金开新能(600821) - 2024 Q1 - 季度财报

Key Highlights Key Financial Data and Indicators Q1 2024 saw an 8.48% increase in operating revenue and a 28.75% rise in net profit, despite a 70.38% decline in net operating cash flow, with total assets and owners' equity growing Key Financial Data for Q1 2024 | Item | Current Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 843,170,720.04 | 8.48 | | Net Profit Attributable to Shareholders of Listed Company | 218,027,080.74 | 28.75 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 176,246,506.55 | 5.46 | | Net Cash Flow from Operating Activities | 44,749,881.09 | -70.38 | | Basic Earnings Per Share (RMB/share) | 0.11 | 37.50 | Key Financial Indicators as of Q1 2024 End | Indicator | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 33,597,511,148.34 | 31,932,660,212.51 | 5.21 | | Owners' Equity Attributable to Shareholders of Listed Company | 9,017,823,444.43 | 8,943,128,953.80 | 0.84 | | Weighted Average Return on Net Assets (%) | 2.43 | Increased by 0.43 percentage points | | Non-Recurring Gains and Losses Items and Amounts In Q1 2024, the company's total non-recurring gains and losses amounted to RMB 41,780,574.19, primarily driven by negative goodwill from subsidiary acquisition, wealth management product income, and government grants Non-Recurring Gains and Losses Items for Q1 2024 | Non-Recurring Item | Current Period Amount (RMB) | Description | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | 584.07 | | | Government grants recognized in current profit or loss | 663,914.71 | Investment subsidies and government awards | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 1,467,404.27 | Wealth management product income | | Income from investment cost of acquiring subsidiaries, associates, and joint ventures being less than the fair value of identifiable net assets of the investee at acquisition | 39,707,949.83 | Negative goodwill from subsidiary acquisition | | Other non-operating income and expenses apart from the above | 111,841.57 | Fines and late payment fees | | Less: Income tax impact | 91,442.16 | | | Minority interest impact (after tax) | 79,678.10 | | | Total | 41,780,574.19 | | Changes and Reasons for Key Accounting Data and Financial Indicators Significant changes in key accounting data and financial indicators were observed, with notable shifts across balance sheet, income statement, and cash flow items driven by operational, investment, and financing activities Changes and Reasons for Consolidated Balance Sheet Items | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Cash and Cash Equivalents | 52.63 | Net cash inflow from financing activities due to borrowings, coupled with reduced cash outflow for fixed asset construction and investment activities | | Financial Assets Held for Trading | -36.00 | Redemption of wealth management products in current period | | Notes Receivable | -60.49 | Notes receivable matured and settled | | Accounts Receivable Financing | -77.17 | Bank acceptance bills matured and settled | | Prepayments | 34.72 | Increase in prepayments for equipment purchases | | Inventories | -55.21 | Prior year-end inventory realized sales in current period | | Construction in Progress | -71.79 | Construction in progress transferred to fixed assets in current period | | Notes Payable | -30.82 | Notes payable matured and settled | | Accounts Payable | -39.88 | Payment of power station operation and maintenance fees, reducing balance | | Prepayments Received | -99.88 | Prepayments recognized as revenue | | Contract Liabilities | 39.71 | Increase in prepayments for equipment | | Taxes Payable | 41.72 | Taxes payable increased as tax incentives expired | | Treasury Stock | 697.46 | Company repurchased shares in current period, increasing treasury stock | Changes and Reasons for Consolidated Income Statement Items | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Selling Expenses | 132.41 | Increase in sales personnel and related salary expenses | | Research and Development Expenses | 141.91 | Increase in R&D investment | | Other Income | 769.10 | As VAT input tax is gradually deducted, VAT payable increased, leading to an increase in immediate refund tax | | Investment Income | 123.34 | Increase in investment income from associates and joint ventures | | Gains from Changes in Fair Value | 234.54 | Fair value changes of wealth management products | | Non-Operating Income | 100.00 | Negative goodwill from subsidiary acquisition in current period increased compared to prior year | | Non-Operating Expenses | -74.68 | Decrease in late payment fees and fines | | Minority Interest Income/Loss | -40.64 | Acquisition of minority interest in Q2 2023 led to a decrease in minority interest income/loss in current period | Changes and Reasons for Consolidated Cash Flow Statement Items and Financial