五洲新春(603667) - 2020 Q1 - 季度财报

Important Notice The company's management assures the accuracy and completeness of this unaudited quarterly report - The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with no false records, misleading statements, or material omissions[8] - This quarterly report has not been audited[10] Company Profile This section presents the company's key financial data for Q1 2020, highlighting performance trends, asset and cash flow changes, and detailed shareholder information Key Financial Data In Q1 2020, the company experienced a year-on-year decline in revenue and net profit, yet demonstrated improved cash flow management and asset growth Key Financial Indicators for Q1 2020 | Indicator | Current Period | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 371,123,733.14 | 441,095,852.35 | -15.86 | | Net Profit Attributable to Shareholders (RMB) | 10,668,607.67 | 24,507,802.39 | -56.47 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB) | 6,981,712.70 | 20,695,070.87 | -66.26 | | Net Cash Flow from Operating Activities (RMB) | 80,396,669.44 | 59,490,503.77 | 35.14 | | Basic Earnings Per Share (RMB/share) | 0.04 | 0.09 | -55.56 | | Weighted Average Return on Net Assets (%) | 0.61 | 1.44 | Decrease of 0.83 percentage points | Balance Sheet Key Indicators (Period-end vs. Year-end) | Indicator | Current Period End | Prior Year End | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets (RMB) | 3,473,989,793.96 | 3,111,197,288.03 | 11.66 | | Net Assets Attributable to Shareholders (RMB) | 1,799,283,177.05 | 1,730,229,521.44 | 3.99 | - During the reporting period, non-recurring gains and losses totaled RMB 3.69 million, primarily comprising RMB 4.34 million in government subsidies[13][16] Shareholders and Shareholding Information As of the end of the reporting period, the company had 21,583 shareholders, with significant portions of shares held by the top four shareholders, including controlling shareholder Zhang Feng and his concerted parties, being pledged - As of the end of the reporting period, the company had a total of 21,583 common shareholders[16] Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholding Ratio (%) | Shareholding Quantity | Pledged or Frozen Status | | :--- | :--- | :--- | :--- | | Zhang Feng | 23.82 | 69,621,123 | Pledged 55,000,000 | | Wang Xueyong | 8.96 | 26,188,237 | Pledged 23,543,700 | | Zhejiang Wuzhou Xinchun Group Holding Co., Ltd. | 8.16 | 23,863,421 | Pledged 10,590,000 | | Yu Yuelei | 6.60 | 19,281,618 | Pledged 19,180,200 | - Shareholders Zhang Feng, Wang Xueyong, Yu Yuelei, Xinchang Lan Shi Investment Partnership (Limited Partnership), and Zhejiang Wuzhou Xinchun Group Holding Co., Ltd. are concerted parties. Zhang Tianzhong is the father of controlling shareholder Zhang Feng, and Zhang Yu is his cousin[20] Significant Events During the reporting period, several financial indicators significantly changed due to the public issuance of convertible corporate bonds, alongside strengthened operating cash flow management Analysis of Significant Changes in Financial Indicators and Their Causes Multiple financial indicators changed significantly during the reporting period, primarily driven by the public issuance of convertible corporate bonds, which substantially increased cash and cash equivalents, bonds payable, and net cash flow from financing activities, while decreases in employee compensation and taxes payable were due to seasonal payments - Cash and cash equivalents at period-end increased by 184.63% compared to the end of the previous year, and net cash flow from financing activities surged by 1065.89% year-on-year, primarily due to the proceeds from the public issuance of convertible corporate bonds[23] - Employee compensation payable and taxes payable decreased by 38.34% and 37.61% respectively, mainly due to the company's payment of 2019 year-end bonuses and accrued income tax during the period[23] - Net cash flow from operating activities increased by 35.14% year-on-year, primarily due to the company's strengthened credit management of accounts receivable and payable[23] Other Significant Matters During the reporting period, the company had no significant matter progress, overdue unfulfilled commitments, or need to issue a major performance change warning - The company has no significant matter progress, overdue unfulfilled commitments, nor has it forecasted a cumulative net profit loss or significant change compared to the prior year from the beginning of the year to the end of the next reporting period[26] Appendix This section provides supplementary information, including the company's unaudited financial statements and