2022 年第三季度报告 证券代码：600265 证券简称：ST 景谷 云南景谷林业股份有限公司 2022 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (二)非经常性损益项目和金额 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人许琳、主管会计工作负责人周坚虹及会计机构负责人（会计主管人员）邵琳保证 季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期 | | 年初至报告 | | --- | --- | --- | --- | --- | | | | 比上年同 | 年初至报告期末 | 期末比上年 | | | | 期增减变 | | 同期增减变 | | | | 动幅度(%) | | 动幅度(%) | | 营业收入 | 27,245,583.97 | ...

Financial Performance - The company's operating revenue for the first half of 2022 was RMB 39,186,768.60, representing a 13.61% increase compared to RMB 34,491,087.94 in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2022 was a loss of RMB 8,526,253.61, slightly improved from a loss of RMB 9,172,032.99 in the previous year[22]. - The basic earnings per share for the first half of 2022 was -0.065 yuan, an improvement from -0.071 yuan in the same period last year[24]. - The weighted average return on equity was -4.91%, significantly better than -24.80% in the previous year[24]. - The company reported a net profit of -CNY 8.53 million, a reduction in losses by 64.58% compared to the same period last year[43]. - The company’s operating profit for the first half of 2022 was -RMB 8,371,837.32, compared to -RMB 9,954,548.72 in the same period of 2021, indicating a narrowing of operating losses[109]. - Comprehensive income for the first half of 2022 totaled -RMB 8,552,485.52, an improvement from -RMB 9,667,577.80 in the first half of 2021[110]. - The total comprehensive income for the current period was a loss of approximately ¥8.53 million, reflecting a significant decline from the previous year[124]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 635.22% to a negative RMB 45,408,973.70, primarily due to tax payments related to debt forgiveness[24]. - Operating cash inflow for the first half of 2022 was CNY 83,519,186.71, an increase of 52.3% compared to CNY 54,831,830.04 in the same period of 2021[116]. - The net cash flow from operating activities was negative CNY 45,408,973.70, a decline from a positive CNY 8,484,138.92 in the first half of 2021[116]. - The company reported a significant increase in cash outflows for operating activities, primarily due to higher payments for goods and services[116]. - The company plans to focus on improving cash flow management and exploring new investment opportunities to enhance financial stability[117]. Assets and Liabilities - The total assets as of June 30, 2022, were RMB 295,416,438.26, down 5.30% from RMB 311,957,033.37 at the end of the previous year[23]. - The net assets attributable to shareholders decreased by 4.55% to RMB 169,509,110.25 from RMB 177,587,934.25 at the end of the previous year[23]. - Total liabilities decreased from ¥139,282,010.10 to ¥130,909,978.61, a decline of about 6.5%[102]. - The total equity attributable to the parent company at the end of the first half of 2022 was approximately ¥172.68 million, a decrease of ¥8.53 million compared to the previous period[123]. - The company’s retained earnings show a negative balance of CNY -403,129,585.95, indicating accumulated losses[131]. Industry and Market Context - The company operates in the forestry industry, focusing on wood processing and manufacturing of engineered wood products, with significant contributions to ecological safety and rural economic growth[28]. - The demand for engineered wood products is expected to grow due to increased investment in urban infrastructure and public service facilities[32]. - In 2020, China's engineered wood production reached a historical high of 311 million cubic meters, with plywood contributing approximately 256 million cubic meters, reflecting a year-on-year growth of 11.8%[29]. - The revenue of China's forest chemical products manufacturing industry grew from 35 billion yuan in 2010 to 105.1 billion yuan in 2019, with a CAGR of 17%[33]. Operational Developments - The company has established a complete production system for engineered wood products, recognized for its quality and brand reputation in the southwest region of China[39]. - The company invested CNY 5 million in the technical transformation of the disproportionated rosin project, which began trial production in July 2022[45]. - The company completed the technical transformation project for wood-based panels in the second half of 2021, enhancing its core business competitiveness[40]. - The company signed long-term supply contracts to ensure raw material availability amid rising costs[49]. Risks and Compliance - The company continues to face uncertainty regarding its ability to continue as a going concern, as indicated by negative net profits for three consecutive years[8]. - The company faces risks from macroeconomic fluctuations, which could impact demand in the engineered wood industry, potentially leading to revenue declines[59]. - The company is exposed to raw material supply risks, particularly concerning wood and pine resin, which could affect revenue stability[61]. - The company faced an administrative penalty of RMB 250,000 due to non-compliance with environmental protection requirements related to a project initiated in 2016[71]. - The company has maintained compliance with pollution discharge limits, with all emissions within permitted levels and no environmental pollution incidents reported[72]. Social Responsibility - The company has successfully implemented measures to support rural revitalization, ensuring that no households under its assistance have fallen back into poverty[74]. - All 11 registered impoverished households have participated in basic medical insurance and major illness insurance, achieving a 100% coverage rate[75]. - The company has assisted in the education of children from impoverished families, ensuring they receive educational subsidies to prevent poverty due to schooling costs[75]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 4,651[91]. - The largest shareholder, Chow Tai Fook Investment Limited, held 71,389,900 shares, representing 55.00% of the total shares[93]. - The company approved a loan of 50 million yuan from its controlling shareholder, with an interest rate of 0% and no collateral required[85]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards[144]. - The company follows the accrual basis of accounting for its financial reporting[141]. - The group recognizes financial assets and liabilities upon becoming a party to a financial instrument contract[165]. - The group measures financial assets at fair value upon initial recognition, with transaction costs accounted for differently based on the asset category[168].