Indicators | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -70.38 | Decrease in supply chain business transactions, leading to lower cash received in current period compared to prior year | | Net Cash Flow from Investing Activities | 72.69 | Decrease in cash payments for fixed asset construction and reduced net cash outflow for wealth management product purchases in current period | | Net Cash Flow from Financing Activities | 135.37 | Increase in cash received from borrowings in current period | | Basic Earnings Per Share (RMB/share) | 37.50 | Increase in total earnings in current period, leading to higher EPS | | Diluted Earnings Per Share (RMB/share) | 37.50 | Increase in total earnings in current period, leading to higher diluted EPS | Shareholder Information Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 56,818 common shareholders; among the top ten, Tianjin Jinkai Enterprise Management Co., Ltd. held 189,078,638 shares, representing 9.47%, making it the largest shareholder and a state-owned legal entity - The total number of common shareholders at the end of the reporting period was 56,818[11] Top 10 Shareholders' Holdings as of Reporting Period End | Shareholder Name | Shareholder Nature | Number of Shares Held | Holding Percentage (%) | Number of Restricted Shares Held | Share Status | Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Jinkai Enterprise Management Co., Ltd. | State-owned Legal Entity | 189,078,638 | 9.47 | 0 | None | 0 | | China Development Bank Financial Leasing Co., Ltd. | State-owned Legal Entity | 134,118,015 | 6.72 | 0 | None | 0 | | Genertec International Holding Co., Ltd. | State-owned Legal Entity | 100,000,000 | 5.01 | 0 | None | 0 | | Tianjin Jincheng Wealth Investment Management Co., Ltd. - Tianjin Jincheng No. 2 Equity Investment Fund Partnership (Limited Partnership) | Unknown | 66,702,186 | 3.34 | 0 | None | 0 | | Zizhou Asset Management (Shenzhen) Co., Ltd. - Zizhou Ruizhou No. 3 Private Securities Investment Fund | Unknown | 66,583,480 | 3.33 | 0 | None | 0 | | Allianz Insurance Asset Management - China Merchants Bank - Allianz Foresight No. 16 Asset Management Product | Unknown | 64,974,000 | 3.25 | 0 | None | 0 | | Ningbo Meishan Bonded Port Area Xinxin Private Equity Fund Management Partnership (Limited Partnership) - Zhongqing Xinxin Zhisheng (Shanghai) Equity Investment Partnership (Limited Partnership) | Unknown | 62,877,358 | 3.15 | 0 | None | 0 | | Tianjin Jinrong Guoxin Capital Management Co., Ltd. | State-owned Legal Entity | 54,918,156 | 2.75 | 0 | None | 0 | | Hainan Gongyu Private Equity Fund Management Partnership (Limited Partnership) - Gongyu Shengshi Private Securities Investment Fund | Unknown | 53,435,840 | 2.68 | 0 | None | 0 | | Beijing Jingxing Asset Management Co., Ltd. - Jingxing Fusheng Private Securities Investment Fund | Unknown | 51,384,700 | 2.57 | 0 | None | 0 | Top Ten Shareholders with Unrestricted Shares The top ten unrestricted common share shareholders largely mirror the overall top ten shareholders, with Tianjin Jinkai Enterprise Management Co., Ltd. holding 189,078,638 unrestricted shares, and notably, Tianjin Jinkai, Tianjin Jincheng No. 2 Equity Investment Fund Partnership, and Tianjin Jinrong Guoxin Capital Management Co., Ltd. are acting in concert Top 10 Shareholders with Unrestricted Shares | Shareholder Name | Number of Unrestricted Shares Held | Share Type | Share Type and Quantity | | :--- | :--- | :--- | :--- | | Tianjin Jinkai Enterprise Management Co., Ltd. | 189,078,638 | RMB Common Shares | 189,078,638 | | China Development Bank Financial Leasing Co., Ltd. | 134,118,015 | RMB Common Shares | 134,118,015 | | Genertec International Holding Co., Ltd. | 100,000,000 | RMB Common Shares | 100,000,000 | | Tianjin Jincheng Wealth Investment Management Co., Ltd. - Tianjin Jincheng No. 2 Equity Investment Fund Partnership (Limited Partnership) | 66,702,186 | RMB Common Shares | 66,702,186 | | Zizhou Asset Management (Shenzhen) Co., Ltd. - Zizhou Ruizhou No. 3 Private Securities Investment Fund | 66,583,480 | RMB Common Shares | 66,583,480 | | Allianz Insurance Asset Management - China Merchants Bank - Allianz Foresight No. 16 Asset Management Product | 64,974,000 | RMB Common Shares | 64,974,000 | | Ningbo Meishan Bonded Port Area Xinxin Private Equity Fund Management Partnership (Limited Partnership) - Zhongqing Xinxin Zhisheng (Shanghai) Equity Investment Partnership (Limited Partnership) | 62,877,358 | RMB Common Shares | 62,877,358 | | Tianjin Jinrong Guoxin Capital Management Co., Ltd. | 54,918,156 | RMB Common Shares | 54,918,156 | | Hainan Gongyu Private Equity Fund Management Partnership (Limited Partnership) - Gongyu Shengshi Private Securities Investment Fund | 53,435,840 | RMB Common Shares | 53,435,840 | | Beijing Jingxing Asset Management Co., Ltd. - Jingxing