中储股份(600787) - 2021 Q1 - 季度财报

I. Important Notice 1.1 Statement on Report Authenticity The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, confirming all directors attended the review; the financial statements are unaudited - The company's management guarantees the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assumes legal responsibility[8] - This company's Q1 2021 report is unaudited[11] II. Company Overview 2.1 Key Financial Data In Q1 2021, the company achieved significant growth in both operating revenue and net profit, primarily due to expanded operations and improved quality post-pandemic, with revenue up 78.03% and net profit attributable to shareholders up 40.78% 2021 Q1 Key Financial Data | Indicator | Current Period | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 13,175,934,276.45 | 7,400,974,550.26 | 78.03 | | Net Profit Attributable to Shareholders (CNY) | 51,808,875.80 | 36,800,870.79 | 40.78 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | 48,164,335.80 | 32,836,382.70 | 46.68 | | Net Cash Flow from Operating Activities (CNY) | -1,530,668,372.10 | -1,330,026,022.68 | Not Applicable | | Basic Earnings Per Share (CNY/share) | 0.0239 | 0.0170 | 40.59 | | Weighted Average Return on Net Assets (%) | 0.4409 | 0.3284 | Increased by 0.11 percentage points | - Operating revenue increased by 78.03% year-on-year, primarily due to the expansion of business operations after overcoming the impact of the pandemic[14] - Net profit attributable to shareholders and non-recurring net profit attributable to shareholders increased significantly, mainly due to controlled pandemic, expanded operations, improved operational quality, and increased operating profit[14] - Total non-recurring gains and losses for the period amounted to CNY 3.64 million, primarily from government subsidies and fair value change gains and losses[15] 2.2 Shareholder Information at Period-End As of the end of the reporting period, the company had 52,334 shareholders, with China National Materials Storage and Transportation Group Co., Ltd. (45.74%) and CLH 12 (HK) Limited (15.45%) as the top two, indicating a relatively concentrated equity structure - As of the end of the reporting period, the company had 52,334 shareholders[15] Top Two Shareholders' Holdings | Shareholder Name | Number of Shares Held | Shareholding Percentage (%) | | :--- | :--- | :--- | | China National Materials Storage and Transportation Group Co., Ltd. | 1,006,185,716 | 45.74 | | CLH 12（HK）Limited | 339,972,649 | 15.45 | III. Significant Matters 3.1 Analysis of Significant Changes in Financial Statement Items and Indicators During the reporting period, several financial indicators significantly changed due to business expansion, with substantial increases in prepayments and inventories on the asset side, and corresponding growth in short-term borrowings and contract liabilities on the liability side, all reflecting supply chain business expansion; operating cash outflow increased mainly due to higher procurement expenditures Balance Sheet Key Item Changes and Reasons | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Prepayments | 63.54 | Expansion of supply chain business and increased procurement | | Inventories | 119.85 | Expansion of supply chain business and increased procurement | | Short-term Borrowings | 130.76 | Increased financing from financial institutions | | Contract Liabilities | 66.99 | Expansion of business operations | | Employee Remuneration Payable | -60.72 | Payment of performance bonuses accrued last year | Income Statement and Cash Flow Statement Key Item Changes and Reasons | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 78.03 | Expansion of business operations after overcoming pandemic impact | | Operating Cost | 77.85 | Expansion of business operations after overcoming pandemic impact | | Selling Expenses | 38.05 | Expansion of supply chain and China Storage Smart Logistics businesses | | Cash Received from Sales of Goods and Services | 62.07 | Expansion of business operations after overcoming pandemic impact | | Cash Paid for Goods and Services | 56.21 | Expansion of business operations after overcoming pandemic impact | | Cash Received from Borrowings | -47.83 | Increased temporary funding needs due to pandemic in prior year | 3.2 Progress of Significant Matters During the reporting period, the company advanced its restricted stock incentive plan, with the revised draft approved by the board, supervisory board, and general meeting of shareholders, and also disclosed the progress of litigation cases - The company's restricted stock incentive plan (revised draft) has been approved by the company's first extraordinary general meeting of shareholders in 