中兰环保(300854) - 2023 Q1 - 季度财报

Important Notes This report emphasizes the assurance of truthfulness, accuracy, and completeness by the board, supervisory board, senior management, and key financial personnel, noting that the quarterly report is unaudited - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report and assume legal responsibility[3] - The company's responsible person, chief accounting officer, and head of the accounting department declare to guarantee the truthfulness, accuracy, and completeness of financial information[3] - The first quarter report is unaudited[4][30] I. Key Financial Data 1.1 Key Accounting Data and Financial Indicators The company's operating revenue increased by 6.17% year-on-year in Q1 2023, with net profit attributable to shareholders turning profitable, up 107.41%, while net cash flow from operating activities decreased by 19.27% 2023 Q1 Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 67,858,833.09 | 63,917,753.54 | 6.17% | | Net Profit Attributable to Shareholders of Listed Company | 637,590.58 | -8,609,986.87 | 107.41% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 419,856.25 | 175,677.75 | 138.99% | | Net Cash Flow from Operating Activities | -61,350,431.45 | -51,438,305.23 | -19.27% | | Basic Earnings Per Share (CNY/share) | 0.01 | -0.09 | 111.11% | | Diluted Earnings Per Share (CNY/share) | 0.01 | -0.09 | 111.11% | | Weighted Average Return on Net Assets | 0.07% | -0.91% | 0.98% | | Period-end Indicator | Current Period-end (CNY) | Prior Year-end (CNY) | Period-end vs. Prior Year-end Change (%) | | Total Assets | 1,496,404,478.05 | 1,584,997,401.40 | -5.59% | | Owners' Equity Attributable to Shareholders of Listed Company | 962,807,617.63 | 962,184,789.59 | 0.06% | 1.2 Non-recurring Gains and Losses Total non-recurring gains and losses for the current period amounted to 217,734.33 CNY, primarily comprising government subsidies and fair value changes, with VAT refunds classified as recurring due to their close relation to core business 2023 Q1 Non-recurring Gains and Losses | Item | Amount for Current Period (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -6,047.21 | | Government subsidies recognized in current profit and loss | 548,561.36 | | Gains and losses from changes in fair value and investment income from disposal of financial assets | -237,417.10 | | Other non-operating income and expenses | -24,170.03 | | Less: Income tax impact | 109,647.81 | | Impact on minority interests (after tax) | -46,455.12 | | Total | 217,734.33 | - The company classifies VAT refunds of 1,861,132.32 CNY as recurring gains and losses, as they are closely related to its main business and are expected to be continuously obtained, reflecting normal operating activities and profitability[9] 1.3 Changes in Key Accounting Data and Reasons Accounts receivable financing, prepayments, construction in progress, and contract liabilities significantly increased due to higher bank acceptance bills, increased prepaid engineering costs, and investment in the Wuhan Yihecheng technical renovation project; sales and R&D expenses rose due to increased employee compensation, while financial expenses decreased significantly due to higher interest income from accounts receivable; operating cash flow declined due to reduced cash from sales and services Major Changes in Balance Sheet Items | Item | March 31, 2023 (CNY) | December 31, 2022 (CNY) | Change Rate (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 4,789,649.06 | 290,000.00 | 1551.60% | Increase in bank acceptance bills with higher credit ratings | | Prepayments | 5,106,262.58 | 2,791,942.21 | 82.89% | Increase in prepaid engineering costs | | Construction in Progress | 4,507,587.54 | 3,316,119.51 | 35.93% | Increase in Wuhan Yihecheng technical renovation project | | Contract Liabilities | 13,888,066.81 | 5,192,086.69 | 167.49% | Increase in prepaid engineering costs received | | Other Non-current Assets | 241,519.00 | 833,873.83 | -71.04% | Decrease in prepaid long-term assets | Major Changes in Income Statement Items | Item | Jan-Mar 2023 (CNY) | Jan-Mar 2022 (CNY) | Change Rate (%) | Explanation | | :--- | :--- | :--- | :--- | | Sales Expenses | 6,545,409.49 | 5,021,808.03 | 30.34% | Increase in employee compensation, business entertainment, and travel expenses | | R&D Expenses | 3,694,623.80 | 2,068,906.03 | 78.58% | Increase in R&D personnel compensation | | Financial Expenses | -2,230,103.26 | 122,329.23 | 1923.03% | Increase in interest income from accounts receivable | | Other Income | 2,409,693.68 | 1,185,719.80 | 103.23% | Increase in VAT immediate refund received | | Gains/Losses from Changes in Fair Value | -455,060.29 | -8,877,068.65 | 94.87% | Decrease in share price of Salt Lake Co. Ltd | | Asset Impairment Losses (losses indicated by "-") | 1,807,998.38 | -2,069,525.18 | 187.36% | Decrease in contract assets, reversal of asset impairment provisions | Major Changes in Cash Flow Statement Items | Item | Jan-Mar 2023 (CNY) | Jan-Mar 2022 (CNY) | Change Rate (%) | Explanation | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -61,350,431.45 | -51,438,305.23 | -19.27% | Decrease in cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | 10,169,074.05 | 52,869,049.86 | -80.77% | Decrease in wealth management investment activities | | Net Cash Flow from Financing Activities | -593,222.48 | -288,744.39 | -105.45% | Decrease in financing activities | II. Shareholder Information 2.1 Top Ten Common Shareholders and Voting Rights of Preferred Shareholders As of the end of the reporting period, the company had 8,313 common shareholders, with Ge Fang, Kong Xiongjun, and Liu Qingsong as major individual shareholders, and Shenzhen Capital Group and its affiliates also among the top ten, with existing related party relationships - Total number of common shareholders at the end of the reporting period was 8,313[13] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage (%) | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Ge Fang | Domestic Natural Person | 23.06% | 22,847,500.00 | 22,847,500.00 | | Kong Xiongjun | Domestic Natural Person | 13.73% | 13,601,500.00 | 13,601,500.00 | | Liu Qingsong | Domestic Natural Person | 11.13% | 11,025,000.00 | 8,662,500.00 | | Shenzhen Capital Group Co., Ltd. | State-owned Legal Person | 3.23% | 3,197,849.00 | 0.00 | | Shenzhen Zhonglan Futong Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 3.03% | 3,002,500.00 | 3,002,500.00 | | Kong Lijun | Domestic Natural Person | 2.78% | 2,750,000.00 | 2,750,000.00 | | Beijing Qingshan Zhengshi Investment Management Center (Limited Partnership) | Domestic Non-state-owned Legal Person | 2.72% | 2,697,900.00 | 0.00 | | Shenzhen Guozhong SME Development Private Equity Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 2.71% | 2,690,000.00 | 0.00 | | Shenzhen Dingqing Venture Capital Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 2.16% | 2,138,000.00 | 0.00 | | Shenzhen Luohu Hongtu Venture Capital Management Co., Ltd. - Shenzhen Luohu Hongtu Venture Capital Co., Ltd. | Domestic Non-state-owned Legal Person | 2.15% | 2,132,151.00 | 0.00 | - Shenzhen Capital Group Co., Ltd. has related party relationships with Shenzhen Luohu Hongtu Venture Capital Co., Ltd., Shenzhen Hongtu Chuangke Venture Capital Partnership (Limited Partnership), and Shenzhen Guozhong SME Development Private Equity Investment Partnership (Limited Partnership)[14] 2.2 Preferred Shareholders The company has no preferred shareholders - The company has no preferred shareholders[15] 2.3 Changes in Restricted Shares During the reporting period, the total number of restricted shares remained unchanged, with major restricted shareholders including Ge Fang, Kong Xiongjun, and Liu Qingsong, primarily due to pre-IPO restrictions or executive lock-up, with most restrictions expected to be lifted on September 16, 2024 Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ge Fang | 22,847,500.00 | 0.00 | 0.00 | 22,847,500.00 | Pre-IPO restricted shares | September 16, 2024 | | Kong Xiongjun | 13,601,500.00 | 0.00 | 0.00 | 13,601,500.00 | Pre-IPO restricted shares | September 16, 2024 | | Liu Qingsong | 8,662,500.00 | 0.00 | 0.00 | 8,662,500.00 | Executive lock-up shares | End of executive lock-up period | | Shenzhen Zhonglan Futong Investment Partnership | 3,002,500.00 | 0.00 | 0.00 | 3,002,500.00 | Pre-IPO restricted shares | September 16, 2024 | | Kong Lijun | 2,750,000.00 | 0.00 | 0.00 | 2,750,000.00 | Pre-IPO restricted shares | September 16, 2024 | | Total | 52,801,500.00 | 0.00 | 0.00 | 52,801,500.00 | | | - The total number of restricted shares remained unchanged during the reporting period[16][17] III. Other Important Matters The company disclosed two significant announcements during the reporting period: the signing of a major contract involving related party transactions and the change of certain