苏利股份(603585) - 2021 Q1 - 季度财报

I. Important Notice This section provides a declaration of the report's authenticity and the responsibilities of the management 1.1 Declaration of Authenticity of Quarterly Report The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility for its content, which remains unaudited - Company management guarantees the truthfulness, accuracy, and completeness of this quarterly report and assumes legal responsibility[7] - Company head Miao Jinfeng, chief accountant Li Gang, and head of accounting department Li Gang guarantee the truthfulness, accuracy, and completeness of the financial statements[7] - This company's Q1 2021 report is unaudited[7] II. Company Basic Information This section details the company's key financial performance, non-recurring gains and losses, and shareholder structure 2.1 Key Financial Data In Q1 2021, the company's operating revenue grew by 28.61%, but net profit attributable to shareholders decreased by 2.91%, with operating cash flow turning negative, partly due to a temporary tax rate increase for a subsidiary Key Financial Data for Q1 2021 | Metric | Current Period | Prior Year Same Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 415,724,936.72 | 323,243,357.61 | 28.61 | | Net Profit Attributable to Shareholders (RMB) | 37,989,221.24 | 39,127,115.26 | -2.91 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) (RMB) | 37,686,464.68 | 40,162,001.52 | -6.16 | | Net Cash Flow from Operating Activities (RMB) | -84,746,621.86 | 5,131,035.84 | N/A | | Basic Earnings Per Share (RMB/share) | 0.21 | 0.22 | -4.55 | | Weighted Average Return on Net Assets (%) | 1.86 | 1.97 | Decrease of 0.11 percentage points | - Subsidiary Baili Chemical's high-tech enterprise qualification expired at the end of 2020 and is pending re-certification, leading to a temporary 25% corporate income tax rate and a RMB 3.9946 million impact on current net profit[8] 2.1.1 Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 302,756.56, primarily from non-current asset disposal, government grants, and other non-operating income/expenses Details of Non-recurring Gains and Losses Items | Item | Current Period Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 224,750.42 | | Government Grants Included in Current Profit/Loss | 248,676.25 | | Gains/Losses from Entrusted Investments or Asset Management | 55,431.67 | | Other Non-operating Income and Expenses | -56,823.06 | | Impact on Minority Interests (After Tax) | -53,618.21 | | Income Tax Impact | -115,660.51 | | Total | 302,756.56 | 2.2 Total Number of Shareholders, Top Ten Shareholders, and Top Ten Circulating Shareholders (or Unrestricted Shareholders) as of the End of the Reporting Period As of the end of the reporting period, the company had 10,486 shareholders, with the top ten holding over 75% of shares, indicating a relatively concentrated ownership structure, primarily controlled by Miao Jinfeng and related family members - As of the end of the reporting period, the company had 10,486 shareholders[12] Top Ten Shareholders' Shareholding Information | Shareholder Name | Number of Shares Held | Percentage (%) | | :--- | :--- | :--- | | Miao Jinfeng | 72,000,000 | 40.00 | | Ningbo Meishan Bonded Port Area Gusheng Investment Co., Ltd | 18,000,000 | 10.00 | | Wang Jingli | 9,000,000 | 5.00 | | Wang Huanxing | 9,000,000 | 5.00 | | Wang Jingjuan | 9,000,000 | 5.00 | | Wang Jingjiao | 9,000,000 | 5.00 | | Zheng Zuoyin | 988,000 | 0.55 | | Huang Weide | 896,852 | 0.50 | | Lin Sen | 827,204 | 0.46 | | Huang Shu | 800,460 | 0.44 | - Key shareholders have related party relationships: Wang Huanxing is Miao Jinfeng's spouse, and Wang Jingli, Wang Jingjiao, and Wang Jingjuan are Miao Jinfeng's daughters; Miao Jinfeng and Wang Huanxing jointly hold equity in Ningbo Meishan Bonded Port Area Gusheng Investment Co., Ltd[13] III. Significant Events This section analyzes significant changes in the company's key financial statement items and indicators, along with their underlying reasons 