ST洲际(600759) - 2020 Q1 - 季度财报

Important Notice This section confirms the company's commitment to the accuracy and completeness of the unaudited quarterly report Report Statement and Audit Status The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, which remains unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions[8] - All directors attended the board meeting to review the quarterly report[9] - This first quarter report is unaudited[10] Company Profile This section provides an overview of the company's key financial performance, shareholder structure, and preferred share status Key Financial Data At the end of the reporting period, total assets and net assets attributable to shareholders slightly decreased, while operating revenue fell by 19.31% and net profit turned to a loss, declining by 653.89%, though net cash flow from operating activities increased by 28.79% Overview of Key Financial Data | Indicator | End of Current Period/Year-to-Date (CNY) | End of Prior Year/Prior Year-to-Date (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 13,703,739,680.53 | 14,086,320,957.59 | -2.71 | | Net Assets Attributable to Shareholders | 5,357,213,147.13 | 5,366,662,111.36 | -0.18 | | Net Cash Flow from Operating Activities | 216,379,115.70 | 168,006,895.99 | 28.79 | | Operating Revenue | 470,834,212.81 | 583,516,937.52 | -19.31 | | Net Profit Attributable to Shareholders | -37,596,603.99 | 6,787,734.30 | -653.89 | | Basic Earnings Per Share (CNY/share) | -0.0166 | 0.0030 | -653.33 | Non-Recurring Gains and Losses | Item | Current Period Amount (CNY) | | :--- | :--- | | Government Grants Included in Current P&L | 2,096,536.11 | | Fair Value Change Gains/Losses and Investment Income | -132,805.78 | | Other Non-Operating Income and Expenses | 18,818,758.60 | | Impact on Minority Interests (After Tax) | -1,902,633.12 | | Income Tax Impact | 30,265.66 | | Total | 18,910,121.47 | Shareholder Ownership As of the end of the reporting period, the company had 86,526 shareholders, with the largest shareholder, Guangxi Zhenghe Industrial Group Co., Ltd., holding 29.38% of shares, all of which are frozen, and other top ten shareholders also having pledged or frozen shares - As of the end of the reporting period, the company had a total of 86,526 shareholders[14] Top Ten Shareholders' Holdings | Shareholder Name (Full) | Shares Held at Period End (shares) | Proportion (%) | Share Status | Pledged or Frozen Shares (shares) | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Zhenghe Industrial Group Co., Ltd. | 665,081,232 | 29.38 | Frozen | 665,081,232 | Domestic Non-State Corporate | | Shenzhen Zhongminshenghui No.1 Investment Enterprise (Limited Partnership) | 169,338,677 | 7.48 | None | - | Domestic Non-State Corporate | | Lin Lidong | 94,029,000 | 4.15 | Pledged | 91,000,000 | Domestic Natural Person | | China Securities Finance Corporation Limited | 75,298,654 | 3.33 | None | - | State-Owned Corporate | | Wuhu Jianghe Investment Management Partnership (Limited Partnership) | 59,920,262 | 2.65 | Pledged | 59,920,262 | Domestic Non-State Corporate | - There are no related party relationships between the company's largest shareholder and other shareholders[17] Preferred Shareholder Status The company had no preferred shareholders at the end of the reporting period - Information on the total number of preferred shareholders, top ten preferred shareholders, and top ten preferred shareholders with unrestricted shares is not applicable as of the end of the reporting period[17] Significant Events This section details changes in key financial items, progress on major initiatives, and future performance outlook Analysis of Changes in Key Financial Statement Items and Indicators During the reporting period, cash and equivalents significantly increased by 105.13% due to increased collections, while accounts receivable and other receivables decreased due to settlements and debt recovery; operating revenue fell by 19.31% due to lower crude oil prices, but operating costs rose by 13.76% from increased production and sales; investment income surged by 427.10% from debt disposal gains Changes in Key Financial Statement Items | Item | Period-End Balance/Current Period Amount (CNY) | Period-Start