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INNOVATION NEW MATERIAL TECHNOLOGY CO.(600361)
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创新新材(600361) - 2022 Q2 - 季度财报
2022-08-30 16:00
Financial Performance - The company's operating revenue for the first half of 2022 was ¥4,012,535,176.48, a decrease of 6.11% compared to the same period last year [15]. - The net profit attributable to shareholders was -¥66,663,458.70, representing a significant decline of 251.23% year-on-year [15]. - The net cash flow from operating activities increased by 204.00% to ¥318,365,999.10 compared to the previous year [15]. - The total assets at the end of the reporting period were ¥11,104,825,966.59, down 3.90% from the end of the previous year [15]. - The basic earnings per share for the first half of 2022 was -¥0.10, a decrease of 233.33% compared to -¥0.03 in the same period last year [16]. - The company's operating profit was CNY -18,545,021.91, reflecting a decrease of 166.12% compared to the previous year [26]. - The total profit for the period was CNY -27,045,562.11, a decline of 287.11% year-on-year, driven by reduced revenue and gross profit [26]. - The company reported a net loss of CNY 586,864,603.61, compared to a loss of CNY 520,201,144.91 in the previous period [84]. - Total operating revenue for the first half of 2022 was CNY 4,012,535,176.48, a decrease of 6.12% compared to CNY 4,273,694,803.78 in the same period of 2021 [88]. - Net profit for the first half of 2022 was a loss of CNY 66,663,458.70, compared to a loss of CNY 18,322,656.83 in the same period of 2021 [89]. Governance and Compliance - The board of directors confirmed the authenticity, accuracy, and completeness of the semi-annual report, with all directors present at the meeting [2]. - The company has a comprehensive governance structure in place, ensuring accountability and transparency [4]. - The financial report has been approved by the company's board of directors, ensuring compliance with regulatory requirements [112]. - The company held a temporary shareholders' meeting on February 16, 2022, to approve major asset sales and share issuance for asset purchases [43]. - The company is committed to ensuring compliance with legal and regulatory requirements during its restructuring and asset transactions [45]. - The company held two shareholder meetings during the reporting period, including the first extraordinary meeting of 2022 and the annual meeting for 2021 [46]. Risks and Challenges - The company faces various risks including policy, market, operational, management, and financial risks, with detailed countermeasures provided in the report [3]. - The company faces risks from policy changes that could impact the retail industry, necessitating timely adjustments to business strategies [37]. - Market competition has intensified due to the rapid expansion of both domestic and foreign enterprises, prompting the company to implement differentiated operations and enhance market share through KVI management [38]. - New store openings may incur short-term losses during the 1-2 year market cultivation period, leading the company to adopt a phased opening strategy to mitigate overall performance impact [39]. - The company has implemented organizational changes to reduce management levels and improve operational efficiency, focusing on talent development and cost control [24]. Operational Highlights - The company operates multiple wholly-owned subsidiaries across various regions, enhancing its market presence [8]. - The company maintains a dedicated contact for investor relations, ensuring effective communication with stakeholders [11]. - The company operates primarily through a self-operated model, which allows for greater autonomy in procurement and sales, enhancing profit margins [21]. - The company has over 100 stores across more than ten provinces, establishing a strong market position and brand reputation [22]. - The logistics centers operated smoothly, with a notable increase in throughput and improved delivery efficiency from warehouses to stores [24]. - The company has integrated a new expansion strategy focusing on upgrading store formats and enhancing customer experience [24]. - The number of effective members nationwide continued to rise, supported by the establishment of a customer relationship management system and online interaction channels [24]. Financial Position and Investments - The company invested a total of 450 million yuan in external equity investments in the first half of 2022, a significant increase of 1,700% compared to 25 million yuan in the same period of 