正平股份(603843) - 2022 Q1 - 季度财报

Report Overview This section provides a high-level overview of the report's key information and assurances Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report and assume legal responsibility. The quarterly financial statements are unaudited - The company's board of directors, supervisory board, and senior management assume legal responsibility for the truthfulness, accuracy, and completeness of the quarterly report content[2] - The quarterly financial statements are unaudited[4] Key Financial Data and Indicators This section presents the company's primary financial data and key performance indicators for the reporting period Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue significantly decreased by 65.67% year-on-year, net profit attributable to shareholders turned from profit to loss, decreasing by 194.08% year-on-year, and net cash flow from operating activities was negative and decreased by 28.81% year-on-year. Total assets and owners' equity attributable to shareholders slightly decreased 2022 Q1 Key Accounting Data and Financial Indicators | Item | Current Reporting Period (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 338,491,765.81 | -65.67 | | Net Profit Attributable to Shareholders of Listed Company | -6,778,588.78 | -194.08 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -7,267,554.65 | -216.91 | | Net Cash Flow from Operating Activities | -189,392,782.84 | -28.81 | | Basic Earnings Per Share (yuan/share) | -0.01 | -175.31 | | Diluted Earnings Per Share (yuan/share) | -0.01 | -175.31 | | Weighted Average Return on Net Assets (%) | -0.36 | Decreased by 0.82 percentage points | | Item | End of Current Reporting Period (yuan) | End of Previous Year (yuan) | Change from End of Previous Year (%) | | :--- | :--- | :--- | :--- | | Total Assets | 9,174,050,745.14 | 9,692,294,299.62 | -5.35 | | Owners' Equity Attributable to Shareholders of Listed Company | 1,863,374,857.74 | 1,868,461,335.69 | -0.27 | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 488,965.87 yuan, primarily including government grants, gains and losses from entrusted investments or asset management, and other non-operating income and expenses 2022 Q1 Non-Recurring Gains and Losses Items and Amounts | Item | Current Period Amount (yuan) | | :--- | :--- | | Government Grants Included in Current Profit/Loss | 100,000.00 | | Gains and Losses from Entrusted Investments or Asset Management | 178,888.88 | | Other Non-Operating Income and Expenses Apart from the Above | 392,252.05 | | Less: Income Tax Impact | 87,030.16 | | Impact on Minority Shareholders' Equity (After Tax) | 95,144.90 | | Total | 488,965.87 | Changes and Reasons for Key Accounting Data and Financial Indicators Significant decreases in operating revenue and costs were primarily due to seasonal and pandemic impacts, slowing project construction progress. Accounts receivable decreased due to collection of settlement payments, prepayments decreased due to supply settlement, and advances from customers increased due to increased advance project payments. Employee compensation payable decreased due to the distribution of year-end bonuses and performance wages 2022 Q1 Changes and Reasons for Key Accounting Data and Financial Indicators | Item Name | Change Ratio (%) | Primary Reason | | :--- | :--- | :--- | | Accounts Receivable | -34.82 | Settlement payments collected in current period | | Prepayments | -93.73 | Due to supply and settlement of prepayments at end of previous period | | Advances from Customers | 135.28 | Due to increased advance project payments | | Employee Compensation Payable | -54.19 | Due to distribution of year-end bonuses and performance wages | | Operating Revenue | -65.67 | Due to seasonal and pandemic impacts, project construction progress slowed compared to the same period last year | | Operating Cost | -68.43 | Due to seasonal and pandemic impacts, project construction progress slowed compared to the same period last year | | Non-Operating Income | -77.46 | Due to decreased government grants received in the reporting period | | Income Tax Expense | -66.54 | Due to total profit being lower than the same period last year | Shareholder