海马汽车(000572) - 2021 Q1 - 季度财报

Important Notice The report's accuracy and completeness are affirmed by the board, supervisory board, and senior management Statement by the Board of Directors, Supervisory Board, and Senior Management The Board, Supervisory Board, and senior management affirm the quarterly report's accuracy and completeness - The company's Board of Directors, Supervisory Board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with no false records, misleading statements, or major omissions[5] - Company head Sun Zhongchun, head of accounting work Qin Ming, and head of accounting department Luo Lixiang declare that the financial statements in the quarterly report are true, accurate, and complete[6] Company Profile This section presents key financial data and shareholder information for the reporting period Key Accounting Data and Financial Indicators Q1 2021 operating revenue increased by 59.85% to 323 million Yuan, with net loss narrowing and operating cash flow improving Key Financial Indicators for Q1 2021 | Indicator | Current Reporting Period | Prior Year Period | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 322,849,660.73 | 201,968,912.14 | 59.85% | | Net Profit Attributable to Shareholders (Yuan) | -62,872,413.81 | -99,186,354.64 | Loss Narrowed | | Net Cash Flow from Operating Activities (Yuan) | -175,878,746.70 | -379,074,224.53 | Loss Narrowed | | Basic Earnings Per Share (Yuan/share) | -0.0382 | -0.0603 | Loss Narrowed | | Total Assets (Yuan) | 8,644,033,913.11 | - | -6.13% (vs. End of Prior Year) | | Net Assets Attributable to Shareholders (Yuan) | 3,521,583,414.60 | - | -1.76% (vs. End of Prior Year) | Non-Recurring Gains and Losses Items and Amounts | Item | Amount from Year Start to End of Reporting Period (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 20,978,046.65 | | Government Grants Recognized in Current Period P&L | 7,423,898.74 | | Gains/Losses from Debt Restructuring | 6,694,219.81 | | Other Non-Operating Income/Expenses | 650,541.01 | | Total | 26,410,927.35 | Shareholder Information The company had 59,459 common shareholders at period-end, with the top two being related parties under the same ultimate controller - At the end of the reporting period, the company had 59,459 common shareholders[15] Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held (shares) | | :--- | :--- | | Haima (Shanghai) Investment Co., Ltd. | 473,600,000 | | Haima Investment Group Co., Ltd. | 93,022,951 | | Hong Zejun | 60,350,000 | | He Xueping | 49,984,198 | | Hainan Jiamei Solar Energy Co., Ltd. | 49,885,782 | - The company's largest and second-largest shareholders are related parties under the same ultimate controller, with no other related party relationships or concerted actions among the top ten shareholders[18] Significant Matters This section details significant financial data changes, commitment fulfillment, and other important operational matters Analysis of Changes in Key Financial Data Key financial indicators showed significant changes, including a 59.85% increase in operating revenue and narrowed net loss from improved sales and margins Changes and Reasons for Key Financial Indicators | Statement Item | Change Rate | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 59.85% | Due to increased vehicle sales | | Management Expenses | -35.83% | Due to workshop shutdown during prior period's pandemic | | R&D Expenses | 151.45% | Due to increased accumulated amortization of non-patented technology in current period | | Financial Expenses | -86.80% | Due to decreased bank borrowings in current period | | Net Profit | - | Due to increased vehicle sales and gross profit margin | | Net Cash Flow from Operating Activities | - | Due to decreased payment for goods in current period | Fulfillment of Commitments The company's actual controller, shareholders, and related parties strictly fulfilled commitments on independence, competition, and related-party transactions - Haima (Shanghai) Investment Co., Ltd. and Haima Investment Group Co., Ltd. committed to maintaining "five separations" (business, assets, personnel, organization, finance) with the company to ensure its independence and integrity, and to avoid horizontal competition and regulate related-party