新智认知(603869) - 2020 Q1 - 季度财报

Important Notice This chapter presents the assurance statement from the company's board, supervisory board, and senior management regarding the quarterly report's integrity, confirming it is unaudited - The company's board of directors, supervisory board, and their members, along with senior management, guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility for any misstatements or omissions[6] - All directors attended the board meeting to review the quarterly report[6] - This first quarter report is unaudited[6] Company Profile This chapter outlines the company's key financial data and shareholder holdings for Q1 2020, reflecting operational challenges and shareholder structure amidst the pandemic Key Financial Data In Q1 2020, total assets slightly increased, but net assets attributable to shareholders decreased; revenue and net profit attributable to shareholders significantly declined, and net cash flow from operating activities turned negative due to the pandemic Key Financial Data for Q1 2020 | Indicator | Current Period-End/Year-to-Date (RMB) | Prior Year-End/Year-to-Date (RMB) | Change (%) / Percentage Point Change | Semantic Type | | :--- | :--- | :--- | :--- | :--- | | Balance Sheet: | | | | | | Total Assets | 7,269,945,632.83 | 7,142,019,621.01 | 1.79 | Financial | | Net Assets Attributable to Shareholders | 3,845,667,124.49 | 3,950,176,791.35 | -2.65 | Financial | | Income Statement: | | | | | | Operating Revenue | 84,177,510.76 | 512,962,254.52 | -83.59 | Financial | | Net Profit Attributable to Shareholders | -120,783,110.33 | 28,019,950.74 | -531.06 | Financial | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -125,728,031.68 | 28,426,985.28 | -542.28 | Financial | | Weighted Average Return on Net Assets (%) | -3.11 | 0.71 | Decrease 3.82 percentage points | Financial | | Basic Earnings Per Share (RMB/share) | -0.24 | 0.08 | -400.00 | Financial | | Diluted Earnings Per Share (RMB/share) | -0.24 | 0.08 | -400.00 | Financial | | Cash Flow Statement: | | | | | | Net Cash Flow from Operating Activities | -65,472,826.91 | 69,631,276.53 | -194.03 | Financial | Non-Recurring Gains and Losses for Q1 2020 | Item | Current Period Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -2,414.07 | | Government Grants Recognized in Current Profit/Loss | 9,007,781.23 | | Other Non-Operating Income and Expenses | -958,485.74 | | Impact on Minority Interests (After Tax) | -1,500,193.42 | | Income Tax Impact | -1,601,766.66 | | Total | 4,944,921.34 | Shareholder Holdings As of the reporting period, the company had 17,636 shareholders; ENN Energy Supply Chain Co., Ltd. was the largest shareholder with 35.05% equity, largely pledged, and several major shareholders are related and controlled by Mr. Wang Yushuo - Total number of shareholders: 17,636[9] Top Ten Shareholder Holdings | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Pledged or Frozen Shares (shares) | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | | ENN Energy Supply Chain Co., Ltd. | 176,841,072 | 35.05 | 100,167,770 (Pledged) | Domestic Non-State-Owned Legal Person | | Zhang Tao | 51,519,863 | 10.21 | 51,424,125 (Pledged) | Domestic Natural Person | | Beijing Yienrui Investment Center (Limited Partnership) | 31,041,252 | 6.15 | 0 (None) | Domestic Non-State-Owned Legal Person | | Suqian Xinyidehui Investment Management Center (Limited Partnership) | 21,760,879 | 4.31 | 21,760,879 (Pledged) | Domestic Non-State-Owned Legal Person | | ENN Capital Management Co., Ltd. | 18,666,443 | 3.70 | 0 (None) | Domestic Non-State-Owned Legal Person | | ENN Holdings Investment Co., Ltd. | 14,507,253 | 2.88 | 14,507,200 (Pledged) | Domestic Non-State-Owned Legal Person | | Yang Ying | 8,044,911 | 1.59 | 0 (None) | Domestic Natural Person | | Shanghai Fosun Chuangfu Equity Investment Fund Partnership (Limited Partnership) | 6,885,404 | 1.36 | 0 (None) | Domestic Non-State-Owned Legal Person | | New Intelligent Cognition Digital Technology Co., Ltd. Share Repurchase Special