raised fund special accounts, both published on Juchao Information Network - The company disclosed the "Announcement on the Company Signing a Major Contract and Related Party Transactions" on February 28, 2023[18] - The company disclosed the "Announcement on Changing Certain Raised Fund Special Accounts" on February 28, 2023[18] IV. Quarterly Financial Statements 4.1 Consolidated Balance Sheet As of March 31, 2023, the company's total assets were 1.496 billion CNY, a 5.59% decrease from the beginning of the year, with total current assets at 1.073 billion CNY, non-current assets at 423 million CNY, total liabilities at 509 million CNY, and total owners' equity at 988 million CNY Consolidated Balance Sheet Key Data (March 31, 2023) | Item | Period-end Balance (CNY) | Year-start Balance (CNY) | | :--- | :--- | :--- | | Cash and Bank Balances | 117,921,010.83 | 165,493,838.84 | | Financial Assets Held for Trading | 60,716,769.44 | 70,971,829.73 | | Accounts Receivable | 265,106,953.16 | 303,614,712.88 | | Contract Assets | 506,580,338.93 | 513,245,162.77 | | Total Current Assets | 1,073,026,780.07 | 1,153,925,147.43 | | Total Non-current Assets | 423,377,697.98 | 431,072,253.97 | | Total Assets | 1,496,404,478.05 | 1,584,997,401.40 | | Accounts Payable | 343,085,965.74 | 427,102,880.65 | | Contract Liabilities | 13,888,066.81 | 5,192,086.69 | | Total Current Liabilities | 496,965,273.69 | 585,156,147.35 | | Total Non-current Liabilities | 11,724,512.22 | 12,580,711.42 | | Total Liabilities | 508,689,785.91 | 597,736,858.77 | | Total Owners' Equity Attributable to Parent Company | 962,807,617.63 | 962,184,789.59 | | Minority Interests | 24,907,074.51 | 25,075,753.04 | | Total Owners' Equity | 987,714,692.14 | 987,260,542.63 | | Total Liabilities and Owners' Equity | 1,496,404,478.05 | 1,584,997,401.40 | 4.2 Consolidated Income Statement In Q1 2023, the company achieved total operating revenue of 67.86 million CNY, a 6.17% year-on-year increase, with net profit of 468,912.06 CNY, a significant turnaround from a loss of 8.43 million CNY in the prior year, and net profit attributable to parent company owners of 637,590.58 CNY Consolidated Income Statement Key Data (Jan-Mar 2023) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 67,858,833.09 | 63,917,753.54 | | Total Operating Costs | 77,189,191.28 | 69,253,736.11 | | Sales Expenses | 6,545,409.49 | 5,021,808.03 | | Administrative Expenses | 15,652,917.22 | 13,633,738.14 | | R&D Expenses | 3,694,623.80 | 2,068,906.03 | | Financial Expenses | -2,230,103.26 | 122,329.23 | | Other Income | 2,409,693.68 | 1,185,719.80 | | Investment Income | 2,418,489.32 | 1,991,833.76 | | Gains/Losses from Changes in Fair Value | -455,060.29 | -8,877,068.65 | | Asset Impairment Losses (losses indicated by "-") | 1,807,998.38 | -2,069,525.18 | | Operating Profit (Loss) | -215,845.88 | -9,967,369.10 | | Total Profit (Loss) | -246,063.12 | -9,998,220.24 | | Income Tax Expense | -714,975.18 | -1,572,743.65 | | Net Profit (Net Loss) | 468,912.06 | -8,425,476.59 | | Net Profit Attributable to Parent Company Owners | 637,590.58 | -8,609,986.87 | | Basic Earnings Per Share (CNY/share) | 0.01 | -0.09 | 4.3 Consolidated Cash Flow Statement In Q1 2023, net cash flow from operating activities was -61.35 million CNY, a 19.27% year-on-year decrease; net cash flow from investing activities was 10.17 million CNY, a significant 80.77% decrease primarily due to reduced wealth management investments; net cash flow from financing activities was -593,222.48 CNY Consolidated Cash Flow Statement Key Data (Jan-Mar 2023) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -61,350,431.45 | -51,438,305.23 | | Net Cash Flow from Investing Activities | 10,169,074.05 | 52,869,049.86 | | Net Cash Flow from Financing Activities | -593,222.48 | -288,744.39 | | Net Increase in Cash and Cash Equivalents | -51,781,369.97 | 1,135,337.77 | | Cash and Cash Equivalents at End of Period | 101,122,437.45 | 101,188,967.18 | - Net cash flow from operating activities decreased by 19.27%, primarily due to a reduction in cash received from sales of goods and provision of services[11][28] - Net cash flow from investing activities significantly decreased by 80.77%, mainly due to a reduction in wealth management investment activities compared to the prior period[11][29] 4.4 Audit Report The company's 2023 first quarter report is unaudited - The company's first quarter report is unaudited[30]