3.1 Significant Changes in the Company's Key Financial Statement Items and Financial Indicators and Their Reasons During the reporting period, several financial statement items showed significant changes, including substantial increases in accounts receivable financing and notes payable due to bill transaction volume, over 40% growth in operating costs driven by sales scale and structure, a sharp decrease in non-operating expenses due to prior year's large donation, and negative operating cash flow primarily from increased cash payments for goods and rising operating receivables Major Balance Sheet Changes and Reasons | Item | Period-end Balance (RMB) | Change from Period-start (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 277,616,921.26 | 34.95 | Increase in bills received and decrease in bill payments | | Prepayments | 13,630,750.45 | -31.14 | Decrease in prepayments to suppliers | | Notes Payable | 161,366,335.53 | 88.20 | Increase in the volume of bank acceptance bills issued | | Contract Liabilities | 9,850,465.49 | -54.14 | Decrease in advance receipts from customers | | Employee Compensation Payable | 18,408,353.46 | -42.73 | Bonuses and salaries accrued last year were paid in this period | | Right-of-Use Assets / Lease Liabilities | 7,655,391.64 / 7,591,732.57 | N/A | Due to the adoption of new lease accounting standards in 2021 | Major Income Statement Changes and Reasons | Item | Current Period Amount (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Cost | 318,150,817.05 | 40.52 | Growth in sales volume and changes in sales structure | | Other Income | 222,676.25 | -78.75 | Decrease in government grants received | | Investment Income | 829,897.12 | 165.27 | Increase in net profit of joint venture Secom Wuxi | | Non-operating Expenses | 60,000.00 | -97.46 | Prior year had a RMB 2.34 million anti-epidemic donation | | Income Tax Expense | 13,774,741.97 | 63.98 | Temporary increase in income tax rate for subsidiary Baili Chemical | Major Cash Flow Statement Changes and Reasons | Item | Current Period Amount (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Cash Paid for Goods and Services | 263,111,495.75 | 42.18 | Increase in material procurement scale and proportion of cash purchases | | Net Cash Flow from Operating Activities | -84,746,621.86 | N/A | Increase in cash paid for goods, increase in operating receivables, etc | | Cash Paid for Acquisition of Long-term Assets | 45,087,736.72 | -54.00 | Decrease in the scale of project payments required | | Cash Paid for Investments | 84,000,000.00 | 180.00 | Increase in the scale of wealth management using idle self-owned funds | IV. Appendix This section includes the company's unaudited financial statements for the first quarter of 2021 and details on the impact of adopting new lease accounting standards 4.1 Financial Statements This chapter presents the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021 Consolidated Balance Sheet As of March 31, 2021, the company's total assets were RMB 3.098 billion, a 0.98% increase from the beginning of the period, with total liabilities at RMB 534 million and equity attributable to parent company owners at RMB 2.067 billion, up 1.89% from period-start Key Items from Consolidated Balance Sheet (March 31, 2021) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 3,098,436,761.01 | | Total Liabilities | 533,711,621.80 | | Total Equity Attributable to Parent Company Owners | 2,066,738,648.84 | | Total Owners' Equity | 2,564,725,139.21 | Parent Company Balance Sheet As of March 31, 2021, the parent company's total assets were RMB 1.351 billion, total liabilities were RMB 178 million, and owners' equity was RMB 1.174 billion Key Items from Parent Company Balance Sheet (March 31, 2021) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 1,351,318,411.81 | | Total Liabilities | 177,777,794.68 | | Total Owners' Equity | 1,173,540,617.13 | Consolidated Income Statement In Q1 2021, the company achieved total operating revenue of RMB 416 million, a 