海南橡胶(601118) - 2020 Q1 - 季度财报

Important Notice Declaration of Truthfulness of Quarterly Report Content The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility; the report remains unaudited - The company's management (Board of Directors, Supervisory Board, and senior executives) confirms the quarterly report content is true, accurate, and complete, free from false records, misleading statements, or material omissions[3] - The company's Q1 2020 report is unaudited[3] Company Profile Key Financial Data In Q1 2020, the company's operating revenue decreased by 9.30% year-over-year, and net profit attributable to shareholders turned from profit to loss, plummeting 1129.63% to -CNY 156 million; operating cash flow also significantly deteriorated, decreasing by 739.69% year-over-year, with performance decline primarily due to core business, partially offset by CNY 180 million in non-recurring gains from futures trading Key Financial Indicators for Q1 2020 | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,868,792,994.72 | 3,162,821,945.48 | -9.30% | | Net Profit Attributable to Shareholders | -155,780,048.13 | 15,129,739.25 | -1,129.63% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | -336,050,429.50 | -31,469,692.23 | -967.85% | | Net Cash Flow from Operating Activities | -780,846,746.64 | 122,066,809.84 | -739.69% | | Basic Earnings Per Share (CNY/share) | -0.0364 | 0.0035 | -1,140.00% | - Total non-recurring gains and losses for the period amounted to CNY 180 million, primarily driven by fair value changes and investment income from held-for-trading financial assets and liabilities, totaling CNY 208 million, mainly from futures trading profits[7] Shareholder Information As of the end of the reporting period, the company had 105,006 shareholders; the controlling shareholder, Hainan State Farms Investment Holdings Group Co., Ltd., held 64.35% of shares, with 421 million of its shares pledged - As of the end of the reporting period, the company had a total of 105,006 common shareholders[8] Top Three Shareholders' Holdings | Shareholder Name | Number of Shares Held | Proportion (%) | | :--- | :--- | :--- | | Hainan State Farms Investment Holdings Group Co., Ltd. | 2,754,012,024 | 64.35% | | Great Wall Guotai - High-end Equipment M&A Contractual Private Equity Fund | 96,899,224 | 2.26% | | Guangdong Yuecai Trust Co., Ltd. - Yuecai Trust · Hongfu No. 10 Collective Fund Trust Plan | 47,329,612 | 1.11% | Preferred Shareholder Information The company had no preferred shareholders during the reporting period - The company had no preferred shares or related holdings during the reporting period[11] Significant Events Analysis of Significant Changes in Financial Statement Items and Indicators During the reporting period, the company experienced significant changes across multiple financial indicators, with derivative financial assets and liabilities fluctuating due to financial instrument gains/losses, investment income and fair value changes surging from derivatives, asset impairment losses expanding sharply due to inventory write-downs, and operating cash flow significantly decreasing due to increased procurement payments Significant Changes in Balance Sheet Items Key balance sheet changes include derivative financial assets and liabilities increasing by 317.01% and 180.70% respectively due to floating gains/losses on financial instruments, inventory rising 32.00% due to increased purchases, and long-term borrowings growing 93.75%, indicating increased debt financing - Derivative financial assets increased by 317.01%, primarily due to increased floating gains on financial instruments at the end of the period[12] - Derivative financial liabilities increased by 180.70%, primarily due to increased floating losses on financial instruments at the end of the period[12] - Inventory increased by 32.00%, primarily due to increased inventory purchases during the period[12] - Long-term borrowings increased by 93.75%, primarily due to an increase in long-term bank loans[12] Significant Changes in Income Statement Items Core income statement changes stemmed from financial derivatives and cost of goods sold; investment income and fair value change gains surged by 2424.35% and 2403.23% respectively, driven by derivative financial instrument disposal and floating gains, while asset impairment losses expanded sharply by 399.40% to -CNY 238 million due to lower rubber prices, contributing significantly to the net loss - Investment income significantly increased by 2,424.35%, primarily due to increased gains from the disposal of derivative financial instruments during the period[13][14] - Fair value change gains increased by 2,403.23%, primarily due to increased floating gains from derivative financial instrument holdings during the period[14] - Asset impairment losses decreased by 399.40% year-over-year (meaning losses expanded to -CNY 238 million), primarily due to lower rubber prices and a decrease in the net realizable value of inventory during the period[14] Significant Changes in Cash Flow Statement Items Net cash flow from operating activities significantly decreased by 739.69% year-over-year, turning