华自科技(300490) - 2020 Q1 - 季度财报

Company Basic Information This section details the company's Q1 2020 core financial data, shareholder structure, and restricted share changes, noting significant pandemic-driven declines in revenue and profit Key Accounting Data and Financial Indicators Q1 2020 saw a significant 43.77% YoY drop in total operating revenue and a 490.62% YoY net loss of CNY 14.49 million due to the pandemic, though operating cash flow improved by 33.65% Key Financial Indicators | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (CNY) | 121,701,421.23 | 216,444,442.40 | -43.77% | | Net Profit Attributable to Shareholders (CNY) | -14,489,328.67 | 3,709,269.77 | -490.62% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (CNY) | -14,910,050.39 | -2,745,001.16 | -443.17% | | Net Cash Flow from Operating Activities (CNY) | -60,278,373.49 | -90,843,570.01 | 33.65% | | Basic Earnings Per Share (CNY/share) | -0.06 | 0.01 | -700.00% | | Total Assets (CNY) | 3,018,069,081.29 | 3,143,845,168.21 | -4.00% (vs. End of Prior Year) | | Net Assets Attributable to Shareholders (CNY) | 1,750,287,395.39 | 1,764,776,724.06 | -0.82% (vs. End of Prior Year) | - During the reporting period, the company's total non-recurring gains and losses amounted to CNY 420,700, primarily comprising CNY 1.1121 million in government subsidies and CNY 438,700 in external donation expenses[10] Shareholder Information As of the reporting period end, the company had 16,676 common shareholders; the controlling shareholder held 38.13% of shares, with 80.48% of their holdings pledged - As of the end of the reporting period, the company had a total of 16,676 common shareholders[13] Top Ten Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | Pledge or Freeze Status | | :--- | :--- | :--- | :--- | | Changsha Huaneng Zikong Group Co., Ltd. | 38.13% | 99,832,198 | Pledged 80,323,216 | | Guangzhou Chengxin Venture Capital Co., Ltd. | 5.81% | 15,217,392 | - | | Jiangsu Xinhua Fengyu Capital Management Co., Ltd. | 5.11% | 13,386,500 | - | | Xuan Yuan (Hengqin) Equity Investment Co., Ltd. | 3.11% | 8,153,897 | - | - Controlling shareholder Changsha Huaneng Zikong Group Co., Ltd. has a concerted action relationship with Changsha Huazi Investment Management Co., Ltd. and Shihezi Huayuan Equity Investment Partnership (Limited Partnership). Shareholders Li Hongbo and Mao Xiuhong are a married couple and act in concert[14] Changes in Restricted Shares During the period, total restricted shares decreased from 27.45 million to 27.20 million, mainly due to equity incentive changes and restrictions from asset acquisition, restructuring, and executive lock-ups Restricted Share Movements | Shareholder Name | Restricted Shares at Beginning of Period | Changes During Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Grant Technology (Huzhou) Co., Ltd. | 7,765,924 | 0 | 7,765,924 | Share Issuance for Asset Acquisition | | Changsha Huaneng Zikong Group Co., Ltd. | 6,353,938 | 0 | 6,353,938 | Non-Public Offering for Major Asset Restructuring | | Li Hongbo | 2,796,645 | 0 | 2,796,645 | Share Issuance for Asset Acquisition | | Huang Wenbao | 2,445,652 | 0 | 2,445,652 | Executive Lock-up Shares | | Total | 27,449,936 | -254,539 | 27,195,397 | -- | Significant Matters This section details the company's Q1 2020 operating status and significant events, including financial impacts of COVID-19, business outlook, key risks, and progress on convertible bond issuance and past fundraising utilization Analysis of Significant Changes in Financial Data and Reasons The company attributes significant Q1 2020 financial fluctuations, including revenue and net profit declines, to COVID-19 project delays, with balance sheet changes reflecting new revenue standard adoption and increased cash outflows for investments and debt repayment - Operating revenue decreased by 43.77% YoY, and net profit attributable to the parent company decreased by 490.62% YoY, primarily due to project completion delays caused by the novel coronavirus pneumonia epidemic[22] - Due to the implementation of new revenue standards, the company reclassified original 'advances from customers' to 'contract liabilities' and adjusted eligible goods issued from 'inventories' to 'contract assets'[21] - Net cash flow from operating activities increased by 33.65% YoY, primarily because the decrease in cash outflow for purchases (-30.38%) was greater than the decrease in cash inflow from sales (-29.24%) due to the pandemic's impact[24][25] - Cash outflow from investing activities increased by 171.88% YoY, mainly for the construction of the water treatment membrane and membrane device