HST(SH:600817)2021-04-26 16:00Company Overview Key Financial Data In Q1 2021, the company achieved strong performance with revenue growing by 55.75% to 866 million yuan and net profit attributable to shareholders increasing by 29.62% to 94 million yuan, while operating cash flow significantly decreased to -230 million yuan Financial Performance Indicators | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 866,280,903.40 | 556,215,426.23 | 55.75% | | Net Profit Attributable to Shareholders (RMB) | 93,754,989.86 | 72,328,195.58 | 29.62% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB) | 81,265,663.93 | 62,240,721.12 | 30.57% | | Basic Earnings Per Share (RMB/share) | 0.1795 | 0.1465 | 22.53% | | Weighted Average Return on Net Assets (%) | 5.20% | 4.83% | Increased 0.37 percentage points | | Net Cash Flow from Operating Activities (RMB) | -229,881,091.61 | -16,895,047.40 | Not applicable | | Balance Sheet Indicators | Current Period End | Prior Year End | Period-end vs. Prior Year-end Change (%) | | Total Assets (RMB) | 4,269,622,406.92 | 4,288,342,013.25 | -0.44% | | Net Assets Attributable to Shareholders (RMB) | 1,853,435,880.23 | 1,752,183,156.50 | 5.78% | Non-recurring Gains and Losses | Non-recurring Gain/Loss Item | Current Period Amount (RMB) | | :--- | :--- | | Disposal Gains/Losses on Non-current Assets | -3,889.18 | | Government Grants | 11,784,232.26 | | Fair Value Change Gains/Losses and Investment Income | 4,315,120.21 | | Other Non-operating Income/Expenses | 894,198.96 | | Other | 42,435.85 | | Impact on Minority Interests (After Tax) | -1,268,038.75 | | Income Tax Impact | -3,274,733.42 | | Total | 12,489,325.93 | Shareholder Information As of the reporting period end, the company had 6,308 shareholders, with a highly concentrated equity structure where the controlling shareholder and its subsidiaries collectively held over 71% of shares - As of the reporting period end, the company had 6,308 shareholders8 Top Shareholders | Shareholder Name | Number of Shares Held (shares) | Percentage of Total Share Capital (%) | | :--- | :--- | :--- | | Zhengzhou Yutong Group Co., Ltd. | 294,756,351 | 56.44 | | Tibet Deheng Enterprise Management Co., Ltd. | 41,639,968 | 7.97 | | Lhasa Deyu Xinchuang Industrial Co., Ltd. | 38,072,695 | 7.29 | | Zhang Jincheng | 9,650,009 | 1.85 | | Shizhi Pursuing Truth Private Securities Investment Fund | 9,134,952 | 1.75 | - Among the top three shareholders, Tibet Deheng and Deyu Xinchuang are subsidiaries of the controlling shareholder Yutong Group, forming a concerted action relationship9 Significant Matters Analysis of Significant Changes in Key Financial Indicators During the reporting period, multiple financial indicators changed significantly, driven by increased sales in environmental sanitation and construction machinery, leading to higher costs and expenses, while financial expenses decreased due to increased deposit interest and other payables rose due to equity incentives Balance Sheet Item Changes | Balance Sheet Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Financial Assets Held for Trading | 90.25 | Increased wealth management products | | Prepayments | 51.37 | Increased prepayments for materials | | Construction in Progress | -52.72 | Partial construction in progress transferred to fixed assets | | Contract Liabilities | -41.95 | Prepayments recognized as revenue | | Other Payables | 63.11 | Implementation of restricted stock incentive plan | Income Statement Item Changes | Income Statement Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Total Operating Revenue | 55.75 | Increased sales revenue from environmental sanitation and construction machinery | | Operating Cost | 64.56 | Revenue increase, costs increased proportionally | | Selling Expenses | 107.85 | Lower expenses in prior period due to pandemic; increased expenses with revenue growth in current period | | Administrative Expenses | 67.64 | Revenue growth and accrual of restricted stock incentive expenses | | Financial Expenses | -1,138.31 | Increased deposit interest | | Other Income | 70.13 | Increased government subsidies | | Credit Impairment Losses | -233.84 | Revenue increase, corresponding