Balance/Prior Year Same Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Equivalents | 194,363,740.23 | 94,753,684.45 | 105.13 | Increased collection of goods payments in current period | | Accounts Receivable | 139,930,104.83 | 294,675,488.13 | -52.51 | Increased settlement of goods payments in current period | | Other Receivables | 193,817,198.67 | 408,189,111.09 | -52.52 | Recovery of debt disposal proceeds from Hansheng Holding Group Co., Ltd. in current period | | Operating Revenue | 470,834,212.81 | 583,516,937.52 | -19.31 | Decrease in crude oil prices in current period | | Operating Cost | 206,082,832.38 | 181,157,462.74 | 13.76 | Increase in production and sales volume in current period | | Investment Income | 19,580,400.00 | 3,714,742.37 | 427.10 | Receipt of debt disposal proceeds in current period | | Net Cash Flow from Operating Activities | 216,379,115.70 | 168,006,895.99 | 28.79 | Decrease in payments for goods purchased and services received, and decrease in tax payments in current period | Progress of Significant Events During the reporting period, operating revenue decreased by 19.31%, with a net loss of CNY 37.60 million; oilfield production saw new wells drilled and put into operation at Mateng and Keshan projects, increasing crude oil output and sales; the company plans a private placement of CNY 1.36 billion for battery and new energy vehicle projects to optimize its industrial structure; several litigation and arbitration matters progressed, including the settlement of a loan dispute with Aux, a settlement with Li Qiaoli, an arbitration award against Guodingsheng, and new loan dispute lawsuits - As of the end of this reporting period, the company achieved operating revenue of CNY 470.83 million, a 19.31% decrease year-on-year, and a net profit attributable to parent company owners of -CNY 37.60 million[21] Oilfield Production Management Mateng and Keshan projects continued to implement production enhancement measures and new well drilling, effectively controlling decline rates of old wells and improving oilfield output, resulting in a 7.18% increase in crude oil production and a 13.08% increase in sales year-on-year for the first quarter - The Mateng project drilled 3 new wells (including 2 horizontal wells) in the first quarter, completed 2, and put 1 into production, achieving designed output expectations[21] - The Keshan project drilled 6 new wells (including 5 horizontal wells) in the first quarter, completed 5, and put 2 into production, further enhancing oilfield output through production optimization measures[21] Crude Oil Production and Sales | Product | Q1 2020 Production (10,000 tons) | Q1 2020 Sales (10,000 tons) | Q1 2019 Production (10,000 tons) | Q1 2019 Sales (10,000 tons) | YoY Change (%) Production | YoY Change (%) Sales | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Crude Oil | 25.68 | 25.16 | 23.96 | 22.25 | 7.18 | 13.08 | Private Placement Plan The company plans to raise up to CNY 1.36 billion through a private placement for battery technology international innovation center, high-energy-density micro-battery industrialization, high-rate fast-charging battery and new energy vehicle 48V start-stop power supply industrialization projects, and debt repayment, aiming to optimize its industrial structure and cultivate new profit growth points - The company plans to raise a total of no more than CNY 1.36 billion through a private placement of shares to specific investors[22] - The raised funds will be used for the Battery Technology International Innovation Center project, High-Energy-Density Micro-Battery Industrialization project, High-Rate Fast-Charging Battery and New Energy Vehicle 48V Start-Stop Power Supply Industrialization project, and debt repayment[22][25] - Successful completion of this private placement will increase the company's total assets and net assets, reduce the asset-liability ratio, and facilitate the optimization of the company's industrial structure and cultivation of new profit growth points[25] Progress of Litigation and Arbitration During the reporting period, the company's corporate loan dispute with Aux Group Co., Ltd. was settled, a loan dispute with natural person Li Qiaoli was resolved