2021 [32]. - The company holds a 100% equity stake in Beijing Hualian Life Supermarket Co., Ltd., with an investment amount of 450 million yuan [33]. - The fair value of trading financial assets at the end of the reporting period is 21.92 million yuan, with an initial investment of 29.71 million yuan, resulting in a loss of 1.94 million yuan due to fair value changes [34]. - The company has a total of 250 million yuan invested in Hualian Finance Co., Ltd., which reported a net profit of 1.28 million yuan [36]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 25,290 [76]. - The largest shareholder, Beijing Hualian Group Investment Holdings Co., Ltd., holds 29.17% of the shares, totaling 194,195,951 shares [77]. - Hainan Yixiong Commercial Investment Management Co., Ltd. holds 13.55% of the shares, totaling 90,248,350 shares [77]. - The company has not experienced any changes in share capital structure during the reporting period [76]. - There are no related party relationships among the top shareholders listed [78]. Asset Management - The company has established asset management controls, including daily management and periodic inventory checks, to address asset management risks [41]. - The company has optimized its supply chain to ensure stable product supply and developed differentiated self-owned brand products to enhance competitiveness [24]. - The company has strict safety management protocols to prevent incidents such as fires and theft during operations [41]. Accounting and Financial Reporting - The financial report for the reporting period has not been audited [2]. - The company adheres to the accounting standards, ensuring that the financial statements accurately reflect the financial position as of June 30, 2022, and the operational results for the first half of 2022 [114]. - The accounting period for the company runs from January 1 to December 31 each year, with a business cycle of 12 months [115]. - The company's functional currency is Renminbi, and it applies specific accounting policies for business combinations under common and non-common control [116]. Employee and Management Information - The company has not disclosed any new employee incentive plans or stock ownership plans [49]. - The company has made commitments related to the establishment of a management equity incentive mechanism, with adjustments made to the number of shares involved [54]. - The number of shares for the management equity incentive mechanism has been adjusted from 7 million to 11.83 million due to previous profit distributions and capital increases [54]. - There were no changes in the management or board of directors during the reporting period [47].
创新新材(600361) - 2021 Q4 - 年度财报
2022-03-30 16:00
Financial Performance - The company reported a net loss attributable to shareholders of RMB 281,776,490.56 for the year 2021[3]. - The profit distribution plan for 2021 is to not distribute profits or increase capital reserves, pending approval at the shareholders' meeting[3]. - The company's operating revenue for 2021 was ¥8,353,350,843.48, a decrease of 12.52% compared to ¥9,548,681,528.16 in 2020[15]. - The net profit attributable to shareholders for 2021 was ¥8,339,739,732.17, down 12.40% from ¥9,520,375,821.09 in the previous year[15]. - The company reported a net loss of ¥281,776,490.56 for 2021, a significant decline of 373.26% compared to a profit of ¥103,116,988.34 in 2020[15]. - The net cash flow from operating activities was negative at ¥259,158,225.15 in 2021, a decrease of 384.75% from ¥91,011,450.79 in 2020[15]. - The company's basic earnings per share for 2021 was -0.42, a decrease of 380.00% compared to 0.15 in 2020[17]. - The weighted average return on equity for 2021 was -13.13%, a decrease of 16.84 percentage points from 3.71% in 2020[17]. - The total revenue for the year 2021 was approximately CNY 7.01 billion, an increase of 15.20% compared to the previous year[36]. - The total profit for 2021 was CNY 40,035,307.68, a significant decrease compared to CNY 401,892,682.41 in 2020[198]. - The net profit for 2021 was CNY 31,539,500.90, down from CNY 309,630,451.11 in the previous year, indicating a decline of approximately 89.8%[198]. Risk Factors - The company faces various risk factors including policy, market, operational, management, and financial risks, as detailed in the management discussion section[5]. - The company is continuously monitoring national retail policies to adapt its business strategies accordingly, mitigating potential policy risks[74]. - The company faces market risks due to macroeconomic conditions affecting consumer purchasing