In the first quarter of 2013, the company achieved operating income of 428 million yuan, down 10.51% from the same period last year; operating profit loss of 9.4662 million yuan, an increase of 3.5442 million yuan compared with the same period last year; net profit loss of 10.231 million yuan belonging to the owner of the parent company, a loss of 859800 yuan compared with the same period last year; basic earnings per share-0.0152 yuan.
An overview of the company's fundamentals. The company's business includes real estate development and construction, biomedicine, property management, etc., in which real estate development and construction and biomedicine are the main sources of income and profit. During the reporting period, real estate development and construction and biomedical income accounted for 96% and 1.93%, no significant change over the previous year.
During the reporting period, the balance of the company's advance payment at the end of the period was 138.4399 million yuan, an increase of 260.32% over the beginning balance. This is mainly due to the advance payment of the company's subsidiary, Beijing Zhongguancun Development and Construction Co., Ltd., such as Northwest Wang oriented Resettlement House, Tongzhou Shuaifu, Urumqi Development Zone Culture and Sports Center, and other projects, and the corresponding project payment has not yet reached the settlement conditions according to the project settlement progress.
During this period, the ability of cost control has declined. During the period, the company's expense rate was 25.94%, an increase of 2.22 percentage points over the same period last year. Among them, the sales expense rate was 12.93%, an increase of 1.75% over the same period last year; the management expense rate was 8.5%, down 0.45% from the same period last year; and the financial expense rate was 4.5%, an increase of 0.92% over the same period last year.
The long-term capital pressure decreases, and the short-term capital pressure decreases. The asset-liability ratio at the end of the period is 78.66%. After excluding accounts received in advance, the real asset-liability ratio is 68.37%, down 4.31% from the same period last year, and the long-term capital pressure is reduced; the book monetary funds at the end of the period are 156 million yuan, down 2.77% from the same period last year; "monetary funds / (short-term loans + non-current liabilities due within one year)" is 0.47 times, which is 0.09% higher than the same period last year.
Major litigation progress. The company announced on April 23 that the dispute over the construction subcontract of Zhongguancun Construction v. Beijing Baijian Development and Construction Co., Ltd. was mediated by the court. The two parties voluntarily reached the following agreement: the defendant Beijing Baijian Development and Construction Co., Ltd. returned 1862503.2 yuan of the overpaid project money to the plaintiff: 300000 yuan before April 30, 2013; the remaining payment will be paid before August 31, 2013.
Profit forecast and investment rating. In view of the weak profitability of the company and the uncertainty of the relevant business integration process, we will not make profit forecasts and investment ratings for the time being.
Risk hint: the regulation and control policy is not relaxed, and the level of corporate debt is relatively high.