福达股份(603166) - 2019 Q1 - 季度财报

Important Notice This section provides assurances from the company's board, supervisors, and senior management regarding the accuracy and completeness of the unaudited quarterly report - The company's board, supervisors, and senior management assure the truthfulness, accuracy, and completeness of this quarterly report[6] - The company's responsible persons for finance and accounting assure the truthfulness, accuracy, and completeness of the financial statements[6] - This Q1 2019 report remains unaudited[5] Company Profile This section provides an overview of the company's key financial data and shareholder information as of the report period end Key Financial Data In Q1 2019, revenue saw a slight increase, while net profit attributable to parent company shareholders grew significantly due to government grants, despite a decline in core profitability and operating cash flow Key Financial Data for Q1 2019 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 383,343,468.63 | 379,230,586.68 | 1.08% | | Net Profit Attributable to Parent Company Shareholders (Yuan) | 46,222,094.91 | 38,644,802.33 | 19.61% | | Net Profit Excluding Non-recurring Gains/Losses (Yuan) | 30,847,855.26 | 31,310,350.53 | -1.48% | | Net Cash Flow from Operating Activities (Yuan) | 95,431,318.23 | 115,938,736.96 | -17.69% | | Basic Earnings Per Share (Yuan/share) | 0.077 | 0.065 | 18.46% | | Weighted Average Return on Net Assets (%) | 2.17% | 1.82% | Increase 0.35 percentage points | | Balance Sheet Items | End of Current Period (Yuan) | End of Prior Year (Yuan) | Period-end vs. Year-start Change (%) | | Total Assets (Yuan) | 3,334,187,976.60 | 3,204,856,713.32 | 4.04% | | Net Assets Attributable to Parent Company Shareholders (Yuan) | 2,153,865,645.75 | 2,106,243,450.84 | 2.26% | - The 19.61% year-over-year increase in net profit attributable to parent company shareholders was primarily due to increased government subsidies received in the current period[6] - The 1.48% year-over-year decrease in net profit excluding non-recurring gains/losses was mainly due to increased bad debt provisions resulting from a higher accounts receivable balance at period-end[6] Details of Non-recurring Gains and Losses | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Government Grants Recognized in Current Period Profit/Loss | 18,493,189.38 | | Gains/Losses from Fair Value Changes of Financial Instruments | -930,417.71 | | Income Tax Impact | -2,166,051.41 | | Total | 15,374,239.65 | Shareholder Ownership As of the report period end, the company had 24,591 shareholders, with a highly concentrated ownership structure where the controlling shareholder holds 69.00% of shares, some of which are pledged - At the end of the reporting period, the company had a total of 24,591 common shareholders[11] Top Ten Shareholders' Ownership | Shareholder Name | Number of Shares Held | Percentage (%) | | :--- | :--- | :--- | | Fuda Holding Group Co Ltd | 412,408,011 | 69.00% | | Li Fuchao | 24,000,000 | 4.02% | | Lv Guilian | 6,139,600 | 1.03% | | Li Feng | 6,084,000 | 1.02% | - Controlling shareholder Fuda Holding Group Co Ltd pledged 124,550,000 of its shares[11] - Company executives Lv Guilian and Wang Changshun are concerted parties with the controlling shareholder; the actual controller Li Fuchao and his children Li Feng, Li Li, Li Hai, and Li Bin are also concerted parties[11] Preferred Shareholder Information At the end of the reporting period, the company had no preferred shareholders - The company had no preferred shareholders during this reporting period[11] Significant Matters This section details significant changes in key financial items and indicators, along with updates on major events and commitments Analysis of Significant Changes in Key Financial Statement Items and Indicators During the reporting period, significant changes occurred across several financial items, including substantial increases in cash, other receivables, taxes payable, and asset impairment losses, while investment income and investing cash flow significantly decreased, and financing cash flow substantially increased Significant Changes in Financial Indicators | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Cash and Cash Equivalents | 38.95% | Increase in bank loans in current period | | Other Receivables | 249.93% | Increase in prepaid social security and housing funds, and employee advances in current period | | Taxes Payable | 137.21% | Increase in VAT and surtaxes payable | | Asset Impairment Losses | 301.37% | Increase in bad debt provisions due to higher accounts receivable balance | | Investment Income | -277.85% | Loss from equity method accounting for joint ventures in current period | | Net Cash Flow from Investing Activities | -641.88% | Recovery of wealth management products in prior year period | | Net Cash Flow from Financing Activities | 161.91% | New bank loans received in current period | Progress of Significant Matters During the reporting period, the company had no significant matters requiring disclosure of