朗玛信息(300288) - 2019 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Company Profile and Key Financial Indicators Company Profile This section provides the company's basic business registration information, including its stock ticker "Longma Information", stock code "300288", full Chinese and English names, legal representative, and contact details | Item | Information | | :--- | :--- | | Stock Abbreviation | Longma Information | | Stock Code | 300288 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Guiyang Longma Information Technology Co., Ltd | | Legal Representative | Wang Wei | Key Accounting Data and Financial Indicators In the first half of 2019, the company's total operating revenue was 234 million Yuan, a 2.50% year-on-year increase, but net profit attributable to shareholders decreased by 12.13% to 44.05 million Yuan, while net cash flow from operating activities showed strong growth of 54.66% | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 234,188,485.73 | 228,472,570.81 | 2.50% | | Net Profit Attributable to Shareholders | 44,054,404.71 | 50,134,370.92 | -12.13% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 41,165,592.12 | 45,049,662.52 | -8.62% | | Net Cash Flow from Operating Activities | 65,494,407.15 | 42,348,247.01 | 54.66% | | Basic Earnings Per Share (Yuan/share) | 0.13 | 0.15 | -13.33% | | Weighted Average Return on Net Assets | 3.30% | 4.05% | -0.75% | | Total Assets | 1,775,845,075.20 | 1,722,366,727.60 | 3.10% (vs. end of prior year) | | Net Assets Attributable to Shareholders | 1,345,228,702.66 | 1,318,071,368.05 | 2.06% (vs. end of prior year) | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 2.89 million Yuan, primarily from government subsidies of 3.28 million Yuan recognized in current profit or loss | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Government subsidies recognized in current profit or loss | 3,277,592.42 | Primarily for the current period's allocation of prior government subsidies and current period's income-related subsidies | | Debt restructuring gains and losses | 229,291.48 | Sixi Hospital received creditor waivers | | Total | 2,888,812.59 | -- | Business Overview Principal Businesses The company's operations are primarily divided into two segments: medical + internet medical services and telecommunications & value-added telecommunications services, with the latter experiencing revenue decline due to operator structural adjustments - Company's core strategy is to deeply cultivate the medical + internet medical business, leveraging physical medical institutions and internet/big data technologies to build a closed-loop medical service of online services + offline hospitals[27] - The medical business segment has a broad layout, including: physical medical institutions (Guiyang Sixi Hospital), medical information services (39 Health Network), internet hospitals, IPTV smart healthcare, smart wearable devices, and pharmaceutical distribution[27][28][30] - In the telecommunications and value-added telecommunications business segment, the "Phone Duet" business experienced reduced operating regions and revenue decline due to operator business structure adjustments[37] Significant Changes in Major Assets During the reporting period, there were no extreme significant changes in the company's major assets, with long-term equity investments, prepayments, and notes receivable showing notable increases | Major Asset | Change from Beginning of Year | Explanation of Change | | :--- | :--- | :--- | | Long-term Equity Investments | +7.52% | Capital increase in Sanjiu Medical by Qisheng Information and equity method accounting for investment income | | Notes Receivable | +45.76% | Increase in bank acceptance bills received by Qisheng Information | | Prepayments | +57.97% | Prepayments for engineering by Sixi Hospital and prepayments for telecom settlement by Longma Communication | | Other Non-current Assets | +352.47% | Increase in prepayments for medical equipment purchases by Sixi Hospital | Analysis of Core Competencies The company's core competencies span internet medical services, internet information services, pharmaceutical distribution, and voice value-added services, underpinned by policy support, professional teams, and established networks - Internet medical core competency: Respecting the essence of medicine, using the internet as an "amplifier" and "connector" for high-quality medical resources[40] - Internet information service core competency: 39 Health Network, as a leading