东方盛虹(000301) - 2021 Q1 - 季度财报

Important Notice Important Notice The company's board, supervisory board, and key financial officers guarantee the report's truthfulness, accuracy, and completeness - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with no false records, misleading statements, or major omissions[2] - Company head Miao Hangen, head of accounting work Qiu Hairong, and head of accounting department Hu Guiyang declare that they guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[2] Company Overview Key Accounting Data and Financial Indicators The company achieved strong Q1 2021 performance with 52.77% revenue growth, 205.29% net profit increase, and 26.52% total asset growth Key Accounting Data and Financial Indicators | Indicator | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 6,464,986,395.63 | 4,231,724,571.57 | 52.77% | | Net Profit Attributable to Shareholders (CNY) | 601,449,137.38 | 197,012,200.61 | 205.29% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | 629,106,566.76 | 85,080,903.95 | 639.42% | | Net Cash Flow from Operating Activities (CNY) | 486,652,870.21 | -767,573,864.33 | 163.40% | | Basic Earnings Per Share (CNY/share) | 0.12 | 0.05 | 140.00% | | Weighted Average Return on Net Assets | 3.37% | 1.40% | Increased by 1.97 percentage points | | Indicator | Period-End | Prior Year-End | Year-on-Year Change | | Total Assets (CNY) | 79,621,107,072.63 | 62,933,612,564.34 | 26.52% | | Net Assets Attributable to Shareholders (CNY) | 19,359,631,780.99 | 17,545,469,389.50 | 10.34% | - During the reporting period, non-recurring gains and losses totaled -27.66 million Yuan, primarily due to changes in fair value of derivative financial instruments[4] Shareholder Information As of the reporting period end, the company had 53,457 common shareholders, with Jiangsu Shenghong Technology Co., Ltd. as the largest at 57.26% - As of the end of the reporting period, the company had a total of 53,457 common shareholders[6] Shareholder Information | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Jiangsu Shenghong Technology Co., Ltd. | Domestic Non-State-Owned Legal Entity | 57.26% | 2,768,225,540 | | Shenghong (Suzhou) Group Co., Ltd. | Domestic Non-State-Owned Legal Entity | 6.93% | 334,821,428 | | Jiangsu Wujiang Silk Group Co., Ltd. | State-Owned Legal Entity | 6.68% | 322,972,453 | | Suzhou Wujiang Oriental State-Owned Capital Investment and Operation Co., Ltd. | State-Owned Legal Entity | 2.77% | 134,104,200 | | Hong Kong Securities Clearing Company Limited | Foreign Legal Entity | 2.41% | 116,575,852 | - Shenghong (Suzhou) Group Co., Ltd. indirectly controls Jiangsu Shenghong Technology Co., Ltd., forming a concerted party[8] Significant Events Analysis of Significant Changes in Financial Data Assets and liabilities increased due to project investments and financing, while revenue grew 52.77% and investment income declined 324.92% Financial Data Changes (Assets & Liabilities) | Statement Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Cash and Cash Equivalents | 49.65% | Primarily due to increased bank deposits in the current period | | Construction in Progress | 36.47% | Primarily due to increased project investments in the current period | | Long-term Borrowings | 60.65% | Primarily due to increased special borrowings in the current period | | Bonds Payable | 377.28% | Primarily due to the issuance of convertible corporate bonds in the current period | Financial Data Changes (Income & Cash Flow) | Statement Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 52.77% | Primarily due to increased sales revenue in the current period | | Research and Development Expenses | 100.49% | Primarily due to increased R&D projects in the current period | | Investment Income | -324.92% | Primarily due to changes in derivative investment gains and losses | | Net Cash Flow from Operating Activities | 163.40% | Primarily due to increased operating gross profit in the current period | Progress of Significant Events The company successfully issued A-share convertible bonds with funds fully raised and adopted new lease accounting standards from January 1, 2021 - The company's public issuance of A-share convertible corporate bonds has been approved by the CSRC, and all raised funds have been received[12] - The company adopted the Ministry of Finance's newly revised 'Accounting Standard for Business Enterprises No. 21 – Leases' starting from January 1, 2021[13] Financial Asset Investments The company holds 84.21 million Yuan in 'Sunong Bank' shares and incurred a 44.81 million Yuan loss from derivative investments for hedging and risk avoidance - The company holds domestic stock 'Sunong Bank' with a period-end book value of 84.21 million Yuan, incurring