长药控股(300391) - 2025 Q1 - 季度财报(更正)

Key Disclosure Information The report confirms the board and management's assurance of the quarterly report's accuracy and completeness, noting it remains unaudited - The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, assuming individual and joint legal responsibility[3] - The company's principal, chief financial officer, and head of accounting department declare the financial information in the quarterly report is true, accurate, and complete[3] - This first quarter report is unaudited[4][41] I. Key Financial Data The company's Q1 2025 financial performance significantly deteriorated, with revenue down 22.50%, net loss attributable to shareholders widening by 28.01%, and operating cash flow plummeting by 118.90%; shareholder equity remained negative and further declined (I) Key Accounting Data and Financial Indicators In Q1 2025, revenue and net profit significantly declined, operating cash flow worsened, EPS loss expanded, total assets slightly grew, but shareholder equity remained negative and further decreased Key Accounting Data and Financial Indicators | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 45,795,675.76 | 59,091,762.31 | -22.50% | | Net Profit Attributable to Shareholders (RMB) | -60,812,317.13 | -47,505,902.27 | -28.01% | | Net Profit Attributable to Shareholders Excluding Non-recurring Items (RMB) | -62,639,023.43 | -45,659,634.61 | -37.19% | | Net Cash Flow from Operating Activities (RMB) | -71,835,780.49 | -32,816,721.93 | -118.90% | | Basic Earnings Per Share (RMB/share) | -0.1736 | -0.1356 | -28.02% | | Diluted Earnings Per Share (RMB/share) | -0.1736 | -0.1356 | -28.02% | | Weighted Average Return on Net Assets | -13.13% | -27.72% | 14.59% | | Period-End Indicators | Current Period-End | Prior Year-End | Change from Prior Year-End (%) | | Total Assets (RMB) | 2,042,496,723.36 | 1,995,717,642.12 | 2.34% | | Shareholders' Equity Attributable to Listed Company (RMB) | -493,652,976.34 | -432,840,659.21 | -14.05% | (II) Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for the period amounted to RMB 1,826,706.30, primarily from fair value changes in financial assets and debt restructuring, partially offsetting non-current asset disposal losses and non-operating expenses Non-recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (RMB) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -101,726.14 | | | Government Grants Included in Current Profit/Loss | 315,367.93 | | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises and Disposal of Financial Assets and Liabilities | 2,200,000.00 | | | Debt Restructuring Gains/Losses | 700,000.00 | | | Other Non-operating Income and Expenses Apart from the Above | -224,147.09 | | | Impact on Minority Interests (After Tax) | 1,062,788.40 | | | Total | 1,826,706.30 | -- | - The company has not classified any non-recurring gains and losses items listed in 'Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-recurring Gains and Losses' as recurring items[7][8] (III) Changes and Reasons for Key Accounting Data and Financial Indicators Multiple financial indicators saw significant year-over-year changes, including a 52.27% rise in provisions, 22.50% revenue decline, 181.54% surge in financial expenses, 118.90% deterioration in operating cash flow, and 117.58% increase in financing cash flow Changes and Reasons for Key Accounting Data and Financial Indicators | Item | Current Period (RMB) | Prior Year Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Provisions | 45,808,696.12 | 30,084,303.04 | 52.27% | Due to increase in pending lawsuits | | Operating Revenue | 45,795,675.76 | 59,091,762.31 | -22.50% | Due to year-over-year decrease in pharmaceutical sector revenue | | Operating Cost | 47,500,988.09 | 54,604,638.79 | -13.01% | Due to year-over-year decrease in pharmaceutical sector revenue | | Financial Expenses | 34,973,280.67 | 12,422,196.09 | 181.54% | Due to interest accrued for lawsuits | | Credit Impairment Losses | -31,953,818.21 | -47,021,483.23 | 32.04% | Due to year-over-year decrease in allowance for doubtful accounts | | Non-operating Expenses | 289,356.56 | 3,692,085.55 | -92.16% | Due to compensation expenses arising from product quality issues in the prior year period | | Net Cash Flow from Operating Activities | -71,835,780.49 | -32,816,721.93 | -118.90% | Due to decrease in sales collections | | Net Cash Flow