新智认知(603869) - 2021 Q1 - 季度财报

Important Notice Statement on Report Authenticity The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with all directors attending the review meeting, and the report remains unaudited - Board of Directors, Supervisory Board, Directors, Supervisors, and Senior Management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with no false records, misleading statements, or major omissions, and bear individual and joint legal responsibility[6] - All company directors attended the board meeting to review the quarterly report[6] - This company's first-quarter report is unaudited[6] Company Basic Information Key Financial Data The company's Q1 2021 key financial data shows significant year-on-year growth in operating revenue and net profit, driven by project completion, increased self-developed software, and reduced expenses from asset sales, with improved net cash flow from operating activities 2021 Q1 Key Financial Data Overview | Indicator | Period-End Balance/Beginning of Current Period | Prior Year-End/Beginning of Prior Year to Prior Year Period-End | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,421,004,300.99 CNY | 6,410,390,123.58 CNY | 0.17% | | Net Assets Attributable to Shareholders of Listed Company | 3,975,084,824.49 CNY | 3,963,326,813.48 CNY | 0.30% | | Net Cash Flow from Operating Activities | -9,369,269.83 CNY | -65,472,826.91 CNY | 85.69% | | Operating Revenue | 159,791,266.87 CNY | 84,177,510.76 CNY | 89.83% | | Net Profit Attributable to Shareholders of Listed Company | 11,758,011.01 CNY | -120,783,110.33 CNY | 109.73% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 204,382.11 CNY | -125,728,031.68 CNY | 100.16% | | Weighted Average Return on Net Assets (%) | 0.30 | -3.11 | Increased by 3.41 percentage points | | Basic Earnings Per Share (CNY/share) | 0.02 | -0.24 | 109.73% | | Diluted Earnings Per Share (CNY/share) | 0.02 | -0.24 | 109.73% | - Operating revenue increased by 89.83% year-on-year, primarily due to the gradual completion and recognition of projects delayed by the pandemic in the previous year, coupled with an increase in the company's self-developed software products and a continuous rise in project gross profit margins[5] - Net profit attributable to shareholders of the listed company in Q1 2021 was CNY 11.758 million, a year-on-year increase of 109.73%, mainly due to significantly reduced administrative and financial expenses resulting from the sale of airline assets and recovery of equity transfer payments[5] Non-Recurring Gains and Losses Items and Amounts | Item | Current Period Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 93,640.83 | | Tax refunds, reductions, or exemptions due to unauthorized approvals, lack of formal approval documents, or incidental events | 845,871.73 | | Government subsidies recognized in current profit or loss | 15,257,353.71 | | Other non-operating income and expenses apart from the above | -1,235,711.69 | | Impact on minority interests (after tax) | -1,433,125.73 | | Income tax impact | -1,974,399.95 | | Total | 11,553,628.90 | Total Number of Shareholders, Top Ten Shareholders, and Top Ten Circulating Shareholders (or Shareholders with No Restricted Shares) as of the End of the Reporting Period As of the end of the reporting period, the company had 19,506 shareholders, with New Oriental Energy Supply Chain Co., Ltd. holding the largest stake at 35.05%, and several top ten shareholders being related to the actual controller, Mr. Wang Yushuo - Total number of shareholders (households) is 19,506[10] Top Ten Shareholders' Shareholding | Shareholder Name (Full Name) | Number of Shares Held at Period End | Proportion (%) | Pledged or Frozen Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | New Oriental Energy Supply Chain Co., Ltd. | 176,841,072 | 35.05 | None | Domestic Non-State-Owned Legal Person | | Zhang Tao | 36,000,000 | 7.14 | Pledged 36,000,000 | Domestic Natural Person | | Tianjin Yienrui Investment Center (Limited Partnership) | 31,041,252 | 6.15 | None | Domestic Non-State-Owned Legal Person | | Suqian Xinyidehui Investment Management Center (Limited Partnership) | 21,760,879 | 4.31 | None | Domestic Non-State-Owned Legal Person | | New Oriental Capital Management Co., Ltd. | 18,666,443 | 3.70 | None | Domestic Non-State-Owned Legal Person | | New Oriental Holdings