power and competition from both domestic and foreign retailers[75]. - New store openings may incur short-term losses during a 1-2 year market cultivation period, but the company has a structured plan to mitigate these risks[76]. Governance and Compliance - The board of directors and senior management confirmed the authenticity and completeness of the annual report[2]. - The audit report issued by the accounting firm was a standard unqualified opinion, ensuring the accuracy of the financial statements[3]. - The company has committed to compliance with accounting standards and has implemented various financial management systems to ensure accurate financial reporting[79]. - The company has a robust governance structure in place, including independent directors and specialized committees to oversee financial and operational matters[80]. - The company ensures the independence of its operations, assets, personnel, and financial management from its controlling shareholders[82]. - The company has established a comprehensive budget management system to control costs as it expands its operations[78]. - The company has conducted a self-inspection of corporate governance issues and found compliance with the relevant regulatory standards[117]. Operational Developments - The management discussion and analysis section provides a detailed outlook on the company's future development strategies[5]. - The company opened its first "BHG Membership Store" in Lanzhou, focusing on high-quality products and competitive pricing[23]. - The company is enhancing its logistics network with the construction of 7 logistics centers and 11 regional fresh produce logistics configurations[23]. - The company opened 10 new stores during the reporting period, achieving a revenue of CNY 8,353,350,843.48, a decrease of 12.52% compared to the previous year[31]. - The company is focusing on enhancing its operational efficiency and profitability through strategic store management and market expansion initiatives[56]. - The company plans to expand its market presence by opening additional stores in various regions, focusing on life supermarkets[56]. Financial Management - The company has established a strong brand advantage and resource advantages through its long-standing relationships with suppliers and a focus on fresh produce[30]. - The company implemented a dual procurement system, which includes national and regional procurement, to reduce operating costs[28]. - The company has established a comprehensive performance evaluation system for employees, incorporating 360-degree assessments linked to compensation[106]. - The company has established a compensation assessment mechanism for senior management, considering factors such as talent scarcity, job importance, and market salary trends[113]. - The company has a cash dividend policy that mandates at least 50% of distributable profits be allocated as cash dividends when conditions allow[109]. Employee and Management Compensation - The total pre-tax compensation for the chairman and general manager Chen Lin was 955,000 CNY[85]. - The total pre-tax compensation for the deputy general manager Qiao Feng was 609,100 CNY[85]. - The total pre-tax compensation for the financial director Feng Xiaoying was 512,800 CNY[85]. - The total pre-tax compensation for the employee supervisor Bai Shuang was 344,600 CNY[86]. - The total remuneration for all directors, supervisors, and senior management was 4.2201 million yuan[93]. Asset Management - The total assets at the end of 2021 were ¥11,555,043,660.99, an increase of 40.61% from ¥8,217,689,095.33 in 2020[15]. - The company reported a significant increase in financial expenses, rising by 234.23% to CNY 351.44 million due to new leasing standards[44]. - The company has a guarantee amount of CNY 20 million to Hualian Group, with a guarantee expiration date of March 25, 2023[155]. - The company has a total of CNY 1,040.22 million in deposits during the reporting period, with a year-end balance of CNY 554.45 million[152]. Market Trends - In 2021, the total retail sales of consumer goods in China reached RMB 44.1 trillion, with a year-on-year growth of 10.7%[25]. - The retail sales of goods grew by 11.8% in 2021, with significant increases in essential goods such as food and daily necessities[25]. - Online retail sales of physical goods reached RMB 10.80 trillion in 2021, growing by 12% year-on-year and accounting for 24.49% of total retail sales[25]. - The sales growth rate in the Central China region was 6.11%, while other regions experienced declines, with East China showing a decrease of 35.49%[59].
