百应控股(08525) - 2021 Q3 - 季度财报

Management Discussion and Analysis Business Overview The company's core business is finance leasing, accounting for 58.5% of total revenue, with new packaging and paper products trading contributing RMB 8.3 million, alongside minor factoring and consulting services - The company's core business is equipment finance leasing for SMEs, individual entrepreneurs, and large enterprises, while actively expanding into new ventures such as the establishment of Qiaoxin, an edible vinegar production plant, and Fujian Baiying Paper, a packaging paper trading company, to achieve business diversification[5] 2021 Nine Months Ended Business Segment Revenue | Business Segment | Revenue (RMB) | Percentage of Total Revenue | | :--- | :--- | :--- | | Finance Lease Services | 14.5 million | 58.5% | | Packaging and Paper Products Trading | 8.3 million | 33.4% | | Factoring Services | 1.8 million | 7.4% | | Consulting Services | 0.2 million | 0.9% | Financial Overview Total revenue slightly increased to RMB 24.9 million, but the company shifted from a profit of RMB 4.2 million to a loss of RMB 1.7 million due to fair value losses on financial assets and increased impairment losses, while interest and operating expenses decreased 2021 Nine Months Ended vs 2020 Nine Months Ended Financial Data Comparison | Item | Nine Months Ended 2021 (RMB) | Nine Months Ended 2020 (RMB) | Change and Reason | | :--- | :--- | :--- | :--- | | Revenue | 24.9 million | 24.8 million | Slight increase, mainly due to new packaging paper trading revenue offsetting the decline in finance lease income | | (Loss)/Profit | (1.7) million | 4.2 million | Turned from profit to loss, primarily due to fair value changes in financial assets | | Interest Expense | 3.5 million | 5.5 million | Decrease, mainly due to a reduction in average monthly loan balances | | Operating Expenses | 8.9 million | 10.1 million | Decrease, mainly due to reduced consulting fees for the establishment of Qiaoxin | | Impairment Loss | 8.2 million | 6.6 million | Increase, mainly due to increased impairment losses from defaulted agreements overdue by more than 90 days | Significant Investments, Acquisitions and Disposals In January 2021, the company established Fujian Baiying Paper, an indirect non-wholly owned subsidiary for packaging and paper products trading, with the Group contributing 55% and the new entity recording RMB 8.3 million in revenue by period-end, with no other significant investments, acquisitions, or disposals - On January 13, 2021, the Group established Fujian Baiying Paper, an indirect non-wholly owned subsidiary, with a registered capital of RMB 30.0 million, of which the Group contributed RMB 16.5 million (55%)[23] - Fujian Baiying Paper primarily engages in packaging and paper products trading, having recorded revenue of RMB 8.3 million from its establishment to September 30, 2021[23] Outlook Looking ahead, the company will maintain prudent operations and risk prioritization to navigate macroeconomic challenges, while continuing business diversification through Fujian Baiying Paper and the upcoming Qiaoxin edible vinegar plant to foster new profit growth - The company will continue to adhere to principles of prudent operation and risk prioritization, enhancing business development capabilities to address macroeconomic uncertainties such as the pandemic, global energy shortages, and economic trends[24] - Construction of the Qiaoxin edible vinegar production plant is nearing completion, expected to commence operations by the end of 2021, which will generate additional profits and enhance the Group's overall influence[26] - The newly established Fujian Baiying Paper aims to capitalize on the growing demand for paper packaging driven by e-commerce development and the 'plastic ban,' representing the Group's diversification into the manufacturing trade supply chain amidst a sluggish market environment[26] Other Information Corporate Governance and Compliance During the reporting period, the company fully complied with GEM Listing Rules' corporate governance code, with the Audit Committee reviewing the quarterly financial report and no conflicts of interest among directors or the company regarding securities trading - The company has fully complied with the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules during the reporting period[28] - The Audit Committee has reviewed the unaudited financial statements for the nine months ended September 30, 2021, and this report, with no disagreements on accounting treatments[29] - No directors or controlling shareholders engaged in businesses competing with the Group or had conflicts of interest during the reporting period[40] Shareholder Equity Related Matters During the reporting period, the company neither purchased, sold, nor redeemed any listed securities, nor granted any share options, with the Board deciding against an interim dividend, while also detailing shareholdings of directors, chief executives, and major shareholders - The Board does not recommend the payment of any dividend for the nine months ended September 30, 2021[39] - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[32] - Since the adoption of the share option scheme in June 2018, no share options have been granted, exercised, cancelled, or lapsed[38] Major Shareholder Shareholding (as of September 30, 2021) | Shareholder | Nature of Interest | Number of Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Septwolves Holdings Limited | Beneficial Owner | 118,968,750 shares (Long Position) | 44.06% | | Mr. Zhou Yongwei | Interest in Controlled Corporation | 118,968,750 shares (Long Position) | 44.06% | | Zijiang Capital | Beneficial Owner | 37,968,750 shares (Long Position) | 14.06% | | HDK Capital | Beneficial Owner | 22,781,250 shares (Long Position) | 8.44% | | Shengshi Capital Limited | Beneficial Owner | 15,187,500 shares (Long Position) | 5.63% | Unaudited Condensed Consolidated Financial Statements Consolidated Statement of Profit or Loss For the nine months ended September 30, 2021, the company reported total revenue of RMB 24.9 million, a loss of RMB 1.7 million compared to a profit of RMB 4.2 million in the prior year, and basic and diluted loss per share of RMB 0.7 cents Consolidated Statement of Profit or Loss Summary (for the nine months ended September 30) | Item (RMB) | 2021 (Unaudited) | 2020 (Unaudited) | | :--- | :--- | :--- | | Revenue | 24,874,110 | 24,807,485 | | (Loss)/Profit Before Tax | (2,341,431) | 6,066,913 | | (Loss)/Profit for the Period | (1,730,842) | 4,201,511 | | (Loss)/Profit Attributable to Equity Holders of the Company | (1,758,012) | 4,201,511 | | Basic and Diluted (Loss)/Earnings Per Share (RMB cents) | (0.7) | 1.6 | Consolidated Statement of Profit or Loss and Other Comprehensive Income For the nine months ended September 30, 2021, total comprehensive income, including period loss and exchange differences, was a loss of RMB 1.74 million, compared to a total comprehensive income of RMB 4.30 million in the prior year Total Comprehensive Income (for the nine months ended September 30) | Item (RMB) | 2021 (Unaudited) | 2020 (Unaudited) | | :--- | :--- | :--- | | (Loss)/Profit for the Period | (1,730,842) | 4,201,511 | | Exchange Differences | (10,403) | 100,423 | | Total Comprehensive Income for the Period | (1,741,245) | 4,301,934 | Notes to the Financial Statements Notes detail financial statement preparation basis, revenue classification, segment reporting, taxes, and dividends, with revenue primarily from financial services and new packaging/paper trading, where financial services incurred a pre-tax loss while packaging/paper trading was profitable, and no dividend was proposed for the period, but a prior year's final dividend was paid - The financial statements are prepared in accordance with the GEM Listing Rules, unaudited by the company's auditors, but reviewed by the Audit Committee[64] Segment Results (for the nine months ended September 30, 2021) | Segment | Reportable Segment Revenue (RMB) | Reportable Segment (Loss)/Profit Before Tax (RMB) | | :--- | :--- | :--- | | Financial Services | 16,615,474 | (2,422,204) | | Packaging and Paper Products Trading | 8,258,636 | 80,773 | | Total | 24,874,110 | (2,341,431) | - The Board does not recommend a dividend for the reporting period, but approved and paid a final dividend of 2 HK cents per share for the previous financial year, totaling approximately RMB 4.48 million during the period[87]