尤夫股份(002427) - 2019 Q3 - 季度财报

Part I Important Notice Important Notice The company's board, supervisory board, and senior management affirm the quarterly report's truthfulness and completeness, with all directors present and key financial officers guaranteeing financial statement accuracy - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility for any misrepresentation or material omission[3] - All directors attended the board meeting to review this quarterly report[4] - Company head Shao Ruize, chief financial officer Huo Shanqing, and head of accounting Huo Xianhui declare the financial statements in the quarterly report to be true, accurate, and complete[4] Part II Company Profile I. Key Accounting Data and Financial Indicators The company's total assets and net assets attributable to shareholders decreased from the prior year-end, with revenue declining and net profit attributable to shareholders turning to a loss, while year-to-date operating cash flow shifted from negative to positive Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period End/YTD (Yuan) | Prior Year End/Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 5,849,824,961.45 | 6,349,158,943.73 | -7.86% | | Net Assets Attributable to Shareholders | 708,000,260.37 | 746,189,789.49 | -5.12% | | Operating Revenue (Current Period) | 774,324,301.88 | 1,017,312,532.07 | -23.89% | | Operating Revenue (Year-to-Date) | 2,384,576,253.18 | 2,924,475,976.03 | -18.46% | | Net Profit Attributable to Shareholders (Current Period) | -53,728,560.91 | -8,104,478.37 | 562.95% | | Net Profit Attributable to Shareholders (Year-to-Date) | -38,189,529.12 | 15,042,772.92 | -353.87% | | Net Profit Attributable to Shareholders After Non-Recurring Items (Year-to-Date) | -96,360,088.78 | -2,219,000.00 (Estimated) | 4,249.50% | | Net Cash Flow from Operating Activities (Current Period) | 113,155,835.69 | -472,848,576.33 (Prior YTD) | 140.84% | | Net Cash Flow from Operating Activities (Year-to-Date) | 251,820,358.83 | -472,848,576.33 | -153.26% | | Basic Earnings Per Share (Current Period) | -0.1349 | -0.0204 | 561.49% | | Basic Earnings Per Share (Year-to-Date) | -0.0959 | 0.0378 | -353.70% | | Weighted Average Return on Net Assets (Current Period) | -7.39% | -6.94% | -6.94% | | Weighted Average Return on Net Assets (Year-to-Date) | -5.25% | -6.08% | -6.08% | Non-Recurring Gains and Losses (Year-to-Date) | Item | YTD Amount (RMB Yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | 32,301.52 | | Government grants recognized in current profit or loss | 11,059,665.70 | | Reversal of impairment provisions for accounts receivable and contract assets subject to separate impairment testing | 57,487,363.99 | | Other non-operating income and expenses apart from the above | -139,864.11 | | Less: Income tax impact | 10,268,892.72 | | Impact on minority interests (after tax) | 14.72 | | Total | 58,170,559.66 | II. Total Shareholders and Top Ten Shareholders at Period End As of the period end, the company had 10,096 common shareholders, with the top ten holding concentrated stakes, including the controlling shareholder's 27.87% largely pledged and frozen shares, and some shareholders having related party or concerted action relationships - Total common shareholders at the end of the reporting period: 10,096 accounts[11] Top 10 Shareholders' Holdings (Period End) | Shareholder Name | Shareholder Type | Holding Percentage (%) | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huzhou Youfu Holding Co., Ltd. | Domestic Non-State-Owned Legal Person | 27.87% | 110,984,402 | 0 | Pledged | 110,650,000 | | | | | | | Frozen | 110,984,402 | | Shanghai Yaokuo Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 17.13% | 68,209,350 | 0 | - | - | | Jiayuan Co., Ltd. | Overseas Legal Person | 7.22% | 28,750,800 | 0 | Pledged | 27,830,000 | | Zhongrong International Trust Co., Ltd. – Zhongrong – Zhengying No. 130 Collective Fund Trust Plan | Other | 6.99% | 27,830,000 | 0 | - | - | | Huaxin International Trust Co., Ltd. – Huaxin Trust · Xinhui No. 2 Collective Fund Trust Plan | Other | 4.22% | 16,815,640 | 0 | - | - | | Yunnan International Trust Co., Ltd. – Shengjin No. 43 Collective Fund Trust Plan | Other | 3.68% | 14,656,805 | 0 | - | - | | AVIC Trust Co., Ltd. – AVIC Trust · Tianshun [2019] No. 22 Shanghai Yaokuo Investment Single Fund Trust | Other | 0.95% | 3,796,100 | 0 | - | - | | Li Yinyin | Domestic Natural