negative to -CNY 781 million, primarily due to increased payments for rubber product purchases, while net cash flow from financing activities substantially increased year-over-year due to reduced loan repayments - Net cash flow from operating activities decreased by 739.69%, primarily due to increased payments for rubber product purchases during the period[15] - Net cash flow from investing activities decreased by 67.33%, primarily due to increased payments for financial instrument margins and reduced redemption of financial assets during the period[15] - Net cash flow from financing activities turned positive, increasing by 107.62% year-over-year, primarily due to reduced loan repayments during the period[15] Other Significant Matters During the reporting period, the company reported no significant event progress, overdue unfulfilled commitments, or forecasts of cumulative net profit loss or material changes from the beginning of the year to the end of the next reporting period - The company declared no significant event progress, unfulfilled commitments, or performance warnings[15] Appendix Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements as of the end of Q1 2020 Consolidated Balance Sheet As of March 31, 2020, the company's consolidated total assets were CNY 16.86 billion, total liabilities were CNY 6.97 billion, and total equity attributable to parent company owners was CNY 9.58 billion Consolidated Balance Sheet Summary (March 31, 2020) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 16,856,814,289.87 | | Total Liabilities | 6,965,572,356.83 | | Total Equity Attributable to Parent Company Owners | 9,576,871,409.33 | | Total Liabilities and Equity | 16,856,814,289.87 | Parent Company Balance Sheet As of March 31, 2020, the parent company's total assets were CNY 14.71 billion, total liabilities were CNY 4.35 billion, and total owner's equity was CNY 10.35 billion Parent Company Balance Sheet Summary (March 31, 2020) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 14,706,952,717.98 | | Total Liabilities | 4,354,374,839.33 | | Total Owner's Equity | 10,352,577,878.65 | | Total Liabilities and Owner's Equity | 14,706,952,717.98 | Consolidated Income Statement In Q1 2020, the company achieved consolidated total operating revenue of CNY 2.87 billion and total operating costs of CNY 3.06 billion, resulting in a net loss attributable to parent company shareholders of CNY 156 million Consolidated Income Statement Summary (Q1 2020) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 2,868,792,994.72 | | Total Operating Costs | 3,061,912,416.22 | | Operating Profit | -196,897,872.92 | | Total Profit | -186,951,454.92 | | Net Profit | -159,440,075.36 | | Net Profit Attributable to Parent Company Shareholders | -155,780,048.13 | Parent Company Income Statement In Q1 2020, the parent company recorded operating revenue of CNY 16 million and a net loss of CNY 77 million Parent Company Income Statement Summary (Q1 2020) | Item | Amount (CNY) | | :--- | :--- | | Operating Revenue | 15,546,376.34 | | Operating Profit | -79,907,634.80 | | Total Profit | -77,499,192.81 | | Net Profit | -77,499,192.81 | Consolidated Cash Flow Statement In Q1 2020, the company's consolidated net cash flow from operating activities was -CNY 781 million, net cash inflow from investing activities was CNY 123 million, net cash inflow from financing activities was CNY 41 million, and cash and cash equivalents at period-end totaled CNY 3.12 billion Consolidated Cash Flow Statement Summary (Q1 2020) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -780,846,746.64 | | Net Cash Flow from Investing Activities | 122,599,030.58 | | Net Cash Flow from Financing Activities | 40,862,973.41 | | Cash and Cash Equivalents at Period-End | 3,116,814,443.16 | Parent Company Cash Flow Statement In Q1 2020, the parent company's net cash flow from operating activities was -CNY 475 million, net cash outflow from investing activities was CNY 67 million, net cash inflow from financing activities was CNY 113 million, and cash and cash equivalents at period-end totaled CNY 1.49 billion Parent Company Cash Flow Statement Summary (Q1 2020) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -475,258,816.19 | | Net Cash Flow from Investing Activities | -67,332,801.13 | | Net Cash Flow from Financing Activities | 113,233,780.37 | | Cash and Cash Equivalents at Period-End | 1,493,947,103.26 | Accounting Standard Change Adjustments Effective January 1, 2020, the company adopted new revenue standards, primarily impacting the presentation of liability items by reclassifying "advances from customers" to "contract liabilities," with no material effect on opening financial position or net assets - The company adopted the new revenue standards issued by the Ministry of Finance effective January 1, 2020, making corresponding adjustments to financial statement items[39] - The main adjustment involved reclassifying CNY 234 million in "advances from customers" in the consolidated statements and CNY 56 million in the parent company statements to "contract liabilities," with this adjustment having no impact on opening retained earnings or net assets[35][38]