创新新材(600361) - 2021 Q3 - 季度财报
2021-10-28 16:00
Financial Performance - The company's operating revenue for Q3 2021 was CNY 1,872,669,991.70, a decrease of 6.41% compared to the same period last year[5] - The net profit attributable to shareholders was a loss of CNY 140,308,063.49, representing a decline of 514.41% year-on-year[5] - The net profit excluding non-recurring gains and losses was a loss of CNY 118,576,636.03, down 920.19% from the previous year[5] - The company's basic earnings per share were -CNY 0.21, a decrease of 520.00% compared to the same period last year[6] - Net profit for the first three quarters of 2021 was a loss of ¥158.63 million, contrasting with a profit of ¥117.00 million in the same period of 2020[26] - Operating revenue for the first three quarters of 2021 reached ¥6.15 billion, slightly up from ¥6.09 billion in 2020, indicating a growth of 1.4%[25] - Operating costs increased to ¥6.26 billion in 2021 from ¥6.01 billion in 2020, reflecting a rise of 4.4%[25] - The company reported a basic earnings per share of -¥0.24 for Q3 2021, compared to ¥0.18 in Q3 2020[27] Assets and Liabilities - Total assets increased to CNY 11,505,302,431.35, reflecting a growth of 40.01% compared to the end of the previous year[6] - Total assets increased to ¥11.51 billion in Q3 2021, up from ¥8.22 billion in Q3 2020, representing a growth of 40.5%[21] - Total liabilities rose to ¥9.41 billion, compared to ¥5.41 billion in the previous year, marking an increase of 74.7%[21] - As of September 30, 2021, total current assets amounted to RMB 3.95 billion, a decrease from RMB 4.69 billion at the end of 2020[20] - The total assets increased to CNY 12,285,060,641.24 as of November 1, 2021, compared to CNY 8,217,689,095.33 at the end of 2020[33] - Total liabilities included short-term borrowings of CNY 1,113,559,953.58 and accounts payable of CNY 2,702,030,737.18[33] - Total liabilities amounted to 5,409,675,311.60, with non-current liabilities at 4,783,392,639.58[34] - The company's short-term liabilities totaled 5,194,133,141.84, indicating a strong liquidity position[34] Cash Flow - The company reported a cash flow from operating activities of CNY 350,089,633.41, down 24.47% year-to-date[5] - The net cash flow from operating activities for Q3 2021 was CNY 350,089,633.41, a decrease of 24.4% compared to CNY 463,487,492.56 in Q3 2020[29] - Total cash inflow from financing activities was CNY 1,508,000,000.00, while cash outflow was CNY 2,270,154,301.56, resulting in a net cash flow of -CNY 762,154,301.56[30] - The total cash and cash equivalents at the end of Q3 2021 stood at CNY 2,291,676,239.99, down from CNY 3,466,257,643.85 at the end of Q3 2020[30] - Cash received from investment activities was CNY 6,916,270.36, while cash paid for investment activities was CNY 264,721,258.59, leading to a net cash flow of -CNY 257,804,988.23[29] - The cash paid to employees was CNY 701,210,623.40, reflecting an increase from CNY 686,115,059.19 in the previous year[29] - The cash flow from investment activities showed a significant increase in cash inflow from the disposal of fixed assets, reaching CNY 6,057,692.35 compared to CNY 3,980,049.28 in the previous year[29] - The company experienced a foreign exchange impact on cash and cash equivalents of -CNY 106,356.49 in Q3 2021[30] Shareholder Information - The total number of common shareholders at the end of the reporting period was 31,187[12] - The largest shareholder, Beijing Hualian Group Investment Holding Co., Ltd., holds 194,195,951 shares, accounting for 29.17% of total shares, with 135,200,000 shares pledged[12] - The total owner's equity attributable to shareholders was 2,804,920,387.39, down from 2,304,441,463.48, indicating a decline in shareholder value[34] Investments and Subsidiaries - The company established a wholly-owned subsidiary in Beijing with an investment of RMB 10 million for commercial project operations[16] - The company is in the process of transferring 100% equity of Beijing Hualian Comprehensive Supermarket (Singapore) Procurement Co., Ltd. to its wholly-owned subsidiary for RMB 57.95 million[17] - The estimated value of the 100% equity stake in Innovation Metal is between RMB 12.13 billion and RMB 12.2 billion, with a proposed issuance price of RMB 3.44 per share[15] - The estimated value of the assets to be disposed of is RMB 2.29 billion, with the transaction price agreed upon at RMB 2.29 billion to be paid in cash by Hualian Group[15] Financial Adjustments - The company adopted the new leasing standards effective January 1, 2021, impacting financial statement adjustments[35] - The company reported a decrease in retained earnings by 450,431,031.52, highlighting challenges in profit retention[34] - The company's capital reserve was reported at 1,686,352,817.05, indicating stability in equity financing[34] - The company’s total equity decreased to ¥2.10 billion in Q3 2021 from ¥2.81 billion in Q3 2020, a decline of 25.1%[22] - The company’s long-term borrowings decreased to ¥63.25 million in Q3 2021 from ¥176.05 million in Q3 2020, a reduction of 64.1%[21] - The company recorded a loss of CNY 27,725,746.12 from the disposal of non-current assets in the current period[8]
