南京商旅(600250) - 2021 Q3 - 季度财报

Key Financial Data The company's performance declined significantly in the first three quarters of 2021, with a sharp drop in revenue and a shift from profit to loss Core Financial Indicators The company's performance declined significantly in the first three quarters of 2021, marked by falling revenue, a substantial net loss, and shrinking assets and equity Key Financial Indicators for the First Three Quarters of 2021 | Indicator | YTD to Reporting Period End | Same Period Last Year | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 577,712,049.94 | 627,884,338.32 | -7.99% | | Net Profit Attributable to Shareholders (Yuan) | -98,144,655.51 | 45,461,828.58 | -315.88% | | Net Profit after Non-recurring Items (Yuan) | -109,058,381.37 | 13,062,608.29 | -934.89% | | Net Cash Flow from Operating Activities (Yuan) | -38,256,831.55 | 14,312,442.87 | -367.30% | | Basic Earnings Per Share (Yuan/share) | -0.32 | 0.15 | -313.33% | | Weighted Average Return on Equity (%) | -11.42% | 4.16% | Decreased by 15.58 percentage points | | Balance Sheet Indicators | End of Reporting Period | End of Previous Year | Period-end vs Year-start Change (%) | | Total Assets (Yuan) | 2,175,328,749.94 | 2,350,109,852.68 | -7.44% | | Equity Attributable to Shareholders (Yuan) | 781,428,256.78 | 940,008,097.51 | -16.87% | - The company completed the acquisition of a 51% stake in Nanshang Operation at the end of 2020, a business combination under common control, leading to a retrospective adjustment of the comparative financial statements for 2020[4] Analysis of Non-recurring Gains and Losses In the first three quarters of 2021, the company recorded total non-recurring gains and losses of approximately 10.91 million Yuan, primarily from government subsidies and fair value gains Non-recurring Gains and Losses for the First Three Quarters of 2021 | Item | YTD Amount (Yuan) | | :--- | :--- | | Government Subsidies | 1,256,934.46 | | Gains/Losses from Trading Financial Assets | 1,222,722.36 | | Other Items Defined as Non-recurring | 9,975,313.46 | | Total | 10,913,725.86 | Reasons for Changes in Key Financial Indicators The performance decline was driven by lower import trade and tourism revenue, with the net loss mainly caused by a sharp drop in investment income from associates - Q3 operating revenue decreased by 41.96% year-over-year, mainly due to a decline in import trade volume and the impact of the epidemic on the tourism business[6] - The significant losses in net profit attributable to shareholders were primarily caused by a sharp year-over-year decline in investment income resulting from lower net profits of associate companies[6] - Net cash flow from operating activities for the year-to-date period decreased by 367.30% year-over-year, mainly due to an increase in cash paid for goods and services[8] Shareholder Information The company's shareholder base is led by a state-owned controlling shareholder, with a concerted party recently increasing its stake Shareholder Structure and Holdings As of the reporting period end, the company had 12,436 common shareholders, with Nanjing Tourism Group Co, Ltd holding a 33.68% controlling stake - At the end of the reporting period, the company had 12,436 common shareholders[10] Top Five Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio (%) | | :--- | :--- | :--- | | Nanjing Tourism Group Co, Ltd | State-owned Legal Person | 33.68% | | Nanjing Fuzimiao Culture & Tourism Group Co, Ltd | State-owned Legal Person | 12.18% | | China Securities Investor Protection Fund Corporation | State-owned Legal Person | 5.99% | | Nanjing Xinjiekou Department Store Co, Ltd | State-owned Legal Person | 1.35% | | Hu Zhijian | Domestic Individual | 1.06% | - The concerted party of the controlling shareholder completed its shareholding increase plan between March and July 2021, accumulatively increasing its stake by 0.99%[11] Quarterly Financial Statements This section presents the consolidated balance sheet, income statement, and cash flow statement, along with adjustments from the adoption of the new lease standard Consolidated Balance Sheet As of September 30, 2021, total assets were 2.18 billion Yuan and total equity was 0.78 billion Yuan, both decreasing from the beginning of the year Key Balance Sheet Items | Item | Sep 30, 2021 (Yuan) | Dec 31, 2020 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,175,328,749.94 | 2,350,109,852.68 | -7.44% | | Total Liabilities | 1,224,455,891.52 | 1,242,321,455.89 | -1.44% | | Equity Attributable to Parent Company | 781,428,256.78 | 940,008,097.51 | -16.87% | Consolidated Income Statement For the first three quarters of 2021, a sharp reversal in investment income from gain to loss drove the company to a significant net loss of 98.14 million Yuan Key Income Statement Items (YTD) | Item | Q1-Q3 2021 (Yuan) | Q1-Q3 2020 (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 577,712,049.94 | 627,884,338.32 | -7.99% | | Investment Income | -79,758,316.87 | 68,375,551.27 | From gain to loss | | Incl: Income from Associates | -90,852,868.66 | 44,313,302.76 | From gain to loss, main drag | | Operating Profit | -75,071,364.51 | 47,568,871.97 | From profit to loss | | Net Profit Attributable to Parent Company | -98,144,655.51 | 45,461,828.58 | From profit to loss | Consolidated Cash Flow Statement The company's cash flow deteriorated in the first three quarters of 2021, with negative cash flows from operating, investing, and financing activities Key Cash Flow Statement Items (YTD) | Item | Q1-Q3 2021 (Yuan) | Q1-Q3 2020 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -38,256,831.55 | 14,312,442.87 | | Net Cash Flow from Investing Activities | -54,774,356.18 | 89,468,190.88 | | Net Cash Flow from Financing Activities | -136,694,093.63 | -251,509,591.16 | | Net Increase in Cash and Cash Equivalents | -229,158,640.88 | -147,495,592.96 | Adoption and Adjustment of New Lease Standard Effective January 1, 2021, the company adopted the new lease standard, adjusting its opening balance sheet by recognizing right-of-use assets and lease liabilities - The company adopted the new lease standard from January 1, 2021, and adjusted the relevant items in the opening financial statements[26] Key Adjustments to Opening Balance Sheet for New Lease Standard | Adjustment Item | Adjustment Amount (Yuan) | | :--- | :--- | | Assets Increase | | | Right-of-use Assets | +128,392,598.68 | | Liabilities Increase | | | Non-current Liabilities Due within One Year | +4,082,712.00 | | Lease Liabilities | +128,957,016.35 | | Equity Decrease | | | Retained Earnings | -2,370,036.13 | | Minority Interest | -2,277,093.54 |