details on accounting standard adoption Financial Statements This section provides the company's unaudited consolidated and parent company financial statements for Q1 2020, including balance sheets, income statements, and cash flow statements Consolidated Balance Sheet As of March 31, 2020, total assets were RMB 3.47 billion, an 11.66% increase from year-end, with total liabilities at RMB 1.58 billion, primarily due to RMB 260 million in new bonds payable, and equity attributable to parent company owners at RMB 1.80 billion Consolidated Balance Sheet Key Items (March 31, 2020 vs. December 31, 2019) | Item | March 31, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 587,577,507.56 | 206,432,249.19 | | Total Assets | 3,473,989,793.96 | 3,111,197,288.03 | | Short-term Borrowings | 766,063,858.19 | 751,912,938.43 | | Bonds Payable | 259,973,399.55 | 0 | | Total Liabilities | 1,583,513,661.52 | 1,289,032,211.48 | | Equity Attributable to Parent Company Owners | 1,799,283,177.05 | 1,730,229,521.44 | Parent Company Balance Sheet At the parent company level, total assets reached RMB 3.03 billion, up 13.67% from year-end, with total liabilities increasing to RMB 1.30 billion due to new bonds payable, and total owner's equity at RMB 1.73 billion Parent Company Balance Sheet Key Items (March 31, 2020 vs. December 31, 2019) | Item | March 31, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 473,537,865.29 | 98,986,857.06 | | Total Assets | 3,027,220,048.23 | 2,663,192,118.76 | | Total Liabilities | 1,299,666,757.96 | 1,006,562,108.64 | | Total Owner's Equity | 1,727,553,290.27 | 1,656,630,010.12 | Consolidated Income Statement In Q1 2020, consolidated operating revenue was RMB 371 million, a 15.86% year-on-year decrease, with net profit attributable to parent company shareholders at RMB 10.67 million, down 56.47%, and basic earnings per share at RMB 0.04 Consolidated Income Statement Key Items (Q1 2020 vs. Q1 2019) | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 371,123,733.14 | 441,095,852.35 | | Operating Profit | 12,713,117.32 | 31,918,505.34 | | Total Profit | 12,612,271.65 | 32,040,648.89 | | Net Profit Attributable to Parent Company Shareholders | 10,668,607.67 | 24,507,802.39 | | Basic Earnings Per Share (RMB/share) | 0.04 | 0.09 | Parent Company Income Statement Parent company operating revenue in Q1 2020 was RMB 220 million, a 5.25% year-on-year decrease, with net profit at RMB 12.85 million, down 51.08%, primarily due to reduced revenue and increased financial expenses Parent Company Income Statement Key Items (Q1 2020 vs. Q1 2019) | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 219,628,183.18 | 231,789,744.18 | | Net Profit | 12,845,312.44 | 26,246,045.47 | | Financial Expenses | 5,261,460.67 | 2,420,856.16 | Consolidated Cash Flow Statement In Q1 2020, net cash flow from operating activities was RMB 80.40 million, a 35.14% year-on-year increase, while net cash flow from financing activities surged to RMB 323 million, up 1065.89%, primarily from convertible bond issuance, bringing period-end cash and cash equivalents to RMB 461 million Consolidated Cash Flow Statement Key Items (Q1 2020 vs. Q1 2019) | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 80,396,669.44 | 59,490,503.77 | | Net Cash Flow from Investing Activities | -49,086,712.41 | -61,330,849.08 | | Net Cash Flow from Financing Activities | 322,751,979.76 | 27,682,865.83 | | Cash and Cash Equivalents at Period End | 461,283,776.87 | 134,927,377.03 | Parent Company Cash Flow Statement Parent company net cash flow from operating activities in Q1 2020 was RMB 73.34 million, a 122% year-on-year increase, with financing cash flow turning positive to a RMB 320 million inflow, largely due to convertible bond issuance, resulting in period-end cash and cash equivalents of RMB 357 million Parent Company Cash Flow Statement Key Items (Q1 2020 vs. Q1 2019) | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 73,343,104.45 | 33,037,749.87 | | Net Cash Flow from Investing Activities | -51,460,125.86 | 9,370,853.38 | | Net Cash Flow from Financing Activities | 320,221,279.58 | -149,047.44 | | Cash and Cash Equivalents at Period End | 356,961,775.17 | 62,230,528.79 | Accounting Standard Adjustments and Audit Opinion The company confirms no initial adoption of new revenue or lease standards in Q1 2020, thus no retrospective adjustments to opening financial statements were made, and this quarterly report remains unaudited - The company did not adjust its opening financial statements for the current year due to the first-time adoption of new revenue or lease standards starting from 2020[72] - This quarterly report has not been audited[72]