YAXING CHEMICAL(SH:600319)2020-10-23 16:00Financial Performance - Operating revenue for the first nine months dropped by 96.95% to CNY 42,842,047.28 compared to the same period last year[6]. - Net profit attributable to shareholders was a loss of CNY 19,979,155.37, a decrease of 202.25% compared to the same period last year[6]. - The company's net loss for the first three quarters of 2020 was CNY 1,096,767,039.05, worsening from a loss of CNY 1,075,911,794.01 in the same period of 2019[27]. - The company reported a significant drop in operating revenue for Q3 2020, totaling CNY 4,096,705.62, down from CNY 445,689,240.04 in Q3 2019, a decrease of about 99.1%[28]. - The net loss for Q3 2020 was CNY 4,508,076.34, compared to a net loss of CNY 1,478,093.06 in Q3 2019, indicating a worsening financial performance[32]. - The total profit loss for the first three quarters of 2020 reached CNY 20,855,245.04, compared to a profit of CNY 19,442,770.82 in the same period of 2019[32]. Assets and Liabilities - Total assets increased by 21.70% to CNY 1,583,452,787.38 compared to the end of the previous year[6]. - Current assets decreased to CNY 254,872,000.72 from CNY 498,443,435.11, a decline of about 48.9%[23]. - Total liabilities rose to CNY 1,538,849,035.64 from CNY 1,236,548,793.69, an increase of approximately 24.5%[24]. - The company’s total equity decreased to CNY 44,603,751.74 from CNY 64,582,907.11, a decline of approximately 30.9%[24]. - The company reported a significant decrease in cash and cash equivalents, down 53.81% to ¥144,817,042.35 compared to the previous period[15]. - The company’s total liabilities included short-term borrowings of 838,265,722.88 RMB, reflecting the ongoing financing strategy amidst cash flow challenges[41]. Cash Flow - Net cash flow from operating activities for the first nine months was -CNY 70,270,474.18, a decrease of 157.28% compared to the same period last year[6]. - Cash flow from operating activities for the first three quarters of 2020 was negative at CNY -70,270,474.18, a decline from a positive cash flow of CNY 122,672,039.93 in the same period of 2019[33]. - The company incurred total cash outflows from operating activities of 167,954,570.26 RMB, a reduction of about 82% compared to 923,917,149.73 RMB in the previous year[37]. - The cash flow from financing activities showed a net outflow of -71,242,636.53 RMB, compared to -137,968,339.57 RMB in the previous year, representing an improvement of about 48%[38]. Shareholder Information - The total number of shareholders at the end of the reporting period was 12,690[9]. - The largest shareholder, Beijing Guangyao Dongfang Commercial Management Co., Ltd., held 12.67% of the shares[9]. Operational Changes - The company is currently in the process of relocating and rebuilding, with plans to complete a 50,000 tons/year CPE facility by the end of the year and a 120,000 tons/year caustic soda facility by early 2021[18]. - The company received government compensation of ¥600 million for relocation, with ¥440 million received in the current period[17]. - The company anticipates a potential net loss for the year due to ongoing production suspension during the relocation[19]. Inventory and Receivables - Accounts receivable decreased by 81.79% to ¥9,895,295.86, primarily due to reduced sales volume following production suspension[15]. - Inventory decreased by 34.65% to ¥60,086,436.60, attributed to the sale of finished products and raw materials during the production halt[15]. - The company reported a total of 91,940,446.20 RMB in inventory as of Q3 2020, remaining unchanged from the previous reporting period[41]. Research and Development - The company’s R&D expenses decreased by 66.20% to ¥1,207,039.02, reflecting reduced operational activities[15]. - Research and development expenses for Q3 2020 were CNY 350,354.57, down from CNY 1,253,543.07 in Q3 2019, reflecting a reduction in investment in innovation[31].