海南瑞泽(002596) - 2024 Q1 - 季度财报

Key Financial Data Key Accounting Data and Financial Indicators In Q1 2024, the company's operating revenue slightly decreased by 2.25% year-on-year, but net loss attributable to shareholders significantly narrowed by 36.72%, improving from -26.09 million RMB in the prior year to -16.51 million RMB; net cash flow from operating activities increased by 98.95% year-on-year, indicating a substantial improvement in operational cash flow Q1 2024 Core Financial Indicators | Indicator | Current Period | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 351,661,269.16 | 359,755,333.96 | -2.25% | | Net Profit Attributable to Shareholders (RMB) | -16,511,232.42 | -26,093,463.01 | 36.72% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB) | -23,096,003.61 | -26,675,304.63 | 13.42% | | Net Cash Flow from Operating Activities (RMB) | 39,777,116.95 | 19,993,535.68 | 98.95% | | Basic Earnings Per Share (RMB/share) | -0.0144 | -0.0227 | 36.56% | | Total Assets (RMB) | 3,811,353,366.63 | 3,944,651,719.01 (Prior Year-end) | -3.38% (vs. Beginning of Year) | | Total Equity Attributable to Shareholders (RMB) | 974,475,622.64 | 990,986,855.06 (Prior Year-end) | -1.67% (vs. Beginning of Year) | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 6.58 million RMB, primarily from the reversal of impairment provisions for receivables totaling 5.14 million RMB and government grants of 1.62 million RMB, which positively contributed to the current period's net profit improvement Q1 2024 Non-recurring Gains and Losses Details | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Reversal of impairment provisions for receivables subject to separate impairment testing | 5,143,298.14 | Primarily due to the reversal of individually assessed impairment provisions for receivables | | Government grants recognized in current profit or loss | 1,615,103.77 | - | | Gains or losses on disposal of non-current assets | 233,360.93 | - | | Other non-operating income and expenses | 134,595.13 | - | | Total | 6,584,771.19 | - | Analysis of Major Financial Indicator Changes During the reporting period, several of the company's financial indicators showed significant changes; cash and cash equivalents substantially increased by 57.56% due to increased collections, while other income grew by 172.32% from higher government grants, and asset impairment losses turned positive due to the reversal of contract asset impairment provisions; net cash inflow from operating activities increased by 63% due to the unfreezing of bank accounts, and net cash flow from financing activities improved by 49.92% due to increased bank borrowings Balance Sheet Item Changes Cash and cash equivalents at period-end significantly increased by 57.56% from the beginning of the period, primarily due to increased collections, while notes receivable and notes payable grew by 85.16% and 82.59% respectively, reflecting increased bill settlement activities Major Balance Sheet Changes | Item | Period-end Balance (RMB) | Period-start Balance (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 113,828,617.36 | 72,243,108.74 | 57.56% | Primarily due to increased collections in the current period[9] | | Notes receivable | 12,921,463.75 | 6,978,442.65 | 85.16% | Primarily due to an increase in endorsed unexpired notes in the current period[9] | | Notes payable | 45,100,000.00 | 24,700,000.00 | 82.59% | Primarily due to an increase in bank acceptance bills issued in the current period[9] | Income Statement Item Changes Sales expenses increased by 32.00% due to higher litigation fees, while other income surged by 172.32% from increased government grants; asset impairment losses turned positive, with a -1088.43% change, due to the reversal of impairment provisions for individually assessed contract assets, significantly impacting profit positively Major Income Statement Changes | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Sales expenses | 7,026,132.26 | 5,322,774.79 | 32.00% | Primarily due to increased litigation fees[11] | | Other income | 1,617,038.79 | 593,790.77 | 172.32% | Primarily due to increased government grants related to daily operations received in the current period[11] | | Asset impairment losses | 3,801,086.29 | -384,556.26 | -1088.43% | Primarily due to the collection of individually assessed contract assets and the corresponding reversal of impairment provisions[11] | | Gains on disposal of assets | 245,595.61 | 15,571.74 | 1477.19% | Primarily due to increased gains from disposal of fixed assets[11] | Cash Flow Statement Item Changes Cash flow from operating activities saw 'cash received relating to other operating activities' increase by 63.00% due to the unfreezing of bank accounts; net cash flow from financing activities improved by 49.92% year-on-year, from a net outflow of 18.84 million RMB to a net outflow of 9.43 million RMB, driven by increased bank borrowings Major Cash Flow Statement Changes | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash received relating to other operating activities | 28,070,620.86 | 17,221,584.23 | 63.00% | Primarily due to the unfreezing of bank account funds[12] | | Cash received from borrowings | 29,200,000.00 | 17,990,000.00 | 62.31% | Primarily due to increased bank borrowings in the current period[12] | | Net cash flow from financing activities | -9,433,007.72 | -18,836,230.56 | 49.92% | Primarily due to increased bank borrowings in the current period[12] | Shareholder Information Shareholder Ownership As of the end of the reporting period, the company had 56,225 common shareholders; the top three shareholders, Feng Huoling, Zhang Hailin, and Sanya Daxing Group Co Ltd, collectively held over 30% of the shares, with nearly all shares held by the second and third largest shareholders, Zhang Hailin and Sanya Daxing Group, being pledged and frozen, indicating certain equity risks - As of the end of the reporting period, the company had 56,225 common shareholders[14] Top Three Shareholders' Holdings and Pledged/Frozen Status | Shareholder Name | Holding Percentage (%) | Number of Shares Held | Number of Shares Pledged | Number of Shares Frozen | | :--- | :--- | :--- | :--- | :--- | | Feng Huoling | 11.29% | 129,510,000 | 25,924,000 | - | | Zhang Hailin | 10.78% | 123,660,000 | 123,660,000 | 123,660,000 | | Sanya Daxing Group Co Ltd | 8.29% | 95,132,742 | 95,130,000 | 95,132,742 | - Shareholders Feng Huoling, Zhang Hailin, and Zhang Yilin are parties acting in concert; Zhang Hailin and Zhang Yilin are brothers, and Feng Huoling is their brother-in-law; Sanya Daxing Group Co Ltd and Sanya Houde Investment Management Co Ltd are entities jointly controlled by Zhang Hailin and Zhang Yilin[15] Other Significant Matters Other Significant Matters During the reporting period, the company had no other significant matters requiring disclosure - The company had no other significant matters to explain during the reporting period[16] Quarterly Financial Statements Financial Statements As of March 31, 2024, the company's total assets were 3.811 billion RMB, and total liabilities were 2.858 billion RMB; Q1 2024 operating revenue reached 352 million RMB, with a net loss of 15.36 million RMB, of which 16.51 million RMB was attributable to owners of the parent company, while net cash flow from operating activities was a strong 39.78 million RMB Consolidated Balance Sheet As of March 31, 2024, the company's total assets were 3.811 billion RMB, a 3.38% decrease from the beginning of the year; total liabilities were 2.858 billion RMB, down 3.96% from the beginning of the year; and total equity attributable to owners of the parent company was 974 million RMB, a 1.67% decrease from the beginning of the year Key Consolidated Balance Sheet Items | Item | Period-end Balance (RMB) | Period-start Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 3,811,353,366.63 | 3,944,651,719.01 | | Total Liabilities | 2,858,038,649.87 | 2,975,973,916.41 | | Total Equity Attributable to Owners of the Parent Company | 974,475,622.64 | 990,986,855.06 | | Total Equity | 953,314,716.76 | 968,677,802.60 | Consolidated Income Statement In Q1 2024, the company's total operating revenue was 352 million RMB, a 2.25% year-on-year decrease, while total operating costs were 367 million RMB, down 2.28% year-on-year; net profit was -15.36 million RMB, a significant narrowing of loss from -24.66 million RMB in the prior year, with net profit attributable to owners of the parent company at -16.51 million RMB, also better than -26.09 million RMB in the prior year Key Consolidated Income Statement Items | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 351,661,269.16 | 359,755,333.96 | | II. Total Operating Costs | 367,200,618.19 | 375,764,961.86 | | III. Operating Profit | -10,938,125.37 | -21,881,164.10 | | IV. Total Profit | -10,836,210.25 | -21,904,884.09 | | V. Net Profit | -15,363,085.84 | -24,664,212.11 | | Net Profit Attributable to Owners of the Parent Company | -16,511,232.42 | -26,093,463.01 | Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities was 39.78 million RMB, a 98.95% increase from 19.99 million RMB in the prior year, primarily due to increased sales collections; net cash flow from investing activities was -5.54 million RMB, and net cash flow from financing activities was -9.43 million RMB; cash and cash equivalents at period-end totaled 57.18 million RMB Key Consolidated Cash Flow Statement Items | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 39,777,116.95 | 19,993,535.68 | | Net Cash Flow from Investing Activities | -5,540,836.94 | -7,906,562.78 | | Net Cash Flow from Financing Activities | -9,433,007.72 | -18,836,230.56 | | Net Increase in Cash and Cash Equivalents | 24,803,272.29 | -6,749,257.66 | | Cash and Cash Equivalents at Period-end | 57,175,677.72 | 85,571,100.13 | Audit Report The company's Q1 2024 report is unaudited - The company's first-quarter report is unaudited[26]