黑芝麻(000716) - 2020 Q3 - 季度财报

Important Notice The company's Board of Directors, Supervisory Board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report and assume corresponding legal liabilities, with all directors attending the review meeting - Company management declares the financial statements in this quarterly report are true, accurate, and complete[5][6] Company Profile During the reporting period, the company experienced a significant decline in performance due to factors like the pandemic, with both operating revenue and net profit decreasing year-over-year, while the shareholder structure remained relatively concentrated Key Accounting Data and Financial Indicators In the first three quarters of 2020, the company's performance significantly declined due to the pandemic, with operating revenue down 19.84% and net profit attributable to shareholders turning to a loss of approximately RMB 24.79 million, a 184.85% year-over-year decrease, despite strong operating cash flow growth of 76.51% to RMB 304 million Key Accounting Data and Financial Indicators | Indicator | Year-to-Date | Year-over-Year Change | | :--- | :--- | :--- | | Operating Revenue (RMB) | 2,401,467,504.99 | -19.84% | | Net Profit Attributable to Shareholders (RMB) | -24,786,436.00 | -184.85% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (RMB) | -42,563,660.29 | -349.56% | | Net Cash Flow from Operating Activities (RMB) | 303,580,696.21 | 76.51% | | Basic Earnings Per Share (RMB/share) | -0.033 | -184.62% | | Weighted Average Return on Net Assets | -0.90% | -1.96% | - The company's total non-recurring gains and losses from the beginning of the year to the end of the reporting period amounted to RMB 17.78 million, primarily from government subsidies totaling RMB 27.04 million[10] Shareholder Information As of the end of the reporting period, the company had 48,846 common shareholders, with Guangxi Black Five Categories Food Group Co., Ltd. as the largest shareholder holding 30.64% of shares, some of which are pledged, and key executives forming a concerted action relationship with the largest shareholder - At the end of the reporting period, the company had 48,846 common shareholders[13] Top Ten Shareholders at Period-End | Shareholder Name | Shareholding Percentage | Number of Shares Held | Pledge or Freeze Status | | :--- | :--- | :--- | :--- | | Guangxi Black Five Categories Food Group Co., Ltd. | 30.64% | 227,946,277 | Pledged 177,035,693 | | Liu Shihong | 3.79% | 28,202,268 | - | | Wei Qingwen | 3.34% | 24,823,400 | Pledged 24,823,400 | - Among the top ten shareholders, Wei Qingwen, Li Hanchao, and Li Hanrong are concerted parties and also shareholders of the largest shareholder, Guangxi Black Five Categories Food Group[14] Significant Events During the reporting period, the company's financial position significantly changed due to various factors, including a substantial increase in non-current liabilities due within one year primarily from long-term loan reclassification, a sharp decline in profit due to the pandemic, active financing and subsidiary guarantees, and the termination of a share repurchase plan due to changing operating conditions Analysis of Changes in Key Financial Data During the reporting period, several financial indicators showed significant changes: inventory increased by 41.44% due to peak season stocking and land development costs, non-current liabilities due within one year surged by 1193.43% due to bank loan reclassification, leading to an 83.08% decrease in long-term borrowings, net profit attributable to shareholders plummeted by 184.85% due to the COVID-19 pandemic, and operating cash flow significantly increased by 76.51% due to reduced cash payments Key Financial Data Changes and Reasons | Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Balance Sheet Items | | | | Inventories | 41.44% | Land development costs for Rongxian production base and company's peak season stocking | | Non-current Liabilities Due Within One Year | 1193.43% | Increase in bank borrowings due within one year | | Long-term Borrowings | -83.08% | RMB 492 million reclassified to non-current liabilities due within one year | | Income Statement Items | | | | Net Profit Attributable to Parent Company Owners | -184.85% | Significant loss in Q1 due to COVID-19 pandemic | | Cash Flow Statement Items | | | | Net Cash Flow from Operating Activities | 76.51% | Decrease in cash payments for expenses and related taxes this period | | Cash Paid for Investments | 5602.00% | Increased external investments this period | Progress of Significant Events In Q3 2020, the company disclosed several significant events, including applying for over RMB 1.326 billion in bank credit, providing guarantees for subsidiaries, completing 2019 equity distribution, repurchasing and canceling performance compensation shares, and terminating the share repurchase plan due to COVID-19 impacts and liquidity challenges - The company undertook several