新能泰山(000720) - 2019 Q1 - 季度财报

Part I Important Notice This section confirms the board, supervisory board, and senior management's assurance of the quarterly report's truthfulness and completeness, with all directors attending the review Part I Important Notice - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[5] - All directors attended the board meeting to review this quarterly report[6] - Company head Wu Yonggang, chief accountant Zhan Hang, and head of accounting department Liu Taiyong declare the financial statements in the quarterly report are true, accurate, and complete[6] Part II Company Overview This section outlines key financial data, indicators, and shareholder information, highlighting significant revenue growth, decreased net profit, and negative operating cash flow Part II Company Overview I. Key Accounting Data and Financial Indicators Operating revenue grew by 214.10% to 1.306 billion CNY, while net profit attributable to shareholders decreased by 35.53%, and operating cash flow turned negative I. Key Accounting Data and Financial Indicators Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (CNY) | Prior Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,305,700,695.91 | 415,694,058.25 | 214.10% | | Net Profit Attributable to Listed Company Shareholders | 374,364,578.33 | 580,711,894.40 | -35.53% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 374,385,354.02 | 15,131,938.26 | 2,374.14% | | Net Cash Flow from Operating Activities | -470,006,092.45 | 291,997,336.34 | -260.96% | | Basic Earnings Per Share | 0.2903 | 0.4503 | -35.53% | | Diluted Earnings Per Share | 0.2903 | 0.4503 | -35.53% | | Weighted Average Return on Net Assets | 15.86% | 41.40% | -25.54% | Key Accounting Data and Financial Indicators (Period-End vs. Prior Year-End) | Indicator | Current Period-End (CNY) | Prior Year-End (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,799,770,997.44 | 5,232,867,523.59 | -8.28% | | Net Assets Attributable to Listed Company Shareholders | 2,540,991,576.86 | 2,179,680,863.09 | 16.58% | Non-Recurring Gains and Losses Items and Amounts | Item | Amount from Year-Start to Period-End (CNY) | Description | | :--- | :--- | :--- | | Other Non-Operating Income and Expenses (Excluding Above) | -49,493.63 | | | Less: Income Tax Impact | -7,604.04 | | | Impact on Minority Shareholder Equity (After Tax) | -21,113.90 | | | Total | -20,775.69 | -- | II. Total Shareholders and Top Ten Shareholders' Holdings at Period-End At period-end, the company had 68,804 common shareholders; the top two are related parties, with no pledges or freezes on top ten holdings II. Total Shareholders and Top Ten Shareholders' Holdings at Period-End - The total number of common shareholders at the end of the reporting period was 68,804[13] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Pledge or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Huaneng Energy Transportation Industry Holding Co., Ltd. | State-owned Legal Person | 23.26% | 300,007,395 | 114,126,636 | 0 | | Nanjing Huaneng Southern Industrial Development Co., Ltd. | State-owned Legal Person | 17.36% | 223,910,769 | 223,910,769 | 0 | | Guangdong Century City Group Co., Ltd. | Domestic Non-State-owned Legal Person | 6.84% | 88,153,557 | 88,153,557 | 0 | - The company's first and second largest shareholders have an associated relationship[14] Part III Significant Events This section details financial data changes, progress on real estate, strategic agreements, and share repurchases, confirming no unfulfilled commitments or irregular financial activities Part III Significant Events I. Changes and Reasons for Key Financial Data and Indicators in the Reporting Period This section explains changes in balance sheet, income statement, and cash flow items, including cash, prepayments, revenue, income tax, and operating/investing cash flows I. Changes and Reasons for Key Financial Data and Indicators in the Reporting Period (I) Changes in Balance Sheet Items Cash decreased by 53.24% due to payments, prepayments increased by 2,855.12% for supply chain, and unearned revenue decreased by 94.69% from residential deliveries (I) Changes in Balance Sheet Items Changes in Balance Sheet Items (Current Period-End vs. Prior Year-End) | Item | Current Period-End (CNY) | Prior Year-End (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 419,372,032.35 | 896,823,825.65 | -53.24 | | Notes and Accounts Receivable | 606,475,263.13 | 508,278,256.40 | -44.35 | | Prepayments | 230,744,964.66 | 7,808,301.35 | 2,855.12 | | Other Current Assets | 13,853,298.53 | 31,170,782.72 | -55.56 | | Unearned Revenue | 49,571,977.46 | 932,992,823.76 | -94.69 | | Taxes Payable | 261,981,669.64 | 145,053,478.18 | 80.61 | | Undistributed Profits | 434,589,100.87 | 60,224,522.54 | 621.61 | - Cash and cash equivalents decreased primarily due to payments for engineering projects, taxes, and supply chain business[17] - Prepayments increased mainly due to advance payments for supply chain business in the current period[17] - Unearned revenue decreased primarily because the