黄河旋风(600172) - 2020 Q3 - 季度财报

Important Notice The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this unaudited quarterly report - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility[6] - All company directors attended the board meeting to review the quarterly report[6] - Company head Pang Wenlong, chief accountant Chen Zhiqiang, and head of accounting Guo Hui guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[6] - This third-quarter report is unaudited[6] Company Profile As of September 2020, total assets increased by 4.26% year-on-year, but net assets attributable to shareholders decreased by 2.75%, with net profit turning to loss Key Financial Data As of September 2020, total assets reached CNY 11.35 billion, up 4.26%, but net assets attributable to shareholders decreased by 2.75% to CNY 4.08 billion Balance Sheet Key Data (as of September 30, 2020): | Indicator | Current Period End (CNY) | Prior Year End (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 11,349,209,886.82 | 10,885,960,378.14 | 4.26 | | Net Assets Attributable to Shareholders | 4,083,144,561.63 | 4,198,532,707.81 | -2.75 | Income Statement and Cash Flow Statement Key Data (Year-to-date, Jan-Sep): | Indicator | Year-to-date (Jan-Sep) (CNY) | Prior Year-to-date (Jan-Sep) (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 112,233,305.24 | 169,623,940.11 | -33.83 | | Operating Revenue | 1,910,739,938.88 | 2,272,652,492.83 | -15.92 | | Net Profit Attributable to Shareholders | -115,444,476.99 | 58,399,374.57 | -297.68 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -117,411,573.85 | 36,768,923.53 | -419.32 | | Weighted Average ROE (%) | -2.79 | 1.30 | Decreased by 4.09 percentage points | | Basic EPS (CNY/share) | -0.0800 | 0.0402 | -299.00 | | Diluted EPS (CNY/share) | -0.0800 | 0.0402 | -299.00 | Non-recurring Gains and Losses (Jan-Sep): | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains/losses | -342,867.66 | | | Government grants included in current profit/loss | 6,646,857.83 | Amortization of deferred income and government grant awards | | Other non-operating income and expenses | -3,989,776.22 | | | Income tax impact | -347,117.09 | | | Total | 1,967,096.86 | | Shareholder Information as of Report End As of the report end, the company had 67,821 shareholders, with controlling shareholder Henan Huanghe Industrial Group Co., Ltd. holding 18.18%, largely pledged - Total shareholders: 67,821 accounts[13] Top Ten Shareholders' Holdings (as of Report End): | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Restricted Shares Held (shares) | Pledged or Frozen Status (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Henan Huanghe Industrial Group Co., Ltd. | 262,218,761 | 18.18 | 26,035,713 | Pledged 248,691,000 | Domestic Non-state-owned Legal Person | | Chen Jun | 72,988,524 | 5.06 | 72,150,155 | Pledged 72,988,524 | Domestic Natural Person | | Japan United Materials Co. | 71,797,763 | 4.98 | 52,033,464 | None 0 | Overseas Legal Person | | Zhongyuan Jinxiang Investment Management Co., Ltd. - Zhongyuan Jinxiang Henan Private Listed Company Development Support No. 1 Private Equity Investment Fund | 56,156,256 | 3.89 | 0 | None 0 | Domestic Non-state-owned Legal Person | | Qiao Qiusheng | 31,440,941 | 2.18 | 0 | Pledged 31,300,000 | Domestic Natural Person | | Shen Shanjun | 13,500,000 | 0.94 | 10,800,000 | Pledged 13,500,000 | Domestic Natural Person | | Guoyuan Securities Co., Ltd. | 6,942,858 | 0.48 | 6,942,858 | None 0 | Other | | Chen Xiaoyue | 5,000,000 | 0.35 | 0 | None 0 | Domestic Natural Person | | Gao Changquan | 4,711,800 | 0.33 | 0 | None 0 | Domestic Natural Person | | Wang Yanli | 4,681,049 | 0.32 | 0 | None 0 | Domestic Natural Person | - The controlling shareholder, Henan Huanghe Industrial Group Co., Ltd., has no related party relationship with other shareholders and is not an acting-in-concert party[14] Significant Matters Key financial statement items and indicators experienced significant changes due to factors like reduced bank acceptance bills, increased intercompany receivables, land acquisition, and reclassification of long-term debt Significant Changes in Key Financial Statement Items and Indicators and Their Reasons Significant changes in financial items include a 66.60% decrease in accounts receivable financing and a 46.98% increase in other receivables, driven by various operational and reclassification events Major Accounting Statement Item Changes (as of Report End/Current Period vs. Beginning of Period/Prior Period): | Item Name | Period-end/Current Period Amount (CNY) | Period-beginning/Prior Period Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 12,656,684.32 | 37,896,657.29 | -66.60 | Primarily due to a decrease in the company's outstanding bank acceptance bills at period-end | | Other Receivables | 325,174,082.47 | 221,240,175.46 | 46.98 | Primarily due to an increase in intercompany receivables | | Assets Held for Sale | 462,050,600.11 | 0 | New | Primarily the company's land acquisition assets | | Long-term Receivables | 8,000,000.00 | 13,800,000.00 | -42.03 | Primarily due to finance lease maturity, with the final lease payment made from the deposit | | Taxes Payable | 29,306,636.45 | 19,463,192.99 | 50.57 | Primarily due to an increase in VAT payable at the end of the current period compared to the beginning of the period | | Other Payables | 911,910,206.27 | 464,975,013.01 | 96.12 | Primarily due to land acquisition funds received in the current period | | Non-current Liabilities Due Within One Year | 760,408,839.14 | 278,186,399.02 | 173.35 | Primarily due to an increase in the current portion of long-term borrowings and long-term payables | | Long-term Borrowings | 301,731,608.33 | 549,445,162.43 | -45.08 | Primarily due to an increase in the portion reclassified to current liabilities in the current period | | Other Comprehensive Income | 96,260.21 | 39,929.40 | 141.08 | Primarily due to foreign currency translation differences | | Taxes and Surcharges | 33,467,738.18 | 22,102,314.21 | 51.42 | Primarily due to an increase in property tax in the current period | | Other Income | 6,646,857.83 | 21,006,299.98 | -68.36 | Primarily due to government grants | | Investment Income | 1,203,969.23 | 36,189,987.87 | -96.67 | Primarily due to the disposal of subsidiary equity in the prior period | | Gains from Changes in Fair Value | 0 | -75,970,125.90 | -100.00 | Primarily due to performance compensation in the prior period | | Credit Impairment Losses | -32,365,651.87 | -22,550,014.82 | 43.53 | Primarily due to increased bad debt provisions for receivables in the current period | | Asset Impairment Losses | 37,608.77 | -931,705.71 | -104.04 | Primarily due to the write-off of some previously impaired inventory in the current period | | Asset Disposal Income | -342,867.66 | -151,151.79 | 126.84 | Primarily due to losses from the disposal of fixed assets in the current period | | Non-operating Income | 674,153.96 | 86,616,949.98 | -99.22 | Primarily due to performance compensation in the prior period | | Income Tax Expense | -4,070,969.50 | -23,651,796.41 | -82.79 | Primarily due to losses in the current period | Appendix The appendix provides unaudited consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements, along with adjustments for new revenue standards Financial Statements This section presents the company's unaudited consolidated and parent company financial statements, covering the balance sheet, income statement, and cash flow statement Consolidated Balance Sheet As of September 30, 2020, consolidated total assets were CNY 11.35 billion, up 4.26% from 2019 year-end, with significant new assets held for sale Consolidated Balance Sheet Key Data (as of September 30, 2020): | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Assets | 11,349,209,886.82 | 10,885,960,378.14 | | Total Current Assets | 4,741,632,791.15 | 3,610,793,207.21 | | Total Non-current Assets | 6,607,577,095.67 | 7,275,167,170.93 | | Total Liabilities | 7,266,065,325.19 | 6,687,427,670.33 | | Total Current Liabilities | 6,414,256,404.51 | 5,466,359,435.67 | | Total Non-current Liabilities | 851,808,920.68 | 1,221,068,234.66 | | Total Equity Attributable to Parent Company Shareholders | 4,083,144,561.63 | 4,198,532,707.81 | - Assets held for sale increased by CNY 462,050,600.11[19] - Short-term borrowings were CNY 2,853,945,020.74 and notes payable were CNY 1,374,982,307.50[20] Parent Company Balance Sheet As of September 30, 2020, parent company total assets were CNY 11.27 billion, up 4.18% from 2019 year-end, with new assets held for sale Parent Company Balance Sheet Key Data (as of September 30, 2020): | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Assets | 11,272,491,246.65 | 10,820,556,996.32 | | Total Current Assets | 4,642,475,809.40 | 3,524,538,598.35 | | Total Non-current Assets | 6,630,015,437.25 | 7,296,018,397.97 | | Total Liabilities | 7,190,096,118.89 | 6,625,618,147.36 | | Total Current Liabilities | 6,338,287,198.21 | 5,404,549,912.70 | | Total Non-current Liabilities | 851,808,920.68 | 1,221,068,234.66 | | Total Shareholders' Equity | 4,082,395,127.76 | 4,194,938,848.96 | - Parent company assets held for sale increased by CNY 462,050,600.11[24] Consolidated Income Statement For the first three quarters of 2020, consolidated operating revenue decreased by 15.92% to CNY 1.91 billion, resulting in a net loss of CNY 115.44 million Consolidated Income Statement Key Data (Jan-Sep 2020 vs Jan-Sep 2019): | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,910,739,938.88 | 2,272,652,492.83 | -15.92 | | Total Operating Costs | 2,001,445,525.45 | 2,273,792,038.83 | -11.98 | | Operating Costs | 1,479,813,352.58 | 1,704,940,884.30 | -13.19 | | Financial Expenses | 229,302,428.07 | 279,235,062.49 | -17.90 | | Net Profit Attributable to Parent Company Shareholders | -115,444,476.99 | 58,399,374.57 | -297.68 | | Basic Earnings Per Share (CNY/share) | -0.0800 | 0.0402 | -299.00 | - Third quarter (Jul-Sep 2020) total operating revenue was CNY 706,733,230.34, a 15.02% increase year-on-year, but net profit attributable to parent company shareholders remained a loss of CNY 39,952,174.28[28][29] - Other income, investment income, gains from changes in fair value, and non-operating income significantly decreased year-on-year, while credit impairment losses increased year-on-year[28][29] Parent Company Income Statement For the first three quarters of 2020, parent company operating revenue decreased by 28.18% to CNY 1.34 billion, resulting in a net loss of CNY 112.54 million Parent Company Income Statement Key Data (Jan-Sep 2020 vs Jan-Sep 2019): | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,337,264,671.09 | 1,861,980,699.90 | -28.18 | | Operating Costs | 928,524,648.94 | 1,334,424,057.84 | -30.42 | | Financial Expenses | 223,135,683.17 | 265,858,372.88 | -16.07 | | Net Profit | -112,543,721.20 | 61,816,300.17 | -282.19 | | Basic Earnings Per Share (CNY/share) | -0.0780 | 0.0425 | -283.53 | - Third quarter (Jul-Sep 2020) operating revenue was CNY 573,913,977.17, an 18.34% increase year-on-year, but net profit remained a loss of CNY 38,416,310.98[32][34] - Investment income, gains from changes in fair value, and non-operating income significantly decreased year-on-year, while credit impairment losses increased year-on-year[34] Consolidated Cash Flow Statement For the first three quarters of 2020, net cash flow from operating activities decreased by 33.83% to CNY 112.23 million, while investment activities turned to a net inflow of CNY 345.31 million Consolidated Cash Flow Statement Key Data (Jan-Sep 2020 vs Jan-Sep 2019): | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 112,233,305.24 | 169,623,940.11 | -33.83 | | Net Cash Flow from Investment Activities | 345,307,440.85 | -266,496,647.11 | 229.45 | | Net Cash Flow from Financing Activities | -368,961,872.56 | 56,098,445.38 | -757.79 | | Net Increase in Cash and Cash Equivalents | 88,148,086.57 | -40,506,153.90 | 317.59 | - Net cash received from disposal of fixed assets, intangible assets, and other long-term assets was CNY 500,887,711.86[38] - Cash received from borrowings was CNY 2,781,648,136.69, and cash paid for debt repayment was CNY 2,843,424,047.42[39] Parent Company Cash Flow Statement For the first three quarters of 2020, parent company net cash flow from operating activities increased by 4.56% to CNY 107.62 million, and investment activities turned to a net inflow of CNY 345.30 million Parent Company Cash Flow Statement Key Data (Jan-Sep 2020 vs Jan-Sep 2019): | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 107,617,527.96 | 102,926,695.71 | 4.56 | | Net Cash Flow from Investment Activities | 345,298,423.61 | -262,670,013.63 | 231.42 | | Net Cash Flow from Financing Activities | -362,828,766.59 | 131,250,537.11 | -376.39 | | Net Increase in Cash and Cash Equivalents | 89,870,271.81 | -28,449,209.98 | 416.29 | - Net cash received from disposal of fixed assets, intangible assets, and other long-term assets was CNY 500,887,711.86[42] First-time Adoption of New Revenue and Lease Standards and Adjustments to Opening Financial Statements in 2020 The company adopted new revenue standards in 2020, reclassifying advance receipts to contract liabilities in both consolidated and parent company opening balance sheets Explanation of Consolidated Balance Sheet Adjustments On January 1, 2020, the consolidated balance sheet was adjusted to reclassify CNY 145.65 million from advance receipts to contract liabilities under new revenue standards Consolidated Balance Sheet Adjustments (January 1, 2020): | Item | December 31, 2019 (CNY) | January 1, 2020 (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Advance Receipts | 145,649,115.17 | 0 | -145,649,115.17 | | Contract Liabilities | 0 | 145,649,115.17 | 145,649,115.17 | - Advance receipts of CNY 145,649,115.17 were reclassified to contract liabilities according to new revenue standards[47] Explanation of Parent Company Balance Sheet Adjustments On January 1, 2020, the parent company balance sheet was adjusted to reclassify CNY 97.85 million from advance receipts to contract liabilities under new revenue standards Parent Company Balance Sheet Adjustments (January 1, 2020): | Item | December 31, 2019 (CNY) | January 1, 2020 (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Advance Receipts | 97,845,832.61 | 0 | -97,845,832.61 | | Contract Liabilities | 0 | 97,845,832.61 | 97,845,832.61 | - Advance receipts of CNY 97,845,832.61 were reclassified to contract liabilities according to new revenue standards[51]