狮头股份(600539) - 2017 Q3 - 季度财报

Important Notes Report Declaration and Audit Status The board and management guarantee the report's authenticity, and this quarterly report is unaudited - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, and bear individual and joint legal responsibility[5] - All directors of the company attended the board meeting to review the quarterly report[5] - Company head Cao Zhidong, chief accountant Wang Cuijuan, and head of the accounting department Zhou Hao guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[5] - The company's third-quarter report is unaudited[5] Company Profile Key Financial Data The company's net profit turned positive year-over-year despite a revenue decline, driven by business restructuring Key Financial Data as of Q3 2017 End (Consolidated) | Indicator | As of Q3 2017 End (CNY) | As of Previous Year End (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 523,090,398.79 | 584,116,571.34 | -10.45 | | Net Assets Attributable to Shareholders | 474,513,748.25 | 470,606,141.13 | 0.83 | Key Financial Data for Jan-Sep 2017 (Consolidated) | Indicator | YTD (Jan-Sep) (CNY) | Same Period Last Year (Jan-Sep) (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -7,960,023.60 | -17,536,487.91 | N/A | | Operating Revenue | 58,890,722.01 | 110,720,294.47 | -46.81 | | Net Profit Attributable to Shareholders | 3,907,607.12 | -38,352,834.76 | 110.19 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 3,453,397.40 | -38,430,356.04 | 108.96 | | Weighted Average ROE (%) | 0.827 | -8.303 | Increased by 9.13 percentage points | | Basic EPS (CNY/Share) | 0.017 | -0.167 | 110.18 | | Diluted EPS (CNY/Share) | 0.017 | -0.167 | 110.18 | Non-recurring Profit and Loss Items for Jan-Sep 2017 | Item | YTD Amount (Jan-Sep) (CNY) | | :--- | :--- | | Government Grants Recognized in Current Profit or Loss | 130,000.00 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 384,715.00 | | Impact on Minority Interests (After Tax) | -28,660.39 | | Impact of Income Tax | -31,844.89 | | Total | 454,209.72 | Shareholder Information The company had 7,124 shareholders, with Suzhou Hairongtian Investment Co, Ltd being the largest shareholder - As of the end of the reporting period, the company had a total of 7,124 shareholders[11] Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (Shares) | Percentage (%) | Share Status | Quantity (Shares) | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Hairongtian Investment Co, Ltd | 35,112,700 | 15.27 | None | 0 | Domestic Non-State-owned Legal Entity | | Shanxi Lu'an Engineering Co, Ltd | 25,857,300 | 11.24 | None | 0 | State-owned Legal Entity | | Shanghai Yuanfu Enterprise Management Co, Ltd | 23,000,000 | 10.00 | None | 0 | Domestic Non-State-owned Legal Entity | | Shanxi Economic and Trade Investment Holding Group Co, Ltd | 16,645,070 | 7.24 | None | 0 | State-owned Legal Entity | | Shanxi Economic Construction Investment Group Co, Ltd | 11,651,549 | 5.07 | None | 0 | State-owned Legal Entity | | Yunnan International Trust Co, Ltd - Yunxin Trust Yunxia No 9 Collective Fund Trust Plan | 10,805,633 | 4.70 | None | 0 | Other | | Guo Zheng | 6,548,900 | 2.85 | None | 0 | Domestic Natural Person | | Beijing Dabai Huicai Investment Management Co, Ltd - Dabai Puti No 2 Private Fund | 6,304,702 | 2.74 | None | 0 | Other | | Chen Xuanlin | 5,215,205 | 2.27 | Pledged | 5,215,205 | Domestic Natural Person | | Jiang Qiwei | 4,843,628 | 2.11 | Pledged | 4,843,628 | Domestic Natural Person | - Suzhou Hairongtian Investment Co, Ltd and Shanghai Yuanfu Enterprise Management Co, Ltd, both holding over 5% of shares, are parties acting in concert[12] Preferred Shareholder Information The company had no preferred shareholders at the end of the reporting period - The company has no preferred shareholders[12] Significant