LJRB(SH:600853)2020-04-29 16:00Financial Performance - Operating revenue for the first quarter was CNY 502.52 million, a decline of 24.37% year-on-year[6] - Net profit attributable to shareholders was a loss of CNY 4.39 million, an improvement from a loss of CNY 5.98 million in the same period last year[6] - The company reported a total of CNY 253,359.72 in non-recurring gains and losses for the period[8] - Total operating revenue for Q1 2020 was ¥502,516,067.80, a decrease of 24.3% compared to ¥664,476,970.85 in Q1 2019[33] - Total operating costs for Q1 2020 were ¥504,326,841.16, down 25.0% from ¥670,555,938.17 in Q1 2019[33] - Net profit for Q1 2020 was a loss of ¥7,338,955.59, an improvement from a loss of ¥9,404,916.19 in Q1 2019[34] - The total comprehensive income for Q1 2020 was ¥1,583,949.04, significantly lower than ¥10,127,823.44 in Q1 2019[37] Cash Flow - Net cash flow from operating activities improved to a loss of CNY 260.99 million, compared to a loss of CNY 627.15 million in the previous year[6] - The company's cash flow from operating activities was -26,098,963.24, a decrease of 8.85% in cash inflows and a decrease of 22.52% in cash outflows compared to the same period last year[15] - The company's cash flow from investing activities was -13,002,278.00, primarily due to the cancellation of an investment management company and payment for equity acquisition[16] - The company’s cash flow from financing activities was -17,342,823.24, a decrease of 103.32% compared to the previous year, mainly due to a significant reduction in cash received from loans[16] - The net cash flow from financing activities for Q1 2020 was -¥17,342,823.24, contrasting with a positive inflow of ¥522,376,802.78 in Q1 2019[40] - The net cash flow from investing activities was -94,610,187.96 RMB in Q1 2020, compared to -35,917,784.63 RMB in Q1 2019, reflecting a significant increase in investment outflows[43] Assets and Liabilities - Total assets decreased by 5.34% to CNY 18.69 billion compared to the end of the previous year[6] - The company's total assets amounted to CNY 18.69 billion, a decrease from CNY 19.74 billion on December 31, 2019, representing a decline of approximately 5.3%[27] - The company's cash and cash equivalents were CNY 2.26 billion as of March 31, 2020, down from CNY 2.55 billion at the end of 2019, indicating a decrease of about 11.4%[26] - Total current liabilities were CNY 12.32 billion as of March 31, 2020, compared to CNY 13.06 billion at the end of 2019, showing a decrease of about 5.6%[28] - The company's non-current liabilities decreased to CNY 4.19 billion from CNY 4.48 billion, indicating a decline of approximately 6.5%[28] - The company reported a significant increase in credit impairment losses, amounting to -4,169,013.48, compared to a gain of 113,382.43 in the previous year, reflecting a year-on-year change of -3776.95%[15] Shareholder Information - The number of shareholders at the end of the reporting period was 66,025[10] - The largest shareholder, Heilongjiang Construction Investment Group Co., Ltd., held 372,241,692 shares, accounting for 44.45% of total shares[10] - The controlling shareholder, Heilongjiang Construction Investment Group, had 60 million unrestricted circulating shares judicially frozen, which was resolved on March 4, 2019, but later 50 million shares were frozen again on April 25, 2019[22] Inventory and Contract Assets - Significant changes in financial indicators included a 100% increase in contract assets to CNY 3.83 billion[12] - Inventory decreased by 85.90% to CNY 670.81 million compared to the previous year[12] - The company’s inventory decreased significantly by CNY 2,225,537,462.72, reflecting a strategic shift in asset management[49] - The company adjusted its accounting policies effective January 1, 2020, leading to a reclassification of CNY 2,229,675,611.29 from inventory to contract assets[51] Other Income and Expenses - Other income increased by 100.00% to 41,423.40, attributed to government subsidies received during the period[15] - The company reported a 278.97% increase in non-operating expenses, totaling 419,842.92, due to increased donation expenditures compared to the previous year[15] - The company's financial expenses increased to ¥18,713,113.48 in Q1 2020, up from ¥8,117,536.09 in Q1 2019, primarily due to higher interest expenses[36] Future Plans and Changes - The company plans to implement new accounting policies effective January 1, 2020, in accordance with the revised revenue recognition standards[23] - The company has signed a supplementary agreement for the 167 km project, revising the first phase repayment date to be before June 30, 2020[21] - The company received investment repayment of 28,705,148,779.50 Mongolian Tugrik, approximately 73,298,475.00 RMB, from the Mongolian government for the 98 km project[20]