中超控股(002471) - 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 - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with no false records, misleading statements, or major omissions, and assume corresponding legal responsibilities[4] - Company's responsible person Yu Lei, head of accounting work Xiao Yu, and head of accounting department Cao Ningli declare that the financial statements in the quarterly report are true, accurate, and complete[5] Company Overview Key Accounting Data and Financial Indicators As of Q3 2020, total assets decreased by 13.69% from year-end; Q3 revenue declined by 29.78% YoY, but net profit attributable to parent surged by 135.39%; YTD revenue decreased by 36.64%, with a net loss of CNY 29.7 million, narrowing by 5.99%; operating cash flow significantly deteriorated in both Q3 and YTD Key Financial Performance (CNY) | Indicator | Current Period (Q3) | YoY Change (Q3) | Year-to-Date (YTD) | YoY Change (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,335,834,148.95 | -29.78% | 3,463,411,870.52 | -36.64% | | Net Profit Attributable to Parent | 24,976,260.81 | 135.39% | -29,699,794.29 | -5.99% | | Net Profit Attributable to Parent, Excluding Non-Recurring Items | 24,656,879.18 | 555.53% | 7,375,279.17 | -70.89% | | Net Cash Flow from Operating Activities | -201,508,271.57 | -408.46% | -173,908,643.28 | -153.78% | | Basic Earnings Per Share (Yuan/Share) | 0.0197 | 135.39% | -0.0234 | -5.88% | | Total Assets | 5,519,532,581.50 | -13.69% (vs. prior year-end) | - | - | | Net Assets Attributable to Parent | 1,395,684,262.30 | -3.29% (vs. prior year-end) | - | - | - Year-to-date, the company's non-recurring gains and losses totaled -CNY 37.075 million, primarily due to a significant loss from the disposal of non-current assets (-CNY 57.63 million)[9] Shareholder Information As of the reporting period end, the company had 89,117 common shareholders; the top two shareholders, Shenzhen Xinteng Hua Asset Management Co., Ltd. and Jiangsu Zhongchao Investment Group Co., Ltd., held 20.00% and 17.39% respectively, with a large proportion of their shares pledged or frozen - At the end of the reporting period, the company had 89,117 common shareholders[12] Top Ten Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | Share Status | Pledged/Frozen Quantity | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Xinteng Hua Asset Management Co., Ltd. | 20.00% | 253,600,000 | Pledged/Frozen | 253,600,000 | | Jiangsu Zhongchao Investment Group Co., Ltd. | 17.39% | 220,444,030 | Pledged | 219,200,000 | - Among the top ten shareholders, Yang Fei, Chairman of Jiangsu Zhongchao Investment Group Co., Ltd., constitutes a related party relationship[13] Significant Matters Changes and Reasons for Key Financial Data and Indicators Multiple financial indicators changed significantly during the reporting period, mainly due to the dual impact of subsidiary disposal and the COVID-19 pandemic, which reduced asset, liability, revenue, and expense scales, and impacted sales, receivables, and cash flow; new revenue standards also reclassified certain accounts - Year-to-date, operating revenue decreased by 36.64% and operating costs decreased by 37.03% year-on-year, primarily due to reduced sales from subsidiary disposals and the impact of the pandemic[26][27] - Selling, general and administrative, and financial expenses decreased by 38.60%, 47.55%, and 30.99% year-on-year, respectively, mainly due to reduced expenses following subsidiary disposals[28] - Net cash flow from operating activities significantly decreased by 153.78% year-on-year, primarily because the decrease in cash inflows from operating activities was much larger than the decrease in cash outflows during the period[31] - Asset items such as inventory and fixed assets significantly decreased due to subsidiary disposals; other receivables significantly increased by 130.90% due to an increase in equity transfer payments[18][19] Progress of Significant Matters, Impact and Solutions The company has two major ongoing matters: 28 lawsuits related to illegal guarantees by the former actual controller, with 10 cases already ruled in the company's favor, and the approved but uncompleted sale of a 61.11% stake in Zhongchao New Materials - The company is involved in 28 litigation cases concerning illegal guarantees by the former actual controller Huang Jinguang, of which 10 cases have been ruled by the court that the company is not liable for the guarantees, with the remaining cases still pending[32] - The company plans to transfer 61.11% equity of Zhongchao New Materials to related party Jiangsu Zhongxin Electric Material Group Co., Ltd. for CNY 55 million, with the transaction method changed to block trade, but the equity transfer has not yet been completed[33] Unfulfilled Commitments by Controlling Shareholders, Shareholders, Related Parties, Acquirers and Company All commitments by the company and related parties were fulfilled on time during the reporting period, with no overdue unfulfilled commitments, including those related to avoiding horizontal competition, regulating related party transactions, and waiving voting rights - All commitments were fulfilled on time during the reporting period, with no overdue unfulfilled situations[37] - Key obligors including Jiangsu Zhongchao Investment Group Co., Ltd., Yang