新赛股份(600540) - 2020 Q1 - 季度财报

I. Important Notice 1.1 Statement on Report Authenticity The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, disclaiming false statements or omissions, and assume legal responsibility; this report is unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[7] - Company head Ma Xiaohong, accounting supervisor Gao Weiquan, and head of the accounting department Li Jie declare the financial statements in the quarterly report are true, accurate, and complete[7] - This first quarter report is unaudited[7] II. Company Profile 2.1 Key Financial Data The company achieved a net profit attributable to shareholders of 1.804 million yuan in Q1 2020, reversing losses, with operating cash flow increasing by 536.81%; total assets decreased by 16.17%, and operating revenue by 24.97%, with non-recurring gains and losses totaling 6.678 million yuan Non-recurring Gains and Losses (Unit: Yuan, Currency: RMB) | 项目 | 本期金额 | 说明 | | :--- | :--- | :--- | | Government subsidies included in current profit and loss | 3,964,232.77 | Deferred income from Wushi Oil Company, Jingfang Company, Wenquan Mining Company, Keli Company, Zhengda Calcium Industry Company, etc., transferred to other income; headquarters ethnic trade interest subsidies, textile freight subsidies, Xinmin government subsidies | | Funds occupation fees collected from non-financial enterprises included in current profit and loss | 535,105.57 | Interest collected on loans to Puyao Glass | | Fair value change gains and losses from holding transactional financial assets, derivative financial assets, etc., and investment income from disposing of transactional financial assets, etc. | 41,464.16 | Xinsai Jingfang futures trading income | | Other non-operating income and expenses apart from the above items | 2,506,987.52 | Bohui Agriculture Company's inability to pay resulted in non-operating income of 2.84 million yuan, epidemic donation of 0.34 million yuan | | Impact of minority interests (after tax) | -63,231.67 | | | Income tax impact | -306,254.94 | | | Total | 6,678,303.41 | | 2020 First Quarter Key Financial Data Overview (Unit: Yuan, Currency: RMB) | 指标 | 本报告期末/年初至报告期末 | 上年度末/上年初至上年报告期末 | 变动率 (%) | | :--- | :--- | :--- | :--- | | Total assets | 1,356,664,657.99 | 1,618,388,714.24 | -16.17 | | Net assets attributable to listed company shareholders | 671,077,477.11 | 669,273,497.15 | 0.27 | | Net cash flow from operating activities | 113,278,128.68 | -25,933,171.28 | -536.81 | | Operating revenue | 218,140,575.13 | 290,733,707.49 | -24.97 | | Net profit attributable to listed company shareholders | 1,803,979.96 | -10,483,353.61 | (Turned loss into profit) | | Net profit attributable to listed company shareholders after deducting non-recurring gains and losses | -4,874,323.45 | -13,499,242.84 | (Loss narrowed) | | Weighted average return on net assets (%) | 0.0027 | -0.0164 | Increased by 0.0191 percentage points | | Basic earnings per share (yuan/share) | 0.0038 | 0.0056 | -32.14 | | Diluted earnings per share (yuan/share) | 0.0038 | 0.0056 | -32.14 | 2.2 Shareholder Holdings at Period-End As of the end of the reporting period, the company's total share capital was 470,923,313 shares; Xinjiang Aibihu Agricultural, Industrial and Commercial United Enterprise General Company is the largest shareholder with 42.17%, a state-owned legal entity, while other top ten shareholders are individuals, each holding less than 1.28%, with no disclosed related party relationships Top Ten Shareholders' Holdings (Unit: Shares) | 股东名称（全称） | 期末持股数量 | 期末持股比例 (%) | 股份状态 | 股东性质 | | :--- | :--- | :--- | :--- | :--- | | Xinjiang Aibihu Agricultural, Industrial and Commercial United Enterprise General Company | 198,602,959 | 42.17 | Unrestricted | State-owned legal entity | | Liu Min | 6,008,285 | 1.28 | Unknown | Unknown | | Wang Wei | 5,106,400 | 1.08 | Unknown | Unknown | | Yang Mei | 4,974,000 | 1.06 | Unknown | Unknown | | Hu Qingsong | 3,901,343 | 0.83 | Unknown | Unknown | | Ding Min | 3,642,000 | 0.77 | Unknown | Unknown | | Liu Yongsheng | 2,692,300 | 0.57 | Unknown | Unknown | | Qiu Yusang | 2,573,000 | 0.55 | Unknown | Unknown | | Shu Jinhai | 2,224,200 | 0.47 | Unknown | Unknown | | Zhang Yaoming | 2,220,000 | 0.47 | Unknown | Unknown | - Xinjiang