ST中利(002309) - 2020 Q1 - 季度财报

Important Notice The Board of Directors, Supervisory Committee, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility Important Notice The Board of Directors, Supervisory Committee, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility, with all directors attending the review meeting - The Board of Directors, Supervisory Committee, and all senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions[4] - Company head Wang Baixing, chief accountant Wu Hongtu, and head of accounting department Wu Hongtu declare the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[5] Company Profile This section provides an overview of the company's key financial data, performance indicators, and shareholder information for the reporting period Key Accounting Data and Financial Indicators In Q1 2020, the company experienced a significant performance decline, with revenue down 38.77% YoY, net loss attributable to shareholders widening to RMB 180 million, and operating cash flow decreasing by 82.42% Key Financial Indicators for Q1 2020 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 1,560,315,311.78 | 2,548,249,668.92 | -38.77% | | Net Profit Attributable to Shareholders (RMB) | -179,945,250.02 | -85,129,420.35 | -111.38% | | Net Cash Flow from Operating Activities (RMB) | 47,744,747.43 | 271,546,270.41 | -82.42% | | Basic Earnings Per Share (RMB/share) | -0.21 | -0.10 | -110.00% | | Weighted Average Return on Net Assets | -2.10% | -0.99% | -1.11% | | Total Assets (RMB) | 21,156,333,132.26 | 21,412,147,286.16 | -1.19% (vs. end of prior year) | | Net Assets Attributable to Shareholders (RMB) | 8,455,816,972.67 | 8,664,201,695.33 | -2.41% (vs. end of prior year) | Non-Recurring Gains and Losses | Item | Amount from Year-Start to End of Reporting Period (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -26,664,785.69 | | Government Grants | 5,300,017.64 | | Fair Value Changes in Trading Financial Assets/Liabilities | -2,089,600.00 | | Other Non-Operating Income and Expenses | -2,721,138.12 | | Income Tax Impact | -4,123,817.61 | | Total | -22,051,688.56 | Shareholder Information As of the reporting period end, the company had 34,732 common shareholders, with top shareholder Wang Baixing holding 25.64%, largely pledged - At the end of the reporting period, the company had 34,732 common shareholders[12] Top Ten Shareholders' Holdings | Shareholder Name | Holding Percentage | Number of Shares Held | Pledge or Freeze Status | | :--- | :--- | :--- | :--- | | Wang Baixing | 25.64% | 223,527,337 | Pledged 219,719,700 | | Jiangsu New Yangzi Shipbuilding Co., Ltd. | 9.02% | 78,651,685 | - | | Jiangsu Zhongli Holding Group Co., Ltd. | 5.61% | 48,942,000 | - | | CDB Financial Co., Ltd. | 4.21% | 36,679,116 | - | - Mr. Wang Baixing and Jiangsu Zhongli Holding Group Co., Ltd. are parties acting in concert; the company is unaware of any related party relationships or concerted actions among other top ten shareholders[13] Significant Events This section details major financial data changes, significant ongoing matters, and other key disclosures during the reporting period Analysis of Major Financial Data Changes Multiple financial indicators fluctuated significantly this period, with revenue and profit declines due to the pandemic and Zhongli Electronics' deconsolidation; investment income dropped 1015.89% from asset disposals, and credit impairment losses increased due to bad debt reversals Changes and Reasons for Key Financial Indicators | Item | Change | Reason | | :--- | :--- | :--- | | Total Operating Revenue | -38.77% | Impacted by the pandemic and reduced sales revenue after Zhongli Electronics was no longer consolidated | | Operating Profit | -155.36% | Decrease in revenue led to a corresponding decrease in gross profit | | Investment Income | -1015.89% | Losses incurred from asset disposals | | Credit Impairment Losses | 1586.48% | Reversal of bad debt losses after reducing accounts receivable | | Asset Impairment Losses | -3875.25% | Provision for inventory depreciation | | Net Cash Flow from Operating Activities | -82.42% | Increased payments to suppliers | | Net Cash Flow from Financing Activities | -212.35% | Reduced external financing | Progress of Significant Matters During the period, the company advanced major financing and investment plans, including board approval for up to RMB 8.5 billion in bank credit, over RMB 19.2 billion in guarantees for subsidiaries, and a private stock offering of up to RMB 1.575 billion for high-efficiency PV projects - The company plans to apply for a total comprehensive credit line of up to RMB 8.5 billion from relevant banks[19] - The company expects to provide daily operation and financing guarantees for subsidiaries and affiliates, totaling over RMB 19.2 billion[19][20] - The company plans a private stock offering to raise up to RMB 1.575 billion for new 1GW high-efficiency HJT cell and module production, and 1GW high-efficiency TOPCon cell and module technology upgrade projects[20] Other Disclosures The company had no overdue unfulfilled commitments, securities investments, wealth management, derivative