manufacturing base project. Cash outflow from financing activities increased by 939.86% YoY, primarily for repaying short-term bank loans[25] Business Review, Outlook, and Risks The company's Q1 2020 business was impacted by the pandemic, leading to online customer engagement, focused R&D on smart water and new energy, and the identification of key risks including high accounts receivable and M&A integration challenges - The company established an epidemic prevention and control team to address the pandemic's impact, with production and operations gradually returning to normal[26] - The company has two significant overseas orders underway: the Central African Boali No. 2 Hydropower Station Expansion Project (USD 14.6533 million) and the Uzbekistan Hydropower Station Renovation Project (USD 22,382,090)[27] - R&D focuses on smart water conservancy supervision systems, industrial internet platforms, and new energy microgrid technologies. Subsidiary JingShi Electromechanical has developed epidemic prevention products like smart temperature measurement gates, obtaining CE and FCC certifications[27] - Key risks faced by the company include: liquidity risk from accounts receivable accounting for 29.26% of total assets, insufficient technological innovation risk, integration and goodwill impairment risks from acquired subsidiaries (JingShi Electromechanical, Grant), and the ongoing impact of the global COVID-19 pandemic[35][39][40][41] Progress of Significant Matters The company is progressing with a public offering of convertible bonds to raise up to CNY 670 million for new energy equipment, water treatment projects, and working capital, having responded to CSRC feedback - The company plans to publicly issue convertible corporate bonds of no more than CNY 670 million to support new energy equipment, water treatment membrane projects, Shenzhen operation center construction, and supplement working capital[43] - Regarding the application for convertible bond issuance, the company has completed its response to the China Securities Regulatory Commission's (CSRC) 'Notice of First Feedback on Administrative Licensing Project Review'[43][44] Use of Raised Funds As of the reporting period, CNY 552 million in raised funds were fully utilized, but acquired subsidiaries JingShi Electromechanical and Grant underperformed 2019 targets and recorded Q1 2020 losses - The committed investment of CNY 552.4549 million in raised funds has been fully utilized, with no changes in purpose[48] - Performance commitments of acquired subsidiaries were not met: - Shenzhen JingShi Electromechanical: Achieved cumulative net profit of CNY 95.6278 million from 2017-2019, failing to meet the CNY 96 million performance commitment. Recorded a loss of CNY 3.6182 million in Q1 2020[49] - Beijing Grant: Achieved cumulative net profit of CNY 108.9265 million from 2017-2019, failing to meet the CNY 141.5 million performance commitment, with 2019 actual profit of only CNY 23.6693 million, significantly below the CNY 61 million commitment. Recorded a loss of CNY 6.9275 million in Q1 2020[49] Financial Statements This section presents the company's unaudited Q1 2020 consolidated and parent financial statements, including balance sheets, income statements, and cash flow statements, along with adjustments for new revenue standards Financial Statements (Unaudited) This section provides the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2020 - This section provides unaudited consolidated and parent company balance sheets, income statements, and cash flow statements[56][64][73] Explanation of Financial Statement Adjustments Effective January 1, 2020, the company adopted new revenue standards, adjusting opening financial statements by reclassifying 'advances from customers' to 'contract liabilities' and certain 'inventories' to 'contract assets', without impacting total equity - The company adopted new revenue standards effective January 1, 2020, and adjusted its opening financial statements[81] - Key adjustments include: - Consolidated Statements: Decreased 'inventories' by CNY 8.5023 million, increased 'contract assets' by CNY 8.5023 million; decreased 'advances from customers' by CNY 107 million, increased 'contract liabilities' by CNY 107 million[82][83] - Parent Company Statements: Decreased 'inventories' by CNY 5.1447 million, increased 'contract assets' by CNY 5.1447 million; decreased 'advances from customers' by CNY 78.049 million, increased 'contract liabilities' by CNY 78.049 million[84][85][86] Audit Report The company's Q1 2020 report remains unaudited - The company's first-quarter report is unaudited[87]