increase in receivables, leading to higher impairment provisions | Cash Flow Statement Item Changes | Cash Flow Statement Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | Not applicable | Installment increase in accounts receivable and payment of maturing payables; year-end bonus distribution increased YoY | | Net Cash Flow from Investing Activities | -199.32 | Increased wealth management products | | Net Cash Flow from Financing Activities | Not applicable | Implementation of restricted stock incentive | Restricted Stock Incentive Plan The company approved and implemented a restricted stock incentive plan in February 2021, granting 17.09 million restricted shares to 74 incentive recipients, with registration completed before the report disclosure - The company's board of directors and general meeting of shareholders approved the 2021 Restricted Stock Incentive Plan (Draft) and related proposals14 - As of the report disclosure date, the company completed the registration of 17.09 million restricted shares granted to 74 incentive recipients15 Next Reporting Period Performance Forecast The company warns of a significant change in H1 2021 net profit compared to the prior year, primarily due to a major asset restructuring in 2020 that altered the scope of consolidated financial statements - The company forecasts a significant change in H1 2021 net profit compared to H1 202016 - The primary reason for the significant performance change is the major asset restructuring in 2020, which altered the company's consolidated financial statement scope16 Financial Statements Consolidated Balance Sheet As of Q1 2021, total assets were 4.27 billion yuan, a slight decrease of 0.44% from year-end, while total liabilities decreased by 6.34% to 2.27 billion yuan, and net assets attributable to shareholders increased by 5.78% to 1.85 billion yuan Consolidated Balance Sheet Summary | Item | March 31, 2021 (RMB) | December 31, 2020 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 4,269,622,406.92 | 4,288,342,013.25 | -0.44% | | Total Current Assets | 3,115,077,267.11 | 3,131,742,784.11 | -0.53% | | Total Non-current Assets | 1,154,545,139.81 | 1,156,599,229.14 | -0.18% | | Total Liabilities | 2,264,599,859.29 | 2,417,930,715.01 | -6.34% | | Total Current Liabilities | 1,912,420,501.39 | 2,062,365,719.62 | -7.27% | | Total Owners' Equity | 2,005,022,547.63 | 1,870,411,298.24 | 7.20% | | Total Owners' Equity Attributable to Parent Company | 1,853,435,880.23 | 1,752,183,156.50 | 5.78% | Consolidated Income Statement In Q1 2021, total operating revenue reached 866 million yuan, up 55.75%, with total operating costs increasing by 59.04% to 753 million yuan, resulting in a net profit attributable to parent company shareholders of 94 million yuan, up 29.62% Consolidated Income Statement Summary | Item | Q1 2021 (RMB) | Q1 2020 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 866,280,903.40 | 556,215,426.23 | 55.75% | | Total Operating Cost | 752,564,173.76 | 473,175,188.80 | 59.04% | | Operating Profit | 129,472,509.32 | 94,426,576.07 | 37.11% | | Total Profit | 130,366,708.28 | 95,142,789.16 | 37.02% | | Net Profit | 113,703,598.98 | 83,110,927.03 | 36.81% | | Net Profit Attributable to Parent Company Shareholders | 93,754,989.86 | 72,328,195.58 | 29.62% | | Basic Earnings Per Share (RMB/share) | 0.1795 | 0.1465 | 22.53% | Consolidated Cash Flow Statement In Q1 2021, net cash flow from operating activities was -230 million yuan, a significant decrease from -17 million yuan YoY, primarily due to increased receivables and maturing payables, while investing activities saw a 169 million yuan net outflow and financing activities a 163 million yuan net inflow Consolidated Cash Flow Statement Summary | Item | Q1 2021 (RMB) | Q1 2020 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -229,881,091.61 | -16,895,047.40 | | Net Cash Flow from Investing Activities | -169,131,346.37 | 170,288,935.23 | | Net Cash Flow from Financing Activities | 163,065,507.90 | -763,918.00 | | Net Increase in Cash and Cash Equivalents | -235,959,578.42 | 152,649,804.50 | | Cash and Cash Equivalents at Period End | 1,279,266,961.14 | 1,294,115,624.16 |