Investment Co., Ltd. | 14,507,253 | 2.88 | None | Domestic Non-State-Owned Legal Person | | Yang Ying | 8,054,911 | 1.60 | None | Domestic Natural Person | | New Oriental Cognitive Digital Technology Co., Ltd. Repurchase Special Securities Account | 6,734,687 | 1.33 | None | Domestic Non-State-Owned Legal Person | | Zhao Tianshi | 4,503,093 | 0.89 | None | Domestic Natural Person | | Shanghai Yifeng Investment Management Co., Ltd. - Yifeng Long-Term Investment No. 1 Private Equity Fund | 4,464,109 | 0.88 | None | Domestic Non-State-Owned Legal Person | - New Oriental Energy Supply Chain Co., Ltd., Tianjin Yienrui Investment Center (Limited Partnership), Suqian Xinyidehui Investment Management Center (Limited Partnership), New Oriental Capital Management Co., Ltd., and New Oriental Holdings Investment Co., Ltd. are all enterprises actually controlled by the company's actual controller, Mr. Wang Yushuo[11] Total Number of Preferred Shareholders, Top Ten Preferred Shareholders, and Top Ten Preferred Shareholders with No Restricted Shares as of the End of the Reporting Period As of the end of the reporting period, the company had no preferred shareholders - Not applicable[11] Significant Events Significant Changes and Reasons for Major Accounting Statement Items and Financial Indicators During the reporting period, several financial accounts experienced significant changes, with notable increases in monetary funds, notes receivable, construction in progress, deferred income tax assets, notes payable, other income, credit impairment losses, net cash flow from operating activities, and net cash flow from investing activities; conversely, accounts receivable financing, other receivables, contract liabilities, employee compensation payable, non-current liabilities due within one year, long-term payables, deferred income, administrative expenses, financial expenses, and net cash flow from financing activities significantly decreased, primarily influenced by the recovery of equity transfer payments, maturity of notes, project completion, optimized financing structure, and the sale of airline assets Major Accounting Statement Item Changes | Account | Period-End Balance/Beginning of Current Period (CNY) | Beginning Balance/Prior Year Same Period (CNY) | Change Amount (CNY) | Change Rate (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,451,596,951.81 | 1,773,533,862.71 | 678,063,089.10 | 38.23 | Recovery of equity transfer payments | | Accounts Receivable Financing | 155,719.69 | 2,612,589.50 | -2,456,869.81 | -94.04 | Notes matured | | Other Receivables | 43,511,419.49 | 762,686,569.30 | -719,175,149.81 | -94.29 | Early recovery of equity transfer payments from the sale of Beihai Xinyi Ferry | | Construction in Progress | 682,084.06 | 356,902.65 | 325,181.41 | 91.11 | Office building renovation | | Deferred Income Tax Assets | 163,556,107.54 | 111,536,535.81 | 52,019,571.73 | 46.64 | Unrealized intercompany profit and reversal of bad debt provisions | | Notes Payable | 14,364,600.00 | 6,715,853.20 | 7,648,746.80 | 113.89 | Increased note payments from daily operating activities | | Contract Liabilities | 59,484,799.30 | 89,248,204.03 | -29,763,404.73 | -33.35 | Advance receipts recognized as revenue | | Non-Current Liabilities Due Within One Year | 22,740,829.84 | 83,419,116.43 | -60,678,286.59 | -72.74 | Optimized financing structure, reduced high-interest finance lease business | | Long-Term Payables | 0 | 5,242,991.41 | -5,242,991.41 | -100.00 | Optimized financing structure, reduced high-interest finance lease business | | Operating Revenue | 159,791,266.87 | 84,177,510.76 | 75,613,756.11 | 89.83 | Gradual completion and recognition of projects delayed by the pandemic | | Administrative Expenses | 22,511,013.15 | 43,327,573.38 | -20,816,560.23 | -48.04 | Reduced personnel and depreciation after selling airline assets | | Financial Expenses | 5,600,929.41 | 25,941,060.68 | -20,340,131.27 | -78.41 | Reduced interest-bearing debt, optimized financing structure | | Other Income | 16,103,225.44 | 9,008,244.06 | 7,094,981.38 | 78.76 | Deferred income transferred to other income | | Credit Impairment Losses | 18,832,564.06 | -2,751,215.39 | 21,583,779.45 | 784.52 | Recovery of accounts receivable and other receivables, reversal of bad debt provisions | | Net Cash Flow from Operating Activities | -9,369,269.83 | -65,472,826.91 | 56,103,557.08 | 85.69 | Reduced expenses after selling airline assets | | Net Cash Flow from Investing Activities | 623,658,845.30 | -64,097,486.52 | 687,756,331.82 | 1,072.98 | Recovery of equity transfer payments from the sale of airline assets | | Net Cash Flow from Financing Activities | -154,285,482.38 | 291,093,259.07 | -445,378,741.45 | 153.00 | Optimized financing structure, reduced interest-bearing debt | Analysis of Progress, Impact, and Solutions for Significant Events The company successfully recovered CNY 1.37 billion in equity transfer payments for Beihai Xinyi Ferry ahead of schedule, significantly boosting its financial strength, while also fully releasing CNY 490 million in related party guarantees from the airline asset sale, eliminating potential risks, and the controlling shareholder's concerted party initiated a share increase plan of no less than CNY 50 million, demonstrating confidence in the company's development - The company prematurely recovered CNY 1.37 billion in equity transfer payments for 100% of Beihai Xinyi Ferry Co., Ltd., received in two installments on December 25, 2020, and March 15, 2021, further strengthening the company's financial position[14][15] - The CNY 490 million related party guarantee formed from the sale of Xinyi Ferry Co., Ltd. equity has been fully released, and the company no longer has other related party guarantees[15] - New Oriental Xinzhi IoT Co., Ltd., a concerted party of the company's controlling shareholder New Oriental Energy Supply Chain Co., Ltd., plans to increase its shareholding in the company by no less than CNY 50 million within 6 months, having already accumulated CNY 36,403,943 as of April 15, 2021[16] Unfulfilled Commitments Overdue During the Reporting Period The company had no unfulfilled commitments overdue during the reporting period - Not applicable[17] Warning and Explanation of Reasons if Cumulative Net Profit from the Beginning of the Year to the End of the Next Reporting Period is Expected to be a Loss or Undergo Significant Changes Compared to the Same Period Last Year The company did not forecast cumulative net profit from the beginning of the year to the end of the next reporting period to be a loss or undergo significant changes - Not applicable[18] Appendix Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021, detailing the financial position, operating results, and cash flow at the end of the reporting period, all unaudited Consolidated Balance Sheet As of March 31, 2021, the company's consolidated total assets were CNY 6.421 billion, a slight increase of 0.17% from the end of the previous year, with monetary funds significantly increasing by 38.23% due to equity transfer payment recovery, while other receivables sharply decreased by 94.29% from early recovery of equity transfer payments Consolidated Balance Sheet Key Data (March 31, 2021 vs December 31, 2020) | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 2,451,596,951.81 | 1,773,533,862.71 | 38.23 | | Accounts Receivable | 1,562,357,880.46 | 1,525,812,177.92 | 2.39 | | Other Receivables | 43,511,419.49 | 762,686,569.30 | -94.29 | | Total Current Assets | 4,796,465,383.40 | 4,804,566,850.04 | -0.17 | | Total Assets | 6,421,004,300.99 | 6,410,390,123.58 | 0.17 | | Short-Term Borrowings | 1,323,126,034.91 | 1,225,344,859.74 | 8.00 | | Total Liabilities | 2,417,077,158.77 | 2,416,122,813.66 | 0.04 | | Total Equity Attributable to Parent Company Owners | 3,975,084,824.49 | 3,963,326,813.48 | 0.30 | - The increase in monetary funds is primarily due to the recovery of equity transfer payments paid in cash[13] - The decrease in other receivables is primarily due to the early recovery of corresponding equity transfer payments from the sale of Beihai Xinyi Ferry[13] Parent Company Balance Sheet As of March 31, 2021, the parent company's total assets were CNY 5.419 billion, an increase of 12.36% from the end of the previous year, with monetary funds significantly growing by 62.13% and other receivables increasing by 41.33%, while short-term borrowings decreased, other payables substantially increased Parent Company Balance Sheet Key Data (March 31, 2021 vs December 31, 2020) | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 610,826,511.07 | 376,780,652.56 | 62.13 | | Other Receivables | 1,204,591,049.45 | 852,326,117.07 | 41.33 | | Long-Term Equity Investments | 3,480,403,892.65 | 3,480,403,892.65 | 0.00 | | Total Assets | 5,418,754,813.77 | 4,822,722,825.22 | 12.36 | | Short-Term Borrowings | 251,282,430.55 | 400,882,597.23 | -37.32 | | Other Payables | 1,524,183,369.54 | 755,731,585.63 | 101.68 | | Total Liabilities | 2,067,089,538.32 | 1,465,180,544.19 | 41.08 | | Total Owners' Equity | 3,351,665,275.45 | 3,357,542,281.03 | -0.17 | Consolidated Income Statement In Q1 2021, the company's consolidated total operating revenue increased by 89.83% to CNY 160 million, with net profit turning from a loss to a profit of CNY 9.66 million, and net profit attributable to parent company shareholders significantly growing by 109.73% to CNY 11.76 million, primarily due to increased operating revenue, substantially reduced administrative and financial expenses, and the reversal of credit impairment losses Consolidated Income Statement Key Data (Q1 2021 vs Q1 2020) | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 159,791,266.87 | 84,177,510.76 | 89.83 | | Total Operating Costs | 181,207,323.87 | 220,660,979.46 | -17.88 | | Administrative Expenses | 22,511,013.15 | 43,327,573.38 | -48.04 | | Financial Expenses | 5,600,929.41 | 25,941,060.68 | -78.41 | | Credit Impairment Losses | 18,832,564.06 | -2,751,215.39 | 784.52 | | Operating Profit | 9,134,729.30 | -131,876,636.27 | 106.93 | | Net Profit | 9,659,832.30 | -125,132,917.21 | 107.72 | | Net Profit Attributable to Parent Company Shareholders | 11,758,011.01 | -120,783,110.33 | 109.73 | | Basic Earnings Per Share (CNY/share) | 0.02 | -0.24 | 109.73 | - The increase in operating revenue is primarily due to the gradual completion and recognition of projects delayed by the pandemic in the previous year[13] - The significant decrease in administrative and financial expenses is primarily due to reduced personnel and depreciation after the sale of airline assets, as well as a reduction in interest-bearing debt and optimized financing structure[13] - The positive turn in credit impairment losses is primarily due to the recovery of accounts receivable and other receivables, and the reversal of related bad debt provisions[13] Parent Company Income Statement In Q1 2021, the parent company's operating revenue was CNY 36,123.85, with a net loss of CNY 5.877 million, a 16.84% reduction in loss year-on-year, while financial expenses remained a major expenditure but decreased year-on-year Parent Company Income Statement Key Data (Q1 2021 vs Q1 2020) | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 36,123.85 | 0 | N/A | | Administrative Expenses | 125,189.34 | 4,406,897.57 | -97.16 | | Financial Expenses | 5,755,239.38 | 2,153,330.96 | 167.27 | | Operating Profit | -5,902,253.37 | -7,067,319.13 | 16.49 | | Net Profit | -5,877,005.58 | -7,067,319.13 | 16.84 | - Parent company administrative expenses decreased significantly by 97.16% year-on-year[37] - Parent company financial expenses increased significantly by 167.27% year-on-year, primarily due to increased interest expenses[37] Consolidated Cash Flow Statement In Q1 2021, the company's net cash flow from operating activities significantly improved, increasing by 85.69% from CNY -65.47 million to CNY -9.37 million year-on-year, while net cash flow from investing activities turned positive, sharply increasing by 1072.98% to CNY 623.66 million due to the recovery of equity transfer payments from airline asset sales, and net cash flow from financing activities turned negative, decreasing by 153.00% to CNY -154.29 million due to optimized financing structure and reduced interest-bearing debt Consolidated Cash Flow Statement Key Data (Q1 2021 vs Q1 2020) | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -9,369,269.83 | -65,472,826.91 | 85.69 | | Net Cash Flow from Investing Activities | 623,658,845.30 | -64,097,486.52 | 1,072.98 | | Net Cash Flow from Financing Activities | -154,285,482.38 | 291,093,259.07 | -153.00 | | Net Increase in Cash and Cash Equivalents | 460,004,093.09 | 161,522,945.64 | 184.79 | - The increase in net cash flow from operating activities is primarily due to reduced expenses after the sale of airline assets[13] - The increase in net cash flow from investing activities is primarily due to the recovery of equity transfer payments from the sale of airline assets[13] - The decrease in net cash flow