Information This section details the company's shareholder structure, including the total number of shareholders and the holdings of the top ten shareholders Total Number of Common Shareholders and Shareholding of Top Ten Shareholders As of the end of the reporting period, the company had a total of 58,888 common shareholders. Among the top ten shareholders, Jin Shengguang, Jin Shenghui, and Qinghai Jinyangguang Investment Group Co., Ltd. are major shareholders with a concerted action relationship, and shares of several major shareholders are pledged - As of the end of the reporting period, the total number of common shareholders was 58,888[12] - Jin Shengguang, Jin Shenghui, and Li Jianli are concerted parties. Jin Shengguang and Jin Shenghui hold 70% and 30% of Jinyangguang Investment respectively. Jin Shengguang, Jin Shenghui, Qinghai Jinyangguang Investment Group Co., Ltd., Jin Feimei, and Jin Feifei constitute concerted parties due to their affiliated relationship[12] Top 10 Shareholders' Shareholding (As of End of Reporting Period) | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Ratio (%) | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | | Jin Shengguang | Domestic Natural Person | 149,255,273 | 21.33 | 137,956,864 | | Jin Shenghui | Domestic Natural Person | 59,428,594 | 8.49 | 46,228,594 | | Qinghai Jinyangguang Investment Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 52,444,100 | 7.50 | 52,444,100 | | Li Jianli | Domestic Natural Person | 21,812,963 | 3.12 | 15,000,000 | | Jin Feimei | Domestic Natural Person | 15,070,125 | 2.15 | 8,520,725 | | Yang Chengshe | Domestic Natural Person | 5,986,300 | 0.86 | 0 | | Cheng Haosheng | Domestic Natural Person | 4,689,800 | 0.67 | 0 | | UBS AG | Overseas Legal Person | 3,081,656 | 0.44 | 0 | | Jin Feifei | Domestic Natural Person | 2,756,880 | 0.39 | 2,756,880 | | Wang Wei | Domestic Natural Person | 2,198,600 | 0.31 | 0 | Other Important Matters This section outlines other significant events and announcements impacting the company during the reporting period Termination of Shareholder Reduction Plan Jinyangguang Investment and Jin Feimei prematurely terminated their original plan to reduce holdings by no more than 6.8517% of the company's total shares. As of the announcement date, Jin Feimei had reduced holdings by 1.2508%, while Jinyangguang Investment had not implemented the reduction plan - Jinyangguang Investment and Jin Feimei prematurely terminated their original plan to reduce holdings by no more than 6.8517% of the company's total shares[13] - As of the announcement date, Jin Feimei had reduced a total of 8,750,600 shares through centralized bidding and block trading, accounting for 1.2508% of the company's total shares, while Jinyangguang Investment had not implemented this reduction plan[13] Abnormal Stock Trading Fluctuations The company's stock experienced abnormal fluctuations between February 9-11 and February 14-15, 2022, with cumulative closing price deviation exceeding 20% over consecutive trading days - The company's stock closing price deviation cumulatively exceeded 20% over three consecutive trading days on February 9, 10, and 11, 2022[14] - The company's stock closing price deviation cumulatively exceeded 20% over two consecutive trading days on February 14 and 15, 2022[14] Restricted Shares Listing and Circulation The company's 139,619,037 non-publicly issued restricted shares were listed and circulated on February 21, 2022 - The company's 139,619,037 non-publicly issued restricted shares were listed and circulated on February 21, 2022[15] Independent Director Election Due to the expiration of Independent Director Wang Liming's term, the company's board of directors nominated Chen Wenlie as a candidate for independent director of the fourth board of directors, pending approval by the general meeting of shareholders - Independent Director Wang Liming's continuous term as an independent director of the company will expire on March 22, 2022, after 6 years[16] - The company's board of directors nominated Chen Wenlie as a candidate for independent director of the company's fourth board of directors, with a term from the date of approval by the general