Abstract
At the beginning of 2020, the sudden outbreak of pneumonia in COVID-19 brought a great impact on the economic and social development of China and the world, which affected the operating performance of Zhongguancun listed companies. However, they did not fear difficulties and actively fought against the epidemic by relying on their own resources and technological advantages, which reflected a great sense of social responsibility. The data shows that, the overall performance of listed companies in Zhongguancun declined in the first quarter of 2020, but 30% of enterprises mainly based on STAR Market and health care industries achieved contrarian growth; The asset-liability ratio of 90% companies is at a reasonable level, and the asset-liability ratio of private enterprises is significantly lower than that of state-owned enterprises; R&D expenditure has increased steadily, leading enterprises have obvious R&D advantages, and high-tech industries attach importance to R&D; The cash flow situation is damaged, the willingness to invest is reduced, and the amount of funds raised is greatly increased; The risk of equity pledge still exists.
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Notes
- 1.
In the first quarter of 2020, Dabeinong made a profit of 570 million yuan, compared with a loss of 54.439 million yuan in the same period of the previous year, mainly due to a substantial increase in pig breeding. Wanji Technology made a profit of 81.0244 million yuan, compared with a loss of 16.2544 million yuan in the same period last year, mainly due to the significant growth of the ETC Business. Beijing Express made a profit of 88.79 million yuan, compared with a loss of 18.684 million yuan in the same period last year, mainly due to the increase in sales of high-end equipments and new materials.
- 2.
Jinshan Office made a profit of 110 million yuan in the first quarter, which was a year-on-year increase of 129% compared with a profit of 48 million yuan in the same period last year. This was mainly due to the continuous growth of office service subscription business, the arrival of the funds raised at the end of 2019 ,and the increased wealth management income. CNOOC’s first quarter net profit was 143 million yuan, which was a year-on-year increase of 160% compared with a profit of 55 million yuan in the same period last year; Zhaoyi Innovation’s profit in the first quarter was 168 million yuan, which was a year-on-year increase of 320% compared with a profit of 40 million yuan in the same period last year, mainly due to the growth of the demand in consumption markets and Internet of Things markets compared with the same quarter last year, while the market demand was weak due to the Sino-US trade friction in the first quarter of 2019. In addition, the company's partial investment and the redemption of bank wealth management products in the first quarter were also reasons for the company's significant increase in profit. Teamsun made a profit of 536 million yuan in the first quarter, which was a year-on-year increase of 176% compared with a profit of 194 million yuan in the same period last year, mainly due to the confirmation of relevant investment revenue from the spin-off of GD, which was a holding subsidiary of Teamsun.
- 3.
In the first quarter of 2020, China Film mainly engaged in film shooting, film distribution and film production, and suffered a loss of 192 million yuan, compared with a profit of 390 million yuan in the same period last year; Lanxum mainly engaged in extracurricular education, and suffered a loss of 140 million yuan, compared with a profit of 29,003,600 yuan in the same period last year; Hualian mainly engaged in department store industries, and suffered a loss of 110 million yuan, compared with a profit of 15.15 million yuan in the same period last year; CYTS mainly engaged in tourism, and suffered a loss of 291 million yuan, compared with a loss of 93.07 million yuan in the same period last year; Kingee Culture mainly engaged in gold and jewelry sales, and suffered a loss of 75,835,500 yuan compared with a profit of 41,265,700 yuan in the same period last year; Zhongxin Tourism mainly engaged in overseas travel, and suffered a loss of 32.6538 million yuan, compared with a profit of 62,912,300 yuan in the same period last year.
- 4.
According to Wind industry classification, nearly 90% of Z-park's listed companies are concentrated in IT (108 companies, accounting for 42.19%), industrial (68 companies, accounting for 26.56%), consumer discretionary (26 companies, 10.16%) and healthcare (23 companies, 8.98%).
- 5.
The key industries here refer to IT, industrial, consumer discretionary and healthcare.
- 6.
In Q1 2020, LeTV’s total liabilities increased by 8.992 billion yuan over the same period last year, among which the total liabilities of LeTV Sports Case were about 7.484 billion yuan. In the first quarter, BOE’s total liabilities increased by 11 billion yuan.
- 7.
The number of state-owned enterprises in this report is the sum of the number of enterprises whose ownerships are defined as “central state-owned enterprises” and “local state-owned enterprises” in the Wind database.
- 8.
Affected by the epidemic in Q1 of 2020, revenue was significantly reduced, and R&D intensity was relatively high. In Q1 of 2019, the average R&D intensity of private enterprises was 4.76%, which was much higher than the 1.82% of state-owned enterprises.
- 9.
The Main Board listed companies whose net cash flow from operating activities decreased by more than 1 billion are: Sany, China Communications Construction, Foton, China Railway Construction, China Film, Beijing New Building Materials, Beijing-Shanghai High-speed Railway, China Railway, Jingwei Textile Machinery. Among them, Sany reduced the most, which reached 4.718 billion yuan.
- 10.
In the first quarter of 2020, cash inflows from operating activities of listed companies on the SME board fell by 13.71%, and cash outflows from operating activities fell by 14.26%.
- 11.
The net operating cash flow growth rate of Cachet (002462.SZ), Pharmaron (300759.SZ), Adisseo (600299.SH), Joinn (603127.SH) in the first quarter of 2020 are 298.45%, 174.12%, 114.72% and 111.22%.
- 12.
This report calculates the bond issuance in the first quarter of 2020 starting from the value date.
- 13.
State-owned enterprises include central state-owned enterprises and local state-owned enterprises.
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Zhongguancun Listed Companies Association (2021). ZLCs Under the Novel Coronavirus Epidemic. In: The Competitiveness Report of Zhongguancun Listed Companies (2020). Current Chinese Economic Report Series. Springer, Singapore. https://doi.org/10.1007/978-981-33-6908-5_6
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DOI: https://doi.org/10.1007/978-981-33-6908-5_6
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