Securities Account | 6,734,687 | 1.33 | 0 (None) | Domestic Non-State-Owned Legal Person | | Yang Zhicheng | 5,249,909 | 1.04 | 0 (None) | Domestic Natural Person | - ENN Energy Supply Chain Co., Ltd., Beijing Yienrui Investment Center (Limited Partnership), Suqian Xinyidehui Investment Management Center (Limited Partnership), ENN Capital Management Co., Ltd., and ENN Holdings Investment Co., Ltd. are all controlled by the company's actual controller, Mr. Wang Yushuo[10] Preferred Shareholder Holdings As of the reporting period, the company had no preferred shareholders - Not applicable, the company has no preferred shareholders[11] Significant Events This chapter details significant changes in key financial statement items and indicators, their causes, and the completion of the share repurchase plan during the reporting period Changes in Key Financial Statement Items and Indicators and Their Reasons Company financial metrics saw significant Q1 2020 changes due to accounting policy adjustments and COVID-19; accounts receivable and contract assets shifted, long-term borrowings increased, while revenue, costs, and operating cash flow decreased due to business disruptions Changes in Key Financial Statement Items | Item | Period-End Balance (RMB 10,000) | Period-Beginning Balance (RMB 10,000) | Change Rate (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 4,788.46 | 22,114.16 | -78.35 | Accounting policy adjustment, part of the balance adjusted to contract assets[11] | | Receivables Financing | 175.48 | 51.42 | 241.29 | Increase in bank acceptance bills received from project collections[12] | | Notes Payable | 4,817.48 | 3,036.66 | 58.64 | Optimized procurement payment methods[13] | | Advances from Customers | 186.11 | 1,335.35 | -86.06 | Accounting policy adjustment, part of the balance adjusted to other accounts[14] | | Other Current Liabilities | 95.72 | 248.35 | -61.46 | Decrease in input VAT to be carried forward[15] | | Long-Term Borrowings | 1,512.09 | 240.00 | 530.04 | New long-term financing[16] | | Special Reserves | 29.07 | 17.98 | 61.68 | Accrual of safety reserve fund according to national regulations[17] | Changes in Key Financial Indicators | Item | Current Period Amount (RMB 10,000) | Prior Year Same Period (RMB 10,000) | Change Rate (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 8,417.75 | 51,296.23 | -83.59 | Due to the pandemic, industry cognitive solution projects were delayed, and marine route businesses were suspended[11] | | Operating Cost | 9,076.45 | 33,692.94 | -73.06 | Operating revenue decreased due to the pandemic[17] | | Taxes and Surcharges | 116.79 | 493.47 | -76.33 | Operating revenue decreased due to the pandemic[18] | | Selling Expenses | 1,621.53 | 3,167.58 | -48.81 | Company implemented cost reduction and efficiency improvement initiatives[19] | | Research and Development Expenses | 4,324.46 | 2,915.67 | 48.32 | Continuous investment in R&D projects[20] | | Other Income | 900.82 | 68.33 | 1,218.41 | Increase in government grants obtained[21] | | Investment Income | -164.78 | -20.26 | 713.20 | Net profit of associate companies decreased due to the pandemic[22] | | Net Cash Flow from Operating Activities | -6,547.28 | 6,963.13 | -194.03 | Reduced collections in the current period due to the pandemic[17] | | Net Cash Flow from Investing Activities | -6,409.75 | -10,941.13 | -41.42 | Reduced investment payments for infrastructure projects[17] | | Net Cash Flow from Financing Activities | 29,109.33 | 8,825.03 | 229.85 | Proactively increased capital reserves to reasonably address pandemic risks[17] | Progress of Significant Events The company completed its share repurchase program on January 15, 2020, repurchasing 6,734,687 shares, representing 1.33% of total share capital, for over RMB 100 million - The company completed its share repurchase program on January 15, 2020[23] Share Repurchase Details | Indicator | Value | | :--- | :--- | | Total Shares Repurchased | 6,734,687 shares | | Percentage of Total Share Capital | 1.33% | | Highest Repurchase Price | 22.36 RMB/share | | Lowest Repurchase Price | 11.05 RMB/share | | Average Repurchase Price | 14.99 RMB/share | | Total Funds Used (Excluding Transaction Fees) | 100,950,438.19 RMB | Overdue Unfulfilled Commitments During the reporting period, the company had no overdue unfulfilled commitments - Not applicable, there were no overdue unfulfilled commitments during the reporting period[24] Warning of Significant Changes in Cumulative Net Profit The company has not issued any warning regarding potential losses or significant changes in cumulative net profit from the beginning of the year to the end of the next reporting period - Not applicable, the company has not issued such a warning[25] Appendix The appendix provides the company's Q1 2020 consolidated and parent company financial statements, detailing adjustments made to the opening financial statements due to the first-time adoption of new revenue and lease standards Financial Statements This section includes the unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for New Intelligent Cognition Digital Technology Co., Ltd. for Q1 2020 Consolidated Balance Sheet As of March 31, 2020, consolidated total assets were RMB 7.27 billion, a 1.79% increase from year-end, with significant shifts in accounts receivable and contract assets due to new revenue standards, and increased long-term borrowings 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 | 919,955,733.56 | 758,536,964.01 | | Accounts Receivable | 478,845,600.42 | 2,211,415,620.15 | | Contract Assets | 1,648,047,364.31 | - | | Total Current Assets | 4,322,404,353.98 | 4,178,235,915.50 | | Total Non-Current Assets | 2,947,541,278.85 | 2,963,783,705.51 | | Total Assets | 7,269,945,632.83 | 7,142,019,621.01 | | Short-Term Borrowings | 1,492,998,808.26 | 1,391,195,275.58 | | Notes Payable | 481,748,401.82 | 303,665,811.88 | | Advances from Customers | 18,611,127.66 | 133,535,086.53 | | Contract Liabilities | 109,584,804.61 | - | | Total Current Liabilities | 3,112,566,689.19 | 2,981,181,534.07 | | Long-Term Borrowings | 151,209,161.91 | 24,000,000.00 | | Total Liabilities | 3,381,536,476.09 | 3,144,750,990.53 | | Total Equity Attributable to Parent Company Shareholders | 3,845,667,124.49 | 3,950,176,791.35 | | Total Equity | 3,888,409,156.74 | 3,997,268,630.48 | Parent Company Balance Sheet As of March 31, 2020, parent company total assets were RMB 4.56 billion, a slight increase from year-end, with decreases in cash and accounts receivable, and a significant increase in other receivables 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 | 52,793,198.16 | 117,948,370.47 | | Accounts Receivable | 32,023,450.49 | 70,928,009.40 | | Other Receivables | 923,085,754.66 | 706,844,494.46 | | Total Assets | 4,556,023,007.56 | 4,513,113,041.53 | | Short-Term Borrowings | 200,257,701.40 | 290,540,060.99 | | Other Payables | 857,689,541.61 | 684,907,778.87 | | Total Liabilities | 1,147,373,717.73 | 1,095,396,773.07 | | Total Equity | 3,408,649,289.83 | 3,417,716,268.46 | Consolidated Income Statement In Q1 2020, consolidated operating revenue significantly decreased by 83.59% year-over-year, resulting in a shift from profit to loss for operating profit and net profit, with net profit attributable to parent company shareholders at -RMB 121 million and basic EPS at -RMB 0.24/share Consolidated Income Statement Key Items (Q1 2020 vs Q1 2019) | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 84,177,510.76 | 512,962,254.52 | | Total Operating Cost | 220,660,979.46 | 477,025,534.47 | | Operating Profit | -131,876,636.27 | 24,853,165.50 | | Total Profit | -131,992,812.76 | 24,023,646.23 | | Net Profit | -125,132,917.21 | 20,779,441.71 | | Net Profit Attributable to Parent Company Shareholders | -120,783,110.33 | 28,019,950.74 | | Basic Earnings Per Share (RMB/share) | -0.24 | 0.08 | | Diluted Earnings Per Share (RMB/share) | -0.24 | 0.08 | Parent Company Income Statement In Q1 2020, parent company operating revenue was zero, with