from financing activities is primarily due to the company optimizing its financing structure and reducing the scale of interest-bearing debt[13] Parent Company Cash Flow Statement In Q1 2021, the parent company's net cash flow from operating activities significantly turned positive to CNY 414.54 million from CNY -91.77 million in the prior year, mainly due to a substantial increase in other cash received related to operating activities, while net cash flow from financing activities was CNY -180.47 million, primarily used for debt repayment Parent Company Cash Flow Statement Key Data (Q1 2021 vs Q1 2020) | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Other Cash Received Related to Operating Activities | 1,343,148,430.15 | 328,236,074.25 | 309.19 | | Net Cash Flow from Operating Activities | 414,537,108.50 | -91,765,222.22 | 551.70 | | Net Cash Flow from Financing Activities | -180,472,499.99 | -123,374,958.09 | -46.28 | | Net Increase in Cash and Cash Equivalents | 234,045,858.51 | -215,155,172.31 | 208.78 | - The significant increase in the parent company's total cash inflow from operating activities is primarily due to a substantial increase in other cash received related to operating activities[44] - The parent company's total cash outflow from financing activities is primarily used for debt repayment[45] Adjustments to Financial Statements at the Beginning of the First Year of Adoption of New Lease Standards from 2021 The company adopted new lease standards from January 1, 2021, adjusting consolidated and parent company balance sheets by adding "right-of-use assets" and "lease liabilities," with consolidated statements showing CNY 5.9624 million for both, affecting only the financial statement items at the beginning of the first year of adoption without retrospective adjustment of comparable period data Consolidated Balance Sheet The first adoption of new lease standards led to the addition of CNY 5.9624 million in right-of-use assets and CNY 5.9624 million in lease liabilities to the consolidated balance sheet as of January 1, 2021, increasing total assets and liabilities accordingly, but without affecting owners' equity Consolidated Balance Sheet New Lease Standard Adjustments (December 31, 2020 vs January 1, 2021) | Item | December 31, 2020 (CNY) | January 1, 2021 (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | 0 | 5,962,350.56 | 5,962,350.56 | | Total Non-Current Assets | 1,605,823,273.54 | 1,611,785,624.10 | 5,962,350.56 | | Total Assets | 6,410,390,123.58 | 6,416,352,474.14 | 5,962,350.56 | | Lease Liabilities | 0 | 5,962,350.56 | 5,962,350.56 | | Total Non-Current Liabilities | 234,058,803.19 | 240,021,153.75 | 5,962,350.56 | | Total Liabilities | 2,416,122,813.66 | 2,422,085,164.22 | 5,962,350.56 | Parent Company Balance Sheet The parent company balance sheet remained unchanged upon the initial adoption of new lease standards, with all items showing consistent amounts on December 31, 2020, and January 1, 2021 - The parent company balance sheet remained unchanged upon the initial adoption of new lease standards, with all items showing consistent amounts on December 31, 2020, and January 1, 2021[49][52] Explanation of Retrospective Adjustment of Prior Period Comparative Data upon First Adoption of New Lease Standards from 2021 The company implemented new lease standards from January 1, 2021, adjusting only the opening retained earnings and other related financial statement items for the first year of adoption, without retrospectively adjusting comparable data for the end of 2020, and this accounting policy change is not expected to significantly impact the company's financial position, operating results, or cash flows - The company implemented new lease standards from January 1, 2021, and will disclose financial statements according to the new lease standards from Q1 2021, without restating comparable data for the end of 2020[53] - According to the transition provisions, the cumulative impact of the first adoption of new lease standards only adjusts the opening retained earnings and other related financial statement items for the year of first adoption[53] - This accounting policy change is not expected to significantly impact the company's financial position, operating results, or cash flows[53] Audit Report This quarterly report is unaudited - Not applicable[54]