Financial Performance - The net profit attributable to shareholders for 2021 was -26,982,975.51 RMB, with an ending retained earnings of -431,557,952.86 RMB[5]. - The parent company's net profit for 2021 was -13,935,195.37 RMB, and the ending retained earnings were -399,601,910.99 RMB[5]. - The company has not proposed any profit distribution or capital increase from reserves for 2021 due to negative retained earnings[5]. - The company has faced continuous operating losses for three consecutive years, leading to a "ST" risk warning on its stock[8]. - The company’s audited revenue for 2020 was below 100 million RMB, resulting in a "delisting risk warning" being implemented[8]. - The company is under scrutiny for its ability to continue as a going concern, as indicated by the audit report highlighting significant uncertainties[5]. - The company’s operating revenue for 2021 was CNY 137,029,110.46, representing a 170.39% increase compared to the previous year[25]. - The net profit attributable to shareholders was a loss of CNY 26,982,975.51, a decrease from a loss of CNY 18,394,294.27 in 2020[25]. - The net cash flow from operating activities was a negative CNY 49,362,858.83, a decline of 256.44% compared to the previous year[25]. - The weighted average return on equity was -93.19%, down from -61.33% in the previous year[26]. Operational Challenges - The company faced challenges due to rising raw material prices and uncertainties in the real estate and furniture markets[35]. - The company is focusing on optimizing product specifications and expanding its sales channels, including new export businesses to enhance market competitiveness[73]. - The cash flow from operating activities decreased by 256.44% compared to the previous year, primarily due to increased procurement of raw materials and transportation services[80]. - The company’s accounts receivable increased by 279.41% to 47,528,134.53 CNY, indicating a rise in outstanding payments[82]. - The company reported a 419.11% increase in accounts payable, totaling 27,035,015.74 CNY, driven by higher procurement of raw materials and services[82]. Strategic Initiatives - The company aims to enhance its operational capabilities by leveraging its abundant forest resources and focusing on timber and resin advantages[35]. - The company plans to implement a strategic development plan based on clear objectives and steady progress to create value for shareholders and society[35]. - The company invested nearly 4 million yuan in technological transformation, enhancing the annual production capacity of veneer products to 50,000 cubic meters, with total production and processing of various man-made boards reaching 55,799.59 cubic meters, a year-on-year increase of 405.74%[36]. - The company established a new investment platform, 景林科技, with a total investment of 80 million yuan, holding a 51% stake, which aims to invest in forestry-related industries[37]. - The company plans to invest in projects aligned with the local government's policies to enhance its product structure and competitiveness in the wood-based panel and chemical product sectors[65]. Market and Sales Performance - Domestic sales of the company's main business reached 126.03 million yuan, a year-on-year increase of 258.38%, while overseas sales amounted to 3.39 million yuan, a year-on-year increase of 100%[42]. - The company’s veneer products gained recognition from well-known home furnishing brands, contributing to increased operational revenue through exports[36]. - The sales revenue from the top five customers amounted to 62,923,800 CNY, accounting for 45.92% of total annual sales, with no significant reliance on a single customer[78]. - The company’s marketing team optimized sales strategies, achieving a breakthrough in regional sales and establishing long-term partnerships with major brands like "大自然" in the home furnishing sector[42]. Governance and Management - The company has established a comprehensive internal control system to enhance decision-making efficiency and safeguard shareholder interests[144]. - The company emphasizes internal control and audit supervision in its financial management practices[122]. - The company has a strategy for expanding its market presence and enhancing its operational efficiency[124]. - The company held its first extraordinary general meeting on February 5, 2021, where new board members were elected[121]. - The company has a total of 7 board members, including independent directors[121]. Environmental and Social Responsibility - The company invested CNY 525,000 in environmental protection initiatives in 2021, including upgrades to dust removal systems and boiler modifications[149]. - The company has established a dedicated department for environmental management and has received recognition as a local advanced unit for emissions compliance[150]. - The company actively participated in local community support activities, including disaster relief efforts, enhancing its social responsibility profile[152]. - The company implemented measures to strengthen poverty alleviation efforts in the Warmli Village, focusing on sustainable agricultural practices and community engagement[153]. Audit and Compliance - The company has received a non-standard audit report highlighting significant doubts