from Financing Activities | 68,545,138.96 | 31,502,907.79 | 117.58% | Due to increase in borrowings | II. Shareholder Information As of the reporting period end, the company had 20,224 common shareholders; the top ten shareholders' holdings show Changxing Shengshifenghua Business Co., Ltd. as the largest shareholder with 10.11%, most of its shares pledged, and the company is unaware of any related party relationships or concerted actions among shareholders (I) Total Number of Common Shareholders and Top Ten Shareholders' Holdings At the end of the reporting period, there were 20,224 common shareholders and no preferred shareholders with restored voting rights; among the top ten, Changxing Shengshifenghua Business Co., Ltd. was the largest shareholder with 10.11%, holding 21,002,800 pledged shares, while Shouguang Kangyue Investment Co., Ltd. had 9,500,000 frozen shares - The total number of common shareholders at the end of the reporting period was 20,224, and the total number of preferred shareholders with restored voting rights was 0 at the end of the reporting period[12] Top Ten Common Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Ratio (%) | Number of Shares (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Changxing Shengshifenghua Business Co., Ltd. | Domestic Non-state-owned Legal Person | 10.11% | 35,423,600.00 | Pledged 21,002,800.00 | | Shanghai Yucong Asset Management Co., Ltd. - Yucong Tianshun No. 2 Private Securities Investment Fund | Other | 5.99% | 21,000,000.00 | Not Applicable 0.00 | | Liu Lili | Domestic Natural Person | 5.05% | 17,681,253.00 | Not Applicable 0.00 | | Shouguang Kangyue Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 3.46% | 12,114,547.00 | Frozen 9,500,000.00 | | Xu Guifang | Domestic Natural Person | 0.78% | 2,732,600.00 | Not Applicable 0.00 | | Wang Fugen | Domestic Natural Person | 0.70% | 2,461,250.00 | Not Applicable 0.00 | | Li Yufang | Domestic Natural Person | 0.54% | 1,900,005.00 | Not Applicable 0.00 | | Ma Junping | Domestic Natural Person | 0.53% | 1,852,450.00 | Not Applicable 0.00 | | Chen Naping | Domestic Natural Person | 0.52% | 1,836,450.00 | Not Applicable 0.00 | | Hao Kai | Domestic Natural Person | 0.52% | 1,808,050.00 | Not Applicable 0.00 | - The company is unaware of any associated relationships among shareholders or whether they constitute concerted parties as defined by the "Measures for the Administration of the Acquisition of Listed Companies"[13] - Shareholder Hao Kai holds 800,000 shares through a common securities account and 1,008,050 shares through a Zheshang Securities Co., Ltd. client credit trading guarantee securities account, totaling 1,808,050 shares[13] (II) Preferred Shareholder Information The company has no preferred shareholders - The company has no preferred shareholders[14] (III) Changes in Restricted Shares There were no changes in the company's restricted shares - There were no changes in the company's restricted shares[14] III. Other Significant Matters The company faces severe going concern uncertainties, including negative net assets, huge accumulated losses, significant revenue decline, numerous overdue debts, and frozen bank accounts; additionally, the company has entered pre-reorganization, its subsidiaries have been ruled for bankruptcy reorganization, posing significant risks of reorganization failure and stock delisting (I) Risk Warning for Significant Uncertainties Related to Going Concern in the 2024 Annual Audit Report As of year-end 2024, the company had negative net assets, substantial accumulated losses, three consecutive years of negative operating cash flow, and severe revenue decline; numerous overdue debts led to frozen bank accounts and seized assets, with subsidiaries entering bankruptcy reorganization, indicating significant going concern uncertainties - As of December 31, 2024, the company's consolidated financial statements showed net assets attributable to the parent company of -RMB 432,840,659.21, undistributed profits of -RMB 1,589,707,417.48, and net profit attributable to parent company shareholders of -RMB 627,961,728.50 for 2024[14] - The company's net operating cash flow has been negative for 3 consecutive years, with a huge accumulated loss[14] - The company's operating revenue has severely declined from RMB 1.615 billion in 2022 and RMB 1.198 billion in 2023 to RMB 112 million in 2024[14] - Numerous