Sunway(SH:603333)2023-04-28 16:00Major Financial Data Key Financial Indicators In Q1 2023, the company's operating revenue decreased by 29.51% year-over-year, and net profit attributable to shareholders sharply fell by 91.42%, with total assets slightly down 2.89% | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 354,542,830.19 | 502,998,130.62 | -29.51 | | Net Profit Attributable to Shareholders (CNY) | 1,744,019.96 | 20,315,585.42 | -91.42 | | Net Profit Attributable to Shareholders (Excl. Non-Recurring Items) (CNY) | -1,418,935.46 | 18,583,442.59 | -107.66 | | Net Cash Flow from Operating Activities (CNY) | 27,228,675.80 | 62,425,487.66 | -56.38 | | Basic Earnings Per Share (CNY/share) | 0.003 | 0.03 | -90.00 | | Weighted Average Return on Net Assets (%) | 0.08 | 0.97 | Decreased by 0.89 percentage points | | Indicator | End of Current Period | End of Prior Year | Period-end vs. Prior Year-end Change (%) | | Total Assets (CNY) | 3,459,339,938.49 | 3,562,247,855.39 | -2.89 | | Total Equity Attributable to Shareholders (CNY) | 2,108,345,365.24 | 2,108,682,533.66 | -0.02 | Non-Recurring Gains and Losses Analysis Non-recurring gains and losses totaled 3.16 million CNY, primarily from government grants and reversal of impairment provisions, significantly impacting net profit, with net profit attributable to shareholders being a loss of 1.42 million CNY after excluding these items | Item | Amount for Current Period (CNY) | | :--- | :--- | | Government Grants | 2,021,633.37 | | Reversal of Impairment Provisions for Accounts Receivable and Contract Assets Subject to Separate Impairment Testing | 1,660,000.00 | | Debt Restructuring Gains/Losses | -287,590.32 | | Total Other Items | -231,287.63 | | Total | 3,162,955.42 | Analysis of Major Financial Indicator Changes and Causes During the reporting period, several financial indicators fluctuated significantly, with long-term equity investments and construction in progress increasing due to new energy subsidiary investments and project inputs, while net profit sharply declined due to decreased sales revenue | Item Name | Change (%) | Primary Reason | | :--- | :--- | :--- | | Long-term Equity Investments | 35.76 | Due to investment payment to Sichuan Haichuang Shangwei New Energy Technology Co., Ltd | | Construction in Progress | 88.36 | Due to increased investment in fundraising projects | | Contract Liabilities | 81.09 | Due to increased advance receipts for contracts | | Employee Compensation Payable | -91.98 | Due to the distribution of year-end bonuses accrued at the end of the previous period | | Net Profit | -91.46 | Due to a year-over-year decrease in sales revenue | | Net Cash Flow from Operating Activities | -56.38 | Due to a year-over-year decrease in cash received from sales of goods and rendering of services | Shareholder Information Shareholder Structure and Top Ten Shareholders As of the reporting period end, the company had 24,446 common shareholders, with the top two shareholders, Li Guangyuan and Li Guangsheng, holding a combined 37.53% and having a large proportion of their shares pledged - As of the end of the reporting period, the company had a total of 24,446 common shareholders12 | Shareholder Name | Shareholding (%) | Number of Shares Held | Number of Pledged Shares | | :--- | :--- | :--- | :--- | | Li Guangyuan | 23.42 | 145,550,500 | 105,500,000 | | Li Guangsheng | 14.11 | 87,721,594 | 77,000,000 | | Leshan Hi-Tech Investment Development (Group) Co., Ltd | 10.98 | 68,227,906 | 0 | - The company's controlling shareholder and actual controller, Mr. Li Guangsheng, and Mr. Li Guangyuan are brothers. The company is unaware of any other related party relationships or concerted actions among the other top ten shareholders13 Quarterly Financial Statements Consolidated Balance Sheet As of March 31, 2023, total assets were 3.46 billion CNY, down 2.89% from year-end, and total liabilities were 1.35 billion CNY, down 7.05%, with long-term equity investments and construction in progress significantly increasing | Item | March 31, 2023 (CNY) | December 31, 2022 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,459,339,938.49 | 3,562,247,855.39 | -2.89 | | Cash and Cash Equivalents | 690,914,181.16 | 804,686,318.26 | -14.14 | | Accounts Receivable | 1,051,710,976.71 | 1,126,318,002.35 | -6.62 | | Long-term Equity Investments | 185,409,379.43 | 136,570,780.24 | 35.76 | | Construction in Progress | 22,157,025.28 | 11,763,097.25 | 88.36 | | Total Liabilities | 1,351,970,725.01 | 1,454,498,190.39 | -7.05 | | Short-term Borrowings | 610,314,056.13 | 715,307,329.48 | -14.68 | | Contract Liabilities | 28,014,586.38 | 15,470,058.57 | 81.09 | | Total Owners' Equity | 2,107,369,213.48 | 2,107,749,665.00 | -0.02 | Consolidated Income Statement In Q1 2023, the company's profitability significantly weakened, with operating revenue decreasing by 29.51% to 354.54 million CNY, and net profit attributable to parent company shareholders plummeting by 91.42% to 1.74 million CNY | Item | Q1 2023 (CNY) | Q1 2022 (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 354,542,830.19 | 502,998,130.62 | -29.51 | | Total Operating Costs | 354,478,224.75 | 479,701,427.24 | -26.11 | | Operating Profit | 1,233,214.10 | 22,896,879.79 | -94.61 | | Total Profit | 1,246,327.85 | 22,858,212.74 | -94.55 | | Net Profit | 1,700,736.86 | 19,909,362.07 | -91.46 | | Net Profit Attributable to Parent Company Shareholders | 1,744,019.96 | 20,315,585.42 | -91.42 | | Basic Earnings Per Share (CNY/share) | 0.003 | 0.03 | -90.00 | Consolidated Cash Flow Statement Net cash flow from operating activities decreased by 56.38% to 27.23 million CNY, while net cash outflow from investing activities significantly increased to 61.10 million CNY, and net cash outflow from financing activities decreased year-over-year | Item | Q1 2023 (CNY) | Q1 2022 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 27,228,675.80 | 62,425,487.66 | | Net Cash Flow from Investing Activities | -61,104,334.72 | -6,481,024.76 | | Net Cash Flow from Financing Activities | -78,281,144.11 | -172,498,427.29 | | Net Increase in Cash and Cash Equivalents | -112,245,206.02 | -116,570,099.12 |