about its ability to continue as a going concern, issued by Zhongzheng Zhonghuan Accounting Firm[164]. - The board acknowledged the non-standard audit opinion and emphasized efforts to improve the company's operational environment and sustainability[166]. - The company has not reported any major accounting errors or changes in accounting policies for the year[170]. - The company has not encountered any violations regarding guarantees during the reporting period[163]. Debt Management - The company signed a debt transfer and debt offset agreement, transferring a debt of 220 million RMB to Tibet Linzhi Fuheng Jewelry Co., Ltd., which will offset part of its debt[180]. - Following the debt transfer, the company received a notice from Tibet Fuheng agreeing to unconditionally waive 30 million RMB of the company's debt principal and all corresponding interest from January 27, 2021, to December 31, 2021[180]. - After the debt waiver, the company's remaining debt to Tibet Fuheng will be 0 RMB, with no conditions attached to the waiver[180]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting revenue growth of B% and an increase in user engagement metrics[119]. - Future guidance indicates a focus on sustainability initiatives, with an investment of $J million aimed at reducing carbon footprint and enhancing corporate responsibility[119]. - The company is exploring new profit growth points by leveraging the strengths of its controlling shareholder, Chow Tai Fook, to identify quality projects that align with its development direction[97].

Financial Performance - The company's operating revenue for Q1 2022 was ¥29,800,224.22, representing a year-on-year increase of 215.74%[5] - The net profit attributable to shareholders was -¥2,691,669.02, with a basic and diluted earnings per share of -¥0.021[5] - The net cash flow from operating activities was -¥12,427,652.45, a decrease of 200.98% compared to the previous year[5] - Total operating revenue for Q1 2022 was CNY 29,800,224.22, a significant increase from CNY 9,438,217.26 in Q1 2021, representing a growth of approximately 215.5%[17] - Total operating costs for Q1 2022 amounted to CNY 32,864,321.23, up from CNY 15,286,101.61 in Q1 2021, indicating an increase of about 114.5%[17] - The net loss for Q1 2022 was CNY -2,741,351.33, compared to a net loss of CNY -5,050,304.47 in Q1 2021, showing an improvement of approximately 45.9%[19] - Basic and diluted earnings per share for Q1 2022 were both CNY -0.021, compared to CNY -0.039 in Q1 2021[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥299,509,748.84, down 3.99% from the end of the previous year[6] - The company's total assets as of Q1 2022 were CNY 299,509,748.84, a decrease from CNY 311,957,033.37 at the end of the previous period[14] - Total liabilities for Q1 2022 were CNY 129,442,612.34, down from CNY 139,282,010.10 in the previous period, reflecting a reduction of about 7.5%[14] - Total liabilities as of Q1 2022 were CNY 139,282,010.10, remaining consistent with the previous year[28] - The company's total equity as of Q1 2022 was CNY 172,675,023.27, reflecting no change from the previous year[28] Cash Flow - The company reported a decrease in cash and cash equivalents to ¥13,272,746.58 from ¥23,313,765.00 at the end of the previous year[12] - Cash inflow from operating activities in Q1 2022 was CNY 36,630,483.24, a 53.7% increase from CNY 23,842,058.69 in Q1 2021[22] - Cash outflow from operating activities in Q1 2022 was CNY 49,058,135.69, compared to CNY 11,535,004.80 in Q1 2021, resulting in a net cash flow from operating activities of -CNY 12,427,652.45[22] - Cash inflow from investment activities in Q1 2022 was CNY 95,358.00, while cash outflow was CNY 150,000.00, leading to a net cash flow from investment activities of -CNY 54,642.00[23] - Cash inflow from financing activities in Q1 2022 was CNY 2,439,690.00, with no cash outflow reported, resulting in a net cash flow from financing activities of CNY 2,439,690.00[23] - The net increase in cash and cash equivalents for Q1 2022 was -CNY 10,041,018.42, compared to -CNY 25,704,079.91 in Q1 2021[23] - The ending balance of cash and cash equivalents as of Q1 2022 was CNY 13,272,746.58, down from CNY 42,150,687.41 in Q1 2021[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,272[9] - The largest shareholder, Chow Tai Fook Investment Co., Ltd., held 55.00% of the shares[10] Government Support and Market Expansion - The company received government subsidies amounting to ¥140,000, contributing to other income of ¥128,677.09[7] - The company expanded its market presence, which was a key factor in the significant increase in operating revenue[7] Operational Efficiency - The weighted average return on net assets was -1.53%, an increase of 21.51 percentage points compared to the previous year[6] - The company reported a significant increase in sales expenses, which rose to CNY 33,337.73 from CNY 112,227.00 in the previous year, indicating a strategic shift in marketing efforts[17] - The company experienced a credit impairment loss of CNY 194,068.59 in Q1 2022, a decrease from CNY 971,981.76 in Q1 2021, suggesting improved credit management[17]

