NB CONSTRUCTION(SH:601789)2023-04-25 16:00Financial Performance - The company's operating revenue for Q1 2023 was CNY 5,696,192,514.78, a decrease of 4.60% compared to the same period last year[6] - Net profit attributable to shareholders was CNY 97,246,425.83, down 5.23% year-on-year[6] - The net profit after deducting non-recurring gains and losses was CNY 91,195,220.41, an increase of 46.26% compared to the previous year[6] - Basic earnings per share for the period was CNY 0.0813, a decrease of 18.38% year-on-year[7] - Total operating revenue for Q1 2023 was ¥5,696,192,514.78, a decrease of 4.56% from ¥5,970,932,649.97 in Q1 2022[43] - Net profit for Q1 2023 was ¥99,284,944.44, a decline of 4.26% compared to ¥104,395,478.40 in Q1 2022[44] - Basic earnings per share for Q1 2023 were ¥0.0813, down from ¥0.0996 in Q1 2022, representing a decrease of 18.4%[45] Assets and Liabilities - Total assets at the end of the period were CNY 23,978,502,530.58, down 3.19% from the end of the previous year[7] - Total assets decreased to RMB 23.98 billion from RMB 24.77 billion, a decline of about 3.20%[42] - Total liabilities decreased to RMB 18.85 billion from RMB 19.27 billion, a reduction of approximately 2.18%[41] - The company's equity attributable to shareholders decreased to RMB 4.69 billion from RMB 5.07 billion, a decline of about 7.47%[42] Cash Flow - The net cash flow from operating activities was negative at CNY -1,119,051,344.73, indicating a significant cash outflow[6] - Cash flow from operating activities in Q1 2023 was negative at -¥1,119,051,344.73, compared to -¥633,777,640.87 in Q1 2022[47] - Total cash outflow from operating activities in Q1 2023 was ¥9,025,980,331.88, an increase from ¥8,940,538,484.84 in Q1 2022[47] - The net cash flow from financing activities was ¥502,286,847.17, compared to ¥1,307,790,734.91 in Q1 2022, indicating a significant decline[48] - The ending balance of cash and cash equivalents stood at ¥2,740,804,031.26, down from ¥3,002,684,688.48 at the end of Q1 2022[48] Shareholder Information - Shareholders' equity attributable to the parent company was CNY 4,693,275,562.74, a decrease of 7.39% compared to the end of the previous year[7] - The total number of common stock shareholders at the end of the reporting period was 111,429[11] - The largest shareholder, Ningbo Transportation Investment Holding Co., Ltd., holds 292,000,000 shares, accounting for 26.87% of total shares[11] Legal Disputes - The company has ongoing litigation with Jilin Baishan Hefeng Real Estate Co., Ltd. regarding a construction contract, with a disputed amount of 38,464,504.00 RMB[13] - The company is also involved in a dispute with Ningbo Xiangge Real Estate Development Co., Ltd., with an outstanding amount of 32,200,000.00 RMB confirmed by the court[13] - The company has a pending claim of 39,432,865 RMB against Ningbo Qianhe Real Estate Co., Ltd. due to a contract dispute[16] - The company has received 17,448,876.60 RMB from a bankruptcy claim against the Fifth Hospital and Taicang Kanglaite Real Estate Co., Ltd.[18] - The company has a total of 21,354,661 RMB and 2,217,243 RMB in claims against Ningbo Guanglong Real Estate Development Co., Ltd. for construction services[15] - The company has a claim of 13,676,789.12 RMB against Ye Qingfeng for construction services, which is currently under execution[18] - The company has a court ruling requiring Ningbo Jindi Real Estate Co., Ltd. to pay construction fees of ¥16,166,538 and corresponding interest, with a second ruling maintaining the original judgment[19] - The company has received a total of ¥76,785.34 from Huangshan New徽 Investment Co., Ltd. after a ruling for ¥10,433,152.32 in construction fees and penalties[20] - The company has received a total of ¥6,117,515.78 from Ningbo Yongbang Real Estate Co., Ltd. after a ruling for ¥8,346,560 in construction fees and penalties[20] - The company has a court ruling requiring Henan Baitong Real Estate Co., Ltd. to pay construction fees of ¥28,904,231, with a total collection of ¥4,129,830 to date[22] - The company has a ruling against Zhoushan Aluya Hotel Development Co., Ltd. for construction fees of ¥66,348,667 and a return of performance bond of ¥18,000,000[22] - The company has a court