创新新材(600361) - 2020 Q1 - 季度财报
2020-04-28 16:00
[Important Notice](index=3&type=section&id=I.%20Important%20Notice) The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with no false records, misleading statements, or major omissions - The company's responsible person, the person in charge of accounting work, and the head of the accounting department guarantee the truthfulness, accuracy, and completeness of the financial statements[3](index=3&type=chunk) - This company's 2020 first-quarter report has not been audited[3](index=3&type=chunk) [Company Overview](index=3&type=section&id=II.%20Company%20Overview) This section provides an overview of the company's key financial performance and shareholder structure for the first quarter of 2020, highlighting strong growth and ownership details [Key Financial Data and Shareholder Information](index=3&type=section&id=2.1%20Key%20Financial%20Data) In Q1 2020, the company demonstrated strong financial performance with operating revenue up **10.67%**, net profit attributable to shareholders up **35.85%**, and operating cash flow surging **85.20%**, while total shareholders reached **37,827** with concentrated ownership among the top three 2020 First Quarter Key Financial Data | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 3,707,545,947.93 | 3,350,187,757.99 | 10.67% | | **Net Profit Attributable to Shareholders (RMB)** | 65,654,082.09 | 48,329,003.06 | 35.85% | | **Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB)** | 69,229,822.82 | 46,407,859.86 | 49.18% | | **Net Cash Flow from Operating Activities (RMB)** | 609,490,005.08 | 329,101,036.32 | 85.20% | | **Basic Earnings Per Share (RMB/share)** | 0.10 | 0.07 | 42.86% | | **Weighted Average Return on Net Assets (%)** | 2.36% | 1.77% | Increased by 0.59 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled **-3.58 million RMB**, primarily due to fair value changes in financial assets and disposal losses of non-current assets[5](index=5&type=chunk)[6](index=6&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Number of Shares Held | Shareholding Ratio (%) | | :--- | :--- | :--- | | Beijing Hualian Group Investment Holding Co., Ltd. | 194,195,951 | 29.17% | | Hainan Yixiong Commercial Investment Management Co., Ltd. | 90,248,350 | 13.55% | | Yangpu Wanlitong Technology Co., Ltd. | 78,063,470 | 11.72% | [Significant Matters](index=6&type=section&id=III.%20Significant%20Matters) This section details significant changes in key financial statement items and outlines the company's operational and financing activities during the reporting period [Analysis of Major Changes in Key Financial Items](index=6&type=section&id=3.1%20Major%20Changes%20in%20Key%20Financial%20Items%20and%20Reasons) During the reporting period, several financial statement items experienced significant changes, including a **221.86%** increase in construction in progress due to new projects, the full repayment of ultra-short-term financing bonds, and a **521.59%** surge in other income driven by increased government subsidies, all contributing to a **35.85%** rise in net profit attributable to shareholders Major Changes and Reasons in Balance Sheet and Income Statement Items | Item | Period-end/Current Period Amount (RMB) | Change from Period-start/Prior Period (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Construction in Progress | 21,910,454.82 | 221.86% | Increase in projects under construction | | Short-term Borrowings | 2,525,350,727.23 | 33.37% | Increase in short-term borrowings | | Other Current Liabilities | 0.00 | -100.00% | Repayment of ultra-short-term financing bonds | | Other Income | 5,180,102.78 | 521.59% | Increase in government subsidies | | Fair Value Change Gains | -6,801,191.72 | -459.70% | Fair value changes in financial assets | | Non-operating Income | 506,551.02 | -86.87% | Decrease in fines and compensation received | - Net profit attributable to parent company shareholders increased by **35.85%**, primarily due to the company maintaining operations during the pandemic and increasing commodity supply, which boosted operating revenue and gross profit[11](index=11&type=chunk) [Progress of Company Operations and Financing