Financial Performance - Revenue for the three months ended March 31, 2021, was RMB 13,623,000, an increase of 4.5% compared to RMB 13,031,000 for the same period in 2020[4] - Gross profit for the same period was RMB 3,155,000, down 35.8% from RMB 4,920,000 in 2020[4] - The company reported a net loss of RMB 468,000 for the three months ended March 31, 2021, compared to a profit of RMB 234,000 in the same period of 2020[4] - Basic and diluted loss per share was RMB (0.12) for the first quarter of 2021, compared to earnings of RMB 0.06 per share in 2020[4] - The company reported a loss attributable to owners of the company of RMB (468,000) for the three months ended March 31, 2021, compared to a profit of RMB 234,000 in the same period of 2020[26] - Basic loss per share for the three months ended March 31, 2021, was RMB (0.12), compared to RMB 0.06 for the same period in 2020[26] - The company's net loss for the three months ended March 31, 2021, was approximately RMB 468,000, compared to a net profit of about RMB 234,000 in the same period of 2020, mainly due to a decline in gross margin[51] Sales Performance - Sales of fiberglass grating products were RMB 6,710,000, slightly down from RMB 6,736,000 in the previous year[15] - Sales of epoxy wedge products increased to RMB 6,913,000, up from RMB 6,295,000 in the same period last year[15] - For the three months ended March 31, 2021, the revenue from fiberglass grating products was approximately RMB 6.71 million, with a gross margin of 21.8%, down from 28.3% in the same period of 2020[40] - The revenue from epoxy wedge products increased by approximately RMB 0.6 million or 9.8% to about RMB 6.91 million for the three months ended March 31, 2021, accounting for approximately 50.8% of total revenue[41] - Sales to the Chinese market increased by approximately 16.3% to about RMB 8.94 million, driven by a significant increase in demand due to economic recovery[46] - Sales to the U.S. market decreased by approximately 7.8% to about RMB 1.88 million, primarily due to rising tariffs and the adverse impact of the COVID-19 pandemic[47] - The company experienced a significant increase in sales from other regions, which rose by approximately 24.5% to about RMB 1.16 million, attributed to acquiring new customers in Denmark, Taiwan, and South Korea[47] Cost Management - Administrative expenses were reduced to RMB 2,375,000 from RMB 3,480,000 in the previous year, indicating cost control efforts[4] - Administrative expenses decreased by approximately RMB 1.1 million or 31.8% to about RMB 2.4 million, primarily due to reduced R&D expenditures[49] - The company incurred financial costs of RMB 318,000, compared to RMB 817,000 in the same period last year[4] - The company incurred financial costs of RMB 63,000 for bank loan interest for both the three months ended March 31, 2021, and 2020[5] Research and Development - Research and development costs for the three months ended March 31, 2021, amounted to RMB 900,000, a decrease from RMB 1,317,000 in the same period of 2020[5] - The company continues to focus on the research, development, production, and sales of fiberglass products in China[14] - The company plans to enhance product recognition through improved product technology and will hire additional talent to achieve development and expansion goals[36] - The company expects steady growth in the overall fiberglass market in China, driven by the material's superior performance and potential applications in various industries[33] Shareholder Information - LF and its concert parties own 163,600,000 shares, representing 40.9% of the total issued share capital of the company as of the report date[54] - LF is required to make a mandatory conditional cash offer for the remaining 236,400,000 shares, which accounts for 59.1% of the total issued share capital[54] - As of March 31, 2021, Mr. Jiang holds 123,600,000 shares, representing 30.9% of the company's equity[57] - The total consideration for the acquisition of 123,600,000 shares from Longxiang by LF was HKD 24,720,000, at a price of HKD 0.20 per share[60] - Mr. Shen, Mr. Jiang, Wanxing, and Longxiang collectively hold 30.9% of the total issued shares as of March 31, 2021[58] - Mr. Shen and Mr. Jiang have been concert parties since January 1, 2014, under the concert party agreement[58] - As of March 31, 2021, the company’s major shareholders include Mr. Shen and Wanxing, each holding 123,600,000 shares, or 30.9%[65] - As of the report date, Mr. Li is considered the ultimate controlling shareholder of Yunhong, holding a total of 163,600,000 shares[68] Corporate Governance - The company has no arrangements that allow directors and key executives to benefit from purchasing shares or debt securities during the reporting period[63] - No related party transactions were disclosed for the three months ended March 31, 2021, under GEM Listing Rules[71] - The company did not purchase, sell, or redeem any of its listed securities during the three months ended March 31, 2021[72] - There were no competing interests reported by major shareholders or directors for the three months ended March 31, 2021[73] - The company has adopted the GEM Listing Rules for directors' securities transactions and compliance was confirmed for the three months ended March 31, 2021[74] - The company believes it has complied with all applicable corporate governance codes as per GEM Listing Rules for the three months ended March 31, 2021[75] - The Audit Committee, established on December 16, 2016, reviewed the unaudited results for the three months ended March 31, 2021[77] Dividend Information - The company did not recommend any interim dividend for the three months ended March 31, 2021, consistent with the same period in 2020[25] Market and Product Development - The company has not disclosed any new product developments or market expansion strategies in the provided documents[66] - The report does not mention any mergers or acquisitions beyond the transaction involving LF and Longxiang[66]
硅鑫集团(08349) - 2021 Q1 - 季度财报