transactions. During the reporting period, all relevant commitments were strictly fulfilled[23][26] Other Significant Matters The company disclosed related-party transactions totaling 195 million Yuan and 3.6605 million Yuan, with no securities investments or irregular financial activities - From January to March 2021, the company's total related-party transactions with Hainan FAW Haima Automobile Sales Co., Ltd., in which it holds a 50% stake, amounted to 195.0933 million Yuan; total related-party transactions with the second-largest shareholder Haima Investment Group Co., Ltd. and its subsidiaries amounted to 3.6605 million Yuan[27] - During the reporting period, the company had no securities investments, derivative investments, raised fund investment projects, significant daily operating contracts, entrusted wealth management, irregular external guarantees, or occupation of funds by controlling shareholders[28][29][30][32][33][34] Financial Statements This section presents the consolidated financial statements, including the balance sheet, income statement, cash flow statement, and related adjustments Consolidated Balance Sheet As of March 31, 2021, total assets were 8.644 billion Yuan and total liabilities were 4.267 billion Yuan, both declining from year-start Key Items from Consolidated Balance Sheet (Unit: Yuan) | Item | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Assets | 8,644,033,913.11 | 9,208,333,394.09 | | Cash and Cash Equivalents | 823,955,436.39 | 1,112,832,620.05 | | Accounts Receivable | 157,693,387.71 | 254,156,205.56 | | Inventories | 597,021,934.35 | 477,104,331.87 | | Fixed Assets | 2,609,589,937.36 | 2,704,299,367.20 | | Total Liabilities | 4,267,166,759.46 | 4,771,368,494.57 | | Short-term Borrowings | 434,968,360.02 | 619,397,653.25 | | Notes Payable | 747,034,258.74 | 793,253,997.12 | | Accounts Payable | 828,551,129.12 | 856,251,599.99 | | Total Owners' Equity | 4,376,867,153.65 | 4,436,964,899.52 | | Total Owners' Equity Attributable to Parent Company | 3,521,583,414.60 | 3,584,505,461.93 | Consolidated Income Statement Q1 2021 total operating revenue was 336 million Yuan, a 50.71% increase, with net loss attributable to parent shareholders significantly narrowed Key Items from Consolidated Income Statement (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | I. Total Operating Revenue | 336,053,854.34 | 222,979,041.01 | | Of which: Operating Revenue | 322,849,660.73 | 201,968,912.14 | | II. Total Operating Costs | 452,462,086.03 | 385,073,804.39 | | Of which: Operating Costs | 258,882,223.64 | 177,869,550.77 | | R&D Expenses | 61,527,252.44 | 24,468,845.00 | | III. Operating Profit | -75,644,793.16 | -122,354,106.93 | | IV. Total Profit | -74,995,171.96 | -120,960,535.40 | | V. Net Profit | -60,006,479.82 | -101,556,931.44 | | Net Profit Attributable to Parent Company Shareholders | -62,872,413.81 | -99,186,354.64 | | VIII. Basic Earnings Per Share | -0.0382 | -0.0603 | Consolidated Cash Flow Statement Q1 2021 net cash outflow from operating activities significantly improved to -176 million Yuan, with total cash and equivalents at 893 million Yuan Key Items from Consolidated Cash Flow Statement (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -175,878,746.70 | -379,074,224.53 | | Net Cash Flow from Investing Activities | -34,203,000.78 | -344,818,633.74 | | Net Cash Flow from Financing Activities | -5,642,687.60 | -17,763,235.05 | | Net Increase in Cash and Cash Equivalents | -215,749,401.40 | -741,467,502.16 | | Cash and Cash Equivalents at Period-End | 893,229,825.78 | 666,832,220.14 | Explanation of Financial Statement Adjustments Effective January 1, 2021, the company adopted new lease accounting standards, adjusting opening financial statements to include right-of-use assets and lease liabilities - The company adopted new lease accounting standards for the first time effective January 1, 2021, and made corresponding adjustments to the opening financial statements for the current period[83] Impact of New Lease Standards on Opening Consolidated Balance Sheet (Unit: Yuan) | Adjusted Item | Adjustment Amount | | :--- | :--- | | Right-of-Use Assets | +5,417,132.56 | | Prepayments | -129,000.00 | | Other Payables | +123,700.00 | | Lease Liabilities | +5,164,432.56 |