a net loss of -RMB 7.07 million, a narrower loss compared to -RMB 21.84 million in the prior year Parent Company Income Statement Key Items (Q1 2020 vs Q1 2019) | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | | :--- | :--- | :--- | | Operating Revenue | - | 280,660.38 | | Financial Expenses | 2,153,330.96 | 13,835,134.30 | | Operating Profit | -7,067,319.13 | -21,266,120.63 | | Net Profit | -7,067,319.13 | -21,839,181.63 | Consolidated Cash Flow Statement In Q1 2020, consolidated net cash flow from operating activities was -RMB 65.47 million, a 194.03% year-over-year decrease; net cash flow from investing activities was -RMB 64.10 million, while net cash flow from financing activities significantly increased to RMB 291.09 million due to new financing for pandemic risk mitigation Consolidated Cash Flow Statement Key Items (Q1 2020 vs Q1 2019) | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 230,838,057.48 | 1,076,937,203.62 | | Subtotal of Cash Outflows from Operating Activities | 296,310,884.39 | 1,007,305,927.09 | | Net Cash Flow from Operating Activities | -65,472,826.91 | 69,631,276.53 | | Net Cash Flow from Investing Activities | -64,097,486.52 | -109,411,331.18 | | Net Cash Flow from Financing Activities | 291,093,259.07 | 88,250,330.96 | | Net Increase in Cash and Cash Equivalents | 161,518,396.71 | 48,470,276.31 | | Cash and Cash Equivalents at Period-End | 916,153,476.78 | 918,875,111.66 | Parent Company Cash Flow Statement In Q1 2020, parent company net cash flow from operating activities was -RMB 91.77 million, from investing activities was -RMB 15,000, and from financing activities was -RMB 123.37 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 | -91,765,222.22 | -314,661,736.71 | | Net Cash Flow from Investing Activities | -14,992.00 | - | | Net Cash Flow from Financing Activities | -123,374,958.09 | 90,285,614.07 | | Cash and Cash Equivalents at Period-End | 52,793,198.16 | 132,745,769.12 | Adjustments for New Accounting Standards This section presents adjustments made to the consolidated and parent company balance sheets as of January 1, 2020, due to the first-time adoption of new revenue and lease standards Consolidated Balance Sheet Adjustments At the consolidated level, the new revenue standard led to a RMB 1.72 billion decrease in accounts receivable and a corresponding increase in contract assets, along with a RMB 100 million decrease in advances from customers and an increase in contract liabilities, reflecting changes in revenue recognition Consolidated Balance Sheet Adjustment Items (January 1, 2020) | Item | December 31, 2019 (RMB) | Adjustment Amount (RMB) | January 1, 2020 (RMB) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 2,211,415,620.15 | -1,718,770,732.48 | 492,644,887.67 | | Contract Assets | - | 1,718,770,732.48 | 1,718,770,732.48 | | Advances from Customers | 133,535,086.53 | -100,316,268.66 | 33,218,817.87 | | Contract Liabilities | - | 100,316,268.66 | 100,316,268.66 | Parent Company Balance Sheet Adjustments The parent company balance sheet was not adjusted as of January 1, 2020, due to the first-time adoption of new revenue and lease standards - No adjustments were made to the parent company balance sheet[51] Explanation of Retrospective Adjustments for New Accounting Standards The company adopted new revenue standards from January 1, 2020, adjusting retained earnings and other financial statement items for the cumulative impact, but did not retrospectively adjust comparative period information - The company adopted 'Accounting Standard for Business Enterprises No. 14 – Revenue' effective January 1, 2020[51] - Enterprises adopting new revenue standards for the first time should adjust retained earnings and other related financial statement items at the beginning of the year of first adoption based on the cumulative impact[51] - Comparative period information is not retrospectively adjusted[51] Audit Report This quarterly report is unaudited - Not applicable, this quarterly report is unaudited[52]