江苏阳光(600220) - 2021 Q1 - 季度财报

Important Notice Report Authenticity and Audit Status The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, which remains unaudited - The company's management (directors, supervisors, and senior executives) guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or material omissions, and assume legal responsibility[9] - This company's Q1 2021 report is unaudited[5] Company Overview Key Financial Data In Q1 2021, the company's operating revenue slightly increased by 1.26% year-over-year, but net profit attributable to shareholders was -46.54 million CNY, with losses expanding by 19.47% from the prior year, while operating cash flow significantly grew by 117.78% and total assets decreased by 6.99% from year-end Key Financial Indicators for Q1 2021 | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Million CNY) | 292.95 | 289.31 | 1.26 | | Net Profit Attributable to Shareholders (Million CNY) | -46.54 | -38.95 | 19.47 (Loss Expansion) | | Net Profit After Non-Recurring Items (Million CNY) | -48.20 | -39.49 | 22.06 (Loss Expansion) | | Net Cash Flow from Operating Activities (Million CNY) | 90.39 | 41.50 | 117.78 | | Basic Earnings Per Share (CNY/share) | -0.0261 | -0.0218 | 19.72 (Loss Expansion) | | Weighted Average Return on Net Assets (%) | -2.31 | -1.81 | Decrease of 0.5 percentage points | | Balance Sheet Indicators | End of Current Period | End of Prior Year | Period-End vs. Year-Start Change (%) | | Total Assets (Billion CNY) | 4.57 | 4.91 | -6.99 | | Net Assets Attributable to Shareholders (Billion CNY) | 1.98 | 2.04 | -2.96 | Non-Recurring Gains and Losses for Q1 2021 | Item | Amount (Million CNY) | | :--- | :--- | | Government Grants | 1.07 | | Other Non-Operating Income and Expenses | 0.70 | | Other Items Defined as Non-Recurring Gains/Losses | 0.13 | | Total | 1.66 | Shareholder Ownership As of the report period end, the company had 100,784 shareholders, with controlling shareholder Jiangsu Sunshine Group Co., Ltd. and its concerted parties (Chen Lifen, Yu Qinfen, Sun Ningling) collectively holding 34.23% of voting rights, and most shares held by the top four shareholders being pledged - As of the report period end, the company had a total of 100,784 shareholders[11] - Controlling shareholder Jiangsu Sunshine Group Co., Ltd. and its concerted parties Ms. Chen Lifen, Ms. Yu Qinfen, and Ms. Sun Ningling collectively hold 34.23% of the company's voting rights[12] Top Four Shareholders' Holdings and Pledges | Shareholder Name | Holding Ratio (%) | Pledged Shares Quantity | Pledged as % of Holdings | | :--- | :--- | :--- | :--- | | Jiangsu Sunshine Group Co., Ltd. | 12.69 | 194,000,000 | Approx. 85.7% | | Chen Lifen | 8.31 | 31,381,020 | Approx. 21.2% | | Yu Qinfen | 8.09 | 144,300,000 | 100% | | Sun Ningling | 5.14 | 91,648,980 | 100% | Significant Matters Analysis of Significant Changes in Financial Statement Items During the reporting period, several financial items experienced significant changes: cash decreased by 29.14% due to loan repayments, intangible assets increased by 57.49% from new usufruct rights, sales expenses surged by 685.15% due to accounting changes and renovation, and operating profit loss expanded by 48.11% due to rising coal costs, while operating cash flow increased by 117.78% from higher sales collections, and financing cash flow saw a 520.16% outflow due to debt repayment Key Balance Sheet Changes and Causes | Item | Change (%) | Reason | | :--- | :--- | :--- | | Monetary Funds | -29.14 | Primarily due to repayment of bank loans in the current period | | Accounts Receivable Financing | -48.26 | Primarily due to decreased customer notes receivable in the current period | | Intangible Assets | 57.49 | Primarily due to new intangible assets—usufruct rights—in the current period | | Other Non-Current Assets | 255.94 | Primarily due to increased prepaid engineering costs in the current period | | Employee Compensation Payable | -71.63 | Primarily due to payment of last year's year-end bonus in the current period | Key Income Statement Changes and Causes | Item | Change (%) | Reason | | :--- | :--- | :--- | | Sales Expenses | 685.15 | Primarily due to sales personnel salaries being accounted for under this item and renovation of exhibition halls | | Credit Impairment Losses | -4722.15 | Primarily due to reversal of bad debt provisions resulting from decreased receivables in the current period | | Operating Profit | 48.11 (Loss Expansion) | Primarily due to increased coal prices in the thermal power industry leading to reduced profit in the current period | | Non-Operating Income | 71,705.50 | Primarily due to increased non-payable amounts in the current period | Key Cash