Events Significant Changes in Key Accounting Items and Financial Indicators and Their Reasons Major financial statement items fluctuated due to the divestment of the cement business and acquisition of a water business - Notes receivable increased by 100% compared to the end of the previous year, mainly due to an increase in notes received during the period[13] - Other receivables decreased by 99.09% compared to the end of the previous year, primarily due to the settlement of outstanding accounts[13] - Fixed assets increased by 503.61% compared to the end of the previous year, mainly due to the purchase of fixed assets during the period[13] - Operating revenue decreased by 46.81%, selling expenses decreased by 81.81%, and administrative expenses decreased by 83.47% year-over-year, mainly due to changes in the main business operations[15] - During the reporting period, operating profit, total profit, and net profit all increased significantly year-over-year, mainly because the company sold its loss-making cement business in 2016 and the newly acquired subsidiary, Zhejiang Longjing Water Industry Co, Ltd, achieved sustained profitability[15] - Net cash flow from operating activities increased by 54.61% year-over-year, primarily due to increased cash collection from sales[16] - Net cash flow from investing activities decreased by 1313.72% year-over-year, mainly due to the payment for the acquisition of a 70% stake in Zhejiang Longjing Water Industry Co, Ltd in November 2016[16] Progress of Significant Events and Commitments The company had no overdue unfulfilled commitments during the reporting period - There were no overdue unfulfilled commitments during the reporting period[17] Performance Forecast and Risk Warning The company expects to achieve a turnaround to profitability for the full year 2017, driven by its newly acquired subsidiary - The company anticipates that the net profit attributable to the parent company for the year 2017 will achieve a turnaround to profitability compared to the previous year[17] - The primary reason for the turnaround is the sustained profitability of Zhejiang Longjing Water Industry Co, Ltd, a subsidiary acquired in November 2016, which has been included in the consolidation scope[17] Appendix Financial Statements This section contains the unaudited consolidated and parent company financial statements for the third quarter of 2017 Consolidated Balance Sheet - As of September 30, 2017, consolidated total assets were CNY 523 million, a decrease of 10.45% from the beginning of the year; total liabilities were CNY 41 million, a significant decrease of 61.99%; and equity attributable to parent company owners was CNY 475 million, a slight increase of 0.83%[21][22][23] Key Data from Consolidated Balance Sheet (September 30, 2017) | Item | Period End Balance (CNY) | Beginning of Year Balance (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 523,090,398.79 | 584,116,571.34 | -10.45 | | Total Liabilities | 40,779,771.68 | 107,330,887.90 | -61.99 | | Equity Attributable to Parent Company Owners | 474,513,748.25 | 470,606,141.13 | 0.83 | | Cash and Cash Equivalents | 374,147,164.90 | 443,544,349.74 | -15.66 | | Goodwill | 102,656,654.37 | 102,656,654.37 | 0.00 | Parent Company Balance Sheet - As of September 30, 2017, the parent company's total assets were CNY 499 million, down 10.46% from the beginning of the year; total liabilities were CNY 29 million, down 66.52%; and total equity was CNY 470 million, down 0.02%[25][26][27] Key Data from Parent Company Balance Sheet (September 30, 2017) | Item | Period End Balance (CNY) | Beginning of Year Balance (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 498,897,442.35 | 557,189,800.00 | -10.46 | | Total Liabilities | 29,283,690.80 | 87,459,245.28 | -66.52 | | Total Equity | 