a fair value change loss of 3.72 million Yuan during the reporting period[16] Derivative Investment Performance | Derivative Investment Type | Period-End Investment Amount (CNY in millions) | Actual Gain/Loss in Current Period (CNY in millions) | | :--- | :--- | :--- | | Commodity Derivatives | 128.53 | -42.09 | | Foreign Exchange Derivatives | 15.13 | -2.75 | | Interest Rate Swaps | 0.28 | 0.03 | | Total | 143.94 | -44.81 | - Independent directors believe the company's derivative investments are for cost locking and hedging exchange rate and interest rate risks, aligning with risk management principles, with sound internal controls, and no harm to shareholder interests[20] Progress of Raised Funds Investment Projects The company raised approximately 9.55 billion Yuan for the 'Shenghong Refining and Chemical 16 Million Tons Integrated Project,' which is progressing as planned - The company raised funds through three financing rounds (2019 green corporate bonds, 2020 non-public stock offering, 2021 convertible bonds), primarily for the construction of the 'Shenghong Refining and Chemical 16 Million Tons Integrated Project'[21][23][24] - As of the end of the reporting period, the Shenghong Refining and Chemical 16 Million Tons Integrated Project is under construction as per schedule[25] Other Significant Matters The company did not forecast H1 2021 performance, held 632.63 million Yuan in bank wealth management products, and reported no major contracts or irregular guarantees - The company did not provide an operating performance forecast for January-June 2021[26] - The company used its own funds for entrusted wealth management, with an outstanding balance of 632.63 million Yuan, all in bank wealth management products[27] - During the reporting period, the company had no significant daily operating contracts, irregular external guarantees, non-operating fund occupation by controlling shareholders, or investor relations activities[26][29] Financial Statements Financial Statements This section provides the company's core Q1 2021 financial statements, including consolidated and parent company balance sheets, income statements, and cash flow statements Consolidated Balance Sheet As of March 31, 2021, total assets reached 79.62 billion Yuan (+26.52%), liabilities 55.25 billion Yuan (+36.82%), and parent equity 19.36 billion Yuan Consolidated Balance Sheet | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Total Assets | 79,621,107,072.63 | 62,933,612,564.34 | | Total Liabilities | 55,253,894,558.17 | 40,385,753,069.62 | | Total Equity Attributable to Parent Company Owners | 19,359,631,780.99 | 17,545,469,389.50 | | Total Liabilities and Equity | 79,621,107,072.63 | 62,933,612,564.34 | Consolidated Income Statement Q1 2021 total operating revenue reached 6.46 billion Yuan (+52.77%), with net profit attributable to parent shareholders 601.45 million Yuan (+205.29%) Consolidated Income Statement | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 6,464,986,395.63 | 4,231,724,571.57 | | II. Total Operating Costs | 5,764,337,391.94 | 4,148,857,837.86 | | III. Operating Profit | 701,521,227.34 | 159,862,528.07 | | Net Profit Attributable to Parent Company Shareholders | 601,449,137.38 | 197,012,200.61 | | Basic Earnings Per Share | 0.12 | 0.05 | Consolidated Cash Flow Statement Q1 2021 operating cash flow improved to 486.65 million Yuan, with 7.18 billion Yuan net outflow from investing and 13.57 billion Yuan net inflow from financing Consolidated Cash Flow Statement | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 486,652,870.21 | -767,573,864.33 | | Net Cash Flow from Investing Activities | -7,177,224,223.34 | -2,254,068,258.07 | | Net Cash Flow from Financing Activities | 13,573,239,386.78 | 3,783,760,123.10 | | Period-End Cash and Cash Equivalents Balance | 19,711,265,697.90 | 5,214,382,313.89 | Explanation of Financial Statement Adjustments The company adopted new lease accounting standards from January 1, 2021, adjusting opening financial statements by recognizing 1.93 billion Yuan in 'right-of-use assets' and reducing 'fixed assets' by 1.27 billion Yuan - The company first adopted new lease accounting standards from 2021, adjusting relevant accounts in the financial statements as of January 1, 2021[49][51] Financial Statement Adjustments | Adjustment Item | Adjustment Amount (CNY) | | :--- | :--- | | Assets | | | Fixed Assets | -1,267,260,867.20 | | Right-of-Use Assets | +1,929,540,866.76 | | Liabilities | | | Non-current Liabilities Due Within One Year | +34,229,802.26 | | Lease Liabilities | +913,399,142.39 | | Long-term Payables | -285,348,945.09 | Audit Report The company's Q1 2021 report is unaudited - The company's first quarter report is unaudited[54]