overdue debts have led to lawsuits from some creditors, resulting in a large number of frozen bank accounts and seized assets[14] - On January 20, 2025, the Shiyan Intermediate People's Court of Hubei Province decided to initiate pre-reorganization for Changyao Holdings; on March 10, 2025, the Shiyan Intermediate People's Court ruled for the bankruptcy reorganization of subsidiary Hubei Changjiang Star Pharmaceutical Co., Ltd.; on March 27, 2025, the Shiyan Intermediate People's Court ruled for the consolidated reorganization of seven subsidiaries[15] - The aforementioned matters or circumstances indicate significant uncertainties regarding Changyao Holdings' ability to continue as a going concern without major changes[16] (II) Risk of Reorganization Failure The company has entered pre-reorganization, but its formal entry into reorganization remains uncertain; if the court accepts the reorganization application, the company's stock will be subject to delisting risk warnings, and if reorganization fails, the company may be declared bankrupt and liquidated, facing the risk of stock delisting - The company entered the pre-reorganization phase on January 20, 2025, but whether it can formally enter the reorganization process remains uncertain[18] - If the court rules to accept the company's reorganization application, the company's stock trading will be subject to delisting risk warnings[18] - Even if the court formally accepts the reorganization application, there is still a risk of being declared bankrupt and liquidated due to reorganization failure, which may lead to the company's stock facing the risk of delisting[18] (III) Risk of Stock Delisting The company's stock has been subject to delisting risk warnings since April 22, 2025; according to the "Shenzhen Stock Exchange ChiNext Stock Listing Rules," if the company's 2025 audited total profit, net profit, or net profit after non-recurring items is negative and operating revenue after deduction is below RMB 100 million, or if net assets at year-end are negative, or if the financial report receives a non-standard audit opinion, the company's stock will face delisting risk - The company's stock trading has been subject to delisting risk warnings since April 22, 2025[19] - If the company's 2025 audited total profit, net profit, or net profit after deducting non-recurring gains and losses is negative, and the operating revenue after deduction is below RMB 100 million, the Shenzhen Stock Exchange will decide to terminate the company's stock listing[19][27] - If the company's 2025 audited net assets at year-end are negative, the Shenzhen Stock Exchange will decide to terminate the company's stock listing[20][27] - If the company's 2025 financial accounting report receives a qualified, adverse, or disclaimer of opinion audit report, the Shenzhen Stock Exchange will decide to terminate the company's stock listing[21][27] - Investors are kindly requested to pay attention to investment risks[28] IV. Quarterly Financial Statements This section provides the company's consolidated balance sheet, consolidated income statement, and consolidated cash flow statement for Q1 2025, detailing the financial position, operating results, and cash flows at the end of the reporting period; the company did not adopt new accounting standards for the first time in this period, and the quarterly report is unaudited (I) Financial Statements Includes the consolidated balance sheet, consolidated income statement, and consolidated cash flow statement, reflecting the company's assets, liabilities, owner's equity, revenue, expenses, profit, and cash inflows and outflows for Q1 2025 1. Consolidated Balance Sheet As of March 31, 2025, the company's total assets were RMB 2.042 billion, a 2.34% increase from the beginning of the period; total current assets were RMB 1.185 billion, and total non-current assets were RMB 858 million; total liabilities were RMB 2.553 billion, with current liabilities at RMB 2.045 billion and non-current liabilities at RMB 508 million; owner's equity attributable to the parent company was -RMB 494 million, minority interests were -RMB 17 million, and total owner's equity was -RMB 511 million, indicating persistently negative net assets Consolidated Balance Sheet | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Assets | | | | Total Current Assets | 1,184,629,835.39 | 1,129,357,419.11 | | Total