新五丰(600975) - 2018 Q1 - 季度财报

Important Notice Report Authenticity Guarantee The company's board of directors, supervisory board, and all senior management ensure the truthfulness, accuracy, and completeness of this quarterly report and assume corresponding legal responsibilities, explicitly stating that this quarterly report has not been audited - The company's board of directors, supervisory board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with no false records, misleading statements, or major omissions[4] - The company's Q1 2018 report has not been audited[6] Company Overview Key Financial Data In Q1 2018, the company's performance significantly declined, with operating revenue decreasing by 7.67% year-over-year, net profit attributable to shareholders turning from profit to a loss of 4.74 million Yuan, a 114.20% decrease, and net cash flow from operating activities also significantly reduced by 68.17% Q1 2018 Key Financial Indicators | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 399,228,465.29 | 432,414,433.61 | -7.67% | | Net Profit Attributable to Shareholders (Yuan) | -4,739,962.37 | 33,384,920.20 | -114.20% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Yuan) | -4,715,354.14 | 33,266,977.33 | -114.17% | | Net Cash Flow from Operating Activities (Yuan) | 22,229,066.49 | 69,841,633.90 | -68.17% | | Basic Earnings Per Share (Yuan/Share) | -0.01 | 0.05 | -120.00% | | Weighted Average Return on Net Assets (%) | -0.39% | 2.69% | Decrease of 3.08 percentage points | Balance Sheet End-of-Period Data | Indicator | End of Current Period | End of Prior Year | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets (Yuan) | 1,739,464,136.41 | 1,777,786,368.97 | -2.16% | | Net Assets Attributable to Shareholders (Yuan) | 1,198,667,858.00 | 1,203,407,820.37 | -0.39% | - During the reporting period, the company's total non-recurring gains and losses amounted to -24,608.23 Yuan, primarily comprising government subsidies and non-operating income/expenses[8][9] Shareholder Ownership As of the end of the reporting period, the company had 63,944 shareholders, with Hunan Provincial Cereals, Oils and Foodstuffs Import and Export Group Co., Ltd. as the largest shareholder holding 30.95%, and the second largest shareholder, Hunan Gaoxin Venture Capital Wealth Management Co., Ltd., having all its shares (15.96% of total share capital) pledged and judicially frozen - As of the end of the reporting period, the company had 63,944 shareholders[11] Top Three Shareholders' Ownership | Shareholder Name | Number of Shares Held | Percentage of Total Share Capital (%) | | :--- | :--- | :--- | | Hunan Provincial Cereals, Oils and Foodstuffs Import and Export Group Co., Ltd. | 202,018,546 | 30.95% | | Hunan Gaoxin Venture Capital Wealth Management Co., Ltd. | 104,166,666 | 15.96% | | Hunan Provincial Modern Agricultural Industry Holding Group Co., Ltd. | 10,416,666 | 1.60% | - The second largest shareholder, Gaoxin Wealth, had 104,166,666 shares (15.96% of total share capital) fully pledged and judicially frozen[13] Significant Matters Explanation of Significant Changes in Financial Statement Items During the reporting period, several financial statement items experienced significant changes, with finance expenses decreasing by 82.51% due to reduced interest expenses and increased interest income, while non-operating income and expenses surged by 263.74% and 185.49% respectively, driven by higher insurance claims and increased extraordinary losses and fines Changes and Reasons for Major Financial Statement Items | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Prepayments | -34.26% | Due to goods received in the current period offsetting prepayments for purchases from the prior period | | Interest Receivable | 60.37% | Due to accrued interest on time deposits in the current period | | Other Receivables | 66.37% | Due to an increase in other current accounts in the current period | | Finance Expenses | -82.51% | Decrease in interest expenses and increase in interest income | | Non-Operating Income | 263.74% | Increase in insurance claims received | | Non-Operating Expenses | 185.49% | Increase in extraordinary losses and fines | Progress of Significant Matters The company terminated its major asset restructuring plan to acquire Hunan Tianxin Seed Industry Co., Ltd. through share issuance and cash payment, primarily due to cyclical fluctuations in the hog industry impacting the target company's performance; additionally, the company disclosed and resolved a non-operating fund occupation issue with related party Hunan Yuansheng Biotechnology Co., Ltd., with the relevant funds settled in March 2018 - The company decided to terminate the related-party transaction involving the issuance of shares and cash payment to acquire Hunan Tianxin Seed Industry Co., Ltd., primarily due to cyclical fluctuations in the hog industry impacting the target's performance[15] - The company had a non-operating fund occupation by a related party, with an ending balance of 71,927.43 Yuan, primarily for payment of salaries and social security on behalf of others, which was settled in March 2018 by offsetting against payable custody fees[16][17] Performance Forecast and Warning The company issued a performance warning, forecasting a loss for the first half of 2018 (January 1 to June 30), with net profit attributable to shareholders expected to range from -35 million Yuan to -52.5 million Yuan, primarily due to declining hog prices during the period - The company forecasts a cumulative net loss for January 1 to June 30, 2018, with net profit attributable to shareholders estimated between -35 million Yuan and -52.5 million Yuan[19] - The primary reason for the projected performance decline is the decrease in hog prices during the first half of 2018[19] Appendix Financial Statements This appendix contains the company's unaudited Q1 2018 consolidated and parent company balance sheets, income statements, and cash flow statements, serving as the source for all financial data in the report Consolidated Balance Sheet As of March 31, 2018, the company's consolidated total assets were 1.739 billion Yuan, total liabilities were 476 million Yuan, and total equity attributable to parent company owners was 1.199 billion Yuan Consolidated Balance Sheet Key Items (March 31, 2018) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 1,739,464,136.41 | | Total Liabilities | 475,988,839.58 | | Total Equity Attributable to Parent Company Owners | 1,198,667,858.00 | | Total Liabilities and Owners' Equity | 1,739,464,136.41 | Consolidated Income Statement In Q1 2018, the company achieved total operating revenue of 399 million Yuan and total operating costs of 405 million Yuan, resulting in an operating loss of 4.75 million Yuan and a net loss attributable to parent company shareholders of -4.74 million Yuan Consolidated Income Statement Key Items (Jan-Mar 2018) | Item | Amount (Yuan) | | :--- | :--- | | I. Total Operating Revenue | 399,228,465.29 | | II. Total Operating Costs | 404,790,843.72 | | III. Operating Profit | -4,751,434.57 | | IV. Total Profit | -5,842,684.99 | | Net Profit Attributable to Parent Company Shareholders | -4,739,962.37 | | Basic Earnings Per Share (Yuan/Share) | -0.01 | Consolidated Cash Flow Statement In Q1 2018, the company's net cash flow from operating activities was 22.23 million Yuan, net cash flow from investing activities was -1.05 million Yuan, net cash flow from financing activities was -10.97 million Yuan, and the ending balance of cash and cash equivalents was 283 million Yuan Consolidated Cash Flow Statement Key Items (Jan-Mar 2018) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 22,229,066.49 | | Net Cash Flow from Investing Activities | -1,050,158.40 | | Net Cash Flow from Financing Activities | -10,973,098.14 | | Net Increase in Cash and Cash Equivalents | 10,205,809.95 | | Ending Balance of Cash and Cash Equivalents | 282,781,901.92 | Audit Report The financial statements in this quarterly report are unaudited - The financial statements for this reporting period are unaudited[40]