domestic health portal, possesses advantages in network scale, content, cooperation resources, and talent[41] - Policy support: The big data and big health industries, in which the company operates, are pillar industries in Guizhou Province, receiving strong support from various levels of provincial government[40] Management Discussion and Analysis Overview of Operations In the first half of 2019, the company deepened its "Internet + Medical" strategy, forming a health service closed-loop based on physical hospitals, with medical information and services as primary revenue sources, while traditional telecom services declined - The company, as the lead unit, established the Medical and Health Big Data Professional Committee of the National Technical Standard Innovation Base (Guizhou Big Data), dedicated to establishing industry standards[46] Business Segment Operating Performance | Business Segment | Revenue for the Period (million Yuan) | Year-on-Year Change | Operating Highlights | | :--- | :--- | :--- | :--- | | 39 Health Network | 83.21 | +9.47% | Achieved a shift from traffic monetization to "service + content" monetization | | Physical Hospital (Guiyang Sixi Hospital) | 98.67 | +17.79% | Significant growth in outpatient, inpatient, and surgical volumes, with continuous operational improvement | | 39 Internet Hospital | - | - | Collaborated with over 300 county-level hospitals, completing over 200,000 case diagnoses and treatments | | Pharmaceutical Distribution (Pharmaceutical E-commerce) | 1,271.91 | -18.9% | Profitability weakened due to the "Two-Invoice System" | | Phone Duet | 24.84 | -45.31% | Business regions reduced due to operator business adjustments | | Mobile Resale | 23.65 | +9.5% | Stable business development | Analysis of Principal Business During the reporting period, the company's total operating revenue slightly increased by 2.50%, but rising operating costs led to a decline in gross profit margin, while sales expenses significantly decreased and financial expenses increased Key Financial Data Year-on-Year Change | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 234,188,485.73 | 228,472,570.81 | 2.50% | | Operating Cost | 124,006,039.17 | 108,526,490.67 | 14.26% | | Selling Expenses | 6,877,400.51 | 12,113,558.98 | -43.23% | | Financial Expenses | 2,576,435.87 | 1,522,198.28 | 69.26% | | Net Cash Flow from Operating Activities | 65,494,407.15 | 42,348,247.01 | 54.66% | By Product or Service | Product/Service | Operating Revenue (Yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | :--- | | Phone Duet & Duet Coins | 24,837,621.38 | 83.87% | -45.31% | | Mobile Resale Business | 23,647,447.84 | 41.62% | 9.51% | | Medical Information Services | 82,152,848.64 | 79.57% | 10.87% | | Medical Services | 96,617,309.97 | 10.93% | 17.00% | Analysis of Non-Principal Business During the reporting period, non-principal businesses significantly impacted total profit, with investment income from equity method accounting being sustainable, while government subsidies were non-recurring | Item | Amount (Yuan) | Percentage of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 9,903,974.52 | 18.82% | Investment income from equity method accounting for associate companies | | Other Income | 3,277,592.42 | 6.23% | Government subsidies related to daily business activities | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets increased by 3.10% to 1.78 billion Yuan, with a notable increase in long-term borrowings and some bank accounts of a subsidiary being frozen due to a construction contract dispute - Long-term borrowings significantly increased compared to the end of the previous year, with their proportion of total assets rising from 1.22% to 6.03%, primarily due to the parent company obtaining a three-year long-term loan from Industrial Bank[70] - Guiyang Sixi Hospital Co., Ltd., a controlled subsidiary, had some bank accounts frozen due to a construction engineering contract dispute, with the frozen amount totaling 18,704,165.64 Yuan at period-end, though this did not affect its daily operations[71] Analysis of Investment Status During the reporting period, the company's investment decreased by 42.95% to 12.20 million Yuan, with the only significant equity investment being the acquisition of a 1.93% stake in Guiyang Sanjiu Internet Medical Co., Ltd - A significant equity investment occurred during the reporting period: Guangzhou Qisheng Information Technology Co., Ltd., a wholly-owned subsidiary, used 12.20 million Yuan of its own funds