Non-current Assets | 857,866,887.97 | 866,360,223.01 | | Total Assets | 2,042,496,723.36 | 1,995,717,642.12 | | Liabilities | | | | Total Current Liabilities | 2,045,192,800.38 | 1,924,644,829.41 | | Total Non-current Liabilities | 508,055,500.27 | 492,427,835.02 | | Total Liabilities | 2,553,248,300.65 | 2,417,072,664.43 | | Owner's Equity | | | | Total Owner's Equity Attributable to Parent Company | -493,652,976.34 | -432,840,659.21 | | Minority Interests | -17,098,600.95 | 11,485,636.90 | | Total Owner's Equity | -510,751,577.29 | -421,355,022.31 | - Cash and cash equivalents at period-end amounted to RMB 9,012,776.10, while accounts receivable reached RMB 1,023,063,349.86[30][31] - Other payables amounted to RMB 1,324,188,274.25, including interest payable of RMB 12,738,377.66[32] - Undistributed profits were -RMB 1,650,519,734.61, further deteriorating from the beginning of the period[32] 2. Consolidated Income Statement In Q1 2025, the company's total operating revenue was RMB 45.80 million, a 22.50% year-over-year decrease; total operating costs were RMB 106 million, with financial expenses significantly increasing by 181.54% year-over-year; the company reported a net loss of RMB 89.40 million, and net loss attributable to parent company owners was RMB 60.81 million, widening the loss compared to the prior year period Consolidated Income Statement | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 45,795,675.76 | 59,091,762.31 | | Total Operating Costs | 106,127,907.23 | 89,749,307.79 | | Including: Operating Cost | 47,500,988.09 | 54,604,638.79 | | Selling Expenses | 2,939,791.68 | 5,103,682.48 | | Administrative Expenses | 19,053,546.04 | 16,085,180.97 | | Financial Expenses | 34,973,280.67 | 12,422,196.09 | | Credit Impairment Losses | -31,953,818.21 | -47,021,483.23 | | Operating Profit | -89,172,407.89 | -77,433,335.93 | | Total Profit | -89,396,554.98 | -81,120,269.42 | | Net Profit | -89,396,554.98 | -81,120,269.42 | | Net Profit Attributable to Parent Company Owners | -60,812,317.13 | -47,505,902.27 | | Basic Earnings Per Share | -0.1736 | -0.1356 | - Investment income for the current period was RMB 2,900,000.00, compared to RMB 0 in the prior period[35] - Minority interest loss was -RMB 28,584,237.85, an improvement from -RMB 33,614,367.15 in the prior period[36] 3. Consolidated Cash Flow Statement In Q1 2025, net cash flow from operating activities was -RMB 71.84 million, a 118.90% year-over-year deterioration primarily due to reduced sales collections; net cash flow from investing activities turned positive to RMB 1.17 million, mainly from other cash received related to investing activities; net cash flow from financing activities was RMB 68.55 million, a 117.58% year-over-year increase primarily due to increased borrowings; cash and cash equivalents balance at period-end was RMB 3.29 million Consolidated Cash Flow Statement | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -71,835,780.49 | -32,816,721.93 | | Net Cash Flow from Investing Activities | 1,174,560.80 | -2,690,657.00 | | Net Cash Flow from Financing Activities | 68,545,138.96 | 31,502,907.79 | | Net Increase in Cash and Cash Equivalents | -2,116,098.55 | -3,984,366.60 | | Cash and Cash Equivalents at Period-End | 3,289,786.32 | 2,316,745.24 | - Cash received from sales of goods and rendering of services for the current period was RMB 39,130,032.28, a year-over-year decrease of approximately 20.8% from RMB 49,400,392.01 in the prior period[38] - Cash paid for goods and services for the current period was RMB 88,612,091.37, a year-over-year increase of approximately 50.8% from RMB 58,777,551.13 in the prior period[39] - Other cash received related to investing activities was RMB 1,320,000.00 for the current period, compared to RMB 0 in the prior period[39] - Cash paid for debt repayment for the current period was RMB 288,981.79, a significant decrease from RMB 16,548,619.51 in the prior period[40] (II) Adjustments for First-time Adoption of New Accounting Standards in 2025 The company did not adopt new accounting standards for the first time in 2025, thus no adjustments to the opening financial statements for the first year of adoption are required - The company did not adopt new accounting standards for the first time in 2025[41] (III) Audit Report The company's Q1 2025 report is unaudited - The company's first quarter report is unaudited[41]