progress - The company had no significant matters requiring explanation of progress during this reporting period[15] Fulfillment of Commitments During the reporting period, the company had no overdue and unfulfilled commitments - The company had no overdue and unfulfilled commitments during this reporting period[15] Performance Forecast and Warning The company has not issued a forecast for potential loss or significant change in cumulative net profit from year-start to the end of the next reporting period - The company has not issued a warning regarding significant changes in cumulative net profit from year-start to the end of the next reporting period[16] Appendix This section includes the unaudited financial statements for Q1 2019, details on new accounting standard implementation, and the audit report status Financial Statements This section presents the company's unaudited consolidated and parent company financial statements for Q1 2019, including balance sheets, income statements, and cash flow statements Consolidated Balance Sheet As of March 31, 2019, total assets were 3.33 billion Yuan, total liabilities were 1.18 billion Yuan driven by short-term borrowings, and total equity attributable to parent company shareholders was 2.15 billion Yuan Consolidated Balance Sheet Summary (March 31, 2019) | Item | Period-end Balance (Yuan) | Year-start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 3,334,187,976.60 | 3,204,856,713.32 | | Total Liabilities | 1,180,322,330.85 | 1,098,613,262.48 | | Total Equity Attributable to Parent Company Shareholders | 2,153,865,645.75 | 2,106,243,450.84 | Parent Company Balance Sheet As of March 31, 2019, parent company total assets were 2.24 billion Yuan, total liabilities were 338 million Yuan due to increased short-term borrowings and other payables, and total owner's equity was 1.90 billion Yuan Parent Company Balance Sheet Summary (March 31, 2019) | Item | Period-end Balance (Yuan) | Year-start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 2,236,800,581.19 | 2,174,488,550.01 | | Total Liabilities | 337,743,275.42 | 277,484,138.23 | | Total Owner's Equity | 1,899,057,305.77 | 1,897,004,411.78 | Consolidated Income Statement In Q1 2019, total operating revenue reached 383 million Yuan, operating profit was 52.26 million Yuan, and net profit attributable to parent company shareholders was 46.22 million Yuan, primarily due to government grants Consolidated Income Statement Summary (Q1 2019) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 383,343,468.63 | 379,230,586.68 | | Operating Profit | 52,260,443.74 | 42,567,363.56 | | Total Profit | 52,259,690.53 | 42,597,007.74 | | Net Profit | 46,222,094.91 | 38,644,802.33 | | Net Profit Attributable to Parent Company Shareholders | 46,222,094.91 | 38,644,802.33 | Parent Company Income Statement In Q1 2019, parent company operating revenue reached 101 million Yuan, but operating profit was only 0.14 million Yuan and net profit was 0.65 million Yuan due to increased expenses and investment losses Parent Company Income Statement Summary (Q1 2019) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 100,941,207.23 | 91,206,908.75 | | Operating Profit | 142,433.03 | 2,756,697.24 | | Total Profit | 142,429.82 | 2,776,558.78 | | Net Profit | 652,793.99 | 2,928,011.39 | Consolidated Cash Flow Statement In Q1 2019, net cash flow from operating activities was 95.43 million Yuan, investing activities resulted in a net outflow of 60.50 million Yuan, and financing activities generated a net inflow of 53.64 million Yuan primarily from bank borrowings Consolidated Cash Flow Statement Summary (Q1 2019) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 95,431,318.23 | 115,938,736.96 | | Net Cash Flow from Investing Activities | -60,502,717.97 | 11,165,397.84 | | Net Cash Flow from Financing Activities | 53,640,662.16 | -86,639,971.89 | | Net Increase in Cash and Cash Equivalents | 88,569,262.42 | 40,464,158.06 | Parent Company Cash Flow Statement In Q1 2019, parent company operating activities resulted in a net cash outflow of 9.98 million Yuan, investing activities a net outflow of 14.14 million Yuan, and financing activities a net inflow of 30.96 million Yuan Parent Company Cash Flow Statement Summary (Q1 2019) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -9,977,973.55 | -12,582,457.92 | | Net Cash Flow from Investing Activities | -14,144,417.03 | 4,058,883.67 | | Net Cash Flow from Financing Activities | 30,964,962.50 | 10,079,687.54 | | Net Increase in Cash and Cash Equivalents | 6,842,571.92 | 1,556,113.29 | Implementation of New Accounting Standards During this reporting period, the company did not adopt new financial instrument, revenue, or lease standards, thus no adjustments were made to year-start financial statements - During the reporting period, the company did not adjust year-start financial statements due to the first-time adoption of new financial instrument, revenue, or lease standards[37] Audit Report This quarterly report is unaudited - This quarterly financial report is unaudited[37]