山东海化(000822) - 2020 Q1 - 季度财报

Section 1 Important Notes The Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report - The company's Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report's content, and assume individual and joint legal responsibility for any false records, misleading statements, or major omissions[4] - The company's person in charge, Wang Yongzhi, the person in charge of accounting, Wei Ludong, and the head of the accounting department, Zhang Ming, declare that they guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[5] Section 2 Company Profile This section outlines key financial data, showing a significant year-over-year performance decline, and discloses shareholder structure, with Shandong Haihua Group Co, Ltd as the largest shareholder I. Key Accounting Data and Financial Indicators The company's Q1 2020 revenue and net profit declined significantly, with net profit attributable to shareholders turning from profit to loss, and net cash flow from operating activities also decreased substantially Key Accounting Data and Financial Indicators for Q1 2020 (Consolidated) | Indicator | Current Period (Yuan) | Prior Year Period (Adjusted) (Yuan) | Change vs Prior Year Period (Adjusted) | | :--- | :--- | :--- | :--- | | Operating Revenue | 863,291,826.18 | 1,069,579,320.18 | -19.29% | | Net Profit Attributable to Shareholders | -20,602,334.41 | 90,878,122.00 | -122.67% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -21,487,080.81 | 88,992,260.55 | -124.14% | | Net Cash Flow from Operating Activities | -70,042,080.62 | 337,639,713.64 | -120.74% | | Basic Earnings Per Share (Yuan/Share) | -0.02 | 0.10 | -120.00% | | Diluted Earnings Per Share (Yuan/Share) | -0.02 | 0.10 | -120.00% | | Weighted Average Return on Equity | -0.61% | 2.66% | -3.27% | | Period-End Indicators | End of Current Period (Yuan) | End of Prior Year (Adjusted) (Yuan) | Change vs End of Prior Year (Adjusted) | | Total Assets | 4,489,075,214.94 | 4,518,707,608.58 | -0.66% | | Net Assets Attributable to Shareholders | 3,341,515,546.30 | 3,361,317,832.00 | -0.59% | - The company adopted the new revenue standard from January 1, 2020, which had no material impact on its financial statements[7] Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss items for the period primarily consisted of government grants and other non-operating income and expenses, totaling 884,746.40 Yuan Non-recurring Profit and Loss Items for Q1 2020 | Item | Amount from Beginning of Year to End of Reporting Period (Yuan) | | :--- | :--- | | Government grants included in current profit or loss | 1,032,151.87 | | Other non-operating income and expenses | 147,510.00 | | Total | 884,746.40 | II. Total Number of Shareholders and Shareholding of Top Ten Shareholders at the End of the Reporting Period As of the end of the reporting period, the company had 65,375 common shareholders, with Shandong Haihua Group Co, Ltd being the largest shareholder at 40.34% - The total number of common shareholders at the end of the reporting period was 65,375[11] Top Ten Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held (Shares) | | :--- | :--- | :--- | :--- | | Shandong Haihua Group Co, Ltd | State-owned legal person | 40.34% | 361,048,878 | - Shandong Haihua Group Co, Ltd has no associated relationship with other shareholders, and it is unknown whether other shareholders have any associated relationships or are parties acting in concert[14] Section 3 Important Matters This section details the changes and reasons for major financial data fluctuations and confirms no significant corporate actions like securities investments or irregular guarantees occurred during the period I. Changes in Key Financial Data and Indicators and Their Reasons Significant changes in financial indicators were driven by increased credit sales, reduced VAT, inventory write-downs for raw materials, and operating losses Changes in Key Financial Data and Reasons | Item | Period-End Balance (or Current Amount) (Yuan) | Beginning Balance (or Prior Period Amount) (Yuan) | Change Ratio | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 131,689,455.24 | 3,731,879.80 | 3428.77% | Mainly due to an increase in credit sales during the period | | Other Current Assets | 32,993,242.61 | 47,229,667.44 | -30.14% | Mainly due to a decrease in input VAT to be credited during the period | | Taxes Payable | 12,526,662.21 | 6,147,642.12 | 103.76% | Mainly due to an increase in VAT and resource tax payable during the period | | Taxes and Surcharges | 13,492,623.11 | 20,027,622.00 | -32.63% | Mainly due to a decrease in surcharges resulting from lower VAT compared to the same period last year | | Selling Expenses | 11,346,511.78 | 34,623,643.95 | -67.23% | Mainly due to the impact of implementing the new revenue standard | | Finance Costs | -3,374,617.30 | -774,223.62 | -335.87% | Mainly due to an increase in interest income during the period | | Asset Impairment Loss | -6,992,626.36 | -2,096,922.75 | 233.47% | Mainly due to the provision for inventory write-down on raw materials during the period | | Income Tax Expense | -7,114,790.64 | 28,940,547.01 | -124.58% | Mainly due to the impact of the loss in profit during the period | | Non-operating Income | 290,203.53 | 1,623,518.66 | -82.13% | Mainly due to a decrease in gains from the disposal of non-current assets during the period | | Net Cash Flow from Operating Activities | -70,042,080.62 | 337,639,713.64 | -120.74% | Mainly due to a decrease in cash received from the sale of goods during the period | II. Progress, Impact, and Solutions for Important Matters During the reporting period, the company had no progress, impact, or solutions to report for any important matters - The company had no progress, impact, or solutions to report for any important matters during the reporting period[16] III. Overdue Commitments by Relevant Parties The company had no overdue commitments from its actual controller, shareholders, related parties, acquirers, or itself during the reporting period - The company had no overdue commitments from its actual controller, shareholders, related parties, acquirers, or itself during the reporting period[16] IV. Securities Investment The company did not engage in any securities investment during the reporting period - The company had no securities investments during the reporting period[19] V. Entrusted Wealth Management The company did not engage in any entrusted wealth management during the reporting period - The company had no entrusted wealth management activities during the reporting period[19] VI. Derivatives Investment The company did not engage in any derivatives investment during the reporting period - The company had no derivatives investments during the reporting period[19] VII. Record of Investor Relations Activities The company communicated with individual investors via telephone regarding the industry situation and development trends Investor Relations Activities During the Reporting Period | Reception Time | Reception Method | Reception Type | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | | 2020-01-01 to 2020-03-31 | Telephone Communication | Individual | 1. Company's industry situation and development trends; 2. No materials provided | VIII. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[19] IX. Non-operating Fund Occupation by Controlling Shareholders There was no non-operating fund occupation of the listed company by its controlling shareholder or related parties during the reporting period - The company had no non-operating fund occupation by its controlling shareholder or related parties during the reporting period[20] Section 4 Financial Statements This section presents the consolidated and parent company financial statements for Q1 2020 and details adjustments made due to the adoption of the new revenue standard I. Financial Statements This part includes the consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2020 1. Consolidated Balance Sheet As of March 31, 2020, total consolidated assets were 4.489 billion Yuan, with total liabilities of 1.178 billion Yuan and total equity attributable to the parent company of 3.342 billion Yuan Key Data from Consolidated Balance Sheet (Mar 31, 2020 vs Dec 31, 2019) | Item | March 31, 2020 (Yuan) | December 31, 2019 (Yuan) | | :--- | :--- | :--- | | Total Assets | 4,489,075,214.94 | 4,518,707,608.58 | | Total Current Assets | 2,122,882,719.24 | 2,103,822,846.21 | | Total Non-current Assets | 2,366,192,495.70 | 2,414,884,762.37 | | Total Liabilities | 1,177,507,760.52 | 1,187,463,606.60 | | Total Current Liabilities | 1,052,609,423.03 | 960,955,396.77 | | Total Non-current Liabilities | 124,898,337.49 | 226,508,209.83 | | Total Equity Attributable to Parent Company | 3,341,515,546.30 | 3,361,317,832.00 | - Accounts receivable increased sharply from 3,731,879.80 Yuan at the end of 2019 to 131,689,455.24 Yuan on March 31, 2020[24] - Contract liabilities increased by 112,559,059.40 Yuan, with a corresponding decrease in advances from customers[28] 2. Parent Company Balance Sheet As of March 31, 2020, the parent company's total assets were 4.474 billion Yuan, with total liabilities of 1.029 billion Yuan and total equity of 3.445 billion Yuan Key Data from Parent Company Balance Sheet (Mar 31, 2020 vs Dec 31, 2019) | Item | March 31, 2020 (Yuan) | December 31, 2019 (Yuan) | | :--- | :--- | :--- | | Total Assets | 4,473,862,379.30 | 4,483,892,008.76 | | Total Current Assets | 2,160,251,422.43 | 2,126,294,495.29 | | Total Non-current Assets | 2,313,610,956.87 | 2,357,597,513.47 | | Total Liabilities | 1,028,864,015.69 | 1,017,392,205.36 | | Total Current Liabilities | 905,836,428.57 | 893,368,758.04 | | Total Non-current Liabilities | 123,027,587.12 | 124,023,447.32 | | Total Equity | 3,444,998,363.61 | 3,466,499,803.40 | - The parent company's accounts receivable surged from 86,868.64 Yuan at the end of 2019 to 129,203,475.88 Yuan on March 31, 2020[31] - The parent company's contract liabilities increased by 4,193,470.12 Yuan, with a corresponding decrease in advances from customers[34] 3. Consolidated Income Statement For Q1 2020, consolidated total operating revenue was 863 million Yuan, a year-over-year decrease of 19.29%, resulting in a net loss attributable to the parent company of 20.60 million Yuan Key Data from Consolidated Income Statement (Q1 2020 vs Q1 2019) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 863,291,826.18 | 1,069,579,320.18 | | Total Operating Costs | 886,178,698.41 | 951,070,429.19 | | Operating Profit | -27,881,590.44 | 118,356,226.27 | | Total Profit | -27,591,386.91 | 119,922,336.22 | | Net Profit | -20,476,596.27 | 90,981,789.21 | | Net Profit Attributable to Parent Company | -20,602,334.41 | 90,878,122.00 | | Basic Earnings Per Share | -0.02 | 0.10 | - Selling expenses decreased by 67.23% year-over-year, mainly due to the implementation of the new revenue standard[35] - Asset impairment loss was -6,992,626.36 Yuan in the current period, a significant increase from -2,096,922.75 Yuan in the prior period[39] 4. Parent Company Income Statement For Q1 2020, the parent company's operating revenue was 822 million Yuan, and it recorded a net loss of 22.30 million Yuan, a sharp reversal from a profit in the prior year Key Data from Parent Company Income Statement (Q1 2020 vs Q1 2019) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 821,800,523.16 | 1,032,346,064.75 | | Operating Costs | 801,314,169.43 | 832,036,421.95 | | Operating Profit | -30,673,983.12 | 121,715,093.95 | | Total Profit | -30,383,779.59 | 123,333,562.61 | | Net Profit | -22,301,488.50 | 93,284,343.55 | - The parent company's selling expenses decreased by approximately 64.6% year-over-year, while finance costs turned from negative to positive, mainly due to increased interest income[43] 5. Consolidated Cash Flow Statement For Q1 2020, net cash flow from operating activities was -70.04 million Yuan, a significant decrease from 338 million Yuan in the prior year, primarily due to reduced cash receipts from sales Key Data from Consolidated Cash Flow Statement (Q1 2020 vs Q1 2019) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -70,042,080.62 | 337,639,713.64 | | Net Cash Flow from Investing Activities | -8,414,472.78 | -7,994,204.80 | | Net Cash Flow from Financing Activities | 0 | 0 | | Net Increase in Cash and Cash Equivalents | -78,456,553.40 | 329,645,508.84 | | Cash and Cash Equivalents at End of Period | 817,487,040.01 | 783,636,443.94 | - Cash received from sales of goods and services decreased from 756 million Yuan in the prior year period to 388 million Yuan in the current period[47] - Cash paid for goods and services increased from 239 million Yuan in the prior year period to 324 million Yuan in the current period[47] 6. Parent Company Cash Flow Statement For Q1 2020, the parent company's net cash flow from operating activities was -72.04 million Yuan, a sharp decline from 340 million Yuan in the prior year period Key Data from Parent Company Cash Flow Statement (Q1 2020 vs Q1 2019) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -72,044,816.05 | 339,889,805.25 | | Net Cash Flow from Investing Activities | -11,011,316.47 | -1,711,323.77 | | Net Cash Flow from Financing Activities | 0 | 0 | | Net Increase in Cash and Cash Equivalents | -83,056,132.52 | 338,178,481.48 | | Cash and Cash Equivalents at End of Period | 779,356,510.41 | 767,428,005.91 | - The parent company's cash received from sales of goods and services decreased from 746 million Yuan in the prior year period to 377 million Yuan in the current period[50] - The parent company's cash paid for fixed assets, intangible assets, and other long-term assets was 517,940.47 Yuan, a decrease from 3,330,707.57 Yuan in the prior period[50] II. Explanation of Financial Statement Adjustments The company adopted the new revenue standard on January 1, 2020, reclassifying advances from customers to contract liabilities without restating prior period comparative data 1. Adjustments to Opening Financial Statements for First-time Adoption of New Standards in 2020 The adoption of the new revenue standard resulted in reclassifications from advances from customers and deferred income to contract liabilities, with no impact on total liabilities Consolidated Balance Sheet Adjustments (Dec 31, 2019 vs Jan 1, 2020) | Item | December 31, 2019 (Yuan) | January 1, 2020 (Yuan) | Adjustment (Yuan) | | :--- | :--- | :--- | :--- | | Advances from Customers | 134,114,769.36 | 75,763,407.10 | -58,351,362.26 | | Contract Liabilities | | 158,933,082.73 | 158,933,082.73 | | Deferred Income | 135,463,868.83 | 34,882,148.36 | -100,581,720.47 | | Total Current Liabilities | 960,955,396.77 | 1,061,537,117.24 | 100,581,720.47 | | Total Non-current Liabilities | 226,508,209.83 | 125,926,489.36 | -100,581,720.47 | | Total Liabilities | 1,187,463,606.60 | 1,187,463,606.60 | 0.00 | Parent Company Balance Sheet Adjustments (Dec 31, 2019 vs Jan 1, 2020) | Item | December 31, 2019 (Yuan) | January 1, 2020 (Yuan) | Adjustment (Yuan) | | :--- | :--- | :--- | :--- | | Advances from Customers | 93,396,385.25 | 75,240,585.47 | -18,155,799.78 | | Contract Liabilities | | 18,155,799.78 | 18,155,799.78 | 2. Explanation of Retrospective Adjustment of Prior Period Comparative Data The company applied the new revenue standard from January 1, 2020, and did not retrospectively adjust comparative financial information for prior periods as per transition provisions - The company implemented the new revenue standard on January 1, 2020, and in accordance with the transition provisions, did not restate prior period comparative figures[60] III. Audit Report The company's first-quarter report for 2020 has not been audited - The company's first-quarter report is unaudited[60]