金字火腿(002515) - 2021 Q1 - 季度财报

Important Notice Important Notice This chapter presents the standard declaration issued by the company's Board of Directors, Supervisory Board, and senior management, aiming to ensure the truthfulness, accuracy, and completeness of this quarterly report and to declare the absence of any false records, misleading statements, or material omissions - All directors, supervisors, and senior management of the company pledge that the content of this report is true, accurate, and complete, and assume corresponding legal responsibilities[5] - All directors attended the board meeting that reviewed this quarterly report[6] - The company's principal, the person in charge of accounting work, and the head of the accounting department guarantee the truthfulness, accuracy, and completeness of the financial statements[6] Company Profile Key Accounting Data and Financial Indicators In Q1 2021, the company's operating revenue and net profit attributable to shareholders both increased year-over-year by 30.98% and 23.00% respectively, with net cash flow from operating activities turning positive and significantly growing by 349.04%, indicating a notable improvement in operating conditions, while total assets slightly decreased and net assets attributable to shareholders increased compared to the end of the previous year Key Financial Data for Q1 2021 | Indicator | Current Period | Prior Year Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 250,021,337.65 | 190,878,192.22 | 30.98% | | Net Profit Attributable to Listed Company Shareholders (RMB) | 60,130,800.34 | 48,885,002.57 | 23.00% | | Net Cash Flow from Operating Activities (RMB) | 100,099,246.44 | -40,194,231.38 | 349.04% | | Basic Earnings Per Share (RMB/share) | 0.06 | 0.05 | 20.00% | | Weighted Average Return on Net Assets | 4.43% | 3.65% | Increased by 0.78 percentage points | Key Balance Sheet Data at Period End | Indicator | Current Period End | Prior Year End | Period-End vs. Prior Year End Change | | :--- | :--- | :--- | :--- | | Total Assets (RMB) | 1,547,274,376.21 | 1,616,923,159.04 | -4.31% | | Net Assets Attributable to Listed Company Shareholders (RMB) | 1,386,236,271.32 | 1,326,105,470.98 | 4.53% | - During the reporting period, non-recurring gains and losses totaled RMB 6.23 million, primarily from disposal gains on non-current assets (RMB 4.77 million) and government grants (RMB 1.58 million)[10] Total Number of Shareholders and Top Ten Shareholders' Holdings at Period End As of the end of the reporting period, the company had a total of 64,058 common shareholders, with Jinhua Bama Investment Enterprise (Limited Partnership) as the largest shareholder holding 20.30%, and the actual controller Shi Yan军 and his concerted parties collectively holding significant company shares - At the end of the reporting period, the company had a total of 64,058 common shareholders[13] Top Three Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Jinhua Bama Investment Enterprise (Limited Partnership) | Domestic Non-State-Owned Legal Person | 20.30% | 198,625,280 | | Shi Yan军 | Domestic Natural Person | 8.99% | 87,987,227 | | Shi Xiong飚 | Domestic Natural Person | 3.45% | 33,743,900 | - The company's actual controller is Shi Yan军, with Shi Yan军, Jinhua Bama Investment Enterprise (Limited Partnership), Shi Xiong飚, Xue Chang煌, and Yan Xiao青 acting as concerted parties[16] Significant Events Analysis of Changes and Reasons for Key Financial Data During the reporting period, several of the company's financial indicators changed significantly: accounts receivable and other receivables substantially increased while short-term borrowings decreased due to bank loan repayments; operating revenue grew due to increased sales of ham and branded meat, and asset disposal gains surged from the disposal of Shanghai real estate; operating cash flow significantly improved due to increased sales collections and reduced raw material procurement expenses - Reasons for Balance Sheet Item Changes: - Accounts Receivable: Increased by 127.87% year-over-year, primarily due to an increase in accounts receivable at period-end[20] - Other Receivables: Increased by 793.02% year-over-year, primarily due to the payment of land transfer deposits during the reporting period[20] - Short-term Borrowings: Decreased by 47.85% year-over-year, primarily due to the repayment of bank loans during the reporting period[20] - Reasons for Income Statement Item Changes: - Operating Revenue: Increased by 30.98% year-over-year, primarily due to increased sales revenue from ham and branded meat during the reporting period[20] - Asset Disposal Gains: Surged by 14,443,714.97%, primarily due to the disposal of a Shanghai property during the reporting period[20][22] - Reasons for Cash Flow Statement Item Changes: - Net Cash Flow from Operating Activities: Increased by 349.04% year-over-year, primarily due to increased sales collections and reduced raw material procurement expenses[22] - Net Cash Flow from Investing Activities: Decreased by 204.64% year-over-year, primarily due to the payment of land transfer deposits[22] - Net Cash Flow from Financing Activities: Decreased by 148.53% year-over-year, primarily due to the repayment of bank loans[22] Analysis of Progress, Impact, and Solutions for Significant Events The company continues to pursue the recovery of equity repurchase funds from Zhongyu Capital, having transferred the remaining RMB 434 million debt through public auction, which was ultimately acquired by related party Jinhua Bama Investment Enterprise (Limited Partnership) for RMB 300 million, a related party transaction approved