捷顺科技(002609) - 2020 Q1 - 季度财报

Part I Important Notice The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report and its financial statements Important Notice The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report and its financial statements - 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[4] - Company head Tang Jian, chief accountant Liu Cuiying, and head of accounting department Zhang Jian declare the truthfulness, accuracy, and completeness of the financial statements[5] Part II Company Profile The company reported increased operating revenue but widened net loss and significant cash outflow from operations, alongside decreased assets and key shareholders with pledged or frozen shares I. Key Accounting Data and Financial Indicators Operating revenue grew by 21.74%, but net profit attributable to shareholders was negative and declined by 13.37%, with significant negative operating cash flow and reduced period-end assets Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 115,553,871.10 | 94,915,156.01 | 21.74% | | Net Profit Attributable to Shareholders of Listed Company | -19,155,183.80 | -16,895,435.64 | -13.37% | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | -22,290,021.19 | -20,523,042.08 | -8.61% | | Net Cash Flow from Operating Activities | -205,720,896.42 | -150,496,573.86 | -36.69% | | Basic Earnings Per Share (CNY/share) | -0.0303 | -0.0256 | -18.36% | | Diluted Earnings Per Share (CNY/share) | -0.0297 | -0.0225 | -31.91% | | Weighted Average Return on Net Assets | -0.94% | -0.86% | -0.08% | | Period-End Indicators | Current Period-End (CNY) | Prior Year-End (CNY) | Period-End vs. Prior Year-End Change | | Total Assets | 2,624,448,865.03 | 2,755,004,369.93 | -4.74% | | Net Assets Attributable to Shareholders of Listed Company | 2,035,159,235.60 | 2,054,254,719.41 | -0.93% | Non-Recurring Gains and Losses Items (Year-to-Date) | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 0.04 | | Government Subsidies Included in Current Profit/Loss | 3,475,749.95 | | Other Non-Operating Income and Expenses Apart from the Above | 212,547.85 | | Less: Income Tax Impact | 553,451.82 | | Impact of Minority Interests (After Tax) | 8.63 | | Total | 3,134,837.39 | II. Total Number of Shareholders and Top Ten Shareholders' Holdings at Period-End The company had 26,988 common shareholders, with top shareholders Tang Jian and Liu Cuiying holding significant stakes, a portion of which is pledged or frozen, and no repurchase transactions occurred - The total number of common shareholders at the end of the reporting period was 26,988 households[11] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Number of Restricted Shares Held | Pledge or Freeze Status (Share Status/Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | | 唐健 | Domestic Natural Person | 27.96% | 180,432,744 | 135,324,558 | Pledged: 67,910,000 | | 刘翠英 | Domestic Natural Person | 13.26% | 85,577,283 | 64,182,962 | Pledged: 12,269,998, Frozen: 9,832,841 | | 深圳市特区建发智慧交通投资合伙企业（有限合伙） | State-owned Legal Person | 13.01% | 83,965,017 | - | - | | 深圳市远致富海投资管理有限公司－深圳远致富海并购股权投资基金合伙企业（有限合伙） | Other | 3.73% | 24,104,647 | - | - | | 云南国际信托有限公司－云南信托 · 大西部丝绸之路 2 号集合资金信托计划 | Other | 1.38% | 8,920,455 | - | - | | 中国农业银行股份有限公司－嘉实新兴产业股票型证券投资基金 | Other | 1.33% | 8,606,668 | - | - | | 申万菱信基金－工商银行－陕国投－陕国投 · 新毅创赢定向投资集合资金信托计划 | Other | 1.09% | 7,043,001 | - | - | | 全国社保基金六零二组合 | Other | 1.04% | 6,713,183 | - | - | - Company shareholders Mr. Tang Jian and Ms. Liu Cuiying are spouses, with no known related party relationship with other top 10 shareholders, and it is unknown if they are acting in concert[15] - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[15] Part III Significant Events The company's restricted stock incentive plan met its first unlocking conditions, while some shares