海南瑞泽(002596) - 2021 Q3 - 季度财报

Main Financial Data In the first three quarters of 2021, the company's operating revenue increased by 10.83% year-on-year, but net profit turned from profit to loss, decreasing by 373.83% year-on-year, mainly due to increased operating costs, administrative expenses, and credit impairment losses, with net cash flow from operating activities also sharply decreasing by 83.08% year-on-year, indicating a significant deterioration in the company's profitability and cash flow position Key Accounting Data and Financial Indicators During the reporting period, the company's profitability significantly declined in both the third quarter and the year-to-date, with third-quarter operating revenue decreasing by 17.14% year-on-year and a net loss attributable to shareholders of 53.94 million CNY, while year-to-date net loss attributable to shareholders expanded to 84.53 million CNY despite a 10.83% revenue increase Key Financial Indicators for Q1-Q3 2021 | Indicator | Year-to-Date | YoY Change (Year-to-Date) | | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,909,458,636.04 | 10.83% | | Net Profit Attributable to Shareholders (CNY) | -84,531,481.31 | -373.83% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | -104,662,654.11 | -1,239.82% | | Net Cash Flow from Operating Activities (CNY) | 25,219,366.18 | -83.08% | | Basic Earnings Per Share (CNY/share) | -0.07 | -333.33% | | Total Assets (CNY) | 6,469,111,170.45 | -0.60% (vs. End of Prior Year) | | Total Equity Attributable to Shareholders (CNY) | 3,044,397,662.10 | -3.08% (vs. End of Prior Year) | Non-recurring Gains and Losses and Amounts Year-to-date, the company's total non-recurring gains and losses amounted to 20.13 million CNY, primarily from the reversal of impairment provisions for individually tested accounts receivable, government grants, and other non-operating income and expenses, which partially mitigated losses from core operations Non-recurring Gains and Losses Items (Year-to-Date) | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 3,731,464.93 | | Government Grants Recognized in Current P&L | 4,961,379.00 | | Reversal of Impairment Provisions for Individually Tested Accounts Receivable | 9,068,859.48 | | Other Non-operating Income and Expenses | 4,318,204.22 | | Total | 20,131,172.80 | Analysis of Changes in Key Financial Indicators and Reasons The company's financial position significantly changed during the reporting period, with investment properties surging by 3058.66% due to properties being converted to rental or acquired as debt settlement, while operating profit and net profit turned negative year-on-year due to increased operating costs, administrative expenses, and credit impairment losses, and net cash flow from operating activities plummeted by 83.08% due to increased procurement and expense payments, indicating substantial funding pressure Key Balance Sheet Changes (2021-09-30 vs 2020-12-31) | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Investment Properties | 3,058.66% | Increase due to properties converted to rental and acquired as debt settlement | | Construction in Progress | 79.97% | Increase in projects under construction and project investments | | Prepayments | 72.46% | Increase in prepaid material costs | | Short-term Borrowings | -54.19% | Repayment of short-term borrowings from financial institutions | Key Income Statement Changes (Jan-Sep 2021 vs Jan-Sep 2020) | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Investment Income | 230.02% | Increase in investment income from associates | | Operating Profit | -188.94% | Increase in operating costs, administrative expenses, and impairment losses | | Total Profit | -175.06% | Increase in operating costs, administrative expenses, impairment losses, and decrease in penalty income | | Net Profit Attributable to Parent Company Shareholders | -373.83% | Increase in operating costs, administrative expenses, impairment losses, and decrease in non-operating income | Key Cash Flow Statement Changes (Jan-Sep 2021 vs Jan-Sep 2020) | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -83.08% | Increase in payments for goods purchased, employee salaries, and expenses | | Net Cash Flow from Investing Activities | -52.35% | Increase in investments in construction projects, PPP projects, and associates | | Net Cash Flow from Financing Activities | -194.43% | Decrease in borrowings obtained | Shareholder Information As of the end of the reporting period, the company had 62,169 common shareholders, with the top three shareholders collectively holding over 