龙星化工(002442) - 2020 Q3 - 季度财报

Important Notice This section confirms the report's accuracy and completeness, with key personnel taking responsibility for financial statements Board of Directors' Statement The Board, Supervisory Board, and senior management collectively assure the report's accuracy and completeness, with key executives verifying financial statements - The company's Board of Directors, Supervisory Board, and all senior management collectively guarantee the truthfulness, accuracy, and completeness of the report content, assuming joint and several legal liability[4] - Company head Wei Liang, chief accountant Li Ying, and head of accounting department Zhou Wenjie declare that the financial statements in the quarterly report are true, accurate, and complete[5] Company Profile This section provides an overview of the company's key financial performance and shareholder structure during the reporting period Key Accounting Data and Financial Indicators Q1-Q3 2020 saw revenue decline by 26.15% and net profit by 12.00%, while Q3 net profit grew 22.39% despite a 16.17% revenue drop, with operating cash flow turning negative Key Financial Indicators for Q3 and YTD 2020 | Indicator | Current Period (Q3) | YoY Change in Current Period | YTD (Q1-Q3) | YoY Change YTD | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 614.16 million | -16.17% | 1.58 billion | -26.15% | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 18.59 million | 22.39% | 21.08 million | -12.00% | | Net Cash Flow from Operating Activities (CNY) | -4.77 million | -102.90% | -144.82 million | -140.02% | | Basic Earnings Per Share (CNY/share) | 0.0387 | 22.47% | 0.0439 | -12.02% | | Weighted Average Return on Net Assets | 1.49% | 0.28% | 1.69% | -0.22% | Non-Recurring Gains and Losses YTD | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Government subsidies recognized in current profit/loss | 3.67 million | Primarily energy-saving and environmental protection project subsidies, significantly impacting performance | | Other non-operating income and expenses | -1.11 million | Primarily cash donations for epidemic in current period | | Total | 2.14 million | - | Shareholder Information The company has 30,242 common shareholders, with Liu Jiangshan as the largest at 20.40%, and no pledges or freezes among top ten shareholders, including the actual controller's brother - As of the end of the reporting period, the company had 30,242 common shareholders[12] Top Three Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Liu Jiangshan | Domestic Natural Person | 20.40% | 97,897,902 | | Bohai International Trust Co., Ltd. - Jixing No. 3 Single Fund Trust | Other | 15.13% | 72,629,372 | | Yu Jumei | Domestic Natural Person | 6.85% | 32,885,550 | - Among the top ten shareholders, Liu Heshan is the brother of the actual controller Liu Jiangshan, but both parties have declared they do not constitute persons acting in concert; the company is unaware of any other related party relationships or concerted actions among the remaining top ten shareholders[13] Significant Events This section details significant changes in financial data and other material events during the reporting period, along with their underlying causes Analysis of Changes in Key Financial Data and Reasons Significant financial data changes include decreased monetary funds and construction in progress, reduced notes payable and long-term borrowings, increased credit impairment losses and non-operating expenses, and a substantial outflow in operating cash flow Balance Sheet Key Item Changes (vs. End of Last Year) | Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Monetary Funds | -40.74% | Return of acceptance deposits due in current period | | Construction in Progress | -90.71% | Environmental protection equipment capitalized upon reaching operational status | | Notes Payable | -55.54% | Notes payable matured in current period | | Long-term Borrowings | -80.54% | Repayment of long-term borrowings in current period | Income Statement Key Item Changes (YTD YoY) | Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Credit Impairment Losses | 358.61% | Increased credit impairment provisions in current period | | Non-operating Expenses | 672.17% | Epidemic donations in current period, etc | Cash Flow Statement Key Item Changes (YTD YoY) | Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Cash received from other financing activities | 245.44% | Increased bank acceptance deposits due in current period | | Cash