28.6% year-over-year increase, with operating profit at RMB 57.75 million, down 10.7%, and net profit attributable to parent company shareholders at RMB 37.99 million, a 2.9% decrease Key Items from Consolidated Income Statement (Q1 2021) | Item | 2021 Q1 (RMB) | 2020 Q1 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 415,724,936.72 | 323,243,357.61 | | Operating Profit | 57,750,349.83 | 64,653,596.17 | | Total Profit | 58,028,760.29 | 62,363,189.71 | | Net Profit | 44,254,018.32 | 53,962,869.81 | | Net Profit Attributable to Parent Company Shareholders | 37,989,221.24 | 39,127,115.26 | Parent Company Income Statement In Q1 2021, the parent company's operating revenue reached RMB 45.24 million, a 145.6% year-over-year increase, achieving a net profit of RMB 10.64 million compared to a net loss of RMB 1.20 million in the prior year Key Items from Parent Company Income Statement (Q1 2021) | Item | 2021 Q1 (RMB) | 2020 Q1 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 45,243,286.90 | 18,422,294.82 | | Operating Profit | 14,048,082.76 | 1,288,848.54 | | Net Profit | 10,636,807.91 | -1,196,336.40 | Consolidated Cash Flow Statement In Q1 2021, net cash flow from operating activities was -RMB 84.75 million (vs. RMB 5.13 million in prior year), net cash flow from investing activities was -RMB 98.56 million due to increased investments, and period-end cash and cash equivalents totaled RMB 885 million Key Items from Consolidated Cash Flow Statement (Q1 2021) | Item | 2021 Q1 (RMB) | 2020 Q1 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -84,746,621.86 | 5,131,035.84 | | Net Cash Flow from Investing Activities | -98,556,670.72 | -127,800,360.48 | | Net Cash Flow from Financing Activities | 0.00 | 0.00 | | Net Increase in Cash and Cash Equivalents | -181,721,879.66 | -119,754,689.48 | Parent Company Cash Flow Statement In Q1 2021, the parent company's net cash flow from operating activities was -RMB 24.04 million (vs. RMB 33.71 million in prior year), net cash flow from investing activities was -RMB 49.42 million, and period-end cash and cash equivalents totaled RMB 227 million Key Items from Parent Company Cash Flow Statement (Q1 2021) | Item | 2021 Q1 (RMB) | 2020 Q1 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -24,035,681.30 | 33,707,011.75 | | Net Cash Flow from Investing Activities | -49,418,077.00 | -122,458,949.76 | | Net Increase in Cash and Cash Equivalents | -73,306,980.98 | -88,640,157.03 | 4.2 Adjustments to Financial Statements at the Beginning of the First Year of Adoption of New Lease Accounting Standards from 2021 Effective January 1, 2021, the company adopted new lease accounting standards, adjusting its financial statements at the initial application date by recognizing right-of-use assets and lease liabilities in both consolidated and parent company balance sheets, with no impact on opening retained earnings - The company adopted new lease accounting standards effective January 1, 2021, adjusting its financial statements accordingly, a change approved by the Board of Directors and Supervisory Board[44][49] Impact of New Lease Accounting Standards on Consolidated Balance Sheet Opening Balances | Item | Before Adjustment (RMB) | After Adjustment (RMB) | Adjustment Amount (RMB) | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | 0.00 | 8,165,321.01 | 8,165,321.01 | | Total Assets | 3,068,246,382.92 | 3,076,411,703.93 | 8,165,321.01 | | Lease Liabilities | 0.00 | 8,165,321.01 | 8,165,321.01 | | Total Liabilities | 547,970,522.78 | 556,135,843.79 | 8,165,321.01 | Impact of New Lease Accounting Standards on Parent Company Balance Sheet Opening Balances | Item | Before Adjustment (RMB) | After Adjustment (RMB) | Adjustment Amount (RMB) | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | 0.00 | 4,776,353.42 | 4,776,353.42 | | Total Assets | 1,341,634,149.55 | 1,346,410,502.97 | 4,776,353.42 | | Lease Liabilities | 0.00 | 4,776,353.42 | 4,776,353.42 | | Total Liabilities | 179,252,750.15 | 184,029,103.57 | 4,776,353.42 |