investments, irregular external guarantees, or non-operating fund occupation by controlling shareholders during the reporting period - During the reporting period, the company had no overdue unfulfilled commitments, securities investments, entrusted wealth management, derivative investments, irregular external guarantees, or non-operating fund occupation by controlling shareholders[22][23][24][25][26][27] - The company engaged with individual investors via phone multiple times during the reporting period, discussing business resumption, pandemic impact, stock price, and operational status[28][29] Financial Statements This section presents the company's unaudited consolidated and parent company financial statements for Q1 2020, along with adjustments and audit status Financial Statement Details This section provides the company's unaudited Q1 2020 consolidated and parent company balance sheets, income statements, and cash flow statements, showing stable total assets but deteriorating profitability and operating cash flow YoY Consolidated Balance Sheet As of March 31, 2020, total assets were RMB 21.156 billion, a slight 1.19% decrease from year-end, with total liabilities at RMB 12.697 billion and equity attributable to parent company owners at RMB 8.456 billion, down 2.41% from year-end Consolidated Balance Sheet Summary (Unit: RMB) | Item | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Assets | 21,156,333,132.26 | 21,412,147,286.16 | | Total Liabilities | 12,696,578,217.64 | 12,744,208,122.66 | | Total Equity Attributable to Parent Company Owners | 8,455,816,972.67 | 8,664,201,695.33 | Parent Company Balance Sheet As of March 31, 2020, parent company total assets were RMB 12.061 billion, slightly increased from year-end, with total liabilities at RMB 3.752 billion and owner's equity at RMB 8.310 billion Parent Company Balance Sheet Summary (Unit: RMB) | Item | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Assets | 12,061,214,425.47 | 11,890,004,077.31 | | Total Liabilities | 3,751,507,950.77 | 3,513,199,180.51 | | Total Owner's Equity | 8,309,706,474.70 | 8,376,804,896.80 | Consolidated Income Statement In Q1 2020, the company's total operating revenue was RMB 1.560 billion, down 38.77% YoY, with net loss attributable to parent company owners widening to RMB 180 million from RMB 85 million in the prior year, and basic EPS at -RMB 0.21 Consolidated Income Statement Summary (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 1,560,315,311.78 | 2,548,249,668.92 | | Operating Profit | -187,629,368.30 | -73,475,967.67 | | Net Profit | -179,560,633.71 | -86,318,451.31 | | Net Profit Attributable to Parent Company Owners | -179,945,250.02 | -85,129,420.35 | | Basic Earnings Per Share | -0.21 | -0.10 | Parent Company Income Statement In Q1 2020, the parent company's operating revenue was RMB 275 million, down 48.95% YoY, with net loss widening to RMB 67 million from RMB 29 million in the prior year Parent Company Income Statement Summary (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Operating Revenue | 275,457,090.63 | 539,561,832.74 | | Operating Profit | -64,206,893.57 | -27,879,557.17 | | Net Profit | -67,098,422.10 | -28,930,656.63 | Consolidated Cash Flow Statement In Q1 2020, net cash flow from operating activities was RMB 47.74 million, a significant 82.42% YoY decrease, with net cash outflow from investing activities at RMB 77.55 million and from financing activities at RMB 120 million due to reduced external financing Consolidated Cash Flow Statement Summary (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 47,744,747.43 | 271,546,270.41 | | Net Cash Flow from Investing Activities | -77,550,445.62 | -411,122,033.54 | | Net Cash Flow from Financing Activities | -119,693,019.19 | 106,540,575.68 | | Net Increase in Cash and Cash Equivalents | -185,430,119.75 | -61,856,816.83 | Parent Company Cash Flow Statement In Q1 2020, the parent company's net cash flow from operating activities was -RMB 28.64 million, with net cash inflow from investing activities at RMB 188.25 million due to investment-related receipts, and net cash outflow from financing activities at RMB 166.43 million Parent Company Cash Flow Statement Summary (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -28,636,863.12 | -53,042,543.28 | | Net Cash Flow from Investing Activities | 188,250,923.73 | 153,782,742.06 | | Net Cash Flow from Financing Activities | -166,431,372.30 | -30,443,167.20 | Notes on Financial Statement Adjustments Effective January 1, 2020, the company adopted new revenue standards, reclassifying 'advances from customers' to 'contract liabilities' on the initial application date, which did not impact opening retained earnings - The company first adopted new revenue standards in 2020, adjusting relevant financial statement items as of January 1, 2020[57] - Key adjustments include reclassifying RMB 418,453,682.79 of 'advances from customers' to 'contract liabilities' in consolidated statements, and RMB 52,560,062.63 in parent company statements[58][61] Audit Report The company's Q1 2020 report is unaudited - The company's first quarter report is unaudited[62]