华斯股份(002494) - 2020 Q3 - 季度财报

Important Notice Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness and completeness of this quarterly report, with all directors attending the review - The company's Board of Directors, Supervisory Board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume joint and several legal liabilities[4] - All directors attended the Board of Directors meeting to review this quarterly report[5] - Company head He Guoying, chief accountant Yuan Guifen, and head of accounting department Liu Suxia declare that the financial statements in the quarterly report are true, accurate, and complete[5] Company Profile Key Accounting Data and Financial Indicators In the first three quarters of 2020, the company experienced a severe performance decline, with revenue down 40.11% and net profit attributable to shareholders turning into a 93.44 million Yuan loss, a decrease of 865.43%, though operating cash flow significantly improved by 121.77% Key Financial Indicators for the First Three Quarters of 2020 | Item | Year-to-Reporting Period End | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue (Yuan) | 187,359,460.94 | -40.11% | | Net Profit Attributable to Shareholders (Yuan) | -93,443,602.71 | -865.43% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains/Losses (Yuan) | -145,822,329.85 | -1,941.64% | | Net Cash Flow from Operating Activities (Yuan) | 54,802,808.20 | 121.77% | | Basic Earnings Per Share (Yuan/share) | -0.2477 | -876.49% | | Weighted Average Return on Net Assets | -5.06% | -5.70% | Non-recurring Gains and Losses for the First Three Quarters of 2020 | Item | Year-to-Reporting Period End Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 50,538,925.30 | | Government Grants | 1,741,842.40 | | Gains/Losses from Entrusted Investments or Asset Management | 1,512,422.13 | | Other Non-operating Income and Expenses | -1,451,261.72 | | Total | 52,378,727.14 | Shareholder Information As of the end of the reporting period, the company had 38,064 common shareholders, with controlling shareholder He Guoying holding 31.31% and his cousin He Shufeng also among the top ten, forming an associated relationship - As of the end of the reporting period, the company had 38,064 common shareholders[12] Top Ten Shareholders' Holdings (Partial) | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | He Guoying | 31.31% | 120,720,374 | | Huasi Holdings Co., Ltd. Repurchase Special Securities Account | 2.14% | 8,250,100 | | Shanghai Textile Investment Management Co., Ltd. | 1.71% | 6,581,354 | | He Shufeng | 1.67% | 4,914,000 | - Among the top ten shareholders, controlling shareholder He Guoying and He Shufeng are cousins, constituting related parties[13] Significant Events Changes and Reasons for Key Financial Data During the reporting period, multiple financial indicators fluctuated significantly, with operating revenue decreasing by 40.11% due to the pandemic, goodwill written down to zero, and asset disposal gains surging by 14399.05% from land compensation - Operating revenue decreased by 40.11% year-on-year, primarily due to pandemic-induced cancellations of international orders, reduced domestic brand orders, and slow progress in shop construction projects affecting sales recognition[16] - Goodwill balance at period-end was 0, a 100% decrease from the beginning of the period, mainly due to the provision for goodwill impairment during the reporting period[16] - Gains from asset disposal surged by 14399.05% year-on-year, primarily from compensation for government-repossessed land and buildings[17] - Net cash flow from operating activities increased by 121.77% year-on-year, mainly due to a significant reduction in cash paid for goods and services under pandemic impact[17] 2020 Annual Operating Performance Forecast The company forecasts a significant net loss for 2020, ranging from 280 million to 400 million Yuan, primarily due to reduced sales from the global pandemic and potential impairment losses on mink fur inventory 2020 Annual Performance Forecast | Item | Year-to-Next Reporting Period End (Yuan) | Prior Period (Yuan) | Change | | :--- | :--- | :--- | :--- | | Cumulative Net Profit | -400,000,000 to -280,000,000 | 16,889,800 | -2,468.29% to -1,757.81% | - The main reasons for the projected loss are: first, a significant decline in domestic and international sales revenue due to the global pandemic, especially large-scale