*ST豆神(300010) - 2019 Q1 - 季度财报

Important Notice The company's management ensures the truthfulness, accuracy, and completeness of this quarterly report and its financial statements - The company's Board of Directors, Supervisory Board, and all senior management ensure the truthfulness, accuracy, and completeness of this quarterly report and assume corresponding legal liabilities[4] - The company's principal officer, head of accounting, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial statements[5] Company Profile This section presents key financial data, performance indicators, and shareholder information Key Accounting Data and Financial Indicators The company reported significant Q1 2019 performance growth, with revenue and net profit increasing substantially, and operating cash flow improving Key Financial Indicators for Q1 2019 | Indicator | Current Period | Prior Year Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (CNY) | 468,914,316.59 | 257,825,734.77 | 81.87% | | Net Profit Attributable to Shareholders (CNY) | 28,576,469.89 | 17,790,214.48 | 60.63% | | Net Profit Excluding Non-Recurring Items (CNY) | 28,439,156.51 | 17,485,499.62 | 62.64% | | Net Cash Flow from Operating Activities (CNY) | -73,229,603.30 | -241,577,546.27 | -69.69% | | Basic Earnings Per Share (CNY/share) | 0.0329 | 0.0204 | 61.27% | | Total Assets (CNY) | 7,166,474,842.83 | 7,354,026,127.03 | -2.55% (Compared to Year-End) | | Net Assets Attributable to Shareholders (CNY) | 3,326,789,436.15 | 3,298,544,207.73 | 0.86% (Compared to Year-End) | - During the reporting period, the company's total non-recurring gains and losses amounted to CNY 137,313.38, primarily from government grants[9] Shareholder Information As of period-end, the company had 43,383 common shareholders, with the largest shareholder's significant stake partially pledged - At the end of the reporting period, the company had 43,383 common shareholders[12] Top Five Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | Pledged or Frozen Status | | :--- | :--- | :--- | :--- | | Chi Yanming | 16.59% | 144,044,929 | Pledged 87,496,810 | | Dou Xin | 5.00% | 43,416,337 | - | | Shang Huazhong | 2.81% | 24,377,533 | Pledged 2,540,000 | | Zhang Min | 2.52% | 21,894,422 | - | | Wang Bangwen | 1.88% | 16,306,985 | - | - During the reporting period, 28,891,145 restricted shares of the company were released from lock-up[16] Significant Events This section covers major financial changes, business developments, and the utilization of raised funds Analysis of Significant Changes in Key Financial Data Key financial indicators changed significantly, with revenue and costs rising from new business, and operating cash flow improving after a business spin-off Financial Indicators Major Changes and Reasons | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | Total Operating Revenue | 81.87% | Increased revenue from new Da Yuwen business and recognition of Zhangjiakou PPP project revenue | | Operating Cost | 108.85% | Increased costs due to new Da Yuwen business and PPP project acceptance | | Long-term Receivables | 97.79% | Increase in contracts with repayment cycles exceeding one year | | Development Expenditures | 97.31% | Capitalization of new education R&D projects | | Asset Impairment Losses | 149.58% | Increased provision for bad debts due to a rise in new receivables | | Net Cash Flow from Operating Activities | -69.69% | Overall improvement in the company's operating cash flow after the spin-off of the security business | Business Review and Outlook In Q1 2019, the company strategically shifted to education by divesting information security, rapidly expanding its Da Yuwen learning service nationwide - The company's strategic transformation involves divesting information security assets to focus resources on education products and services as its core business[21][22] - The Da Yuwen (Chinese Language) learning service business expanded rapidly, with 109 directly operated and 117 franchised learning centers across 13 cities nationwide, with new branches under preparation[21] Use of Raised Funds The company disclosed the use of CNY 1.796 billion in raised funds, with most used as planned, though some projects experienced delays or termination Raised Funds Utilization Overview | Item | Amount (CNY in 10,000s) | | :--- | :--- | | Total Raised Funds | 179,600 | | Total Investment This Quarter | 1,500 | | Cumulative Investment | 144,497.33 | - Progress on some fund-raising projects fell short of expectations, including the 'Internet Education Cloud Platform' due to organizational and personnel adjustments, and the 'Smart Education Robot R&D Center' due to market research and technology accumulation needs[27] - The 'Anqing K12 Online Education' project was terminated due to market changes and unfeasible cooperation, with remaining raised funds permanently used to supplement working capital[27][28] Performance Forecast The company anticipates achieving profitability for the first half of 2019 (January-June) - The company anticipates achieving profitability for the period of January to June 2019[29] Financial Statements This section presents the company's consolidated financial statements and related accounting policy adjustments Consolidated Balance Sheet As of March 31, 2019, the company's total assets decreased from year-end, while total liabilities decreased and parent company equity slightly increased Consolidated Balance Sheet Key Items | Item | March 31, 2019 (CNY) | December 31, 2018 (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 7,166,574,267.85 | 7,354,026,127.03 | -2.55% | | Total Liabilities (CNY) | 3,691,000,940.24 | 3,907,125,188.12 | -5.53% | | Total Equity Attributable to Parent Company Owners (CNY) | 3,326,789,436.15 | 3,298,544,207.73 | 0.86% | Consolidated Income Statement In Q1 2019, the company achieved substantial growth in total operating revenue and net profit attributable to parent company owners Consolidated Income Statement Key Items | Item | Current Period (CNY) | Prior Period (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (CNY) | 468,914,316.59 | 257,825,734.77 | 81.87% | | Total Operating Cost (CNY) | 434,220,326.35 | 264,077,604.31 | 64.43% | | Operating Profit (CNY) | 34,352,553.69 | 21,921,777.02 | 56.71% | | Net Profit Attributable to Parent Company Owners (CNY) | 28,576,469.89 | 17,790,214.48 | 60.63% | Consolidated Cash Flow Statement Operating cash flow significantly improved due to a business spin-off, with period-end cash and equivalents at CNY 203.32 million Consolidated Cash Flow Statement Key Items | Item | Current Period (CNY) | Prior Period (CNY) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities (CNY) | -73,229,603.30 | -241,577,546.27 | -69.69% | | Net Cash Flow from Investing Activities (CNY) | -83,687,220.56 | -267,122,826.37 | -68.67% | | Net Cash Flow from Financing Activities (CNY) | 25,549,930.63 | 236,316,485.26 | -89.19% | | Cash and Cash Equivalents at Period End (CNY) | 203,316,381.95 | 290,839,052.89 | -30.09% | Notes on Financial Statement Adjustments Effective January 1, 2019, the company adopted new financial instrument accounting standards, reclassifying equity investments without impacting net assets or profit - The company adopted new financial instrument standards effective January 1, 2019[66] - Accounting policy changes resulted in reclassification of balance sheet items, moving CNY 405,630,892.98 from 'Available-for-Sale Financial Assets' to the new 'Other Equity Instruments Investments' account[61][66] Audit Report This company's 2019 first-quarter report is unaudited - The company's first-quarter report is unaudited[67]