Aibihu Agricultural, Industrial and Commercial United Enterprise General Company is affiliated with the State-owned Assets Supervision and Administration Commission of the Fifth Division of Xinjiang Production and Construction Corps[10] - Excluding the largest shareholder, it is unknown whether other shareholders have related party relationships or are acting in concert as defined by the "Measures for the Administration of the Takeover of Listed Companies"[10] 2.3 Preferred Shareholder Information at Period-End As of the end of the reporting period, the company had no preferred shareholders - Not applicable[10] III. Significant Events 3.1 Analysis of Major Changes in Financial Statement Items and Indicators The company's major financial statement items and indicators underwent significant changes in Q1 2020, with the balance sheet showing substantial decreases in monetary funds, inventories, short-term borrowings, and advances from customers, while notes receivable and prepayments increased; the income statement reflected a turnaround to net profit, driven by significant growth in other operating income, other income, investment income, and non-operating income, coupled with reductions in taxes and surcharges, administrative expenses, financial expenses, and credit impairment losses; the cash flow statement showed operating cash flow turning positive and a significant decrease in net cash flow from financing activities 1. Major Balance Sheet Changes The balance sheet shows significant decreases in monetary funds, inventories, short-term borrowings, and advances from customers, primarily due to bank loan repayments, smooth product sales, and timely cash collection; notes receivable and prepayments increased, reflecting new business expansion and increased advance payments for goods Major Balance Sheet Changes (Period-end vs. Period-beginning) | 项目 | 期末金额 (元) | 期初金额 (元) | 变动金额 (元) | 变动率 (%) | | :--- | :--- | :--- | :--- | :--- | | Monetary funds | 156,932,855.59 | 244,848,411.21 | -87,915,555.62 | -35.91 | | Notes receivable | 5,664,000.00 | 600,000.00 | 5,064,000.00 | 844.00 | | Prepayments | 59,345,768.85 | 35,124,935.49 | 24,220,833.36 | 68.96 | | Inventories | 168,999,355.12 | 363,150,508.15 | -194,151,153.03 | -53.46 | | Short-term borrowings | 372,500,000.00 | 561,100,000.00 | -188,600,000.00 | -33.61 | | Advances from customers | 44,828,247.83 | 79,037,615.33 | -34,209,367.50 | -43.28 | | Taxes payable | 1,940,039.04 | 5,534,915.74 | -3,594,876.70 | -64.95 | - Monetary funds decreased by 35.91%, mainly due to the company repaying 70 million yuan in bank loans during the period[14] - Inventories decreased by 53.46%, primarily due to earlier-than-usual sales of lint, cotton yarn, and calcium oxide products, leading to reduced inventory[14] 2. Major Income Statement Changes The company's net profit turned from a loss of 11.316 million yuan in the prior year to a profit of 1.392 million yuan, mainly driven by significant increases in other operating income, other income, investment income, and non-operating income, alongside reductions in taxes and surcharges, administrative expenses, financial expenses, and credit impairment losses, with government subsidies and associate company earnings contributing significantly Major Income Statement Changes (Current period vs. Prior period) | 项目 | 本期金额 (元) | 上期金额 (元) | 变动金额 (元) | 变动率 (%) | | :--- | :--- | :--- | :--- | :--- | | Other operating income | 12,401,973.93 | 3,048,395.13 | 9,353,578.80 | 306.84 | | Other operating costs | 10,759,864.19 | 977,139.90 | 9,782,724.29 | 1001.16 | | Business taxes and surcharges | 705,848.42 | 1,109,011.78 | -403,163.36 | -36.35 | | Asset impairment losses | -7,965.55 | -332,555.09 | 324,589.54 | -97.60 | | Credit impairment losses | 2,496,238.06 | | 2,496,238.04 | 100.00 | | Other income | 2,664,724.44 | 184,739.70 | 2,479,984.74 | 1,342.42 | | Investment income | 4,392,315.17 | -511,813.85 | 4,904,129.02 | -958.19 | | Non-operating income | 2,843,427.01 | 710.15 | 2,842,716.86 | 400,298.09 | | Non-operating expenses | 341,214.00 | 25.00 | 341,189.00 | 1,364,756.00 | | Net profit | 1,392,277.02 | -11,316,048.21 | 12,708,325.23 | -112.30 | - Other operating income increased by 306.84% year-on-year, mainly due to 10.69 million