cancellations of European orders; second, the discovery of COVID-19 in mink farms in countries like the Netherlands and Denmark, creating significant uncertainty for the fur industry and potential for large impairment losses on the company's imported mink fur inventory[22] Other Significant Matters During the reporting period, the company had no significant event progress, no overdue unfulfilled commitments, no securities or derivatives investments, no entrusted wealth management, and no controlling shareholder fund occupation - The company had no overdue unfulfilled commitments during the reporting period[18] - The company had no securities investments, derivative investments, or entrusted wealth management during the reporting period[20][21][23] - The company had no irregular external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[24][25] - No investor relations activities such as research visits, communications, or interviews occurred during the reporting period[27] Financial Statements Financial Statements This section presents the company's unaudited consolidated and parent company financial statements for the third quarter of 2020, including balance sheets, income statements, and cash flow statements Consolidated Balance Sheet As of September 30, 2020, the company's total assets were 2.36 billion Yuan, total liabilities 565.54 million Yuan, and net assets attributable to shareholders 1.80 billion Yuan, showing decreases from the year's beginning Key Items from Consolidated Balance Sheet (Unit: Yuan) | Item | September 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Assets | 2,359,083,619.05 | 2,537,326,536.18 | | Total Liabilities | 565,537,536.35 | 648,460,433.47 | | Total Equity Attributable to Parent Company Owners | 1,800,890,040.94 | 1,893,534,099.42 | Consolidated Income Statement In Q3 2020, revenue was 80.38 million Yuan, but net profit attributable to parent company owners was a 75.96 million Yuan loss, a significant decline; year-to-date revenue was 187.36 million Yuan, with a 93.44 million Yuan cumulative loss Consolidated Income Statement - Third Quarter (Unit: Yuan) | Item | Current Period (Q3 2020) | Prior Period (Q3 2019) | | :--- | :--- | :--- | | Total Operating Revenue | 80,384,010.01 | 76,420,274.70 | | Operating Profit | -75,362,980.34 | 464,298.99 | | Net Profit Attributable to Parent Company Owners | -75,963,720.74 | 147,592.77 | Consolidated Income Statement - Year-to-Date (Unit: Yuan) | Item | Current Period (Jan-Sep 2020) | Prior Period (Jan-Sep 2019) | | :--- | :--- | :--- | | Total Operating Revenue | 187,359,460.94 | 312,855,694.33 | | Operating Profit | -96,123,987.96 | 15,245,428.76 | | Net Profit Attributable to Parent Company Owners | -93,443,602.71 | 12,207,909.85 | Consolidated Cash Flow Statement In the first three quarters of 2020, net cash flow from operating activities significantly improved to 54.80 million Yuan, while investing activities generated 74.90 million Yuan from asset disposal, and financing activities had a net outflow of 172.72 million Yuan Consolidated Cash Flow Statement Summary (Unit: Yuan) | Item | Current Period (Jan-Sep 2020) | Prior Period (Jan-Sep 2019) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 54,802,808.20 | -251,746,066.71 | | Net Cash Flow from Investing Activities | 74,898,120.22 | -17,945,083.78 | | Net Cash Flow from Financing Activities | -172,718,898.53 | 78,400,217.11 | | Net Increase in Cash and Cash Equivalents | -43,270,083.84 | -192,137,604.64 | Notes on Financial Statement Adjustments The company adopted new revenue standards from January 1, 2020, reclassifying 'Prepayments from Customers' to 'Contract Liabilities' in the opening balance sheet, with no impact on net assets - The company first adopted the new revenue recognition standard from January 1, 2020, and adjusted relevant items in the opening financial statements[62] - The main adjustment reclassified 39,782,202.36 Yuan of 'Prepayments from Customers' from the consolidated balance sheet as of December 31, 2019, to 'Contract Liabilities' in the January 1, 2020 statement[65] - This accounting policy change only involved reclassification of statement items, with no impact on the company's total assets, total liabilities, or total owner's equity as of January 1, 2020[66] Audit Report The company's 2020 third-quarter report is unaudited - The company's third-quarter report is unaudited[70]