ruling requiring Jiangxi Legend Real Estate Co., Ltd. to pay ¥10,614,605 in construction fees, with the ruling upheld after the defendant's appeal was dismissed[23] - The company has a court ruling requiring Cixi Drainage Co., Ltd. to pay construction fees of ¥24,816,393.80, with part of the payment already received[24] - The company has a court ruling requiring Anshun Transportation Construction Investment Co., Ltd. to pay ¥140,122,596.46 in construction fees and penalties, with an agreement reached for repayment[25] - The company has a court ruling requiring Wenzhou Ouhai Avenue Construction Development Co., Ltd. to pay ¥27,153,859 in construction fees, with the case currently under review[25] - The company has initiated a lawsuit against Yuyiao Shengjian Real Estate Co., Ltd. for construction fees of ¥128,003,174.40, with the case currently in progress[26] - The company subsidiary, Jian Gong Group, is pursuing legal action against Ningbo Yichuang Construction Development Co., Ltd. for overdue project payments totaling ¥23,114,707.48, along with interest[28] - Jian Gong Group has filed a lawsuit against Ningbo Suihua Real Estate Co., Ltd. and Evergrande Real Estate Group for unpaid project payments amounting to ¥210,395,241.70, excluding warranty fees, and is seeking interest and priority repayment rights[29] - The company has successfully obtained a civil judgment against Chongqing Fuling Chichuan Real Estate Co., Ltd. for project payments of ¥16,040,591.54, which includes a ruling for priority repayment rights[30] - Jian Gong Group is currently involved in litigation with Ningbo Hengyue Real Estate Development Co., Ltd. for overdue payments of ¥93,090,685.68, including interest[34] - The company subsidiary Jian Gong Jianle has initiated arbitration against Zhengzhou Hangjia New Energy Co., Ltd. for overdue project payments of ¥199,662,304.72, including interest losses and legal fees[33] - The company has reached a settlement with Anji Yinkai Real Estate Co., Ltd., confirming payment of ¥53,902,896.49, with ¥27,050,339.49 received to date[32] - Jian Gong Group is pursuing claims against Jiangxi Hongdian Real Estate Co., Ltd. for damages totaling ¥122,070,594.43 due to contract breaches and delayed payments[35] - The company is also seeking project payments of ¥58,114,374.10 from Ningbo Yongyao Real Estate Co., Ltd., with the case currently under review by the court[34] - Jian Gong Jianle has filed a lawsuit against Shandong Yabait Technology Co., Ltd. for project payments of ¥18,249,392.66, with a counterclaim from Yabait for ¥16,671,580.19[32] - The company is actively involved in multiple legal disputes and arbitration cases, indicating ongoing challenges in project payment collections across various subsidiaries[28][29][30][32][33][34][35] Contracts and Projects - The company signed significant contracts during the reporting period, including a construction contract for the Ningbo Zhenzhou Vocational High School with a total amount of RMB 531.58 million[36] - Another major contract was signed for the Ningbo to Xiangshan Railway project, with a contract value of RMB 762.55 million, of which the company accounts for approximately 49.31%[37] Other Financial Metrics - Sales expenses increased by 285.87% year-to-date, driven by growth in technical service fees[9] - The company received government subsidies related to non-operating activities, contributing to an increase in other income by 78.61% year-to-date[9] - The company reported a decrease in cash and cash equivalents, with RMB 2.94 billion as of March 31, 2023, down from RMB 3.72 billion at the end of 2022, representing a decline of approximately 20.92%[39] - Accounts receivable decreased to RMB 4.17 billion from RMB 4.41 billion, a reduction of about 5.30%[40] - Inventory increased to RMB 1.05 billion, up from RMB 855.06 million, reflecting a growth of approximately 22.43%[40] - The company’s long-term investments increased to RMB 158.83 million from RMB 108.50 million, reflecting a growth of approximately 46.38%[40] - Research and development expenses for Q1 2023 were ¥86,566,038.03, an increase of 7.3% from ¥80,732,879.29 in Q1 2022[43] - The company has not adopted new accounting standards or interpretations for the year 2023[48]