yuan in raw cotton sales from Xinsai Textile Company and 1.70 million yuan in rental income from Urumqi Xinsai Oil Company[17] - Net profit for the current period was 1.3923 million yuan, an increase of 12.7083 million yuan compared to -11.3160 million yuan in the prior year, primarily due to increased raw cotton sales, reduced expenses, and increased other income, investment income, and non-operating income[20] 3. Major Cash Flow Statement Changes Net cash flow from operating activities turned positive to 113.2781 million yuan from a negative value in the prior year, mainly due to increased cash collection from product sales; net cash flow from financing activities significantly decreased by 291.16%, primarily due to increased loan repayments after product sales cash collection Major Cash Flow Statement Changes (Current period vs. Prior period) | 项目 | 本期金额 (元) | 上期金额 (元) | 变动金额 (元) | 变动率 (%) | | :--- | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 113,278,128.68 | -25,933,171.28 | 139,211,299.96 | -536.81 | | Net cash flow from investing activities | -2,426,297.91 | -2,825,803.16 | 399,505.25 | -14.14 | | Net cash flow from financing activities | -198,767,386.39 | -50,815,371.52 | -147,952,014.87 | 291.16 | - Net cash flow from operating activities increased by 139.2113 million yuan year-on-year, mainly due to increased cash received from product sales in the current period[21] - Net cash flow from financing activities decreased by 147.9520 million yuan year-on-year, mainly due to increased repayment of borrowings from product sales cash collection in the current period[22] 3.2 Progress of Significant Events The company had no significant events requiring disclosure of progress during the reporting period - Not applicable[23] 3.3 Unfulfilled Commitments Beyond Due Date The company had no unfulfilled commitments beyond their due date during the reporting period - Not applicable[23] 3.4 Cumulative Net Profit Forecast Warning The company did not issue a warning regarding potential cumulative net profit loss or significant change from the beginning of the year to the end of the next reporting period - Not applicable[23] IV. Appendix 4.1 Financial Statements This appendix includes the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2020, providing detailed financial data Consolidated Balance Sheet As of March 31, 2020, the company's consolidated total assets were 1.357 billion yuan, a 16.17% decrease from year-end 2019; consolidated total liabilities were 712 million yuan, and total owner's equity was 645 million yuan Consolidated Balance Sheet Key Data (Unit: Yuan) | 项目 | 2020年3月31日 | 2019年12月31日 | | :--- | :--- | :--- | | Total assets | 1,356,664,657.99 | 1,618,388,714.24 | | Total liabilities | 712,071,950.16 | 975,188,283.43 | | Total owner's equity (or shareholder's equity) | 644,592,707.83 | 643,200,430.81 | - Total current assets were 571.6467 million yuan, and total non-current assets were 785.0179 million yuan[26][27] - Total current liabilities were 575.9116 million yuan, and total non-current liabilities were 136.1604 million yuan[27][28] Parent Company Balance Sheet As of March 31, 2020, the parent company's total assets were 1.425 billion yuan, a slight decrease from year-end 2019; total liabilities were 536 million yuan, and total owner's equity was 889 million yuan Parent Company Balance Sheet Key Data (Unit: Yuan) | 项目 | 2020年3月31日 | 2019年12月31日 | | :--- | :--- | :--- | | Total assets | 1,425,244,820.94 | 1,460,990,444.69 | | Total liabilities | 536,235,915.61 | 568,419,032.25 | | Total owner's equity (or shareholder's equity) | 889,008,905.33 | 892,571,412.44 | - Parent company's total current assets were 597.1494 million yuan, and total non-current assets were 828.0954 million yuan[31] - Parent company's total current liabilities were 456.1875 million yuan, and total non-current liabilities were 80.0484 million yuan[32] Consolidated Income Statement In Q1 2020, the company's consolidated net profit was 1.392 million yuan, reversing a loss of 11.316 million yuan in the prior year; total operating revenue decreased by 24.97% year-on-year, but significant growth in other income, investment income, and non-operating income were the main drivers of profitability Consolidated Income