through a settlement agreement to repay CNY 260 million, and an arbitration award with Shenzhen Guodingsheng Trading Co., Ltd. required the company to repay principal of CNY 75.03 million plus overdue interest; additionally, several new loan dispute lawsuits were filed involving subsidiary Intercontinental United and the company itself, with significant total amounts, and these cases are still pending - The corporate loan dispute with Aux Group Co., Ltd. has been settled, with the company having paid off the principal, interest, and liquidated damages in February 2020[26] - A settlement was reached in the corporate loan dispute with natural person Li Qiaoli, with the company agreeing to repay a total of CNY 260 million covering principal, interest, and legal fees[26] - An arbitration award with Shenzhen Guodingsheng Trading Co., Ltd. requires the company to repay a principal of CNY 75.03 million plus overdue interest, with Guangxi Zhenghe Industrial Group Co., Ltd. bearing joint and several liability[26] - Several new loan dispute lawsuits have been filed, including Hailong Oilfield Services Co., Ltd. vs. Intercontinental United (CNY 3.39 million), Shenzhen Guodingsheng Trading Co., Ltd. vs. Intercontinental Oil & Gas and Guangxi Zhenghe (CNY 62.54 million), Shenzhen Rongyida Investment Management Co., Ltd. vs. Intercontinental Oil & Gas and Guangxi Zhenghe (CNY 79.33 million), and Dongying Qihai Petroleum Engineering Co., Ltd. vs. Intercontinental Oil & Gas (CNY 12 million), with some cases still pending or not yet heard[26] Overdue Unfulfilled Commitments The company had no overdue unfulfilled commitments during the reporting period - Information on overdue unfulfilled commitments during the reporting period is not applicable[30] Performance Warning and Reasons The company anticipates a cumulative net loss from the beginning of the year to the end of the next reporting period, primarily due to decreased market demand for crude oil and low Brent oil prices caused by the COVID-19 pandemic and geopolitical factors, significantly impacting the economic benefits of its oil and gas main business - Cumulative net profit from the beginning of the year to the end of the next reporting period is projected to be a loss[30] - The loss is primarily due to the impact of the COVID-19 pandemic and geopolitical factors, leading to decreased market demand for crude oil and low Brent oil prices since March 2020, which significantly adversely affects the economic benefits of the company's core oil and gas business[30] Appendix This section contains the company's unaudited financial statements, details on new accounting standard implementation, and audit status Financial Statements This section provides the company's unaudited financial statements for the first quarter of 2020, including consolidated and parent company balance sheets, income statements, and cash flow statements, 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 CNY 13.70 billion, a 2.71% decrease from the end of the previous year, with total current assets of CNY 1.57 billion, total non-current assets of CNY 12.14 billion, total liabilities of CNY 8.12 billion, and total owners' equity of CNY 5.59 billion Key Data from Consolidated Balance Sheet | Item | March 31, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Assets | 13,703,739,680.53 | 14,086,320,957.59 | | Total Liabilities | 8,115,223,014.93 | 8,489,341,665.83 | | Total Owners' Equity | 5,588,516,665.60 | 5,596,979,291.76 | | Total Owners' Equity Attributable to Parent Company | 5,357,213,147.13 | 5,366,662,111.36 | | Cash and Equivalents | 194,363,740.23 | 94,753,684.45 | | Short-term Borrowings | 2,405,148,162.66 | 2,557,652,644.98 | Parent Company Balance Sheet As of March 31, 2020, the parent company's total assets were CNY 9.39 billion, a slight increase from the end of the previous year, with total current assets of CNY 1.13 billion, total non-current assets of CNY 8.27 billion, total liabilities of CNY 5.02 billion, and total owners' equity of CNY 4.37 billion Key Data from Parent Company Balance Sheet | Item | March 31, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Assets | 9,393,872,953.68 | 9,319,909,483.61 | | Total Liabilities | 5,019,591,096.45 | 4,957,768,096.30 | | Total Owners' Equity | 4,374,281,857.23 | 4,362,141,387.31 | | Cash and Equivalents | 27,824,210.98 | 9,196,233.01 | | Short-term Borrowings | 2,402,148,162.66 | 2,554,652,644.98 | Consolidated Income Statement In the first quarter of 2020, the company's consolidated total operating revenue was CNY 471 million, a 19.31% year-on-year decrease, with total operating costs of CNY 541 million, resulting in a total profit of -CNY 49.47 million, a net profit of -CNY 38.30 million, and a net profit attributable to parent company shareholders of -CNY 37.60 million, compared to a profit in the prior year Key Data from Consolidated Income Statement | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 470,834,212.81 | 583,516,937.52 | | Operating Profit | -50,803,964.11 | 25,648,697.93 | | Total Profit | -49,469,069.40 | 25,697,269.46 | | Net Profit | -38,296,827.59 | 10,688,525.33 | | Net Profit Attributable to Parent Company Shareholders | -37,596,603.99 | 6,787,734.30 | | Basic Earnings Per Share (CNY/share) | -0.0166 | 0.0030 | Parent Company Income Statement In the first quarter of 2020, the parent company's operating revenue was CNY 9.05 million, a slight year-on-year increase, with a significant decrease in operating costs; financial expenses turned from positive to negative, indicating reduced interest expenses or increased interest income, resulting in a total profit of CNY 11.87 million and a net profit of CNY 12.14 million, compared to a loss in the prior year Key Data from Parent Company Income Statement | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 9,046,049.98 | 8,727,672.63 | | Operating Cost | 819,311.83 | 2,572,831.96 | | Financial Expenses | -17,993,075.35 | 137,427,528.43 | | Total Profit | 11,869,265.60 | -148,922,163.12 | | Net Profit | 12,140,469.92 | -115,021,025.00 | Consolidated Cash Flow Statement In the first quarter of 2020, the company's net cash flow from operating activities was CNY 216 million, a 28.79% year-on-year increase, while net cash flow from investing activities was -CNY 38.06 million and from financing activities was -CNY 65.91 million, with cash and cash equivalents at period-end totaling CNY 187 million Key Data from Consolidated Cash Flow Statement | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 216,379,115.70 | 168,006,895.99 | | Net Cash Flow from Investing Activities | -38,061,207.17 | -39,873,378.25 | | Net Cash Flow from Financing Activities | -65,910,266.39 | -83,925,721.51 | | Net Increase in Cash and Cash Equivalents | 105,357,138.44 | 42,023,668.93 | | Cash and Cash Equivalents at Period End | 187,272,483.25 | 155,844,787.64 | Parent Company Cash Flow Statement In the first quarter of 2020, the parent company's net cash flow from operating activities was -CNY 8.85 million, turning from positive to negative, while net cash flow from investing activities was -CNY 0.74 million and from financing activities was CNY 32.92 million, compared to a negative figure in the prior year, with cash and cash equivalents at period-end totaling CNY 32.17 million Key Data from Parent Company Cash Flow Statement | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -8,853,340.44 | 4,735,796.14 | | Net Cash Flow from Investing Activities | -737,896.45 | -17,000.00 | | Net Cash Flow from Financing Activities | 32,917,104.27 | -4,393,796.12 | | Net Increase in Cash and Cash Equivalents | 23,325,867.38 | 325,000.02 | | Cash and Cash Equivalents at Period End | 32,166,810.62 | 807,148.43 | Implementation of New Accounting Standards The company began implementing new revenue and lease standards in 2020 but did not adjust the opening financial statements for the first year of implementation or retrospectively adjust prior period comparative data in this report - Adjustments to the opening financial statements for the first year of implementing new revenue and lease standards from 2020 are not applicable[70] - Retrospective adjustments to prior period comparative data for the first-time implementation of new revenue and lease standards from 2020 are not applicable[70] Audit Report This quarterly report is unaudited - The audit report is not applicable as this company's first quarter report is unaudited[10][70]