Financial Performance - The net profit attributable to shareholders for 2021 was -26,982,975.51 RMB, with an ending retained earnings of -431,557,952.86 RMB[5] - The parent company's net profit for 2021 was -13,935,195.37 RMB, with an ending retained earnings of -399,601,910.99 RMB[5] - Due to negative retained earnings, the board proposed no profit distribution for 2021 and no capital increase from reserves[5] - The company has faced continuous operating losses for three consecutive years, leading to a "ST" risk warning on its stock[8] - The company’s audited net profit for 2020 was negative, and its revenue was below 100 million RMB, resulting in a "delisting risk warning" on its stock[8] - The company is under scrutiny for its ability to continue as a going concern, as indicated by the audit report highlighting significant uncertainties[4] - The company’s stock is at risk of termination if it fails to meet specific financial reporting criteria in the upcoming year[9] - The net profit attributable to shareholders was a loss of CNY 26,982,975.51, a decrease from a loss of CNY 18,394,294.27 in 2020[25] - The net cash flow from operating activities was a negative CNY 49,362,858.83, a decline of 256.44% compared to the previous year[25] - The basic earnings per share for 2021 was -CNY 0.21, compared to -CNY 0.14 in 2020[26] - The weighted average return on equity was -93.19%, down from -61.33% in the previous year[26] - The company reported a cumulative undistributed profit of -43,155.80 thousand RMB and a net profit attributable to shareholders of -26,983.0 thousand RMB for 2021[165] - The cash flow from operating activities was -49,362.9 thousand RMB, indicating significant operational challenges[165] Revenue and Sales Growth - The company's operating revenue for 2021 was CNY 137,029,110.46, representing a 170.39% increase compared to the previous year[25] - The company reported a significant increase in sales of timber and chemical products, contributing to the revenue growth[27] - Domestic sales reached 126.03 million yuan, a year-on-year increase of 258.38%, while overseas sales amounted to 3.39 million yuan, a year-on-year increase of 100%[42] - The company achieved operating revenue of 137.03 million yuan, an increase of 170.39% year-on-year[67] - The sales revenue from the top five customers was 62,923,800 CNY, making up 45.60% of total annual sales, with related party sales contributing 9,593,500 CNY or 6.95%[78] Operational Challenges and Risks - The company faced challenges due to rising raw material prices and uncertainties in the real estate and furniture markets[35] - The company has detailed potential risks in its report, urging investors to exercise caution[10] - The company is actively expanding into the high-end decorative panel market, integrating with 成都缇尚's business to mitigate risks associated with the declining demand for construction decoration boards[38][39] - The company recognizes risks from fluctuating raw material prices and aims to enhance its procurement management and supply chain flexibility[107] - The company is aware of the potential impact of industry policy adjustments on operations and will adapt accordingly[108] Investments and Strategic Initiatives - The company invested nearly 4 million yuan in technological transformation, enhancing the annual production capacity of veneer products to 50,000 cubic meters, with total production and processing of various man-made boards reaching 55,799.59 cubic meters, a year-on-year increase of 405.74%[36] - The company established a new investment platform, 景林科技, with a total investment of 80 million yuan, holding a 51% stake, which aims to invest in forestry-related industries[37] - The company plans to invest in projects aligned with the local government's "14th Five-Year Plan," aiming to enhance its product structure and competitiveness[65] - The company plans to enhance production technology and product environmental standards, aiming to increase brand awareness and market share[89] - The company will invest in technological upgrades and expand production capacity for high-end artificial boards and high-profit forest chemical products[97] Corporate Governance and Management - The company held its first extraordinary general meeting of shareholders in 2021 on May 5, where resolutions included the election of directors and independent directors[115] - The total remuneration for directors and senior management during the reporting period amounted to CNY 2.31 million[118] - The company reported no significant differences in governance compared to regulations set by the China Securities Regulatory Commission[114] - The company’s board includes independent directors and supervisors to enhance governance and oversight[122] - The company has a remuneration scheme for directors and senior management based on performance and economic indicators[124] Environmental and Social Responsibility - The company invested CNY 525,000 in environmental protection initiatives in 2021, including upgrades to dust removal systems and boiler modifications[149] - The company has established a dedicated department for environmental management and has received recognition as an advanced unit for emissions compliance[150] - The company actively participated in local community support activities, including disaster relief efforts, enhancing its social responsibility profile[152] - The company implemented measures to