35 | 56.20 | Primarily due to increased urban construction tax and education surcharge during the reporting period | | Selling Expenses | 2,013,782.50 | 2,907,980.78 | -30.75 | Primarily due to reduced travel expenses impacted by the epidemic during the reporting period | | R&D Expenses | 2,178,670.21 | 515,398.26 | 322.72 | Primarily due to the company's increased R&D investment during the reporting period | | Fair Value Change Income | -6,499,809.36 | 11,789,967.72 | -155.13 | Primarily due to the decline in Changsha Bank's stock price during the reporting period | | Net Profit | -14,211,149.00 | 4,127,915.74 | -444.27 | Primarily due to operating losses and the decline in Changsha Bank's stock price during the reporting period | | Cash Flow Statement: | | | | | | Cash Received from Sales of Goods and Services | 18,434,137.03 | 185,538,664.10 | -90.06 | Primarily due to decreased payments received for goods during the reporting period | | Cash Paid for Goods and Services | 6,643,329.28 | 66,257,634.14 | -89.97 | Primarily due to decreased payments made for goods during the reporting period | | Taxes Paid | 2,042,169.20 | 4,466,804.74 | -54.28 | Primarily due to decreased VAT paid during the reporting period | | Other Cash Payments Related to Operating Activities | 3,693,349.83 | 143,346,889.15 | -97.42 | Primarily due to the purchase of bank time deposits in the previous reporting period | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 12,168.14 | 117,448.73 | -89.64 | Primarily due to decreased acquisition of fixed assets during the reporting period | Other Significant Matters During the reporting period, the company had no significant event progress, impact analysis, or solutions, no overdue unfulfilled commitments, and issued no warnings regarding potential cumulative net loss or significant changes in net profit from the beginning of the year to the end of the next reporting period - There was no analysis or explanation of the progress, impact, or solutions for significant matters during the reporting period[17] - There were no overdue unfulfilled commitments during the reporting period[17] - The company did not issue any warnings or explanations regarding a potential cumulative net loss or significant change in net profit from the beginning of the year to the end of the next reporting period compared to the same period last year[17] Appendix This section contains the financial statements, details on the implementation of new accounting standards, and the status of the audit report Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2020, detailing the financial position, operating results, and cash flows at the end of the reporting period Consolidated Balance Sheet As of March 31, 2020, the company's consolidated total assets were 369,013,407.70 CNY, a 10.15% decrease from year-end 2019; total current assets were 297,614,082.64 CNY, total non-current assets were 71,399,325.06 CNY; total liabilities were 215,802,014.30 CNY, and total owner's equity was 153,211,393.40 CNY Consolidated Balance Sheet Overview (As of March 31, 2020) | Item | March 31, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Assets: | | | | Total Current Assets | 297,614,082.64 | 338,577,638.04 | | Total Non-current Assets | 71,399,325.06 | 72,115,061.18 | | Total Assets | 369,013,407.70 | 410,692,699.22 | | Liabilities: | | | | Total Current Liabilities | 193,327,086.18 | 219,170,276.36 | | Total Non-current Liabilities | 22,474,928.12 | 24,099,880.46 | | Total Liabilities | 215,802,014.30 | 243,270,156.82 | | Shareholders' Equity: | | | | Total Equity Attributable to Parent Company Shareholders | 153,181,687.16 | 167,392,836.16 | | Non-controlling Interests | 29,706.24 | 29,706.24 | | Total Shareholders' Equity | 153,211,393.40 | 167,422,542.40 | | Total Liabilities and Shareholders' Equity | 369,013,407.70 | 410,692,699.22 | Parent Company Balance Sheet As of March 31, 2020, the parent company's total assets were 380,773,326.27 CNY, a 9.86% decrease from year-end 2019; total current assets were 297,492,233.20 CNY, total non-current assets were 83,281,093.07 CNY; total liabilities were 219,567,744.50 CNY, and total owner's equity was 161,205,581.77 CNY Parent Company Balance Sheet