meeting of shareholders until the expiration of the current board of directors, subject to approval by the general meeting of shareholders[16] Quarterly Financial Statements This section provides the complete quarterly financial statements, including the consolidated and parent company balance sheets, income statements, and cash flow statements Consolidated Financial Statements This section includes the company's consolidated balance sheet, consolidated income statement, and consolidated cash flow statement for Q1 2022, reflecting the company's overall financial position, operating results, and cash flow situation Consolidated Balance Sheet As of March 31, 2022, the company's total assets decreased by 5.35% from the end of the previous year. Both current assets and current liabilities decreased, with accounts receivable and prepayments significantly declining, while advances from customers and notes payable increased Consolidated Balance Sheet Key Item Changes (March 31, 2022 vs December 31, 2021) | Item | 2022年3月31日 (yuan) | 2021年12月31日 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 692,215,829.62 | 919,790,324.93 | -24.85 | | Accounts Receivable | 1,118,356,161.17 | 1,715,732,208.89 | -34.82 | | Prepayments | 6,093,399.25 | 97,248,183.91 | -93.73 | | Contract Assets | 3,371,040,837.33 | 3,104,326,489.61 | 8.59 | | Total Current Assets | 6,004,245,672.85 | 6,525,118,618.61 | -7.98 | | Total Assets | 9,174,050,745.14 | 9,692,294,299.62 | -5.35 | | Short-term Borrowings | 781,914,234.43 | 855,364,406.41 | -8.47 | | Notes Payable | 908,365,318.75 | 738,895,859.72 | 22.93 | | Accounts Payable | 2,601,118,132.73 | 3,174,595,083.50 | -18.07 | | Advances from Customers | 77,065,781.82 | 32,755,200.00 | 135.28 | | Employee Compensation Payable | 31,742,805.38 | 69,298,339.90 | -54.19 | | Total Current Liabilities | 6,315,798,123.75 | 6,723,247,454.50 | -6.06 | | Total Liabilities | 6,983,812,971.64 | 7,495,243,412.44 | -6.82 | | Total Owners' Equity Attributable to Parent Company | 1,863,374,857.74 | 1,868,461,335.69 | -0.27 | Consolidated Income Statement In Q1 2022, the company's total operating revenue significantly decreased by 65.67% year-on-year, leading to a shift from profit to loss for operating profit and total profit. Net profit and net profit attributable to parent company shareholders also showed losses. Interest expenses within financial expenses significantly increased Consolidated Income Statement Key Data Comparison (Q1 2022 vs Q1 2021) | Item | 2022年第一季度 (yuan) | 2021年第一季度 (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 338,491,765.81 | 985,977,763.80 | -65.67 | | Operating Cost | 289,376,487.60 | 916,527,450.19 | -68.43 | | Financial Expenses | 29,003,609.33 | 24,068,501.27 | 20.51 | | Of which: Interest Expense | 27,996,542.38 | 17,182,230.10 | 62.94 | | Operating Profit | -6,370,920.13 | 12,668,240.77 | -150.29 | | Total Profit | -6,212,015.07 | 13,869,050.93 | -144.79 | | Net Profit | -8,505,224.52 | 7,014,650.37 | -221.24 | | Net Profit Attributable to Parent Company Shareholders | -6,778,588.78 | 7,204,878.59 | -194.08 | | Basic Earnings Per Share (yuan/share) | -0.01 | 0.01 | -200.00 | Consolidated Cash Flow Statement Net cash flow from operating activities was negative, with increased outflow year-on-year. Net cash outflow from investing activities decreased year-on-year, primarily due to increased cash received from investment recovery. Net cash flow from financing activities significantly decreased, mainly due to reduced cash received from borrowings and increased cash paid for debt repayment Consolidated Cash Flow Statement Key Data Comparison (Q1 2022 vs Q1 2021) | Item | 2022年第一季度 (yuan) | 2021年第一季度 (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 1,542,762,672.43 | 1,302,002,293.98 | 18.49 | | Subtotal of Cash Outflows from Operating Activities | 1,732,155,455.27 | 1,449,031,062.99 | 19.54 | | Net Cash Flow from Operating Activities | -189,392,782.84 | -147,028,769.01 | -28.81 | | Subtotal of Cash Inflows from Investing Activities | 105,486,866.57 | 70,157,100.00 | 50.36 | | Subtotal of Cash Outflows from Investing Activities | 180,701,651.77 | 157,941,761.43 | 14.41 | | Net Cash Flow from Investing