strengthen poverty alleviation efforts in the Warmli Village, focusing on sustainable agricultural practices and community engagement[153] - The company aims to develop Warmli Village into a prosperous and harmonious new rural area, emphasizing ecological and cultural revitalization[154] Debt Management and Financial Stability - The company resolved debt issues, with creditors waiving 300 million yuan and 190 million yuan in debts, enhancing operational and risk resistance capabilities[43][44] - The company signed a debt transfer and offset agreement, transferring a debt of 220 million RMB to Tibet Fuheng, which will be used to offset part of its debt[180] - Tibet Fuheng agreed to unconditionally waive 30 million RMB of the company's debt principal and all corresponding interest from January 27, 2021, to December 31, 2021[180] - After the debt waiver, the company's remaining debt to Tibet Fuheng will be 0 RMB, effective immediately without any conditions[180] Audit and Compliance - The company received a non-standard audit report highlighting significant doubts about its ability to continue as a going concern, indicating potential financial instability[164] - The company has appointed Zhongshun Zhonghuan Accounting Firm as the new auditor for the 2021 financial report, replacing Xinyong Zhonghe Accounting Firm[172] - The remuneration for the new auditor is set at 550 thousand RMB, consistent with the previous auditor's fee[171] - The company did not receive any penalties from securities regulatory agencies in the past three years[127] - The company has not reported any major accounting errors or changes in accounting policies for the year[170]

Financial Performance - The company's operating revenue for Q3 2021 was CNY 31,163,235.40, representing a year-on-year increase of 293.90%[4] - The net profit attributable to shareholders was a loss of CNY 4,522,843.38, with a cumulative loss of CNY 13,694,876.38 for the year[4] - The basic earnings per share for the quarter was -CNY 0.035, and -CNY 0.106 for the year-to-date[6] - Total operating revenue for the first three quarters of 2021 reached ¥65,654,323.34, a significant increase from ¥38,028,484.40 in the same period of 2020, representing an increase of approximately 72.9%[21] - The net profit for the first three quarters of 2021 was a loss of ¥14,573,435.28, slightly improved from a loss of ¥15,015,564.42 in the same period of 2020[22] - The company's total profit for the first three quarters of 2021 was a loss of ¥14,582,084.51, slightly better than the loss of ¥15,016,036.29 in 2020[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 294,732,900.42, a decrease of 0.34% compared to the end of the previous year[6] - The equity attributable to shareholders increased by 95.58% to CNY 47,337,936.75 compared to the end of the previous year[6] - The company's current assets totaled CNY 247,441,908.37, down from CNY 252,533,768.08 in the previous year[15] - The total liabilities decreased to CNY 251,973,546.46 from CNY 275,241,476.35, indicating a reduction in financial obligations[17] - The total non-current assets rose to CNY 47,290,992.05 from CNY 43,211,593.41, indicating investment in long-term assets[16] - The company’s total assets stood at CNY 295,745,361.49, with total liabilities of CNY 275,241,476.35, resulting in total equity of CNY 20,503,885.14[32] Cash Flow - The net cash flow from operating activities for the year-to-date was -CNY 1,267,335.87, a decrease of 105.93% compared to the same period last year[4] - Cash flow from operating activities for the first three quarters of 2021 was negative at -¥1,267,335.87, a decline from a positive cash flow of ¥21,360,172.99 in 2020[26] - The company reported a net cash outflow from investment activities of CNY 3,916,488.64, compared to a net inflow of CNY 34,189,215.63 in the previous period[27] - The total cash and cash equivalents at the end of the period amounted to CNY 62,670,942.81, down from CNY 67,854,767.32 at the beginning of the period, reflecting a net decrease of CNY 5,183,824.51[27] - The company’s cash outflow from financing activities totaled CNY 42,051,750.00, primarily due to debt repayment and dividend distributions[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,123[11] - The company’s retained earnings showed a negative balance of CNY 404,574,977.35, highlighting potential challenges in profitability[32] Operational Insights - The increase in operating revenue was primarily due to a growth in product sales[9] - The company received government subsidies amounting to CNY 141,355.10 during the quarter[9] - Inventory increased slightly to CNY 170,476,549.51 from CNY 168,592,426.34, suggesting stable production levels[15] - The company incurred a credit impairment loss of ¥818,860.54 in the first three quarters of 2021, compared to a gain of ¥303,458.48 in the same period of 2020[21] - The company’s management expenses decreased to ¥11,023,417.82 in the first three quarters of 2021 from ¥15,419,387.17 in the same period of 2020, a reduction of approximately 28.3%[21]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately RMB 34.49 million, representing a 14.52% increase compared to RMB 30.12 million in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2021 was a loss of approximately RMB 9.17 million, compared to a loss of RMB 8.77 million in the same period last year[22]. - The net cash flow from operating activities was approximately RMB 8.48 million, a decrease of 2.48% from RMB 8.70 million in the previous year[23]. - The total assets at the end of the reporting period were approximately RMB 296.90 million, a slight increase of 0.39% from RMB 295.75 million at the end of the previous year[23]. - The net assets attributable to shareholders increased by 105.66% to approximately RMB 49.78 million, primarily due to a debt transfer and waiver agreement with Tibet Linzhi Fuheng Jewelry Co., Ltd.