will be repurchased, and a controlling shareholder's shares were judicially frozen due to a personal lending dispute I. Changes and Reasons for Key Financial Data and Indicators During the Reporting Period Significant changes include increased prepayments and other receivables, decreased accounts payable and employee compensation, reduced financial expenses, and increased cash outflow for fixed asset investments Balance Sheet Item Changes and Reasons | Item | Period-End Amount (CNY) | Period-Beginning Amount (CNY) | Change Rate | Explanation | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 21,867,728.65 | 12,520,762.19 | 74.65% | This period, the branch company's prepaid rent and prepaid material costs increased at the beginning of the year | | Other Receivables | 26,095,667.87 | 16,848,356.96 | 54.89% | Primarily for secondary clearing settlement accounts | | Other Current Assets | 8,321,009.47 | 738,016.06 | 1027.48% | Primarily due to increased overpaid income tax and increased VAT credits this period | | Accounts Payable | 114,270,453.54 | 173,065,531.02 | -33.97% | Primarily due to payments for year-end procurement and stocking | | Employee Compensation Payable | 32,394,157.58 | 93,112,942.42 | -65.21% | Primarily due to year-end accrual of annual bonuses and their distribution at the beginning of the year | | Taxes Payable | 7,042,691.10 | 44,672,517.65 | -84.23% | Primarily due to income tax and VAT accrued at the end of last year being paid at the beginning of the year | Income Statement Item Changes and Reasons | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate | Explanation | | :--- | :--- | :--- | :--- | :--- | | Taxes and Surcharges | 572,278.89 | 967,000.47 | -40.82% | Primarily due to employee stock transfer fees last year | | Financial Expenses | -6,421,714.27 | -9,349,158.13 | -31.31% (Expense decreased) | Primarily due to reduced bank deposits from company share repurchases and shareholder dividends | | Non-Operating Income | 409,102.06 | 1,395,332.65 | -70.68% | Primarily due to unconfirmed relocation compensation for Jieshun Building | Cash Flow Statement Item Changes and Reasons | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 43,847,668.10 | 23,701,712.57 | 85.00% | Primarily due to investment in the Guanlan project under construction | | Cash Received from Borrowings | 53,347,169.84 | 140,000,000.00 | -61.89% | Primarily due to bank loans taken at the beginning of last year, subsequently repaid upon maturity | | Cash Paid for Debt Repayment | 10,000,000.00 | 100,000,000.00 | -90.00% | Primarily due to a decrease in short-term loans, with long-term loans not yet due for repayment | | Cash Paid for Dividends, Profit Distribution, or Interest Payments | 1,653,642.57 | - | 100.00% | Primarily for interest payments on bank borrowings | II. Progress, Impact, and Solutions for Significant Events The first unlocking period for the fourth phase restricted stock incentive plan is complete, with shares to be unlocked and repurchased, while a controlling shareholder's shares are judicially frozen - The first unlocking period conditions for the company's fourth phase restricted stock incentive plan have been met, allowing 492 incentive recipients to unlock 3.5451 million restricted shares[24] - 209 thousand restricted shares held by 9 ineligible incentive recipients will be repurchased and cancelled[24] - A controlling shareholder, Ms. Liu Cuiying, had 9,832,841 shares judicially frozen due to a personal private lending contract dispute involving CNY 100 million, with the lawsuit awaiting further court proceedings[25] III. Commitments No overdue unfulfilled commitments from the company or related parties were identified during the reporting period - The company had no overdue unfulfilled commitments from actual controllers, shareholders, related parties, acquirers, or the company itself during the reporting period[28] IV. Securities Investment, Wealth Management, and Derivative Investments The company did not engage in securities investment, wealth management, or derivative investments during the reporting period - The company had no securities investments during the reporting period[29] - The company had no wealth management activities during the reporting period[30] - The company had no derivative investments during the reporting period[31] VII. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[32] VIII. Fund Occupation by Controlling Shareholders and Related Parties There was no non-operating fund occupation by controlling shareholders or their related parties from the listed company during the reporting period - The company had no non-operating fund occupation by controlling shareholders or their related parties during the reporting period[33] IX. Investor Relations Activities During the Reporting Period The company hosted one institutional on-site survey on January 9, 2020 - On January 9, 2020, the company hosted one institutional on-site survey[34] Part IV Financial Statements This section presents the consolidated and parent company financial statements, along with explanations for adjustments and the audit status 1. Consolidated Balance Sheet As of March 31, 2020, consolidated total assets decreased by 4.74% to CNY 2.624 billion, with notable changes in cash, receivables, payables, and construction in progress Key Consolidated Balance Sheet Items (March 31, 2020 vs. December 31, 2019) | Item | March 31, 2020 (CNY) | December 31, 2019 (CNY) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 763,282,358.61 | 964,856,760.68 | -201,574,402.07 | | Notes Receivable | 41,355,616.53 | 45,911,785.02 | -4,556,168.49 | | Accounts Receivable | 568,975,607.47 | 588,391,642.84 | -19,416,035.37 | | Prepayments | 21,867,728.65 | 12,520,762.19 | +9,346,966.46 | | Other Receivables | 26,095,667.87 | 16,848,356.96 | +9,247,310.91 | | Inventories | 184,017,879.42 | 149,358,142.08 | +34,659,737.34 | | Other Current Assets | 8,321,009.47 | 738,016.06 | +7,582,993.41 | | Total Current Assets | 1,613,915,868.02 | 1,778,625,465.83 | -164,709,597.81 | | Construction in Progress | 269,271,661.51 | 233,880,094.94 | +35,391,566.57 | | Total Non-Current Assets | 1,010,532,997.01 | 976,378,904.10 | +34,154,092.91 | | Total Assets | 2,624,448,865.03 | 2,755,004,369.93 | -130,555,504.90 | | Short-Term Borrowings | 50,000,000.00 | 40,000,000.00 | +10,000,000.00 | | Accounts Payable | 114,270,453.54 | 173,065,531.02 | -58,795,077.48 | | Employee Compensation Payable | 32,394,157.58 | 93,112,942.42 | -60,718,784.84 | | Taxes Payable | 7,042,691.10 | 44,672,517.65 | -37,629,826.55 | | Total Current Liabilities | 354,500,684.21 | 499,164,280.38 | -144,663,596.17 | | Long-Term Borrowings | 155,649,825.27 | 122,473,484.85 | +33,176,340.42 | | Total Non-Current Liabilities | 162,490,998.50 | 129,778,075.46 | +32,712,923.04 | | Total Liabilities | 516,991,682.71 | 628,942,355.84 | -111,950,673.13 | | Total Equity Attributable to Parent Company Shareholders | 2,035,159,235.60 | 2,054,254,719.41 | -19,095,483.81 | | Total Equity | 2,107,457,182.32 | 2,126,062,014.09 | -18,604,831.77 | 2. Parent Company Balance Sheet As of March 31, 2020, parent company total assets decreased to CNY 2.456 billion, reflecting changes in cash, receivables, payables, and long-term equity investments Key Parent Company Balance Sheet Items (March 31, 2020 vs. December 31, 2019) | Item | March 31, 2020 (CNY) | December 31, 2019 (CNY) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 392,971,930.76 | 516,724,938.03 | -123,753,007.27 | | Prepayments | 18,033,069.66 | 7,934,186.87 | +10,098,882.79 | | Other Receivables | 121,204,556.63 | 111,981,693.23 | +9,222,863.40 | | Inventories | 181,474,487.42 | 153,201,572.72 | +28,272,914.70 | | Total Current Assets | 1,331,921,555.38 | 1,418,938,055.68 | -87,016,500.30 | | Long-Term Equity Investments | 445,236,716.73 | 444,726,716.73 | +510,000.00 | | Construction in Progress | 269,535,812.45 | 234,144,245.88 | +35,391,566.57 | | Total Non-Current Assets | 1,124,104,406.48 | 1,091,041,782.32 | +33,062,624.16 | | Total Assets | 2,456,025,961.86 | 2,509,979,838.00 | -53,953,876.14 | | Accounts Payable | 127,772,829.63 | 202,738,566.96 | -74,965,737.33 | | Advances from Customers | 35,033,054.07 | 29,599,545.37 | +5,433,508.70 | | Employee Compensation Payable | 23,482,872.97 | 73,115,685.67 | -49,632,812.70 | | Taxes Payable | 3,023,388.88 | 37,920,471.56 | -34,897,082.68 | | Other Payables | 178,923,083.49 | 104,835,833.68 | +74,087,249.81 | | Total Current Liabilities | 418,235,229.04 | 488,210,103.24 | -69,974,874.20 | | Long-Term Borrowings | 155,649,825.27 | 122,473,484.85 | +33,176,340.42 | | Total Non-Current Liabilities | 162,490,998.50 | 129,778,075.46 | +32,712,923.04 | | Total Liabilities | 580,726,227.54 | 617,988,178.70 | -37,261,951.16 | | Total Equity | 1,875,299,734.32 | 1,891,991,659.30 | -16,691,924.98 | 3. Consolidated Income Statement Total operating revenue increased by 21.74%, but the company reported a widened net loss of CNY 19.16 million attributable to parent company shareholders, resulting in increased negative basic and diluted EPS Key Consolidated Income Statement Data (Current Period vs. Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 115,553,871.10 | 94,915,156.01 | +21.74% | | Total Operating Costs | 145,146,497.33 | 123,800,261.81 | +17.24% | | Operating Costs | 68,324,705.11 | 62,799,911.76 | +8.80% | | Taxes and Surcharges | 572,278.89 | 967,000.47 | -40.82% | | Selling Expenses | 41,316,456.38 | 32,969,655.76 | +25.32% | | Administrative Expenses | 22,314,066.46 | 20,888,233.63 | +6.83% | | R&D Expenses | 19,040,704.76 | 15,524,618.32 | +22.65% | | Financial Expenses | -6,421,714.27 | -9,349,158.13 | -31.31% (Expense decreased) | | Other Income | 10,536,258.65 | 12,274,329.61 | -14.16% | | Operating Profit | -19,056,410.58 | -16,599,526.19 | Loss widened | | Total Profit | -18,647,322.36 | -15,206,259.90 | Loss widened | | Net Profit | -18,664,531.76 | -15,438,379.28 | Loss widened | | Net Profit Attributable to Parent Company Shareholders | -19,155,183.80 | -16,895,435.64 | Loss widened13.37% | | Basic Earnings Per Share (CNY/share) | -0.0303 | -0.0256 | Loss widened18.36% | | Diluted Earnings Per Share (CNY/share) | -0.0297 | -0.0225 | Loss widened31.91% | 4. Parent Company Income Statement Operating revenue increased by 12.11%, and while net profit remained negative, the loss narrowed to CNY 16.75 million, with increased selling and R&D expenses and net interest income Key Parent Company Income Statement Data (Current Period vs. Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 97,615,311.95 | 87,072,633.27 | +12.11% | | Operating Costs | 62,945,655.11 | 65,750,503.77 | -4.26% | | Taxes and Surcharges | 354,078.66 | 723,708.46 | -51.08% | | Selling Expenses | 35,926,761.57 | 29,565,910.78 | +21.51% | | Administrative Expenses | 17,848,917.47 | 17,411,301.94 | +2.51% | | R&D Expenses | 10,400,011.24 | 10,051,454.07 | +3.47% | | Financial Expenses | -3,188,659.78 | -2,514,407.30 | -26.82% (Expense increased) | | Other Income | 9,510,840.69 | 11,717,125.05 | -18.99% | | Operating Profit | -17,160,654.63 | -22,187,463.40 | Loss narrowed | | Total Profit | -16,751,624.98 | -20,793,406.62 | Loss narrowed | | Net Profit | -16,751,624.98 | -20,793,406.62 | Loss narrowed | 5. Consolidated Cash Flow Statement Net cash outflow from operating activities increased by 36.69% to CNY 205.72 million, while investing activities saw increased outflow, financing activities generated cash, and period-end cash and cash equivalents significantly decreased Key Consolidated Cash Flow Statement Data (Current Period vs. Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change | | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 156,696,507.29 | 174,328,377.21 | -10.23% | | Subtotal of Cash Inflows from Operating Activities | 174,669,428.65 | 197,563,064.99 | -11.59% | | Cash Paid for Goods and Services | 157,101,065.47 | 130,778,934.34 | +20.13% | | Cash Paid to and for Employees | 158,040,676.20 | 151,682,132.28 | +4.19% | | Subtotal of Cash Outflows from Operating Activities | 380,390,325.07 | 348,059,638.85 | +9.29% | | Net Cash Flow from Operating Activities | -205,720,896.42 | -150,496,573.86 | Net outflow increased36.69% | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 43,847,668.10 | 23,701,712.57 | +85.00% | | Net Cash Flow from Investing Activities | -43,847,608.10 | -10,287,212.57 | Net outflow increased | | Cash Received from Investments | 7,324,200.00 | 0.00 | New | | Cash Received from Borrowings | 53,347,169.84 | 140,000,000.00 | -61.89% | | Cash Paid for Debt Repayment | 10,000,000.00 | 100,000,000.00 | -90.00% | | Net Cash Flow from Financing Activities | 47,724,227.26 | 40,000,000.00 | +19.31% | | Net Increase in Cash and Cash Equivalents | -201,703,805.78 | -120,783,786.43 | Net outflow increased | | Cash and Cash Equivalents at Period-End | 757,823,632.43 | 1,118,003,117.05 | -32.19% | 6. Parent Company Cash Flow Statement Net cash outflow from operating activities was CNY 131.55 million, with increased outflow from investing activities, cash generated from financing activities, and a significant decrease in period-end cash and cash equivalents Key Parent Company Cash Flow Statement Data (Current Period vs. Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change | | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 135,784,182.62 | 156,191,385.76 | -13.07% | | Subtotal of Cash Inflows from Operating Activities | 222,659,310.70 | 175,835,547.65 | +26.63% | | Cash Paid for Goods and Services | 166,529,714.77 | 130,450,293.14 | +27.66% | | Cash Paid to and for Employees | 132,358,358.23 | 131,056,634.91 | +0.99% | | Subtotal of Cash Outflows from Operating Activities | 354,213,147.99 | 311,388,787.06 | +13.75% | | Net Cash Flow from Operating Activities | -131,553,837.29 | -135,553,239.41 | Net outflow decreased | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 39,683,332.43 | 23,045,560.51 | +72.11% | | Cash Paid for Investments | 4,510,000.00 | 6,600,000.00 | -31.67% | | Net Cash Flow from Investing Activities | -40,193,272.43 | -9,631,060.51 | Net outflow increased | | Cash Received from Investments | 7,324,200.00 | 0.00 | New | | Cash Received from Borrowings | 53,347,169.84 | 140,000,000.00 | -61.89% | | Net Cash Flow from Financing Activities | 47,724,227.26 | 40,000,000.00 | +19.31% | | Net Increase in Cash and Cash Equivalents | -123,882,410.98 | -105,184,299.92 | Net outflow increased | | Cash and Cash Equivalents at Period-End | 387,513,204.58 | 709,235,047.21 | -45.36% | II. Explanation of Financial Statement Adjustments The company adopted new revenue and lease standards from 2020 without retrospective adjustment of initial financial statements or prior comparative data - The company first adopted new revenue and lease standards from 2020, without retrospective adjustment of financial statements at the beginning of the first adoption year[84] - The company first adopted new revenue and lease standards from 2020, without retrospective adjustment of prior comparative data[86] III. Audit Report The company's 2020 first quarter report is unaudited - The company's first quarter report is unaudited[86]