Fei, and Shenzhen Xinteng Hua Asset Management Co., Ltd. are all normally fulfilling their commitments regarding horizontal competition, related party transactions, share lock-up, and waiver of voting rights[35][36][37] Financial Asset Investments The company did not engage in any securities or derivative investments during the reporting period - The company had no securities investments during the reporting period[38] - The company had no derivative investments during the reporting period[39] 2020 Annual Operating Performance Forecast The company expects to turn profitable for the full year 2020, with cumulative net profit projected between CNY 8 million and CNY 12 million, driven by macroeconomic recovery post-COVID-19 and a strategy of selecting high-quality customers and orders 2020 Annual Performance Forecast (CNY 10,000) | Item | Estimated Amount | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Cumulative Net Profit | 800 -- 1,200 | -46,288.3 | 101.73% -- 102.59% | - The forecast for turning losses into profits is attributed to the recovery of the domestic macro economy and the company's strategy of prioritizing high-quality customers in order selection[41] Investor Relations Activities Log During the reporting period, the company engaged with three individual investors via phone, addressing inquiries on illegal guarantee cases, subsidiary aerospace engine business, and current operations - The company conducted 3 phone communications with individual investors between July and September 2020[45] - Communication topics primarily included: progress of illegal guarantee lawsuits, subsidiary Zhongchao Aerospace's aero-engine parts business, and the company's daily operations[45] Financial Statements Financial Statements This section presents the company's consolidated and parent company balance sheets as of September 30, 2020, consolidated and parent company income statements for the current period and year-to-date, and consolidated and parent company cash flow statements for the year-to-date Consolidated Balance Sheet Consolidated Balance Sheet (CNY) | Item | Sep 30, 2020 | Dec 31, 2019 | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Total Assets | 5,519,532,581.50 | 6,395,048,864.49 | -13.69% | | Accounts Receivable | 2,291,411,245.01 | 2,505,930,901.88 | -8.56% | | Inventories | 633,948,641.71 | 969,175,035.46 | -34.59% | | Liabilities | | | | | Total Liabilities | 4,079,783,719.71 | 4,669,925,616.69 | -12.64% | | Short-term Borrowings | 1,812,754,296.07 | 2,118,189,879.21 | -14.42% | | Equity | | | | | Equity Attributable to Parent Company Owners | 1,395,684,262.30 | 1,443,115,112.02 | -3.29% | Consolidated Income Statement (Q3) Consolidated Income Statement (Q3 2020, CNY) | Item | Current Period Amount (Q3 2020) | Prior Period Amount (Q3 2019) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,335,834,148.95 | 1,902,291,123.79 | -29.78% | | Total Operating Costs | 1,307,164,949.68 | 1,896,341,620.90 | -31.07% | | Operating Profit | 30,717,100.61 | -76,491,772.48 | Turned Loss to Profit | | Net Profit | 25,551,881.93 | -71,732,283.39 | Turned Loss to Profit | | Net Profit Attributable to Parent Company Owners | 24,976,260.81 | -70,575,702.42 | 135.39% | Consolidated Income Statement (YTD) Consolidated Income Statement (YTD 2020, CNY) | Item | Current Period Amount (YTD 2020) | Prior Period Amount (YTD 2019) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 3,463,411,870.52 | 5,466,304,485.50 | -36.64% | | Total Operating Costs | 3,445,245,211.26 | 5,432,059,768.15 | -36.58% | | Operating Profit | -44,816,824.43 | -35,776,290.97 | -25.27% | | Net Profit | -31,845,973.28 | -24,577,744.83 | -29.57% | | Net Profit Attributable to Parent Company Owners | -29,699,794.29 | -28,022,638.58 | -5.99% | Consolidated Cash Flow Statement (YTD) Consolidated Cash Flow Statement (YTD 2020, CNY) | Item | Current Period Amount (YTD 2020) | Prior Period Amount (YTD 2019) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -173,908,643.28 | 323,354,173.19 | -153.78% | | Net Cash Flow from Investing Activities | 59,967,604.74 | 19,259,453.88 | 211.37% | | Net Cash Flow from Financing Activities | -47,469,387.51 | -323,698,897.25 | 85.34% | | Net Increase in Cash and Cash Equivalents | -161,401,364.56 | 18,943,725.77 | -952.00% | Explanation of Financial Statement Adjustments Effective January 1, 2020, the company adopted new revenue standards, adjusting only the financial statements at the initial adoption date without restating prior comparative data, primarily reclassifying "Advances from Customers" to "Contract Liabilities" and "Other Current Liabilities" - The company adopted the revised "Accounting Standard for Business Enterprises No. 14 - Revenue" issued by the Ministry of Finance starting January 1, 2020, and made corresponding adjustments to the opening financial statements[83] Financial Statement Adjustments (CNY) | Item | Before Adjustment (2019-12-31) | After Adjustment (2020-01-01) | Adjustment Amount | | :--- | :--- | :--- | :--- | | Advances from Customers | 158,201,424.15 | 0.00 | -158,201,424.15 | | Contract Liabilities | 0.00 | 140,001,260.31 | +140,001,260.31 | | Other Current Liabilities | 58,639,048.39 | 76,839,212.23 | +18,200,163.84 | Audit Report This quarterly report is unaudited - The company's 2020 third-quarter report is unaudited[89]