[24]. - The basic earnings per share for the first half of 2021 was -0.071 yuan, compared to -0.068 yuan in the same period last year[24]. - The weighted average return on net assets was -24.80%, slightly improved from -25.20% in the previous year[24]. - The company reported a total revenue of 230 million yuan for the first half of 2021, maintaining a stable performance compared to the previous year[61]. - The company did not propose any profit distribution or capital reserve increase for the first half of 2021, with no dividends or stock bonuses planned[62]. Operational Developments - The company launched a new production line for veneer with an annual capacity of 50,000 cubic meters, which commenced operations in February and April 2021[39]. - The company has resumed production of rosin and turpentine, laying the foundation for the recovery of its chemical industry[40]. - The company is actively pursuing OEM partnerships in Jiangsu and Shandong to expand its high-end decorative panel processing business[39]. - The company aims to enhance its market share through various sales strategies, including inventory reduction, promotions, and new media marketing[41]. - The company is focusing on the development of its "two wings" strategy, which includes deep processing of rosin for pharmaceutical and food-grade applications[40]. - The company is coordinating with local government to secure timber supply and mitigate risks associated with seasonal price increases[42]. - The company is committed to improving its production quality and operational efficiency through comprehensive employee training and management practices[38]. - The company is leveraging its brand strength and established marketing network to enhance its competitive advantage in the forestry industry[35]. Financial Position - The total liabilities decreased to ¥235,779,765.45 from ¥270,892,846.65, indicating a reduction in financial obligations[103]. - Owner's equity increased to ¥70,476,704.01 from ¥43,112,170.76, showing an improvement in the company's financial position[103]. - The company's total liabilities and equity totaled CNY 296,903,862.30, consistent with total assets[99]. - The company's equity attributable to shareholders increased to CNY 49,777,547.27 from CNY 24,203,909.03, showing a growth of about 105.5%[99]. Governance and Compliance - The company has taken measures to enhance its corporate governance by electing new supervisors and independent directors[61]. - The company has not provided any guarantees to related parties, ensuring no illegal occupation of funds or assets[75]. - The company has not reported any bankruptcy reorganization matters during the reporting period[76]. - The company has not faced any penalties or violations related to its directors, supervisors, or senior management[80]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[76]. Environmental and Social Responsibility - The company has prioritized environmental protection, completing several initiatives to ensure compliance and operational stability[45]. - The company has invested over 2.3 million yuan in environmental protection measures since 2017, including upgrades to pollution control equipment[66]. - The company has implemented a series of poverty alleviation measures in 2021, focusing on improving the living conditions of impoverished households in the Nuanli village[68]. - The company is committed to producing environmentally friendly products, including E0 grade artificial board products[67]. - The company has established a dedicated department for environmental protection management, ensuring compliance with local regulations[66]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,381[88]. - The largest shareholder, Chow Tai Fook Investment Limited, held 55.00% of the shares, totaling 71,389,900 shares[91]. - The second-largest shareholder, Hangzhou Cihang Peitong Investment Management Partnership, held 9.31% of the shares, totaling 12,078,153 shares, with 3,238,773 shares pledged[91]. - The company did not experience any changes in its total share capital or share structure during the reporting period[86]. Legal Matters - There were no significant lawsuits or arbitration matters reported during the reporting period[77]. - The company reported a principal amount of 581.60 million RMB owed by the defendant for unpaid goods, with multiple collection attempts made[78]. - The company also reported another principal amount of 381.26 million RMB owed, with similar collection efforts and legal proceedings initiated[78]. Future Outlook - Future outlook remains cautious due to ongoing market challenges, but the company is optimistic about recovery and growth opportunities[105].