Flow Statement Changes and Causes | Item | Change (%) | Reason | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 117.78 | Primarily due to increased cash received from sales of goods and provision of services in the current period | | Net Cash Flow from Investing Activities | -94.39 (Reduced Outflow) | Primarily due to increased cash received from disposal of long-term assets in the current period | | Net Cash Flow from Financing Activities | -520.16 | Primarily due to increased cash paid for debt repayment in the current period | Appendix: Financial Statements Consolidated Balance Sheet As of March 31, 2021, the company's total assets were 4.57 billion CNY, a 6.99% decrease from year-end; total liabilities were 2.34 billion CNY, down 10.70%; the asset-liability ratio decreased from 53.22% to 51.10%; and net assets attributable to shareholders were 1.98 billion CNY, down 2.96% from year-end Consolidated Balance Sheet Summary (Unit: Billion CNY) | Item | March 31, 2021 | December 31, 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Assets | | | | | Total Current Assets | 2.11 | 2.42 | -12.75% | | Total Non-Current Assets | 2.46 | 2.50 | -1.44% | | Total Assets | 4.57 | 4.91 | -6.99% | | Liabilities and Shareholder's Equity | | | | | Total Current Liabilities | 2.33 | 2.61 | -10.74% | | Total Non-Current Liabilities | 0.01 | 0.01 | 1.36% | | Total Liabilities | 2.34 | 2.62 | -10.70% | | Total Equity Attributable to Parent Company Owners | 1.98 | 2.04 | -2.96% | | Non-Controlling Interests | 0.25 | 0.26 | -1.31% | | Total Equity | 2.23 | 2.30 | -2.78% | | Total Liabilities and Equity | 4.57 | 4.91 | -6.99% | Consolidated Income Statement In Q1 2021, the company's operating revenue was 293 million CNY, up 1.26% year-over-year; however, due to increased operating costs (up 6.7%) and sales expenses (up 685.2%), operating profit recorded a loss of 48.46 million CNY, expanding by 48.11% year-over-year, with net profit attributable to parent company shareholders at -46.54 million CNY compared to -38.95 million CNY in the prior year Consolidated Income Statement Summary (Unit: Million CNY) | Item | 2021 Q1 | 2020 Q1 | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 292.95 | 289.31 | 1.26% | | Total Operating Costs | 348.08 | 322.84 | 7.82% | | Operating Costs | 259.88 | 243.55 | 6.70% | | Sales Expenses | 8.60 | 1.10 | 685.15% | | Operating Profit | -48.46 | -32.72 | 48.11% (Loss Expansion) | | Total Profit | -47.75 | -33.16 | 43.99% (Loss Expansion) | | Net Profit | -49.90 | -37.90 | 31.66% (Loss Expansion) | | Net Profit Attributable to Parent Company Shareholders | -46.54 | -38.95 | 19.47% (Loss Expansion) | Consolidated Cash Flow Statement In Q1 2021, net cash flow from operating activities was 90.39 million CNY, a significant 117.78% increase year-over-year, primarily due to higher cash receipts from sales; net cash outflow from investing activities significantly narrowed to 0.96 million CNY; net cash outflow from financing activities was 209 million CNY due to debt repayment, a stark contrast to the prior year's 49.67 million CNY inflow, resulting in a 135 million CNY decrease in cash and cash equivalents at period end Consolidated Cash Flow Statement Summary (Unit: Million CNY) | Item | 2021 Q1 | 2020 Q1 | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 90.39 | 41.50 | 117.78% | | Net Cash Flow from Investing Activities | -0.96 | -17.13 | -94.39% (Reduced Outflow) | | Net Cash Flow from Financing Activities | -208.69 | 49.67 | -520.16% | | Effect of Exchange Rate Changes on Cash | -15.77 | -13.78 | -14.44% | | Net Increase/Decrease in Cash and Cash Equivalents | -135.03 | 60.26 | -323.99% | Parent Company Financial Statements Parent company statements reflect the headquarters' financial position; in Q1 2021, the parent company reported a net loss of 28.02 million CNY, less than the consolidated loss of 46.54 million CNY, indicating some subsidiaries are unprofitable, and the parent company's operating cash flow of 220 million CNY significantly exceeded the consolidated 90.39 million CNY, suggesting potential net cash outflow from subsidiaries' operations or internal fund transfers - The parent company's net loss for Q1 2021 was 28.02 million CNY, while the consolidated net loss attributable to the parent was 46.54 million CNY, a difference of -18.52 million CNY, indicating a negative contribution from subsidiaries to current period net profit[26][28] - The parent company's net cash flow from operating activities was 220 million CNY, whereas the consolidated net cash flow from operating activities was 90 million CNY, suggesting an approximate 130 million CNY net cash outflow from subsidiaries' operating activities[30][31]