significant activities in the third quarter, including applying for bank credit lines exceeding RMB 1.3 billion, providing guarantees of up to RMB 450 million for subsidiaries, completing the 2019 equity distribution, and repurchasing and canceling 2.396 million performance compensation shares[19][20] - On July 27, 2020, the company decided to terminate its share repurchase plan primarily due to significant changes in the operating environment and liquidity difficulties caused by the COVID-19 pandemic[20] Fulfillment of Commitments During the reporting period, there were no overdue unfulfilled commitments by the company or its related parties - The company had no overdue unfulfilled commitments from its controlling shareholders, shareholders, related parties, acquirers, or the company itself during the reporting period[21] Investor Relations Activities During the reporting period, the company engaged in multiple communications with individual investors via phone and SZSE Interactive Easy platform, primarily addressing concerns such as dividends, share repurchases, operational status, product suggestions, and Q3 performance - From July to September 2020, the company conducted 11 communications with individual investors via phone and the online platform (SZSE Interactive Easy)[27][28] - Key topics of investor concern included dividend implementation, share repurchase progress, company operating status, product (e.g., black sesame pills) and advertising strategy suggestions, and third-quarter performance[27][28] Financial Statements This section presents the company's consolidated and parent company financial statements for Q3 2020, including the balance sheet, income statement, and cash flow statement, showing a decline in operating revenue and a net loss for the first three quarters, along with adjustments due to the first-time adoption of new revenue standards and confirmation that the report is unaudited Consolidated Balance Sheet As of September 30, 2020, the company's total assets were RMB 5.096 billion, a 3.83% decrease from year-end, and net assets attributable to shareholders were RMB 2.693 billion, down 2.33%, primarily due to increased inventory, decreased intangible assets, and reclassification of borrowings Consolidated Balance Sheet | Item | September 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Total Assets | 5,096,072,057.83 | 5,299,038,797.68 | | Total Liabilities | 2,340,897,403.07 | 2,459,499,696.46 | | Total Equity Attributable to Parent Company Owners | 2,692,576,511.50 | 2,756,864,966.93 | Consolidated Income Statement (Year-to-Date) In the first three quarters of 2020, the company's total operating revenue was RMB 2.401 billion, a 19.84% year-over-year decrease, resulting in a shift from profit to loss with operating profit at -RMB 16.95 million and net profit attributable to parent company owners at -RMB 24.79 million, a 184.85% decline Consolidated Income Statement (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 2,401,467,504.99 | 2,995,973,103.36 | | Operating Profit | -16,952,072.06 | 42,487,748.18 | | Total Profit | -17,261,510.76 | 43,872,900.85 | | Net Profit Attributable to Parent Company Owners | -24,786,436.00 | 29,210,774.45 | Consolidated Cash Flow Statement (Year-to-Date) In the first three quarters of 2020, net cash flow from operating activities was RMB 304 million, a 76.51% increase due to reduced expenses and taxes, while net cash outflow from investing activities decreased by 63.94% to RMB 123 million due to lower new plant project expenditures, and net cash outflow from financing activities was RMB 213 million due to increased dividend distribution and interest payments Consolidated Cash Flow Statement (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 303,580,696.21 | 171,991,900.29 | | Net Cash Flow from Investing Activities | -123,439,099.70 | -342,308,489.32 | | Net Cash Flow from Financing Activities | -212,996,944.81 | -92,156,071.25 | | Net Increase in Cash and Cash Equivalents | -32,798,878.17 | -262,820,956.49 | Explanation of Financial Statement Adjustments Effective January 1, 2020, the company adopted new revenue standards, reclassifying Prepayments from Customers to Contract Liabilities and Other Current Liabilities in the opening financial statements, an adjustment that only affects reclassification and has no impact on total assets, liabilities, or net assets - Due to the adoption of new revenue standards, the company reduced Prepayments from Customers by RMB 53.04 million in the consolidated financial statements as of January 1, 2020, with a corresponding increase in Contract Liabilities by RMB 53.04 million[68][69] - The parent company's financial statements were similarly adjusted, reducing Prepayments from Customers by RMB 10.33 million and increasing Contract Liabilities by RMB 10.33 million[73][74] Audit Report The company's 2020 third-quarter report is unaudited - The company's third-quarter report is unaudited[75]