by the shareholders' meeting, and the company's share repurchase plan was completed on September 30, 2019 - The company initiated the repurchase of 51% equity in Zhongyu Capital in 2018, but the repurchasing party still owes RMB 434.0773 million in repurchase payments[23] - To recover the funds, the company transferred the remaining debt through public auction, where related party Jinhua Bama Investment Enterprise (Limited Partnership) acquired the debt for RMB 300 million on March 5, 2021, a related party transaction approved by the Board of Directors and the Shareholders' Meeting[24][26] - The company's share repurchase plan, initiated in 2018, was completed on September 30, 2019, with a cumulative repurchase of 39,846,053 shares, representing 4.0729% of the total share capital, at a total cost of approximately RMB 171 million[27] Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During the Reporting Period Related parties (Loudi Zhongyu, etc.) involved in the Zhongyu Capital equity repurchase failed to fulfill their commitment made on April 17, 2020, to pay the equity repurchase funds in installments; to mitigate risk, the company has transferred the remaining debt through public auction to Jinhua Bama Investment Enterprise (Limited Partnership), a matter that has completed internal review procedures - The Zhongyu Capital equity repurchasing party failed to fulfill its payment commitment made on April 17, 2020, constituting an overdue unfulfilled commitment[28][31][32] - The original commitment was to pay RMB 300 million by November 30, 2020, and the remaining RMB 243.26 million by November 30, 2021[31] - As a solution, the company publicly auctioned the remaining debt from the Zhongyu Capital equity repurchase, which was acquired by Jinhua Bama Investment Enterprise (Limited Partnership)[31][34] Financial Asset Investments During the reporting period, the company held a fund investment measured at fair value, with both initial investment cost and period-end book value at RMB 50 million, classified as other equity instrument investments, with no fair value changes or trading activities during the period Securities Investment Status | Security Type | Initial Investment Cost (RMB) | Period-End Book Value (RMB) | Accounting Subject | | :--- | :--- | :--- | :--- | | Fund | 50,000,000.00 | 50,000,000.00 | Other Equity Instrument Investments | Registration Form for Investor Research, Communication, Interview, and Other Activities During the Reporting Period In Q1 2021, the company actively engaged with the capital market, hosting multiple institutional investors including Essence Securities, Great Wall Securities, and Northeast Securities through conference calls and on-site visits, primarily discussing the company's basic situation and development strategy - The company conducted a total of three recorded investor relations activities in January and March 2021[42] - The recipients were institutional investors, including Essence Securities, Great Wall Securities, Northeast Securities, and others[42] - The communication primarily focused on the company's basic situation and development strategy[42] Financial Statements Consolidated Balance Sheet As of March 31, 2021, the company's total assets were RMB 1.547 billion, a 4.31% decrease from the beginning of the year, while total liabilities were RMB 159 million, a significant 44.88% decrease primarily due to the repayment of short-term borrowings, and equity attributable to parent company owners was RMB 1.386 billion, a 4.53% increase from the beginning of the year Key Items of Consolidated Balance Sheet (Unit: RMB) | Item | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Assets | 1,547,274,376.21 | 1,616,923,159.04 | | Total Liabilities | 159,273,308.95 | 288,973,489.34 | | Total Equity Attributable to Parent Company Owners | 1,386,236,271.32 | 1,326,105,470.98 | | Total Equity | 1,388,001,067.26 | 1,327,949,669.70 | Consolidated Income Statement In Q1 2021, the company achieved total operating revenue of RMB 250 million, a 30.98% year-over-year increase, with total operating costs at RMB 194 million, a 39.22% year-over-year increase, and net profit attributable to parent company shareholders at RMB 60.13 million, a 23.00% year-over-year increase, resulting in basic earnings per share of RMB 0.06 Key Items of Consolidated Income Statement (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | I. Total Operating Revenue | 250,021,337.65 | 190,878,192.22 | | II. Total Operating Costs | 193,635,144.99 | 139,078,119.56 | | III. Operating Profit | 62,233,179.75 | 50,947,504.89 | | Net Profit Attributable to Parent Company Shareholders | 60,130,800.34 | 48,885,002.57 | | Basic Earnings Per Share | 0.06 | 0.05 | Consolidated Cash Flow Statement In Q1 2021, the company's net cash flow from operating activities significantly improved to RMB 100 million from -RMB 40 million in the prior year, while net cash flow from investing activities was -RMB 30 million primarily due to land transfer payments, and net cash flow from financing activities was -RMB 111 million mainly due to bank loan repayments, with cash and cash equivalents balance at period-end being RMB 55 million Key Items of Consolidated Cash Flow Statement (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 100,099,246.44 | -40,194,231.38 | | Net Cash Flow from Investing Activities | -29,945,037.35 | 28,616,055.62 | | Net Cash Flow from Financing Activities | -111,471,444.35 | 229,713,472.24 | | Net Increase in Cash and Cash Equivalents | -41,317,235.26 | 218,135,296.48 | | Cash and Cash Equivalents at Period End | 54,947,412.63 | 304,677,392.42 |