Activities](index=8&type=section&id=3.2%20Progress%20of%20Significant%20Matters%20and%20Analysis%20of%20Impact%20and%20Solutions) During the reporting period, the company made significant strides in capital operations and business expansion, including the repayment of **600 million RMB** in ultra-short-term financing bonds and strategic investments in new subsidiaries in Beijing, Guizhou, Sichuan, Hubei, and Henan - The company completed the repayment of **600 million RMB** in ultra-short-term financing bonds on January 20, 2020[13](index=13&type=chunk) - The company invested **300 million RMB** to establish a wholly-owned subsidiary in Beijing for commercial projects, which has been completed[13](index=13&type=chunk) - The board of directors approved multiple expansion plans: a **100 million RMB** capital increase for the Guizhou subsidiary; and the establishment of wholly-owned subsidiaries in Panzhihua, Sichuan, Hubei, and Henan, each with an investment of **20 million RMB**[13](index=13&type=chunk) [Appendix](index=10&type=section&id=IV.%20Appendix) This section includes the company's consolidated financial statements and details the impact of new accounting standards adopted in 2020 [Financial Statements](index=10&type=section&id=4.1%20Financial%20Statements) As of Q1 2020, total assets grew **4.74%** to **9.99 billion RMB**, operating revenue reached **3.71 billion RMB** with a **10.67%** increase, and net profit attributable to shareholders was **65.65 million RMB**, up **35.85%**, while operating cash flow surged **85.20%** to **609.49 million RMB**, reflecting strong cash generation and improved operational efficiency [Consolidated Balance Sheet](index=10&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2020, total assets were **9.99 billion RMB**, up **4.74%** from the beginning of the year, total liabilities were **7.17 billion RMB**, up **5.74%**, and net assets attributable to shareholders were **2.81 billion RMB**, up **2.30%**, indicating business expansion Consolidated Balance Sheet Key Items | Item | March 31, 2020 (RMB) | December 31, 2019 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 9,989,402,875.44 | 9,537,094,751.39 | 4.74% | | Total Liabilities | 7,171,310,381.20 | 6,782,101,022.07 | 5.74% | | Total Equity Attributable to Parent Company Owners | 2,814,824,698.35 | 2,751,629,235.31 | 2.30% | [Consolidated Income Statement](index=14&type=section&id=Consolidated%20Income%20Statement) In Q1 2020, the company achieved total operating revenue of **3.71 billion RMB**, a **10.67%** increase, with total operating costs at **3.65 billion RMB**, up **10.07%**, demonstrating effective cost control and a significant **35.85%** rise in net profit attributable to parent company shareholders to **65.65 million RMB** Consolidated Income Statement Key Items | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 3,707,545,947.93 | 3,350,187,757.99 | 10.67% | | Total Operating Costs | 3,649,365,845.41 | 3,315,335,885.51 | 10.07% | | Operating Profit | 70,811,862.10 | 51,079,417.29 | 38.63% | | Net Profit Attributable to Parent Company Shareholders | 65,654,082.09 | 48,329,003.06 | 35.85% | [Consolidated Cash Flow Statement](index=18&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities significantly increased by **85.20%** to **609.49 million RMB**, driven by higher cash receipts from sales, while net cash flow from investing activities turned positive at **4.83 million RMB**, and net cash outflow from financing activities narrowed substantially to **24.50 million RMB** Consolidated Cash Flow Statement Key Items | Item | Q1 2020 (RMB) | Q1 2019 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 609,490,005.08 | 329,101,036.32 | Increased by 85.20% | | Net Cash Flow from Investing Activities | 4,832,132.54 | -7,429,057.54 | Turned positive | | Net Cash Flow from Financing Activities | -24,497,019.58 | -175,669,604.44 | Net outflow decreased by 86.05% | | Period-end Cash and Cash Equivalents Balance | 4,470,071,839.39 | 4,800,588,422.08 | Decreased by 6.88% | [Impact of Accounting Standard Changes](index=21&type=section&id=4.2%20Adjustments%20to%20Financial%20Statements%20at%20the%20Beginning%20of%20the%20First%20Year%20of%20Initial%20Application%20of%20New%20Revenue%20and%20Lease%20Standards%20from%202020) The company adopted new revenue and lease standards effective January 1, 2020, with the report indicating no adjustments were made to the consolidated and parent company financial statements at the beginning of the period due to these changes - The report explicitly states that adjustments for the initial application of new revenue and lease standards are not applicable, indicating no adjustments to the opening financial statements[33](index=33&type=chunk)[36](index=36&type=chunk)