Revenue Performance - Revenue decreased from RMB 9.4 million for the three months ended March 31, 2020, to RMB 6.7 million for the three months ended March 31, 2021, representing a decline of approximately 28.7%[5] - For the three months ended March 31, 2021, the company reported total revenue of RMB 6,675,134, a decrease of 29.1% from RMB 9,410,125 in the same period of 2020[48] - The total revenue for the three months ended March 31, 2021, was RMB 6,675,134, a decrease of 29.2% from RMB 9,410,125 in the same period of 2020[60] - Revenue from financing leasing services was RMB 5.7 million, accounting for 85.6% of total revenue for the three months ended March 31, 2021[6] - Revenue from factoring services was RMB 0.7 million, representing 10.9% of total revenue for the same period[7] - Revenue from consulting services was RMB 0.2 million, making up 3.5% of total revenue, derived from a consulting agreement related to a construction project with a total investment of approximately RMB 1,142 million[9] Net Loss and Financial Improvement - Net loss reduced from RMB 5.1 million for the three months ended March 31, 2020, to RMB 0.5 million for the three months ended March 31, 2021, a decrease of approximately 90.2%[17] - The company incurred a net loss of RMB 501,302 for the three months ended March 31, 2021, compared to a net loss of RMB 5,135,985 in the prior year, representing a significant improvement[50] - The company reported a total comprehensive loss of RMB 538,671 for the three months ended March 31, 2021, compared to RMB 5,225,553 in the previous year[50] - Basic and diluted loss per share for the period was RMB 0.2, compared to RMB 1.9 in the same period of 2020[48] - The basic loss per share for the three months ended March 31, 2021, was RMB 1.86, compared to RMB 19.01 for the same period in 2020, reflecting a substantial improvement[67] Operating Expenses and Costs - Operating expenses increased slightly from RMB 2.4 million for the three months ended March 31, 2020, to RMB 2.6 million for the three months ended March 31, 2021, primarily due to an increase in employee costs[14] - The company’s operating expenses increased to RMB 2,631,419 from RMB 2,383,582 year-over-year, reflecting a rise of 10.4%[48] - Employee costs totaled RMB 1,434,772 for the three months ended March 31, 2021, an increase of 18.8% from RMB 1,207,072 in the same period of 2020[62] Impairment and Interest Expenses - Impairment losses decreased from RMB 10.8 million for the three months ended March 31, 2020, to RMB 2.1 million for the same period in 2021, a reduction of approximately 80.6%[15] - The company recorded a loss from impairment of RMB 2,069,718, a decrease of 80.8% from RMB 10,777,794 in the same period of 2020[48] - The company experienced a significant reduction in impairment losses, with RMB 1,785,013 recognized for the three months ended March 31, 2021, compared to RMB 4,596,446 in the same period of 2020[62] - Interest expenses decreased from RMB 2.3 million for the three months ended March 31, 2020, to RMB 1.5 million for the same period in 2021, mainly due to a reduction in average loan balances[12] - The company’s interest expenses decreased to RMB 1,544,121 from RMB 2,308,147, a reduction of 33% year-over-year[48] - The company’s interest income for the three months ended March 31, 2021, was RMB 6,439,285, a decrease of 26.7% from RMB 8,790,314 in the same period of 2020[60] Business Strategy and Future Plans - The company plans to continue executing a prudent operation strategy and enhance risk control measures in response to the ongoing impact of the COVID-19 pandemic[19] - The company plans to gradually expand its financing leasing and commercial factoring businesses to optimize its business structure and asset portfolio[20] - In April 2020, the company established a new investment in vinegar production and sales in Yongchun, aiming to diversify its business and enhance shareholder returns[20] - The company anticipates completing factory construction and launching vinegar products in 2021 as part of its efforts to build the Qiaoxin brand and generate more revenue[20] - The establishment of Fujian Baiying Paper Industry Co., Ltd. aims to diversify the business into the packaging industry, although it has not commenced operations as of March 31, 2021[5] Corporate Governance and Compliance - The company has fully complied with the corporate governance code as per GEM listing rules during the reporting period ending March 31, 2021[22] - The company has confirmed that no directors or major shareholders engaged in any competing business during the reporting period[34] - The company’s independent non-executive directors and audit committee have reviewed the financial statements and found no discrepancies in accounting practices[23] Dividends and Shareholder Information - No dividends were recommended for the three months ending March 31, 2021[33] - The company did not declare any dividends for the three months ended March 31, 2021, consistent with the previous year[69] - As of March 31, 2021, major shareholders included Septwolves Holdings Limited with a 44.06% stake and Zijiang Capital with a 14.06% stake[43] - The stock option plan adopted on June 20, 2018, allows for the issuance of options up to 30% of the total issued shares, with 27,000,000 options available, representing 10% of the issued shares[28] - As of March 31, 2021, no stock options have been granted or exercised under the stock option plan[32] Other Financial Information - The company has not engaged in any securities trading activities during the reporting period[26] - The company recorded a provision for current income tax of RMB 743,994 for the three months ended March 31, 2021, down from RMB 1,097,145 in the same period of 2020[64] - The company has not generated any income subject to Hong Kong profits tax during the reporting period[65] - The company’s other net losses amounted to RMB (1,050,502) for the period, compared to RMB (661,569) in the previous year[48] - Consulting fee income for the same period was RMB 235,849, down 61.9% from RMB 619,811 in the previous year[60]
百应控股(08525) - 2021 Q1 - 季度财报