星网宇达(002829) - 2020 Q1 - 季度财报

Important Notice Board of Directors' Statement The Board of Directors, Supervisory Board, and senior management affirm the truthfulness, accuracy, and completeness of this quarterly report, with all directors present for its review - The company's Board of Directors, Supervisory Board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal liabilities[4] - Company head Chi Jiasheng, chief accountant Wu Ping, and head of accounting Liu Zhengwu declare the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[5] Company Profile Key Accounting Data and Financial Indicators In Q1 2020, operating revenue reached 98.29 million Yuan, up 23.24% year-on-year, with net profit attributable to shareholders surging 151.18% to 10.21 million Yuan, though net cash flow from operating activities was -42.39 million Yuan Key Financial Data for Q1 2020 | Indicator | Current Period (Yuan) | Prior Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 98,288,339.01 | 79,750,719.91 | 23.24% | | Net Profit Attributable to Shareholders | 10,214,358.81 | 4,066,470.73 | 151.18% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Gains/Losses) | 8,407,350.67 | 2,955,881.28 | 184.43% | | Net Cash Flow from Operating Activities | -42,387,845.41 | -36,373,298.00 | -16.54% | | Basic Earnings Per Share (Yuan/share) | 0.07 | 0.03 | 133.33% | | Total Assets | 1,483,544,418.76 | 1,482,431,754.25 (End of Prior Year) | 0.08% | | Net Assets Attributable to Shareholders | 877,613,531.13 | 867,399,172.32 (End of Prior Year) | 1.18% | Non-Recurring Gains and Losses Items and Amounts | Item | Amount from Year-Start to End of Reporting Period (Yuan) | | :--- | :--- | | Government grants recognized in current profit/loss | 2,183,855.07 | | Other non-operating income and expenses | 569.08 | | Less: Income tax impact | 327,544.54 | | Less: Impact on minority interests (after tax) | 49,871.47 | | Total | 1,807,008.14 | Shareholder Information As of the reporting period end, the company had 11,750 common shareholders, with top two shareholders Chi Jiasheng and Li Guosheng, acting in concert, holding 54.6% combined, indicating strong control, and some major shareholders having pledged shares - At the end of the reporting period, the company had 11,750 common shareholders[11] Top 10 Shareholders' Holdings | Shareholder Name | Holding Percentage | Number of Shares Held | Pledge or Freeze Status | | :--- | :--- | :--- | :--- | | Chi Jiasheng | 28.56% | 44,830,640 | Pledged 9,082,300 | | Li Guosheng | 26.04% | 40,877,204 | Pledged 26,291,000 | | Xu Yefeng | 3.64% | 5,705,536 | Pledged 4,455,500 | | Guo Jiabo | 1.69% | 2,660,000 | - | | Tianjin Leishi Tianyi Equity Investment Partnership | 1.51% | 2,377,019 | - | - Shareholders Chi Jiasheng and Li Guosheng are acting in concert; the company is unaware of any other related party or concerted action relationships among the top ten shareholders[12] Significant Events Analysis of Changes in Key Financial Data During the reporting period, several financial indicators changed significantly: prepayments increased 53.61% due to higher advance payments for goods, selling expenses decreased 41.86% from reduced shipping and labor costs, other income surged 120.29% due to software tax refunds, and investment income dropped 191.91% from lower wealth management returns Changes and Reasons for Key Financial Indicators | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Balance Sheet Items | | | | Prepayments | 53.61% | Increase in advance payments for goods in current period | | Other receivables | 36.64% | Increase in bid deposits and business receivables in current period | | Advances from customers | 40.57% | Increase in advance receipts for goods in current period | | Income Statement Items | | | | Selling expenses | -41.86% | Decrease in postal and transportation fees and labor costs in current period | | Other income | 120.29% | Increase in software tax refunds in current period | | Investment income | -191.91% | Decrease in wealth management investment income in current period | | Income tax expense | 3076.43% | Increase in profit and provision for income tax expense in current period | | Cash Flow Statement Items | | | | Net cash flow from investing activities | -52.70% | Increase in fixed asset investment expenditures in current period | Progress of Significant Events The company completed restricted share repurchases, terminated the 2019 non-public offering for a new 2020 plan due to regulatory changes, handled equity transfer and performance compensation for a subsidiary, and plans to borrow from major shareholders for liquidity, demonstrating active capital and internal management - On January 7, 2020, the company completed the repurchase and cancellation of 170,800 restricted shares, changing the total share capital from 157,125,220 shares to 156,954,420 shares[16] - Due to new CSRC regulations, the company terminated its 2019 non-public A-share offering plan and approved a new 2020 plan on March 31, 2020[18][19] - The company adjusted the equity transfer plan for its controlling subsidiary Kaidun Huanyu and reached a performance compensation agreement with the original shareholders, who will gratuitously transfer 7.445 million Yuan in registered