2021[25] - The progress of the company's litigation cases has been disclosed in the "China Storage Co., Ltd. 2020 Annual Report"[25] IV. Appendix 4.1 Financial Statements The appendix includes the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021, providing detailed support for the report's financial data Consolidated Balance Sheet As of March 31, 2021, the company's total assets were CNY 23.55 billion, up 11.39% from year-end; total liabilities were CNY 11.31 billion, up 26.26%; and equity attributable to parent company owners was CNY 11.78 billion, up 0.43% Consolidated Balance Sheet Key Items (As of 2021-03-31) | Indicator | Period-End Balance (billion CNY) | Previous Year-End Balance (billion CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 23.55 | 21.14 | 11.39 | | Total Liabilities | 11.31 | 8.96 | 26.26 | | Equity Attributable to Parent Company Owners | 11.78 | 11.73 | 0.43 | Parent Company Balance Sheet As of March 31, 2021, the parent company's total assets were CNY 19.59 billion, up 10.76% from year-end; total liabilities were CNY 8.52 billion, up 28.32% Parent Company Balance Sheet Key Items (As of 2021-03-31) | Indicator | Period-End Balance (billion CNY) | Previous Year-End Balance (billion CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 19.59 | 17.69 | 10.76 | | Total Liabilities | 8.52 | 6.64 | 28.32 | | Total Owners' Equity | 11.08 | 11.05 | 0.22 | Consolidated Income Statement In Q1 2021, the company achieved total operating revenue of CNY 13.18 billion, up 78.0% year-on-year, and net profit attributable to parent company shareholders of CNY 51.81 million, up 40.78% year-on-year Consolidated Income Statement Key Items (Q1 2021) | Indicator | Current Period Amount (million CNY) | Previous Period Amount (million CNY) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 13,177.92 | 7,403.02 | 78.0 | | Operating Profit | 75.31 | 14.74 | 410.8 | | Net Profit Attributable to Parent Company Shareholders | 51.81 | 36.80 | 40.78 | Parent Company Income Statement In Q1 2021, the parent company achieved operating revenue of CNY 2.20 billion, up 96.35% year-on-year, and net profit of CNY 23.74 million, down 50.58% year-on-year Parent Company Income Statement Key Items (Q1 2021) | Indicator | Current Period Amount (million CNY) | Previous Period Amount (million CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,196.33 | 1,118.55 | 96.35 | | Net Profit | 23.74 | 48.04 | -50.58 | Consolidated Cash Flow Statement In Q1 2021, the company's net cash flow from operating activities was -CNY 1.53 billion, with the net outflow expanding year-on-year mainly due to increased procurement expenditures from business expansion; net cash inflow from financing activities was CNY 1.43 billion, primarily from new borrowings Consolidated Cash Flow Statement Key Items (Q1 2021) | Indicator | Current Period Amount (billion CNY) | Previous Period Amount (billion CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1.53 | -1.33 | | Net Cash Flow from Investing Activities | -0.18 | -0.23 | | Net Cash Flow from Financing Activities | 1.43 | 2.64 | | Net Increase in Cash and Cash Equivalents | -0.28 | 1.08 | Parent Company Cash Flow Statement In Q1 2021, the parent company's net cash flow from operating activities was -CNY 1.67 billion, with the net outflow expanding year-on-year; net cash inflow from financing activities was CNY 1.49 billion Parent Company Cash Flow Statement Key Items (Q1 2021) | Indicator | Current Period Amount (billion CNY) | Previous Period Amount (billion CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1.67 | -1.36 | | Net Cash Flow from Investing Activities | -0.05 | -0.10 | | Net Cash Flow from Financing Activities | 1.49 | 2.45 | | Net Increase in Cash and Cash Equivalents | -0.24 | 0.99 | 4.2 Impact of New Lease Standard Adoption The company adopted the new lease standard from January 1, 2021, adjusting its opening financial statements by recognizing right-of-use assets of CNY 138.23 million and lease liabilities of CNY 132.10 million in the consolidated statements, with no impact on opening retained earnings - The company began implementing the new lease standard in 2021 and made corresponding adjustments to its opening financial statements[59][67] Major Impact of New Lease Standard on Consolidated Opening Balances | Adjustment Item | Adjusted Amount (CNY) | | :--- | :--- | | Right-of-Use Assets | +138,230,878.17 | | Lease Liabilities | +132,099,429.21 | | Prepayments | -6,131,448.96 | - This accounting standard change adopted a simplified approach, measuring lease liabilities at the present value of remaining lease payments and adjusting right-of-use assets accordingly, without affecting opening retained earnings[67][73]