to acquire a 1.93% equity stake in Guiyang Sanjiu Internet Medical Co., Ltd[74] Analysis of Major Holding and Associate Companies During the reporting period, Guangzhou Qisheng Information Technology Co., Ltd. (39 Health Network) was the primary profit contributor, while Guiyang Sixi Hospital Co., Ltd. incurred a loss despite significant revenue Major Holding and Associate Company Performance (H1 2019) | Company Name | Type | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Guangzhou Qisheng Information Technology Co., Ltd. | Subsidiary | 83,214,345.22 | 43,364,252.10 | | Guiyang Sixi Hospital Co., Ltd. | Subsidiary | 98,668,360.85 | -3,850,971.80 | | Guiyang Longma Communication Technology Co., Ltd. | Subsidiary | 23,647,447.84 | 7,354,332.34 | | Guiyang Pharmaceutical E-commerce Service Co., Ltd. | Associate Company | 1,271,911,528.26 | 28,717,578.57 | - The company completed the deregistration of its wholly-owned subsidiary "Guiyang Longma Development Investment and Property Co., Ltd." in June 2019, which had no actual capital contribution or operations, thus the deregistration has no impact on the company[83][84] Risks and Countermeasures The company faces risks from intensified market competition, policy changes, traditional telecom business adjustments, management challenges from asset expansion, and goodwill impairment, addressed through continuous innovation and strategic adjustments - Market competition risk: The internet medical industry is experiencing an influx of capital and increasing competition, requiring the company to maintain leadership in R&D, technology, and business models[85] - Industry policy risk: The healthcare industry is highly influenced by policies and regulations, exposing the company to risks of stricter supervision[86] - Telecom business adjustment risk: The "Phone Duet" business experienced a significant revenue decline due to operator structural adjustments, prompting the company to reallocate resources to other businesses[87] - Goodwill impairment risk: The company has significant goodwill from acquisitions, and a decline in the performance of acquired companies could lead to goodwill impairment[88] Significant Matters Litigation Matters During the reporting period, the company had no major litigation or arbitration matters, but a subsidiary was involved in a construction contract dispute with an outstanding amount of 21.79 million Yuan - Guiyang Sixi Hospital Co., Ltd., a controlled subsidiary, is involved in a construction engineering contract dispute with an amount of 21.79 million Yuan, and the case is still pending[101] Significant Related Party Transactions During the reporting period, the company's significant related party transactions primarily involved purchases related to daily operations, with Guiyang Sixi Hospital procuring drugs and medical consumables from Guiyang Pharmaceutical E-commerce Service Co., Ltd Related Party Transactions in Ordinary Course of Business | Related Party | Related Party Transaction Content | Related Party Transaction Amount (million Yuan) | | :--- | :--- | :--- | | Guiyang Pharmaceutical E-commerce Service Co., Ltd | Purchase of drugs, medical consumables, etc | 21.50 | | Guiyang Sanjiu Internet Medical Co., Ltd | Website maintenance and labor services | 2.60 | Significant Contracts and Their Performance During the reporting period, the company had external guarantees exclusively for its subsidiaries, with an actual outstanding balance of 287 million Yuan, representing 21.33% of the company's net assets Company Guarantee Status (As of End of Reporting Period) | Guarantee Type | Total Approved Guarantee Limit (million Yuan) | Total Actual Guarantee Balance (million Yuan) | | :--- | :--- | :--- | | Guarantees for Subsidiaries | 770 | 287 | Social Responsibility The company actively fulfills its social responsibilities, particularly in targeted poverty alleviation, by investing 115 thousand Yuan in educational and medical assistance projects in Guizhou during the first half of 2019 - The company actively participated in the "Hundred Enterprises Helping Hundred Villages" poverty alleviation initiative, investing 20 thousand Yuan in funds and 95 thousand Yuan in materials for education and health poverty alleviation in the first half of 2019[123][124][125] Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital of 337,941,402 shares remained unchanged, with a minor adjustment in share structure due to the release of restricted shares held by a former senior executive - During the