30% of the shares, and a significant portion of shares held by major shareholders were pledged or frozen, with some shareholders acting in concert - As of the end of the reporting period, the company had 62,169 common shareholders[15] Top Three Shareholders' Holdings and Pledged/Frozen Status | Shareholder Name | Holding Percentage (%) | Number of Shares Held | Number of Shares Pledged | Number of Shares Frozen | | :--- | :--- | :--- | :--- | :--- | | Zhang Hailin | 12.19% | 139,920,000 | 139,920,000 | 16,260,000 | | Feng Huoling | 11.29% | 129,510,000 | 60,924,000 | - | | Sanya Daxing Group Co., Ltd. | 8.29% | 95,132,742 | 95,130,000 | 95,132,742 | - Major shareholders Zhang Hailin, Zhang Yilin, and Feng Huoling are acting in concert, with Zhang Hailin and Zhang Yilin jointly controlling Sanya Daxing Group Co., Ltd. and Sanya Houde Investment Management Co., Ltd., indicating a highly concentrated equity structure[16] Other Important Matters During the reporting period, the company had no other important matters requiring disclosure - The company had no other important matters requiring disclosure in this reporting period[17] Quarterly Financial Statements This section provides the unaudited consolidated financial statements for the third quarter of 2021, including the balance sheet, income statement, and cash flow statement, and explains adjustments made to the opening financial statements due to the initial adoption of new lease accounting standards, recognizing right-of-use assets and lease liabilities Consolidated Balance Sheet As of September 30, 2021, the company's total assets were 6.469 billion CNY, a slight decrease of 0.60% from the end of the previous year; total liabilities were 3.353 billion CNY, an increase of 1.83% from the end of the previous year; and total equity attributable to the parent company was 3.044 billion CNY, a decrease of 3.08% from the end of the previous year, with an asset-liability ratio of 51.83% Key Balance Sheet Items (2021-09-30) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 6,469,111,170.45 | | Total Liabilities | 3,352,969,030.47 | | Total Equity Attributable to Parent Company | 3,044,397,662.10 | Consolidated Income Statement (Year-to-Date) From January to September 2021, the company achieved total operating revenue of 1.909 billion CNY, a year-on-year increase of 10.83%, but total operating costs reached 1.889 billion CNY, a year-on-year increase of 18.79%, with operating costs and administrative expenses growing particularly fast, ultimately leading to an operating loss of 65.08 million CNY and a net loss of 82.45 million CNY Key Income Statement Items (Jan-Sep 2021) | Item | Current Period Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 1,909,458,636.04 | | Total Operating Costs | 1,889,281,320.87 | | Operating Profit | -65,078,412.13 | | Net Profit | -82,448,169.75 | | Net Profit Attributable to Parent Company Owners | -84,531,481.31 | Consolidated Cash Flow Statement (Year-to-Date) From January to September 2021, the company's net cash flow from operating activities was 25.22 million CNY, a significant year-on-year decrease of 83.08%, with net cash outflow from investing activities of 223.32 million CNY and net cash outflow from financing activities of 92.46 million CNY, resulting in a net decrease in cash and cash equivalents of 290.56 million CNY, with the ending balance falling to 117 million CNY Key Cash Flow Statement Items (Jan-Sep 2021) | Item | Current Period Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 25,219,366.18 | | Net Cash Flow from Investing Activities | -223,319,202.87 | | Net Cash Flow from Financing Activities | -92,456,439.05 | | Net Increase in Cash and Cash Equivalents | -290,556,275.74 | Explanation of Financial Statement Adjustments The company adopted new lease accounting standards effective January 1, 2021, and in accordance with the standards, the consolidated balance sheet at the date of initial application was adjusted to recognize right-of-use assets and lease liabilities, with no retrospective adjustment to prior period comparative data - The company first adopted new lease accounting standards effective January 1, 2021, and adjusted relevant items in the opening financial statements[29][33] Impact of Initial Adoption of New Lease Standards (2021-01-01) | Adjusted Item | Adjustment Amount (CNY) | | :--- | :--- | | Right-of-Use Assets | +17,504,940.80 | | Lease Liabilities | +17,504,940.80 | Audit Report The financial statements in this quarterly report are unaudited - The company's 2021 third-quarter report is unaudited[34]