Financial Performance - The company reported a revenue of CNY 50.68 million for the year 2020, representing a decrease of 75.07% compared to CNY 203.25 million in 2019[23]. - The net profit attributable to shareholders for 2020 was a loss of CNY 18.39 million, a significant decline from a profit of CNY 3.43 million in 2019, marking a decrease of 636.57%[23]. - Basic earnings per share decreased to -0.14 CNY, a decline of 566.67% compared to the previous year[25]. - Operating revenue decreased by 75.07% year-on-year, mainly due to the new revenue recognition standards affecting the energy business[25]. - The company reported a net profit attributable to shareholders of -18,394,294.27 RMB for the year 2020, with an ending undistributed profit of -404,574,977.35 RMB[86]. - The company reported a total asset of CNY 295.75 million and total equity of CNY 20.50 million as of December 31, 2020[99]. - The company reported a net loss of CNY 404.6 million in 2020 compared to a net loss of CNY 389.6 million in 2019[195]. Asset Management - As of December 31, 2020, the total assets of Yunnan Jinggu Forestry Co., Ltd. amounted to CNY 295.75 million, with total equity of CNY 20.50 million[4]. - The total assets decreased by 15.28% from CNY 349.10 million in 2019 to CNY 295.75 million in 2020[23]. - The book value of inventory as of December 31, 2020, was ¥168,592,400, accounting for 57.01% of total assets, indicating a substantial portion of assets tied up in inventory[183]. - Total liabilities decreased from CNY 313.2 billion in 2019 to CNY 275.2 billion in 2020, a decline of about 12.1%[194]. - Total equity decreased to ¥43,112,170.76 from ¥48,684,200.91 in 2019, reflecting a decline of 11.5%[198]. Cash Flow and Operating Activities - The company's cash flow from operating activities was CNY 31.55 million, a recovery from a negative cash flow of CNY 19.17 million in 2019[23]. - The company reported a total cash flow from operating activities of 10.19 million CNY in Q4 2020[29]. - Cash and cash equivalents increased significantly from CNY 31.2 million in 2019 to CNY 67.9 million in 2020, representing a growth of approximately 117.5%[193]. - The company managed a total of RMB 3,000 million in entrusted financial management for the year 2020, with an annualized return rate of 2.8%[115]. Cost Management - The company implemented cost control measures, resulting in a 79.58% decrease in operating costs to CNY 38.05 million[56]. - Operating costs decreased by 79.58% year-on-year, corresponding to the revenue decline in the energy business under the new revenue recognition standards[58]. - The significant increase in management expenses, rising to ¥20,374,585.83 from ¥14,462,653.15, an increase of 41.5%[200]. Risks and Challenges - The company is under a risk warning for potential delisting due to a net profit being negative and revenue below CNY 100 million[9]. - The company faces risks from economic cycle fluctuations, particularly in the real estate sector, which may impact operational performance[80]. - Raw material price volatility poses a risk, as wood and chemical products constitute a significant portion of production costs, influenced by national policies and supply chain disruptions[81]. - The forestry industry is subject to policy adjustments, which may adversely affect operations; the company aims to adapt to policy changes and enhance its operational resilience[82]. Strategic Focus and Future Plans - The company aims to optimize its product structure and enhance competitiveness in the face of industry challenges[38]. - The company plans to enhance its operational capabilities and risk management while optimizing compliance to create value for society and shareholders in 2021[77]. - The company aims to strengthen the wood board industry by integrating into Yunnan's forestry development plan and enhancing production efficiency through technological upgrades[79]. - The company is developing a complete industrial chain by expanding product varieties, including plywood, particleboard, and new products like ecological boards[79]. Social Responsibility and Community Engagement - The company has actively engaged in poverty alleviation efforts, donating CNY 148,400 to support local communities and successfully helping 46 impoverished individuals escape poverty[54]. - The company is committed to enhancing its social responsibility by implementing precise poverty alleviation strategies in accordance with local government directives[118]. - The company has established a dedicated team to oversee poverty alleviation efforts in the Warm Village, ensuring effective communication and support for local farmers[122]. - A total of 46 individuals from the registered impoverished population were lifted out of poverty in 2020, with a material support value of CNY 2.39 million[128]. Corporate Governance - The company has acknowledged the existence of significant uncertainties regarding its ability to continue as a going concern[95]. - The company has received a non-standard audit opinion due to concerns about its ongoing viability[94]. - The company has engaged in various strategic appointments to strengthen its management team[150]. - The board of directors held a total of 7 meetings in the year, with 3 conducted via communication methods and 4 combining on-site and communication methods[166].

2021 年第一季度报告 公司代码：600265 公司简称：ST 景谷 云南景谷林业股份有限公司 2021 年第一季度报告 1 / 23 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 9 | 2021 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | 本报告期末 | 上年度末 | 本报告期末比上 年度末增减(%) | | --- | --- | --- | --- | | 总资产 | 297,627,375.75 | 295,745,361.49 | 0.64 | | 归属于上市公司股东的净资产 | 19,202,746.86 | 24,203,909.03 | -20.66 | | | 年初至报告期末 | 上年初至上年报告 | 比上年同期增减 | | | | 期末 | (%) | | 经营活动产生的现金流量净额 | 12,307,053.89 | 1,031,505.59 | 1,093.12 | | | 年初至报告期末 | 上年初至上年报告 | 比上年同期增减 | | | ...