Fusheng Private Securities Investment Fund | 51,384,700 | RMB Common Shares | 51,384,700 | - Tianjin Jinkai Enterprise Management Co., Ltd., Tianjin Jincheng No. 2 Equity Investment Fund Partnership (Limited Partnership), and Tianjin Jinrong Guoxin Capital Management Co., Ltd. are parties acting in concert[31] Other Reminders Other Reminders During the reporting period, there were no other significant operational matters requiring investor attention, and the quarterly financial statements are unaudited - No other significant operational information requiring investor attention during the reporting period[13] - The quarterly financial statements are unaudited[13] Quarterly Financial Statements Consolidated Balance Sheet As of March 31, 2024, total assets were RMB 33,597,511,148.34, a 5.21% increase from the prior year-end, with total current assets at RMB 7,518,012,858.21, total non-current assets at RMB 26,079,498,290.13, total liabilities at RMB 24,107,813,923.71, and total owners' equity at RMB 9,489,697,224.63 Key Items of Consolidated Balance Sheet as of March 31, 2024 | Item | March 31, 2024 (RMB) | December 31, 2023 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 445,452,411.61 | 291,842,645.24 | | Financial Assets Held for Trading | 57,554,513.51 | 89,935,440.89 | | Accounts Receivable | 6,501,846,669.90 | 5,890,225,044.97 | | Inventories | 19,590,755.15 | 43,738,849.12 | | Total Current Assets | 7,518,012,858.21 | 6,889,139,747.46 | | Fixed Assets | 20,148,369,216.15 | 18,800,287,095.28 | | Construction in Progress | 174,337,373.73 | 617,968,294.71 | | Total Non-Current Assets | 26,079,498,290.13 | 25,043,520,465.05 | | Total Assets | 33,597,511,148.34 | 31,932,660,212.51 | | Short-term Borrowings | 110,068,991.65 | 90,001,799.98 | | Notes Payable | 518,389,093.69 | 749,354,738.40 | | Accounts Payable | 157,095,281.39 | 261,317,942.82 | | Total Current Liabilities | 4,670,144,329.49 | 4,823,545,244.03 | | Long-term Borrowings | 19,004,111,328.29 | 17,299,433,861.52 | | Total Non-Current Liabilities | 19,437,669,594.22 | 17,715,074,097.21 | | Total Liabilities | 24,107,813,923.71 | 22,538,619,341.24 | | Total Owners' Equity Attributable to Parent Company | 9,017,823,444.43 | 8,943,128,953.80 | | Total Owners' Equity | 9,489,697,224.63 | 9,394,040,871.27 | Consolidated Income Statement In Q1 2024, the company achieved total operating revenue of RMB 843,170,720.04, an 8.48% year-on-year increase, with total operating costs at RMB 645,890,347.98, net profit at RMB 227,978,283.16, net profit attributable to parent company shareholders at RMB 218,027,080.74, and basic earnings per share at RMB 0.11 Key Items of Consolidated Income Statement for Q1 2024 | Item | Q1 2024 (RMB) | Q1 2023 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 843,170,720.04 | 777,244,809.30 | | Total Operating Costs | 645,890,347.98 | 575,460,686.83 | | Including: Operating Costs | 388,893,311.68 | 320,320,323.92 | | Selling Expenses | 1,067,471.83 | 459,304.40 | | Administrative Expenses | 49,875,922.23 | 51,937,163.09 | | Research and Development Expenses | 4,142,584.38 | 1,712,413.54 | | Financial Expenses | 195,362,340.72 | 194,292,382.63 | | Investment Income | 19,334,268.44 | 8,656,931.50 | | Operating Profit | 220,887,614.29 | 212,572,485.54 | | Total Profit | 260,707,405.69 | 211,698,601.29 | | Net Profit | 227,978,283.16 | 186,112,048.24 | | Net Profit Attributable to Parent Company Shareholders | 218,027,080.74 | 169,346,627.06 | | Basic Earnings Per Share (RMB/share) | 0.11 | 0.08 | | Diluted Earnings Per Share (RMB/share) | 0.11 | 0.08 | Consolidated Cash Flow Statement In Q1 2024, net cash flow from operating activities was RMB 44,749,881.09, a significant 70.38% year-on-year decrease; net cash flow from investing activities was RMB -279,702,789.45, a substantial reduction in outflow from the prior year; and net cash flow from financing activities was RMB 404,202,303.00, turning positive year-on-year primarily due to increased borrowings Key Items of Consolidated Cash Flow Statement for Q1 2024 | Item | Q1 2024 (RMB) | Q1 2023 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 44,749,881.09 | 151,071,241.34 | | Net Cash Flow from Investing Activities | -279,702,789.45 | -1,024,116,151.78 | | Net Cash Flow from Financing Activities | 404,202,303.00 | -1,142,746,508.31 | | Net Increase in Cash and Cash Equivalents | 169,249,394.64 | -2,015,791,418.75 | | Cash and Cash Equivalents at Period End | 436,663,873.57 | 587,087,374.12 | Implementation of New Accounting Standards The company did not first-time adopt new accounting standards or interpretations requiring adjustments to the opening financial statements from 2024 - The company did not first-time adopt new accounting standards or interpretations requiring adjustments to the opening financial statements from 2024[42]