reporting period, due to Mr. Shi Hongjun's departure for over half a year, his 1,560,000 restricted shares for senior executives were released from restrictions, leading to a decrease in restricted shares and a corresponding increase in unrestricted shares[136] Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 35,859 common shareholders, with the top three being natural persons, and the controlling shareholder and his concerted parties holding a significant combined stake Top Ten Shareholders' Shareholding Status (As of June 30, 2019) | Shareholder Name | Shareholding Percentage | Number of Shares Held (shares) | | :--- | :--- | :--- | | Wang Wei | 35.56% | 120,185,915 | | Jin Guowen | 7.11% | 24,036,100 | | Huang Guohong | 5.91% | 19,981,086 | | Liu Ling | 4.53% | 15,312,900 | | Guiyang Longma Investment Consulting Enterprise (Limited Partnership) | 2.45% | 8,285,640 | - Guiyang Longma Investment Consulting Enterprise (Limited Partnership), a corporate shareholder, is controlled by the company's controlling shareholder and actual controller, Wang Wei, and they are concerted parties[142] Preferred Shares Information Preferred Shares Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[148] Directors, Supervisors, and Senior Management Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, Chairman Wang Wei reduced his shareholding by 2,310,085 shares, while other directors, supervisors, and senior management had no changes in their shareholdings | Name | Position | Number of Shares Reduced in Current Period (shares) | Number of Shares Held at Period-End (shares) | | :--- | :--- | :--- | :--- | | Wang Wei | Chairman | 2,310,085 | 120,185,915 | Changes in Directors, Supervisors, and Senior Management Personnel During the reporting period, the company appointed Tian Dan as Deputy General Manager and terminated the employment of Deputy General Manager Pan Nianhua due to health reasons - The company appointed Tian Dan as Deputy General Manager on January 7, 2019[153] - The company terminated Pan Nianhua's position as Deputy General Manager on April 18, 2019, due to health reasons preventing normal performance of duties[153] Corporate Bonds Information Corporate Bonds Information During the reporting period, the company had no publicly issued and listed corporate bonds on a stock exchange that were either unexpired or not fully redeemed by the approval date of the semi-annual report - The company has no unexpired or unredeemed corporate bonds[156] Financial Report Financial Statements This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2019, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity - The company's semi-annual financial report is unaudited[158] Consolidated Balance Sheet As of June 30, 2019, the company's total assets were 1.78 billion Yuan, total liabilities were 375 million Yuan, and owners' equity attributable to the parent company was 1.35 billion Yuan, resulting in a debt-to-asset ratio of 21.12% Consolidated Balance Sheet Key Items (June 30, 2019) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 1,775,845,075.20 | | Total Liabilities | 375,125,987.71 | | Total Owners' Equity Attributable to Parent Company | 1,345,228,702.66 | | Total Owners' Equity | 1,400,719,087.49 | Consolidated Income Statement In the first half of 2019, the company achieved total operating revenue of 234 million Yuan, total operating costs of 194 million Yuan, total profit of 52.64 million Yuan, and net profit of 44.00 million Yuan, with 44.05 million Yuan attributable to parent company owners Consolidated Income Statement Key Items (H1 2019) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 234,188,485.73 | | Operating Profit | 52,423,166.51 | | Total Profit | 52,637,175.70 | | Net Profit | 44,004,226.45 | | Net Profit Attributable to Parent Company Owners | 44,054,404.71 | Consolidated Cash Flow Statement In the first half of 2019, the company's net cash flow from operating activities was 65.49 million Yuan, net cash flow from investing activities was -42.85 million Yuan, and net cash flow from financing activities was -21.80 million Yuan, resulting in a net increase in cash and cash equivalents of 848.6 thousand Yuan Consolidated Cash Flow Statement Key Items (H1 2019) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 65,494,407.15 | | Net Cash Flow from Investing Activities | -42,846,122.60 | | Net Cash Flow from Financing Activities | -21,799,681.98 | | Net Increase in Cash and Cash Equivalents | 848,602.57 | Documents Available for Inspection