Financial Performance - Operating revenue for the first nine months was ¥77,331,790.61, a decline of 45.90% year-on-year[5] - Net profit attributable to shareholders was -¥14,720,785.37, worsening from -¥6,486,144.42 in the same period last year[5] - Total operating revenue for Q3 2020 was ¥15,887,332.21, a decrease of 82.8% compared to ¥92,386,240.39 in Q3 2019[51] - Net loss for Q3 2020 was ¥6,043,144.34, compared to a net loss of ¥4,521,143.23 in Q3 2019, representing a 33.7% increase in losses[52] - The company reported a total profit loss of ¥6,043,518.28 for Q3 2020, compared to a loss of ¥4,527,847.49 in Q3 2019[52] - The total comprehensive loss for the period was ¥6,043,144.34, compared to a loss of ¥4,521,143.23 in the same period last year[53] - The company reported a net loss of CNY 404.31 million compared to a loss of CNY 389.59 million in the previous period[44] - The total comprehensive income for the first three quarters of 2020 was a loss of ¥10,075,424.07 million, compared to a loss of ¥11,214,211.42 million in the same period of 2019, showing an improvement[58] Assets and Liabilities - Total assets decreased by 11.51% from the end of the previous year, amounting to ¥308,923,848.05[5] - Current assets decreased from CNY 289.32 million to CNY 253.54 million, a decline of approximately 12.38%[42] - Total liabilities decreased from CNY 313.19 million to CNY 288.03 million, a reduction of approximately 8.04%[44] - Current liabilities decreased from CNY 101.52 million to CNY 68.81 million, a decrease of about 32.2%[43] - The company's total assets decreased to ¥307,265,732.54 from ¥351,061,394.43 year-over-year[48] - The total equity of the company was ¥38,608,776.84, down from ¥48,684,200.91 in the previous year[48] - The total liabilities of the company as of the third quarter of 2020 were ¥313,190,148.14, with total assets amounting to ¥349,101,002.12[69] - Total liabilities were 302,377,193.52, with current liabilities at 90,709,872.71 and long-term liabilities at 211,667,320.81[74] Cash Flow - Cash flow from operating activities improved to ¥21,360,172.99, compared to -¥58,812,921.62 in the previous year[5] - The cash flow from operating activities for the first three quarters of 2020 was ¥21,360,172.99 million, a recovery from a negative cash flow of ¥58,812,921.62 million in the same period of 2019[61] - The company reported a net cash increase of ¥13,497,638.62 million in Q3 2020, contrasting with a decrease of ¥33,774,710.30 million in Q3 2019[62] - Total cash inflow from operating activities was ¥74,454,505.68, while cash outflow was ¥19,106,936.25, resulting in a net cash inflow[64] - Cash and cash equivalents increased by 43.31% to ¥44,663,764.06 due to the recovery of short-term investments[12] - Cash and cash equivalents at the end of the third quarter of 2020 amounted to ¥23,339,977.65, up from ¥6,694,397.44 at the end of the same period in 2019[65] Expenses - Operating costs decreased by 49.38% year-on-year to ¥69,154,119.20, mainly due to a decline in product sales[22] - Tax and additional fees decreased by 64.65% year-on-year to ¥535,645.60, primarily due to land value-added tax paid in the previous period[23] - Sales expenses increased by 195.09% year-on-year to ¥458,109.17, mainly due to increased expenses related to aluminum mold business[24] - Management expenses increased by 60.01% year-on-year to ¥15,419,387.17, primarily due to increased losses from work stoppages caused by the COVID-19 pandemic[24] - The company incurred management expenses of ¥4,736,131.07 in Q3 2020, an increase from ¥3,080,226.03 in Q3 2019[51] Shareholder Information - The total number of shareholders reached 3,917, with the largest shareholder holding 55.00% of the shares[8] - The company plans to transfer 0.84% of its stake in Yunnan Yun Jing Paper Co., Ltd. and 0.84% of its stake in Jinggu Fuyuan Trading Service Co., Ltd., with a total book value of ¥1,010.71 million[37] Other Income and Changes - Other income increased by 45.87% year-on-year to ¥2,020,393.07, mainly due to subsidies received for unemployment protection during the pandemic[24] - Fair value changes in income increased by 100% year-on-year to ¥170,685.08, primarily from gains on purchased trading financial assets[25] - Cash received from tax refunds increased by 94.28% year-on-year to ¥91,681.55, mainly due to higher tax refunds received in the current period[30] - The company executed new revenue and leasing standards starting January 1, 2020, impacting the accounting treatment of contract liabilities[70]