2016-04-20-深交所-杭汽轮Ｂ_2016年第一季度报告全文（英文版）_21页_239kb

报告摘要

Hangzhou Steam Turbine Co., Ltd. 2016 Q1 Quarterly Report Summary

I. Core Content

This document is the first quarterly report of Hangzhou Steam Turbine Co., Ltd. for the year 2016, issued in April 2016. It outlines the company's financial performance, shareholder structure, and significant events during the reporting period. The report also includes the consolidated balance sheet, parent company balance sheet, and consolidated income statement.

II. Main Financial Data and Changes

Financial Highlights

Item	This Period (RMB)	Same Period Last Year (RMB)	Change (%)
Operating Income	687,834,749.02	492,164,586.38	39.76%
Net Profit (attributable to shareholders)	6,620,245.62	7,698,917.29	-14.01%
Net Profit after non-recurring items	2,908,791.39	2,401,000.86	21.15%
Net Cash Flow from Operating Activities	18,550,921.62	-49,305,018.54	137.62%

Key Financial Changes and Causes

Operating Income: Increased by 39.76%, mainly due to sales income realized according to contract progress.
Net Profit: Decreased by 14.01%, attributed to a significant increase in asset impairment losses.
Net Profit after non-recurring items: Increased by 21.15%, driven by government subsidies and gains from fair value changes of financial assets.
Net Cash Flow from Operating Activities: Rose by 137.62%, due to the reduction in tax carried over from the previous year.

III. Shareholder Information

Total Shareholders

Common Shareholders: 15,963 at the end of the reporting period.
Preference Shareholders: 0.

Top 10 Shareholders

Shareholder Name	Share Proportion (%)	Share Quantity	Tradable Shares	Pledging/Frozen
Hangzhou Steam Turbine Power Group Co., Ltd.	63.64%	479,824,800	479,824,800	-
GUOTAI JUNAN SECURITIES (HONGKONG) LIMITED	4.88%	13,388,185	0	-
NORGES BANK	1.57%	4,303,675	0	-
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND	1.04%	2,861,636	0	-
GIC PRIVATE LIMITED	0.97%	2,665,330	0	-
China Int'l Capital Corp Hong Kong Securities Ltd	0.93%	2,546,768	0	-
First Shanghai Securities Co., Ltd.	0.83%	2,278,901	0	-
BOC HK Investment Funds-BOCHK China Golden Dragon Fund	0.83%	2,273,227	0	-
Australiansuper Pty Ltd	0.77%	2,108,321	0	-
Xia Zulin	0.77%	2,100,000	0	-

All top 10 shareholders hold non-restricted shares, with the largest shareholder being Hangzhou Steam Turbine Power Group Co., Ltd. (63.64%).

IV. Significant Events

Major Events and Their Progress

Mixed Ownership Reform: The company is undergoing mixed ownership reform as per the unified deployment of Hangzhou State-owned Asset Commission.
Share Trading Suspension: The company's shares were suspended on May 29, 2015, and resumed on March 4, 2016.
Disclosure of Progress: The company disclosed progress on March 4, 2016, and provided an announcement regarding the resumption of trading.

Information Disclosure

Disclosure Date: March 4, 2016
Website: http://www.cninfo.com.cn (Announcement No. 2016-11)

V. Non-Recurring Gains and Losses

Item	Amount (RMB)	Notes
Non-current asset disposal gain/loss	-2,286.95	-
Government subsidy	314,200.00	Excluding those closely related to the Company’s business
Gain/loss from change of fair value of transactional financial asset/liability	4,321,846.55	-
Other non-operating income and expenditure	29,495.30	-
Less: Income tax	810,718.47	-
Less: Minority interests (after tax)	141,082.20	-
Total	3,711,454.23	-

No non-recurring items were recognized as recurring in the report period.

VI. Financial Statements

Consolidated Balance Sheet (RMB)

Item	End of Period	Beginning of Period	Change (%)
Gross Assets	7,831,657,292.38	7,683,777,005.63	1.92%
Net Assets (attributable to shareholders)	4,225,792,870.27	4,219,337,312.80	0.15%

Parent Company Balance Sheet (RMB)

Item	End of Period	Beginning of Period	Change (%)
Total Assets	5,867,544,081.71	5,764,162,342.62	-
Total Liabilities and Owners' Equity	5,867,544,081.71	5,764,162,342.62	-

Consolidated Income Statement (RMB)

Item	This Period	Last Period	Change (%)
Operating Income	687,834,749.02	492,164,586.38	39.76%
Total Business Cost	678,666,814.16	475,487,480.86	-
Asset Impairment Loss	65,049,476.00	-44,831,478.70	245.10%
Total Profit	12,921,893.35	22,910,055.62	-43.60%
Net Profit	7,433,047.04	14,113,050.19	-
Net Profit attributable to parent company	6,620,245.62	7,698,917.29	-14.01%

VII. Key Observations

Financial Performance: Operating income significantly increased, but net profit decreased due to higher asset impairment losses.
Shareholder Structure: Hangzhou Steam Turbine Power Group Co., Ltd. is the largest shareholder with a 63.64% stake.
Reform Progress: The company is in the process of mixed ownership reform, which has caused a suspension in share trading.
Non-recurring Items: The company reported a net non-recurring gain of 3,711,454.23 RMB, primarily from government subsidies and fair value changes.
Cash Flow: Net cash flow from operations increased significantly, but net cash flow from investment and financing activities decreased.

VIII. Conclusion

The 2016 Q1 quarterly report highlights a significant increase in operating income and a substantial improvement in net cash flow from operations. However, net profit declined due to increased asset impairment losses. The company is undergoing mixed ownership reform, which has impacted its share trading status. The top shareholder holds a majority stake, and the financial statements show a slight increase in total assets and net assets.

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