KEC(SH:600997)2021-04-26 16:00Financial Performance - Net profit attributable to shareholders rose by 86.88% to CNY 606.07 million year-on-year[15] - Operating revenue grew by 25.62% to CNY 5.84 billion compared to the same period last year[15] - Basic earnings per share increased by 90.00% to CNY 0.38 per share[15] - The company reported a net profit excluding non-recurring gains and losses of CNY 602.92 million, an increase of 86.38% year-on-year[15] - Operating profit for Q1 2021 was RMB 978,440,777.12, significantly higher than RMB 467,236,056.15 in Q1 2020, representing a growth of 109%[41] - Net profit for Q1 2021 amounted to RMB 743,630,658.33, compared to RMB 358,439,956.61 in Q1 2020, reflecting a year-on-year increase of 107.1%[41] - The company's net profit for the first quarter of 2021 was CNY 291,065,882.30, an increase from CNY 268,426,823.24 in the same period of 2020, representing a growth of approximately 8.4%[47] Assets and Liabilities - Total assets increased by 4.63% to CNY 28.62 billion compared to the end of the previous year[15] - The company's total assets were RMB 28,622,809,798.21, up from RMB 27,356,966,395.26, marking a growth of 4.6%[33] - Total liabilities reached RMB 13,607,850,699.70, compared to RMB 13,126,728,223.93, indicating an increase of 3.6%[33] - Total current liabilities were RMB 2,353,938,146.38, while total liabilities stood at RMB 6,771,132,776.90[67] - Total current assets amounted to RMB 8,104,887,055.61 as of December 31, 2020[65] - Total non-current assets reached RMB 9,634,317,854.62, leading to a total asset value of RMB 17,739,204,910.23[67] Cash Flow - Net cash flow from operating activities decreased by 6.57% to CNY 726.25 million compared to the previous year[15] - The cash inflow from operating activities for Q1 2021 was CNY 5,190,114,669.00, an increase of 24.1% compared to CNY 4,182,348,486.58 in Q1 2020[51] - The net cash outflow from investment activities was CNY 150,226,899.92, an increase of 62.76% compared to the previous year, mainly due to cash payments for constructing fixed assets[28] - The net cash outflow from financing activities was CNY 183,526,282.37, an increase of 148.17%, primarily due to increased repayments of bank loans[28] - The company reported a net cash inflow of CNY 396,181,394.13 for Q1 2021, a decrease from CNY 600,333,243.39 in Q1 2020[52] Shareholder Information - The total number of shareholders at the end of the reporting period was 66,764[19] - The largest shareholder, Kailuan Group Co., Ltd., held 46.12% of the shares, with 158,730,159 shares pledged[19] Research and Development - Research and development expenses rose by CNY 6,222,820.59, an increase of 41.89%, reflecting higher investment in R&D[25] - Research and development expenses for Q1 2021 were RMB 21,077,359.77, up 41.5% from RMB 14,854,539.18 in Q1 2020[41] - Research and development expenses decreased to CNY 7,647,787.75 in the first quarter of 2021 from CNY 12,311,468.77 in the first quarter of 2020, a reduction of approximately 37.5%[47] Tax and Government Subsidies - Government subsidies recognized in the current period amounted to CNY 4.15 million[15] - The company's tax payable increased by CNY 215,584,262.89, up 141.52%, primarily due to a significant increase in profits leading to higher corporate income tax[23] - The company's tax expenses for the first quarter of 2021 were CNY 92,564,403.82, up from CNY 83,801,727.94 in the first quarter of 2020, indicating an increase of about 10.5%[47] Inventory and Receivables - Accounts receivable amounted to RMB 1,876,297,850.06, up from RMB 1,778,218,499.96, reflecting a growth of 5.5%[31] - Inventory increased to RMB 1,130,036,614.31 from RMB 977,645,982.86, representing a rise of 15.6%[31] - Accounts receivable decreased to RMB 450,047,962.03 from RMB 684,723,342.91, a decline of 34.3%[39] Changes in Accounting Standards - The new leasing standards introduced "right-of-use assets" and "lease liabilities," impacting the financial statements starting January 1, 2021[64] - The implementation of the new leasing standards is expected to enhance transparency in the company's financial reporting and asset management[64]