Statement Key Data (Unit: Yuan) | 项目 | 2020年第一季度 | 2019年第一季度 | | :--- | :--- | :--- | | Total operating revenue | 218,140,575.13 | 290,733,707.49 | | Total operating costs | 228,795,823.24 | 301,385,921.84 | | Operating profit | -1,109,935.99 | -11,311,843.59 | | Total profit | 1,392,277.02 | -11,311,158.44 | | Net profit | 1,392,277.02 | -11,316,048.21 | | Net profit attributable to parent company shareholders | 1,803,979.96 | -10,483,353.61 | | Basic earnings per share (yuan/share) | 0.0038 | 0.0056 | - Other income of 2.6647 million yuan, investment income of 4.3923 million yuan, and non-operating income of 2.8434 million yuan significantly contributed to net profit[33] Parent Company Income Statement In Q1 2020, the parent company's net loss was 3.5625 million yuan, a significant reduction from a loss of 9.9541 million yuan in the prior year; the parent company had no operating revenue this period, but investment income of 4.3509 million yuan and other income of 0.0681 million yuan played a key role in narrowing the loss Parent Company Income Statement Key Data (Unit: Yuan) | 项目 | 2020年第一季度 | 2019年第一季度 | | :--- | :--- | :--- | | Operating revenue | 0 | 4,183,003.68 | | Operating profit | -3,362,507.11 | -9,954,128.32 | | Total profit | -3,562,507.11 | -9,954,117.17 | | Net profit | -3,562,507.11 | -9,954,117.17 | | Basic earnings per share (yuan/share) | -0.0076 | -0.0001 | - The parent company had no operating revenue this period, but investment income of 4.3509 million yuan and reduced administrative and financial expenses helped narrow the loss[38] Consolidated Cash Flow Statement In Q1 2020, the company's consolidated net cash flow from operating activities was 113.2781 million yuan, a significant improvement from -25.9332 million yuan in the prior year, mainly due to increased cash received from product sales; net cash flow from financing activities was -198.7674 million yuan, primarily due to increased repayment of borrowings Consolidated Cash Flow Statement Key Data (Unit: Yuan) | 项目 | 2020年第一季度 | 2019年第一季度 | | :--- | :--- | :--- | | Net cash flow from operating activities | 113,278,128.68 | -25,933,171.28 | | Net cash flow from investing activities | -2,426,297.91 | -2,825,803.16 | | Net cash flow from financing activities | -198,767,386.39 | -50,815,371.52 | | Net increase in cash and cash equivalents | -87,915,555.62 | -79,574,345.96 | | Cash and cash equivalents at period-end | 156,932,855.59 | 118,008,945.52 | - Cash received from sales of goods and services was 195.7360 million yuan, an increase from the prior year[39] - Cash paid for debt repayment was 288.6000 million yuan, an increase from the prior year[40] Parent Company Cash Flow Statement In Q1 2020, the parent company's net cash flow from operating activities was 55.5842 million yuan, a significant improvement from -63.4566 million yuan in the prior year; net cash flow from financing activities was -87.8218 million yuan, mainly due to increased cash paid for debt repayment Parent Company Cash Flow Statement Key Data (Unit: Yuan) | 项目 | 2020年第一季度 | 2019年第一季度 | | :--- | :--- | :--- | | Net cash flow from operating activities | 55,584,197.01 | -63,456,576.00 | | Net cash flow from investing activities | 0 | 287,344.82 | | Net cash flow from financing activities | -87,821,808.43 | 5,059,791.71 | | Net increase in cash and cash equivalents | -32,237,611.42 | -58,109,439.47 | | Cash and cash equivalents at period-end | 10,116,956.57 | 65,221,021.92 | - Cash received relating to other operating activities was 73.1096 million yuan, a significant increase from the prior year[41] - Cash paid for debt repayment was 180.1000 million yuan, a decrease from the prior year[41] 4.2 Implementation of New Accounting Standards The company did not adopt new revenue or lease accounting standards for the first time in Q1 2020, thus no adjustments to the opening financial statements were required - Not applicable[44] 4.3 Explanation of Retrospective Adjustments for New Accounting Standards The company did not adopt new revenue or lease accounting standards for the first time in Q1 2020, thus no retrospective adjustments to prior comparative data were required - Not applicable[44] 4.4 Audit Report This first quarter report is unaudited - Not applicable[44]