Financial Performance - For the three months ended September 30, 2021, the company's revenue was RMB 20,255 thousand, a decrease of 36.6% compared to RMB 31,930 thousand for the same period in 2020[4] - The gross profit for the three months ended September 30, 2021, was RMB 5,928 thousand, down 44.5% from RMB 10,619 thousand in the same period of 2020[4] - The operating profit for the nine months ended September 30, 2021, was RMB 2,075 thousand, a decline of 79.5% compared to RMB 10,082 thousand for the same period in 2020[4] - The net profit for the three months ended September 30, 2021, was a loss of RMB 54 thousand, compared to a profit of RMB 3,112 thousand in the same period of 2020[4] - The total comprehensive income attributable to owners of the company for the nine months ended September 30, 2021, was RMB 525 thousand, down 91.3% from RMB 6,035 thousand for the same period in 2020[4] - The company reported a pre-tax profit of RMB 525,000 for the nine months ended September 30, 2021, compared to RMB 6,035,000 for the same period in 2020, representing a decrease of approximately 91.3%[26] - Total sales revenue for the nine months ended September 30, 2021, was approximately RMB 55.1 million, a decrease of about 20.1% from RMB 68.9 million for the same period in 2020[49] - The pre-tax profit decreased by approximately 80.8% to about RMB 1.9 million from RMB 9.9 million in the previous year[49] Sales Performance - The sales of fiberglass products for the three months ended September 30, 2021, were RMB 20,255 thousand, a decrease of 36.6% compared to RMB 31,930 thousand in the same period of 2020[15] - The company reported a decrease in sales of phenolic grating products from RMB 18,056 thousand in the three months ended September 30, 2020, to RMB 11,172 thousand in the same period of 2021[15] - Domestic market sales decreased by approximately 18.8% to about RMB 346 million, accounting for approximately 62.8% of total sales, an increase of 1 percentage point from 61.8% in the same period of 2020[33] - The revenue from fiberglass grating products, the largest revenue source, was approximately RMB 288 million, a decrease of 9.7% from approximately RMB 311 million in the same period of 2020[37] - The revenue from epoxy wedge products decreased by approximately RMB 108 million or 29.2% to about RMB 261 million, mainly due to cautious ordering from downstream customers facing rising raw material costs[38] - Sales to the Chinese market decreased by approximately 18.8% to about RMB 34.6 million from RMB 42.6 million in the previous year[43] - Sales to the US market decreased by approximately 15.8% to about RMB 9.7 million from RMB 11.5 million in the previous year[44] - Sales to the UK market decreased by approximately 36.9% to about RMB 6.1 million from RMB 9.7 million in the previous year[44] - Sales to other regions decreased by approximately 9.1% to about RMB 4.7 million from RMB 5.1 million in the previous year[44] Cost and Expenses - The gross margin for fiberglass grating products decreased by 7.6 percentage points to 25.4%, primarily due to increased raw material costs caused by global supply chain disruptions[37] - The average selling price of fiberglass grating products decreased by approximately 9.3% to RMB 255.8 per square meter, while sales volume slightly decreased by about 0.5%[40] - The gross margin for epoxy wedge products decreased by 8.8 percentage points to 27.3%, attributed to increased raw material costs and reduced production volume[38] - Administrative expenses decreased by approximately RMB 1.6 million or 14.8% to about RMB 9.1 million from RMB 10.6 million in the previous year[47] - Sales and distribution costs increased by approximately RMB 150,000 or 4.7% to about RMB 3.4 million from RMB 3.2 million in the previous year[46] - The company reported a total tax expense of RMB 1,380,000 for the nine months ended September 30, 2021, compared to RMB 3,876,000 for the same period in 2020, a decrease of approximately 64.5%[22] - The company’s total depreciation and amortization expenses for the nine months ended September 30, 2021, were RMB 42,023,000, down from RMB 46,018,000 in the same period of 2020, indicating a decrease of approximately 8.7%[19] Research and Development - Research and development costs for the nine months ended September 30, 2021, amounted to RMB 3,908,000, a decrease of 8% from RMB 4,249,000 in the same period of 2020[19][20] - The company continues to focus on the research, development, production, and sales of fiberglass products in China[14] - The company plans to enhance production technology and recruit talent to maintain competitiveness amid global economic uncertainties[32] - The overall fiberglass market in China is expected to steadily rise as the market matures and understanding of the material improves[29] - The company aims to expand its applications in aerospace, energy, and transportation sectors, leveraging the potential of fiberglass composite materials[29] Corporate Governance - The company changed its name from "MEIGU Technology Holding Group Limited" to "Yunhong Guixin Group Holdings Limited" effective August 30, 2021[59] - As of September 30, 2021, Mr. Li holds 163,600,000 shares, representing 40.9% of the company's equity[62] - Major shareholders include LFS and LFB, each holding 123,600,000 shares, accounting for 30.9% of the equity[76] - The company did not engage in any related party transactions or continuous related party transactions during the nine months ending September 30, 2021[80] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the nine months ending September 30, 2021[81] - The company confirmed that there are no competing interests from its major shareholders or directors as of September 30, 2021[82] - The company has adopted the GEM Listing Rules regarding the code of conduct for directors' securities transactions, confirming compliance for the nine months ended September 30, 2021[83] - The company has adhered to the corporate governance code as per GEM Listing Rules Appendix 15 for the nine months ended September 30, 2021[85] - The Audit Committee, established on December 16, 2016, consists of three independent non-executive directors and is responsible for reviewing financial reporting procedures and risk management systems[86] - The unaudited performance of the group for the nine months ended September 30, 2021, has been reviewed by the Audit Committee[86]
硅鑫集团(08349) - 2021 Q3 - 季度财报