Overview (As of March 31, 2020) | Item | March 31, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Assets: | | | | Total Current Assets | 297,492,233.20 | 338,455,788.60 | | Total Non-current Assets | 83,281,093.07 | 83,996,829.19 | | Total Assets | 380,773,326.27 | 422,452,617.79 | | Liabilities: | | | | Total Current Liabilities | 197,092,816.38 | 222,936,006.56 | | Total Non-current Liabilities | 22,474,928.12 | 24,099,880.46 | | Total Liabilities | 219,567,744.50 | 247,035,887.02 | | Shareholders' Equity: | | | | Total Shareholders' Equity | 161,205,581.77 | 175,416,730.77 | | Total Liabilities and Shareholders' Equity | 380,773,326.27 | 422,452,617.79 | Consolidated Income Statement In Q1 2020, the company's consolidated total operating revenue was 20,607,011.88 CNY, a significant year-over-year decrease of 84.70%; net profit was -14,211,149.00 CNY, turning from profit to loss, with basic EPS at -0.088 CNY/share Consolidated Income Statement Overview (Q1 2020) | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 20,607,011.88 | 134,689,786.44 | | Total Operating Costs | 31,530,883.86 | 140,943,546.49 | | Operating Profit | -15,836,681.34 | 7,075,407.67 | | Total Profit | -15,836,101.34 | 7,075,407.67 | | Income Tax Expense | -1,624,952.34 | 2,947,491.93 | | Net Profit | -14,211,149.00 | 4,127,915.74 | | Net Profit Attributable to Parent Company Shareholders | -14,211,149.00 | 4,127,955.46 | | Basic EPS (CNY/share) | -0.088 | 0.026 | | Diluted EPS (CNY/share) | -0.088 | 0.026 | Parent Company Income Statement In Q1 2020, the parent company's operating revenue was 20,607,011.88 CNY, a significant year-over-year decrease; net profit was -14,211,149.00 CNY, turning from profit to loss Parent Company Income Statement Overview (Q1 2020) | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 20,607,011.88 | 134,689,786.44 | | Operating Profit | -15,836,681.34 | 7,080,193.73 | | Total Profit | -15,836,101.34 | 7,080,193.73 | | Income Tax Expense | -1,624,952.34 | 2,947,491.93 | | Net Profit | -14,211,149.00 | 4,132,701.80 | Consolidated Cash Flow Statement In Q1 2020, the company's net cash flow from operating activities was -488,447.98 CNY, a significant improvement from -44,282,488.85 CNY in the prior year; net cash flow from investing activities was -12,168.14 CNY, and net cash flow from financing activities was -21,575,555.55 CNY, primarily due to debt repayment Consolidated Cash Flow Statement Overview (Q1 2020) | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -488,447.98 | -44,282,488.85 | | Net Cash Flow from Investing Activities | -12,168.14 | -117,448.73 | | Net Cash Flow from Financing Activities | -21,575,555.55 | -1,600,561.63 | | Net Increase in Cash and Cash Equivalents | -22,076,171.67 | -46,000,499.21 | | Cash and Cash Equivalents at Period End | 45,366,684.36 | 26,121,896.09 | Parent Company Cash Flow Statement In Q1 2020, the parent company's net cash flow from operating activities was -488,447.98 CNY, net cash flow from investing activities was -12,168.14 CNY, and net cash flow from financing activities was -21,575,555.55 CNY; cash and cash equivalents at period end amounted to 45,340,604.92 CNY Parent Company Cash Flow Statement Overview (Q1 2020) | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -488,447.98 | -44,282,488.85 | | Net Cash Flow from Investing Activities | -12,168.14 | -117,448.73 | | Net Cash Flow from Financing Activities | -21,575,555.55 | -1,600,561.63 | | Net Increase in Cash and Cash Equivalents | -22,076,171.67 | -46,000,499.21 | | Cash and Cash Equivalents at Period End | 45,340,604.92 | 25,893,218.88 | Implementation of New Accounting Standards Starting in 2020, the company first implemented new revenue and lease accounting standards but did not adjust the opening financial statements of the first implementation year or retrospectively adjust prior comparative data - The company did not adjust the opening financial statements for the year of initial implementation of the new revenue and lease accounting standards[37] - The company did not retrospectively adjust prior comparative data[37] Audit Report This quarterly report does not include an audit report - This quarterly report does not include an audit report[37]