company's subsidiary, Ninghua Century, delivered residential units and recognized revenue, converting unearned revenue to operating income[17] (II) Changes in Income Statement Items Operating revenue, cost, and taxes significantly increased due to residential deliveries; income tax expense surged by 10,007.79%, and net profit attributable to parent shareholders decreased by 35.53% (II) Changes in Income Statement Items Changes in Income Statement Items (Current Period vs. Prior Year) | Item | Current Period (CNY) | Prior Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,305,700,695.91 | 415,694,058.25 | 214.10 | | Operating Cost | 734,767,635.48 | 340,625,134.58 | 115.71 | | Taxes and Surcharges | 23,113,410.72 | 5,013,162.22 | 361.05 | | Income Tax Expense | 128,030,839.82 | 1,266,654.74 | 10,007.79 | | Net Profit Attributable to Parent Company Shareholders | 374,364,578.33 | 580,711,894.40 | -35.53 | | Basic Earnings Per Share | 0.2903 | 0.4503 | -35.53 | - Operating revenue, operating cost, and taxes and surcharges increased primarily due to the delivery and revenue recognition of some residential units by subsidiary Ninghua Century in the current period[18] - Income tax expense increased mainly due to the recognition of corporate income tax from the delivery of Ninghua Century's residential projects in the current period[19] - Net profit attributable to parent company shareholders and basic earnings per share decreased primarily due to increased income tax expenses from Ninghua Century's residential deliveries and a high base from significant asset sale gains in the prior year[19] (III) Changes in Cash Flow Statement Items Net cash flow from operating activities decreased by 260.96% to -470 million CNY, investing activities decreased by 101.02% to -3.75 million CNY, while financing activities increased by 97.12% to -10.15 million CNY (III) Changes in Cash Flow Statement Items Changes in Cash Flow Statement Items (Current Period vs. Prior Year) | Item | Current Period (CNY) | Prior Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -470,006,092.45 | 291,997,336.34 | -260.96 | | Net Cash Flow from Investing Activities | -3,749,928.05 | 369,047,465.76 | -101.02 | | Net Cash Flow from Financing Activities | -10,147,374.83 | -352,656,081.52 | 97.12 | | Net Increase in Cash and Cash Equivalents | -483,903,395.33 | 308,388,720.58 | -256.91 | - Net cash flow from operating activities decreased primarily due to payments for supply chain business and advance receipts for residential units by subsidiary Ninghua Century in the prior year[20] - Net cash flow from investing activities decreased mainly due to cash received from the disposal of subsidiary equity in the prior year[20] - Net cash flow from financing activities increased primarily due to a year-over-year increase in net borrowings and debt repayments, and cash received from a major asset sale in the prior year[20] II. Progress, Impact, and Solutions for Significant Events This section covers employee supervisor changes, real estate project progress, a strategic asset revitalization agreement, and the ongoing share repurchase program II. Progress, Impact, and Solutions for Significant Events - Employee supervisor Mr. Xin Guang resigned due to work changes, and Mr. Yin Jianing was elected as the new employee supervisor for the company's eighth supervisory board[21] - The remaining residential units of Jiangshanhui C plot were delivered in Q1 2019, with commercial units and parking spaces to be sold and delivered throughout 2019; A, B, D, E plots will commence construction sequentially, with B and D commercial complexes expected to start within 2019[21][22] - The Jiangshanhui Jin E Tower office building project completed its main structure by the end of 2018, is expected to be completed and delivered in 2019, and a preliminary intention for whole-building sale has been reached with a prospective client[23] - The company and its controlling shareholder, Huaneng Energy Transportation Industry Holding Co., Ltd., signed a strategic cooperation agreement with Shenzhen World Union Properties Consultancy Group Co., Ltd. to jointly revitalize national existing assets[24] - The company initiated its first share repurchase on March 6, 2019, accumulating 2,700,000 shares by March 31, 2019, representing 0.209% of total share capital, with a total payment of 13.06 million CNY; repurchased shares will be used for employee stock ownership plans or equity incentives (10%-20%) and convertible bonds (80%-90%)[24][25] III. Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company The company confirms no overdue unfulfilled commitments by controlling shareholders, related parties, acquirers, or the company during the reporting period III. Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company - The company confirms no overdue unfulfilled commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company during the reporting period[26] IV. Forecast of Operating Performance for January-June 2019 The company has not issued warnings or explanations for potential losses or significant changes in operating performance for January-June 2019 IV. Forecast of Operating Performance for January-June 2019 - The company has not issued any warnings regarding potential cumulative net losses or significant changes in operating performance for January-June 2019 compared to the prior year[27][28] V. Securities Investment The company had no securities investments during the reporting period V. Securities Investment - The company had no securities investments during the reporting period[28] VI. Derivative Investments The company had no derivative investments during the reporting period VI. Derivative Investments - The company had no derivative investments during the reporting period[29] VII. Registration Form for Research, Communication, and Interview Activities During the Reporting Period The company hosted one institutional research activity during the reporting period: a 2018 annual report performance briefing via teleconference VII. Registration Form for Research, Communication, and Interview Activities During the Reporting Period Registration Form for Research, Communication, and Interview Activities During the Reporting Period | Reception Date | Reception Method | Type of Recipient | Index of Basic Research Information | | :--- | :--- | :--- | :--- | | March 26, 2019 | Teleconference | Institution | Company's 2018 Annual Report Performance Briefing (Teleconference), details available in the "Investor Relations Activity Record Form on March 26, 2019" disclosed on Juchao Information Network (www.cninfo.com.cn) | VIII. Irregular External Guarantees The company had no irregular external guarantees during the reporting period VIII. Irregular External Guarantees - The company had no irregular external guarantees during the reporting period[31] IX. Non-Operating Funds Occupied by Controlling Shareholder and Related Parties The company had no non-operating funds occupied by its controlling shareholder or related parties during the reporting period IX. Non-Operating Funds Occupied by Controlling Shareholder and Related Parties - The company had no non-operating funds occupied by its controlling shareholder or related parties during the reporting period[32] Part IV Financial Statements This section presents the unaudited Q1 2019 financial statements, including consolidated and parent company balance sheets, income statements, cash flow statements, and new financial instrument standard adjustments Part IV Financial Statements I. Financial Statements This section includes consolidated and parent company balance sheets, income statements, and cash flow statements as of March 31, 2019, detailing financial status, operating results, and cash flows I. Financial Statements 1. Consolidated Balance Sheet As of March 31, 2019, consolidated total assets were 4.80 billion CNY (down 8.28%), liabilities 2.17 billion CNY (down 26.79%), and parent owners' equity 2.54 billion CNY (up 16.58%) 1. Consolidated Balance Sheet Consolidated Balance Sheet (March 31, 2019 vs. December 31, 2018) | Item | March 31, 2019 (CNY) | December 31, 2018 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 419,372,032.35 | 896,823,825.65 | | Notes and Accounts Receivable | 606,475,263.13 | 508,278,256.40 | | Prepayments | 230,744,964.66 | 7,808,301.35 | | Inventories | 2,955,237,652.73 | 3,208,126,784.57 | | Total Current Assets | 4,261,505,768.62 | 4,689,583,872.54 | | Total Assets | 4,799,770,997.44 | 5,232,867,523.59 | | Short-term Borrowings | 588,000,000.00 | 594,500,000.00 | | Unearned Revenue | 49,571,977.46 | 932,992,823.76 | | Taxes Payable | 261,981,669.64 | 145,053,478.18 | | Total Current Liabilities | 1,849,039,105.40 | 2,631,264,947.83 | | Total Liabilities | 2,172,199,905.85 | 2,966,987,900.45 | | Total Owners' Equity Attributable to Parent Company | 2,540,991,576.86 | 2,179,680,863.09 | | Total Owners' Equity | 2,627,571,091.59 | 2,265,879,623.14 | 2. Parent Company Balance Sheet As of March 31, 2019, parent company total assets were 2.45 billion CNY (slight decrease), liabilities 406 million CNY (slight increase), and owners' equity 2.05 billion CNY (slight decrease) 2. Parent Company Balance Sheet Parent Company Balance Sheet (March 31, 2019 vs. December 31, 2018) | Item | March 31, 2019 (CNY) | December 31, 2018 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 224,266,254.68 | 681,745,026.93 | | Notes and Accounts Receivable | 119,581,038.06 | 0.00 | | Prepayments | 218,954,906.50 | 606,098.80 | | Total Assets | 2,451,723,140.22 | 2,471,322,746.45 | | Short-term Borrowings | 400,000,000.00 | 400,000,000.00 | | Total Liabilities | 405,636,735.70 | 404,250,598.59 | | Total Owners' Equity | 2,046,086,404.52 | 2,067,072,147.86 | 3. Consolidated Income Statement Consolidated total operating revenue was 1.31 billion CNY (up 214.10%), net profit 375 million CNY (down 36.27%), and net profit attributable to parent shareholders 374 million CNY (down 35.53%) 3. Consolidated Income Statement Consolidated Income Statement (Current Period vs. Prior Period) | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,305,700,695.91 | 415,694,058.25 | | Total Operating Cost | 802,875,029.45 | 392,268,666.65 | | Operating Profit | 502,825,666.46 | 589,010,123.57 | | Total Profit | 502,776,172.83 | 589,260,120.44 | | Income Tax Expense | 128,030,839.82 | 1,266,654.74 | | Net Profit | 374,745,333.01 | 587,993,465.70 | | Net Profit Attributable to Parent Company Owners | 374,364,578.33 | 580,711,894.40 | | Basic Earnings Per Share | 0.2903 | 0.4503 | 4. Parent Company Income Statement Parent company operating revenue was 235 million CNY, but net profit turned to a loss of 7.93 million CNY from a 601 million CNY profit in the prior year due to decreased investment income 4. Parent Company Income Statement Parent Company Income Statement (Current Period vs. Prior Period) | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Operating Revenue | 234,773,034.24 | 0.00 | | Operating Cost | 233,045,533.80 | 0.00 | | Investment Income | 1,502,105.72 | 607,524,221.41 | | Operating Profit | -7,931,878.78 | 601,252,488.40 | | Net Profit | -7,931,878.78 | 601,252,488.40 | | Basic Earnings Per Share | -0.0062 | 0.4662 | 5. Consolidated Cash Flow Statement Consolidated net cash flow from operating activities was -470 million CNY (down 260.96%), investing activities -3.75 million CNY (down 101.02%), and financing activities -10.15 million CNY (up 97.12%) 5. Consolidated Cash Flow Statement Consolidated Cash Flow Statement (Current Period vs. Prior Period) | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -470,006,092.45 | 291,997,336.34 | | Net Cash Flow from Investing Activities | -3,749,928.05 | 369,047,465.76 | | Net Cash Flow from Financing Activities | -10,147,374.83 | -352,656,081.52 | | Net Increase in Cash and Cash Equivalents | -483,903,395.33 | 308,388,720.58 | | Cash and Cash Equivalents at Period-End | 351,646,779.74 | 963,479,139.42 | 6. Parent Company Cash Flow Statement Parent company net cash flow from operating activities was -420 million CNY, investing activities -20.45 million CNY, and financing activities -17.04 million CNY, with period-end cash at 224 million CNY 6. Parent Company Cash Flow Statement Parent Company Cash Flow Statement (Current Period vs. Prior Period) | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -419,985,539.75 | -3,491,146.75 | | Net Cash Flow from Investing Activities | -20,453,222.11 | -52,923,673.31 | | Net Cash Flow from Financing Activities | -17,040,010.39 | 402,901,750.00 | | Net Increase in Cash and Cash Equivalents | -457,478,772.25 | 346,486,929.94 | | Cash and Cash Equivalents at Period-End | 224,266,254.68 | 364,206,326.18 | II. Explanation of Financial Statement Adjustments This section explains the impact of adopting new financial instrument standards from January 1, 2019, reclassifying available-for-sale financial assets to other equity instrument investments without retrospective adjustment II. Explanation of Financial Statement Adjustments 1. Adjustments to Year-Start Financial Statements upon Initial Adoption of New Financial Instruments, Revenue, and Lease Standards Effective January 1, 2019, the company reclassified 10 million CNY of equity investments from "available-for-sale financial assets" to "other equity instrument investments" under new financial instrument standards, with no impact on total assets or liabilities 1. Adjustments to Year-Start Financial Statements upon Initial Adoption of New Financial Instruments, Revenue, and Lease Standards - The company adopted the new financial instrument standards effective January 1, 2019[62] - Effective January 1, 2019, the company designated its equity investments as financial assets measured at fair value through other comprehensive income, reclassifying them as other equity instrument investments[62][66] Impact on Consolidated Balance Sheet | Item | December 31, 2018 (CNY) | January 1, 2019 (CNY) | Adjustment (CNY) | | :--- | :--- | :--- | :--- | | Available-for-Sale Financial Assets | 10,000,000.00 | Not Applicable | -10,000,000.00 | | Other Equity Instrument Investments | Not Applicable | 10,000,000.00 | 10,000,000.00 | Impact on Parent Company Balance Sheet | Item | December 31, 2018 (CNY) | January 1, 2019 (CNY) | Adjustment (CNY) | | :--- | :--- | :--- | :--- | | Available-for-Sale Financial Assets | 10,000,000.00 | Not Applicable | -10,000,000.00 | | Other Equity Instrument Investments | Not Applicable | 10,000,000.00 | 10,000,000.00 | 2. Explanation of Retrospective Adjustment of Prior Period Comparative Data for Initial Adoption of New Financial Instruments and Lease Standards The company did not retrospectively adjust prior period comparative data for the initial adoption of new financial instrument and lease standards 2. Explanation of Retrospective Adjustment of Prior Period Comparative Data for Initial Adoption of New Financial Instruments and Lease Standards - The company did not retrospectively adjust prior period comparative data[67] III. Audit Report The company's first quarter report is unaudited III. Audit Report - The company's first quarter report is unaudited[67]