Activities | -75,214,785.20 | -87,784,661.43 | 14.32 | | Subtotal of Cash Inflows from Financing Activities | 456,812,320.94 | 484,768,756.46 | -5.80 | | Subtotal of Cash Outflows from Financing Activities | 428,039,815.93 | 250,983,751.30 | 70.55 | | Net Cash Flow from Financing Activities | 28,772,505.01 | 233,785,005.16 | -87.67 | | Net Increase in Cash and Cash Equivalents | -235,835,063.03 | -1,028,425.28 | -22832.00 | Parent Company Financial Statements This section includes the company's parent company balance sheet, parent company income statement, and parent company cash flow statement for Q1 2022, reflecting the parent company's financial position, operating results, and cash flow situation Parent Company Balance Sheet As of March 31, 2022, the parent company's total assets slightly decreased. Accounts receivable and contract assets decreased, while prepayments and other receivables significantly increased. Total current liabilities increased, mainly due to increased notes payable and other payables Parent Company Balance Sheet Key Item Changes (March 31, 2022 vs December 31, 2021) | Item | 2022年3月31日 (yuan) | 2021年12月31日 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 456,175,674.76 | 543,263,440.66 | -16.03 | | Accounts Receivable | 1,268,235,084.86 | 1,642,054,334.43 | -22.76 | | Prepayments | 372,159,225.18 | 291,634,076.27 | 27.61 | | Other Receivables | 900,147,163.40 | 595,437,835.30 | 51.18 | | Contract Assets | 1,673,740,459.56 | 1,751,080,183.68 | -4.41 | | Total Current Assets | 4,846,788,672.44 | 4,995,449,080.44 | -2.98 | | Total Assets | 6,811,696,794.72 | 6,861,532,252.59 | -0.73 | | Short-term Borrowings | 458,092,761.12 | 506,483,273.06 | -9.55 | | Notes Payable | 761,630,001.10 | 611,540,001.10 | 24.54 | | Accounts Payable | 1,536,277,630.63 | 2,055,328,499.13 | -25.26 | | Other Payables | 1,391,709,136.19 | 942,859,628.61 | 47.61 | | Total Current Liabilities | 4,839,459,862.44 | 4,758,533,661.15 | 1.70 | | Total Liabilities | 4,844,034,227.13 | 4,899,026,187.58 | -1.12 | | Total Owners' Equity | 1,967,662,567.59 | 1,962,506,065.01 | 0.26 | Parent Company Income Statement In Q1 2022, the parent company's operating revenue significantly decreased year-on-year, but operating profit and net profit remained positive, albeit significantly lower year-on-year, due to a corresponding decrease in operating costs. Interest expenses within financial expenses increased Parent Company Income Statement Key Data Comparison (Q1 2022 vs Q1 2021) | Item | 2022年第一季度 (yuan) | 2021年第一季度 (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 85,191,421.74 | 599,148,449.33 | -85.76 | | Operating Cost | 59,638,642.86 | 550,409,844.73 | -89.16 | | Financial Expenses | 15,227,656.12 | 10,367,408.40 | 46.89 | | Of which: Interest Expense | 13,752,762.90 | 10,582,979.74 | 30.00 | | Operating Profit | 6,185,269.36 | 28,488,194.17 | -78.29 | | Total Profit | 6,182,389.36 | 28,435,894.98 | -78.26 | | Net Profit | 5,582,020.79 | 22,648,228.59 | -75.36 | Parent Company Cash Flow Statement Net cash flow from operating activities significantly increased year-on-year, primarily due to a substantial increase in cash received related to other operating activities. Net cash outflow from investing activities increased, while net cash flow from financing activities turned from positive to negative, with a significant increase in outflow, mainly due to increased cash paid for debt repayment Parent Company Cash Flow Statement Key Data Comparison (Q1 2022 vs Q1 2021) | Item | 2022年第一季度 (yuan) | 2021年第一季度 (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Cash Received Related to Other Operating Activities | 740,561,646.04 | 210,245,423.38 | 252.24 | | Net Cash Flow from Operating Activities | 203,424,470.27 | 53,428,838.40 | 280.75 | | Net Cash Flow from Investing Activities | -94,749,162.64 | -10,168,150.00 | -831.80 | | Cash Received from Borrowings | 28,000,000.00 | 65,000,000.00 | -56.92 | | Cash Paid for Debt Repayment | 124,777,444.44 | 15,000,000.00 | 731.85 | | Net Cash Flow from Financing Activities | -225,313,164.16 | -74,606,407.07 | -202.01 | | Net Increase in Cash and Cash Equivalents | -116,637,856.53 | -31,345,718.67 | -272.13 |