capital to the company as compensation[20][21] - To supplement working capital, the company plans to borrow up to 100 million Yuan from major shareholders Mr. Chi Jiasheng and Mr. Li Guosheng, with a 24-month term[22] Commitments During the reporting period, the company, its actual controllers, shareholders, and other related parties had no overdue unfulfilled commitments - The company had no overdue unfulfilled commitments from its actual controllers, shareholders, related parties, acquirers, or the company itself during the reporting period[26] Investments, Wealth Management, and Guarantees During the reporting period, the company had no securities or derivative investments, illegal external guarantees, or non-operating fund occupation by controlling shareholders, and invested 1.5 million Yuan of raised funds in bank wealth management products with controllable risk - The company had no securities investments, derivative investments, illegal external guarantees, or non-operating fund occupation by controlling shareholders during the reporting period[27][29][30][31] Wealth Management Details (Unit: 10,000 Yuan) | Specific Type | Source of Funds | Amount Incurred | Unmatured Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Bank wealth management products | Raised funds | 150 | 150 | 0 | | Total | | 150 | 150 | 0 | Investor Relations Activities In February 2020, the company engaged in four telephone communications with institutional investors, actively maintaining investor relations Investor Relations Activity Record | Reception Date | Reception Method | Type of Recipient | | :--- | :--- | :--- | | February 13, 2020 | Telephone communication | Institutional | | February 14, 2020 | Telephone communication | Institutional | | February 19, 2020 | Telephone communication | Institutional | | February 26, 2020 | Telephone communication | Institutional | Financial Statements Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements as of March 31, 2020, comprehensively reflecting its financial position, operating results, and cash flows for the reporting period Consolidated Balance Sheet As of March 31, 2020, the company's total assets were 1.484 billion Yuan, largely stable from the beginning of the period, total liabilities were 498 million Yuan, down 3.2%, and equity attributable to parent company owners was 878 million Yuan, up 1.18% Key Items from Consolidated Balance Sheet (March 31, 2020) | Item | Amount (Yuan) | | :--- | :--- | | Assets | | | Total current assets | 879,503,171.68 | | Total non-current assets | 604,041,247.08 | | Total assets | 1,483,544,418.76 | | Liabilities | | | Total current liabilities | 370,676,214.49 | | Total non-current liabilities | 127,014,078.49 | | Total liabilities | 497,690,292.98 | | Owners' Equity | | | Total equity attributable to parent company owners | 877,613,531.13 | | Minority interests | 108,240,594.65 | | Total owners' equity | 985,854,125.78 | Consolidated Income Statement In Q1 2020, total operating revenue reached 98.29 million Yuan, up 23.24% year-on-year, with total operating costs at 80.88 million Yuan, leading to an operating profit of 20.02 million Yuan, a 704.3% increase, and net profit attributable to parent company owners of 10.21 million Yuan, up 151.18%, indicating significant profitability improvement Key Items from Consolidated Income Statement (Q1 2020) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | I. Total operating revenue | 98,288,339.01 | 79,750,719.91 | | II. Total operating costs | 80,878,290.90 | 78,731,672.84 | | III. Operating profit | 20,015,696.64 | 2,488,524.71 | | IV. Total profit | 20,016,265.72 | 2,486,887.63 | | V. Net profit | 17,168,136.49 | 2,582,576.95 | | Net profit attributable to parent company owners | 10,214,358.81 | 4,066,470.73 | Consolidated Cash Flow Statement In Q1 2020, net cash flow from operating activities was -42.39 million Yuan due to significant expenditures on goods, employee compensation, and taxes; investing and financing activities also resulted in net outflows of 4.18 million Yuan and 19.95 million Yuan, respectively, with the period-end cash and cash equivalents balance at 41.16 million Yuan, a decrease from the beginning of the period Consolidated Cash Flow Statement Summary (Q1 2020) | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Net cash flow from operating activities | -42,387,845.41 | | Net cash flow from investing activities | -4,175,779.70 | | Net cash flow from financing activities | -19,949,741.53 | | Net increase in cash and cash equivalents | -66,513,049.48 | | Cash and cash equivalents at period end | 41,155,847.50 | Notes on Financial Statement Adjustments The company adopted the revised Accounting Standard for Business Enterprises No. 14 – Revenue from January 1, 2020, choosing not to restate prior comparable period information, with no impact on the financial statements as of January 1, 2020 - The company adopted the new revenue standard (Cai Kuai [2017] No. 22) starting in 2020, but its implementation did not affect the financial statements at the beginning of the first year of adoption (2020)[63][67] Audit Report The company's 2020 first-quarter financial report is unaudited - The company's first-quarter report is unaudited[68]