Person | 0.70% | 2,775,992 | 0 | - | - | | Tao Hehua | Domestic Natural Person | 0.65% | 2,574,140 | 0 | - | - | | Wan Ruoying | Domestic Natural Person | 0.62% | 2,474,200 | 0 | - | - | - Yunnan International Trust Co., Ltd. - Shengjin No. 43 Collective Fund Trust Plan was established by Mr. Zhou Fazhang, former head of the company's wholly-owned subsidiary Jiangsu Zhihang New Energy Co., Ltd.; Shanghai Yaokuo Enterprise Management Center (Limited Partnership) and 'Zhongrong International Trust Co., Ltd. - Zhongrong - Zhengying No. 130 Collective Fund Trust Plan' are concerted parties; 'AVIC Trust Co., Ltd. - AVIC Trust · Tianshun [2019] No. 22 Shanghai Yaokuo Investment Single Fund Trust' is a single trust plan account established by Shanghai Yaokuo Enterprise Management Center (Limited Partnership)[12] Part III Significant Events I. Changes and Reasons for Key Financial Data and Indicators in the Reporting Period During the reporting period, the company experienced significant financial data changes, including a sharp decrease in monetary funds due to payments, increases in notes and prepayments from business growth, a drastic reduction in minority interests due to subsidiary dividends, and a shift in operating cash flow from negative to positive, while net profit attributable to the parent company turned into a substantial loss Changes and Reasons for Key Financial Data and Indicators (Year-to-Date) | Item | Period-end/YTD Amount (Yuan) | Period-start/Prior YTD Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 295,992,284.78 | 539,385,132.40 | -45.12% | Primarily due to payment for goods | | Notes Receivable | 79,448,246.89 | 59,039,974.67 | 34.57% | Primarily due to an increase in bank acceptance bills received in the current period | | Prepayments | 65,045,865.38 | 48,154,156.37 | 35.08% | Primarily due to payment for goods | | Minority Interests | 125,557.63 | 1,612,218.88 | -92.21% | Primarily due to dividends paid by controlling subsidiaries in the current period | | Research and Development Expenses | 92,699,582.53 | 132,612,014.16 | -30.10% | Due to lower prices of raw materials for R&D | | Investment Income | 5,754,739.91 | -3,132,605.71 | -283.70% | Primarily due to profit from investee company Wuhan Zhongyu in the current period | | Credit Impairment Losses | 69,113,357.53 | -34,234,346.65 | -301.88% | Primarily due to recovery of prior period accounts receivable | | Net Profit Attributable to Parent Company Owners | -38,189,529.12 | 15,042,772.92 | -353.87% | Primarily due to a decrease in revenue and gross profit margin in the current period | | Net Cash Flow from Operating Activities | 251,820,358.83 | -472,848,576.33 | -153.26% | Due to increased collection of goods payments and reduced payments for bulk trade | | Net Cash Flow from Financing Activities | -413,166,034.54 | -268,198,142.87 | 54.05% | Primarily due to repayment of loan principal and interest in the current period | II. Progress, Impact, and Solutions for Significant Events The company is under ongoing investigation by the China Securities Regulatory Commission, its controlling shareholder faced forced share liquidation, and a change in actual control occurred with Aerospace Cloud Sail Capital Management Co., Ltd. indirectly acquiring control and planning resource integration - The company has been under investigation by the China Securities Regulatory Commission since January 19, 2018, with the investigation ongoing and no final conclusions received as of this report date[16] - The controlling shareholder, Huzhou Youfu Holding Co., Ltd., experienced forced liquidation of some company shares pledged to China Post Securities Co., Ltd., with a cumulative 7,762,798 shares forcibly liquidated as of October 22, 2019[16][17] - On September 28, 2019, Aerospace Cloud Sail Capital Management Co., Ltd. indirectly gained control of the company by acquiring control of Beijing Aerospace Rongchuang Technology Center (Limited Partnership), leading to a change in the company's actual controller, with Aerospace Cloud Sail planning to leverage its shareholder background to integrate quality resources into corporate governance[18] III. Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company The company has an overdue performance compensation commitment from a 2016 transaction, as Jiangsu Zhihang New Energy Co., Ltd. failed to meet its 2017 and 2018 performance targets, and the company is actively negotiating with the responsible party for compensation - There is an overdue performance compensation and impairment test compensation commitment, with obligors including Cao Ping, Huang Jinlan, Li Ping, and Zhou Fazhang[19] - Jiangsu Zhihang New Energy Co., Ltd.'s net profit after deducting non-recurring gains and losses from 2016-2018 was -357.5663 million Yuan, completing -38.20% of the cumulative promised net profit after non-recurring items, failing to meet performance commitments in 2017 and 2018[21] - As of the report date, the company has not yet received performance compensation from Zhou Fazhang and is actively engaging with him to adjust the original compensation terms and fulfill relevant review procedures[21] IV. Financial Assets Measured at Fair Value The company had no financial assets measured at fair value during the reporting period - The company had no financial assets measured at fair value during the reporting period[22] V. 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[22] VI. Non-Operating Fund Occupation by Controlling Shareholder and Related Parties The company's controlling shareholder and related parties did not non-operationally occupy funds during the reporting period - There was no non-operating fund occupation by the controlling shareholder or its related parties during the reporting period[23] VII. Entrusted Wealth Management The company had no entrusted wealth management activities during the reporting period - The company had no entrusted wealth management activities during the reporting period[24] VIII. Registration Form for Investor Relations Activities in the Reporting Period The company did not conduct any investor relations activities such as research, communication, or interviews during the reporting period - The company did not conduct any investor relations activities such as research, communication, or interviews during the reporting period[25] Part IV Financial Statements I. Financial Statements This section presents the company's consolidated and parent company financial statements for the third quarter and year-to-date 2019, including balance sheets, income statements, and cash flow statements, providing a comprehensive overview of financial position, operating results, and cash flows 1. Consolidated Balance Sheet As of September 30, 2019, the company's consolidated total assets decreased by 7.86% from year-end 2018, with owner's equity attributable to the parent company declining by 5.12%, monetary funds sharply decreasing by 45.12%, and long-term borrowings increasing by 28.50% Consolidated Balance Sheet Key Data (September 30, 2019 vs December 31, 2018) | Item | September 30, 2019 (Yuan) | December 31, 2018 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 5,849,824,961.45 | 6,349,158,943.73 | -7.86% | | Total Liabilities | 5,141,699,143.45 | 5,601,356,935.36 | -8.21% | | Total Owner's Equity | 708,125,818.00 | 747,802,008.37 | -5.31% | | Monetary Funds | 295,992,284.78 | 539,385,132.40 | -45.12% | | Short-term Borrowings | 1,950,872,141.55 | 2,233,640,466.54 | -12.66% | | Long-term Borrowings | 696,494,368.97 | 542,000,000.00 | 28.50% | 2. Parent Company Balance Sheet As of September 30, 2019, the parent company's total assets increased by 23.77% from year-end 2018, with total liabilities growing by 34.75%, and significant increases in accounts receivable and accounts payable by 245.84% and 410.03% respectively Parent Company Balance Sheet Key Data (September 30, 2019 vs December 31, 2018) | Item | September 30, 2019 (Yuan) | December 31, 2018 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 7,263,777,694.37 | 5,869,602,954.52 | 23.77% | | Total Liabilities | 5,361,055,630.31 | 3,978,388,991.53 | 34.75% | | Accounts Receivable | 2,380,104,012.24 | 688,193,668.86 | 245.84% | | Accounts Payable | 1,554,486,979.48 | 304,768,703.11 | 410.03% | 3. Consolidated Income Statement for the Current Period In Q3 2019, consolidated total operating revenue decreased by 23.89% year-over-year, operating profit turned to a loss, and net profit attributable to the parent company significantly widened its loss, resulting in a basic EPS of -0.1349 Yuan Consolidated Income Statement Key Data (Q3 2019 vs Q3 2018) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 774,324,301.88 | 1,017,312,532.07 | -23.89% | | Operating Profit | -51,298,710.44 | 9,657,931.71 | -631.10% | | Net Profit | -54,006,885.63 | -7,712,830.50 | -600.22% | | Net Profit Attributable to Parent Company Owners | -53,728,560.91 | -8,104,478.37 | -562.95% | | Basic Earnings Per Share (Yuan/share) | -0.1349 | -0.0204 | -561.49% | 4. Parent Company Income Statement for the Current Period In Q3 2019, parent company operating revenue decreased by 25.85% year-over-year, with both operating profit and net profit turning from profit to loss compared to the same period last year Parent Company Income Statement Key Data (Q3 2019 vs Q3 2018) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 665,881,148.22 | 898,060,301.04 | -25.85% | | Operating Profit | -3,075,490.19 | 95,983,506.20 | -103.20% | | Net Profit | -3,092,105.22 | 81,550,401.65 | -103.79% | 5. Consolidated Income Statement Year-to-Date As of September 30, 2019, consolidated total operating revenue decreased by 18.46% year-over-year, operating profit turned to a loss, and net profit attributable to the parent company shifted from profit to a significant loss, with basic EPS at -0.0959 Yuan Consolidated Income Statement Key Data (YTD 2019 vs YTD 2018) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,384,576,253.18 | 2,924,475,976.03 | -18.46% | | Operating Profit | -19,130,857.37 | 58,297,363.03 | -132.82% | | Net Profit | -37,229,163.28 | 17,023,853.34 | -318.60% | | Net Profit Attributable to Parent Company Owners | -38,189,529.12 | 15,042,772.92 | -353.87% | | Basic Earnings Per Share (Yuan/share) | -0.0959 | 0.0378 | -353.70% | 6. Parent Company Income Statement Year-to-Date As of September 30, 2019, parent company operating revenue decreased by 14.17% year-over-year, and both operating profit and net profit significantly declined but remained profitable Parent Company Income Statement Key Data (YTD 2019 vs YTD 2018) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,098,397,776.13 | 2,444,651,862.61 | -14.17% | | Operating Profit | 14,176,625.78 | 177,779,566.11 | -92.03% | | Net Profit | 11,508,101.07 | 150,830,153.92 | -92.37% | 7. Consolidated Cash Flow Statement Year-to-Date As of September 30, 2019, consolidated operating cash flow turned positive from negative, investment cash outflow decreased, but financing cash outflow significantly increased, resulting in a negative net increase in cash and cash equivalents Consolidated Cash Flow Statement Key Data (YTD 2019 vs YTD 2018) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 251,820,358.83 | -472,848,576.33 | -153.26% | | Net Cash Flow from Investment Activities | -92,296,631.69 | -118,703,085.32 | 22.25% | | Net Cash Flow from Financing Activities | -413,166,034.54 | -268,198,142.87 | 54.05% | | Net Increase in Cash and Cash Equivalents | -249,418,106.55 | -852,808,671.79 | 70.78% | 8. Parent Company Cash Flow Statement Year-to-Date As of September 30, 2019, parent company operating cash flow turned positive, investment cash outflow increased, and financing cash outflow decreased, leading to a negative net increase in cash and cash equivalents Parent Company Cash Flow Statement Key Data (YTD 2019 vs YTD 2018) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 121,588,947.62 | -482,236,058.67 | -125.21% | | Net Cash Flow from Investment Activities | -66,049,357.02 | -40,561,107.33 | -62.84% | | Net Cash Flow from Financing Activities | -61,183,113.79 | -118,711,346.61 | 48.46% | | Net Increase in Cash and Cash Equivalents | -3,068,067.71 | -637,954,759.63 | 99.52% | II. Explanation of Financial Statement Adjustments The company adopted new financial instrument accounting standards from January 1, 2019, but the consolidated and parent company balance sheets show no retrospective adjustments to opening balances, indicating no impact on prior period financial statements - The company adopted four new financial instrument accounting standards, including 'CAS 22 – Recognition and Measurement of Financial Instruments,' revised and issued by the Ministry of Finance, effective January 1, 2019[64][68] - The consolidated and parent company balance sheets show no adjustments between the opening balances on January 1, 2019, and the closing balances on December 31, 2018, indicating that the implementation of new financial instrument standards had no retrospective adjustment impact on the opening financial statements[61][65] III. Audit Report The company's 2019 third-quarter report is unaudited - The company's third-quarter report is unaudited[69]