469,613,751.55 | 469,730,554.72 | -0.02 | | Cash and Cash Equivalents | 364,027,076.79 | 440,989,800.00 | -17.45 | | Long-term Equity Investments | 116,200,000.00 | 116,200,000.00 | 0.00 | Consolidated Income Statement - For Jan-Sep 2017, consolidated total operating revenue was CNY 58.89 million, a decrease of 46.81% YoY, while net profit attributable to parent company owners was CNY 3.91 million, a 110.19% YoY increase, achieving a turnaround[29][30][31] Key Data from Consolidated Income Statement (Jan-Sep 2017) | Item | YTD Amount (Jan-Sep) (CNY) | Same Period Last Year Amount (Jan-Sep) (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 58,890,722.01 | 110,720,294.47 | -46.81 | | Total Operating Costs | 52,373,466.32 | 166,281,188.13 | -68.51 | | Operating Profit | 6,517,255.69 | -55,560,893.66 | Turnaround to Profit | | Total Profit | 7,031,970.69 | -54,841,481.44 | Turnaround to Profit | | Net Profit | 5,524,943.67 | -54,842,632.54 | Turnaround to Profit | | Net Profit Attributable to Parent Company Owners | 3,907,607.12 | -38,352,834.76 | 110.19 | | Basic EPS (CNY/Share) | 0.017 | -0.167 | 110.18 | Parent Company Income Statement - For Jan-Sep 2017, the parent company recorded zero operating revenue and a net loss of CNY 0.12 million, a significant reduction from the CNY 21.40 million loss in the same period last year, primarily due to interest income[33][34] Key Data from Parent Company Income Statement (Jan-Sep 2017) | Item | YTD Amount (Jan-Sep) (CNY) | Same Period Last Year Amount (Jan-Sep) (CNY) | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 0 | 10,639,598.83 | -100% | | Operating Profit | -504,138.63 | -22,123,007.00 | Loss Reduced | | Total Profit | -116,803.17 | -21,403,594.78 | Loss Reduced | | Net Profit | -116,803.17 | -21,403,594.78 | Loss Reduced | | Financial Expenses | -4,335,052.60 | -6,328,833.89 | Expense Reduction | Consolidated Cash Flow Statement - For Jan-Sep 2017, net cash flow from operating activities was -CNY 7.96 million, an improvement from -CNY 17.54 million YoY; net cash flow from investing activities was -CNY 69.51 million, mainly due to acquisition payments[16][36][37] Key Data from Consolidated Cash Flow Statement (Jan-Sep 2017) | Item | YTD Amount (Jan-Sep) (CNY) | Same Period Last Year Amount (Jan-Sep) (CNY) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -7,960,023.60 | -17,536,487.91 | Improved (Net Outflow Reduced) | | Net Cash Flow from Investing Activities | -69,513,585.98 | -4,917,070.19 | Significantly Decreased (Net Outflow Increased) | | Net Cash Flow from Financing Activities | 8,081,769.48 | -11,298,287.05 | Turnaround to Positive (Net Inflow) | | Net Increase in Cash and Cash Equivalents | -69,397,184.84 | -33,751,845.15 | Net Outflow Increased | | Cash and Cash Equivalents at Period End | 374,147,164.90 | 6,885,370.77 | Significantly Increased | Parent Company Cash Flow Statement - For Jan-Sep 2017, the parent company's net cash flow from operating activities was -CNY 3.98 million, while net cash flow from investing activities was -CNY 67.98 million, primarily due to asset purchases and investment payments[38][39] Key Data from Parent Company Cash Flow Statement (Jan-Sep 2017) | Item | YTD Amount (Jan-Sep) (CNY) | Same Period Last Year Amount (Jan-Sep) (CNY) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -3,982,144.23 | -2,256,408.71 | Net Outflow Increased | | Net Cash Flow from Investing Activities | -67,980,578.98 | 21,876.00 | Significantly Decreased (Net Outflow) | | Net Cash Flow from Financing Activities | -5,000,000.00 | 5,546,570.00 | Turned Positive to Negative (Net Outflow) | | Cash and Cash Equivalents at Period End | 364,027,076.79 | 3,451,807.55 | Significantly Increased | Audit Report This quarterly report has not been audited - This quarterly report has not been audited[5][40]