paid for dividends, profits, or interest | -64.42% | Cash dividends distributed in same period last year | Other Significant Events The company reported no share repurchases, unfulfilled commitments, securities investments, illegal guarantees, or non-operating fund occupation by controlling shareholders, nor did it provide performance forecasts or conduct investor relations activities - During the reporting period, the company had no overdue unfulfilled commitments from actual controllers, shareholders, or related parties[20] - The company did not engage in securities investments, derivative investments, or entrusted wealth management during the reporting period[21][22][23] - The company had no illegal external guarantees or non-operating occupation of funds by controlling shareholders during the reporting period[24][25] Financial Statements This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements, along with accounting policy adjustments Consolidated Financial Statements As of Q3 2020, consolidated total assets decreased by 9.04%, total liabilities by 18.36%, while net assets attributable to parent increased by 1.70%, with revenue down 26.15% and net profit down 12.00%, and operating cash flow turning negative Consolidated Balance Sheet Summary (September 30, 2020 vs. December 31, 2019) | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 2.42 billion | 2.66 billion | -9.04% | | Total Liabilities | 1.16 billion | 1.43 billion | -18.36% | | Equity Attributable to Owners of Parent | 1.26 billion | 1.24 billion | 1.70% | Consolidated Income Statement Summary (January-September 2020 vs. January-September 2019) | Item | January-September 2020 (CNY) | January-September 2019 (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1.58 billion | 2.14 billion | -26.15% | | Net Profit Attributable to Owners of Parent | 21.08 million | 23.95 million | -12.00% | | Basic Earnings Per Share (CNY/share) | 0.0439 | 0.0499 | -12.02% | Consolidated Cash Flow Statement Summary (January-September 2020 vs. January-September 2019) | Item | January-September 2020 (CNY) | January-September 2019 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -144.82 million | 361.83 million | | Net Cash Flow from Investing Activities | -45.68 million | -93.28 million | | Net Cash Flow from Financing Activities | 193.09 million | -235.50 million | Parent Company Financial Statements Parent company's total assets decreased by 7.60% and total liabilities by 20.04% as of Q3 2020, with Q1-Q3 revenue down 26.58% and net profit down 7.06%, and operating cash flow turning negative Parent Company Balance Sheet Summary (September 30, 2020 vs. December 31, 2019) | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1.98 billion | 2.14 billion | -7.60% | | Total Liabilities | 747.83 million | 935.26 million | -20.04% | | Total Owners' Equity | 1.23 billion | 1.21 billion | 2.04% | Parent Company Income Statement Summary (January-September 2020 vs. January-September 2019) | Item | January-September 2020 (CNY) | January-September 2019 (CNY) | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.41 billion | 1.91 billion | -26.58% | | Net Profit | 24.65 million | 26.53 million | -7.06% | Parent Company Cash Flow Statement Summary (January-September 2020 vs. January-September 2019) | Item | January-September 2020 (CNY) | January-September 2019 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -133.88 million | 343.02 million | | Net Cash Flow from Investing Activities | -9.90 million | -62.44 million | | Net Cash Flow from Financing Activities | 72.35 million | -330.73 million | Explanation of Financial Statement Adjustments The company adopted new revenue recognition standards from January 1, 2020, reclassifying "Advances from Customers" to "Contract Liabilities" in opening financial statements, with no impact on total assets, liabilities, or net assets - The company adopted the new revenue recognition standard for the first time starting January 1, 2020, and adjusted relevant items in the opening financial statements for the year[61] Consolidated Balance Sheet Opening Balance Adjustments | Item | Before Adjustment (December 31, 2019) | After Adjustment (January 1, 2020) | Adjustment Amount | | :--- | :--- | :--- | :--- | | Advances from Customers | 17.40 million | 0.00 | -17.40 million | | Contract Liabilities | 0.00 | 17.40 million | 17.40 million | Audit Report The company's third-quarter report for 2020 is unaudited - The company's third-quarter report is unaudited[69]